PLAN B SAYS, BITCOIN IS GOING TO $500K BY Q2 NEXT YEAR?! BTC SUPPLY SHOCK INCOMING – BTFD LAST CALL!

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Bitcoin price experienced a massive spike towards $100,000 on its Quarterly Futures chart.

According to the official Binance announcement, a single user placed several large orders over a very short period of time creating an insane BTC candlestick wick up to $99,964.

This incident did cause the entire Crypto market to shake.

According to Binance, because Futures uses the mark price for liquidations and other calculations, no one was actually liquidated when the BTC price touched $99,964, however, on the spot market, there was a large fluctuation in price.

In less than 1 hour, Bitcoin went from a high of $12,123 to $10,518 before quickly recovering above $11,000.

Ethereum price also got affected dropping from $415 to $325 in the same time frame.

Other major coins suffered the same price action.

In other trending Bitcoin News today:

Bitcoin Now ‘Perfectly on Track’ to $100K, Says Stock to Flow Creator

PlanB, the well-known creator of the contested stock-to-flow (S2F) model, believes Bitcoin (BTC) is now well on track to reach $100,000 as the price has risen to yearly highs.

The optimistic sentiment coincides with the shift in momentum from alternative cryptocurrencies, or altcoins, to BTC. He recently shared,

“I can’t make a chart for you now (at sea), but S2F model perfectly on track.”

At the same time, the price of Bitcoin has increased by 17% this week, as it broke through a major three-year trendline.

As Cointelegraph reported, traders seemingly expect BTC to test higher resistance levels in the near term.

Altcoins declined particularly in the past 72 hours when the price of Bitcoin started to rally.

Ethereum’s Ether (ETH) moved in tandem with BTC throughout the rally, but it slumped against BTC in the past two days.

In the short term, as Bitcoin sees a profit-taking rally from altcoins, some investors expect BTC to outperform altcoins.

Kelvin Koh, the co-founder of Asia-based venture capital firm Spartan Group, said:

“If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term.”

In other trending BTC news today:

Chainlink (LINK) Surges 12% to a Fresh All-Time High of $9.72

For the first time in its multi-year history, the Chainlink price passed above $9.00 for the first time ever on Monday.

At the local highs, the asset reached a price of $9.72, as per data from CoinMarketCap.

This surge comes after Chainlink was subject to a strong retracement after hitting $8.94 near the middle of July.

Like many other leading altcoins, LINK suffered from volatility in the prices of Bitcoin and Ethereum, which centralized gains in those market players.

LINK currently trades at $9.50 as of this time, having dropped slightly from the local highs (which is also the all-time high).

According to Santiment, blockchain analytics firm, indicated amid the surge that there has been an uptick in trading volume and social sentiment.

This may suggest that Chainlink does have room to rally.

What it may also show, though, is that a near-term peak may be reached.

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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:

Chainlink (LINK) Surges 12% to a Fresh All-Time High Above $9

Bitcoin Price Hits $100,000 … Briefly

https://cointelegraph.com/news/bitcoin-now-perfectly-on-track-to-100k-says-stock-to-flow-creator

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Bitcoin price may hit a $50,000 valuation should institutional investors allocate as little as 1 percent of their net portfolio worth into BTC, says Messari.

The New York-based crypto data aggregator wrote that in an “illustrative analysis,” published on Tuesday.

It discussed a scenario wherein all the institutional investors, including pension funds, endowments & foundations, family offices, and hedge funds, have at least 1 percent exposure in Bitcoin.

The analysis anticipated a capital inflow worth hundreds of billions of dollars into the cryptocurrency market.

It added that the money injection might get further multiplied by 2x-25x due to higher “liquidity and reflexivity.” “

Depending on your assumptions, an aggregate 1% institutional allocation to Bitcoin can easily bring Bitcoin’s market cap above $1 trillion,” wrote Ryan Watkins, a researcher at Messari.

“This is why enthusiasts get so excited about the prospect of institutional inflows. 1% is a lot when everyone does it.”

Messari’s analysis came at a time when Bitcoin is trading 150 percent higher from its yearly lows below $4,000.

The cryptocurrency, nevertheless, repeatedly failed to materialize its bullish bias beyond a specific technical resistance range of $10,000-$10,500.

The limited upside showed that not many mainstream investors are willing to gain exposure in the Bitcoin market.

That is despite a growing optimism regarding Bitcoin’s potential role against an ongoing economic crisis. Mr. Watkins noted that institutions typically invest on behalf of their clients.

They have, therefore, a “fiduciary duty” to invest in assets that yield decent profits but with lower risks.

On the other hand, Bitcoin remains an asset surrounded by red flags related to regulatory uncertainty, infrastructure immaturity, and whatnot. “[Investors] simply cannot bear risk like retail investors can without taking the necessary time and effort to get comfortable,” wrote Mr. Watkins.

But there are exceptions like Paul Tudor Jones, a veteran hedge fund manager who in May allocated 1-3 percent of his $22 billion-portfolio to bitcoin futures. Mr. Watkins cited him and his reasons to invest in a unique asset as a benchmark for other institutional investors.

“Among the most likely to invest in Bitcoin are hedge funds, which have some of the most flexible investment mandates,” he stated.

“Hedge funds can virtually invest in any asset class and financial instrument they agree to with their [limited partnerships].“

In other trending Bitcoin News Today:

People Can Now ‘Buy Bitcoin on Every Block’ Through Network of Major US Retailers and 20,000 Stores

Shoppers in the US can now buy Bitcoin with cash at convenience stores and pharmacy chains.

The mainstream push is through a network of Bitcoin ATMs, cashiers and kiosks operated by Boston-based Libertyx.

It now includes 20,000 7-Eleven, CVS and Rite Aid Pharmacy stores nationwide, where consumers can make BTC purchases on the go.

According to the announcement, Libertyx, which launched its first Bitcoin ATM in 2014, enables people to buy “Bitcoin on every block” at big chains and smaller merchants.

Consumers who download the company’s store locator app are able to navigate to the nearest location to buy BTC.

By offering Bitcoin at a wider network of everyday stores for mainstream shoppers, the company is building critical on-ramps for users who may only be curious about the cryptocurrency and are looking for easy access at a trusted store.

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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 Price Could Hit $50K on Just 1% Institutional Allocation: Messari

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The Bitcoin price has support to climb all the way to $15,000 per BTC if historic trends repeat themselves this year, a new report says.

Compiled by crypto index fund provider Stack Funds on Oct. 15, the report highlights Bitcoin’s market cap vs. realized cap ratio (MVRV) fueling gains, which could smash $12,000 resistance.

The BTC price has yet to attempt a breakout of $12,000, seeing rejection at $11,700 this week.

This has failed to dent optimism among analysts, who believe that $11,000 will provide solid support.

Going forward, however, the period following the United States elections in early November may result in more upside.

For Stack Funds, this hinges on the MVRV ratio. This is currently at 1.8, with signs that a retest of 2.5 from 2019, when BTC/USD hit $13,800, is in play.

“The current MVRV ratio is at 1.8, and is purportedly well supported by the trendline where bitcoin bottomed back in late 2018. The trend is also painting a similar trajectory as it did back in the 2017 bull run, with a steady growth inclination that tested an identical support trendline multiple times,” the report states. 

“Given the strength in support, we are expecting a significant break of 2.0 in the near term as it looks to retest the 2019 peak at 2.5, which will put Bitcoin price above the $15,000 level.”

Stack also noted increasing institutional interest in Bitcoin as cementing the idea that the future is firmly bullish for price action.

Stone Ridge investing $115 million followed Square’s $50 million purchase, both gaining publicity on the back of MicroStrategy’s larger $425 million treasury investment.

Bitcoin futures open interest is also climbing this month, signaling that institutional activity is picking up once more.

“We further view that a re-positioning is occurring in the market with a possible shift in the economic climate, as futures volumes and open interest are starting to recover,” Stack’s report explains. 

“Our eyes are peeled on the $12,000 key resistance level, as we expect further consolidation around current levels going into the elections before breaking into the upside going forward.”

In other trending Bitcoin News today:

‘Shorts Will Be Dead’ – Why Dan Tapiero Expects A Massive Bitcoin Shortage

In recent months, there has been a considerable spike in institutional demand for Bitcoin (BTC) following several high profile investments.

Over time, asset manager and 10T Holdings co-founder Dan Tapiero believes this could lead to a problematic shortage in BTC.

Alongside investments from Square, MicroStrategy and Stone Ridge, Bitcoin inflows to Grayscale Bitcoin Trust have surged.

Based on the rapid growth of institutional investments, Tapiero warns that short-sellers could see trouble in the future.

In the third quarter of 2020, the Grayscale Bitcoin Trust recorded an inflow of $1.05 billion.

This marked the firm’s first billion-dollar quarter and also highlights record-high institutional demand.

The firm’s quarterly report reads:

“Grayscale recorded its largest ever quarterly inflows, over $1 billion in 3Q20, making it the third consecutive record-breaking quarter. Year-to-date investment into the Grayscale family of products has surpassed $2.4 billion, more than double the $1.2 billion cumulative inflow into the products from 2013-2019.”

Considering the continuous increase in Grayscale inflow from institutional investors, Tapiero said:

“SHORTAGES of Bitcoin possible. Barry’s Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number.”

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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:

SHORTAGES of #Bitcoin possible.

Barry’s @Grayscale trust is eating up btc like there is no tomorrow.

If 77% of all newly mined turns into 110%, it’s lights out.Non-miner supply will get held off mkt in squeeze.

Shorts will be dead. Price can go to any number. pic.twitter.com/4S4TrLNH8J

— Dan Tapiero (@DTAPCAP) October 14, 2020

October is the month I gradually increase my $ALTS exposure, I’ll have at least 15% of my early October $BTC stash converted by months end.

No FOMO needed: smart bidding is the aim for now. I said it in 2019: couple months past halving I accumulate $ALTS big, trigger in motion.

— SalsaTekila (@SalsaTekila) October 10, 2020

❓Why does #bitcoin price not go up with all this institutional buying? Who is selling? BTC price is exactly where it should be, holding firm above $10K, waiting for that one moment .. asymmetrical returns .. patience! pic.twitter.com/pCyftmvHco

— PlanB (@100trillionUSD) October 16, 2020

https://mcusercontent.com/45836f27729699cf7a484a367/files/968c4a86-3082-4463-bf98-ab6beaa43011/Stack_Research_15_Oct_2020.pdf

https://cointelegraph.com/news/bitcoin-price-metric-suggests-15k-surge-after-us-elections-report

https://cointelegraph.com/news/shorts-will-be-dead-why-dan-tapiero-expects-a-massive-bitcoin-shortage