KEY LEVELS TO WATCH AS BITCOIN PRICE SLIPS BELOW $34K!! WILL BTC STILL HIT 6-FIGURES THIS YEAR?!!

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Former Goldman Sachs hedge fund manager Raoul Pal Says he’s preparing for Bitcoin (BTC) to hit $1,000,000 in as little as three years.

In the latest economic report from Global Macro Investor, Pal covers a litany of devastating figures on the state of economies around the world, from rapidly rising unemployment numbers in the US to plummeting retail sales in China.

He says a sharp V-shaped recovery is highly unlikely. “I think that growth will not recover meaningfully from this massive economic hit.

I think the narrative of hope is false hope. I would handicap a U-shaped recovery at 30%. I’d handicap a full debt deflation at 70%. Yeah. 70%.”

He expects baby boomers to “sell every rally they can to protect their last, rapidly diminishing nest egg.”

After that, he predicts boomers will stop spending, triggering slower growth and contributing to a mounting debt crisis. According to Pal, the only answers to the impending calamity are gold and Bitcoin.

“Gold is the protection of our assets. Bitcoin is the call option on the future system. Both are going to save us and probably make us rich… Gold can go up 3x or 5x in the next three to five years. Bitcoin, well, that’s a different story. I think [BTC] can get to $1 million in the same time period.”

Pal says gold now has a $15 trillion market cap, if assets that reflect the price of gold on paper are included. By that logic, and considering his bullish stance on gold’s future growth, Pal says it’s realistic to expect the Bitcoin price could rise to a $10 trillion market cap.

“Would it be crazy for Bitcoin to have a $10 trillion valuation? After all, it isn’t just a currency or even a store of value. It is an entire trusted, verified, secure, financial and accounting system of digital value that can never be created outside of the cryptographic algorithm.

It is nothing short of the future of our entire medium of exchange system, and of money and the platform on which it operates… I think this is the biggest trade of our lifetimes and just at the time when we need it most.”

Pal cautions that forecasting years into the future is a “complex and risky affair” and only time will tell if his theories are accurate. For now, Pal says he’s buying Bitcoin every day.

However, he’s not going all-in on the extremely risky asset, which is known for its dangerous volatility and violent moves to the upside and downside.

“The allocation I am personally aiming for, on my total available liquid assets, is 25% trading investments, 25% cash (all dollars), 25% gold and 25% Bitcoin.”

In other trending Bitcoin News today:

2 Key Technical Reasons Why a Bitcoin Rally to at Least $8K Is Likely

The BTC price has seen a strong rebound from $6,800 to $7,600 within a four-day span, recording a 12% increase.

Two technical factors are likely to push BTC to $8,000 in the near-term as traders anticipate a strong weekly close.

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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/2-key-technical-reasons-why-a-bitcoin-rally-to-at-least-8k-is-likely

https://drive.google.com/file/d/1nWQVpbyeVqwB1qHHVXs1G19b9_iUvrX9/view?usp=sharing

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Analysis of Bitcoin price action dating back to 2011 suggests the coin price could next top out somewhere between $75,000 and $306,000, research from Kraken shows.

Based on one reading of a logarithmic growth curve that connects historical tops and bottoms, a BTC price of $75,000 would signal Bitcoin’s entry into overbought territory, marking the end of its current bull run.

“Based on previous cycles, Bitcoin could likely continue appreciating gradually in price before ultimately going parabolic and hitting resistance, which will signal the end of its fourth bull market cycle,” the report states.

Analysis of historical price retracements throws up some even bolder predictions. All things being equal, if BTC were to continue along its current growth curve and then enter a retracement similar to prior market crashes, the next bottom would be somewhere around $30,000.

Based on this proposed bottom one can attempt to make predictions about the next market peak, depending on the extent of the retracement.

Were Bitcoin to retrace 70% during the current cycle, the coin price would have to reach a peak of $102,000 in order to hit the aforementioned bottom of $30,000.

Similarly, a 90% crash would place the next top at $306,000, while an 86% drop — the average retracement of previous market cycles — would imply an upcoming market peak of $221,000. Either way, states the report, history would suggest Bitcoin remains “far and away” from a market top.

Diving into the historical data once more, the first quarter of 2021 proved to be the third-best performing quarter in Bitcoin’s 12-year existence, based on return percentage and annualized volatility.

Kraken’s research shows that March has historically been a bad month for Bitcoin, with the coin price appreciating just twice during this period since it began trading. In the past, March has, on average, underperformed February’s growth by 11%.

The report also notes that Bitcoin is now trending in a manner similar to the first quarter of 2013 — the most fruitful Q1 in the coin’s history. A correlation of 0.82 between the two is an encouraging sign and could subvert the historic trend which sees Bitcoin underperform in March.

Bitcoin recorded five consecutive months of positive returns leading up to the time of publication. That’s a sight witnessed just once before — in 2017 during the lead up to that year’s bull run and subsequent market peak.

In other trending Bitcoin News today:

Kraken CEO Reveals $1 Million Bitcoin Price Target – Here’s When It Could Happen

Kraken CEO Jesse Powell believes that Bitcoin is set to hit the seven-figure mark.

In a new interview with Bloomberg TV, Powell bets that Bitcoin’s price will grow by roughly 2,000% within the next decade and says it could eventually replace other dominant world currencies.

“So you know the people that are believers in Bitcoin say it’s going to replace all of the world’s currency, so basically whatever the market cap of the dollar is or the euro all of that combined is what bitcoin could be worth.

In the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is very reasonable.”

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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:

#bitcoin went from $10K in Oct to $50K in Feb. Do you realize that if we do that same 5x in 5 months, then BTC is $250K in July 🔥

— PlanB (@100trillionUSD) March 5, 2021

BitGo has revealed that it holds $250 million in #Bitcoin on its balance sheet.

The digital asset infrastructure company has held #BTC since 2014

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) March 6, 2021

As a #Bitcoin sovereign individual the number of people I’m obligated to interact with is very small. This is an underrated luxury.

— Max Keiser (@maxkeiser) March 5, 2021

https://cointelegraph.com/news/bitcoin-s-next-top-could-be-between-75k-and-306k-kraken-research-suggests

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BITCOIN PRICE HOLDING THIS ESSENTIAL LEVEL WILL LEAD TO 20% RALLY

Bitcoin has seen quite the turn of events over the weekend; the BTC price of the leading cryptocurrency has whipsawed between $9,700 and $10,500, failing to establish a short-term trend due to an endless tug of war between buyers and sellers.

While many analysts and investors have attributed this indecisive price action to a potential topping in the Bitcoin (BTC) market, some are sure the asset is poised to continue even higher in the coming weeks, citing the fact the cryptocurrency maintained the $9,500 price point – a level that has been critical for BTC to hold over the past few months.

Prominent cryptocurrency investor George recently remarked the Bitcoin price is still on track to rally towards the $11,700 price point – around 17% higher than the current price – in the coming weeks.

He backed this forecast by posting a chart, seemingly suggesting the cryptocurrency, despite rejecting the 0.25 level of a weekly range formed in 2019, has held the $9,700 swing low and the $9,500 inflection point.

George further explained “Keep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.”

BITCOIN PULLBACK ACCELERATES, IS THE CRYPTO BULL RUN OVER?

The crypto correction that began over the weekend has accelerated into Monday morning as bitcoin slides back towards support.

Altcoins, which have rallied hard recently, are in deeper pain with several dumping double digits today.

Total crypto market capitalization has dumped a further $15 billion over the past 24 hours or so.

The slide has taken total cap back to $280 billion, which is still 47% higher than it was at the beginning of the year.

Bitcoin has failed to break $10k again and further losses are expected but how low will it fall this time?

Lower highs are being made on the bitcoin chart which means that the short term downtrend is accelerating.

It failed to break resistance at $10k a few hours ago and has since slumped back towards $9,700 where there is support.

If this level does not hold BTC is expected to fall back to the $9,350 region where there is further support.

If this crucial zone is broken then things could get ugly fast with a potential dump back into the low $8k region.

Analysts and traders remain optimistic however with some pointing out that the correction is not even 10% yet from a climb of 46% so far this year.

“$BTC has risen 60+% since the first of the year and everybody is now scared of a 10% drop? Really?” – CryptoFibonacci

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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:

$BTCBullish – nice 4 hr & daily close to end Sunday, bounced at key area of $9800 (HVN)Bearish – still forming lower highs/lower lows on intraday charts, CME price pullback from $10,075. less premium

Still needs to hold $9800+ on HTF or we’ll still visit $9,300 to $9,550 pic.twitter.com/G1LCcGqjF2

— Josh Rager 📈 (@Josh_Rager) February 17, 2020

I wouldn’t mind a 10-20% dip here if it means alts crash by 70%+. The malinvestments from the last bubble don’t feel finished 2+ years later.

— Jimmy Song (송재준) (@jimmysong) February 17, 2020

Bitcoin Pullback Accelerates, Is The Crypto Bull Run Over?

Bitcoin Holding This Essential Level Will Lead to 20% Rally