[7/14/2020] 'Ferocious Rally': Weiss ... Bitcoin, Price to Hit $70K Next Year

[Bit_Happy]

Weiss Ratings has outlined key reasons why investors should be bullish about bitcoin, seeing a “ferocious rally” with the price of the cryptocurrency expected to hit $70,000 next year. In addition, the Federal Reserve’s massive money-printing and institutional investments into cryptocurrencies add to the bullishness.  ~Source

[Yaunfitda]

I love how they call it "Ferocious Rally", first time that I heard that adjective being used to define future bitcoin bull runs. I guess it's just a matter of time before we hit that numbers, but with the pandemic still around, I doubt that we can get to it next year though. Investors are still unwilling because of the looming financial crisis due to Covid-19. I really don't know if this "quantitative easing" will benefit bitcoin or crypto in general. We have seen the Feds pumping money last May, but it didn't have that much effect on the price long term.

[btc78]

Weiss Ratings has outlined key reasons why investors should be bullish about bitcoin, seeing a “ferocious rally” with the price of the cryptocurrency expected to hit $70,000 next year. In addition, the Federal Reserve’s massive money-printing and institutional investments into cryptocurrencies add to the bullishness.  ~Source

Very Catchy Thread and the word you use really Boosting my trust to hold more my bitcoin.

70,000$ is fair enough and convincing compared to those exaggerated thread that talks 6 digit price when the market is still struggling to  hit another Pump.

Thanks for the share it really helps a lot mate..

[Lucius]

~snip~

Why not, well that's only about 7x at today's price, and if we remember 2017 then there was a growth of as much as 20x. Some will not agree that it is the same, because it is easier to get from $1000 to $20 000, but I think it's all just a question of how much money will go to Bitcoin at one time. Models like stock to flow also show a much higher price of $70 000, and all the slightly more serious long term speculators are fairly uniform in their speculations for the period 2021-2023.

Of course the pandemic is a factor x, because although life goes on we have high unemployment, fear and uncertainty which are growing every day and all investors are quite cautious with their investments. But I have high hopes for the medical science community, which is working tirelessly to find a vaccine that would bring things back to normal, and the first vaccines should be widely used in Q4 this year. The devastating effect of the virus could be considerably mitigated in just a few months, which would of course create a much more favorable investment atmosphere.

[buwaytress]

Didn't realise Weiss had thrown its backing behind this S2F(x) model, which I'm not such a huge fan of tbh. 70k though as I recall is actually the pessimistic view, there's a max point according to the same update as 150k or thereabouts yeah? Sadly, 70k won't be enough for me to retire, though I will be tempted to liquidate around 50k in case BTC doesn't even reach 300% of old ATH. Don't know, just feels like a pychological number too.

[BrewMaster]

it is always interesting to read this type of analysis of the future of bitcoin price but i still don't think we have any way of accurately predicting what the price is going to be.

take 2016 for example which is very similar to today. by that time nobody could predict $20k to be the ATH even though many throw around numbers and possibly some by pure chance guessed it but nobody predicted it with any solid reasons.

things change, speeds rise and drop. we may see a much bigger adoption as the rise begins and we could see a much bigger rise compared to 2017 which could at least take the price to $250k.

We have seen the Feds pumping money last May, but it didn't have that much effect on the price long term.

inflation due to money printing doesn't have to show itself right away.

[CryptopreneurBrainboss]

it is always interesting to read this type of analysis of the future of bitcoin price but i still don't think we have any way of accurately predicting what the price is going to be.

I think everyone just throws in their suggestion, seat back and watch how the market reacts which is kind of good in some ways as it drives up the price of the market as traders anticipate the price hitting that speculated milestone.

I'm also enjoying the prediction as one thing is certain, the next massive price rise of bitcoin is definitely driving it above $50k since all prediction are speculating bitcoin trading above that price. In regards to it occuring next year, that I'm not optimistic about but the possibility of that happening is also possible. Let just watch the market and enjoy the ride.

[Yaunfitda]

~snip~

Why not, well that's only about 7x at today's price, and if we remember 2017 then there was a growth of as much as 20x. Some will not agree that it is the same, because it is easier to get from $1000 to $20 000, but I think it's all just a question of how much money will go to Bitcoin at one time. Models like stock to flow also show a much higher price of $70 000, and all the slightly more serious long term speculators are fairly uniform in their speculations for the period 2021-2023.

I think that's one of my argument, it might take some time and where to get all that money to push the price on that levels in the next year. It could if institutional money gets into the picture, but  I don't think its achievable in 2021, in my opinion.

Of course the pandemic is a factor x, because although life goes on we have high unemployment, fear and uncertainty which are growing every day and all investors are quite cautious with their investments. But I have high hopes for the medical science community, which is working tirelessly to find a vaccine that would bring things back to normal, and the first vaccines should be widely used in Q4 this year. The devastating effect of the virus could be considerably mitigated in just a few months, which would of course create a much more favorable investment atmosphere.

Agree, and this is one factor we absolutely need to consider, if and how this model will be affected by this.

[Fundamentals Of]

I love how they call it "Ferocious Rally", first time that I heard that adjective being used to define future bitcoin bull runs. I guess it's just a matter of time before we hit that numbers, but with the pandemic still around, I doubt that we can get to it next year though. Investors are still unwilling because of the looming financial crisis due to Covid-19. I really don't know if this "quantitative easing" will benefit bitcoin or crypto in general. We have seen the Feds pumping money last May, but it didn't have that much effect on the price long term.

It might actually benefit Bitcoin in the long term more than the short term. The short term unlimited pumping of fiat may not immediately kill its value but sooner or later it will be felt by everyone.

This crisis has flooded all the countries in the world with baseless money. This will probably scare investors away from staying with cash. Many of them may probably get into Bitcoin instead. 

[Kemarit]

I love how they call it "Ferocious Rally", first time that I heard that adjective being used to define future bitcoin bull runs. I guess it's just a matter of time before we hit that numbers, but with the pandemic still around, I doubt that we can get to it next year though. Investors are still unwilling because of the looming financial crisis due to Covid-19. I really don't know if this "quantitative easing" will benefit bitcoin or crypto in general. We have seen the Feds pumping money last May, but it didn't have that much effect on the price long term.

It might actually benefit Bitcoin in the long term more than the short term. The short term unlimited pumping of fiat may not immediately kill its value but sooner or later it will be felt by everyone.

This crisis has flooded all the countries in the world with baseless money. This will probably scare investors away from staying with cash. Many of them may probably get into Bitcoin instead. 

It could be the case when governments around the world continue to print money and those receiving with will pump the market,  but definitely the effect will not be felt short term. It's just that people have thought that an immediately cash flow will go to Bitcoin market, it's not the case as investors are very careful more than ever. We are no longer in the 'irrational buyer' phase, everyone learn their lessons from the 2017 Bitcoin bubble.