$322K BITCOIN LOOKS PROGRAMMED – TOP CRYPTO ANALYST SAYS BTC PRICE ‘NOWHERE NEAR A TOP’!!

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Since BTC topping out at $6,500 on March 31, the Bitcoin price had spent the majority of Wednesday in a steady slump which saw the price drop from $6,494 to $6,147.

The pullback mirrored the poor performance in traditional markets where the S&P 500 and Dow dropped by 4.41% and 4.44% respectively. 

The slump in traditional markets appeared to be a reaction to dismal news that the United States surpassed more than 200,000 Coronavirus cases.

Earlier this week the White House also stated that it concurs with the estimate that up to 240,000 Americans could die from COVID-19 within the next 3 weeks. 

If true, this would likely extend the time social distancing and mass quarantine policies stay in effect, leading to additional damage to the economy.

As advised by many market analysts, global markets are unlikely to show signs of bottoming until the Coronavirus pandemic is brought under control. 

Surprisingly, shortly after equities markets closed BTC price broke from the pattern of lower highs with a sharp upside move which pushed the price to $6,744.

The move came as the Bitcoin price was on the verge of falling below the $6,200 support to complete the right shoulder of a rather sloppy head and shoulders pattern on the 4-hour time frame. 

Had that occurred, traders would be looking at a target near $5,150 so for bulls the current surge above the $6,600 resistance level is probably a welcome relief. 

The push through the $6,250-$6,450 range brought Bitcoin (BTC) above the $6,600 resistance and even though the price pulled back, traders are fighting to turn this level to support.

Once above $6,600 traders will target $6,725 and $6,900. 

On the daily timeframe, the volume profile visible range shows that above $6,900, the $7,100 to $7,200 zone could present stiff resistance.

For the short term, holding $6,600 as support then setting a higher high above $6,900 would be a positive step forward. 

Could Stablecoin Holdings Tip the Scale in BTC Bull’s Favor?

One factor that could bolster bulls eventually is the fact that the Stablecoin Supply Ratio is currently nearing an all-time low, showing that the current stablecoin supply has significant buying power and could bolster BTC.

“Stablecoin Supply Ratio (SSR) is near its ATL. Low SSR means the current stablecoin supply has strong buying power to purchase BTC and push the price up. USDT (ERC20) exchange balances at an ATH indicates that those coins are waiting on the sidelines,” Glassnode noted in a recent tweet.

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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:

This Indicator Shows Bitcoin May Soon See a Massive Influx of Buy Orders

https://cointelegraph.com/news/us-stimulus-package-might-cause-modest-improvement-to-bitcoin-market

https://cointelegraph.com/news/decoupling-bitcoin-price-surges-above-67k-as-stocks-again-bearish

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Bitcoin is on track to be one of the year’s best performing assets, despite a recent retraction – but that’s not stopped BTC bulls from fighting on Twitter.

The Bitcoin price has climbed through much of 2020, adding some 40%, with the bullish stock-to-flow model – that predicts a massive $288,000 BTC price before 2024 – working “like clockwork,” according to its anonymous creator.

However, a number of high-profile bitcoin analysts and entrepreneurs have clashed over the stock-to-flow model this last week, with the anonymous PlanB accusing his critics of trying to unmask him and his model derided as “absolutely useless.”

“The [stock-to-flow] model is based on the most fundamental errors which render it absolutely useless,” warned Alex Kruger, an economist and cryptocurrency analyst, speaking over the phone.

The stock-to-flow pricing model, created by anonymous Twitter user PlanB, who claims to be a Dutch institutional investor with a legal and quantitative finance background that manages around $100 billion in assets and tweets from the handle @100trillionUSD, calculates a ratio based on the existing supply of an asset against how much is entering circulation.

Kruger, along with many other analysts in recent months, has warned the model is based on faulty comparisons and a “spurious relationship” between price and scarcity.

“The whole model rests on the wrong assumption that there is cointegration between price and scarcity,” Kruger said, who explained that without cointegration it’s “nonsensical to think that bitcoin stock-to-flow, a number that goes up programmatically, and everybody knows what it will be at any point in time, can be used to predict price.”

Criticism of the stock-to-flow model and its creator have bubbled up recently, with the chief executive of bitcoin buying app Swan Bitcoin, Cory Klippsten, posting what PlanB considered to be identifying information on Twitter before deleting it and saying he was “wrong to post any personal information” about PlanB and adding anonymous bitcoin users “should have the right” to stay anonymous.

“It’s extremely important to be bullish for the right reasons,” Klippsten said via Twitter, explaining his opposition to the popularization of the stock-to-flow model.

“Otherwise you’ll have weak hands when your belief is proven false.” Klippsten, speaking via Telegram, said he supported the stock-to-flow pricing model until just a few months ago when he “looked into the models and realized they’re invalid” and “have zero predictive power.”

According to PlanB, who has disputed the information posted by Klippsten, the stock-to-flow pricing model shows bitcoin will reach $288,000 before the next bitcoin halving in 2024.

PlanB has also argued that assets that have a high stock-to-flow have a high value, pointing to gold, silver, diamonds and real estate in a chart posted to Twitter.

In other trending Bitcoin News today:

Bitcoin Active Addresses Shatters 1,000,000! Bitcoin’s fundamentals continue to show signs of strength.

According to the on-chain data provider Coin Metrics, the number of BTC active addresses has soared to a level not seen in over two years.

“Bitcoin doesn’t have to be complicated. The supply is capped and the number of users has been growing exponentially this whole time.”

Analysts use the active addresses metric to measure the rate of a crypto asset’s adoption.

The metric refers to the number of unique addresses that are active on the network as a sender or receiver of the crypto token.

On September 25th, the number of BTC active addresses skyrocketed to 1.14 million – the highest level since the 2017 bull market.

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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:

blocked: noise control

— PlanB (@100trillionUSD) September 28, 2020

OK, by Dec 2021 we will know then: S2F>$100k, Dave

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Real Vision Finance co-founder Raoul Pal says a $1 million price tag on Bitcoin could be in the cards for this BTC bull cycle.

In an interview with Peter McCormack on the What Bitcoin Did podcast, the former Goldman Sachs executive says that the seven-figure mark is his peak bull cycle target for the flagship cryptocurrency if the BTC chart goes parabolic to the extent it has in previous cycles.

“I’ve peaked at a million but not for this cycle, but it’s possible that we overshoot. So I just use the regression line and used the trend of the [logarithmic] scale, and basically it says somewhere between PlanB’s [stock-to-flow model prediction] and $400,000 is right, but it could actually hyperextend to get as high as it did from the trend in 2013 which would give us $1 million. So I think it’s skewed slightly higher than people expect so I don’t think it gets to $1 million but we’ve got institutions coming in, who knows how this dynamic changes.”

The macroeconomics expert foresees some key hurdles that Bitcoin will have to overcome in its path towards its cycle top, including Coinbase’s initial public offering (IPO).

“The other thing for people to bear in mind is that there’s a couple of price hurdles that are coming up that people haven’t thought through. The first one is Coinbase’s IPO. If you are an institution who wants to buy Bitcoin and you’ve got to get through all this rigmarole to get it signed off and the Coinbase IPO comes out and it’s a $60 billion company, and you can stick a few billion in, it’s a good enough proxy for a while. So my guess is that it’s going to take out a lot of demand from institutions in the short term.”

Pal also highlights a key level as a potential psychological price barrier where many BTC investors will choose to take profits.

“The next big thing after that, I think $100,00 is going to be an issue because a lot of people got in at around $10,000. A lot of people have made 10 times their money and $100,000 is a round number, and people think, ‘Let me take half my chips off the table’ so I think we might see a longer correction.”

Pal predicts Bitcoin will reach that $100,000 range this June, a level where he expects a lot of profit-taking to happen.

In other trending Bitcoin News today:

Bitcoin Price Rally to $61,800 Shows BTC Bulls Are In Full Control

On March 13 bulls took full control of the crypto market as Bitcoin (BTC) price vaulted to a new all-time high at $61,844 after a high volume surge pushed the price through overhead resistance near $58,000.  

Analysts had spent the week calling for an eventual move above the $60,000 level and social metrics showed bullish sentiment for Bitcoin continued to increase as a number of companies and institutional investors announced plans to make BTC purchases. 

Bitcoin now finds itself in the realm of price discovery as there is limited data available from a technical analysis standpoint to determine where the price may go next.

One possible price target was highlighted in a recent report from Decentrader co-founder Philip Swift, who is now looking at the 1.618 fib extension ($70,000) as the next take profit level.

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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:

💥💥💥 “The people that lost a lot of wealth in 2008, primarily people of color are now getting raked over the coals again through this inflationary pass at their assets. Again, remember #bitcoin is unconfiscatable…” – @MaxKeiser

— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) March 13, 2021

Russell Okung announced in December he was converting half of his $13M salary into Bitcoin.Bitcoin was $27,000.

Now, with the price at $61,000, @RussellOkung turned his $13M annual salary into over $21M.

This increase makes Okung one of the 30 highest-paid NFL players today. pic.twitter.com/xXX970Ng8H

— Joe Pompliano (@JoePompliano) March 13, 2021

They only reason that you think $61k per #bitcoin is expensive is that you haven’t seen $610k per #bitcoin. If you had, you’d think $61k is a deep discount. If you make decisions based on past prices you’re going to make mistakes, instead look at the fundamental value of #bitcoin

— Pierre Rochard (@pierre_rochard) March 13, 2021

https://cointelegraph.com/news/bitcoin-price-rally-to-61-800-shows-btc-bulls-are-in-full-control