Bitcoin is soaring to new heights, up $6K in just two days, bulls have returned, and Q4 has burst. Man Ran on his daily broadcast discuss why Bitcoin is pumping so hard, what will happen next with Lisa N Edwards, Bill Barhydt, and Andrew Keys.
What caused the Bitcoin price to rise?
The monthly closing price of $47,000 for Bitcoin in August was precisely what author Plan B’s Stock-to-Flow model anticipated in June. Bitcoin closed at $43,834 for the month of September, exactly as forecasted by the author of the stock-to-flow model.
Bitcoin is anticipated to close the month of October around $63,000 if the stock-to-flow model publisher is correct once again.
According to Andrew Keys, there were a few concurrent events such as the expiration of Q3 options and favorable remarks about the start of Q1 that have acquired traction.
According to Bill Barhydt, Bitcoin is currently experiencing a supply shock, with on-chain metrics showing units of Bitcoin moving from exchanges to long-term holders. However, the pump is due to degenerates who are shorting being liquidated and wiped out.
He predicts that shorts will ultimately capitulate, propelling Bitcoin to new highs and possibly breaking the all-time high price.
Lisa believes Bitcoin and Ethereum are not yet done since they have only emerged from a gloomy month in which the market was suppressed by leverage shorts.
With options expiry, Bitcoin is poised for a far better run, with an initial target of $88,000 before completing the month at $63,000, she added.
The traditional market and bitcoin
Despite US regulatory pressure and a drop in the global stock market, Bitcoin and the broader cryptocurrency market continue to rise, clearing the way for the start of de-correlation with traditional markets.
According to Ran, the new narrative is that Bitcoin has disrupted gold, citing a CNBC interview with billionaire Chamath Palihapitiya in which he stated that Bitcoin has effectively replaced gold.
Bill claims that capitalists are concerned about resource constraints and disinflation, and that particular types of resources will force prices higher, slowing the economy. This will result in even more money printing, potentially propelling Bitcoin to $400,000 to $500,000.
Andrew agrees with Bill, predicting a large sell-off in Crypto in the near future, but that money printing will serve as a catalyst for long-term growth.
NFTs gets launched on Tiktok
“TikTok Top Moments,” TikTok’s first officially minted in NFT collection, will debut this fall, beginning with digital collectibles from American artist Lil Nas X next month.
Bill forecasts that NFTs will be the last wave in the bull cycle’s order of movement, with Bitcoin rising 3x from present levels, Ethereum rising to $15,000, and altcoins rising even more. According to him, the NFT mania is caused by abundant liquidity.
Ethereum, Solana, and Cardano
According to Ran, Solana’s growth is quite comparable to Ethereum’s in terms of technological development, team, and venture capital appeal.
Bill believes Cardano is doing a fantastic job winning the academics, despite the fact that it is unclear how the fundamentals will convert to utility, and that they may be undervalued.
Lisa believes Cardano is still overpriced due to their failure to reach targets and timeframes. No one does, according to Bill, and Cardano is a slow and stable system with an intellectually oriented system that will last a long time.