John McAfee Defends #post_titleM 2020 Bitcoin Price Prediction!

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Bitcoin price needs to hit $340,000 just to match its performance from its last BTC halving cycle, data shows.

In a Twitter series on Aug. 20, popular statistics resource ChartsBTC noted that the BTC price still has huge room for growth at current levels of $11,700.

Comparing lows, highs and halving prices from its two previous Bitcoin halving cycles, ChartsBTC put the difference between peaks at 36x for the 2012 cycle and 17x for the 2016 cycle.

In order to repeat even the more modest cycle’s success, BTC/USD would have to trade at $340,000. 36x from last cycle’s high — Bitcoin’s all-time record of $20,000 — comes to $720,000.

Comparing cycle lows, the results are even more dramatic — the smallest jump of 130x from the previous cycle would deliver a Bitcoin price of $400,000.

Running the same diagnosis for Bitcoin’s price at the time of its halving events, the price target is $250,000.

“The multiples from prior cycles applied to the current one arrive at highs between $250k and $1.6M in the next 18 months,” ChartsBTC summarized.

The account noted that while the math adds up, there is little evidence which demands that such levels really do appear within the given timeframe. “While this may sound exciting, it’s just hopium,” it added.

“The prior highs and lows won’t dictate the future.”

In other trending Bitcoin News today:

Yearn Finance (YFI) Becomes First Altcoin to Exceed the Price of Bitcoin – Now What?

Yearn.finance’s native governance token YFI became the first-ever altcoin to surpass the price of Bitcoin (BTC) on Aug. 20.

It spiked to as high as $13,444 on Binance, fueled by the growing demand for Decentralized Finance, or DeFi.

Yearn.finance is a DeFi protocol that launched in July with no premine in a decentralized setting by developer Andre Cronje.

It is the first protocol on Ethereum that claims to give token holders all the power to govern the network.

Blockchain analytics firm IntoTheBlock said`:

“Just a month ago, the yearn.finance token was trading around the $1000 mark. #YFI is up more than 10x in one month, climbing to $10,551.25 yEarn Finance is the first project on Ethereum, whose governance is entirely in the hands of token holders.”

Cryptocurrency researcher Hasu explains yearn.finance as a platform that allows users to execute various investment strategies.

He says: “If you’re not familiar with Yearn, you can think of it as a smart bank account that automatically allocates your assets to different low-risk investment strategies that execute on the Ethereum blockchain.”

The price of YFI, the governance token of the protocol, increased naturally as the total value locked in yearn.finance surged.

According to data from Defipulse, more than $670 million worth of capital is locked in yearn.finance.

Compared to other tokens, the price of YFI is high due to its unique monetary supply.

Its supply is capped at 30,000, which is significantly lower than most digital assets.

While the price of YFI has surpassed $12,000, its market capitalization remains below $400 million.

By market cap, it is the 45th biggest cryptocurrency in the global market.

As such, crypto startup investor Ian Lee explained that YFI surpassing Bitcoin is more of a psychological event than anything else.

He explained:

“YFI ‘flipping’ BTC price is arbitrary & more psychologically than practically important. What is important is what yearn.finance is doing & Andre Cronje is building in DeFi.”

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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:

15,000 followers 🥳 Thank you everyone! Let’s break down the #bitcoin cycles and see how well history is rhyming. /1High $32, Low $2, Halving $12High $1,163, Low $152, Halving $658

High $19,892, Low $3,129, Halving $8572 pic.twitter.com/LmsuGjDiiq

— ChartsBTC (@ChartsBtc) August 20, 2020

The $ghost project is calling me a loose cannon because I called them on their bullshit.If I am a loose cannon because I dropped my support for a failing project so be it.

I will not support bullshit.

— John McAfee (@officialmcafee) August 19, 2020

https://cointelegraph.com/news/yfi-becomes-first-altcoin-to-exceed-the-price-of-bitcoin-now-what

https://cointelegraph.com/news/bitcoin-will-hit-340k-if-btc-price-repeats-2016-halving-cycle-pattern

https://cointelegraph.com/news/john-mcafee-has-left-his-own-privacy-asset-project

➡️ Teeka Tiwari – Investment of the Decade:  http://2020.cryptonewsalerts.net

Blockchain data provider Glassnode says a Bitcoin signal that preceded a monster BTC rally that saw gains of over 9,200% between 2015 and 2017 is back.

According to analyst, DeFi is the one big catalyst that can send Ethereum (ETH) to a valuation of $9,000 per coin.

The on-chain market analysis firm says the Puell Multiple is hovering at a level that may offer a stellar risk-reward ratio.

“The Bitcoin Puell Multiple has dropped back into the green ‘buy’ zone after almost three weeks. For investors with long-term time horizons, these levels below the 0.5 line have historically marked excellent entry points into BTC.”

The Puell Multiple predicts boom-and-bust cycles from the standpoint of miner profitability by dividing the daily supply of Bitcoin in US dollars by the 365-day moving average of BTC’s daily issuance value.

Based on Glassnode’s chart, long-term investors who buy and hold whenever BTC’s Puell Multiple falls below 0.5 have historically seen significant gains.

The indicator flashed just as BTC bottomed after the coronavirus-induced selloff in March.

The technical signal also marked the bottom in 2019, 2015, and 2012. Meanwhile, analysts are contemplating the odds that the decentralized finance (DeFi) movement will fuel an Ethereum bull run.

Joseph Todaro, managing partner at digital asset management firm BlockTownCap, says he believes DeFi is the one big catalyst that can send Ethereum (ETH) to a valuation of $9,000 per coin.

“In 2017 ICOs aided in moving ETH beyond $100 billion marketcap. In this next cycle, Defi will likely help push ETH to $1 trillion marketcap”

Former Wall Street bond trader John Todaro echoes Joseph Todaro’s sentiment.

TradeBlock’s head of research says he expects ETH supply to plummet as more tokens are locked in DeFi platforms.

“There’s a lot of excitement around new DeFi tokens. Reminder that most of that collateral locked up across those platforms is in Ethereum. As that outstanding ether supply comes down and demand from DeFi platforms hits escape velocity, ETH will rally hard.”

In other trending Bitcoin News today:

Staggering $35,000,000,000 in Bitcoin (BTC) Is Forever Lost, Reports Chainalysis

Blockchain analytics firm Chainalysis says 3.72 million Bitcoin worth $35 billion is lost and will likely never be recovered. In a new report, Chainalysis says 20% of Bitcoin’s total supply has not moved for five years or longer – a number the firm categorizes as lost BTC, meaning that the owner no longer has the private keys required to access their holdings.

It considers approximately 11.1 million BTC – out of Bitcoin’s total supply of about 18.6 million BTC – to be long-term investments. Meanwhile, the company says less approximately 19% of the Bitcoin mined – around 3.5 million BTC – are actively used for trading.

The report says around 340,000 people are actively trading BTC each week. While the firm can’t identify individual traders, it can look at the amount that they transfer to crypto exchanges to make a distinction between retail and professional traders.

Chainalysis says retail traders are those who deposit less than $10,000 worth of BTC to exchanges at a time.

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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:

In 2017 ICOs aided in moving ETH beyond $100 billion marketcap

In this next cycle, Defi will likely help push ETH to $1 trillion marketcap

— Joseph Todaro (@JosephTodaro_) June 16, 2020

$BTC monthlyWith or without a final rally, the remainder of the summer seems to be for a correctionEither July becomes a May ’19 like rocket candle (or inverse Nov ’18 like)Or, if not, I think we’ll sell-off to 6K range throughout summer

Still long – waiting for movement pic.twitter.com/aoIiU3lOli

— //Ethereum 𝕵ack 🐾 (@BTC_JackSparrow) June 21, 2020

https://dailyhodl.com/2020/06/22/staggering-35000000000-in-bitcoin-btc-is-forever-lost-reports-chainalysis/

https://cointelegraph.com/news/calm-before-the-storm-5-bitcoin-price-factors-to-watch-this-week

https://dailyhodl.com/2020/06/22/bitcoin-btc-signal-that-preceded-9200-rally-just-flashed-as-analysts-plot-ethereum-and-xrp-trajectories/

💰 Crypto’s Next $1 Trillion Coin: http://teeka.cryptonewsalerts.net

Bitcoin exchange balances are dropping and that’s a bullish indicator that may propel the BTC price to a new all-time high, according to Danny Scott, CEO of crypto exchange CoinCorner who notes on Twitter that people are buying Bitcoin and stockpiling it in cold storage.

Scott also notes that if BTC follows previous April trends, the Bitcoin price will balloon next month. “Law of averages gives Bitcoin an $83,000 price target for April. Average over 10 years in April +51%”

In other trending Bitcoin News today:

On-Chain Analyst Willy Woo Predicts 1,000,000,000 People To Adopt Bitcoin

Prominent on-chain analyst Willy Woo is predicting that one billion people will have exposure to Bitcoin much sooner than we think.

In a new interview on Real Vision Finance, Woo says that based on its current trajectory, Bitcoin is poised to get in the wallets of a huge part of the global population in four years.

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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:

Law of averages gives #Bitcoin an $83,000 price target for April.

Avg over 10 years in April +51%

— Danny Scott (@CoinCornerDanny) March 27, 2021

On-Chain Analyst Willy Woo Predicts 1,000,000,000 People To Adopt Bitcoin

https://www.cnbc.com/2021/03/31/bitcoin-goldman-is-close-to-offering-bitcoin-to-its-richest-clients.html

https://cointelegraph.com/news/bitcoin-flash-crashes-by-2k-in-5-minutes-liquidating-600m-in-longs