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Whilst the Bitcoin price (BTC) action may seem bearish to some, the leading cryptocurrency has several bullish indicators that hint towards an imminent recovery.
As Bitcoin enters the last month of 2019, will the king of Crypto finish on a bullish rally, or fall to a yearly low?
In today’s show we explore both bearish and bullish BTC price scenarios.
In other Crypto news today:
Are we on the verge of an Altcoin apocalypse?
The number of dying cryptocurrencies is rising.
The big crypto boom of late 2017 is a long distant memory today. Pretty much every altcoin out there was surging by ridiculous proportions as the wave of FOMO swept the scene.
Today the majority of crypto currencies are melting down and many simply will not survive another winter.
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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:
If you invested 10 000 BTC into ZEC at the open of the 2nd trading day (God forbid) you’d be left with less than two today.
That’s how crazy this drop is.— DonAlt (@CryptoDonAlt) December 1, 2019
Altcoin Apocalypse: The Number of Dying Crypto Currencies Is Rising
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Bitcoin Facing One of the Best Setups in History With Bitcoin Facing One of the Best Setups in History With $1,000,000 Target | BTC Halving 2020 News,000,000 Target | BTC Halving 2020 News
➡️ REPLAY – TEEKA TIWARI – 5 Coins To $5 Million: http://final5.cryptonewsalerts.net
Raoul Pal of Global Macro Investor is breaking down the potential paths ahead for Bitcoin as the BTC halving approaches.
He says Bitcoin is currently in one of the best positions of any asset he’s ever seen, trading inside a “perfect wedge” that he believes is a precursor to a massive new bull run.
Pal’s first depiction of the wedge using traditional charting techniques has the Bitcoin price targeting $40,000.
But when switching to a log price scale to get a long-term perspective, Pal says the BTC price is on a trajectory to $1 million.
Using linear regression channels, which highlight the upper, lower and middle portions of a trend or price move, Pal says BTC displays a move to $400,000 to $1 million.
He says his analysis aligns with Bitcoin predictions from the anonymous strategist PlanB. “Whatever plays out, after a key technical break like today, the probability of vastly higher prices has risen dramatically. And this is confirmed by the stock to flow models by PlanB and the breakout has happened almost exactly at the halvening.”
Pal also points to a rapid increase in money printing and struggling currencies in places like Venezuela and Argentina as a sign of what’s to come.
“Add to that the entire world’s central banks are either seeing their currencies collapse to the almighty dollar (BRL, TRY, ARG, etc) or they are printing money like crazy. Huge quantitative easing fiat meets the hardest money that automatically quantitatively tightens. BTC wins.
This is the one of the best setups in any asset class I’ve ever witnessed… technical, fundamental, flow of funds and plumbing. All. Now. Again, to be clear, even if it has 90% odds, doesn’t mean its definitely going to work…I can and will be wrong…often and dramatically.”
Pal says he recently allocated 25% of his liquid net cash to Bitcoin, along with 25% to gold.
He’s reserving another 25% for trading opportunities and plans to keep the last 25% in cash.
In other trending Bitcoin News today:
THESE 4 TRENDS SUGGEST BITCOIN WILL ROCKET HIGHER TOWARDS $15,000: FUNDSTRAT
Since the $3,700 lows, Bitcoin has roared higher, crossing above resistance after resistance in succession.
Just recently, BTC tapped $10,000.
Although impressive, top analyst Tom Lee expects for the cryptocurrency to head even higher, citing three “solid” tailwinds for this market.
“There’s a confluence of four fundamental factors that indicate Bitcoin’s medium-term to long-term trend is shaping positive, analyst Thomas Lee has said. The co-founder of Fundstrat Global Advisors, a New York-based research firm, identified them as follows:
1 – Bitcoin is the best-performing “asset class” in 2020, beating U.S. Treasuries and Gold amid a global recession. Treasuries are up 21% while the precious metal is up 13% — already much better performances than the S&P 500’s 10% drop, the 5% drop in emerging market corporate bonds, and the 20% drop in the Russell 2000 index.
2 – In a similar vein, BTC was the best-performing asset class of 2019, rallying 92% while the U.S. stock market gained around 20%.
3 – The block reward reduction, known as a “halving,” is taking place in four days, estimates suggest.
4 – Paul Tudor Jones, one of the world’s biggest macro investors, just announced his fund is taking a stake in Bitcoin futures. Jones believes the cryptocurrency will act as a hedge against inflation.”
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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:
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MAX KEISER SAYS BITCOIN WILL GO TO $1M AS GOVERNMENTS START PUTTING BTC ON THEIR BALANCE SHEET!!
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Bitcoin bull and Wall Street veteran Max Keiser has issued a massive BTC price prediction, saying as game theory suggest, governments around the world will start putting Bitcoin on their balance sheet sending BTC parabolic to $1,000,000.
The RT host of the Keiser Report shared the following:
“As long as governments control money, there could be no advances in money. Along comes bitcoin, it separates government from money. No government can touch btc, they’re completely divided & divorced.
And as I predicted, if you gave people hard money like bitcoin to transact without the interference of government it would be an economic global boom, a renaissance.
We can transact in unconfiscatable, uncensorable money when nobody can stop us because we’re protected by this encrypted shield called the bitcoin protocol that’s impenetrable & nobody can stop us.
Governments have flapped their gums a lot & suggested oh we are against it but none of them can stop it. Eventually one of these governments according to game theory is gonna say you know what, enough is enough we’re gonna start putting it on our balance sheet here.
And whatever country that might be & then every other country will do exactly the same thing and the price of course will go $500K, $600K, $1,000,000 a bitcoin and Max & Stacy will be once again 100% right.”
In other trending Bitcoin News today:
A Bitcoin Price Dip For Ants? BTC Quickly Rebounds to a New High Above $57,800
The price of Bitcoin (BTC) dipped to as low as $53,905 on Binance overnight, recording a sudden 6% drop. But despite the minor correction, the price of Bitcoin quickly recovered thereafter, reaching a new all-time high above $57,800 on Feb. 21.
Although Bitcoin saw a steep drop within merely hours, analysts pinpointed that it fell to the exact bottom of a short-term trendline.
John Cho, the Director of Global Expansion at Ground X, noted that the drop was a liquidity fill at a lower price.
A liquidity fill simply means when an asset drops after stagnating to fill buy orders at the bottom of the range
A drop was expected because Bitcoin was consolidating with the futures funding rate at around 0.15%.
Across major futures exchanges, the Bitcoin futures funding rate was hovering between 0.1% to 0.2%, and it was particularly high for stablecoin pairs.
Bitcoin futures exchanges use a mechanism called funding to incentivize buyers or sellers based on market sentiment.
For example, when there are more buyers in the market, the funding rate turns positive. When that happens, buyers have to pay sellers a portion of their position every eight hours.
When the funding rate is high but the price of Bitcoin is consolidating, the risk of a big short-term drop increases.
The funding rate for altcoins, including Ether (ETH) and DeFi tokens, reset to around 0.05%. As such, altcoins saw a stronger bounce than BTC.
Misa Christanto, an analyst at Messari, said that in a bear market, everything is correlated. But Bitcoin, which is also considered a “reflation trade,” has been resilient. She wrote:
“US Treasury curve is steepening. Why should we care? Because in a bear market, everything is correlated. So far the headwinds have been on equity returns, on unprofitable tech names. Reflation trades like $BTC unaffected.”
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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:
“As long as governments control money, there could be no advances in money. Along comes #bitcoin, it separates government from money. No government can touch #btc, they’re completely divided & divorced.”-@MaxKeiser🍊💊
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) February 20, 2021
“These banks will not compete. They will not introduce anything near a #Bitcoin. Just like there was only one Joan of Arc, there was only one Virgin Mary, there was only one Allah, there can be only one #BTC & it rules supreme.” – @MaxKeiser (Keiser Report 443, May 11, 2013) 🍊💊
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) February 20, 2021
In percentage terms, Bitcoin growing from $57K to $1M is the same as going from $3,249 to $57K.
— Stack Hödler (@stackhodler) February 20, 2021
On-Chain Data: The Last Time This Happened, Bitcoin Rose Another 2x
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‘Stimulus Binge’ Will Push Bitcoin Price to ,000 This Year | Massive BTC Drop May Come First
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The outspoken CEO of the cryptocurrency exchange BitMEX is back with a fresh set of BTC predictions for the Bitcoin price and the global economy.
In a new edition of his Crypto Trader Digest, Arthur Hayes says the US government can print enough money to initially weather fallout from the coronavirus.
However, due in part to sinking demand for foreign goods and heavy hoarding of cash from American banks, he believes the US dollar will not flow to the businesses and nations that need it most – triggering a widespread fallout that will “destroy the global economy.”
“The Fed can print as much USD as it likes, but the companies and countries that need it the most will not get it… I have no idea on timing, but the strong USD will break the back of the global economy and force a reset. The question is what the new system will look like.”
Hayes says Bitcoin (BTC) stands to benefit, especially if the US decides to digitize the dollar.
“All I know is the setup for Bitcoin, the hardest form of digital money, could not be better. All manners of trust have evaporated. In order to solve for demand and supply destruction, governments will embark on the greatest fiscal stimulus binge the world has ever seen. It will not be paid for by tax receipts, it can’t be because 30% of the population is out of a job, it will be paid for by the printing press.
The kicker is that, in order to hand money directly to the people, governments will have to digitize their currencies. That will educate the populace on digital money. Once they understand fiat digital money, they will seek out the hard version to avert the ravages of inflation. If you believed that Libra could educate the masses on the joys of digital currencies, just imagine when everyone on Basic spends their food stamps via a mobile app.”
In the short term, Hayes says he expects global markets to take another beating and the S&P 500 to once again test 2,000.
Alongside traditional markets, Hayes predicts the BTC price could easily crash to $3,000. He warns traders to buy the dip at their peril.
Although Hayes says he’s uncertain on the timing of his predictions, he expects a huge Bitcoin rally will happen this year that brings the leading cryptocurrency back to its all-time high.
“As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancient regime. My end of 2020 price target remains $20,000.”
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Trezor: ► http://trezor.cryptonewsalerts.net
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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:
Bitcoin Tanks Under $7,000 After Rallying 100% From Bottom: What’s Next?
https://u.today/number-of-bitcoin-btc-whales-hits-two-year-high-is-another-bull-run-on-the-horizon
https://mailchi.mp/f9aef4cfc78a/crypto-trader-digest-1307898?e=aeae76e39c
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