➡️ Leverage OPM (Other People’s Money): http://100.cryptonewsalerts.net
The Bitcoin price has support to climb all the way to $15,000 per BTC if historic trends repeat themselves this year, a new report says.
Compiled by crypto index fund provider Stack Funds on Oct. 15, the report highlights Bitcoin’s market cap vs. realized cap ratio (MVRV) fueling gains, which could smash $12,000 resistance.
The BTC price has yet to attempt a breakout of $12,000, seeing rejection at $11,700 this week. This has failed to dent optimism among analysts, who believe that $11,000 will provide solid support.
Going forward, however, the period following the United States elections in early November may result in more upside.
For Stack Funds, this hinges on the MVRV ratio. This is currently at 1.8, with signs that a retest of 2.5 from 2019, when BTC/USD hit $13,800, is in play.
“The current MVRV ratio is at 1.8, and is purportedly well supported by the trendline where bitcoin bottomed back in late 2018. The trend is also painting a similar trajectory as it did back in the 2017 bull run, with a steady growth inclination that tested an identical support trendline multiple times,” the report states.
“Given the strength in support, we are expecting a significant break of 2.0 in the near term as it looks to retest the 2019 peak at 2.5, which will put Bitcoin price above the $15,000 level.”
Stack also noted increasing institutional interest in Bitcoin as cementing the idea that the future is firmly bullish for price action.
Stone Ridge investing $115 million followed Square’s $50 million purchase, both gaining publicity on the back of MicroStrategy’s larger $425 million treasury investment.
Bitcoin futures open interest is also climbing this month, signaling that institutional activity is picking up once more.
“We further view that a re-positioning is occurring in the market with a possible shift in the economic climate, as futures volumes and open interest are starting to recover,” Stack’s report explains.
“Our eyes are peeled on the $12,000 key resistance level, as we expect further consolidation around current levels going into the elections before breaking into the upside going forward.”
In other trending Bitcoin News today:
‘Shorts Will Be Dead’ – Why Dan Tapiero Expects A Massive Bitcoin Shortage
In recent months, there has been a considerable spike in institutional demand for Bitcoin (BTC) following several high profile investments.
Over time, asset manager and 10T Holdings co-founder Dan Tapiero believes this could lead to a problematic shortage in BTC.
Alongside investments from Square, MicroStrategy and Stone Ridge, Bitcoin inflows to Grayscale Bitcoin Trust have surged.
Based on the rapid growth of institutional investments, Tapiero warns that short-sellers could see trouble in the future.
In the third quarter of 2020, the Grayscale Bitcoin Trust recorded an inflow of $1.05 billion. This marked the firm’s first billion-dollar quarter and also highlights record-high institutional demand. The firm’s quarterly report reads:
“Grayscale recorded its largest ever quarterly inflows, over $1 billion in 3Q20, making it the third consecutive record-breaking quarter. Year-to-date investment into the Grayscale family of products has surpassed $2.4 billion, more than double the $1.2 billion cumulative inflow into the products from 2013-2019.”
Considering the continuous increase in Grayscale inflow from institutional investors, Tapiero said:
“SHORTAGES of Bitcoin possible. Barry’s Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number.”
🔥 Blog / Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
Show Notes / News Resources:
– $15K Bitcoin Prediction: https://bit.ly/37q472X
– Stack Funds Report: https://bit.ly/31e9QVm
– Crypto Trader: https://bit.ly/3j58Jh5
– BTC Shorts Will Be Dead: https://bit.ly/3nR6d1k
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. 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.
#Bitcoin #BTC #BitcoinNews #cryptocurrency #btcnews #crypto #bullrun #ethereum #altcoins #eth #prediction #ripple #xrp #2020 #chainlink #bch #bsv #bitcoinbtc #forex #investing #defi #yfi #billionaire #buybitcoin #invest #10x #100x $BTC $ETH $XRP