ELOM MUSK TWEETS CRYPTIC BITCOIN PRICE BOTTOM?! TOP TRADER UNVEILS BIG YEAR END TARGET DESPITE FUD!!

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The pseudonymous Bitcoin trader who made the accurate call that BTC will fall by over 40% last year is back with another Bitcoin price prediction.

This time, he says Bitcoin may be on a long-term path to $540,000. Dave the Wave relies on a chart shared by on-chain market analyst Willy Woo to illustrate that Bitcoin (BTC) is still in the earliest stage of the adoption life cycle.

“If the current market represents 2.5%, then that would put price at 500K with 100% adoption/ full capitalization. This is the S curve.”

According to Dave, Bitcoin’s growth in terms of market share is just getting started as those buying the number one cryptocurrency over the last 11 years are considered innovators which make up 2.5% of the total addressable market.

Using the S-curve, Dave predicts that Bitcoin’s value will skyrocket to $540,000 as it captures a bigger percentage of the market share in the next decade or so.

While Dave sees the possibility of Bitcoin meteorically rising 4,900% from its current value of $10,800 as extrapolated from the S-curve, the crypto strategist remains a skeptic of the stock-to-flow model (S2F) as he doesn’t expect Bitcoin to hit $100,000 by December 2021.

He says he managed to get a set of criteria from Plan B, the first to apply the S2F model to BTC, that would invalidate the wildly-popular model.

Dave highlights that the criteria are set to keep subscribers from blindly believing in the model.

“Insofar as people can be rational/ civil about the matter [both subscribers and non-subscribers to s2f] then this should be the crucial test. It’s generous enough to s2f price prediction while also holding it to account unless it become a dogma.”

In other trending Bitcoin News today:

Investors Ponder Big Crypto Question in Viral Post – Will Bitcoin Really Reach $100,000?

A new, viral post on Reddit centers on an oft-debated question in the world of crypto – will Bitcoin ever hit $100,000?

This year alone, numerous BTC analysts and traders, as well as top-ranking crypto entrepreneurs, have hinted at the possibility or issued formal predictions that the leading cryptocurrency will reach six figures in value in the next couple of years.

Many Redditors agree with their confidence, calling Bitcoin’s rise to $100,000 as “inevitable” and saying it is “just a question of how much time it’ll take.”

Others still think BTC is at the mercy of whales and will remain too volatile for that kind of sustained growth. Says one Redditor,

“I’ve been a BTC bull since the early days, but also recognize that ownership is concentrated in the hands of a minority early adopters who have good motivation to cash out at the right levels. I think price will remain a cycle of pumps and dumps ranging between $6k and $30k for the next 10 years.”

Others expressed worries about dollar depreciation and pondered “how much $100,000 will buy” at whatever time Bitcoin reaches that value.

Some Redditors predict it will either surpass $100,000 or go bust and plummet to zero, all dependent on adoption.

The list of crypto influencers who say the BTC price will hit six figures includes Pantera Capital founder Dan Morehead; Real Vision CEO and former Goldman Sachs manager Raoul Pal; Morgan Creek Digital co-founder Anthony Pompliano…

Kraken chief executive Jesse Powell; veteran analyst Tone Vays; popular Youtuber Nicholas Merten; Su Zhu, chief executive of fund management firm Three Arrows Capital…

Bitcoin Pioneer Max Keiser; Bitcoin Billionaires, Tim Draper, Chamath Palihapitiya & The Winklevoss Twins; and the pseudonymous strategists Dave the Wave and PlanB among others.

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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:

If the current market represents 2.5%, then that would put price at 500K with 100% adoption/ full capitalization. This is the S curve. https://t.co/ZXj5YNlckp

— dave the wave (@davthewave) September 29, 2020

https://dailyhodl.com/2020/09/30/crypto-trader-who-predicted-2019s-bitcoin-meltdown-says-this-metric-shows-btc-targeting-540000/

https://cointelegraph.com/news/bitcoin-price-in-flux-bulls-target-115k-bears-desire-drop-to-98k

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As Bitcoin inches closer to its previous $20K all-time high, Bloomberg analyst Mike McGlone shared on Bloomberg TV that he’s bullish on what’s next for the benchmark cryptocurrency in the future and even predicted a $170,000 BTC price point by 2022.

Bitcoin closed Thursday at $17,821, slightly above the previous day and also a new 2020 high. It’s also the highest it has reached in the last three years. 

With Bitcoin now less than $2,000 away from its previous high of just below $20,000, analyst Mike McGlone from Bloomberg believes the dominant crypto is not yet finished in its ascent.

McGlone said that since Bitcoin added one in front of its number compared to last year, it will likely add a zero to the back of its number next year or by 2022. 

“If you look at past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number,” he said on Bloomberg TV.

Bitcoin ended 2019 at $7,000 and is now at $17,000. This means McGlone was right that the cryptocurrency added a one at the front of its number. 

If Bitcoin adds zero at the back of its number, that’s a price of $170,000, as McGlone predicted.

McGlone pointed out that Bitcoin’s price increase is because of people’s perception that it is digital gold, Cointelegraph reported. 

Gold, a store of value, has also breached past $2,000 in a new all-time high and is now consolidating.  

With that, Bitcoin could likely be consolidating at this price point as well, with $20,000 only acting as short-term resistance. 

“I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since,” McGlone continued.

Finally, McGlone mentioned that institutional FOMO (fear of missing out) is also the likely reason why the new price run is different from the one in 2017. 

Both Microstrategy, a billion-dollar company, and payments firm Square announced that they have put Bitcoin as part of their reserves. PayPal Holdings Inc. recently allowed U.S. customers to purchase Bitcoin. 

In other trending Bitcoin News Today:

“Price Target $300K? Bitcoin Has No Top Because Fiat Money Has No Bottom – Max Keiser”

The hosts of RT’s Keiser Report, Max Keiser and Stacy Herbert, look at Citibank coming out with ‘moonmath’ on bitcoin with a hugely bullish price target of $318,000 by December 2021.

Max says that he can’t believe what Citibank is saying because it is becoming “even more aggressive” on the price than John McAfee who has always been “crazy beyond the pale price predictions.” According to Max, Citibank is now kind of “taking the price prediction crown.” 

According to Max, more banks will be competing with each other to come up with higher and higher price predictions. 

“But none of them are going to capture the ultimate bull market number because remember, bitcoin has no top because fiat money has no bottom.”

4 Reasons Why Bitcoin Price Is On The Verge Of A New All-Time High

Earlier today the price of Bitcoin (BTC) hit $18,815 on Binance for the first time in nearly three years. Following the breakout, BTC is on track to see a new all-time high in the near term for four significant reasons.

The factors that make a new record high likely are growing institutional demand, reduced selling pressure, a spot-driven market rally, and the significance of the $18,500 resistance breach.

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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:

https://www.ibtimes.com/bitcoin-price-prediction-btc-may-reach-170000-2022-bloomberg-strategist-says-3085760

https://www.rt.com/business/507167-bitcoin-price-has-no-top/

https://cointelegraph.com/news/4-reasons-why-bitcoin-price-is-on-the-verge-of-a-new-all-time-high

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Even though the Bitcoin price has plunged to a seven month low today, it has all happened before and a recovery has followed as it will again.

There are several bullish factors building up that will cause a Bitcoin (BTC) trend reversal next year.

This time last year the BTC price had dumped to $3,700 and markets were in the depths of Crypto winter.

Here we are a year later with a 10% dump on the week to $6,600 as we approach the holiday season.

There may be more pain before any gains but a recovery will happen in 2020 and industry insiders are confident.

One Crypto analyst shared on Crypto Twitter:

“For those who are worried, remember this: Markets are simply about inflows and outflows. When:

• The halving cuts new daily issued bitcoin in half
• PlusToken finishes selling its bitcoin & ether
• More institutional on-ramps become available

Bitcoin will reverse and quickly”

In other Crypto news today, this (BTC) Bitcoin metric could trigger the next Bitcoin bull run.

There are a number of varying metrics that Bitcoin analysts use to predict future price movements of the asset.

One rarely used oscillator takes BTC energy value into account and it is flashing bullish at the moment.

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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:

For those who are worried, remember this:Markets are simply about inflows and outflows. When:✔️ The halving cuts new daily issued bitcoin in half✔️ PlusToken finishes selling its bitcoin & ether✔️ More institutional on-ramps become available

Bitcoin will reverse and quickly

— Nicholas Merten (@Nicholas_Merten) December 17, 2019

Energy Value Oscillator.Bitcoin’s price as a percentage of its Energy Value.2019 looks VERY similar to the starting characteristics of prior bull runs.

Just need to see that uptick in Hash Rates 🚀 pic.twitter.com/zd82aHMlXt

— Charles Edwards (@caprioleio) December 17, 2019

Getting some questions about why in previous halvings (November 2012 and July 2016) it took well over a year for the market to start surging..

Well, it didn’t .. look for yourself: in the chart the halving is when blue turns to red: the market immediately rises after a halving🚀 pic.twitter.com/geL71dJOV7

— PlanB (@100trillionUSD) December 3, 2019

Things I expect to happen over the next 4-5 months due to the impending Bitcoin halving:– BTC shorts close out– People re-accumulate BTC if they had sold– Miners start to hoard (e.g. borrow USD against assets)– Under performing altcoins sold for BTC

– Bulls lever up

— Alistair Milne (@alistairmilne) December 16, 2019

https://bitcoinist.com/next-bitcoin-bull-market-could-be-triggered-by-this-metric/