PlanB: Bitcoin may reach $288,000 this week Christopher | Capital | October 2021


In this issue, we discussed where top players in the crypto space expect Bitcoin prices to fall as the bull market returns.

However, as crypto pioneers steal the limelight and capital flows back to the king, where will altcoins, decentralized finance, and high-yield crypto products go?

Let’s learn more.

PlanB — the chart analyst behind Inventory-to-flow model It is said that Bitcoin may reach $288,000 or more in this cycle. The analyst has more than 25 years of experience in institutional investment.

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The bull market is back

The bull market is back. Bitcoin extended its gains to the top of the wedge ($52,000) in Wednesday’s trading, followed by some gains. The new local high of $55,300 has consolidated the trend reversal in the broader cryptocurrency market, with prices only 17.5% away from historical highs.

At the time of writing, the price is above all key moving averages and indicators, and there is almost no overhead resistance except for the $55,000 to $57,000 area.If BTC/USD starts to lose 49,000 USD Closed every day, Then it’s time to revisit the high time frame chart. Prior to this, the outlook for the fourth quarter is clearly forward-looking.

Other than that, there is not much price to talk about Haven’t said yet.

It is worth noting that during this period, Bitcoin has become the focus of altcoins. In fact, since the price rebounded from $46,800 on October 4, BTC.D has soared by 6.4%.

With capital flowing into Bitcoin, once the ongoing currency crisis reaches its peak, it is not surprising to finally hear rumors about the central bank’s use of BTC as collateral.Salvador Make the cage rattle, And it is naive to think that this is the end of the trend between countries rather than the beginning. But I digress.

Under normal circumstances, BTC/USD tends to hit a record high before the funds flow back to the altcoin, which means that BTC.D may rise to 50% or more before cooling down. The general direction of BTC.D has been downward since March, and long-term technical indicators often have an important impact on either direction. Noting the 3-day super trend with sufficient historical precedent behind it, a breakthrough of 46% will indicate that the macro-trend reversal of capital flows is in progress.

In terms of prices, this may be accompanied by the end of the bull market (investors withdrawing bitcoin) or a violent rebound that exceeds all expectations.

Bitcoin is more than 1 trillion U.S. dollars and is the cryptocurrency with the largest market value. In other words, it is the main market that determines the trend of altcoins.

History will not repeat, but it often rhymes-this is the mantra.

Financial applications appearing on Ethereum and other blockchains have entered the Bitcoin ecosystem-Sovryn is one of the main Bitcoin DeFi protocols, which provides lending and other financial products for BTC. These innovations are not new. In my opinion, this shows the tacit and low-key decentralized financial products derived from other projects.

This is a major change in the tone of Bitcoin developers.

When the facts change, the narrative often happens at some point. In such a rapidly developing industry, if the bull market is still going on, I would say that early is more likely than late.

But the question remains: Are altcoins dead? Will Bitcoin’s dominance return to more than 50%, or will decentralized applications that generate revenue gain momentum? These are all variants of the same problem.

To be honest, most investors would rather put their assets into work to earn passive income, rather than just watch the investment portfolio fluctuate sharply. The industry is maturing and yield agreements are becoming popular-go to the picture. Therefore, it is hard not to notice that BTC is late.

However, among the various possibilities, one thing is certain-although many projects will fail, altcoins will not disappear. The exponentially growing market value of stablecoins (only 68 billion U.S. dollars) is almost entirely based on Ethereum, which is proof.

With this in mind, assuming the bull market is still ongoing, it is worth considering increasing altcoin exposure (even for swing games) at the 46%-50% BTC.D level.

Note that traditional finance has never even been considered-this is a transaction that will disappear in the next few years.

Pick you up later.

ps This is my opinion. You can have your own opinions. .

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