Episode 93➡️ OPM Wealth: ‘Tis the season of Bitcoin price predictions. Only days after Nexo co-founder Antoni Trenchev made the case for a $50,000 BTC price in 2020, Bitpay Chief Commercial Officer Sonny Singh has also shared his belief that Bitcoin…
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These Altcoins Are Poised to Outshine Bitcoin (BTC), Says Crypto Intelligence Firm | New ‘Altseason’
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These are the Altcoins that have outperformed the rest of the market including Bitcoin (BTC) in the past week as the DeFi craze gains steam.
Altcoins have started to record large gains across the board. Some small-cap coins have seen triple-digit percentage gains in recent weeks.
But several larger-cap cryptocurrencies have also been posting serious gains such as VeChain (VET), Stellar (XLM), Cardano (ADA) and Chainlink (LINK).
In the past week, VET, XLM, ADA, ALGO, LINK, BSV, ATOM, XRP, CRO and ETC outperformed the rest of the market including Bitcoin, which gained just 1.13% during the period.
Since March, both Bitcoin (BTC) and Ether (ETH) recorded gains of over 150%, reportedly fueled by a surge in retail demand as well as institutions.
Following the strong recovery of the top two crypto-assets, the momentum of many altcoins began to increase, particularly following the Bitcoin halving in mid-May.
VET ranked as the third-best performing crypto asset of the week. Some speculate that the participation of the VeChain team at a major conference might indicate a product announcement.
Others believe the rally derives from the anticipation of a potential Coinbase listing.
On June 11, Coinbase said that it is reviewing VeChain along with 19 other cryptocurrencies.
Mentioning VeChain, the exchange said:
“Today we’re announcing that we are exploring the addition of a range of new assets. As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets.”
Stellar and Cardano are set to see major protocol updates, with Cardano’s hard fork scheduled to activate on July 30.
The hype around protocol upgrades and new product releases have buoyed the sentiment around top cryptocurrencies in recent weeks.
Other crypto assets, like Chainlink, for instance, have recently surpassed their record highs after a strong month in June.
The interest around LINK increased after it entered a price discovery phase.
Price discovery is a technical term for when an asset surpasses its all-time high into uncharted territory.
In other trending Bitcoin News today:
84% of Crypto Twitter Is Buying or Holding Bitcoin, Boosting Bull Case
There have been many analysts over recent weeks arguing that Bitcoin is clearly at a market top.
One trader commented that the cryptocurrency is trading in line with a textbook “distribution” pattern.
“A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume,” a trader said on the matter.
Yet data shows that long-term investors are unfazed. Namely, a majority of respondents to an impromptu Twitter poll has revealed that they’re still long on Bitcoin.
On July 9th, pseudonymous BTC analyst “PlanB” conducted a poll via his Twitter account, followed by over 100,000.
He asked his followers — which represent a good portion of Crypto Twitter — if they’re holding, buying, or selling Bitcoin.
The impromptu poll, which reached over 13,800 individuals, found that 65.6% of respondents are currently holding Bitcoin. 18.3% of the respondents are buying the cryptocurrency at the moment. And a mere 3.9% of the respondents are currently selling BTC.
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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:
These Altcoins Are Poised to Outshine Bitcoin (BTC), Reports Crypto Intelligence Firm
84% of Crypto Twitter Is Buying or Holding Bitcoin, Boosting Bull Case
https://cointelegraph.com/news/new-altseason-visualized-top-10-cryptos-outperforming-bitcoin
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Momentum Shift Will Drive Bitcoin to K in Six Months or Less! | BTC Is the ‘New’ Apple
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
Bitcoin (BTC) is on track to break its all-time high and hit $50,000 in a matter of months, according to Nexo co-founder and managing partner Antoni Trenchev.
In a new interview during the virtual Block Down conference, Trenchev said his crypto lending platform is witnessing double-digit percentage growth rates month-on-month, with a wide range of both institutional and retail investors jumping in.
He believes a significant increase in institutional participation in the crypto markets will power a new bull run.
“We have clients from every corner of the world, every age group. We have from young adults, all the way to boomers who for some reason have chosen to put assets in digital form and to conduct business with us. So the demographic, it’s really, really diverse and we cover it all.
Right now we’re seeing a great influx in both the retail part and the institutional side of things because for institutions, crypto got a huge endorsement by Paul Tudor Jones. When you have the guy who put the word hedge in hedge funds endorse Bitcoin, and say they have an allocation of a few percent of their total assets on their management in Bitcoin, that gives them the additional boost of traditional institutions to come into the space.
So we have quite heavily been onboarding with institutions that up to very recently would not have to articulate their liking of Bitcoin. And now with this endorsement of Paul Tudor Jones, the timeline has shifted gears and it’s expanding very rapidly.”
Trenchev says Bitcoin’s monetary supply stands in stark contrast to the level of money printing from governments, which he believes will benefit both gold and BTC.
“I think that there’s just no case that this isn’t good for both gold, but more importantly Bitcoin. So yes, I’m sticking to my prediction of 50k until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well.”
In other trending Bitcoin News today:
Will Bitcoin Hit $288,000 by December of 2021? New Poll Reveals Crypto Trader Sentiment on BTC
A new survey launched by PlanB, the crypto analyst known as the first apply the stock-to-flow (S2F) ratio to Bitcoin, reveals where members of the crypto community believe BTC is heading.
The results of the survey suggest crypto traders are a bit skeptical of PlanB’s S2F model, which predicts Bitcoin surging as high as $288,000 in the next bull cycle.
More than 60% of the respondents do not see BTC touching any of the price points predicted by the three S2F models within the next two years. Over 40% say they believe Bitcoin will not hit $55,000 before 2021 expires.
The survey indicates that at the current price of $9,118.92, nearly half of crypto Twitter sees a maximum upside of 450% for BTC in the next bull cycle.
That figure is a far cry from the gains of the 2013 bull market which witnessed BTC surge from $2.22 in 2011 to $1,163 in 2013 – a 52,287% rally, and the bull rally that propelled the king coin from $152.40 in 2015 to an all-time high of $19,666 in December 2017 – a 12,000% surge.
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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:
Do you think #bitcoin will reach $288K (S2FX), $100K (S2Fv2), $55K (S2Fv1) before December 2021, or will BTC stay below $55K?
— PlanB 🔴 (@100trillionUSD) July 3, 2020
https://cointelegraph.com/news/bitcoin-is-the-new-apple-how-btc-price-could-reach-60-000-by-2023
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Million Bitcoin Price Prediction Is ‘Closer Than It Sounds' | Million Per BTC Price Update
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The First Bitcoin Price Prediction Ever Made
According to Blockstream founder and cypherpunk, Adam Back, Hal Finney’s $10 million BTC price prediction isn’t so far fetched, though, the reasons behind these levels may not be as apparent as you may think.
When it comes to any Bitcoin prediction, crypto analysts often tout the most hyperbolic and over-inflated projections imaginable.
From the more modest end of the spectrum at around $10,000, toward the virtually inconceivable heights of $10 million, valuations within this space can vary wildly.
Regardless, some augers of these seemingly aggrandized Bitcoin (BTC) price points do sometimes offer a reasonable explanation to support them.
Currently circulating its way around the ecosystem are some of the earliest price predictions ever made, and per Back, they may well come to fruition.
Merely a week after the mining of bitcoin’s genesis block, Hal Finney opined that BTC could grasp a value of $10 million per coin.
This hypothesis was based – as many BTC predictions are these days – on bitcoin becoming a de facto global payments system.
Finney wrote:
“As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of all the currency should be equal to the total value of all the wealth in the world.”
Cypherpunk Hal Finney made this infamous Bitcoin thought experiment 11 years ago so we updated it for this decade.
A revised BTC prediction: The world’s economy has grown in the 11 years since the post was made.
According to “The Global wealth report 2019” by Credit Suisse, the total worldwide household wealth today equals approximately $360 trillion.
Divide it by 20 million bitcoins, and we get an even bigger number – roughly $18 million for a single coin.
This would be an increase of 225,000% in the price of Bitcoin – a value appreciation not unheard of in the Bitcoin ecosystem.
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Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
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:
Totally agree. Must admit that I probably would not have this level of confidence (and interest) in bitcoin, if I would not have had 20+ years experience investing $100B AUM and personally seeing the unintended consequences of quantitative easing (QE) and negative interest rates.
— PlanB (@100trillionUSD) January 11, 2020
Running bitcoin
— halfin (@halfin) January 11, 2009
https://decrypt.co/16494/hal-finneys-idea-now-sees-18-million-bitcoin-price-prediction
https://www.ccn.com/adam-back-10-million-bitcoin-prediction-is-closer-than-it-sounds/
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