➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net
With Bitcoin turning bullish, the mainstream institutions are also taking a special interest in the leading cryptocurrency.
The latest is Citibank, whose bitcoin technical analysis sees lofty price targets at over $300k per BTC by the end of 2021.
Thomas Fitzpatrick, Global head of CitiFXTechnicals product, the author of the report, traces the historical price performance of Bitcoin, which reflects that timeframes for the rally are getting longer, which puts this rally to peak in December 2021 at $318k.
“Improbable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in percentage terms),” with arguments in favor of Bitcoin at their most persuasive ever, he wrote.
The report notes how Bitcoin is all about “unthinkable rallies followed by painful corrections” but a type of pattern that sustains a long term trend.
As such though it’s to be seen if such lofty levels will be hit, “the price action we are looking at clearly suggest the potential for a major move higher nonetheless in the next 12-24 months,” reads the report whose snippets were first shared by trader and economist Alex Kruger.
Although “this kind of technical analysis is of little value,” Kruger noted, “what matters here is Citi’s clients being exposed to the bitcoin moon.”
Citibank compared the digital asset’s first rally that took it to the mainstream with gold, which similarly “was allowed to float in the early 1970s after 50 years of trading in a $20-$35 range.”
And that was a “structural change in the modern-day monetary regime” ushering in a world of fiscal indiscipline, deficits, and inflation. As for Bitcoin, its move happened in the aftermath of the Great Financial crisis.
In 2020, with all the MMT, gold is likely to gain from this, but the author of the report noted that gold has restrictions such as storage, non-portable, and could possibly be even called “yesterday’s news” in terms of a financial hedge.
“Bitcoin is the new gold,” reads the report.
The leading digital asset has a limited supply, is easy to move across borders, and offers opaque ownership. But the author also says that Bitcoin may be subject to more regulatory constraints going forward.
The report further mentions CBDC, which though a much more effective mechanism for distributing stimulus, “makes capital confiscation easier.”
In both the scenarios, Bitcoin will give us the digital equivalent (Bitcoin versus Fiat digital) of what we saw in the 20th century when the financial regime changed (Gold versus FIAT paper).
In other trending Bitcoin News today:
Incoming Senator Hopes To ‘Bring Bitcoin Into The National Conversation’
In a clip that has been widely circulating on Twitter, the soon-to-be-senator representing Wyoming — possibly the highest ranking US official to ever speak so glowingly of the digital currency — cited her experience as a former state treasurer for why she believes in Bitcoin’s future.
“I’m a former state treasurer and I invested our state’s permanent funds, so I was always looking for a good store of value, and Bitcoin fits that bill. Our own currency inflates; Bitcoin does not. It’s 21 million Bitcoin will be mined, and that’s it, it is a finite supply. So I have confidence that this will be an important player in store of value for a long time to come.”
The Senator also appeared to brush off GMA3 host Sara Haines’ implication that Bitcoin could be used for money laundering or tax evasion, choosing not to address these charges at all.
As Cointelegraph has previously reported, Lummis is an early adopter of Bitcoin, having first picked up the currency in 2013 following a tip from her son-in-law, Will Cole, who works at cryptocurrency services firm Unchained Capital.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
MINDBLOWING
Grayscale just bought another 15,114 #Bitcoin which has increased the overall holdings to 506,000 $BTC. This accounts for more than 2 percent of the global Bitcoin supply.
— The Moon 🌙 (@TheMoonCarl) November 15, 2020
3/ Given current trajectory, I expect price to approach the 350dma x 2 around $22-24k.
Maybe we need to correct there for a while due to FOMO kicking in having breached ATH? pic.twitter.com/xcyuxuSewS
— Philip Swift (@PositiveCrypto) November 12, 2020
Why Bitcoin Could Rally to $24,000 Before Seeing Its First Major Retrace
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Bitcoin Bulls on the Horizon: Anticipating a Dramatic Run-up to $280,000 – Unraveling the Deadline
Excitement is mounting in the cryptocurrency space as Bitcoin enthusiasts brace themselves for a potential dramatic run-up, with a staggering price target of $280,000 per BTC. The crypto community is buzzing with anticipation, and investors are keenly awaiting the deadline that could mark a historic milestone for the leading digital currency.
The article at the center of this buzz hints at a significant price surge for Bitcoin, raising eyebrows and sparking speculation among traders and analysts alike. As the crypto market is known for its volatility, such bold predictions are met with a mix of excitement and skepticism. So, what is driving this optimistic forecast, and when is this deadline set to unfold?
Understanding the factors influencing Bitcoin’s price is essential in deciphering such predictions. Market analysts often consider a combination of technical analysis, macroeconomic trends, and historical patterns to formulate their forecasts. It’s important for investors to approach these predictions with caution, recognizing the inherent uncertainty in the cryptocurrency market.
The concept of a deadline in this context adds an intriguing element to the forecast. Does it imply a specific event, a market cycle, or a critical juncture for Bitcoin? Clarity on this aspect can provide valuable insights into the basis of the prediction and help investors make informed decisions.
For those closely following Bitcoin’s price movements, this potential run-up to $280,000 raises questions about the sustainability of such a surge and the potential catalysts driving it. The crypto market has seen its fair share of highs and lows, and navigating these fluctuations requires a balanced approach that considers both short-term dynamics and long-term fundamentals.
As the deadline approaches, the cryptocurrency community will be watching closely to see if Bitcoin can defy expectations and reach new heights. Regardless of the outcome, such forecasts contribute to the ongoing dialogue about the future of digital currencies and the evolving landscape of the crypto market.
In conclusion, the prospect of a dramatic run-up to $280,000 per Bitcoin has injected a renewed sense of excitement into the cryptocurrency space. Investors are advised to approach such predictions with a discerning eye, considering the underlying factors and the deadline associated with this forecast. As the crypto journey continues, only time will reveal whether Bitcoin will indeed embark on this anticipated ascent to new price highs.
