MICHAEL SAYLOR PREDICTS $300T BITCOIN MARKET CAP AND SAYS CHINA CRYPTO BAN IRRELEVANT FOR BTC!!!!

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Bitcoin Price Needs to Break Past $8,000!

In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a BTC price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.”

Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):

• The 200-day moving average.
• The 100-day moving average.
• The 50-day moving average.
• The 20-month moving average.
• Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
• And the yearly pivot level.

The pertinent question remains — does Bitcoin (BTC) have the potential to clear $8,000?

Analysts, unfortunately, are divided about this question.

Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.

As it stands, BTC is in the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.

The thing is, there remains the overhead risk of traditional markets continuing to fall, which could depress Bitcoin.

As explained by Chris Burnisike, partner at Placeholder Capital:

This theory has been echoed by trader Cantering Clark, who remarked that the “moment equities s**t the bed again Bitcoin will follow,” explaining that the reality is some of the world’s “largest and most fundamentally important industries” are being adversely affected by the coronavirus outbreak, making it unlikely crypto will be spared.

China Is Drafting Laws for the Circulation of National Digital Currency Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency.

The central bank is now drafting legislation for its circulation, according to local media.

A number of patents have revealed what the digital yuan will be like.

China’s central bank, the People’s Bank of China (PBOC), is reportedly closer to issuing its own digital currency, Chinese publication Global Times reported on Tuesday, citing an unnamed industry insider.

The central bank, in collaboration with private companies, “has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation,” the publication detailed.

The insider elaborated: As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid the coronavirus (covid-19) pandemic, China should accelerate the launch of its digital currency.

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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://www.tradingview.com/chart/BTCUSD/S1p3CQYW-Bitcoin-Death-Cross-but-is-that-it/

https://news.bitcoin.com/china-digital-currency/

https://www.newsbtc.com/2020/03/26/all-eyes-on-8000-why-bitcoin-needs-to-clear-this-crucial-level/

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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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Blockfyre’s co-founder believes a bull market will return, seeing Bitcoin (BTC) price rise 1,400% to hit $150,000, and Ethereum (ETH) and other solid altcoins making even more impressive gains.

The co-founder of cryptocurrency analysis company Blockfyre believes that a bull run will return, propelling Bitcoin (BTC) to a price of $150,000.

In a tweet on June 4, Simon Dedic suggested that these gains will not be reflected across the entire cryptocurrency market, although the more solid altcoins should also see impressive price action.

Bitcoin’s dizzying ascent to its current all-time high of almost $20,000 in December 2017 came complete with a media frenzy around all things crypto.

Coupled with a boom in initial coin offerings, and fuelled by investor FOMO (fear of missing out), money was thrown at literally any project in the hope that it would mirror the gains of Bitcoin.

This became a self-fulfilling prophecy, and pretty much every altcoin posted a significant price increase during 2017. 

While Dedic warned that he believes this won’t happen again, he does envisage a Bitcoin bull run returning and “pumping the few solid alts out there.” He even went as far as to make a number of price predictions, such as Bitcoin gaining over 1,400% from its current price of around $9,750 to reach his target of $150,000.

Ether (ETH) is set to fare even better according to Dedic, increasing more than 3,570% from current levels around $245 to a price of $9,000.

And Binance Coin (BNB) is predicted to see a 2,750% rise to $500. Bigger increases still are forecast for Chainlink (LINK) and Tezos (XTZ), both with a target price of $200, representing 4,450% and 6,800% gains respectively.

But this all fades into insignificance compared to Dedic’s prediction for VeChain (VET), with a seemingly modest target price of $1.

However, this marks a massive 14,100% increase on its current price of $0.007.

In other trending Bitcoin News today:

Top Crypto Analyst Flips Bullish on Bitcoin, Says Miners No Longer Selling Their BTC

Top crypto influencer and Bitcoin maximalist Tuur Demeester, citing data from the crypto analytics firm Glassnode, says Bitcoin miners are almost done selling their BTC.

Glassnode’s Miner Outflow Multiple metric tracks the volume of Bitcoin flowing out of miner wallets.

This multiple is currently at a trough point at .47 after a peak of 2.62 in mid 2019 and a previous low in late 2018 at .307.

On May 11th, the day of the halving, the reward for completing a block was reduced by 50% to 6.25 BTC, with revenue earned by miners initially plunging 48%.

The increased pressure to maintain profitability forced miners comprising up to 30% of the entire Bitcoin network hash rate to exit the market, according to data from the mining pool Poolin.

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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, you could have bought literally any alt and it was a good investment.Imo this won’t happen again.However, I still believe that the bull run will return, pumping the few solid alts out there.

Predictions:$BTC $150k$ETH $9k$LINK $200$BNB $500$VET $1$XTZ $200

— Simon Dedic (@scoinaldo) June 4, 2020

https://cointelegraph.com/news/analyst-predicts-next-bull-run-will-send-bitcoin-to-150k-and-ether-to-9k