Bitcoin ‘Never Look Back Price’ proponent, Timothy Peterson of Cane Island Alternative Advisors, has been talking to Bitcoinist about where he feels Bitcoin price is currently, and how far it will ‘never look back’ to.
Never Look Back Price
The ‘Never Look Back Price’ is essentially the last time that bitcoin was at a particular price level. After that point it only went up, and never again dropped below that price. The current NLB price will always be the current price, however if the price drops back down again, then that new lowest price will be retrospectively applied to what is now the current NLB price.
By definition the NLB price can only go in one direction, otherwise the price will have looked back, and all previous higher levels will be wiped.
Bitcoinist first reported on the NLB price back in October last year, and there is a fuller explanation in that article.
Ignoring Bubbles, Long-Term Gains Are Incredibly Steady
What is perhaps most remarkable about the NLB price is the uniformity of the graph it produces, plotted against the square root of time.
The NLB price smoothes out any bubbles, spikes, or other phenomenon, and gives an indication of the steady, long-term gains over the lifespan of bitcoin so far.
Peterson recently tweeted, noting that the NLB price had been “flirting with the lower bound lately,” at what he believes is its true “fair” value. While NLB price usually drops a little below this value, it does suggest that we should expect some upwards pressure in the near future.
#Bitcoin's never look back price has been flirting with the lower bound (what i think is the true fair fair value btw) lately. It usually drops a little below this value however. Today's NLB = $6700. August NLB = $10k. https://t.co/zOdiPnVUQo pic.twitter.com/Tssi4AIoX5
— Timothy Peterson (@nsquaredcrypto) January 9, 2020
Peterson predicted an NLB price of $10k by this August.
How Low Can Bitcoin Go Between Now And August?
So how low could we retrace in the meantime? What is the ‘never look back price’ that we have confidently reached and will never look back to.
Who better to ask than Peterson himself? So we did, and this was his reply:
Based on my research, which looks entirely at fundamentals, I don’t think bitcoin has much chance of dropping below $7,000 – ever. At least not in our lifetimes.
So, that would seem to be a confident prediction that we have already reached an NLB price of $7k. Peterson’s analysis also recently suggested that the Grayscale GBTC gap had to close, just before it did, so we’ll just have to wait and see whether he is right again this time. Looking back at his earlier predictions, so far Peterson has been incredibly accurate.
Last year, he predicted in March that Bitcoin would close the year at around $7,800, which, as we now know, was incredibly close to the mark. In fact, Bitcoin’s price mean price throughout December was around $7,400.
Do you think Bitcoin will ever break beneath $7,000 again in our lifetime? Add your thoughts below!
Images via Shutterstock, Twitter @NSquaredCrypto The post appeared first on Bitcoinist.com. origin »
Key takeaways
Bitcoin is showing strong demand as net outflows hit a yearly high despite 60K BTC flowing into exchanges. However, whales remain steady — a setup for accumulation before a potential The post Bitcoin: Retail floods in, but it’s whale silence that you need to look at appeared first on AMBCrypto.
The 2024 Bitcoin (BTC)’s ascent past $108,000 was nothing short of meteoric, captivating the attention of investors, enthusiasts, and analysts. As we look at the future, the market is optimistic, with analyst’s projections of a massive bull run, with some noting a potential $200,000 to $300,000.
A look at what recent on-chain findings could signal in terms of Bitcoin’s next move.
Bitcoin sell pressure slowed down paving the way for some accumulation but it might not be out of the wooThe post A look at Bitcoin in light of the just concluded bearish week appeared first on AMBCrypto.
Bitcoin is now into its 12th week of the prevailing drawdown since the all-time-high, and derivatives traders are betting on more downwards movements by the premiere cryptocurrency.
The post Is Bitcoin in for a short Squeeze? 4 bullish trends to look out for appeared first on CryptoSlate.
Bitcoin has ran into its fair share of judgement and hate, if it’s from people accusing the blockchain of harming the earth, or countries banning them, we will take a look at Bitcoin’s run-ins and how it has gone through minor setbacks, and major comebacks.
Many consider the market for the world's largest cryptocurrency as a means to gain wealth. However, due to the attached risk factor, that is, its volatility it is perceived as an insecure investment oThe post US Diplomat: This incident made authorities take 'another tough look at bitcoin' appeared first on AMBCrypto.
Bitcoin price today set a new all-time high, and tomorrow Coinbase goes public putting an even bigger spotlight on the already buzzing cryptocurrency industry. Things couldn’t possibly look more bullish for Bitcoin and the rest of the market, but the recent price action could resemble one market wizard’s schematic of what “distribution” should look like. […]
In this final article of the three-part look at Bitcoin in bearish-2018, we look at which investing period gives you the least loss. The reason for looking at such a pessimistic year while the market The post When is Bitcoin a reliable bet? appeared first on AMBCrypto.
Everyone has their own Bitcoin buying strategy. Some look at simple things like a particular drop in price, others look at a host of wonky indicators, while some prefer to keep it simple and keep stacThe post How often should you buy Bitcoin? appeared first on AMBCrypto.
With the collective cryptocurrency market trading flat as Bitcoin hovers between $6,000 to $6,500, altcoins have seen divergent movement. Bitcoin Gold, Verge and LEO, are, despite bearish tendencies, The post Verge, Bitcoin Gold and Leo: Don't look down; altcoins look up and sideways appeared first on AMBCrypto.
Eleven years ago, Bitcoin was etched into history with the mining of the Genesis Block. Here’s a data-driven look at how it has grown since last year.
The post Happy Birthday Bitcoin! Here’s a Look at Bitcoin’s 11th Year by the Numbers appeared first on Bitcoin Magazine.
Bitcoin has taken an impressive lead crossing its $4000 resistance level to trade over $7000 in few weeks. To many readers who have followed the industry for a while, this is not any big surprise as a number of experts saw it coming.
Ten years have gone by since the world witnessed a major financial collapse of the banking space, and also the birth of Bitcoin. Here a look at the journey of digital assets so far.
The post 10 Years Post the Global Financial Crisis of 2008, Here’s a Look where Bitcoin Stands Today appeared first on CoinSpeaker.
Decentralized apps, or dApps, operating on the blockchain face a singular problem: scalability. Take a look at Bitcoin 10 transactions per second (TPS) limit, compared to Visa’s 24,000 TPS.
Can bitcoin be used for social good? If anyone thinks so, it’s Ray Youssef, the CEO of peer-to-peer bitcoin platform Paxful. A successful entrepreneur in the crypto and blockchain space, Youssef comes from humble beginnings and understands the importance of maintaining control over one’s finances.
At press time, the father of cryptocurrency is trading for just over $6,400 – about $100 less than where it stood 24 hours ago. For those of you who are movie buffs, the big hit in theaters right now is a sci-fi flick called “The Meg,” short for “megalodon.
In a couple of years, we may look back at July 9, 2018, as the second most tragic day in Ethereum history after the 2016 split of Ethereum and Ethereum Classic. On this day, Bancor, a decentralized exchange service, got hacked and lost its users’ 23.
In recent years, Bitcoin has been referenced in pop culture, including songs from the rap giant Eminem and one of his latest songs, Not Alike, multiple TV shows and many more. Now the crypto has become the focal plot point for a British soap which is watched by million around the United Kingdom.
Now that Bitcoin Cash has successfully survived its first year, it is a good time to look at the project’s rich list. The numbers look somewhat similar to Bitcoin itself at this stage. One address is clearly holding significantly more coins than others, but it seems there are numerous “wealthy” BCH holders out there.
Huobi Japan Holding Ltd. has acquired a majority stake in Japanese cryptocurrency exchange BitTrade, marking the top-three exchange’s formal entry into the Japanese market.
On Monday, while most of the cryptocurrency world nervously watched as markets sank, an even bigger disaster was unfurling in the Mediterranean: the debate between Bitcoin and Bitcoin Cash, on the CoinsBank Blockchain Cruise.
Chart for BTC/USD (1W)
Bitcoin (BTC) might be the single biggest winner of the US China trade war that has left investors completely perplexed. The stock market is completely clueless as to what Trump might to next to escalate the trade war.
With a number of Wall Street heavyweights beginning to open up to the crypto space, mainstream adoption of Bitcoin and other popular tokens seems almost inevitable at this juncture. But is this actually a positive development that investors should look forward to? Perhaps not, say some experts who seem convinced that the financial industry’s embrace […]
Wall Street Cozying Up to Bitcoin Could Open Up a Can of Worms Nobody Wants to See was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
Crypto, charity and cycling. It’s an unlikely triad, but two fitness enthusiasts-turned-crypto philanthropists believe that, taken in combination, the three can drive positive change.
MSX PLC, the digital asset arm of the Malta Stock Exchange, has signed a Memorandum of Understanding (MoU) with Binance to launch a digital exchange for trading security tokens, per its press release.
Ethereum is embracing the Constantinople milestone at the end of November 2018, after DevCon4 in Prague. Constantinople is the latest Ethereum release, introduced through a hard fork, that will include five Ethereum Improvement Proposals (EIPs):Bitwise shifting instructions (EIP 145) in the Ethereum Virtual Machine (EVM) allow for direct manipulation of bytes on the EVM layer.
Recent investigations have revealed multiple US Government programs focused on discovering the identity of Bitcoin creator Satoshi Nakamoto. Take a look.
The post US Government Programs Focused on Satoshi Nakamoto appeared first on CoinCentral.
Artificial intelligence is increasingly popular across a wide variety of technologies used in a wide variety of industries. And the applications of artificial intelligence (AI) are virtually limited — AI can be used to calculate everything from what we’re most likely to buy to who we’re most likely to fall in love with.
Cloud mining and traditional mining are very different from each other. But, what exactly it is? Basically, when the bitcoin mining is done using the data center with shared power processing then it is known as Cloud Mining.
Two crypto companies, Gemini Trust and Paxos, got a green light from a New York state regulator to launch their own stablecoins pegged 1:1 to the U. S. dollar. New York Department of Financial Services (NYDFS) gave an okay to Gemini Trust, the crypto exchange founded by the Winklevoss twins, to launch Gemini Dollar (GUSD).
In many countries, there are emerging monetary crises as local currencies lose value. Local governments or central banks are unwilling or unable to solve inflation, and that’s a key chapter in the story of Bitcoin.
A handful of projects brought their tech to life this week, introducing new payment systems and coins to the industry’s offerings. Meanwhile, Bitcoin’s Lightning Network makes headway for the dev community, and one of crypto’s older and more respected exchanges (arguably) takes a step against the space’s principles.
Bitcoin – Significant drop in the price further develops The 36th week was for the Bitcoin a blood bath in which the world’s most popular cryptocurrency lost a little bit over 10% of its value. Bitcoin opened on Monday (3rd of September) at $7,279 and is now traded at around $6,3500 as at the time […]
The post Cryptocurrency blood bath – look back at the past week performances appeared first on ZyCrypto.
Bitcoin – Significant drop in the price further develops The 36th week was for the Bitcoin a blood bath in which the world’s most popular cryptocurrency lost a little bit over 10% of its value. Bitcoin opened on Monday (3rd of September) at $7,279 and is now traded at around $6,3500 as at the time […]
The post Cryptocurrency blood both – look back at the past week performances appeared first on ZyCrypto.
In this latest edition of our periodic deep web series, we bring news of Tor 8 – the most feature-rich onion browser yet. We also take a first look at a clearnet web browser that trawls the darknet, and cover the fallout from the Alphabay shutdown, whose repercussions rumble on to this day.
Bitcoin side projects could speed up Bitcoin ETF, according to Samson Mow, the CSO of Blockstream.
In a recent interview, Samson spoke about the general state of Bitcoin, while also providing price predictions and his thoughts on a potential timeline for Bitcoin ETF approval.
A look at the network’s recent growth rate confirms that its impact on the Bitcoin market will be significant.
The post CoinGate’s Lightning Network To Boost Bitcoin Adoption, 4,000 Merchants Already Onboard appeared first on Ethereum World News.
The current cryptocurrency market sentiment looks anything but promising. Bitcoin’s price decline is dragging all other currencies and assets with it, which is only to be expected. Surprisingly, Dogecoin’s price is far more stable than any other offering amid this bearish pressure.
Bill Barhydt, founder of bitcoin wallet app Abra, said the U. S. Securities and Exchange Commission (SEC) would approve a bitcoin exchange-traded fund (ETF) within a year once the financial regulator feels comfortable with the caliber of the applicants.
BHB Network CEO Giacomo Zucco publicly urged Latvian airline airBaltic to replace BitPay as its Bitcoin payment processor September 5, claiming the company’s product “doesn’t work. ” Zucco to airBaltic: Go Open Source In a tweet, Zucco — who has become known for his support of open source alternatives to overly-centralized services both within cryptocurrency and beyond — called on airBaltic to look at switching from BitPay to open-source BTCPay and Globee.
As we settle into September, we want to look at the performance of the markets over the past few weeks. Through July and August we had expected markets to fly, if only on a temporary basis. What we have seen however is the complete opposite.
In a world of falling FIAT currency, broken sovereign currency and economic downfalls, we are seeing major cryptocurrencies like Bitcoin stand up to pressures and hold their own against broken financial systems.
Cryptocurrency markets have shown some strength over the last seven days as many digital assets are up between 3 to 40 percent. At the time of publication, the entire digital currency market capitalization of all 1600+ cryptocurrencies is around $239B USD.
The recent fluctuations in the value of Bitcoin are just the latest in a series of spectacular peaks and troughs since it was created in 2009. (Though its price has been falling recently, it remains five times higher than last April, before the latest major peak began.
Investing in cryptocurrencies can be done in many ways. A lot of users don’t like spending fiat currency directly and tend to look for intermediary solutions. This is where so-called stablecoins come into the picture, as they provide an extra gateway to buy Bitcoin and altcoins.
With bearish pressure mounting in Bitcoin’s market dynamics, the flagship asset is likely to experience further price decline in the upcoming days. However, several support ranges continue to act as a roadblock to recent negative moves, holding off against an extended correction.
Anticipation toward the next major rally for Bitcoin continues to increase within the cryptocurrency community following the start of this bull cycle. However, the wait could be over as a crypto expert has predicted a potential rally for BTC in the final quarter of this year.
A cryptocurrency analyst, Timothy Peterson claims that 1,500 bitcoins are lost each day meaning only 14 million BTC will ever circulate. The figure is at odds with the estimate of many organizations including Markets.
Coinspeaker Bitcoin Price Could Hit $75K within Weeks Similar to 2013 Bull RunIt has been found out that the behavior of Bitcoin now is quite similar to what happened in 2013. If the situation repeats, BTC price may reach new highs just in a few weeks.
Bitcoin price may be dropping deeper into a downtrend over the course of the last few months, but the first-ever cryptocurrency is actually much closer now to fair market value than it has been throughout the year.
If bitcoin follows historical trends, it could tip $1 million by February 1st 2028. Based on extrapolating Timothy Peterson’s ‘never look back’ chart which tracks bitcoin’s lower troughs. The chart echoes Plan B’s ‘stock to flow’ model which puts BTC at $1 million near the end of the next decade.
