CRYPTO TRADER PREDICTS $150K BITCOIN TOP THIS BULL CYCLE, FOLLOWED BY A CORRECTION TO $32K!!!!!

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BITCOIN (BTC) BREAKING THIS LEVEL WILL VALIDATE BULLS, HURT BEARS

Although the Bitcoin price seems volatile, the cryptocurrency has been in a period of consolidation over the past two weeks, stalling in the high-$6,000s and the low-$7,000s after briefly interacting with the highs of $7,470.

Bitcoin seems to be stuck between a rock and a hard place, with any move below $6,700 being bid heavily and $7,300-$7,400 failing to crack due to that zone’s historical importance to the market.

But according to a prominent crypto analyst, if a certain price point is reached, fireworks — or a rapid move higher, in other words — are likely to follow.

A trader with the moniker CryptoYoda — who has garnered over 200,000 followers on Twitter — on Saturday released the latest iteration of his technical analysis newsletter series, the Letters from Dagobah.

In it, he explained that while the market structure is leaning bearish due to the existence of a rising wedge formation and a head and shoulders pattern — two trends that are bearish by textbook definition — Bitcoin breaking $7,475 would invalidate the bear case, “pushing Bears out of their positions while inviting Longs buying the Bears’ pain”:

“A takeout of that High could lead to massive covering of Shorts and buying on volume leading to a strong rally, especially as buyers have already eaten through the Resistance levels of previous Lows.”

What he’s explaining is that if Bitcoin manages to set new highs, it will prove that the ongoing consolidation is not indicative of a top, but is instead consolidation proceeding bullish continuation, likely to $8,000 and beyond.

Importantly, the analyst did admit that if this breakout can take place, there remains “significant overhead Resistance” with the daily 100 and 200 exponential moving averages at $7,600 and $7,900, respectively.

$3,000,000,000 in ‘Dry Powder’ Poised to Enter Bitcoin (BTC) and Cryptocurrency Markets: Messari CEO

The CEO of blockchain database startup Messari says there’s a huge amount of crypto capital sitting on the sidelines, ready to move into Bitcoin, Ethereum, XRP and the greater altcoin markets.

Ryan Selkis cites new data that shows cryptocurrency exchanges are now holding over $3 billion in stablecoins on behalf of their customers.

He says these investors are in a strategic position to re-enter the speculative crypto market at a moment’s notice.

“There’s now $3 billion++ of stablecoins sitting on exchanges. If investors wanted to cash out of crypto completely, they would have withdrawn funds to banks. Instead, we’ve got more dry powder held in the crypto economy than ever before. In both real and market cap % terms.”

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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 Breaching This Level Will Trigger Market Fireworks: Analyst

https://u.today/active-bitcoin-btc-supply-hits-new-high-in-6-months-as-hashrate-drops

https://yoda.substack.com/p/the-attempted-break

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Major United States-based crypto exchange Kraken has released a report predicting that the Bitcoin (BTC) price will rally by between 50% and 200% in the coming months.

The report notes that Bitcoin posted a 21-month low for volatility on July 24 of just 23%, and stated that BTC’s 12 historic volatility lows (of between 15% and 30%) have typically been followed by a rally of 140% on average.

With August usually the third-most volatile month for BTC price fluctuations, Kraken is predicting that upward momentum produced by Bitcoin at the end of July will continue for several months to come.

Kraken emphasized that Bitcoin’s recent rally resulted in the second-strongest July for BTC price performance since 2011, noting that July was usually the third-weakest calendar month for Bitcoin.

Bitcoin’s 14.5% jump between July 27 to July 31 drove the month’s overall performance to a 24% gain, positioning the market for continued momentum, according to Kraken. Prior to the move, July produced what the report describes as a “suppressed pocket” of weak volatility.

Ten of the 12 past instances of Bitcoin entering a suppressed pocket have been followed by gains exceeding 196%.

Kraken estimates that 44% of July’s total trade volume transpired during the final seven days of the month.

The report also notes that Bitcoin’s rolling 30-day correlation with gold jumped to a one-year high of 0.93 on July 31.

The spike comes after the monthly correlation fell to a 10-month low of -0.66 on July 2, contradicting predictions that gold and Bitcoin would emerge as popular “safe-haven” assets and move in-step throughout the COVID-19 pandemic and recession.

In other trending Bitcoin News today:

Analyst: Chainlink Targeting $32 by End of 2020 Amid Booming DeFi Market

ChainLink’s (LINK) raging bull market may have more upside potential, according to one alternative investment analyst.

Timothy Peterson, a chartered financial analysts, says LINK, which is now the sixth-largest cryptocurrency after posting gains of over 500% in a year, appears ready to continue its parabolic rally and move higher by the end of 2020. 

“Did some quick analysis of Chainlink‘s network growth rate and historical deviations in price put LINK at $32 by end of year.”

At that price, however, Peterson stresses that LINK would have difficulty sustaining it’s bullish momentum.

“Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.”

ChainLink is a decentralized oracle network that connects real-world data such as interest rates and exchange rates to smart contracts on the blockchain.

The boom in the decentralized finance (DeFi) over the last few months has helped fuel the growth of parallel projects like ChainLink.

Michael Anderson, the co-founder of Framework Ventures, tells Forbes that the importance of oracle networks has become more apparent now that billions of dollars are locked up in DeFi products that rely on smart contracts.

“We believe the value of LINK will track the value of the smart contract platform it is securing, meaning the long term market cap of LINK will eventually be larger than Ethereum’s current market cap today.”

DeFi Pulse shows that from early June, the total value locked in DeFi protocols grew from a little over $1 billion to almost $5 billion.

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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:

6/ The move above $11K is also significant because it:

+ Breaks #BTC out of its 2.5-year “pennant” formation (what many believe to signal the next bull market cycle)

+ Makes a higher-high in the macro trend

+ Enters territory #Bitcoin has only occupied for 2.5% of its lifetime pic.twitter.com/j3Bw5EzSg9

— Kraken Exchange (@krakenfx) August 11, 2020

Did some quick analysis of #chainlink‘s network growth rate and historical deviations in price put $LINK at $32 by end of year, but that price would not be sustainable. Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.

— Timothy Peterson (@nsquaredcrypto) August 9, 2020

Chainlink (LINK) Soars 30% To New ATH, Dethrones Bitcoin Cash Spot

Analyst: Chainlink Targeting $32 by End of 2020 Amid Booming DeFi Market

https://www.coindesk.com/coinbase-to-offer-bitcoin-backed-loans-to-us-customers

https://cointelegraph.com/news/boom-kraken-predicts-imminent-bitcoin-price-rally-of-up-to-200

https://kraken.docsend.com/view/grpqdjb9c3h59i87

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Bitcoin can offer protection against the “depreciating value of money,” newly bullish BTC investor Ray Dalio says.

In a Reddit “Ask Me Anything” session on Dec. 8, Dalio, who last month abandoned his skepticism of Bitcoin, said that the cryptocurrency could complement gold as an investment.

“I think that Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth,” he wrote.

“So it could serve as a diversifier to gold and other such storehold of wealth assets.”

Dalio shed light on his opinion of various aspects of the global economy, including the United States’ current position, China and the state of fiat currency.

Continuing, he argued that money printing would spur asset inflation, implying that simply holding wealth in cash would lead to losses.

“We are in a flood of money and credit that is lifting most asset prices and distributing wealth in a way that the system that we’ve come to believe is normal is unable to, and that is threatening to the value of our money and credit,” he warned.

“Most likely that flood will not recede, so those assets will not decline when measured in the depreciating value of money. It is important to diversify well in terms of currencies and countries, as well as asset classes.”

His perspective conspicuously mimics that of Bitcoin proponents, notably Michael Saylor, CEO of MicroStrategy, who is guiding the company toward BTC reserves of nearly $1 billion.

Saylor, in an interview with The Bitcoin Standard author Saifedean Ammous in September, stressed that asset inflation was far outstripping that of cash, and that large paper money holdings were thus akin to a “melting ice cube.”

Dalio thus departs further and further from the Bitcoin-skeptic position he held just weeks ago, which began to thaw when he admitted that he “may be missing something” about its true nature. Nonetheless, he stopped short of advocating a “full Bitcoin” portfolio.

“The main thing is to have some of these type of assets (with limited supply, that are mobile, and that are storeholds of wealth), including stocks, in one’s portfolio and to diversify among them. Not enough people do that,” he reasoned.

On the topic of gold, Dalio was more opaque. Choosing between the precious metal and Bitcoin would depend on central banks’ behavior.

“As far bitcoin relative to gold, I have a strong preference for holding those things which central banks are going to want to hold and exchange value in when they are trying to transact,” he concluded.

In other trending Bitcoin News today: 

Bitcoin Plunges Below $18,000 – Here Are The Levels To Watch Next

Bitcoin fell below $18,000 on Dec. 9 in the latest continuation of its bearish comedown from all-time highs.

At press time, new lows near $17,600 were appearing, with 24-hour losses totaling more than 7%.

The situation was tenuous for Bitcoin after support was lost higher up, with exchange data showing buyer interest only lined up in significant amounts at $16,200. Converse selling pressure had provided an instant rejection at close to $20,000 last week.

“Third test of support and breakdown,” summarized Cointelegraph Markets analyst Michaël van de Poppe to his Twitter followers on Wednesday.

“Testing levels multiple times doesn’t make the level stronger. Downtrend likely to continue? I think so, unless $18,500–18,700 is reclaimed, I think we’ll continue correcting.”

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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:

Averaged out, Bitcoin has 10x’d every 2 years.2008 .012010 .102012 1.002014 10.002016 100.002018 1000.002020 10,000.00

h/t @FreakieF

— Dan Held (@danheld) December 8, 2020

Citi downgraded MicroStrategy because of its plan to accumulate a significant amount of #Bitcoin in its corporate treasury.

Never forget this is one of the ratings agencies that rated subprime mortgages AAA right before the housing market crashed and destroyed the global economy

— Vijay Boyapati (@real_vijay) December 9, 2020

BIG UPDATE: @RayDalio, Founder of Bridgewater (world’s largest hedge fund) just said in Reddit AMA: “I think that #Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives.”https://t.co/0yqia9frvy

— Cameron Winklevoss (@cameron) December 8, 2020

Watch how traders, shitcoiners and weak hands transfer their #bitcoin to strong hands like Grayscale, Paypal, Square, MicroStrategy etc. These BTC will disappear from the market and go into deep cold storage and stay there for years. pic.twitter.com/McpnqEelV0

— PlanB (@100trillionUSD) December 8, 2020

Third test of support & breakdown. Testing levels multiple times doesn’t make the level stronger.

Downtrend likely to continue? I think so, unless $18,500-18,700 is reclaimed, I think we’ll continue correcting. $BTC

— Michaël van de Poppe (@CryptoMichNL) December 9, 2020

https://cointelegraph.com/news/bitcoin-plunges-below-18-000-here-are-the-levels-to-watch-next

https://cointelegraph.com/news/a-flood-of-money-and-credit-ray-dalio-new-bitcoin-praise-echoes-microstrategy