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BITCOIN IS UNDERVALUED, FAIR VALUE SHOULD BE K SAYS BLOOMBERG!! BTC COULD HIT NEW YEARLY HIGH!!
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Bloomberg cryptocurrency analyst Mike McGlone says the Bitcoin price is greatly undervalued, suggesting that the fair BTC value price should currently be somewhere around $15,000.
The BTC price has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as “fake” breakouts.
The latest rout saw Bitcoin crash more than 8% within days from over $11,000 to $10,100.
McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoin’s rising hashrate, which continues to hit new records, industry media report.
The Bitcoin hashrate continues to increase and recently reached new highs.
Also advancing are addresses used.
A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.
Meanwhile, the number of active bitcoin addresses has soared to 991,000, Glassnode data shows, up from 684,000 at the beginning of this year, when the asset’s price averaged around $7,700.
When active addresses hit nearly 1.1 million on December 23, 2018, bitcoin traded for $14,800, on the average.
McGlone has remained upbeat about bitcoin throughout its volatile swings, at a point suggesting this is to be the year that the top crypto will become a digital version of gold, a prime store of value.
In his new analysis, he admits there might be pitfalls curtailing BTC’s price growth going forward – and that would have to be a reversal of the on-chain metrics related to “the hashrate and active addresses.”
In other trending Bitcoin News today:
Bitcoin Could Hit New Yearly High on US Election Risks, Hints Citibank
Report New Citibank report hints that the Bitcoin price could hit a new year-to-date (YTD) high, abetted in part by the risks surrounding the US presidential election.
The analogy takes cues from a quarterly commodity outlook published by Citigroup.
The American banking giant specifically based its report on gold and its potential behavior amid the election season this November.
It noted that the precious metal may rise to a new yearly high, stating that the market is underplaying the asset’s ability to grow against the election’s uncertainty.
Bitcoin, which has erratically tailed the gold market since March 2020, fell this week against a similar geopolitical outlook.
The cryptocurrency briefly touched $10,100 as the Federal Reserve Chairman Jerome Powell warned about their inability to support the US economy without the second coronavirus stimulus package.
The US Congress delayed the long-awaited financial aid as the Democrats and Republicans argued over the size of the help.
Many economists and analysts anticipated that the second stimulus package won’t arrive before the presidential election.
The said delay appeared even as the US reported a historically high unemployment rate, a rise in the number of bankrupted small and medium-sized businesses, a resurgence in coronavirus cases.
That further led investors to park part of their capital back into the US dollar.
It overall reduced the appeal of other safe-haven and risk-on assets.
As a result, Bitcoin, gold, and stocks gave up part of their gains to the stronger dollar outlook.
But for Citibank, there is still room to grow, at least for gold.
The bank wrote in its report:
“The election could be an extraordinary catalyst for gold flat price and volatility skew late in the fourth quarter, even though historically there is no clear pattern for gold trading or price volatility into and after U.S. elections. That is one reason why we expect gold prices to hit fresh records before year-end.”
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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:
Wow check out #Bitcoin yearly lows, way more more interesting than it’s highs! 😎 Do you agree? 2010 – $0.012011 – $0.302012 – $42013 – $652014 – $2602015 – $1502016 – $3502017 – $7802018 – $3,1222019 – $3,322
2020 – $3,850
— carolina (@carolinaninap) September 24, 2020
Year-to-date asset performance:
+ 44% : #Bitcoin
+ 29%. : Gold+ 18%. : Nasdaq+ 15% : US 10-year Treasury+ 6% : S&P500– 3% : Dollar Index
– 36% : Crude Oil
— Cryptowatch (@cryptowat_ch) September 24, 2020
https://news.bitcoin.com/bitcoin-is-undervalued-fair-value-price-should-be-at-15000-says-analyst/
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alan masters
➡️ 5 COINS to $5 MILLION REPLAY: According to crypto analyst Alan Masters, the Bitcoin price is likely to go mid $6,000 next month. He wrote, “BTC is now moving in a descending channel, going lower. Now I am seeing a potential bounce in place or…
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Massive Bitcoin (BTC) Rally Will Set Our Hair on Fire | Chainlink Surges 39.5% to New All-Time High
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A group of Bitcoin influencers is offering their take on the BTC future, as well as the future of the global macro economy as Chainlink (LINK) soars to new all-time highs.
In a new episode of What Bitcoin Did podcast, Nic Carter, Tuur Demeester, Robert Breedlove and Alex Leishman agree that a widespread economic shift is brewing around the world, which will ultimately benefit BTC.
Carter, a partner at Castle Island Ventures, says he thinks a cascade of currency failures is coming over the next two years.
“What I think is likely to happen in the next 24 months is a wave of sovereign currency failures similar to the Asian financial crisis in the late ’90s, similar to the post Soviet Union, when a lot of sovereign currencies failed. You see it at times of dollar strength. You see it at times of global dislocation. It’s regional. It’s contagious. We’ve begun to see some distress in some sovereign currencies when there’s a lot of debt.
The world is very indebted in emerging markets and unfortunately, I think it’s going to immiserate tens or hundreds of millions of people. And for some of those people, they will be able to use crypto financial rails to exit their sovereign local currency and they can go to Bitcoin. They can go to the US dollar. There are stablecoins on these rails. So I think this is going to be a big story for the next year.”
Adamant Capital founder Tuur Demeester says increasing debt will cripple economies five to ten years in the future.
As for Bitcoin, he says traders need to prepare for another massive rally that will set everyone’s hair on fire.
“I think Bitcoin is a self-directed insurance policy. There’s a unique opportunity to get some exposure to that and there’s so much said about crypto and to me, the essence is just buy a little bit, start with that and then make a plan about storage, how you’re going to store it.
And also think ahead, like are you going to diversify that storage. The first time you buy, you store it in one place, but then I think it’s a good idea to think about storing it in different places. Because there is no FDIC. It’s not insured. If you lose your keys or if a company goes bust, it’s game over and you have to re-buy your Bitcoin. So think about that.
Also, make a plan for the price. Bitcoin prices, Bitcoin rallies are nothing like you’ve ever seen. Prices go up 10x, 100x in short periods of time. So you want to think beforehand about what you’re going to do when that happens.
Also, think about tax consequences. If you have a plan about selling, make sure you know the tax consequences of what you’re doing. Because a lot of people got burned in 2017.”
In other trending Bitcoin News today:
Chainlink (LINK) Surges 39.5% to a New All-Time High – Here’s Why
Today the price of Chainlink (LINK) soared by more than 34% to reach a new all-time high at $8.48 and also notch a market capitalization of $2.5 billion.
Three key factors that likely pushed the price of LINK to a new record high were: high-profile partnerships, price discovery, and the strong momentum that currently drives the altcoin market.
On July 6, the price of LINK surpassed its previous record high at $5.31 and officially entered a price discovery phase, which typically leads to a “fear of missing out” rally among investors.
Once price discovery occurs and the asset begins to rally to a new peak, the probability of an extended uptrend rises.
Within seven days of LINK recording a new historic high, its price rallied by more than 40% from $5.31 to $8.48.
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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
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:
https://cointelegraph.com/news/crypto-winter-could-really-be-over-as-new-bitcoin-starts-to-bloom
https://cointelegraph.com/news/chainlink-link-surges-395-to-a-new-all-time-high-heres-why
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Episode 3