Key Bitcoin Price Indicator Suggests Massive Bull Run | Owning 1 BTC Soon Be Out Of Reach for 99.8%

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One of the few cryptocurrency analysts to correctly call the 2019 Bitcoin pullback says he believes BTC is gearing up to finally exit a long-term bear trend that began about two-and-a-half years ago.

In a series of charts, Dave the Wave highlights Bitcoin’s movements inside a symmetrical triangle dating back to late 2017.

Since the Bitcoin price failed to break above $10,300 earlier this week, Dave now expects BTC to reach a low of about $6,500 in September before it finally breaks out of the trend for good by April 15th of next year.

Dave is closely followed in crypto circles because he was one of the few strategists who told traders back in June of 2019, when Bitcoin was trading for $13,000, to prepare for a significant correction.

He predicted BTC would fall to a low-$6,000 range by the end of the year. BTC ended up hitting a bottom of around $6,400 in December.

Dave now believes the crypto king is preparing for a long-term parabolic rally to $150,000, hitting a peak sometime in the year 2023.

The analyst says Bitcoin is poised to benefit from fiscal stimulus and increased money printing, but he believes predictions that hyperinflation is coming are overblown.

Instead, he expects the dollar to remain relatively strong compared to other currencies as an overall fiat devaluation occurs.

“Many think hyperinflation, based on simple monetary theory, is the key that unlocks the mysteries of the monetary universe. In reality, it’s an ideology for lazy minds.”

In other trending Bitcoin News today:

BITCOIN IS PREPPED TO SURGE TO $14,000 AS PRICE CONSOLIDATES AT CRUCIAL LEVEL

For the third time in the past year, Bitcoin saw a strong rejection at the $10,500 price point on June 2nd.

Per a previous report from Bitcoinist published June 2nd, the leading cryptocurrency tanked by $1,500 in literally three minutes on BitMEX.

At its worse, the reversal meant that Bitcoin was down to $8,600 from the $10,450 highs, which resulted in over $100 million worth of long positions being liquidated on BitMEX alone.

Many immediately took the move as a harrowing sign as to whats’ to come for the cryptocurrency market: $10,500 marked the highs of the rally in October and the one that ended this February.

Each time, prices failed to pass BTC, then crashes followed.

But even in the face of the rejection, analysts are still optimistic about what comes next for Bitcoin.

Since the $2,000 drop, Bitcoin has jumped $1,200 higher.

The asset now trades at $9,800, consolidating in the $9,000s just days on from the crash that occurred. 

BTC remains below the $10,450 high, but the bounce back near the local highs have been welcomed.

One trader shared the image below on June 5th, writing that the asset is poised to see “more downside.”

What is being depicted is Bitcoin’s macro price action but inversed; inversion is a tactic often used by traders to “eliminate bias” from their analysis.

According to the trader’s analysis of the inversed chart, Bitcoin is prepared to rally back to the 2019 yearly highs of $14,000 in the coming weeks.

The same trader further indicated his bullish sentiment in another analysis. He said that as long as Bitcoin holds $9,600, which he marked as a notable level on a short-term perspective, he sees “no reason why 11k would not be next.”

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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:

$BTC Renko SimilaritiesDivergence present into ~18% correction.The correction began a fresh run for ~80% gains.Current PA is looking very similar in structure to the last significant BTC run.If I throw Cubans bands on the similarities continue.

Let this scare or excite. pic.twitter.com/ImXro3TqOf

— Cold Blooded Shiller (@ColdBloodShill) June 2, 2020

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Bitcoin is on track to be one of the year’s best performing assets, despite a recent retraction – but that’s not stopped BTC bulls from fighting on Twitter.

The Bitcoin price has climbed through much of 2020, adding some 40%, with the bullish stock-to-flow model – that predicts a massive $288,000 BTC price before 2024 – working “like clockwork,” according to its anonymous creator.

However, a number of high-profile bitcoin analysts and entrepreneurs have clashed over the stock-to-flow model this last week, with the anonymous PlanB accusing his critics of trying to unmask him and his model derided as “absolutely useless.”

“The [stock-to-flow] model is based on the most fundamental errors which render it absolutely useless,” warned Alex Kruger, an economist and cryptocurrency analyst, speaking over the phone.

The stock-to-flow pricing model, created by anonymous Twitter user PlanB, who claims to be a Dutch institutional investor with a legal and quantitative finance background that manages around $100 billion in assets and tweets from the handle @100trillionUSD, calculates a ratio based on the existing supply of an asset against how much is entering circulation.

Kruger, along with many other analysts in recent months, has warned the model is based on faulty comparisons and a “spurious relationship” between price and scarcity.

“The whole model rests on the wrong assumption that there is cointegration between price and scarcity,” Kruger said, who explained that without cointegration it’s “nonsensical to think that bitcoin stock-to-flow, a number that goes up programmatically, and everybody knows what it will be at any point in time, can be used to predict price.”

Criticism of the stock-to-flow model and its creator have bubbled up recently, with the chief executive of bitcoin buying app Swan Bitcoin, Cory Klippsten, posting what PlanB considered to be identifying information on Twitter before deleting it and saying he was “wrong to post any personal information” about PlanB and adding anonymous bitcoin users “should have the right” to stay anonymous.

“It’s extremely important to be bullish for the right reasons,” Klippsten said via Twitter, explaining his opposition to the popularization of the stock-to-flow model.

“Otherwise you’ll have weak hands when your belief is proven false.” Klippsten, speaking via Telegram, said he supported the stock-to-flow pricing model until just a few months ago when he “looked into the models and realized they’re invalid” and “have zero predictive power.”

According to PlanB, who has disputed the information posted by Klippsten, the stock-to-flow pricing model shows bitcoin will reach $288,000 before the next bitcoin halving in 2024.

PlanB has also argued that assets that have a high stock-to-flow have a high value, pointing to gold, silver, diamonds and real estate in a chart posted to Twitter.

In other trending Bitcoin News today:

Bitcoin Active Addresses Shatters 1,000,000! Bitcoin’s fundamentals continue to show signs of strength.

According to the on-chain data provider Coin Metrics, the number of BTC active addresses has soared to a level not seen in over two years.

“Bitcoin doesn’t have to be complicated. The supply is capped and the number of users has been growing exponentially this whole time.”

Analysts use the active addresses metric to measure the rate of a crypto asset’s adoption.

The metric refers to the number of unique addresses that are active on the network as a sender or receiver of the crypto token.

On September 25th, the number of BTC active addresses skyrocketed to 1.14 million – the highest level since the 2017 bull market.

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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:

blocked: noise control

— PlanB (@100trillionUSD) September 28, 2020

OK, by Dec 2021 we will know then: S2F>$100k, Dave

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Crypto Analyst ‘Big Crypto Dave’ plotted his latest Bitcoin prediction chart which shows the BTC price right in alignment with PlanB’s $288,000 Stock-to-Flow model.

“Some might deem my support for the S2F chart as merely confirmation bias. They must not know of my education in macroeconomics and modern money mechanics. Every time I plot a bitcoin chart based on hardware & trend, it’s close to his 288k prediction.”

When asked on Crypto Twitter, “What’s your timeline? New ATH 2023? Do you agree that the cycles are getting longer?”

Big Crypto Dave responded…

“Q4 2021. Not really, need to see what happens this cycle for confirmation.”

In other trending Bitcoin News today:

5 Crypto Assets Have 100x Potential After Market Correction, Says Lark Davis

Crypto investor and influencer Lark Davis is naming five DeFi tokens that he believes are likely to exponentially rise after the current market correction is over.

Number one on Davis’s list is Akropolis (AKRO) which he says offers stellar DeFi products.

“Things like Sparta which allow you to take under-collateralized loans so the borrower only has to provide 50% of the collateral for the loan which is pretty damn cool. It also allows you to passively generate yield via integrated yield rebalancing to help you get maximum available APR from different DeFi protocols. 

The second product that they have on offer is called Delphi. Now this is a pool that allows for automatic dollar-cost averaging into Bitcoin and Ethereum as well as yield harvesting from different popular DeFi platforms.”

The next coin is Meta or mstable (MTA) which Davis explains is focused specifically on the stablecoin market.

“Mstable is a protocol that unites stablecoins, brings together lending, brings together swapping, all into one robust standard, basically allowing for unique savings options for stablecoins and trading for stablecoins with zero slippage.”

Davis says MTA has huge upside potential considering that the stablecoin market is growing so fast.

Number three on the list is Tellor (TRB) which Davis believes will become a major player in the oracle space, competing against the likes of Chainlink (LINK) and Band Protocol (BAND).

Although Tellor is down 65% in a little over a week, Davis predicts that one TRB will equal one Ethereum as he sees the crypto token being valued at $400 to $500 in the future.

Coming at number four is bZx Protocol (BZRX) which Davis labels as a “DeFi beast.”

“Token holders can stake their coins to get a cut of the fees on lending, on borrowing, and on trading across these different platforms that are part of the bZx protocol.”

While he says the token is down a whopping 60%, Davis believes that it is the most undervalued DeFi asset and could easily print a 10x growth.

Last on Davis’s list is Kava (KAVA) which he believes has the potential to be the next Maker DAO.

He says that Kava will be supporting Bitcoin before the year ends and that may serve as a major bullish catalyst for the crypto asset.

Davis also says now is an interesting time to enter positions on Kava as it is down 55% from two weeks ago.

The crypto analyst believes that Kava’s market cap will spike from $84 million to billions of dollars during this bull market.

Meanwhile, Lark Davis highlights that he owns some, but not all of the coins on the list and warns traders that anything can happen in the extremely risky and nascent market.

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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:

Some might deem my support for the @100trillionUSD S2F chart as merely confirmation bias. They must not know of my education in macroeconomics and modern money mechanics. Every time I plot a #bitcoin chart based on hardware & trend, it’s close to his 288k prediction. pic.twitter.com/PuYD7pO29d

— Big Crypto Dave (@Crypto_Dave_) September 6, 2020

https://ecoinometrics.substack.com/p/ecoinometrics-august-05-2020

https://dailyhodl.com/2020/09/13/5-crypto-assets-have-100x-potential-after-market-correction-says-lark-davis/