“The intraday nature of the move is reminiscent of the behavior of large institutional traders, with trading algorithms intercepting the move and retail traders often joining in,” Alex Kuptsikevich, a senior market analyst at FxPro, said in an email to CoinDesk. “Either way, the overall trend remains bullish, and bitcoin is back towards its highs as we head into early European trading.” Original
Bitcoin today blasted above $20,000, but one new naysayer warns that this is now almost double the asset’s fair market value and that the maximum value the cryptocurrency network could reach is only $74,000 long-term. The estimate is substantially lower than what specifically designed Bitcoin valuation models predict, but this is now the second time an expert has stepped up against Plan B’s popular stock-to-flow models. Here’s why although others have called S2F “flawed” recently, this latest model used makes very little sense. Cryptocurrency Critics Come Out In Droves, Focus…
Todd Gordon believes that Bitcoin may march on to $74,000. His prediction can, however, fall short of up to 61% which is around $34,000. Bitcoin bull run is on as the leading cryptocurrency has staged an exponential growth with an 80% price gain in the last two months and 166% price gain from the start of the year to date to record a current price of $19,158. Yesterday, the digital asset rallied to fall less than 4% short of its all-time high having reached a price point of $19,345. The…