A Twitter poll that was recently created by a leading crypto expert, PlanB, has shown that 51% of BTC investors believe the price of the world’s most valuable crypto asset will appreciate beyond $100,000 before December 2021.

Earlier in July, the crypto expert polled his Twitter followers, asking what price they expect BTC price to be by the end of 2021. The results showed 23% of users believed the price would be $100, 000, while 17% pointed to $288,000. Another 17% claimed BTC will be trading at $55,000. 43% said it would be below $55,000.

Much later in the first week of August, the crypto analyst asked investors the same question, and the results changed to showed a more bullish bias among crypto-investors, as 29% pointed to the $100,000 mark, while 22% pointed to $288,000. Pointing to $55,000 was 18% of respondents.

What a difference a month makes! In July (btc $9000), 43% of my followers thought btc would stay below $55k until Dec 2021 (i.e. 43% did not believe S2F model). Now (btc $11500) that is 30%. So 25% in that group changed their mind. And 51% thinks #bitcoin > $100k before Dec 2021. pic.twitter.com/GgmIu1QzVr

— PlanB (@100trillionUSD) August 10, 2020

Insight to BTC’s bullish cycle 

Nairametrics believes this present bullish cycle, gives BTC the chance to prove itself as a legitimate macro asset for conservative, institutional investors and ultimately overtaking gold to become the dominant safe-haven asset.

Bitcoin’s 4-year bull/bear cycle is caused by sell pressure reduction every 4 years by the BTC halving.

As the sell pressure reduction from each halving cycle reduces, the impulse has less strength. Eventually, the scale of halving become insignificant, BTC’S 4-year cycle will start to transition into the resonance of the traditional market.

U.S stocks seem set to surge higher, rebounding after Tuesday’s trading losses as stock traders still remain optimistic about a stimulus package from U.S Congress.

Checks by Nairametrics revealed that the US 500 Stock Futures was up 0.7%. Also, the Dow Jones Index Futures contract gained by 0.9%, just as the Nasdaq 100 Futures rose by 0.9% as at the time this report was drafted.

At the close of Tuesday’s trading session, the Dow Jones Industrial Average lost 0.4%. Also, the S&P 500 index lost 0.8%, registering its first decline in eight sessions, even as the NASDAQ Composite index lost 1.7%.

Although negotiations between the Democrats and Republicans in Washington DC are currently on hold, most stock traders remain hopeful and expect Congress to find a compromise.

In the meantime, investors have been mindful of the increasing tensions between the US and China. So far, Beijing has refrained from tough countermeasures and struck a more conciliatory note.

As investors increase their bets in risker assets like equities Milan Cutkovic, Market Analyst at AxiCorp in a note told Nairametrics, why stock traders seems to be bullish. He said;

While equity markets have remained relatively stable, volatility in precious metals has increased sharply. Gold has lost more than $200 in value since Friday and remains under pressure.

The massive price increase in recent weeks has lured many speculators into profit-taking.

Furthermore, stock markets are rising again, decreasing the demand for safe havens, while the US Dollar is recovering from its recent sell-off.

Quick fact: The NYSE, commonly referred to as the New York Stock Exchange, is the biggest stock exchange in the world, with a market capitalization of over $25 trillion as of April 2020. It is followed by the following top three exchanges – the NASDAQ, London Stock Exchange, and the Tokyo Stock Exchange. Interestingly, their combined market capitalization size is still lower than that of the NYSE.

The exchange rate between the naira and the US dollar as of Wednesday, August 12th 2020 stands at ₦475/US$1 in the parallel market. The exchange rate closed at ₦485/US$1 on Tuesday 11th August 2020.

• Naira: ₦475
• Dollar: $1
• Date: August 12th, 2020

The exchange rate between the naira and the British pound sterling stands at  ₦575/₤1 on Wednesday 12th August as against ₦584/₤1 recorded on Tuesday 11th August 2020.

• Naira: ₦575
• Pounds Sterling: ₤1
• Date: August 12th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦530/€1 on Wednesday 12th August 2020. The exchange rate also closed at ₦535/€1 on Tuesday 11th August 2020.

• Naira: ₦530
• Euro: €1
• Date: August 12th, 2020

Activity: USD currently sells for an average of ₦475/US$1 in the parallel market

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