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Despite a massive drawdown in May, the Bitcoin (BTC) bull market appears to be intact, with a $100,000 price target more likely than a retrace to $20,000, according to Bloomberg senior commodity strategist Mike McGlone.

“In 2020, 260-day volatility dropped to its lowest ever vs. most major asset classes, notably the S&P 500. Add last year’s supply cut, the migration to institutional portfolios, Ethereum futures and the launch of ETFs in Canada and Europe, and we see greater potential for Bitcoin to head toward $100,000 than sustain below $20,000.”

In other trending Bitcoin News today: Bitcoin price slumps $2K as Tesla CEO Elon ‘FUD Puppet’ Musk has brought more stress to the crypto markets by posting another series of cryptocurrency-related tweets on Thursday.

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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:

Goldman Sachs Alum to Inject $100 Million Into Crypto

https://cointelegraph.com/news/bitcoin-price-slumps-2k-on-musk-s-in-the-end-tweets

https://cointelegraph.com/news/discounted-bitcoin-more-likely-to-hit-100k-than-20k-in-2021-says-bloomberg-analyst

https://cointelegraph.com/news/bloomberg-report-calls-bitcoin-refreshed-and-discounted-as-btc-price-bounces-at-36k

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Strategist Lyn Alden said she switched from “uninterested to quite bullish on Bitcoin” in 2020.

Following the drop of BTC to sub-$3,600 in March, she remains optimistic on the top cryptocurrency.

Alden, who found Lyn Alden Investment Strategy, wrote:

“So, I’m neither a perma-bull on Bitcoin at any price, or someone that dismisses it outright. As an investor in many asset classes, these are the three main reasons I switched from uninterested to quite bullish on Bitcoin early this year, and remain so today.”

The three reasons Alden laid out are scarcity, halving, and the potential of Bitcoin to act as a backdrop to inflation.

Reason# 1: Scarcity of Bitcoin

Unlike traditional financial assets, even gold, the supply of Bitcoin is fixed.

No more than 21 million BTC can ever exist, which makes Bitcoin a deflationary currency.

Scarcity could give Bitcoin value, Alden explains in her paper.

There are no central entities that could alter the monetary policy of BTC.

If the demand for Bitcoin continues to increase and its supply remains the same, it could push the value upwards.

She explained:

“Bitcoin’s protocol limits it to 21 million coins in total, which gives it scarcity, and therefore potentially gives it value… if there is demand for it.”

Reason #2: The May 11 halving

On May 11, the Bitcoin blockchain network underwent its third block reward halving.

Approximately every four years, a halving gets activated, slowing down the production of BTC by half. 

The purpose of a halving is to decrease the rate of BTC production gradually as Bitcoin approaches its maximum supply of 21 million.

A halving cuts block rewards miners receive by half, leading to a massive decline of miner revenues for a brief period.

Following every halving, Bitcoin historically saw extended price rallies.

The previous halvings occurred in 2012 and 2016.

At the time, BTC was hovering at $11 and $650 in 2012 and 2016 respectively.

Now, BTC remains above $9,000, after reaching a record high at $20,000 in December 2017.

Alden wrote:

“Bitcoin has historically performed extremely well during the 12-18 months after launch and after the first two halvings. The reduction in new supply or flow of coins, in the face of constant or growing demand for coins, unsurprisingly tends to push the price up.”

Reason #3: Backdrop of heightened levels of inflation

In May 2020, billionaire hedge fund investor Paul Tudor Jones praised Bitcoin and described it as “great speculation.”

Tudor Jones said he holds just over 1% of his net worth in Bitcoin.

He explained that the potential devaluation of cash strengthens the value proposition of BTC.

He said:

“Every day that goes by that bitcoin survives, the trust in it will go up.”

Similarly, Alden said that other hedge funds have been investing or experimenting with Bitcoin as of late.

“Smaller hedge funds have already been dabbling in Bitcoin, and Tudor Jones may be the largest investor to date to get into it. There are now firms that have services directed at getting institutional investors on board with Bitcoin, whether they be hedge funds, pensions, family offices, or RIA Firms.”

In other trending Bitcoin News today:

Institutional Demand For Bitcoin Soars As Grayscale Reveals Record-Breaking Near $1 Billion Quarter

New York-based Grayscale, which allows accredited investors to buy bitcoin and other major cryptocurrencies through its funds, recorded inflows of $905.8 million for its second quarter—nearly double the previous quarterly high of $503.7 million in the first three months of this year.

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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://www.forbes.com/sites/billybambrough/2020/07/16/institutional-demand-for-bitcoin-soars-as-grayscale-reveals-record-breaking-near-1-billion-quarter/#7f0b39e61f57

https://cointelegraph.com/news/bitcoin-3-reasons-market-strategist-lyn-alden-is-increasingly-bullish

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The pseudonymous crypto trader who accurately predicted the Bitcoin collapse of 2019 says BTC is due for one more test before launching a mega bull rally.

In a new tweet, the analyst who is known in the industry as Dave the Wave says it is within the realm of possibility for Bitcoin to continue consolidating for the rest of the year.

“What if the major line of resistance first identified became a rough line of support for price to grind down slowly over the course of the fourth quarter to meet the log growth curve? This would set up perfectly for the run up going forward…”

Based on the crypto analyst’s chart, Bitcoin may continue hovering above the former resistance of the ascending triangle that ended the 2017 BTC bull run and kept the market bearish for over two years.

Dave’s chart also shows that the previous resistance and the logarithmic growth curve will touch base on December 31st, 2020.

According to Dave, the meeting of two support lines can ignite a bull market that catapults the Bitcoin price to $120,000.

Should Bitcoin follow Dave’s script, he says the consolidation should give investors a chance to accumulate BTC in the buy zone for several months before it launches a manic phase.

In other trending Bitcoin News today:

New Bitcoin-Stablecoin Metric Reveals ‘Intense’ Buy Pressure

A new Bitcoin (BTC) metric says that investors are still much more interested in buying than selling at $10,000.

In a tweet on Sep. 7, Ki Young Ju, founder of on-chain analytics resource CryptoQuant, unveiled his latest tool for tracking Bitcoin investor sentiment.

Dubbed “Potential BUY/ SELL Pressure,” the tool takes exchanges’ total BTC reserves and divides them by stablecoin reserves.

The resulting number provides a rough impression of trader appetite, and it is currently skewed to the bullish side.

“BTC still has intense buy pressure. Exchanges are holding more stablecoins and fewer BTC compared to the beginning of this year,” Ki tweeted. 

“I think we still have room for BTC bullish trend.”

Ki added one proviso to the data — that exchange traders could use stablecoins to purchase cryptocurrencies other than BTC as well as hold Tether (USDT) to buy at lower prices later.

The environment on exchanges is decidedly in a state of flux with Bitcoin’s latest price action. 

Tether, the largest stablecoin, has passed a total market cap of $14 billion, while other recent data also suggested that buyers were looking to use stablecoin assets to snap up BTC at lower prices.

That came in the form of Glassnode’s stablecoin supply ratio (SSR), which recorded a level three times stronger in late August than in June 2019, when BTC/USD traded at an identical price point — $11,400. 

In other trending Cryptocurrency news today: Top Analyst Names 8 DeFi Gems Set to Pop, Says Bitcoin and Four Altcoins Worth Holding for Long Run Closely-followed trader and crypto strategist Josh Rager is eyeing a handful of decentralized finance (DeFi) assets along with a small number of cryptocurrencies that he deems worthy to hold long term.

In a new tweet, Rager says he sold some of his positions on altcoins that he doesn’t want to hold for the next 12 months.

The trader says he feels secure in making long-term investments in Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK), Zcash (Zec), and Polkadot (DOT).

Rager’s optimism in the top cryptocurrency comes as Bitcoin bulls stepped up and successfully defended key support of $10,000.

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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:

Right now my position is in more secure long term holds $BTC $ETH $LINK $YFL etcAlso holding a decent amount of cash & cut some moderate positions on alts that I don’t care to hold for another year

Didn’t sell the top but still booked nice profits & will continue to yield farm

— Josh Rager 📈 (@Josh_Rager) September 7, 2020

What if the major line of resistance first identified here [first chart above] became a rough line of support for price to grind down slowly over the course of the fourth quarter to meet the log growth curve? This would set up perfectly for the run up going forward… pic.twitter.com/KUCBrNGdjH

— dave the wave (@davthewave) September 5, 2020

https://dailyhodl.com/2020/09/08/top-analyst-names-8-defi-gems-set-to-pop-says-bitcoin-and-four-altcoins-worth-holding-for-long-run/

https://cointelegraph.com/news/new-bitcoin-stablecoin-metric-reveals-intense-buy-pressure-analyst