“Who’s ready for the next parabolic surge?” Bitcoin on Track to a Big Jump

Must Read

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker...

Can XRP defend its price?

Could XRP defend its price action, and rise back to $0.30? Here is my view on how...

With a 110% increase in crypto wallet adoption rates in 2020 are we set for another Bitcoin boom?

2020 has been a massive year for crypto adoption. In July alone, over 3.5 million crypto wallet app downloads...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

Bitcoin price today jumped to nearly $9,400, continuing its upward climb from yesterday. BTC is already up 23% to date in 2020 while managing the daily trading volume of $1.25 billion on top ten exchanges with real volume.

Altcoins followed Bitcoin with Cardano in the lead which is up over 12%. Other coins also recorded significant gains including Nexo (9.48%), Tron (6.82%), and IOTA (6.83%).

A Significant Bullish Signal

What’s amazing about this move is the more important level has now been broken — the 200 Day Moving Average which is currently calculated at $8,903. The current movement of BTC may not seem much but Mati Greenspan, founder of Quantum Economics in his daily newsletter said, “this is actually a significant bullish signal.”

Investor and trader Josh Rager also points out that the green monthly candle is looking good which looks like it “wants to overtake the Nov. open.”

But he would be extra bullish if Bitcoin closes above January level at $9,250. This close according to him likely to push BTC price up over $10,000 and re-test the point of control (POC) from June-Sept. 2019.

Meanwhile, in this uptrend, trader Credible Crypto says the “Monster” resistance is present in the range of $9,800-$10,400 which is the new challenger for BTC.

He also says any pullback by Bitcoin is a buy the dip opportunity.

Analyst FlibFlib also says the only risk with the bitcoin market currently is “missing boat” because “Bitcoin on-track to a big jump.”

As per his Bitcoin 12 months forecast, there are 2 more weeks for $10k+ and although gap narrative at $8500 remains “dips are being bought at a remarkable rate.”

“9450 the next regional target. Then expect a little correction before ascending towards 12k. For me this bitcoin thingy rockets up with a clean $12k break,” is what analyst The Cryptomist sees happening.

Following the Stock-to-Flow Model to $100k

Bitcoin’s price at current levels is meanwhile aligning with the historically accurate stock-to-flow model. This model has been charting Bitcoin’s price over the years as it went from below a dollar to an all-time high.

Bitcoin’s scarcity, having a fixed supply of 21 million, puts it in the same line as gold and silver.

The S2F model puts Bitcoin between $50,000-$100,000 by 2021 end and the price is currently on track to that value.

According to crypto analyst Stephen Perrenod, the BTC S2F model predicts BTC price to hit “$1 trillion by 2050 and over $1 quadrillion by 2070.”

However, the analyst said the Future Supply Model is more realistic model and it suggests $1 million won’t be happening in the next decade. His model “converges toward an asymptotic value for market cap of $1.63 trillion (in 2020 dollars) and an asymptotic price of $77,500. However, these values have high uncertainty due to the limited price history and high volatility of Bitcoin.”

In a separate tweet, analyst PlanB said, “Bitcoin is the only asset with a “Sharpe ratio” > 1 (return>risk)! Classic asset (stocks, bonds, gold) risk & return basically flat. Even FAANG (Facebook, Apple, Amazon, Netflix, Google) .. not even close to btc.”

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...

The Kuailian Ecosystem, Bringing Blockchain Technology To The World

10 years have passed since the birth of Bitcoin and the first use of Blockchain, a technology that has not stopped evolving,...