PUTIN AND XI LOOKING AT BITCOIN TO BYPASS SWIFT AND USD, BTC CAN HIT $1M OVERNIGHT, SAYS MAX KEISER!

➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net

With Bitcoin turning bullish, the mainstream institutions are also taking a special interest in the leading cryptocurrency. 

The latest is Citibank, whose bitcoin technical analysis sees lofty price targets at over $300k per BTC by the end of 2021.

Thomas Fitzpatrick, Global head of CitiFXTechnicals product, the author of the report, traces the historical price performance of Bitcoin, which reflects that timeframes for the rally are getting longer, which puts this rally to peak in December 2021 at $318k.

“Improbable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in percentage terms),” with arguments in favor of Bitcoin at their most persuasive ever, he wrote.

The report notes how Bitcoin is all about “unthinkable rallies followed by painful corrections” but a type of pattern that sustains a long term trend.

As such though it’s to be seen if such lofty levels will be hit, “the price action we are looking at clearly suggest the potential for a major move higher nonetheless in the next 12-24 months,” reads the report whose snippets were first shared by trader and economist Alex Kruger.

Although “this kind of technical analysis is of little value,” Kruger noted, “what matters here is Citi’s clients being exposed to the bitcoin moon.”

Citibank compared the digital asset’s first rally that took it to the mainstream with gold, which similarly “was allowed to float in the early 1970s after 50 years of trading in a $20-$35 range.”

And that was a “structural change in the modern-day monetary regime” ushering in a world of fiscal indiscipline, deficits, and inflation. As for Bitcoin, its move happened in the aftermath of the Great Financial crisis.

In 2020, with all the MMT, gold is likely to gain from this, but the author of the report noted that gold has restrictions such as storage, non-portable, and could possibly be even called “yesterday’s news” in terms of a financial hedge.

“Bitcoin is the new gold,” reads the report.

The leading digital asset has a limited supply, is easy to move across borders, and offers opaque ownership. But the author also says that Bitcoin may be subject to more regulatory constraints going forward.

The report further mentions CBDC, which though a much more effective mechanism for distributing stimulus, “makes capital confiscation easier.” 

In both the scenarios, Bitcoin will give us the digital equivalent (Bitcoin versus Fiat digital) of what we saw in the 20th century when the financial regime changed (Gold versus FIAT paper). 

In other trending Bitcoin News today: 

Incoming Senator Hopes To ‘Bring Bitcoin Into The National Conversation’

In a clip that has been widely circulating on Twitter, the soon-to-be-senator representing Wyoming — possibly the highest ranking US official to ever speak so glowingly of the digital currency — cited her experience as a former state treasurer for why she believes in Bitcoin’s future.

“I’m a former state treasurer and I invested our state’s permanent funds, so I was always looking for a good store of value, and Bitcoin fits that bill. Our own currency inflates; Bitcoin does not. It’s 21 million Bitcoin will be mined, and that’s it, it is a finite supply. So I have confidence that this will be an important player in store of value for a long time to come.”

The Senator also appeared to brush off GMA3 host Sara Haines’ implication that Bitcoin could be used for money laundering or tax evasion, choosing not to address these charges at all.

As Cointelegraph has previously reported, Lummis is an early adopter of Bitcoin, having first picked up the currency in 2013 following a tip from her son-in-law, Will Cole, who works at cryptocurrency services firm Unchained Capital. 

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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:

MINDBLOWING

Grayscale just bought another 15,114 #Bitcoin which has increased the overall holdings to 506,000 $BTC. This accounts for more than 2 percent of the global Bitcoin supply.

— The Moon 🌙 (@TheMoonCarl) November 15, 2020

3/ Given current trajectory, I expect price to approach the 350dma x 2 around $22-24k.

Maybe we need to correct there for a while due to FOMO kicking in having breached ATH? pic.twitter.com/xcyuxuSewS

— Philip Swift (@PositiveCrypto) November 12, 2020

Why Bitcoin Could Rally to $24,000 Before Seeing Its First Major Retrace

https://bitcoinexchangeguide.com/bitcoins-moon-target-set-at-318000-in-december-2021-by-citibank-report/

https://cointelegraph.com/news/incoming-senator-hopes-to-bring-bitcoin-into-the-national-conversation

➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net

Crypto analyst and Bitcoin bull Moon Capital recently went on an epic tweet storm sharing his bullish case on why a $1,000,000+ BTC price is nearly inevitable.

“1/ “BUT THEY WILL BAN BITCOIN.” Let me quickly explain why this threat is HIGHLY overestimated and why it is NOT possible or even reasonable. $1,000,000+ Bitcoin is nearly inevitable.”

In other breaking Bitcoin News today:

“3 Reasons Bitcoin Price Just Hit $16,000 For The First Time Since 2017”

The price of Bitcoin (BTC) surged past $16,000 today, Nov. 12, for the first time in nearly three years.

The momentum of the dominant cryptocurrency is strengthening due to three key major factors.

The main catalysts behind BTC’s rally are the non-overheated derivatives market, repeated retest of $16,000, and the $14,900 whale supply zone.

On Nov. 10, the price of Bitcoin abruptly declined to as low as $15,072.

The market drop occurred merely 24 hours after it saw another major dip to $14,805, which turned traders cautious.

But the drop benefited Bitcoin for two key reasons. First, it allowed whales to take profit on their positions at around the $15,000 support level.

Second, it neutralized the futures market by flushing out late buyers or long contract holders.

Resetting the futures market and the funding rate for Bitcoin futures contracts was critical for sustaining the ongoing BTC rally.

Futures exchanges in the cryptocurrency market use a mechanism called “funding” to achieve balance in the market.

When the majority of the market is buying Bitcoin, buyers need to incentivize short-sellers.

The vice versa is also true: When shorts make up most of the market, sellers need to pay buyers.

Prior to the drop on Nov. 10, the funding rate of BTC was hovering above 0.01%.

This indicated that the market was heavily longing or buying Bitcoin, making it overcrowded.

After the minor correction to the $15,000 support level, BTC futures contracts neutralized as funding rates stabilized.

Even until late Nov. 11, the $16,000 area served as a heavy level of resistance for Bitcoin.

Traders pinpointed the presence of large sell orders at the resistance, indicating that whales are likely targeting this level.

In other trending BTC News today:

“Deutsche Bank: Central Bank Digital Currency Will Replace Cash In Long Term”

Deutsche Bank, the largest banking institution in Germany, is confident that central bank digital currencies, or CBDCs, will replace cash in the future.

The bank’s research arm, Deutsche Bank Research, published a new report on economic estimations and proposals to assist global economies hit by the coronavirus pandemic.

Titled What We Must Do to Rebuild, the new edition was released on Nov. 10. In the report, Deutsche Bank states that the ongoing COVID-19 pandemic has accelerated the “digital cash revolution.”

According to the bank, this revolution will eventually enable CBDCs like China’s digital yuan or Sweden’s e-krona to replace cash in the long term.

Deutsche Bank called on national governments and private companies to work on alternatives to credit cards, stating:

“Worldwide lockdowns and social distancing measures have only increased the use of cards over cash. To respond, companies and policymakers must design alternative to credit cards and remove middle man fees. […] For now, the priority must be on regional digital payment systems. In the long term, central bank digital currencies will replace cash.”

In the report, Deutsche Bank Research also warned European policymakers about the risks of not developing their own digital currency project in response to China and Sweden’s active progress in the field.

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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:

1/ “BUT THEY WILL BAN BITCOIN.”Let me quickly explain why this threat is HIGHLY overestimated and why it is NOT possible or even reasonable.

$1,000,000+ #Bitcoin is nearly inevitable.

— Moon Capital 🔑 (@Moon__Capital) November 11, 2020

Yearly #Bitcoin returns2010: 𝟵,𝟵𝟬𝟬%2011: 𝟭,𝟰𝟳𝟯%2012: 𝟭𝟴𝟲%2013: 𝟱,𝟰𝟴𝟭%2014: -𝟱𝟳%2015: 𝟯𝟰%2016: 𝟭𝟮𝟯%2017: 𝟭,𝟯𝟲𝟴%2018: -𝟳𝟯%2019: 𝟵𝟮%2020: 𝟭𝟮𝟭% (so far)

Only negative years are after a bull run 🐂

— Danny Scott (@CoinCornerDanny) November 12, 2020

Green circle denotes where we are in this macro cycle. Start of the main bull run (in case it isn’t already obvious).BTC’s on-chain Relative Strength Index is just warming up.

Red verticals are the halvenings, providing the bullish supply shock impulse. pic.twitter.com/HudOgAAezv

— Willy Woo (@woonomic) November 11, 2020

https://cointelegraph.com/news/3-reasons-bitcoin-price-just-hit-16-000-for-the-first-time-since-2017

https://cointelegraph.com/news/deutsche-bank-central-bank-digital-currency-will-replace-cash-in-long-term

https://cointelegraph.com/news/bitcoin-price-peak-in-december-2021-as-main-bull-run-begins-willy-woo

💰 BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts

Guggenheim Partners founder Scott Minerd says a $600,000 Bitcoin price is still in the cards, but investors may have to prepare for a further drawdown before BTC can start rising again. In an interview with CNBC, Minerd discusses the possibility of Bitcoin losing over 50% of its based on historical price action.

“Every major run-up in Bitcoin, there has been about an 80% crash. Now, that would make a lot of sense in a lot of ways because that would bring us back into the neighborhood of $15,000.”

“Our research shows that as a store of value, and that’s a debatable point, that if you were to compare it against gold, you’d be at somewhere between $400,000 and $600,000.”

In other trending Bitcoin News today: Bitcoin To Meteorically Rise 15x, Says Crypto Analyst Lark Davis. Davis believes BTC is poised to reach a six-figure price as its fundamentals continue to grow at an exponential rate.

“Bitcoin will go on to rival the market cap of gold this decade. That is a 15X from the current price, which will give a per unit price of $550,000 per BTC.”

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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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/key-bitcoin-price-indicator-flashes-its-fifth-buy-signal-in-btc-history

TA: Bitcoin Stuck Near $35K, What Could Trigger A Strong Rally