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New Bitcoin Model Predicts BTC Will Shatter $100,000 Without Stock-to-Flow – Here’s How

A new Bitcoin price model sweeping across the cryptoverse predicts BTC will hit $100,000 – without relying on the popular yet controversial stock-to-flow (S2F) model. In a tweetstorm, analyst Croesus says that PlanB’s S2F model, which forecasts BTC’s rise to $100,000 by 2021, has a lot of naysayers because it predicts Bitcoin rising dramatically in […]

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A new Bitcoin price model sweeping across the cryptoverse predicts BTC will hit $100,000 – without relying on the popular yet controversial stock-to-flow (S2F) model.

In a tweetstorm, analyst Croesus says that PlanB’s S2F model, which forecasts BTC’s rise to $100,000 by 2021, has a lot of naysayers because it predicts Bitcoin rising dramatically in a relatively short period of time. But Croesus points out that critics of the model fail to take into account the exponential increase that comes with the adoption of new technology, whether it is social media or Bitcoin.

The pseudonymous analyst assumes that Bitcoin has a total addressable market of 2.2 billion users based on the number of individuals in the world with a net worth of at least $10,000. Croesus says that Bitcoin has a current market penetration of 10 million users based on the number of addresses holding less than $1,000 worth of BTC and including balances in crypto exchanges as well as ownership of Bitcoin derivatives.

Based on the figures above, the analyst says that Bitcoin’s current adoption rate stands at 0.5%.

Croesus highlights the fact that technology adoption in this day and age is “faster than ever.”

Source: Croesus

While adoption of Bitcoin has been slower than other technologies, Croesus expects the scarcity of BTC to eventually kick in and drive the price higher. As adoption grows and the amount of new BTC mined decreases over time due to the halvings, a slight increase in demand could result in a significant surge in value.

“The ‘adoption adjusted scarcity’ numbers suggest a level of scarcity much more dramatic than the raw Bitcoin mining numbers convey at face value…The result shows a ~10x increase in ‘adjusted scarcity’ per reward era, much like we see in the S2F projections”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens

The post New Bitcoin Model Predicts BTC Will Shatter $100,000 Without Stock-to-Flow – Here’s How appeared first on The Daily Hodl.

Source: https://dailyhodl.com/2020/06/16/new-bitcoin-model-predicts-btc-will-shatter-100000-without-stock-to-flow-heres-how/

Blockchain

Litecoin short-term Price Analysis: 01 December

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Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice

The Litecoin market has been witnessing a resurgence on the back of Bitcoin’s recovery. The price of the asset has been close to $89.24 and has been consolidating between $90.83 and $85.26.

The current market has been inching closer to the selling pressure and an opportune time for a short position.

Litecoin 1-hour chart

Source: LTC/USD on TreadingView

According to the above chart, we can see the price rising along with an ascending channel. However, since the price surpassed $85, it has been consolidating. The current price is at a resistance point, but since the buying of the asset has gained enough momentum, there could be a drop making its way in the market.

Reasoning

The consolidation of LTC’s price is visible in the chart. Even though there has been constant bullish pressure in the market, there has been a strong buy-sentiment in the market.

The Relative Strength Index indicated this overbuying of the asset. The RSI signal had been in the overbought zone for a long time but recently sunk in the equilibrium zone. The current value of RSI was 64 and it has been moving between 64 and 70, which is still closer to the overbought zone. There are more chances due to this that price will have to adjust closer to the equilibrium level wherein the selling pressure and the buying pressure will be equal.

Positions

Entry for a short position: $89
Take Profit: $85.26
Stop Loss: $90.87
Risk/Reward Ratio: 1.99

Conclusion

Since the digital asset has been overbought at pres time, there could be selling pressure entering the market. The support has been developed at $85 and $80 if the price slips down the ladder, however, the overall trend has been bullish, at press time.

Source: https://eng.ambcrypto.com/litecoin-short-term-price-analysis-01-december

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Equals Posts Revenue Increase with Strong B2B Demand

The performance of its B2B offerings boosted the overall business.

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Equals Group plc (AIM:EQLS), previously known as FairFX, has released its financial details for the last five months, ending on November 30, showing an average daily revenue of £114,000.

The company’s overall business performance improved as in the previous six months, the average daily revenue came in at £110,000, while it was £108,000 in the previous year.

Despite the growth, Equals’ foreign exchange businesses were heavily impacted by the impact of the pandemic on the traveling industry. In fact, most of its revenue was generated by the B2B channels.

Equals’ B2B business portfolio, includes International Payments, proprietary Spend platform, Faster Payments, and business IBAN products, all of which together brought in around £82,000 in revenue daily in the past five months, a 9 percent jump in the numbers from the previous year.

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The daily revenues from Equals’ travel products, on the other hand, only came in at £12,000 per day on an average, compared to £34,000 generated on a daily basis last year. The Group, however, is expecting a partial rebound in demand next year and full recovery in 2022.

Effect of Wirecard Collapse

Equals’ businesses were further impacted by the collapse of Wirecard. The migration of its card infrastructure cost the company around £1 million, out of which 50 percent is a write-down of Wirecard stock and the rest need to be recovered from the supply chain.

“Despite the economic fallout from both Covid-19 pandemic and the collapse of Wirecard, the level of activity we are experiencing from our customers, particularly those in International Payments, but also now on the Spend platform provides us with increasing confidence for a recovery in 2021 and beyond,” Equals CEO, Ian Strafford Taylor said.

Meanwhile, the Group recently acquired the international payments business of Effective FX for £1.575 million.

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Bitcoin Has Highest Monthly Close in History, Two Analysts Say $25K By Year End

After setting new all-time highs on multiple crypto exchanges on Monday (November 30) and closing the month at the highest ever price level, at least two crypto analysts now expect the Bitcoin to reach $25,000 by year end. According to the CryptoCompare index (which takes the average of the Bitcoin price across multiple exchanges), the […]

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After setting new all-time highs on multiple crypto exchanges on Monday (November 30) and closing the month at the highest ever price level, at least two crypto analysts now expect the Bitcoin to reach $25,000 by year end.

According to the CryptoCompare index (which takes the average of the Bitcoin price across multiple exchanges), the Bitcoin price reached the intraday high of $19,850 at 15:10 UTC on November 30, which was just $20 shy of Bitcoin’s all-time high (ATH) of $19,870, which was reached on 17 December 2017.

However, since different crypto exchanges have their own idea of what the ATH price is, various exchanges conider that Bitcoin surpassed its ATH price yesterday.

Here are a couple of examples.

Binance tweeted at 15:14 UTC:

Kraken tweeted 21 minutes later:

In fact, the Binance CEO was so excited about Bitcoin’s price setting a new ATH yesterday that he sent out the following tweet to make fun of those weak hands that had their BTC holdings:

Amid all the confusion, Sam Bankman-Fried, the CEO of crypto exchange FTX, said that the real new ATH price should be at least $20,000 (presumably to avoid all uncertainty):

Last Sunday (November 29), crypto analyst Lark Davis said that a record monthly close is significant because the last two times that Bitcoin had a monthly close that was higher than the previous ATH price, it “mooned super hard.”

Of course, everyone is in agreement that one of the main drivers for the current Bitcoin bull run has been the increasing amount of interest from institutional investors and high net worth individuals.

Yesterday, Michael Sonnenshein, the Managing Director at Grayscale Investments (which is one of the largest buyers of Bitcoin) suggested during an interview with Melissa Lee on CNBC’s “Squawk Box” that the current Bitcoin bull ran is far from over:

CNBC also interviewed Tyler Winklevoss, Co-Founder and CEO of crypto exchange Gemini and his twin brother Cameron Winklevoss yesterday, who explained why they expect the price of Bitcoin to reach $500,000 or more within the next decade.

Their comments about Bitcoin came during an interview with Seema Mody and Andrew Ross Sorkin on CNBC’s “Squawk Box”.

Mody started by asking Tyler what the twins have been doing during the past eight months while Bitcoin has been experiencing a “meteoric” price increase.

Tyler replied:

“So we’ve just been HODLing. Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold. If it does that, it has to have a market cap of $9 trillion. So we think Bitcoin could price one day at $500,000 a bitcoin. So at $18,000 Bitcoin, it’s a HOLD or at least if you don’t have any, it’s a BUY opportunity because we think there’s a 25x from here.”

Earlier today, the Binance CEO made the following “price prediction” for Bitcoin:

Simon Peters, a crypto analyst at social trading platform eToro, said in a note shared with CryptoGlobe:

“Bitcoin’s upwards trajectory continues to excite investors. We have seen a 66% increase in the number of people holding a bitcoin position on eToro today, compared with the last time the crypto’s price hit an all-time high in December 2017…

“Whilst this meteoric rise does look similar to the run of 2017, there are some fundamental differences which indicate bitcoin could go higher still.

“Firstly, it isn’t just the average person on the street buying bitcoin. Larger investors, such as pension funds and hedge funds, are investing in crypto with many seeing it as a hedge against inflation.

“Secondly, the demand continues to outweigh the supply, with investors looking to hold onto their bitcoin.

“For these reasons, bitcoin could continue to climb this year. If we maintain the current rise, then $25,000 before the start of 2021 is on the cards. There will be some selling at $20,000, and this could see a short move backwards. But if bitcoin shrugs off this selling and continues rising, then New Year’s Eve at $25,000 is there for the taking.”

And even Macroeconomist and crypto analyst Alex Krüger, who rarely offers price predictions for Bitcoin on Twitter, seems convinced that Bitcoin’s price is on its way to reaching $25,000 before the end of this year.

Featured Image by “SnapLaunch” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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