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A Happy New Year to all of you, and let’s hope it is a better year than 2020, which took us all by surprise with the coronavirus.

Cryptocurrency enthusiasts have had an excellent start as the value of Bitcoin, and the leading altcoins, such as Ethereum (ETH) and Litecoin (LTC) have been surging in value over the Christmas period. It has kept many of us glued to the price on an hourly basis. There were definitely days of waking up and nervously opening whichever device you prefer and checking the numbers, often to find that Bitcoin had achieved yet another All Time High while we slept.

Now that Bitcoin has breached the $30,000 barrier, and even almost touched $35,000 at one point, the predictions for an even higher climb are coming in, as might be expected. We’ve seen a small correction this morning, but the USA-based Binance CEO Catherine Coley is suggesting BTC could reach $100,000 by 2022. Only another year to HODL your crypto then! Coley said, “Where maybe we thought maybe $50,000 made sense, this number is definitely going to be a little bit higher than that in my opinion,” said Coley. “I think we’re going towards $75,000 to $100,000 for Bitcoin by the end of 2021.”

Dan Held, crypto exchange Kraken’s growth lead says Bitcoin could be entering a “supercycle” in 2021 eventually driving the price to $1,000,000. That’s mind-boggling.
Ethereum has also seen a massive surge and is now over the $1,000 mark after a few weeks of apparently hovering around $700. Cointelegraph points out that ETH has “broken a critical price point against Bitcoin, signalling that altcoins may be about to see huge gains.” Michael van der Poppe, a market analyst at Cointelegraph said, “I do believe that we’re seeing money shift from BTC towards altcoins and that Ether has bottomed out on the BTC pair,” explained Van de Poppe. “So probably continuation of altseason in this quarter with the topping out of Bitcoin dominance.”

So, buckle up folks, it’s going to be an interesting year in cryptocurrency, even if other things in the world are less inspiring.

https://lendoplatformltd.medium.com/happy-new-year-cryptocurrency-269b49ddba72

Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year.

Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers.

Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said.

“I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal.”

Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94% correlation with the price of bitcoin.

Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc’s chief investment officer of global fixed income, have recently touted bitcoin.

Retail investors though are still mostly sidelined due to the pandemic’s effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017.

Neo forecasts bitcoin to reach $60,000-$80,000 by the end of 2021.

Tempus Inc currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on bitcoin at $100,000 next year would be a bet on the collapse of the global financial system.

“Governments around the world won’t let that happen. They will not let fiat currencies collapse just like that,” Perez said.

This could be a momentous week of change and chaos for the United States as the election polls close on 3rd November. What might happen to Bitcoin? It has started this week at $13,500: will it hold its strong position, or will we see some volatility?
Cointelegraph has identified five things that might influence the crypto markets, including the latest lock-downs in Europe.

Presidential elections are the kind of event that has a huge impact on all markets. The market makers will be considering what the new president’s policies will be at a time of global instability due to the pandemic. It is believed that whatever the result, there will be a rush towards safe haven assets, such as gold and Bitcoin.

In Europe, the outlook for the markets is bleak due to the various lock-downs. Cointelegraph says, “Amid fresh warnings of contractions in economic activity due to the measures, markets began shrugging off even bullish signs in favor of reducing potential election fallout.”
Furthermore, the European Central Bank (ECB) is printing more money. One trader called MMCrypto, told people on Twitter to reduce their investment in fiat currencies: “The crazy news is that the businesses which have to close will get up to 75% of their revenue in freshly printed money.”

Other things to keep an eye on include “yet another so-called “gap” to open up in futures markets.” Zack Voell said, “CME Bitcoin futures opening with a gap up for the fourth consecutive week. That’s pretty bullish.”

Also, analysts remain bullish over Bitcoin’s monthly close, with institutions seeing the monthly close figure as an essential tool for reinforcing bullish sentiment. Let’s not forget that Bitcoin began October trading at around $10,750.

Lastly, there is a shake up happening in mining. Cointelegraph says, “Difficulty, a measure of the competition and economic health of miners and an essential part of Bitcoin’s self-maintaining ecosystem, is set to drop by the most since March on Tuesday.”

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https://lendoplatformltd.medium.com/watching-bitcoin-in-the-week-of-the-us-elections-cc1559a96e41