RIO DE JANEIRO, BRAZIL TO ALLOCATE 1% OF CITY RESERVES IN BITCOIN!! BTC PRICE WILL MORE THAN DOUBLE!

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Bitcoin price is facing its strongest selling pressure since February and has potential to drop below recent lows near $7,750.

The BTC price fell from $8,326 to $7,935 in 60 minutes, confirming a downside break.

In other BTC news today we take a look at PlanB’s tweet on Crypto Twitter regarding the upcoming Bitcoin halving set to take place in May, which is just 6 more months away.

Are Altcoins ready to explode?!

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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.

News Resources From Today’s Show:

Bitcoin Price Indicator Shows Bearish Mood Strongest Since February

We are at about 6 months before May 2020 #bitcoin halving.

In 2012 btc jumped from $5 to $12 (2.3x) in those 6 months before the halving. In 2016 btc jumped from $350 to $650 (1.7x). pic.twitter.com/DKSQBOO2TD

— Plan₿ (@100trillionUSD) October 16, 2019

Correct, it is not priced in.

In my article, I simply analyse the effect that the Halving has had on Bitcoin’s price prior to and after each of its Halvings to datehttps://t.co/4StGraQAaQ

— Rekt Capital (@rektcapital) October 16, 2019

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The popular stock-to-flow Bitcoin pricing model is still showing positive signs and a possible second leg for the current bull market. 

According to PlanB, the brainchild behind the highly-debated BTC stock-to-flow model, the bull market is not over yet.

In a tweet on August 18, the analyst posed an update of the model showing that target white line and on-chain pricing signals indicate that we are still in the middle of this cycle. 

The model has been pretty accurate during Bitcoin’s lifespan so far, and its creator still asserts that prices have a lot further to go during this cycle:

“IMO we are going up, first to 100k, then 288k”

In other trending Crypto News today: Ethereum ‘liquidity crisis’ could see new ETH all-time high before Bitcoin

Ethereum‘s native token, Ether (ETH), may beat Bitcoin (BTC) to new all-time highs, fresh analysis reveals.

In a tweet on Wednesday, Ki Young Ju, CEO of on-chain analytics service CryptoQuant, highlighted a “sell-side liquidity crisis” that could yet give ETH the edge over BTC.

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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://cryptopotato.com/stock-to-flow-model-suggests-second-leg-of-bitcoin-bull-market-imminent/

https://cointelegraph.com/news/ethereum-liquidity-crisis-could-see-new-eth-all-time-high-before-bitcoin-analyst

https://cointelegraph.com/news/emerging-economies-dominate-chainalysis-2021-global-crypto-adoption-index.%20%20%20%20Panama,%20Paraguay,%20and%20Colombia

https://cointelegraph.com/news/bitcoin-will-remind-everyone-who-the-king-is-says-trader-as-btc-dips-to-44k

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The only way is up for the Bitcoin price action, analyst PlanB insists, offering a potential 2021 high of $450,000 per BTC, while $135,000 would be the “worst-case scenario”.

“Wait until you seen my base case and best case scenarios! OK, a hint: best case Dec $450K,” he added in comments about what Bitcoin could be capable of in 2021 which he originally shared 3 months ago on June 20th, and now 3 months later he just updated us with the following:

“In June I sketched the rough path of how bitcoin could go towards its s2f target of $100K in Dec. Just confirming we are still on that path IMO.”

In other trending Bitcoin News today: Commodity strategist predicts Bitcoin ETF could get the nod in US next month!

A Bitcoin ETF could be approved by U.S. regulators by October. according to Bloomberg Intelligence Commodity Strategist Mike McGlone.

When asked about a timeframe on potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”

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🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net

🔥 [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/bitcoin-price-can-hit-450k-in-2021-135k-is-worst-case-scenario-planb

https://cointelegraph.com/news/commodity-strategist-predicts-bitcoin-etf-could-get-the-nod-in-us-next-month

https://cointelegraph.com/news/smart-contracts-are-coming-to-bitcoin-through-dfinity-s-internet-computer

https://cointelegraph.com/news/bitcoin-bounces-again-after-briefly-losing-40k-support-watch-these-btc-price-levels.%20%20%20YOU-ON