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Venture capitalist Tim Draper was on Benzingaâs Crypto Festival to talk about the number 1 cryptocurrency BTC. Draper noted some trends which he believes will be the driving force behind bitcoin hitting $250,000 in 2022.Â
Widespread adoption was one of these trends. He noted that people will eventually be able to use BTC in the way they currently use fiat currency. âOne that happens,â Draper said, âthereâs going to be a switch thrown in peopleâs heads.â
When asked when he planned to sell his coins, the billionaire replied, âWhy would I want to sell the future currency for the past currency? I just canât imagine anything more important for humanity than this.â As for Draperâs $250,000 prediction for the digital assetâs price in late 2022 or early 2023, he said, âI think weâre right on track.â
In other trending Bitcoin News today: BTC price returns to $50K as Bitcoin bears lose $450M in daily liquidations!
BTC swiftly reclaimed $50,000 on Thursday as bears felt maximum pain and lost hundreds of millions of dollars.
âBitcoin facing final hurdle before $57K,â Cointelegraph contributing analyst MichaĂ«l van de Poppe tweeted in his latest update.
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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:
Weâre Right On Track For Bitcoin At $250,000, Billionaire Tim Draper
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Bitcoin Targeting Bitcoin Targeting $1,000,000 In Four Years: Former Goldman Sachs Exec. | BTC Decoupling From Stocks,000,000 In Four Years: Former Goldman Sachs Exec. | BTC Decoupling From Stocks
âĄïžÂ REPLAY â TEEKA TIWARI â 5 Coins To $5 Million: http://final5.cryptonewsalerts.net
Economist and former Goldman Sachs hedge fund manager Raoul Pal says unprecedented global economic downturns could help underpin Bitcoin as the worldâs reserve currency.
And what might that do for the Bitcoin price? Pal says he believes BTC could skyrocket all the way to $1 million before the next halving, which will occur in about four years.
Due to the devastation Covid-19 has caused the global economy, Pal says thereâs a high probability that a new financial system will emerge that relies on digital currencies in multiple formats.
Pal, the founder and CEO of the Global Macro Investor, believes the market is betting on the Covid-19 recession/depression to last six months.
He thinks, however, that itâs more likely to last three years.
âItâs not clear how long it will take, but if this is a recession or depression, which I think it may well end up morphing into, and it drags on three years, I think three years would be the time horizon where theyâre gonna have to do something, because I fear that the dollar is going to rise dramatically over this period of time, and basically thatâs a wrecking ball to the global economy, the U.S. economy, and creating deflation as we go and a whole bunch of other problems.âÂ
That global economic crisis could, however, correspond with a Bitcoin explosion. When utilizing a log price scale to get a long-term outlook, Pal says the BTC price is on a path toward $1 million.
âWhen you look at the chart in a log scale, it looks also very extraordinary, because whatâs useful about these kind of triangle patterns â I call them wedges â is that usually the size of the pole of the flag is repeated again. Now, if you did that using the log chart, it would take you to $1 million in this halving. Is that possible? Who the hell knows. I think it is. But it wouldnât match the stock-to-flow model which says it might spike to [$250,000] or something like that.â
In other trending Bitcoin News today:
Bitcoin Climbs Past $9.5K as Analysts Stress âDecouplingâ From Stocks
A fresh surge sees BTC/USD well on its way back to $10,000 as the impact of its weekend crash continues to dissipate.
Bitcoin (BTC) rose to reclaim $9,500 on May 14 as the recovery from last weekendâs $1,200 crash gained fresh momentum.
Bitcoinâs futures this week contrast it even further with traditional markets and macro assets.
This stock âdecoupling,â which Cointelegraph reported on previously, shows no signs of abating.Â
As Cointelegraph analyst Scott Melker wryly summarized on Twitter:
âRemember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. Theyâre not correlated now, and they werenât correlated before. Thanks.â
For fellow analyst Michaël van de Poppe, paying too much attention to correlating markets in times of crisis and afterward was a dangerous game.
âWhen shit hits the fan (which was in March), all correlations tend to go towards 1,â he tweeted on Thursday:Â
âSince then, gold, silver & Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets. Donât pin yourself on those correlations.â
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
When shit hits the van (which was in March), all correlations tend to go towards 1.
Sinc then, gold, silver & #Bitcoin have been resilient for any downwards move and showing strength apart from the equity markets.
Donât pin yourself on those correlations.$BTC
â Crypto MichaĂ«l (@CryptoMichNL) May 14, 2020
Remember that day that stocks dumped and Bitcoin went up? That was today. And yesterday. Theyâre not correlated now, and they werenât correlated before.
Thanks.
â The Wolf Of All Streets (@scottmelker) May 14, 2020
https://cointelegraph.com/news/bitcoin-climbs-past-95k-as-analysts-stress-decoupling-from-stocks
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BITCOIN (BTC) RALLIED 6,400% LAST TIME IT MADE THIS FORMATION, AND ITâS BACK AGAIN | Altcoin Rally
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Bitcoin isnât even past $10,000 â let alone the latest all-time high of $20,000 â but analysts are already craving the crypto marketâs next parabolic bull rally.
While this rally has yet to arrive, a prominent cryptocurrency chartist has indicated that itâs close.
He pointed to a crucial and rare technical formation that marked the start of Bitcoinâs last macro bull trend, which brought the BTC price from $200 to $20,000.
Depending on what chart you look at, today or within the next few days, Bitcoin will print what is known in technical analysis as a âgolden cross.â
Investopedia describes a golden cross as a âcandlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.â
In BTCâs case, the 50-day simple moving average will cross above the 200-day simple moving average for the second time this year.
This golden cross is bullish in and of itself: golden crosses, as I analyzed, have historically led to massive gains for Bitcoin.
Yet the exact context the cross is taking place could signal even greater gains are in the works.
Analyst Nunya Bizniz recently shared the two charts below with the following comment, indicating that the last time Bitcoinâs 50 and 200-day moving averages looked as they do now, the cryptocurrency rallied 6,400%:
âBitcoin daily chart: for the first time during the 2015 lows, there was a golden cross, death cross, golden cross sequence that occurred all within the span of about 100 days. Price then rallied 6,400%. For the 2nd time at 2020 lows, this sequence has agains occurred within about 100 days.â
It isnât only this technical formation suggesting Bitcoin has another period of dramatic growth on its horizon.
Tuur Demeester â founding partner of Adamant Capital, a Bitcoin alpha hedge fund â recently shared that he thinks BTC is ready to rally towards the $50,000-100,000 range.
Such high prices may seem like a quixotic dream, sure, but according to the long-time industry analyst, a five-figure and six-figure BTC making more and more sense due to fundamentals.
Demeester specifically cited the ongoing macroeconomic environment as a way to back his prediction, zeroing in on the money printing by governments and central banks alike:
âI think a price target of like $50,000 is not insane at all, especially given just how crazy the money printing is. I would even say between $50,000-$100,000.â
In other trending Bitcoin News today:
Ethereum, Litecoin, Chainlink and 4 More Altcoins Poised for Major Rallies in New Market Cycle, Says Crypto Analyst DataDash
Crypto strategist Nicholas Merten is naming seven altcoins that he believes are in a good position to surge in a new bull market cycle.
On the latest episode of DataDash, the crypto analyst examines when the altcoin market may begin to turn around.
âWhat it looks like [Bitcoin is] doing is possibly coming up here to around $11,000, breaking out of this very long-term wedge, breaking out above resistance, and making it support for the next coming months. If [Bitcoin] can do this and start to trigger the next cycle, this is actually very good news for altcoins.â
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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:
BTC daily:For the 1st time during the 2015 lows there was a GC-DC-GC sequence that occurred all within the span of about 100 days.Price then rallied 6,400%.For the 2nd time at 2020 lows this GC-DC-GC pattern has again occurred within about 100 days.
Price will âŠâŠâŠâŠâŠ? pic.twitter.com/8i4V1EjQiY
â Nunya Bizniz (@Pladizow) May 18, 2020
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Elon Musk, Obama, and Kanye West Twitter Accounts Hacked By Bitcoin Thief | Chainlink Buyer Rampage
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Elon Musk, Jeff Bezos, Kanye West and Obama are among many victims after massive Twitter hack aims to dupe Bitcoin (BTC) holders out of their cryptocurrency.
Elon Muskâs Twitter account was apparently hijacked today following a series of attacks on cryptocurrency-related accounts, including major exchanges such as Binance, and U.S.-based Coinbase, and Gemini.
Other handles compromised included the @Bitcoin Twitter account. Muskâs account pinned a tweet to his feed at 4:17pm ET which suggested that the entrepreneur would double any Bitcoin sent to a wallet address.
Musk has, in the past, discussed cryptocurrencies on his Twitter feed, suggesting that he owns 0.25 Bitcoins.
Scammers have been known to use this technique to dupe Bitcoin owners into sending irreversible transactions to a digital wallet.
Bill Gatesâ account was also targeted as the attack continued.
While the attackers initially concentrated on crypto-native accounts, they expanded to technology leaders including Jeff Bezos of Amazon, and then to celebrities like Kanye West.
After ten minutes, the wallet address that was posted on Muskâs account already contained 3.64 Bitcoins, worth $34,498 at the time of writing.
Prior to Muskâs account being hacked, the wallet had only received 0.6527 Bitcoins after being posted on the hacked accounts of numerous exchanges.
Numerous other accounts within the cryptocurrency space had already been accessed by the apparent hack, including the largest exchanges in the space.
Binance and Coinbase have 2.2 million Twitter followers between them, although Muskâs account is an order of magnitude larger, with 36.9 million followers.
While the original tweet was soon deleted, a new version popped up again within seconds, suggesting that the attack was ongoing.
In other trending Bitcoin News today:
Glassnode Says ChainLink Buyers on Rampage As Crypto Asset Bursts Into Top Ten by Market Cap
A new Glassnode Insights report says exchanges have witnessed a significant surge in LINK deposits over the last few weeks, suggesting that early investors were incentivized to unload their ChainLink holdings as the cryptocurrency soared in value.
âOn July 4th, the number of LINK exchange deposits reached an ATH, with ~5000 individual deposits totaling nearly four million LINK (worth almost $19 million at the time)âŠÂ Then, on July 13th, LINK exchange deposits spiked again (albeit less intensely than the previous spike).â
Despite the surge of ChainLink deposits to crypto exchanges, on-chain metrics show buyers are outmuscling sellers. Glassnode says exchange withdrawals skyrocketed to its second-highest level, indicating that those who recently bought LINK plan to HODL.
The considerable growth in addresses that hold non-zero LINK balance supports the idea that market participants are bullish on the crypto token.
The metric posted a new all-time high this month, suggesting the rising number of LINK HODLers.
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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:
Tough day for us at Twitter. We all feel terrible this happened.Weâre diagnosing and will share everything we can when we have a more complete understanding of exactly what happened.
đ to our teammates working hard to make this right.
â jack (@jack) July 16, 2020
Please speak up all you trolls that attacked me for telling you that $DIG was nothing but a huge scam. This chart will eventually describe 99% of all alt coins. But of course, your pet rock will not be one that flat lines pic.twitter.com/LI0EDDsNbf
â Peter Brandt (@PeterLBrandt) July 15, 2020
https://cointelegraph.com/news/elon-musk-twitter-account-apparently-hacked-by-bitcoin-thief
https://cointelegraph.com/news/who-owns-the-cryptoforhealth-domain-behind-the-twitter-hacks
https://www.bbc.com/news/technology-53425822
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