MICHAEL SAYLOR REVEALS THE TRUTH ABOUT BITCOIN DOMINANCE!! BTC’S CRUCIAL ‘LINE IN THE SAND’!!

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Introducing his latest revamp of the popular Bitcoin price model, analyst PlanB adds gold and silver and almost trebles his previous forecast.

The latest version of a popular and thus far accurate BTC price model predicts an average price of $288,000 — and it could happen this year.

In a blog post introducing the third incarnation of the stock-to-flow (S2F) model on April 27, analyst PlanB revealed fresh calculations that are taking his forecast ever higher.

This time, gold and silver joined in, combining with Bitcoin to create the new BTC S2F cross-asset model or S2FX. Stock-to-flow calculates a value based on the supply of new Bitcoins entering circulation through mining versus the existing supply, or “stock.”

The retroactive application confirms that the model is extremely competent at charting Bitcoin’s growth, with even last month’s 60% drop still falling within its predicted range.

Prior to S2FX, an “updated” stock-to-flow chart put BTC/USD at an average of around $100,000 between 2020 and 2024.

With the release of the new version, however, the prediction has almost tripled overnight.

“The S2FX model formula can be used to estimate the market value of the next BTC phase/cluster (BTC S2F will be 56 in 2020–2024),” PlanB summarized.

“…This translates into a BTC price (given 19M BTC in 2020–2024) of $288K.”

In other trending Bitcoin News today:

Tim Draper Doubles Down on His $250K BTC Prediction

If Bitcoin does not hit $250,000 by early 2023, Tim Draper jokingly says he’ll eat a raw egg.

Speaking at Virtual Blockchain Week, famed venture capitalist Tim Draper confirmed that he is sticking to his six-figure Bitcoin (BTC) price prediction.

Back in 2018, Tim Draper made a bold public call that the price of Bitcoin would reach $250,000 by the end of 2022 or early 2023.

As of today, he’s sticking to it:

“That’s my prediction. Sticking with it. I’m very confident that that is going to happen. That’s happening. It’s kind of funny.”

He cites a couple major reasons that might drive that kind of price action.

Draper believes that the US government’s massive stimulus package will debase the value of the dollar and “send people to crypto.”

He also expects that Bitcoin will see massive commercial adoption around the world within this timeframe.

“All of the sudden, the retailers say, “Oh, you mean I don’t have to pay 2.5-4 percent to the banks every time somebody swipes a credit card?”

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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:

I think PlanB made a step in the right direction my including more assets in his model. Solid work. As soon as S2FX is confirmed for a wide range of assets like Pt, W, $BSV and $BCC, it will have my enthusiastic support. Highly scientific! https://t.co/OTCcdrsVkd

— ᴹᵁᴴ𝔍𝔬𝔢⁰⁰⁷ 🐳 (@J0E007) April 28, 2020

https://cointelegraph.com/news/tim-draper-doubles-down-on-his-250k-btc-prediction

https://cointelegraph.com/news/new-stock-to-flow-forecast-puts-average-bitcoin-price-at-288k-by-2024

https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12

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Bloomberg Intelligence senior commodity strategist Mike McGlone says he expects the big Bitcoin rally to continue in 2021.

In a new December outlook on BTC, McGlone says Bitcoin’s new line of resistance in 2021 will likely be at the $50,000 mark.

“Bitcoin will maintain its propensity to advance in price into 2021, in our view, with macroeconomic, technical and demand vs. supply indicators supportive of $50,000 target resistance, implying about a $1 trillion market cap. The $10,000 mark has shifted to a critical support level after serving as the crypto’s resistance mark since 2017.”

The report says Bitcoin is “far from overheated,” noting its foundation of support may be greater than back in 2015 through 2017 due to increasing institutional investments and a drop in new supply due to this year’s halving.

“The year 2020 will likely be looked back upon as key to Bitcoin’s mainstream evolution, in our view. Strong inflows in regulated exchange-traded products, futures open interest, addresses used and allocations from corporate treasuries, and some billionaires, solidify the 2020 annual price of about $10,000 as foundation support…

Demand measures of Bitcoin and crypto assets appear to be gaining endurance for more of the same in 2021. From the Office of the Comptroller of the Currency (OCC) allowing banks to provide crypto-asset custody services to PayPal onboarding payments, clearing 2020’s volatility hurdle likely widens the path toward mainstream adoption.”

McGlone says the macro economy will also continue to serve as a headwind fueling both BTC and gold in the new year.

“The digital newcomer and old guard quasi-currencies stand to be primary beneficiaries of unparalleled quantitative easing, rising debt-to-GDP and an increasing focus on modern money theory.”

In other trending Bitcoin News today:

CEO of $7.4 Trillion Asset Manager BlackRock Says Bitcoin Could Evolve Into Global Market Asset

Larry Fink, CEO of the world’s largest money management firm, BlackRock, appears to be changing his once highly skeptical tune on Bitcoin and cryptocurrency.

Speaking to former Bank of England governor Mark Carney at the Council on Foreign Relations, Fink said BTC may be on a path toward evolving into a global asset.

“Bitcoin has caught the attention and the imagination of many people. Many people are fascinated by it. Many are excited about it. But it’s still untested, it’s still a pretty small market relative to other markets. We see these big, giant movements every day… it’s a thin market.

So, can it evolve into a global market? Possibly. Certainly by evidence of the imaginations of so many who want to learn about it or are interested in it, to me, is a very telling sign.”

Fink also says the advent of digital currencies could weaken the status of the US dollar as a reserve currency for non-Americans.

“Having a digital currency has a real impact on the US dollar because having a digital currency makes the need for the US dollar less relevant for international holders of dollar-based assets. Does it change the need for a dollar reserve currency if there was a true digital currency that was separated from dollar-based assets?”

In late November, BlackRock chief investment officer Rick Rieder also made a bullish case for Bitcoin, saying that the digital asset is here to stay and is well on its way to replacing gold as a primary store of value.

“Do I think it will take the place of gold to a large extent? Yeah, I do because it’s so much more functional than passing a bar of gold around.”

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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 stock-to-flow cross asset model-if BTC doesn’t break it’s historical path-BTC market cap will approach gold market value $5-10T in 2021-2024-and approach real estate market value $10-100T in 2024-2028

-after 2028 we can no longer interpolate and enter uncharted waters pic.twitter.com/DGf6T87Tdf

— PlanB (@100trillionUSD) December 4, 2020

https://cointelegraph.com/news/bitcoin-whales-selling-to-institutions-as-grayscale-adds-7-188-btc-in-24-hours

https://cointelegraph.com/news/bitcoin-arrives-on-wall-street-s-p-dow-jones-launching-crypto-indexes-in-2021

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BITCOIN NEWS TODAY: Earlier this month, JP Morgan signed Coinbase and rival BTC and crypto exchange Gemini after a lengthy vetting period, it was first reported by the Wall Street Journal.

JP Morgan approved the two Bitcoin exchanges’ accounts last month and is already processing transactions—potentially signalling the end of the crypto industry’s banking woes.

The bitcoin and cryptocurrency community has complained for years that banks including J.P. Morgan have denied them services and blocked accounts that dealt with crypto businesses.

Meanwhile, it has emerged Jamie Dimon has been hosting secret meetings with Coinbase chief executive Brian Armstrong since 2018, author Jeff Roberts revealed in his book, Kings of Crypto.

“Ironically, Brian Armstrong and Jamie Dimon of J.P. Morgan—who was the biggest enemy of bitcoin and has pissed on it for years—it turns out they were having secret meetings in 2018 at J.P. Morgan’s headquarters,” Roberts told Laura Shin’s Unchained podcast while promoting the book, which charts Coinbase’s rise to the top of the crypto industry.

However, J.P. Morgan’s interest in cryptocurrencies might not extend all the way to bitcoin quite yet.

“We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Umar Farooq, JP Morgan’s head of digital treasury services and blockchain, said back in 2017. J.P. Morgan launched its own answer to bitcoin last year, JPM Coin.

Unlike bitcoin, JPM Coin is pegged to the dollar and aimed at speeding up and reducing the costs of global payments.

Meanwhile, some have accused Coinbase’s Armstrong as being “skeptical” of bitcoin while working to promote other blockchain networks and cryptocurrencies such as ethereum.

“I’m sure he would deny it, but it’s interesting to me that the CEO of the world’s most prominent bitcoin-related company seems so skeptical of bitcoin,” said Bloomberg editor and analyst Joe Weisenthal, commenting on a Twitter thread by Armstrong suggesting it might not be bitcoin that pushes the cryptocurrency ecosystem into the mainstream.

Despite J.P. Morgan’s softening attitude toward bitcoin and crypto, the nascent technology is still fighting an uphill battle.

In other trending Bitcoin News:

$10,000 Bull Trap? Why Bitcoin Price Is Now Likely to Pull Back

Bitcoin price is up 25% for the month of May, but is a pullback now imminent?

Starting out on the monthly, we can see that Bitcoin grew in value by nearly 25% in the month of May.

This is always a nice thing to see. However, since the March 12 dump, it’s nothing for long term hodlers to get excited about just yet.  

Nevertheless, as the one month candle is due to open above the .382 fib retracement level, a move up towards the .618 of $13,700 is something to be excited about.

With that being said, let’s not get ahead of ourselves, we first need to claim $11,800, and one cannot ignore that a move to the downside is always a possibility for the king of cryptos also.  

As things stand, if June was to be bearish, a pullback to between $7,400 and $7,600 is where I’d be placing some buy orders, and that is what I’ll explain today.

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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.forbes.com/sites/billybambrough/2020/05/30/jp-morgan-bitcoins-biggest-enemy-suddenly-appears-to-be-going-all-in-on-crypto

https://cointelegraph.com/news/10-000-bull-trap-why-bitcoin-price-is-now-likely-to-pull-back