$100K BITCOIN EARLY AS NEXT MONTH SAYS BLOOMBERG ANALYST AS GOLD INVESTORS MOVE TO BTC AND ETHEREUM!

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Bitcoin Price Needs to Break Past $8,000!

In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a BTC price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.”

Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):

• The 200-day moving average.
• The 100-day moving average.
• The 50-day moving average.
• The 20-month moving average.
• Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
• And the yearly pivot level.

The pertinent question remains — does Bitcoin (BTC) have the potential to clear $8,000?

Analysts, unfortunately, are divided about this question.

Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.

As it stands, BTC is in the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.

The thing is, there remains the overhead risk of traditional markets continuing to fall, which could depress Bitcoin.

As explained by Chris Burnisike, partner at Placeholder Capital:

This theory has been echoed by trader Cantering Clark, who remarked that the “moment equities s**t the bed again Bitcoin will follow,” explaining that the reality is some of the world’s “largest and most fundamentally important industries” are being adversely affected by the coronavirus outbreak, making it unlikely crypto will be spared.

China Is Drafting Laws for the Circulation of National Digital Currency Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency.

The central bank is now drafting legislation for its circulation, according to local media.

A number of patents have revealed what the digital yuan will be like.

China’s central bank, the People’s Bank of China (PBOC), is reportedly closer to issuing its own digital currency, Chinese publication Global Times reported on Tuesday, citing an unnamed industry insider.

The central bank, in collaboration with private companies, “has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation,” the publication detailed.

The insider elaborated: As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid the coronavirus (covid-19) pandemic, China should accelerate the launch of its digital currency.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://www.tradingview.com/chart/BTCUSD/S1p3CQYW-Bitcoin-Death-Cross-but-is-that-it/

https://news.bitcoin.com/china-digital-currency/

https://www.newsbtc.com/2020/03/26/all-eyes-on-8000-why-bitcoin-needs-to-clear-this-crucial-level/

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A crypto strategist who sent an early warning about the Bitcoin (BTC) big correction last year is back with another bold prediction.

Dave the Wave is highlighting a new outlook from entrepreneur and Bitcoin investor Bob Loukas, who expects BTC to crater at the end of the current bull cycle.

Dave predicts that after the current bull market, Bitcoin will go through a “solid correction” for a few years before restarting a new boom cycle that will catapult the leading cryptocurrency above $280,000 at the end of 2027.

BTC investor Bob Loukas tweeted:

“To date, cryptofinance remains a laughed at and obscure market on the fringe of finance. Near the top of the next great Crypto bubble, market cap and penetration will hit ‘warning levels’ that concern the financial establishment.

In response, I believe you’re going to see coordinated full attack that will send crypto into savage + prolonged bear market. (Time+Price) Of course, it will adapt. Engineers will dig deeper. And in many ways, that act will serve as its right of passage.”

In the short term, however, Dave is telling is 38,000 followers that the month-long Bitcoin correction may be coming to an end as technical indicators flash bullish signals.

“Third time lucky?”

The crypto strategist is also keeping a close eye on the performance of a select group of altcoins, which includes Ethereum (ETH/USD), Chainlink (LINK/USD), Cardano (ADA/USD), NEO (NEO/USD), Monero (XMR/USD), and Tezos (XTZ/USD).

Based on Dave’s chart, Chainlink has been the best performer since the 2018 bear market bottom, and it is closely followed by Ethereum, Cardano, NEO, Monero, and Tezos.

Dave compares the long-term timeframe charts of Ethereum and Bitcoin (BTC/USD).

By doing so, according to the trader, Ethereum is poised to explode as it is a full bull market cycle behind Bitcoin. “And the fuller history… suggesting ETH a cycle behind.”

In other trending Bitcoin News today:

THREE KEY REASONS WHY BITCOIN’S MACRO CHART IS STILL BULLISH

Bitcoin’s macro trend remains bullish despite its inability to hold above crucial technical levels during the summer rally.

One crypto-asset analyst recently shared a series of charts and tweets showing that there are multiple reasons to be bullish on Bitcoin from a macro time frame.

Three of these reasons are as follows:

– Bitcoin has flipped the middle of the macro 1,000 range into support, meaning it looks primed to test range highs at $14,000.

– Bitcoin recently broke the multi-year downtrend that originated from the $20,000 all-time high set in December 2017. The downtrend was even retested by Bitcoin in late July, suggesting that it is acting as support. BTC breaking this trendline is important as it acted as resistance in 2019.

– BTC retraced to the “golden pocket” Fibonacci Retracement level in March, suggseting there will be an “impulse wave” towards all-time highs over time.

Underlying on-chain trends agree with the positive sentiment put forth by the aforementioned trader.

Glassnode reported that the number of BTC whales has been on a strong incline since the 2018 lows:

“The number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months. An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.”

Other on-chain trends supporting Bitcoin growth include an increase in the realized cap and a decreasing number of BTC on exchanges, which should support price growth.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://dailyhodl.com/2020/10/12/after-calling-one-of-bitcoins-biggest-crashes-this-crypto-analyst-says-btc-will-surpass-280000-heres-when/

Three Key Reasons Why Bitcoin’s Macro Chart Is Still Bullish

https://cointelegraph.com/news/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support

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Strike CEO Jack Mallers shares his bullish Bitcoin price predictions with Anthony Pompliano on The Best Business Show Podcast.

“I think we’re going well into the 6-figures, when it happens I don’t care. I think within the next 12 months we’ll see well over $100,000 BTC very easily. I expect $100K to $250K, maybe $400K Bitcoin in the year 2022 easy.”

And on the Bitcoin network side of things regarding the relationship between Twitter and Strike he elaborates:

“In addition to the services currently enabled through Tips, people can now seamlessly tip with Bitcoin using Strike – a payments application built on the Bitcoin Lightning Network that allows people to send and receive Bitcoin. Strike offers instant and free payments globally.”

In other trending Bitcoin News today:

On-Chain Data Shows Bitcoin Supply Will Not Be Able To Meet Demand: Glassnode Co-Founder!

The firm’s latest data shows nearly 2,000,000 BTC has shifted from short-term to long-term holders since April of this year.

Glassnode’s Rafael Schultze-Kraft says the data clearly shows “supply will not be able to match demand.”

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Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Watch Jack Mallers Send $10 To El Salvador Via Twitter’s Lightning Tips

https://cointelegraph.com/news/morgan-stanley-exec-says-bitcoin-is-the-kenny-from-south-park-of-money

https://cointelegraph.com/news/bitcoin-volatility-continues-as-btc-price-closes-in-on-critical-weekly-close