ON-CHAIN DATA TOP CAP MODEL FLASHING NEW BITCOIN PRICE TARGET OF $157K AFTER ‘WEIRD PULLBACK’ ENDS!!

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Bitcoin price needs to hit $340,000 just to match its performance from its last BTC halving cycle, data shows.

In a Twitter series on Aug. 20, popular statistics resource ChartsBTC noted that the BTC price still has huge room for growth at current levels of $11,700.

Comparing lows, highs and halving prices from its two previous Bitcoin halving cycles, ChartsBTC put the difference between peaks at 36x for the 2012 cycle and 17x for the 2016 cycle.

In order to repeat even the more modest cycle’s success, BTC/USD would have to trade at $340,000. 36x from last cycle’s high — Bitcoin’s all-time record of $20,000 — comes to $720,000.

Comparing cycle lows, the results are even more dramatic — the smallest jump of 130x from the previous cycle would deliver a Bitcoin price of $400,000.

Running the same diagnosis for Bitcoin’s price at the time of its halving events, the price target is $250,000.

“The multiples from prior cycles applied to the current one arrive at highs between $250k and $1.6M in the next 18 months,” ChartsBTC summarized.

The account noted that while the math adds up, there is little evidence which demands that such levels really do appear within the given timeframe. “While this may sound exciting, it’s just hopium,” it added.

“The prior highs and lows won’t dictate the future.”

In other trending Bitcoin News today:

Yearn Finance (YFI) Becomes First Altcoin to Exceed the Price of Bitcoin – Now What?

Yearn.finance’s native governance token YFI became the first-ever altcoin to surpass the price of Bitcoin (BTC) on Aug. 20.

It spiked to as high as $13,444 on Binance, fueled by the growing demand for Decentralized Finance, or DeFi.

Yearn.finance is a DeFi protocol that launched in July with no premine in a decentralized setting by developer Andre Cronje.

It is the first protocol on Ethereum that claims to give token holders all the power to govern the network.

Blockchain analytics firm IntoTheBlock said`:

“Just a month ago, the yearn.finance token was trading around the $1000 mark. #YFI is up more than 10x in one month, climbing to $10,551.25 yEarn Finance is the first project on Ethereum, whose governance is entirely in the hands of token holders.”

Cryptocurrency researcher Hasu explains yearn.finance as a platform that allows users to execute various investment strategies.

He says: “If you’re not familiar with Yearn, you can think of it as a smart bank account that automatically allocates your assets to different low-risk investment strategies that execute on the Ethereum blockchain.”

The price of YFI, the governance token of the protocol, increased naturally as the total value locked in yearn.finance surged.

According to data from Defipulse, more than $670 million worth of capital is locked in yearn.finance.

Compared to other tokens, the price of YFI is high due to its unique monetary supply.

Its supply is capped at 30,000, which is significantly lower than most digital assets.

While the price of YFI has surpassed $12,000, its market capitalization remains below $400 million.

By market cap, it is the 45th biggest cryptocurrency in the global market.

As such, crypto startup investor Ian Lee explained that YFI surpassing Bitcoin is more of a psychological event than anything else.

He explained:

“YFI ‘flipping’ BTC price is arbitrary & more psychologically than practically important. What is important is what yearn.finance is doing & Andre Cronje is building in DeFi.”

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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:

15,000 followers 🥳 Thank you everyone! Let’s break down the #bitcoin cycles and see how well history is rhyming. /1High $32, Low $2, Halving $12High $1,163, Low $152, Halving $658

High $19,892, Low $3,129, Halving $8572 pic.twitter.com/LmsuGjDiiq

— ChartsBTC (@ChartsBtc) August 20, 2020

The $ghost project is calling me a loose cannon because I called them on their bullshit.If I am a loose cannon because I dropped my support for a failing project so be it.

I will not support bullshit.

— John McAfee (@officialmcafee) August 19, 2020

https://cointelegraph.com/news/yfi-becomes-first-altcoin-to-exceed-the-price-of-bitcoin-now-what

https://cointelegraph.com/news/bitcoin-will-hit-340k-if-btc-price-repeats-2016-halving-cycle-pattern

https://cointelegraph.com/news/john-mcafee-has-left-his-own-privacy-asset-project

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Bitcoin may be breaking free from its correlation with the stock market and gearing up for a parabolic 2021, according to a new Crypto report from Bloomberg.

The financial news outlet’s latest monthly outlook on crypto calls BTC a “caged bull” that could be on the cusp of a massive long-term breakout.

“Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration for the firstborn crypto and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. constrained supply.

Favorable macroeconomics, akin to those buoying gold, supports the digital store-of-value, notably vs. the oversupplied broader crypto market…

Bitcoin may be in early days of ending its constraining relationship with the Nasdaq 100 Stock Index, in our view.

Technically, the Bitcoin-to-Nasdaq ratio near 1.2 on Oct. 27 has extended above 1.1 resistance that has held for about a year.”

According to the report, Bitcoin’s resistance at $10,000 may morph into resistance at $20,000 next year.

The report cites Bitcoin’s dwindling supply and ultimate cap of 21 million coins as a key driver placing the leading cryptocurrency on a positive trajectory.

It also names steady BTC buys from the institutional crypto asset manager Grayscale as a factor supporting Bitcoin’s price.

Bloomberg analyst Mike McGlone says Bitcoin’s 2020 price action is also reminiscent of 2015, ahead of a bull cycle that ultimately saw BTC rise by 100x.

“2020 Bitcoin may be 2015 launchpad deja-vu. Some key technical indicators portend a strong up-year for Bitcoin in 2021. In 2020, the benchmark crypto dipped below its 50- month moving average and 180-day volatility dropped below 40% at the start of November.

This price foundation pair was last matched in 2015 as Bitcoin bottomed near $200; it peaked about 100x higher in 2017. We see Bitcoin volatility declining with natural maturation and little chance of similar high-velocity appreciation, but the indication is clear: Unless something significant trips it up, the crypto’s price is ripe to advance in the coming years.”

In other trending Bitcoin News today:

“3 Primary Reasons Why Ethereum (ETH) Could Hit $500 in Q4”

A confluence of bullish fundamental and technical indicators sees Ethereum rallying upward towards $500 in the fourth quarter.

The second-largest blockchain asset by market capitalization has rallied by more than 200 percent in 2020, with its price trading just shy of $490 in early September.

Nevertheless, its uptrend paused as traders migrated to Bitcoin, the flagship cryptocurrency that earlier gained entry into the investment/service portfolios of significant corporations (Square, MicroStrategy, PayPal, etc).

#1 ETH/BTC Support

A slowdown in Ethereum’s dollar-based uptrend finds headwinds in the ETH/BTC chart.

The pair, which pits Ethereum directly against Bitcoin, is trading lower since August 31.

As of Thursday, it was down by more than 32 percent from its YTD high of 0.0406 sats.

#2 Ethereum Ascending Triangle

Ethereum’s correction from its YTD high followed by a subsequent pullback to the upside left its price in a consolidation channel.

That range, with a fixed horizontal resistance line and a trail of higher lows, made an Ascending Triangle pattern.

#3 Fundamentals

The reason why Ethereum could perform per its bullish technical expectations is a solid fundamental catalyst.

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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 may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC

— Mike McGlone (@mikemcglone11) November 4, 2020

https://assets.bbhub.io/promo/sites/12/917428_Crypto-Nov2020Outlook.pdf?link=button-header

3 Primary Reasons Why Ethereum (ETH) Could Hit $500 in Q4

https://cointelegraph.com/news/bitcoin-hits-14-7k-3-reasons-this-rally-may-see-new-all-time-highs

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Tesla confirms Bitcoin HODL strategy as new report says BTC shouldn’t have a problem reaching $100,000 during the current bull cycle thanks to impressive behavior from hodlers. 

Also breaking BTC news announced today by Elon Musk that Tesla now officially accepts Bitcoin from US customers.

“You can now buy a Tesla with Bitcoin. Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.” – Elon Musk

In response, Jason Yanowitz points out on Twitter:

“The ability to buy a Tesla with Bitcoin is not a big deal. Tesla’s decision to NOT convert that Bitcoin into fiat after the sale is a huge deal. This leads the way for thousands of companies to sell products using Bitcoin without ever turning that Bitcoin back into US dollars.”

In their latest newsletter seen by Cointelegraph, analysts from trading suite Decentrader including Cointelegraph Markets contributor filbfilb sought to allay fears that Bitcoin’s bull run is running out of steam.

Backing their optimism, they said, is data showing that more and more investors are hodling BTC for the long term — one year or more. 

Taken from the popular “HODL Wave” indicator, this suggests that there is less desire to sell Bitcoin at short notice at a certain price, providing a solid foundation for further growth.

“The 1Yr+ HODL Wave suggests that Bitcoin should comfortably reach the $100,000 level during this cycle,” Decentrader summarized.

“The greater the amount of Bitcoin being held for a year or longer, the less liquid the supply or potential selling pressure there will be. Typically, if 50% or more of Bitcoin is being HODLed the bull market continues, below this is potentially cause for concern.”

HODL Waves tracks the proportion of the existing Bitcoin according to when it was last used in a transaction. Previously, Cointelegraph noted that those who bought BTC during the 2017 bull run had largely held onto their position despite realizing significant gains.

As Cointelegraph reported on Monday, roughly 36% of the circulating Bitcoin supply is currently made up of “younger” coins which have moved at some point in the past six months.

Exchange data further reinforces the pro-hodl mindset among investors, as overall reserves continue to plummet in March despite BTC/USD making a new all-time high.

Even miners appear to be increasingly interested in keeping their BTC rewards, as evidenced by figures from on-chain analytics service Glassnode showing net miner positions turning positive this month. Michael Saylor, CEO of MicroStrategy, described their behavior as “onlyrational.”

According to Bitcointreasuries.org, Tesla currently holds an estimated 48,000 BTC, a number that should grow as people exchange their Bitcoin for the company’s electric vehicles.

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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:

You can now buy a Tesla with Bitcoin

— Elon Musk (@elonmusk) March 24, 2021

Remember, we didn’t choose #Bitcoin, Bitcoin chose us All will have to come to terms with this eventually

The benefits of obliterating fiat money and central banks (with BTC) are enormous. The demonetization of war and violence will have profound, positive impacts on society.

— Max Keiser (@maxkeiser) March 24, 2021

https://cointelegraph.com/news/elon-musk-says-tesla-now-accepts-bitcoin-from-us-customers

https://cointelegraph.com/news/tesla-confirms-bitcoin-hodl-strategy-as-new-report-says-btc-should-comfortably-hit-100k

https://cointelegraph.com/news/bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry