Research Firm Predicts Bitcoin Will Hit $200K in Second Half of 2022, ETH to Reach $12K

February 8, 2022 Bitcoin.com

ETH to hit $20 trillion market cap by 2030: Ark Invest

January 27, 2022 Coin Telegraph

Ark Invest

ARK Invest’s new report predicts Ether’s market cap will reach $20 trillion and the Bitcoin price will exceed $1 million by 2030 based on BTC’s use cases and how ETH captures market share from TradFi.

A new report from Cathy Woods’ ARK Invest forecasts Ethereum (ETH) will meet or even exceed a $20 trillion market cap within the next 10 years, which would equate to a price around $170,000 to $180,000 per ETH.

The report also predicted big things for Bitcoin (BTC), saying it is “likely to scale as nation-states adopt (it) as legal tender… the price of one bitcoin could exceed $1 million by 2030.”

ARK Invest is a tech focused American asset management firm based in the United States with $12.43 billion AUM.

#BigIdeas2022 Report is here!

To enlighten investors on the impact of breakthrough technologies we began publishing Big Ideas in 2017. This annual research report seeks to highlight our most provocative research conclusions for the year. Download! https://t.co/QvUbuqVpIL
— ARK Invest (@ARKInvest) January 26, 2022

The prediction in ARK Invest’s report Big Ideas 2022 is predicated on how quickly the Ethereum network has grown in utility and efficiency. Much of the growth over the past two years has come from decentralized finance (DeFi). ARK described the appeal of DeFi, stating:

“Decentralized Finance promises more interoperability, transparency, and financial services while minimizing intermediary fees and counterparty risk.”

According to ARK, smart contracts and decentralized apps (DApps) on Ethereum is “usurping traditional financial functions at the margin.” The report highlighted that banking and lending, exchanges, brokerages, asset management, insurance, and derivatives can all be found on Ethereum-based smart contracts.

What’s more, DeFi is a lot more efficient too. ARK estimated that DeFi outperformed traditional finance over the last twelve months in terms of revenue per employee $88 million to $8 million.

In terms of Bitcoin, the report forecasts $1.36 million per BTC with a market cap of $28.5 trillion by 2030. ARK researchers assigned an estimated future value to eight of Bitcoin’s use cases, and used the sum of all of them to reach their conclusion about BTC price.

By 2030, the firm expects Bitcoin to account for 50% of global remittances at 1.5x velocity, 10% of emerging markets’ currency, 25% of US bank settlement volumes, 1% of nation-state treasuries worldwide, 5% of global high net worth individual (HNWI) wealth, 2.55% of institutional asset base, 5% of the cash from S&P 500 companies, and 50% of gold’s total market cap.

ARK also argued that Bitcoin mining “could revolutionize energy production.” While global concerns have been raised about the tremendous amount of energy that Bitcoin mining requires, the researchers believe that “Bitcoin mining will encourage and generate more electricity from renewable carbon-free sources.”

“The addition of Bitcoin mining into power developers’ toolboxes should increase the overall addressable market for renewable and intermittent power sources.”

Both ETH and BTC have had a rough past seven days by falling 22.2% and 13% respectively according to CoinGecko.

Bitcoin $100K possible by chipping away at gold’s market share: Goldman Sachs

January 5, 2022 Coin Telegraph

Bitcoin

Bitcoin has a good chance to topple $100,000 by taking market share from gold as a store of value, Goldman Sachs analysts predicted.

Bitcoin (BTC) failed to close 2021 above the long-expected $100,000 level, but experts believe the psychological horizon is still achievable by taking gold's market share, albeit over a more extended period.

In a note released to investors on Tuesday, Goldman Sachs co-head of global FX and EM strategy Zach Pandl hypothesized that if the largest cryptocurrency could overtake 50% of the store of value market share over the next five years, BTC price would increase to just over $100,000, marking a compound annualized return of 18%.

While the current market cap of BTC is close to $884 billion, Goldman Sachs estimates the float-adjusted market cap of Bitcoin is under $700 billion, accounting for one-fifth of the “store of value” market. The said market is not crowded, though. The only other participant of Goldman’s store of value market is gold, with an available investment at $2.6 trillion.

Despite its ups and downs, Bitcoin still managed to top Goldman Sachs’ 2021 return scorecard with over 60% yearly returns. Gold is placed at the bottom in the same chart with a 4% yearly loss.

*Yearly returns scorecard. Source: Goldman Sachs Global Investment Research*

Goldman Sachs experts believe that the demand for BTC will not be harmed by the hot debate surrounding the Bitcoin network’s energy consumption. While a recent study claims the Bitcoin ecosystem consumes eight times the energy of Google and Facebook combined, New York Digital Investment Group estimates that Bitcoin mining will not represent more than 0.4% of global electricity consumption over the next decade.

As detailed in a Cointelegraph New Year Special, Bitcoin saw a bumpy ride over the last year. Many experts believed that $100,000 was an easy target for the flagship cryptocurrency for 2021. However, BTC closed the year around $47,000 after touching an all-time high around $69,000 in November, falling short of analysts’ ambitious target.

Bitcoin could ‘drive people nuts’ for months with $53K BTC price ceiling — analyst

December 6, 2021 Coin Telegraph

Bitcoin

Investors, not short-term traders, will be the likely beneficiaries of upcoming BTC price moves, popular names agree.

Bitcoin (BTC) may spend "months" ranging between recent $42,000 lows and $53,000 and cause panic in the process, popular analysts warned on Dec. 6.

Discussing the BTC price outlook on Twitter, Scott Melker, known as the Wolf of All Streets, said that ranging behavior could last well into 2022.

Bitcoin price bottoms could sink still deeper

After failing to reclaim even $50,000 after last week's crash, BTC/USD is spawning bearish sentiment this week.

As sentiment sits deep within in the "extreme fear" zone, Melker joined those steering clear of the sky-high short-term price predictions that were previously ubiquitous.

"My general view. >53K again resumes the bullish case. <42K again puts 28K back in play," he summarized.

"Everything between the two numbers now is ranging chop that will drive traders into a panic. People will be extremely bullish at 53K and bearish at 42K if either is reached."

A further post put the timeframe for such price action to play out at "a few months."

"December has a high probability of range-bound chop, the ideal time to take some time off from the charts, make a few well-thought-through trades, and recharge for next year," filbfilb, co-founder of trading platform Decentrader, continued.

Their comments mimic those of fellow popular trader Pentoshi, who made waves on Dec. 6 while acknowledging that Bitcoin could still dip to $30,000.

Wouldn’t be surprised if this happens for $btc. It’s a real possibility. I would be prepared for it https://t.co/Qw4XggiDdV
— Pentoshi (@Pentosh1) December 6, 2021

That would place BTC/USD de facto back at its 2021 starting position and over 50% down against the year's all-time highs.

"Trading at a decent discount"

Dec. 6's Wall Street open, meanwhile, had barely any impact on Bitcoin, markets remaining comparatively steady as stocks saw a light move higher.

As critics took aim at Bitcoin's alleged lack of ability to act as a store of value, proponents looked for clues as to whether the market was fairly valued after the sell-off.

For analyst Willy Woo, the on-chain data said it all.

"We're currently trading at a decent discount," he revealed, highlighting the Bitcoin Supply Shock Valuation (SSV) metric.

SSV looks at the last time on-chain demand matched current levels, with the implication being that prices should be higher under current circumstances.

This model does a look back on previous times that #bitcoin had similar on-chain demand.

We're currently trading at a decent discount.

It's a model for investors, not traders who can easily be liquidated well before the model plays out. pic.twitter.com/w9byxBiX6M
— Willy Woo (@woonomic) December 6, 2021

Woo had previously noted that the most recent dip was accompanied by smallscale investors increasing their BTC exposure.

Plan B Says Bitcoin Price Still ‘on Track Towards $100K’ Despite Missing November’s Price Prediction

November 29, 2021 Bitcoin.com

Bitcoin risks lowest weekly close in 2 months but BTC buyers stock up at $53K

November 28, 2021 Coin Telegraph

Bitcoin

Bitcoin remains attractive for seasoned hodlers, as $50,000 now becomes the point at which confidence could turn to anxiety.

Bitcoin (BTC) hovered around $54,000 on Nov. 28 as the upcoming weekly close showed signs of hitting two-month lows.

*BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView*

Buyers keen at $53,000

Data from Cointelegraph Markets Pro and TradingView followed a quiet 24 hours for BTC/USD after Friday's $6,000 red candle.

Although quiet into Sunday, the pair nonetheless dipped below a major zone of support on weekly timeframes, opening up the potential for its lowest end-of-week levels since late September.

For trader and analyst Rekt Capital, $55,800 should be reclaimed to reverse this, something which could still "easily" occur.

Here's #BTC on the Weekly timeframe

Now dipping below the green demand area$BTC could still easily Weekly Close above the green box bottom (~$55800) which would require BTC to confirm a break back into its wedging structure

Weekly Close around the corner#Crypto #Bitcoin https://t.co/xtl9aN06Ta pic.twitter.com/qJkbYpnB9c
— Rekt Capital (@rektcapital) November 27, 2021

Such price action was still not enough to deter bulls, with large-volume entities from businesses to nation states "buying the dip."

On Sunday, Alex Mashinsky, founder and CEO of crypto lending platform Celsius, confirmed that he had added to both his Bitcoin and Ether (ETH) allocations.

"I bought almost $10m worth of BTC and ETH at the current levels to add to my positions," he revealed to Twitter followers.

"We may see a retest of $53K for BTC and $4k for ETH but these should be short term bottoms with us going back to $70k from here."

Mashinsky added that he would sell 50% of his latest purchases should BTC/USD dive below $50,000.

Separate data compiled by analyst Willy Woo meanwhile reinforced the interest in buying Bitcoin at current levels.

Even excluding corporations and exchange-traded funds (ETFs), large-volume buyers are in evidence this week — in contrast to the atmosphere after similar price dips in 2021.

This one is called "Whales BTFD"

Entities data by @glassnode, adjusted for exchange holdings, corporate treasuries and ETFs by yours truly. pic.twitter.com/Cg92Wo3NxV
— Willy Woo (@woonomic) November 27, 2021

No gains to be had this weekend

There was thus little reprieve from Friday's cross-market sell-off amid ongoing uncertainty over the latest Coronavirus strain.

As Cointelegraph reported, this inflicted immediate cold feet on both crypto and traditional market sentiment, with the Crypto Fear & Greed Index returning to "extreme fear" territory.

Major altcoins thus showed no signs of a rebound as the weekend drew to a close, the top ten cryptocurrencies by market cap firmly in the red on weekly timeframes.

ETH/USD managed to stay above the $4,000 mark on Sunday.

*ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView*

As Bitcoin Soared Past $68K, Plan B Says Floor Model Shows BTC Reaching ‘$100K This Year’

November 9, 2021 Bitcoin.com

Don’t get bearish Bitcoin just yet, says veteran trader who called 2018 crash

October 27, 2021 Coin Telegraph

Bitcoin

Bitcoin faces trying times, but the outcome of this week's BTC price action could be bullish or "exhaustingly" sideways, says Peter Brandt.

Bitcoin (BTC) may have printed a classic “head and shoulders” pattern but bulls could still win, says veteran trader Peter Brandt.

In a tweet on Oct. 27, Brandt, famous for his accuracy when it comes to BTC price predictions, refused to flip bearish on Bitcoin.

Brandt: Bitcoin may face "larger congestion"

Despite nearing $58,000 in a fresh wipeout of leveraged traders on Oct. 27, analysts remain broadly calm, even calling for highs to return in a show of strength that should catch many by surprise.

For Brandt, there is also little reason to dismiss Bitcoin on the back of current price action.

“Head and shoulders tops need not always produce a bear market to the implied target or beyond,” he wrote.

“This pattern can also fail (bullish) or morph into a larger congestion (exhausting).”

An accompanying chart showed last week’s all-time high of $67,100 surrounded by two lesser peaks, resulting in the so-called “head and shoulders” formation.

*BTC/USD chart showing "head and shoulders" pattern. Source: Peter Brandt/ Twitter*

Traditionally, such events preclude an extended downside for an asset, with theupside exhausted and unsustainable after a certain point is reached.

Meanwhile, the idea that Bitcoin could slide into an extended sideways period has reentered the narrative in recent days. Cointelegraph contributor Michaël van de Poppe earlier forecast a slow grind toward $90,000, this potentially only hitting early next year.

All going to plan

For those worried about further losses on BTC/USD, decreasing funding rates — now all but “reset” after the flushing out of leverage — could allay fears.

Binance had been a particular source of concern over the week with large upside bets creating an unwieldy setup, which ultimately fell apart on the dip.

Bybit funding at 55% APR & Binance at 68% APR

Meanwhile Deribit at 15% and FTX at 7%...

Looks like we have to flush out the apes again...
— Will Clemente (@WClementeIII) October 26, 2021

The current spot price, at around $59,000, further lines Bitcoin up to potentially hit the “worst-case scenario” monthly close of $63,000. Its source, analyst PlanB, correctly predicted both the August and September monthly close — $47,000 and $43,000, respectively.

November, by contrast, should end on a much higher $98,000.

CFTC reportedly investigating decentralized prediction platform Polymarket

October 25, 2021 Coin Telegraph

CFTC

Polymarket is believed to have hired CTFC enforcement head James McDonald to handle the probe.

New York-based decentralized prediction market Polymarket has come under investigations from the United States Commodity Futures Trading Commission (CFTC).

According to an Oct. 23 report from Bloomberg citing anonymous sources, the CFTC is investigating whether Polymarket is allowing its customers to trade binary options and swaps that should be registered with the financial regulator. The CFTC is yet to confirm whether it is investigating Polymarket.

A spokesperson for the platform stated: “Polymarket is firmly committed to complying with applicable laws and regulations and to providing information to regulators that will assist them with any inquiry.”

The report claims that the company has engaged the former director of the CFTC’s enforcement division and current partner at legal firm Sullivan & Cromwell, James McDonald, to address the probe.

Polymarket hosts a variety of novelty predictive markets that allow users to speculate on the outcome of future events using the USD Coin stable token. Polymarket does not take positions against its customers and hosts the smart contract interface allowing users to interact with the protocol.

The report asserts the investigation comes as Polymarket is in talks to secure a new round of funding, with anonymous sources claiming the raise could see the firm valued at close to $1 billion.

In October 2020, Polymarket secured a $4 million funding round led by Polychain Capital that also saw participation from CoinShares CSO Meltem Demirors, former Coinbase CTO Balaji Srinivasan, and AngelList CEO Naval Ravikant.

Polymarket is not alone in offering decentralized prediction markets, with Augur launching a Polygon deployment of its platform at the start of October.

While Polymarket offers an eclectic range of markets including speculation on covid case numbers, CryptoPunks floor prices and Donald Trump’s presidential prospects, Augur markets are currently focussed on sporting events and crypto price forecasting.

Former Bitcoin lead dev predicts demise of BTC network … with a major silver lining

September 29, 2021 Coin Telegraph

Bitcoin network

Bitcoin prices could reach $6 million per coin in forty years’ time, but the whales may eventually pull the plug.

A former lead developer for the Bitcoin network has postulated a possible future for the world’s most popular cryptocurrency which includes an epic price prediction.

Software developer Gavin Andresen published a recent blog post called “A Possible BTC Future” in which he predicts the demise of the Bitcoin network.

Before BTC meets its end, it will reach a price of $6 million per coin in 2061, Andresen predicts. Before you get too excited, he added that $1 million dollars today will be worth $6 million in the next forty years, due to massive inflation.

The former Bitcoin client programmer admitted that his predictions were a “little piece of science fiction,” but that the scenario was entirely possible. Transaction fees would cost around $7,500 but most transactions will not occur on the network itself, he added.

Instead they’d be on a mirrored chain using wrapped tokens to save on fees and improve speeds. The whales, which would control the entire thing, would continue to transact on the main chain. By 2100, these whales would recognize that the mining fee had dropped to near zero and so few transactions are occurring so they will shut it down, Andresen predicted.

“Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

The silver lining is that there will still be 20 million or so BTC moving around on other blockchains which would retain their value through scarcity, he added. Mathematically, the last Bitcoin is due to be mined in 2140. Currently, just 2.17 million, or 10.5%, remain to be mined.

Andresen, who also founded the Bitcoin Foundation, stepped down from his lead role in 2014 and has receded from the spotlight in recent years. In 2016, he was ostracized from the Bitcoin community for supporting Craig Wright’s claims to be BTC creator Satoshi Nakamoto.

He later admitted that this was a mistake and testified that he had been “bamboozled” by Wright’s claims in June 2020.

prediction

Bitcoin price bottoms could sink still deeper

"Trading at a decent discount"

Buyers keen at $53,000

No gains to be had this weekend

Brandt: Bitcoin may face "larger congestion"

All going to plan

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