Bitcoin Projected to Rise Above $100,000 by 2022: Magnetic MG

Some analysts are calling for the Bitcoin price to reach as high as $150,000 in 2022.
Analysts believe the latest halving is helping to push the price up.
Institutional investments are helping provide mainstream legitimacy to BTC.

The incredible rise in the Bitcoin price and increased interest from financial companies have led to monumental projections for the asset in the coming months.

Bitcoin recently overtook the $50,000 mark again as its upward trajectory has been mostly unharmed by small dips and backslides. BTC was able to reach $52,600 on March 3 before retreating back under $50,000 on March 4.

Bitcoin has been on a successive streak of record shattering prices, setting an all-time high of $58,333 on Feb. 21. In trying to explain the reason for this price push, analysts have pointed to a number of factors, but specifically the last halving.

Bitcoin Bull Calls
William Quigley, managing director of Magnetic, told CNN Business that the past BTC halving has been key in the current bull run.

“What’s happened historically whenever that happens for between the next 12 and 18 month, Bitcoin can go up between 300% and 500%,” said Quigley.

The most recent halving happened in May 2020. There has been some skepticism that it may not have the same effect on the price as the previous halvings did.

This was seen after the second halving of July 2016. On the day of the halving the price was at $660 — 17 months later in December 2017 it hit a new high of $20,000.

If this trend and Quigley’s analysis are correct, hitting $100,000 or even above that is not impossible. We are already seeing this pump in the price and it’s only been less than a year since the halving happened.

Other Impacting Factors
While the halving may be having a strong impact on the price, there are other factors that go into pushing Bitcoin higher.

The interest and monetary investment of corporations into Bitcoin have been a major boost for the cryptocurrency. While actual cash injections like Tesla’s $1.5 billion purchase did help push the price, the media and spectacle around such events also contribute to interest and investment.

Nods towards acceptance and backing by other financial institutions have also helped. Goldman Sachs even recently announced that it will reopen its cryptocurrency trading desk.

Institutional hesitancy towards BTC has been one reason it has not succeeded in achieving mainstream acceptance in years previous. Banks and big financial houses cited its volatile nature when explaining why they did not consider it an asset class or valuable investment for itself or clients.

The recent change in tone by institutions could see a fundamental shift towards the acceptance that has so long been denied, along with an impressive price rise.

Read more: beINcrypto

Bitcoin HODL Waves Suggest Bull Run Has Barely Started

A prominent crypto analyst has been looking at previous market cycles to determine that the Bitcoin bull run has yet to fully take off.

Analyzing Bitcoin HODL Waves from previous bull runs as led crypto YouTuber and analyst Lark Davis to the conclusion that this cycle is still in its infancy.

He added that we are just now past the first major price wave, “get ready for wave 2”.

This #bitcoin bull run has barely even started yet! We are just now past the first major price wave. Get ready for wave 2.

— Lark Davis (@TheCryptoLark) March 4, 2021

The chart depicts three distinct price waves for every market cycle back to 2011. The current cycle shows just one wave cresting at Bitcoin’s recent all-time high of $58,250 on Feb. 21. This indicates that, if history rhymes, there could be two larger ones to come especially if corporate giants keep buying it.

Bitcoin Being Hodled
HODL Waves are a visualization pioneered by Unchained Capital which shows the cross-section of Bitcoin held in wallets grouped by the age since they last moved. The Bitcoin financial services company explained;

“By comparing the age of bitcoin sitting in addresses to the current US dollar prices, we can make some interesting conjectures about the bitcoin economy and the sentiment of HODLers.”

Bitcoin Cryptocurrency (Image: MaxPixel)
Bitcoin Cryptocurrency (Image: MaxPixel)

Glassnode has extrapolated the short-term HODL waves and overlaid them on the logarithmic scale price chart. Using these metrics it does appear that there is a lot more to go with this bull run, but there are many other on-chain and fundamental factors to consider.

One of them is the central bank money printing narrative which could drive wild inflation and devalue global currencies. Trillions of new dollars have been printed for stimulus purposes in the U.S. alone since the Covid-19 pandemic put the economy into shutdown mode in early 2020.

Vice President of digital asset strategy at Fundstrat Global Advisor, Leeor Shimron, compared Bitcoin to M1 money stock – the country’s basic money supply that is used as a medium of exchange. He also thinks this cycle could “get very wild” in the face of unprecedented money printing.

#Bitcoin priced in the M1 money stock still very far from its ATH. In the face of unprecedented money printing, the bull market may just be getting started. This cycle could get very wild.

— Leeor Shimron (@LeeorShimron) March 3, 2021

BTC Price Outlook
At the time of press, BTC was trading at $49,250, down from its recent weekly high of $52,580 hit in late trading on March 3 according to

Momentum is still bullish from a weekend swing low to $43,300 but the asset needs to break above resistance at $55,250 to push towards a new all-time high.

March has traditionally been a bearish month for Bitcoin and crypto markets so this move may come later in the year.

Read more: CryptoPotato

Bitcoin Stock-to-Flow Model on Track, $100K BTC Price Coming Soon

The S2FX model predicts that the Bitcoin (BTC) price will surely touch $100K in the next few months, and $288,000 by 2024. Fidelity Director has praised PlanB for making accurate BTC price predictions so far using S2FX.

PlanB, the creator of the Bitcoin stock-to-flow model, is pretty much confident that the BTC price is following his charts. On Monday, March 1, PlanB provided an update post the major BTC price crash on the previous day. Before today’s 6% surge, BTC was trading at Around $45K levels on Monday when PlanB’s update arrived.

As the author notes, the BTC price is following the S2FX model like a “clockwork”. Previously, PlanB has stated several times that Bitcoin (BTC) is all set to touch $100K levels anytime between April-September this year. The way Bitcoin has been moving so far in 2021, the target price doesn’t seem impossible.

At press time, BTC is trading 6.6% up at a price of $49,064 with a market cap of $913 billion. On February 22, Bitcoin (BTC) touched an all-time high of $58,000, however, it has corrected more than 20% since then. Since BTC price movement continues as per the S2F model, reach $288,000 by 2024.

Bitcoin Electronic Money (Image: MaxPixel)
Bitcoin Electronic Money (Image: MaxPixel)

Bitcoin Stock-to-Flow (S2F) model has gained much popularity among its investors and PlanB’s followers. The model measures the futures BTC price movements based on the number of years it would take the current BTC supply. A higher value of S2XF is a bullish indicator as it indicates scarcity.

Fidelity Director Praises PlanB’s Bitcoin Stock-to-Flow Model
On Monday, Fidelity‘s director of Global Macro Jurrien Timmer released his new report “Understanding Bitcoin” wherein he explains how Bitcoin has gained mainstream adoption and its evolution as Digital Gold. “In my view, bitcoin has evolved to the point that it could be treated as a form of digital gold…a possible counterweight to future monetary inflation,” he tweeted.

Interestingly, Timmer has mentioned the Stock-to-Flow (S2FX) model and why he finds it exciting. He writes:

“Bitcoin’s Stock-to-Flow (S2F) pricing model is a popular valuation approach among bitcoin’s most vocal proponents. The S2F model’s price projections are eyepopping. The model predicted the price of one bitcoin at $24k this year (done!) and $463k in 2025. One can see why bitcoiners are so excited”.

Timmer, however, adds that while taking the supply of BTC into the equation, the S2FX model doesn’t take the demand into consideration. “Again, price lies at the intersection of demand and supply, and without the demand side kicking in, it doesn’t really matter how scarce the supply is. Thus, I see S2F as a one-dimensional model in that regard,” he notes.

Read more: Coinspeaker

Citi Group and Ruffer Predict Breakout Point for Bitcoin Mainstream Adoption

Ruffer, the British asset manager, and Citi Group, the investment banking giant in separate predictions said that Bitcoin and cryptocurrencies are inching closer towards mainstream adoption. The prediction comes at a time when Bitcoin price seems to be stuck under $50,000 ever since breaking past its new all-time-high above $58,000 a couple of weeks back.

Ruffer has a total of $28.6 billion in total assets under its management and recently also revealed that it has invested 3% of its asset in Bitcoin and also holds indirect exposure through its position in MicroStrategy. The firm in its half-yearly financial report lauded Bitcoin as the next-gen institutional investment asset and said,
“We think we are relatively early to this, at the foothills of a long trend of institutional adoption and financialisation of bitcoin,”

The firm added

“Bitcoin brings something significantly different to the portfolio.Due to zero interest rates the investment world is desperate for new safe-havens and uncorrelated assets,”

Image by 3D Animation Production Company from Pixabay
Image by 3D Animation Production Company from Pixabay

CITI Group Says Bitcoin Can Become Primary Choice of Currency For International Trade
CITI Group released its research note on Monday as well, in this note CITI Group cited Bitcoin’s growing adoption and believe it is at the starting point of mainstream adoption and its primary use could grow in the field of international trade. The investment banking giant in its research note said,

Bitcoin price has more than doubled since the start of the year, however, the price movements have changed significantly in 2021, where the top cryptocurrency has risen in the first week of every new month creating a new all-time high, followed by a sharp correction and weeks of consolidation before another price rise.

After covering the losses of the previous month in the first week of February, Bitcoin rose to a new ATH and corrected 20% in the following week followed by another week of consolidation to rising above $50,000. The highly bullish events such as MicroStrategy’s another Billion Dollar Bitcoin purchase and the US Government’s approval of the $1.9 Trillion Stimulus bill also couldn’t help Bitcoin price to stay above $50K. The start of the new month and continuous institutional buying along with other on-chain metrics suggest Bitcoin could start its next leg of the bull run.

Read more: CoinGape

Elon Musk on collision course with EU as Tesla chief’s Bitcoin splurge sparks concern

ELON MUSK might have set himself on a collision course with the EU – as after his Bitcoin investment, the European Central Bank (ECB) issued a stark warning about the cryptocurrency.

Bitcoin hit record highs earlier this month after Elon Musk’s car company Tesla said it had bought about $1.5billion (£1.1bn) of the cryptocurrency. Bitcoin rose above $48,000 (£34,820) before falling back slightly. Some investors took Tesla’s move as a signal that Bitcoin would become a mainstream financial asset.

According to Daniel Ives, analyst at Wedbush Securities, Tesla has made roughly $1billion (£723million) in paper profits from its investment.

Mr Ives estimated in a note published on Saturday: “The company is on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020.”

Mr Musk’s endorsement of the digital currency, which he has in the past described as “simply a less dumb form of liquidity than cash”, might set him on a collision course against the European Union, though.

As Bitcoin’s price surged to a new historical high, the European Central Bank’s President Christine Lagarde launched a stark warning against the cryptocurrency earlier this month.

Image by Gerd Altmann from Pixabay
Image by Gerd Altmann from Pixabay

She said: “It [Bitcoin] is not a currency. Cryptocurrencies are not money.

The ECB President then underlined the lack of guarantees of real stability, as in the case of the euro or the dollar.

Explaining the risks consumers are exposed to, Ms Lagarde continued: “It is imperative that, if an activity is carried out by a private actor, this activity, if it is similar to money, is subject to exactly the same rules, exactly the same rations, exactly the same control mechanisms.

“So even if they are not money, but are ‘similar’ to them, the rules for cryptocurrencies and fiat currencies must be the same.”

In a recent report, the head of Oxford-based think-tank Euro Intelligence Wolfgang Munchau criticised Ms Lagarde, arguing her comment “goes to the heart of the misunderstanding of the economics and central bank professions about the nature of Bitcoin”.

He wrote: “It will not be up to them to decide whether or not it is money.

“That question will be settled by those who use it.

“Fiat money is a social contract that exists because people trust it.

“The betting on Bitcoin, including Elon Musk’s €1.5billion (£1.1bn) investment, constitute a bet that this might not always be so.”

Mr Munchau noted the world may only be a couple of policy mistakes away from an environment in which the use of digital money, Bitcoin and others, could become more widespread.

He explained: “Bitcoin is not only a bet against inflation like gold or silver. It is a bet against a system in which money is used as a policy tool. It is no surprise that the launch of Bitcoin, in 2009, coincided with the advent of quantitative easing.

“The widespread misunderstanding of policy makers is that the intention of Bitcoin was never to create a rival to the euro or the dollar but to create a device that protects from economists and central bankers or governments that want to track electronic payments.

“The group of techies who started the project with an article in 2009 saw Bitcoin as a device to protect individuals from state control of all kinds – by creating a stateless currency that could be used in transactions and a store of value.

Read more: Express

Overheard On CNBC: If It Wasn’t For Bitcoin, Gold Would Be $3K

Bitcoin is making headlines left and right on media outlets everywhere, but none more so than CNBC. According to a well respected journalist, during a segment on CNBC it was said that gold would be trading at $3,000 an ounce if it wasn’t for Bitcoin.

Here’s why that statement is probably true, and why the cryptocurrency will continue to take market share away from the aging shiny rock.

Gold Would Trade At $3K If It Wasn’t For BTC
The digital narrative worked like a charm, and Bitcoin is now stealing any capital looking to park somewhere resistant to inflation.

Gold has traditionally served that purpose, and as the economy first began treading on thin ice, the ages old asset that was once the “standard” began to uptrend again.

Gold eventually reached more than $2,000 an ounce at the height of its bull market. Natural profit-taking caused the price per ounce to pull back, but rather than go for another leg higher, capital well suited for gold made its way into Bitcoin instead.

Image by VIN JD from Pixabay
Image by VIN JD from Pixabay

Because Bitcoin exists, and money is pouring into the scarce cryptocurrency instead of gold, has prevented gold from trading at $3,000 an ounce, according to a statement overheard on CNBC today.

The statement was shared in a tweet, fingering the blame on Bitcoin as the culprit for gold’s lack of price appreciation.

How Bitcoin Makes Metals Seem a Lot Less Precious
Charts don’t lie, fortunately, and comparing gold against Bitcoin definitely shows a correlation between when gold peaked and the cryptocurrency really took off.

The change took place just days after gold had topped, and publicly traded companies began buying BTC to add to company reserves.

That trend has now extended into the likes of Tesla, and more corporations are expected to follow suit and could be responsible for Bitcoin’s price appreciation.

Other reasons, however, are undeniably due to gold outflows from hedge funds and other investors. Even retail are now getting back into crypto, but are focused more on altcoins as the price per BTC becomes out of reach for the average person.

But even altcoins absorbing some of the capital that could have made its way into gold, is ultimately Bitcoin’s doing. It is because of the first ever cryptocurrency that the rest of the market exists, and according the the statement made on CNBC, is responsible for gold trading at under $2,000, let alone the $3,000 it would be otherwise.

Read more: NEWSBTC

Bitcoin Marketcap Breaches $1 Trillion With New ATH of $53,756

Bitcoin breached the $53,000 price to register a new all-time high of $53,756 and also breached the $1 trillion market cap during the process.

The top cryptocurrency has been on a dream run since the last quarter of 2020 and has added nearly $40k to its price since the bull run began towards the end of October 2020.

Image by mohamed Hassan from Pixabay
Image by mohamed Hassan from Pixabay

The mammoth price rise has been aided with booming mainstream adoption by retail and institutions alike. While the 2017 bull run brought bitcoin the mainstream attention, the current bull run has seen Bitcoin gain widespread mainstream adoption from traditional financial institutions as well as fortune 500 companies.

Bitcoin price is slated to touch the 6-figure mark by the end of this year with price prediction varying from $100,000 to $220,000. Many analysts believe bitcoin is currently in a supercycle rather than just another bull run. The fact that Bitcoin has not only rose by 2.5X it’s 2017 high, unlike earlier the top cryptocurrency has maintained its gains. The previous bull runs came in bursts and lasted anywhere from few weeks to a couple of months, however, the current bull run is already in its 5th month.

Read more: Coin Market Cap

OKCoin to Delist BCH and BSV To Protect Bitcoin From Craig Wright’s ‘Malicious Information War’

In an attempt to protect the Bitcoin ecosystem, OKCoin will remove two BTC hard forks – Bitcoin Cash and Bitcoin SV – and blamed Craig Wright’s recent lawsuit.

Image by Gerd Altmann from Pixabay
Image by Gerd Altmann from Pixabay

The popular crypto exchange OKCoin has made a somewhat controversial decision to delist two Bitcoin forks – Bitcoin Cash (BCH) and Bitcoin SV (BSV). According to the platform’s CEO, the company is doing what’s in the best interest of Bitcoin’s ecosystem while trying to act against Craig Wright’s recent lawsuit urging various websites to remove the BTC whitepaper.

OKCoin Delists BSV and BTC

The exchange announced earlier today that it will suspend trading and altogether remove the two Bitcoin hard forks as of March 1st, 2021. Later on, Hong Fang, the CEO of OKCoin, published a detailed post to shed some light on the decision.

She reasoned that the exchange is frequently exploring which coins it should keep and which it should remove as part of its developing system. However, the BCH and BSV removals come with more “unique history and context.”

The post reads that BTC, as the first-ever cryptocurrency, gave birth to the entire industry. While hard forks are a relatively common occurrence within the ecosystem, Bitcoin Cash and Bitcoin SV carry a special note.

Both emerged several years ago as their respective proponents preferred different scaling paths, and each claimed that they are the “true Bitcoin.” However, Fang believes that crypto investors and the market have made it clear on “what Bitcoin was built for” as BTC’s market cap has reached $1 trillion, while BCH and BSV are valued at 1.5% and 0.5% of the original version.

Read more: Crypto Potato

Bitcoin price to hit $100,000, Anthony Scaramucci predicts

  • Anthony Scaramucci predicts Bitcoin price would hit $100,000 in 2021
  • Scaramucci believes forces of demand and supply will help Bitcoin

Former Goldman Sachs banker and chairman at SkyBridge Capital, Anthony Scaramucci, has predicted that before the end of 2021, Bitcoin price would hit $100,000. This is after previously warning investors of Bitcoin’s notorious volatility.

Image by 3D Animation Production Company from Pixabay
Image by 3D Animation Production Company from Pixabay

Scaramucci explained that the demand for Bitcoin has hiked lately. He also revealed that his firm’s investment in Bitcoin is over $500 million.

“We like it,” Scaramucci said in a “Squawk Box” interview. “We have over half a billion dollars in Bitcoin right now. And obviously, our Bitcoin fund started in December. It’s done quite well.”

Scaramucci Bitcoin Price prediction may be right

Bitcoin has already gained 70 percent since the new year began, rocketing to more than $51,000 per unit for the first time on Wednesday. The world’s biggest cryptocurrency also quadrupled last year.

Read more: Cryptopolitan

A Wave of Giants Rushing to Invest in Bitcoin Could Derail the Stock Market

After Tesla announced it has invested USD 1.5bn in bitcoin and expects to start accepting the cryptocurrency as a payment for its electric vehicles in the near future, the bitcoin price went soaring. It went from around USD 39,400 to an all-time high of over USD 48,000 in less than 24 hours.

Image by <a href="">VIN JD</a> from <a href="">Pixabay</a>
Image by VIN JD from Pixabay

The price is now up by over 50% in the first six weeks of 2021. Led by Elon Musk, Tesla’s investment is obviously in profit already: depending on the exact day of the purchase, it is likely to be worth over USD 2bn, pointing to a paper profit of over USD 500m. To put that in context, when the electric car-maker made its first-ever annual net profit in 2020, it was just over USD 700m.

Tesla’s move into bitcoin comes on the back of a wave of institutional money invested in the leading cryptocurrency in recent months, plus numerous other companies putting it into their treasury reserves. With the world’s sixth most valuable company also saying it might buy and hold other digital assets “from time to time or long term”, it must be tempting for other major companies to do likewise. Since the Tesla announcement, Twitter finance director Ned Segal has already signalled that his company is considering such a move, while a research note from the Royal Bank of Canada has made a case for why it would benefit Apple.

The prospect of a bluechip invasion into bitcoin has caused much excitement among cryptocurrency investors. But if Tesla does trigger such a goldrush, there will also be some unsettling consequences.

Read more: Crypto News