TRENDS PUT BITCOIN RIGHT ON TRACK FOR $250K BY 2022, SAYS BILLIONAIRE TIM DRAPER!!!!!

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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

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Bitcoin pioneer Max Keiser says, “BTC will reach $100,000 and destroy anyone who gets in its way.

In a recent tweet who told his 230,000 followers:

“$28,000 is in play before we see a pullback – and then we’re heading to 6-figures”

Here are some more Max Keiser Bitcoin price predictions:

“All of these projects will be eviscerated,” Max says, adding “Now, bitcoin is going to make its move.” 

He explains that bitcoin has been playing cat and mouse with these other projects to see who’s right and who’s wrong.

“It’s going to go up to $100,000 per coin but it’s going to destroy everyone who gets in its way. So, all these altcoin posers and government subsidy-welfare bums will be eviscerated by the one true bitcoin. It’s about time…” says Max.

We also have full-time futures trader Adam Mancini taking note of Bitcoin’s latest exploits.

He predicts that BTC will print a new all-time high of $24,000 in only six months.

Mancini tells his nearly 60,000 Twitter followers that the crypto king is poised to end its three-year-long consolidation and follow gold’s lead.

“Bitcoin BTCUSD is setting up for a move – likely to follow in GOLD‘s footsteps. We’re coiling into a multi-year triangle, and these don’t resolve with small moves. Given the trend entering this pattern was up, this should resolve the same way with 15k then 24k targets.”

Mancini’s forecast comes as Bitcoin breaks psychological resistance at $10,000, reaching $10,824 at time of publishing according to CoinMarketCap. 

While the top cryptocurrency has struggled to take out that level throughout the year, Glassnode suggests that BTC’s latest trip above five figures may be different.

The crypto analytics platform says its coin days destroyed metric, which looks at the value of each Bitcoin transaction while giving weight to the number of days since the coins were last moved, remained flat as BTC rallied above $10,000 over the weekend, indicating that HODLers are not taking the opportunity to sell their crypto.

“In contrast to the last two times BTC hit $10,000 USD, we haven’t seen an increase in Bitcoin Days Destroyed today.”

In other trending Bitcoin News today:

Top Analyst Tone Vays Says Rapid Bitcoin (BTC) Rise to New All-Time Highs Likely If Crypto King Overcomes One Final Hurdle

Veteran crypto strategist Tone Vays says Bitcoin may be en route to printing a new all-time high, after its sudden rise above $11,000.

But first, it must flash one more bullish technical signal.

The analyst says Bitcoin’s rising market dominance suggests the crypto king is poised to launch a sustained uptrend, which is different from the parabolic rally that ended quickly in 2019.

“So as long as this trend continues, I will be very bullish on Bitcoin. I think Bitcoin will have a pullback back to $10,000. After that, it can take off to a new all-time high quickly, just like gold. I’m still bullish on Bitcoin very much. I’m not touching my HODL position.  I was selling my HODL position in 2019 to pre-pay bills because I did not trust that rally to $14,000.

I trust this rally to go way higher. I’m way more bullish now than I was in early 2019.” In order for Bitcoin bulls to dominate the market, Vays says must hold above a crucial line at $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:

Bitcoin $BTCUSD is setting up for a move – likely to follow in $GOLD‘s footsteps. We’re coiling into a multi-year triangle, and these don’t resolve with small moves. Given the trend entering this pattern was up, this should resolve the same way with 15k then 24k targets pic.twitter.com/9rRFm75PPp

— Adam Mancini (@AdamMancini4) July 26, 2020

https://www.rt.com/business/494236-bitcoin-will-destroy-everyone/