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Bitcoin Long-Term Cycles Offer HopiumâŠ
When near-term BTC confusion prevails, sometimes itâs best to take a step back to see the bigger picture of where the market is and what possibilities the future holds.
According to Inmortal, a pseudonymous Twitter user, Bitcoinâs four-year cycle is currently about 65% through its bull-market phase and the trader predicts a top at $150,000, which will be followed by a correction to $32,000.
In other trending Crypto News today: Ethereum price can hit $14,000 if the March 2020 chart fractal holds.
Ethereumâs native asset Ether (ETH) faces prospects of closing above $14,000 sometime in 2021 based on its current trendâs striking similarity with the one from last year.
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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://cointelegraph.com/news/ethereum-price-can-hit-14k-if-the-march-2020-chart-fractal-holds
https://cointelegraph.com/news/paypal-set-to-launch-crypto-trading-in-the-uk-and-may-embrace-defi
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BITCOIN HALVING DUMP FROM K TO .1K: 3 REASONS WHY | BTC Can Stay Bullish After 15% Retracement
âĄïžÂ REPLAY â TEEKA TIWARI â 5 Coins To $5 Million: http://final5.cryptonewsalerts.net
Bitcoin (BTC) price dropped from $10,000 to $8,100 within just over a day, as it plunged by 9% in a single hour.
It liquidated $200 million worth of longs, obliterating the futures market.
The three key reasons that triggered the immense Bitcoin correction were: strong multi-year resistance area above $10,000, whales moving to short the market on BitMEX, and extreme volatility heading into the Bitcoin Halving.
REASON #1: $10,200 to $10,500 is a multi-year strong resistance area for Bitcoin
Since mid-2018, the $10,200 to $10,500 range served as a historically strong area of resistance for the top-ranking cryptocurrency by market capitalization.
After its first breakout above $10,500 in June 2019, which led to a swift run to $14,000, Bitcoin failed to move above that level five out of six times in the last two years.
When the Bitcoin price initially broke down at $10,100 on May 8, it signaled the rejection of a key resistance level and left BTC vulnerable to a steep correction.
As whales started to sell at $9,900, it led to a cascade of long contract liquidations primarily on BitMEX and Binance Futures.
In one hour, more than $200 million worth of longs were liquidated.
REASON #2: Whales quickly moved to sell BTC at the point of rejection
Almost as soon as the rejection of $10,200 was confirmed, whales started to fiercely short Bitcoin across major cryptocurrency exchanges.
The open interest on the big four derivatives exchanges that include Binance Futures, BitMEX, Deribit, and OKEx plunged.
The term open interest refers to the total amount of long and short contracts open at a given time.
The rapid decline in open interest meant that as selling pressure began to build up, it caused over-leveraged buyers in the futures market to get trapped in their positions.
REASON #3: Massive volatility ahead of halving
Ahead of the Bitcoin block reward halving set to occur on May 12, trading activity on all major cryptocurrency platforms surged significantly.
CME saw record-high open interest, Deribit recorded all-time high volume for its options contracts, and spot exchanges demonstrated 2017-esque volume in the last three weeks.
When many new investors enter the market in anticipation of a major event, it opens the market up for a steep selloff.
For instance, after the 2016 block reward halving, the Bitcoin price dropped by more than 30%, as traders reacted with a sell-the-news response.
A confluence of an over-extended Bitcoin rally to $10,000, whales front-running retail investors with a sharp sell-off at $9,900, and high anticipation for the halving are triggering a near-term pullback prior to the May 12Â Bitcoin halving.
In other trending Bitcoin News today:
Bitcoin Can Stay Bullish After 15% Retracement as Long as This Crucial Level Holds
It may seem like all hope is lost for bulls, yet one top trader recently shared that this isnât the case.
Bitcoin holding $8,530 in the next 24 hours, a trader argued, will confirm a sweep of liquidity at a âpivotal level.â
Should Sundayâs candle close above this level, it would confirm that a bullish market structure remains somewhat intact.
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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:
$BTC Lots riding on the next 24 hours. Want to see 12H, followed by the daily, close above $8530 to confirm a sweep into pivotal level. Close below and we have our first significant HTF break in MS to the downside since the bottom.
Happy Halving, call your mom. #Bitcoin pic.twitter.com/6pnt1uA52m
â HornHairs đ (@CryptoHornHairs) May 10, 2020
https://cointelegraph.com/news/3-reasons-for-the-bitcoin-price-halving-dump-from-10k-to-81k
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FIRST U.S. BITCOIN MUTUAL FUND LAUNCHED BY $60 BILLION FUND MANAGER!!!!
đ° BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts
The first publicly available U.S. mutual fund that generally tracks the Bitcoin price has been launched by a $60 billion fund manager.
In a press release this morning ProFunds announced the launch of its Bitcoin Strategy ProFund (BTCFX). This will be the first publicly available U.S. mutual fund that generally tracks the price of Bitcoin.
On the ease of access and mass exposure that this mutual fund will provide, ProFunds CEO Michael Sapir said that âCompared to directly buying bitcoin, which may involve opening a new account with an unregulated party, this ProFund offers investors the opportunity to gain exposure to bitcoin through a form and investment method that tens of millions of investors are familiar with.â
On the increased demand for a Bitcoin mutual fund, Michael Sapir commented it âhas become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment.â
In other trending Bitcoin News today: Record 57K BTC leave exchanges in one day, dropping Bitcoin reserves to pre-crash levels.
Yesterday was the largest Bitcoin net outflow from exchanges since 2016. BTC needs to close above $40,035 today to make 9 green days in a row â the longest streak since May, 2017.
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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 game-theory kicking in with Americaâs hedge funds and political insider-traders. Beautifully, the protocol obviates the need for politicians â so good-bye asshat Liz Warren. $220,000 in 2021 still in play
Buy #Bitcoin, short đșđž pic.twitter.com/eM2u7lhhO9
â BITCOIN MAXIMALIST (@maxkeiser) July 28, 2021
https://bitcoinmagazine.com/markets/bitcoin-mutual-fund-manager-profunds
Itâs On, Elizabeth Warren Triggers Retaliation From The Crypto Community
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K BITCOIN PRICE VERTICAL ASCENT IN COMING MONTHS WILL IGNITE MANIC PHASE TO CATAPULT BTC TO 5K
âĄïž Tap into OPM (Other Peopleâs Money): http://opm.cryptonewsalerts.net
A cryptocurrency trader who accurately predicted last yearâs Bitcoin crash has updated his BTC price roadmap.
The pseudonymous crypto strategist known as âDave the Waveâ says Bitcoin has already resolved the large symmetrical triangle that has kept the market bearish for over two years.
He now expects the Bitcoin price to launch a vertical ascent to $24,000 in the coming months.
Based on Daveâs chart, Bitcoin will likely continue trading inside another triangle until the second quarter of 2021.
The breakout from this pattern could ignite a manic phase that would catapult BTC to $115,000.
He also says one altcoin that was hammered during the brutal bear market has massive upside potential.
Dave the Wave tells his 34,000 Twitter followers that South Korean blockchain interoperability protocol ICON (ICX) may be gearing up for a parabolic breakout after languishing in bear territory for over two years.
During that period, ICX wiped out 99% of its value as the coin nosedived from its all-time high of $12.64 to a bear market low of $0.106937, according to CoinMarketCap.
According to Dave, the huge devaluation puts ICX in a position to surge to $102.56 and post astronomical gains of 22,947% in the next bull cycle.
In other trending Bitcoin News today:
MicroStrategy Purchases $250,000,000 in Bitcoin, Says Top Crypto Can Maximize Long-Term Value for Shareholders
MicroStrategy has adopted Bitcoin (BTC) as its reserve currency â and stunned commentators by purchasing over 21,000 BTC on Aug. 11.
The worldâs largest publicly-traded business intelligence company has swapped fiat for Bitcoin as its treasury reserve asset, but the reasons behind it suggest that more big businesses will have no choice but to do the same.
Why did MicroStrategy choose Bitcoin, and will others follow?
In a press release issued on Aug. 11, CEO Michael Saylor went further than most by calling Bitcoin âdigital gold.â With no âifsâ or âbuts,â Saylor unreservedly plugged the largest cryptocurrency over both fiat and other traditional safe-haven assets such as gold.
âBitcoin is digital gold â harder, stronger, faster, and smarter than any money that has preceded it,â he commented.Â
That angle closely mimics some of Bitcoinâs foremost proponents, notably Saifedean Ammous, who in his book, âThe Bitcoin Standard,â repeatedly explains that so-called âdigital scarcityâ puts Bitcoin in a separate league to any other form of money which has ever existed.
Like Ammous, Saylor also believes that Bitcoinâs very structure will ensure that its value will only increase with time.
He added:Â âWe expect its value to accrete with advances in technology, expanding adoption, and the network effect that has fueled the rise of so many category killers in the modern era.â
Bitcoiners were particularly excited about MicroStrategy because it unashamedly replaced fiat currency for cryptocurrency.
Its purchase of 21,454 BTC for an aggregate price of $250 million late last month may not only be symbolic (given the total 21M BTC) but it also means that the company controls 0.1% of the total Bitcoin supply â something competitors will find increasingly expensive to replicate.
âMicroStrategy bought 0.1% of the Bitcoin supply. Very few companies will be able to copy this strategy,â What Bitcoin Did podcast host Peter McCormack tweeted in response.
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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://cointelegraph.com/news/3-reasons-why-microstrategy-adopted-bitcoin-and-why-others-will-too
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