Bitcoin Forum

https://beincrypto.com/ex-coinbase-cto-argues-bitcoin-will-likely-hit-100000-using-coronavirus-spread-pattern/

Bitcoin to $100k (Based on Stochastic Model)
Angel investor, cryptocurrency trader, and former Coinbase CTO Balaji S. Srinivasan underlined this similarity between the BTC price and the spread pattern of coronavirus earlier today in a series of tweets.

Before even Bitcoin broke to 1000$ there was the biggest hack (mtgox) hundreds of millions  lost.
But still Bitcoin reached 20k
And nobody expected governments to support btc . As it's their nightmare.

First, there is no point using the spread of COVID-19 as reference. That, to me, is completely irrelevant and even ludicrous. I wonder why it has to be forcibly squeezed into the explanation.

Second, I am not so familiar with Stochastic Model but I kind of understand that it is somehow similar to a guess or a conjecture. As such, although mathematical, it is not really an absolute formula. I don't agree that since something crosses a certain threshold it is expected to reach a certain point. And so it does not necessarily follow that since Bitcoin crosses $10,000 it will hit $100,000.

This is one of those crypto news website that are always copying post from different new source and then spinning them, just like CCN. What happened to CCN is know to everyone in this community. The same might happen to beincrypto.com in the future if they do not stop publishing such shit articles.

By the way who cares what they say?

All of us here believe in Bitcoin and the technology that is running it. Creating FOMO by giving random statement does not affect the market anymore.

nowadays any newbie who buys some bitcoin considered themselves as "traders" and "experts" then start making statements where shitty news sites desperately publish as analysis.
this one in particular is the worst of them all! it could have made some sense if he was expecting a small rise due to the Coronavirus but it makes zero sense to expect such an enormous rise because of such an irrelevant thing!

I read news in this website everyday but since you say it's copyiing from other sites
Well... Thank you for the review. 

I don't know who you referring to to a newbie .but you registered just after 2016
Let me tell you something I registered before 2013 and lost my account because of a hack in this forum
Contacted the forum administrator and they told me to make a new account better.  
For me you are the newbie who post at any post to spread his referral or signature compaign .

And it's not my statement better be smart.  

Bitcoin has increased everytime when people felt unsecure. The effect of coronavirus has already being seen in gold as people are buying more of the precious metal to store their wealth as the economy of the affected regions would go into deep recession. The value of money would decrease in such case but bitcoin could be a better form of value than gold as it's limited in supply and easy to carry, buy, sell and hide.

Do you guys really believe this kind of prediction? I don't believe this.Because I heard same news thousands of time.like bitcoin will hit 1m$ 100k$ in this month or year bla bla. why they predict so high? they want to viral in crypto news or they wanted to know that they are still in crypto era? I think smart traders are not going to believe this kind of high prediction.

I think in times like these conditions people would prefer gold because prices tend to be stable even in the midst of this inflationary crisis, is it possible that bitcoin will be better at times like this? I don't think so, where there is no news about global markets or economies, bitcoin always tends to go down but those who confidently buy and take advantage of opportunities like this for the long term and the price of bitcoin will be stable if world market conditions are stable.

A stupid comparison does not make sense. I don’t see how you can compare completely different things, this is not reasonable. Drop this out and try to separate coronavirus and BTC next time

Based on the fact that the coronovirus appears to be tanking practically every market whether traditional or crypto, I highly doubt it.

Today's bearish price action is somehow being attributed to the scare surrounding the virus, so whywould it suddenly change?

Lookslike he's just grasping at straws since his business directly benefits from such BS speculation.

I don't even know how to react. I think that it's good if it's a weird joke because comparing the virus outbreak and Bitcoin price is wrong on many accounts. First of all, there's no direct connection between the two. The outbreak might affect mining long-term, but mining does not have a direct impact on the price. Then, the number of sick people has literally nothing to do with the number of dollars per coin, and the very idea of such a comparison seems morally questionable to me. The only idea in the tweet with which I could agree is that with Bitcoin being $10k it is more likely that we'll see it being worth $100k than it used to be before Bitcoin cost that much.

I think this is why he is the former CTO of Coinbase. ::)
There is not a direct correlation but it follows how the other markets are doing because if people cant go to work due to lockdowns of factories then how would they get money to buy bitcoin cause the price to go up in the first place? >:(

The virus is a trend now and anyone who wants to correlate it about bitcoin pricing might think it will go viral. I don't see the relation between the bitcoin price rise and the virus and that's not the whole point. I think I've read some news about the fiat money getting infected by the virus and this is why bitcoin is a better option for them to avoid further incident.

The model used on that article was compared about the spread of the virus which many thought that it wouldn't spread that quick and the chance of bitcoin going $100k. I believe that someday we will get there but I think this kind of comparison is invalid.

It's just the media blowing it out of proportion and somewhat creating this panic, as we have seen that the price is taking a hit, still going down in the last 48 hours or so. So I guess the Ex-Coinbase CTO argument is flawed in the beginning.

The only thing that we can correlate to the price, if ever it peaked this year is the bitcoin block halving. Although past performance is not a true measure of future success, but I do believed that it is the only news worthy to be called out and be debated, not this corona virus or other news.

However, the corona virus has made people in some parts of the world feel insecure already.

Whales, where is the pump? Are you busy shorting? Bitcoin the safe haven should be pumping in this situation hehehe.



The most hotly discussed topic in the cryptocurrency industry right now is the fate of Bitcoin: how will it respond to the global calamity? As of late, it seems to be performing below expectations and has been poorly correlating with global risk.

According to analyst Ben Davenport (@bendavenport), this moment will prove difficult to Bitcoin since it is caught in the middle. He writes that “[it] is neither a risk-on nor a risk-off asset at this point.” Macro concerns simply cannot be incorporated into the asset because it is manipulated by ‘whales and leveraged traders.

Source https://beincrypto.com/bitcoins-safe-haven-status-tested-amid-coronavirus-driven-market-decline/


 

Another frivolous predictions. Why don't they predict next month price or 2 months from now price and lets see if their words stay relevant! You predict the price of bitcoin and go behind to sell and when the price dumps, you blame either the weather or the government. I just do my own trade and daily routine and ignore some out of this world predictions. Just want to trade bitcoin and enjoy my life.

It doesn't mean the price is increasing at this point, it doesn't mean it is because of the epidemic that is happening. That is just like Pewdiepie getting back from uploading and the price is now falling, ooh, or is it?  ???

I don't know much about its impact on Bitcoin, but if this goes on for another month, then the global economy will be destroyed. Airline companies have incurred a bone-breaking loss of $30 billion so far, and it is climbing with every passing day. More and more countries are implementing lock-downs, and the latest are Italy, South Korea and Japan. We may witness a recession pretty soon.

What a moron.

Stochastic? Coronavirus?

Im wondering on what others things would be thrown out just to tagged it up with bitcoin price.Come to think that we cant even hit up on previous ATH
how much more on talking about 100k? They should be at least realistic but well as expected to these popular people on making their own words towards
price prediction does really give some buzz but doesnt deliver something new or just simply they are tending to hype for them to sell out?  ;D

It seems that any high-profile event, the information about which sounds in all the news in every country, some individuals always try to connect it with the cryptocurrency market.  At least today, there is already information that the virus epidemic is decreasing and antiviral devices have been developed.  If so far nothing has affected the cryptocurrency market, then you do not need to wait for this in the future.

Expect for people to set things up and everyone can really make their own speculation basing or trying up to connect things which we do able to see that its quite irrelevant if we do think up carefully.
$100k+ price does really need that full adoption and imagining on what would be the cap into that particular time.Corona virus isnt something a solid reason for it to drive the price to be this high.
So its already been crossed out on the selection.

This is actually a myth. I mean because of corona virus, bitcoin will gonna hit $100k? I think it is the other way around. Bitcoin market reacted about it already. Small dumps already passed. Now we are recovering. It is absurd to believe in his prediction. There is still a possibility that it may go up like that but in a 5-10 years and not because of this corona issue.
 
 His speculations and basis are pointless. Similarity of pattern vs price can not be the reason for that price pump going to $100k.

Some people are just making up numbers to get more famous. I just checked and his twitter is full of stuff that are related to the virus and dude has been talking about it non-stop ever since it started, even his twitter bio says he is more invested in virus than anything related to crypto.

Moreover, he got into coinbase not because he was hired but because his website earn.com that was acquired by coinbase on later stages so he was shifted towards coinbase as well and resigned from that position. Dude is more of a scientist than a crypto enthusiast so it is totally understandable why he would focus on virus more. Plus, he didn't say that bitcoin will be 100k because of corona virus, dude simply said "bitcoin was unlikely to pass 100k but now looks like it may, why wouldn't coronavirus do the same?" which is not really saying "bitcoin will be 100k because of corona virus"

It's doesn't make sense to me to achieve 100k USD this year, even with this Coronavirus and probably with a financial crisis
The fact is, people will not buy BTC suddenly to protect themselves against traditional financial system or a collapse caused by Coronavirus
Almost all people will going to suffer in a situation like that, and people (including me) will think first in essential stuff like food / home / medicine, instead of BTC

The people made speculations out of their observation on current situation, but first and foremost I wanted to reiterate that coronavirus outbreak can be used by fud makers as reason why holders tend to be discourage. For those who wanted to take this opportunity, they purchased bitcoin while the value goes down and enjoy profit once another bounce will happen.

I definitely do not believe this kind of speculation—it is just merely a wild guess. What is happening actually is the other way around, this kind of epidemic won't bring the bullish market; it is the halving that will and the upcoming halving this coming May will start the bullishness once we see a sudden drop of price after the halving in a few months.

Not hitting the ATH is completely normal at this point. A little more than a year ago we were in a bear market with price sitting well below 4000 dollars and some doom analysts predicting 1000. Now we are jumping between 9 and 10. Bitcoin is still recovering after that massive 80% loss of value. We won't go back to ATH just like that.

Bull aren't realistic but it's the same with bears. Do you think that 1000 dollars was a reasonable bottom? Or 3000 by Tone Vays?

What is his basis to speculate that thing? Since as we can see there's nothing hold back anymore since we are at the point that bitcoin gain more momentum now and although there is striking threat with the whole situation but still we have a light seeing these days since imagine Iran advice their country men to avoid their bank notesfor now while the virus is existing and maybe by that bitcoins transaction will enter the scene and this could a big thing when it happens.

He's saying they follow a similar curve which implies a vertical swing in BTC price is coming. He's extrapolating BTC price into the future and also curve fitting fractals. It's a double whammy of silly, unproven ideas. There are better arguments for $100K.

It's too early to predict anything and I don't think BTC will reach $100k just using corona virus, we are still struggling to trend above 11k from the past few months and corona virus nothing to do in crypto market. We need to understand that no one can predict the market situation and just because the predictor is an ex CTO of a reputed exchange or project we cannot blindly oblige to it.

The market now is going down once again below 9k price.Come to think that this isnt a plain but rather a bumpy ride instead.
Market doesnt shoot up in a short time so its really unrealistic to think or presume on reaching 100k just because of various events or news.
They can call prices as they like but people do able to spot out which one is realistic and exaggerated.