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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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Bloomberg just released its latest Bitcoin (BTC) outlook on the crypto markets.

Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin’s adoption among mainstream investors is on the rise.

He expects an advantageous macroeconomic landscape to sustain a Bitcoin bull run that will “dust” the Nasdaq.

“Increasing adoption and vehicles for exposure, and custody, are accelerating Bitcoin into the mainstream of investments. In a world of zero and negative interest rates and diminishing equity-price returns due to quantitative easing, the quasi currency stores of value – gold and Bitcoin – are finding increasing investor interest…

Bitcoin $10,000 Breach Set to Dust Nasdaq – Fundamentally bullish and breaking above key $10,000 resistance, Bitcoin has a solid foundation on the back of a steep correction and period of disdain, in our view.”

McGlone adds that Bitcoin’s growing fundamentals suggest BTC is solidifying its position as digital gold.

He says the leading crypto is no longer the highly speculative and unknown asset it once was, with the Bollinger Bands momentum indicator suggesting a burst to $13,000 is imminent.

In contrast, the Bloomberg Intelligence analyst says Ethereum’s hot streak is likely fueled by pure speculation as opposed to BTC’s fundamentally-driven growth.

“Ethereum has extended last year’s highs and leaped to one of the top-performing major crypto assets in 2020, but we view its rally as more speculative vs. the favorable demand vs. supply conditions supporting Bitcoin.”

McGlone says Ethereum is facing heavy competition from protocols that offer the same use case, as a total of 6,000 crypto assets of all sorts flood the markets.

He believes Bitcoin’s scarcity is the key factor driving its value and points to a two-year comparison of BTC’s performance compared to Ethereum, XRP and the altcoin market at large as a sign that BTC is the better long-term play.

Bitcoin is up 54% over the last two years, while Ethereum is down 4.5% and XRP is down 30%.

“It’s the unlimited supply of the broad crypto market vs. the relative scarcity of Bitcoin that will maintain buoyancy in the benchmark asset, in our view. About 90% of the 21 million available Bitcoins have been produced, leaving demand and adoption as the primary price-outlook gauges. Our indicators point positive for Bitcoin, while the basic rules of supply and demand leave little hope of broad-market price advancement.”

In June, McGlone made the case for why BTC may return to its all-time high of $20,000 this year.

In other trending Bitcoin News today:

Pantera’s Founder Foresees $100K+ Bitcoin On the Horizon

Dan Morehead is more conservative in his Bitcoin price predictions than his firm Pantera Capital, though both agree that it will hit $100,000.

Pantera Capital is the oldest Bitcoin investment firm in the United States.

When the company’s founder, Dan Morehead, was asked to make a Bitcoin price prediction during a recent interview, he first mentioned an investment letter published by the firm.

In this letter, based on the stock-to-flow model, the firm made the bold prediction that Bitcoin will hit $115,000 by August 2021. 

Morehead thinks this is still possible, despite the fact that in just one year, the asset’s price would have to increase to nearly 10 times its current value.

Yet, his personal prediction is a little more modest, he said:

“My common response is it’s been growing at 209% for nine years, I think it’s going to grow at least 209% over the next couple years and that puts you at $100 000, probably in two years; but I do think that will happen.”

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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:

In fact, only one asset has offset the growth of the G4 balance sheet. Its not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon.

Yup. #Bitcoin $BTC pic.twitter.com/wdoN6Qgaaz

— Raoul Pal (@RaoulGMI) August 6, 2020

When bitcoin was $4k in 2019, lot of big accounts were bearish, predicting $1k. However in DM mant said that if btc would rise to $6k, they would reconsider and switch to bull. That actually happened, we shot through $6k. Now many were bearish at $9k .. $13.5k will be interesting pic.twitter.com/6D5lArCC6c

— PlanB (@100trillionUSD) August 5, 2020

https://dailyhodl.com/2020/08/06/bitcoin-set-for-bull-run-that-will-dust-nasdaq-as-ethereum-xrp-and-altcoins-face-uphill-battle-bloomberg-forecast

https://cointelegraph.com/news/panteras-founder-foresees-100k-bitcoin-on-the-horizon

https://cointelegraph.com/news/raoul-pal-it-may-not-be-worth-owning-any-asset-other-than-bitcoin

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Within Bitcoin, the word on everyone’s lips is “El Salvador.” President Nayib Bukele formally announced that he would send a bill to parliament to make BTC legal tender. Should it succeed, El Salvador would be the first nation on Earth to do so, effectively adopting something akin to a “Bitcoin standard.”

Now a politician from Paraguay (Carlitos Rejala) has posted a laser eyes photo and promised a Bitcoin announcement this week. Just as we saw MicroStrategy start the domino effect for public companies, El Salvador will likely be a catalyst for other countries. 

For Caitlin Long, founder and CEO of Avanti Bank, there may be bigger forces at play. “Bitcoin is hacking dictatorships, just like it’s hacking big tech. Bitcoin doesn’t care WHY El Salvador’s president wants to make BTC legal tender – it doesn’t matter. Bitcoin already put Jack (Dorsey) on defense about Twitter censorship (he announced a decentralized version is coming).”

In other trending Bitcoin News today: You Will Never Have To Sell Your Bitcoin, According to Tyler Winklevoss – Here’s Why! Gemini CEO and Bitcoin billionaire Tyler Winklevoss is telling investors that there will come a time when Bitcoin holders will not have to sell their BTC holdings, ever.

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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:

Top Trader Is Buying the Big Dip on These 5 Altcoins

https://cointelegraph.com/news/btc-price-doesn-t-care-about-el-salvador-5-things-to-watch-in-bitcoin-this-week