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Stock to Flow Analyst PlanB, Sees The Bitcoin Price Trading at $10,000 Before End of Year.

In the last few days, Bitcoin (BTC) has been the subject of bearish calls. Many are calling a drop between $6,000 and $5,500.

Peter Brandt chimed in on the topic.

The most followed trader on Twitter said that the head-and-shoulders top for Bitcoin doesn’t look valid.

But the analyst painted a descending triangle breakdown and indicated a target of $3,905.

While the BTC price appears to be on a technical downtrend, PlanB believes that it is possible for the top cryptocurrency to regain its bullish composure.

The analyst’s stock to flow model suggests that the recent selloff is a deviation.

Using the stock to flow model, PlanB can forecast the price of bitcoin without using technical analysis.

So far, the analyst’s model has been right on the money. He recently tweeted, 

“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+ .. opportunities like this (Bitcoin below S2F model value, 6 months before the halving) are rare.”

In other Crypto news today, Bitcoin slips to $6,900 after Upbit loses $50 Million of Ethereum in seeming hack.

If you’ve been on Crypto Twitter at all over the past few hours, you’ve likely noticed this Ethereum (ETH) transaction.

The transaction, which is for 342,000 ETH (valued at nearly $50 Million), was sent from Upbit, a popular Korean exchange, to an unknown, unmarked wallet out of nowhere.

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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 Slips to $6,900 After Upbit Loses $50M of Ethereum in Seeming Hack

https://www.ccn.com/stock-flow-analyst-sees-bitcoin-trading-10000/

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Bitcoin bull and Morgan Creek Digital Assets co-founder Anthony Pompliano is mapping out why he believes BTC could reach $225,000 in just over a year.

In his latest letter to investors, Pompliano unveils the macro factors that may serve as tailwinds for the next Bitcoin bull market.

“The Federal Reserve has cut interest rates to 0%. They plan to keep us in a zero-rate environment for the foreseeable future. Multiple stimulus packages in 2020 now total more than $3 trillion in QE. We have another $2 trillion on the way…

The combination of the Fed’s asset price manipulation and inflation fears has driven gold and Bitcoin to drastically outperform equities and other commodities.”

The Bitcoin advocate also highlights that Wall Street has “woken up to the Bitcoin trade,” which Pompliano says has increased demand for BTC.

“We are also seeing a new trend emerge where corporations are using Bitcoin as a reserve asset for part or majority of their treasury. It started with publicly traded digital asset focused firms like Galaxy Digital and others.

Then we saw MicroStrategy ($1.2B+ market cap on NASDAQ) put 85% of their $500M balance sheet ($425M) into Bitcoin. And most recently, financial technology company Square announced that it had purchased about $50M of Bitcoin for their balance sheet (approximately 1% of assets).”

As the demand outlook for BTC remains strong, says Pompliano, he shifts his focus to the supply side of the equation.

He refers to the most recent Bitcoin halving, which reduced the number of new BTC entering circulation from 1,800 to 900 per day.

“Historically, these supply shocks have led to significant price increases of 20X+ in the following 18 months post-halving.”

In addition to the increasing demand and decreasing BTC supply, Pompliano highlights a key factor that he says solidifies the bullish argument for Bitcoin – the fact that more than 60% of all mined BTC has not switched hands in more than a year.

Pompliano says this shows investors are refusing to sell despite several major moves to the downside in 2020.

With his investment thesis in place, Pompliano predicts that Bitcoin could touch $225,000 by the end of 2021. 

“Many investors will look at the historical price increase of the digital asset and believe they ‘missed it.’ That couldn’t be further from the truth in my opinion. I believe we are at the start of another boom cycle in Bitcoin, which is likely to drive us 10-20x higher in the 15-month window.”

In other trending Bitcoin News today:

‘Still So Early’ – 7% Of Americans Have Bought Bitcoin, Study Finds

According to new data from Statista, only 7% of Americans have previously used Bitcoin (BTC).

This means current investors in BTC are still in an early stage of growth. Dan Tapiero, the co-founder of 10T Holdings, said Bitcoin is still at the “birth” phase of a new asset class. He wrote:

“It’s still so early for Bitcoin. Still at the birth of a new global asset class.”

In the longer term, Bitcoin has significant growth potential to evolve into an established store of value, like gold.

If so, investors anticipate its valuation to increase exponentially over the next decade.

Currently, the majority of the demand for Bitcoin comes from investors that perceive BTC as gold 2.0. Investors believe BTC would eventually establish itself as a safe-haven asset.

Consequently, institutional investors have heavily accumulated BTC in recent months.

MicroStrategy and Stone Ridge, for instance, purchased $425 million and $110 million worth of Bitcoin, respectively.

But if the retail demand for Bitcoin picks up in tandem across major regions, it could cause BTC to grow exponentially.

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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:

Anthony Pompliano Announces He Has 80% of His Capital in Bitcoin

https://pomp.substack.com/p/the-investment-case-for-bitcoin

https://cointelegraph.com/news/still-so-early-7-of-americans-have-bought-bitcoin-study-finds

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A crypto strategist who sent an early warning about the Bitcoin (BTC) big correction last year is back with another bold prediction.

Dave the Wave is highlighting a new outlook from entrepreneur and Bitcoin investor Bob Loukas, who expects BTC to crater at the end of the current bull cycle.

Dave predicts that after the current bull market, Bitcoin will go through a “solid correction” for a few years before restarting a new boom cycle that will catapult the leading cryptocurrency above $280,000 at the end of 2027.

BTC investor Bob Loukas tweeted:

“To date, cryptofinance remains a laughed at and obscure market on the fringe of finance. Near the top of the next great Crypto bubble, market cap and penetration will hit ‘warning levels’ that concern the financial establishment.

In response, I believe you’re going to see coordinated full attack that will send crypto into savage + prolonged bear market. (Time+Price) Of course, it will adapt. Engineers will dig deeper. And in many ways, that act will serve as its right of passage.”

In the short term, however, Dave is telling is 38,000 followers that the month-long Bitcoin correction may be coming to an end as technical indicators flash bullish signals.

“Third time lucky?”

The crypto strategist is also keeping a close eye on the performance of a select group of altcoins, which includes Ethereum (ETH/USD), Chainlink (LINK/USD), Cardano (ADA/USD), NEO (NEO/USD), Monero (XMR/USD), and Tezos (XTZ/USD).

Based on Dave’s chart, Chainlink has been the best performer since the 2018 bear market bottom, and it is closely followed by Ethereum, Cardano, NEO, Monero, and Tezos.

Dave compares the long-term timeframe charts of Ethereum and Bitcoin (BTC/USD).

By doing so, according to the trader, Ethereum is poised to explode as it is a full bull market cycle behind Bitcoin. “And the fuller history… suggesting ETH a cycle behind.”

In other trending Bitcoin News today:

THREE KEY REASONS WHY BITCOIN’S MACRO CHART IS STILL BULLISH

Bitcoin’s macro trend remains bullish despite its inability to hold above crucial technical levels during the summer rally.

One crypto-asset analyst recently shared a series of charts and tweets showing that there are multiple reasons to be bullish on Bitcoin from a macro time frame.

Three of these reasons are as follows:

– Bitcoin has flipped the middle of the macro 1,000 range into support, meaning it looks primed to test range highs at $14,000.

– Bitcoin recently broke the multi-year downtrend that originated from the $20,000 all-time high set in December 2017. The downtrend was even retested by Bitcoin in late July, suggesting that it is acting as support. BTC breaking this trendline is important as it acted as resistance in 2019.

– BTC retraced to the “golden pocket” Fibonacci Retracement level in March, suggseting there will be an “impulse wave” towards all-time highs over time.

Underlying on-chain trends agree with the positive sentiment put forth by the aforementioned trader.

Glassnode reported that the number of BTC whales has been on a strong incline since the 2018 lows:

“The number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months. An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.”

Other on-chain trends supporting Bitcoin growth include an increase in the realized cap and a decreasing number of BTC on exchanges, which should support price growth.

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

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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://dailyhodl.com/2020/10/12/after-calling-one-of-bitcoins-biggest-crashes-this-crypto-analyst-says-btc-will-surpass-280000-heres-when/

Three Key Reasons Why Bitcoin’s Macro Chart Is Still Bullish

https://cointelegraph.com/news/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support