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

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Bitcoin price broke down suddenly below the $9,000 mark, breaking down along with global stock prices.

Crypto analysts believe the Friday slump across markets is a response to the still uncertain trade deal between the US and China.

The DJIA fell by 1% to 26,666 points, the same loss was logged by the S&P 500 futures, to 3,085 points.

The stock prices are a factor with the potential of indirectly influencing the BTC price.

The Bitcoin (BTC) price was mostly stagnant in the past week, calming down with expectations for a bigger move.

In other Cryptocurrency news today, Ripple CEO reacts to XRP sell-off, says bullish trends emerging for Crypto ecosystem at large.

In a new interview, Ripple CEO Brad Garlinghouse offers his take on XRP’s performance in 2019.

Ripple XRP began the year at $0.35 and is now $0.27 at time of publishing, while Bitcoin and most of the Cryptocurrency market at large are in the green for the 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:

November has been historically one of bitcoin’s greatest performing months dating back to 2012.

November 2018 was the main (and memorable) exception.$BTC is presently up only 1.5% for November 2019…What will the next 3 weeks bring?#bitcoin pic.twitter.com/I9NVDlNrzm

— James Todaro (@JamesTodaroMD) November 5, 2019

Bitcoin Price Dips Below $9,000 as Global Stocks Slump

https://cointelegraph.com/news/bitcoin-rallies-hardest-in-november-so-why-are-the-charts-bearish

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The crypto-focused venture firm Pantera Capital just released its latest outlook on Bitcoin and the overall crypto markets.

In a note to investors, CEO Dan Morehead says he expects an ongoing tidal wave of money printing to boost BTC as investors search for assets with a fixed supply.

“That tsunami of money will have a large impact on many things. In our markets it seems inevitable that it will push up the price of fixed-quantity things like bitcoin. If there are trillions more paper dollars, the law of supply and demand implies much more paper money to buy the same amount of cryptocurrency.”

Pantera’s analysis shows the Bitcoin price targeting $150,000 by August of next year.

As for the altcoin market, Pantera co-chief investment officer Joey Krug points out a number of coins have outperformed BTC’s 34% gains this year, including a 98% rise in 0x (ZRX), a 97% surge in Augur (REP) and an 88% jump in Ethereum (ETH).

It’s a trend that Pantera expects to continue in a new bull cycle.

“During cryptocurrency bull markets, we expect assets outside of bitcoin (alt-coins or alts) to outperform… Historically, alts haven’t outperformed until mid to late in the bull cycle.

For instance, from Jan 1, 2016 to Dec 31, 2016 bitcoin’s share of the market dropped from 91% to 87%. But by the end of 2017 it was down to 38%. It’s currently sitting at 65%.

The implication here is that over time we expect the performance gap between alts and bitcoin to widen over the course of the next year, with alts outperforming.”

According to Krug, another boom for initial coin offerings is unlikely to happen, and coins will need to prove their utility this time around.

The firm’s multi-currency hedge fund is currently outperforming BTC by about 20%.

In other trending Bitcoin News today:

Billionaire Chamath Palihapitiya Says He Bought 1,000,000 BTC in 2013, Warns Bitcoin’s Success Will Spell Global Economic Catastrophe

Chamath Palihapitiya views Bitcoin as financial doomsday insurance.

The 43-year-old billionaire, venture capitalist and chairman of spaceflight company Virgin Galactic says on the Unchained Podcast that investors should apportion 1% of their portfolio to BTC and hope it never pays off.

“I just think that if people have been hard working, with their heads down, they should have an opportunity to make sure that they don’t get wiped out if the government itself just continues to make a string of bad decisions that then have rising consequences. And Bitcoin, to me, is the only thing that I’ve seen so far that is really fundamentally uncorrelated to that decision-making process and to that decision-making body. 

Because at the end of the day, any other asset class – equities, debt, real estate, commodities – they’re all tightly, tightly coupled to a legislative framework and an interconnectedness in the financial markets that brings together many of the governments that are sort of behaving this way. And so it’s almost like a bet against the ruling class in some ways, and making sure that you have a small amount of insurance…

Insurance is something that pays off 1,000 bucks to a buck. You want these massive, massive asymmetric payoffs, because you want to be sure that a small amount of insurance can basically make you whole. And that’s why I think that you should just take 1% of your portfolio, put it in Bitcoin, never look at it… and hope that that 1% goes to zero.” 

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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://cointelegraph.com/news/4-reasons-bitcoin-price-suddenly-slid-below-9k-liquidating-55m

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Max Keiser, Wall Street veteran and Bitcoin pioneer just tweeted the following regarding his short term BTC price prediction:

“As I’ve been pointing out… There’s nothing but air from $14,000 to new ATH. I don’t expect any kind of pullback until $28,000 and it may be short lived.”

This was in response to a tweet from Matt Kaye who shared:

“After $14,000 there are literally no coins on the books…Only 900 new BTC mined per day. That’s ~$13MM of fresh daily sell side. These are the makings of a sell side liquidity crisis aka reflexive buying to the upside.”

Bottom line, most cryptocurrency influencers across the board are all pretty much very bullish right now on king of all crypto.

In other trending Bitcoin News today:

Crypto Analyst Calls Bitcoin the ‘Most Bullish Asset of Our Time’ As Traders Track Ethereum’s Next Move:

A widely-followed crypto trader and influencer says he expects Bitcoin to continue rallying and shatter its all-time high in the coming months.

The pseudonymous trader tells his 231,000 Twitter followers that Bitcoin is “the most bullish asset our time” as he believes BTC will blaze through its all-time high of $20,000.

According to a chart shared by block explorer service Blockchain.com, Bitcoin has meteorically risen from $0.06 in September 2010 to its current price of around $13,000, representing an increase of over 26,600,000% in a span of 10 years.

Meanwhile, gold and the S&P 500 have climbed 103% and 233%, respectively, over the same stretch.

While Bitcoin continues to show signs of strength, Ethereum (ETH) is struggling to maintain its bullish steam as the leading smart contract platform moves below $400.

Despite the pullback, the top traders in the industry remain long-term bullish on Ethereum. Crypto strategist Scott Melker tells his crew of 129,000 that he’s ready to buy more ETH even if it drops all the way down to support of $360.

“ETH (USD) Approaching my bids. I am interested in the black line as a potential resistance to support flip, and slightly below at the EQ of the trading range, another resistance to support flip. $389-395, give or take. If it drops lower I will buy more, down to $360 or so.”

Crypto trader Rekt Capital believes Ethereum is in the phase of consolidating gains and it’s only a matter of time before the second-largest cryptocurrency resumes its uptrend.

“ETH continues to follow BTC. While BTC has broken out to new highs, ETH has broken back into its previous money flow channel. ETHUSD will be range-bound between $391-$434 for now. I expect ETH to resume its catchup to BTC once BTC cools down.”

While other traders are long-term bullish on Ethereum, closely-followed trader DonAlt is cautious on ETH as he says the cryptocurrency is struggling to move above monthly resistance of $400.

“In stark contrast to BTC, ETH has failed its monthly level and is now finding resistance there. If ETH fails to reclaim that resistance this month I think $270 (the next support) is more likely than further upside.”

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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:

As I’ve been pointing out… There nothing but air from $14,000 to new ATH

I don’t expect any kind of pullback until $28,000 and it may be short lived. https://t.co/UC0iCCVzp6

— Max Keiser (@maxkeiser) October 27, 2020

While we wait for BTC post an all-time-high, both on the monthly chart of $14k and the 20k prior top. I’ll point out that the organic valuation under NVT Price from underlying long term investors is already at an all-time-high. Price will follow. pic.twitter.com/s5uVN5EtM2

— Willy Woo (@woonomic) October 27, 2020

I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run

— Tyler Winklevoss (@tyler) October 27, 2020

https://cointelegraph.com/news/bitcoin-price-will-follow-says-analyst-after-historically-accurate-metric-hits-new-high