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Strategist Who Called One of Bitcoin’s Largest Crashes Predicts BTC Will Hit $100,000 – Here’s When

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A technical trader who correctly predicted Bitcoin’s crash from $11,600 to $6,400 last year says a BTC rally to $100,000 is coming, but may take significantly longer to materialize than some analysts expect.

The pseudonymous analyst who goes by the name Dave the Wave just released a new projection on where Bitcoin may be heading, which shows the leading cryptocurrency hitting the six-digit mark in early 2023.

If his chart plays out, Dave says it will invalidate PlanB’s hotly debated Bitcoin stock-to-flow (S2F) price model, which predicts that the flagship cryptocurrency will reach $100,000 in 2021. He says it’s important for traders to remain realistic and skeptical.

“To take BTC’s early years as normative for the market going ahead is unwarranted in my opinion. It’s like saying something like ‘the teething phenomenon’ will re-occur throughout life. Fact is, BTC is a maturing market.”

Source: Dave the Wave/Twitter

PlanB’s latest S2F forecast predicts BTC will breach the $100,000 mark by August 2021. Earlier models showed it would happen by December 2021.

The analyst says so far his model is perfectly tracking Bitcoin’s price movements. He believes Bitcoin is currently gearing up for another move to the upside.

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Source: https://dailyhodl.com/2020/08/21/strategist-who-called-one-of-bitcoins-largest-crashes-predicts-btc-will-hit-100000-heres-when/

Blockchain

SEC approval: firm seeks to invest $500 million in Bitcoins

Guggenheim seems SEC approval to invest $500 million in Bitcoin The investment company is set to join the like Square and Microstrategy in Bitcoin investments Guggenheim Partners, one of the largest investment companies in the United States, has requested authorization from the Securities Exchange Commission (SEC) to allow it to allocate some of its net […]

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  • Guggenheim seems SEC approval to invest $500 million in Bitcoin
  • The investment company is set to join the like Square and Microstrategy in Bitcoin investments

Guggenheim Partners, one of the largest investment companies in the United States, has requested authorization from the Securities Exchange Commission (SEC) to allow it to allocate some of its net assets in Bitcoin.

Available information has shown that the Wall Street giant made the filing so that Grayscale Investments would be in charge of the 10% investment.

SEC has gone on to mention the different risks that may be attached with investing in cryptocurrency. The regulatory body also described crypto assets as digital assets that can serve as a medium of exchange.

Guggenheim is using one of its funds for this purpose. The fund is called the Macro Opportunities Fund. The fund available in this purse would be used to carry out this investment.

Fidelity Digital Assets and Morningstar have posited that the fund Guggenheim would be drawing from has close to $5 billion under its management in assets. This means that if the fund should carry out the 10% investment, it would be investing in Bitcoin worth $500 million.

Based on the current price of Bitcoin, the investment company would be purchasing over 27,000 BTCs.

SECs approval of Guggenheim will continue trend of institutional investors

If Guggenheim should go ahead with its purchase of $500 million worth of Bitcoin, this would continue the year long trend of institutional investors in the crypto space.

This year alone, we have witnessed institutions like PayPal integrating crypto features into their payment gateway. We have also seen Jack Dorsey’s Square investing in the popular crypto asset.

Not only that, Microstrategy has also invested deeply in the crypto industry.

All of these investments by these major institutions show their growing commitment and interest in cryptocurrencies as a viable store of wealth.

The SEC has also tried to implement a varying level of regulations on the crypto industry. The commission appears to be interested in putting some clarity to the operations of how the crypto market works.

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After exec declares Bitcoin maximalism ‘over,’ XRP price surges

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In a podcast for Lend Academy recorded Nov. 5, Asheesh Birla called Bitcoin (BTC) a “pretty innovative alternative to gold,” but added that 2020 had shown there was room for a lot of tokens in the crypto space.

Birla said that he believed Bitcoin had not “gone after” payments, and because different projects had different use cases, the coin’s overwhelming dominance was no longer a certainty:

“I think that the days when folks believed that there’s only going to be Bitcoin, I think, are over. I think it’s clear that there’s gonna be a lot of digital assets and there’s gonna be a lot more traditional assets that are gonna be tokenized as digital assets.”

The RippleNet GM made the comments when the price of XRP was roughly $0.25. It has since tripled, surging to $0.92 last week before crashing 30% amid a wider market rout.

Despite the lack of movement in XRP at the time, Birla added he was feeling bullish over the crypto space coming back “red hot again” after the 2018 crash.

“I don’t see the traditional venture capitalists as interested as they were in 2017,” he said. “But in my mind I couldn’t be happier in terms of innovation in the space.”

Both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have recently expressed frustration at the lack of regulatory clarity for Ripple in the United States. Last month, SBI Holdings CEO and Ripple board member Yoshitaka Kitao said that the blockchain-based payments may be considering relocating its headquarters to Japan. Larsen believes authorities in the U.S. have a “regulation through enforcement” policy and are “woefully behind” in preparing for the cryptocurrency-based next generation of a global financial system.

At the time of publication, the price of XRP is $0.61, having dropped 3% in the last 24 hours.

Source: https://cointelegraph.com/news/after-exec-declares-bitcoin-maximalism-over-xrp-price-surges

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Here’s how the Bitcoin, Ethereum markets are ahead, even if the prices aren’t

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As things stand, Bitcoin and Ethereum trail their respective 2017 peaks by 10 percent and 150 percent, respectively. Clearly, one is further away than the other, but both cryptocurrency’s markets are closer to the infamous bull market than you’d think.

According to the market intel report by blockchain analytics firm Chainalysis, while Bitcoin might’ve seen some ‘froth,’ fundamentals remain strong. Even with BTC’s declining price, dropping from $19,000 all the way down below $17,000, inflows to exchanges are above their long term average as hodlers are still selling off their held crypto, despite the depreciating price. 

Outflows are muted compared to inflows as BTC balances held on exchanges have risen to 11,900 Bitcoin. According to the said report, the narrative has changed to speculating on exchanges, rather than taking Bitcoin for self-custody as an investment, given the rapid price increase over the past week.

BTC Exchange Inflows | Source: Chainalysis Markets

Under the radar, given Bitcoin’s price increase, is Ether, the native token of Ethereum. With the blockchain hurtling towards Ethereum 2.0, inflows have also increased. At the time of writing, around 670,000 ETH were held on exchanges, a 40 percent increase on the 30-day average. These inflows were driven from crypto-to-fiat exchanges, rather than fiat-to-crypto exchanges, with the report suggesting that ETH hodlers are shifting away from DeFi and towards fiat. 

Trade intensity, a metric that measures cryptocurrencies flowing into an exchange against order book trades, is also on the up for ETH. This finding revealed that the altcoin’s price was “weaker” than Bitcoin’s since it acted as a lagging indicator for the former’s drop from $610, a two-year high.

Looking back at the week, it began with shades of 2017 green before it ended up with deep cuts of 2018 red. The report likened this week to a ‘bull-run’ initiated by a rapid price increase in the Bitcoin and altcoin markets, followed by the love/hate element of the market  – FOMO.

Going forward, with ATHs to be tested soon enough, how will the market play out? Will holders cash out at this two-year high, or will holding on for dear life get a new definition? Hold on even in a bull market? Time will tell. 

Source: https://eng.ambcrypto.com/bitcoin-etehreum-markets-prices-ahead

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