‘DISCOUNTED’ BITCOIN MORE LIKELY TO HIT $100K THAN $20K IN 2021, SAYS BLOOMBERG ANALYST!!

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If the Bitcoin price can stay above $10,000 by the day of the U.S. elections, history suggests that a $100,000 BTC is next.

Bitcoin has spent nearly 100 days above $10,000 – and if history repeats itself, further price gains could be astronomical.

As noted by various social media users this week, as of Oct. 30, Bitcoin was just five days away from trading above $10,000 for 100 days.

According to data from analytics firm CoinMetrics compiled by Twitter user Julio Moreno, after trading above certain price points specifically for 100 days, Bitcoin subsequently gained by an order of magnitude.

For example, after staying above $10 for 100 days, it took just 122 days for BTC/USD to reach $100.

After cracking 100 days above $100, meanwhile, $1,000 appeared in just two days.

Looking at the difference between $1,000 and $10,000, the time period was longer — 150 days to crack five figures after trading at four figures for 100 days.

“Bitcoin has held above $10,000 for over 90 days now, currently ~30% higher than this key level. This is the longest period in its history,” analytics resource The TIE reported as part of the latest edition of its Weekly Insights newsletter on Monday.

“The second longest period was back in December of 2017 when BTC surpassed $10,000 for the first time, just days before it increased by 79% to set it’s all-time high of $20,000. Third was in August of 2019, when Bitcoin traded within a 20% range for nearly 4 months.”

With Nov. 3 as a deadline, attention is focusing on how the coming days will shape Bitcoin price action.

It’s not just the 100-day rule – before then, Bitcoin will finish October likely with one of its highest monthly closes on record.

To beat the top, BTC/USD must hit $13,890 by the end of Saturday. Nov. 3 meanwhile also forms the date of the 2020 U.S. presidential elections, an event whose outcome is widely tipped to have an immediate impact on macro markets.

In other trending Bitcoin News today:

BREAKING NEWS: Iran Central Bank FOMO Begins

Iran has become the first country in the world to use Bitcoin at a state level for value exchange.

Iran has become the first country in the world to use cryptocurrencies at a state level for value exchange.

The Iranian Cabinet has amended legislation to redirect cryptos into the Central Bank of Iran’s funding mechanisms for imports, according to a Saturday report by the official IRNA news agency.

“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” said the report by CBI and the Ministry of Energy.

The legal cap for the amount of cryptocurrency for each miner would be determined by the level of the subsidized energy used for mining and based on instructions published by the Ministry of Energy.

Iranian money has drastically fallen in value with inflation there at 34%, a situation that has been continuing since 2018.

The country is in the grip of US sanctions, so they can not use dollars for international trade.

They are therefore turning to bitcoin, the first country to do so at a state level, with the famous bitcoin volatility less of a consideration here because the situation is desperate.

Iran’s economy has been contracting for much of last year and this year at circa -10% a quarter, making this a depression.

However, after some experimentation with cryptos starting in 2018, it appears Iran has found a use case in both creating economic value through facilitating crypto mining, and now in using bitcoin for international trade.

For months we have suspected this was their strategy.

Now it is in black and white: Iran is bypassing the dollar and other fiat currencies by using bitcoin.

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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:

#bitcoin price can move really fast in bull markets. How fast? 4 to 5 months to move from $10 to $100 and from $1,000 to $10,000.

This happened after 100 consecutive days above these levels and we are only 6 days away from 100 consecutive days above $10,000 pic.twitter.com/fjjiZdeX4C

— Julio Moreno 🔴🔴🔴🔴 (@jjcmoreno) October 28, 2020

https://u.today/will-apple-grab-bitcoin-to-save-its-191-bln-in-cash-crypto-influencers-taking-guesses

Iran Changes Law to Use Bitcoin For Imports

https://cointelegraph.com/news/bitcoin-just-4-days-away-from-historically-bullish-10k-price-record

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Few have called the Bitcoin price action as well as Dave the Wave has over the past few months; in the middle of last year, the analyst predicted a retracement to $6,400 when the BTC price was rallying above $10,000, and more recently, he called for a retracement from $11,000 to $8,500.

Now, he’s starting to lean bullish once again.

In an analyst published Sunday, the trader suggested that Bitcoin (BTC) is in the midst of “turbulence before take-off,” pointing to a chart that shows the current price action in the crypto market is reminiscent to that of late-2016, just months before Bitcoin began its rally from $800 to $20,000 in a year’s time.

Where Will the Rally Take Bitcoin? Although Dave the Wave did not mention his long-term targets in that tweet, he has suggested previously that the cryptocurrency could be on the verge of a 1,000% rally.

The analyst suggested that the cryptocurrency is still on a clear trajectory to enter a six-digit price point in the coming two to three years.

Dave backed this prediction by pointing out that Bitcoin is on the verge of finishing a fractal correction and is about to break past of a long-term descending trendline, which marked the two swing tops over the past two years.

A move past the trendline, which will soon line up with the long-term buying zone for Bitcoin, is likely to kick off a rally to $100,000, the trader suggested.

This lofty prediction can be backed up by the famous stock-to-flow model from PlanB, a pseudonymous quantitative analyst working for a European institution.

The model equates Bitcoin’s scarcity (inflation rate) to its market capitalization, suggesting the after the May 2020 block reward halving, BTC will have a fair price of around $55,000 to $100,000. 

BITCOIN STILL ON TRACK FOR MASSIVE GAINS AFTER HALVING

Bitcoin has spent the weekend consolidating in the mid-$8k zone following a week of sharp declines through several levels of support.

The stock to flow model is still holding course though which means big gains could be ahead after the halving. Bitcoin has corrected around 20% from its 2020 peak to yesterday’s low of just over $8,400.

It has held in the mid-$8k range for a couple of days low leading analysts to believe that the bottom could be in.

With just 70 days to go to the halving, analyst ‘PlanB’ has revisited his stock to flow model noting that things are right on track with it.

The stock to flow (S2F) model examines the relationship between the production of supply and the current stock available.

Using this model, the analyst has predicted a rise to around $80-$100k in the months following the halving.

Previous events in 2012 and 2016 saw huge rallies in the years that followed and many are expecting that 2021 could be even bigger for Bitcoin than this year.

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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:

Very long term i can see how fancy math can explain price. But fancy math can never explain short term price movement imo. So monthly predicitions really ?

— Liam Janssens (@LiamJanssens) March 1, 2020

$BTC Hash Ribbons ain’t looking so good as halving is approaching.Mining cost right now at~ $7700.Bitcoin should rally to over $15000 in the before Halving if Miners wants to feed their family.

Pump it for the Miners and their family. pic.twitter.com/3ohIlbqfmX

— Anondran (@AnondranCrypto) February 29, 2020

You don’t think Coronavirus will affect this?

— ₿rucewayne (@HouseSt12782619) March 1, 2020

For those getting stuck or confused on the shorter term call, here’s my view going forward. If you’re a holder/ investor, ignore the short term calls and focus on the medium/ long term.

Main point being, a consolidation to the buy zone would set BTC up nicely for its run. pic.twitter.com/AC2gv5VrGI

— dave the wave (@davthewave) February 16, 2020

Bitcoin Still on Track For Massive Gains After Halving

https://cointelegraph.com/news/bitcoin-price-avoids-82k-to-mirror-stock-to-flow-creators-forecast

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The BTC price faced a serious downturn this week, shedding more positions from above $9,500.

Now, the Bitcoin price is fighting for key support levels, in case it breaks down closer to the low $8,000s.

Bitcoin bounced on Friday, moving to $8,659.07 after dipping twice to the $8,500 tier.

At these price levels, the accounts in the money and out of the money are pretty well balanced.

The latest IntoTheBlock report shows that bitcoin may put up a serious fight around the $8,600 to $8,900 level, where 873,000 addresses are holding onto 643,000 BTC.

If that level breaks through, there are other signs of possible support levels between $8,100 and $8,300.

At that area, defense may come from an even larger group of 810,000 holders, who bought 593,000 BTC at this price point.

Addresses out of the money, if they decide to liquidate, may pose resistance at above $9,150.

But overall, the robust number of addresses in the money may lead to “hodling” behavior, giving bitcoin more resilience.

Chainlink (LINK) Up 40% despite Ongoing Crypto Meltdown; More Gains Coming?

Chainlink’s native token LINK was among the biggest gainers as a majority of assets in the crypto market plunged deeply earlier this week.

The eleventh-largest cryptocurrency beat the bearish odds to grow by more than 40 percent since February 26.

It established a week-to-day high at $4.38 in early Saturday trading, hinting its inclination to behave as a hedge against Bitcoin, the top asset that plunged by circa 16 percent this week.

“Chainlink is receiving tremendous exposure during this BTC, ETH retrace. It’s performing with the lights on. There will be a sizable increase in wallets. More excited evangelists. More tweets. More buying, less selling. Welcome All To The Brotherhoood. LINK”

The safe-haven narrative was not in play during most of the February session.

The LINK-to-USD exchange rate slipped almost in tandem with the rest of the crypto market after settling its year-to-date high of $4.90.

It was down by up to 36 percent before it even attempted a pullback.

But Chainlink validated its key supports, which other cryptocurrencies failed to maintain.

The coin bounced back from its 50-day moving average, showing higher buying interest near the area. It was not the case with Bitcoin or XRP, which plunged below their short-term moving averages in massive sell-off rounds.

Chainlink’s ability to maintain its crucial floors led to a decent recovery this week, opening up the possibilities of extended upside momentum in the next.

“A bullish retest of the monthly close bought up recently,” said popular market analyst CryptoGainz. [There is now] zero resistance above. Absolute juggernaut. No reason to think [LINK] won’t outperform the field again next month.”

2020 #bitcoin halving will not be an easy ride:– US/Mnuchin: draconian anti-btc laws– Craig Wright: legal & patent FUD– Hacks: like 2016 halving (DAO,Bitfinex)– MtGox & PlusToken selling narrative– Miner death spiral & futures FUD– Forks

Risk vs S2F:https://t.co/FIMcEZWDPn

— PlanB (@100trillionUSD) February 18, 2020

Massive $68 Trillion Wealth Transfer Bullish for Bitcoin (BTC), Says Crypto Influencer

A looming, massive transfer of wealth is one of the single largest reasons to be bullish on Bitcoin, according to crypto influencer Nick Chong.

Chong, a journalist and marketer at the HTC Exodus Bitcoin division, says Millennials will likely funnel a portion of inherited wealth from their parents and grandparents into BTC, a shift that bodes well for the leading cryptocurrency’s long-term prospects.

“Bitcoin’s most bullish statistic: millennials will inherit $68 trillion from baby boomers. Why? Confluence of distrust in institutions, devaluation of fiat, shift from gold to BTC, and the growth of digital tech will make Bitcoin investing a no-brainer.”

Cerulli Associates, an asset management research firm, estimates nearly 45 million US households will hand over $68.4 trillion in wealth to heirs and charity in the next quarter century.

Chong cites an April 2019 report from venture capital firm Blockchain Capital, which indicated that millennial interest in Bitcoin was increasing despite the bear market at that time. 

Wrote Spencer Bogart, a general partner at the firm,

“Younger demographics appear most inclined to purchase Bitcoin: 42% of those aged 18–34 said they are ‘very’ or ‘somewhat’ likely to purchase Bitcoin in the next 5 years — up 10 percentage points from 32% in October 2017.”

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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:

#Chainlink is receiving tremendous exposure during this $BTC, $ETH retrace. It’s performing with the lights on. There will be a sizable increase in wallets. More excited evangelists. More tweets. More buying, less selling. Welcome All To The Brotherhoood. $LINK

— John Cioffoletti (@JohnCioffoletti) February 27, 2020

Where’s money going? It’s clear money’s going into US10Y bonds (Blue). Money was going into Gold until recently (Black). Bitcoin (Orange) continues to be dragged down with stocks (Green) at this point.

BUT, the stage is set for #Bitcoin to do it’s own thing this weekend. $BTC pic.twitter.com/pZzgh225lK

— Alex Saunders (@AlexSaundersAU) February 28, 2020

With Crypto Markets, Gold, Stocks Falling, Where is the Money Going?

Chainlink (LINK) Up 40% despite Ongoing Crypto Meltdown; More Gains Coming?

Bitcoin Price Could Recover If Bulls Defend These Key Levels