IS BITCOIN MIMICKING RISE OF AMAZON?! MOST BULLISH MACRO BACKDROP IN 75 YEARS!!

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A prominent cryptocurrency analyst says he’s making a hard pivot to BTC with about five days to go until the much-anticipated Bitcoin Halving.

Mati Greenspan says he’s not worried about the naysayers.

Since entering the position on April 30th, his portfolio is up 4.51% at time of publishing.

“Call it FOMO, call it blind faith, or even stupidity, I don’t care. My eToro account is now 100% allocated to BTC.”

Greenspan says the 50% drop in new supply will buoy Bitcoin price even if the rate of adoption remains the same.

“The annual inflation of Bitcoin will go from 3.65% to just 1.8%… approximately half of the global annual inflation rate. At this point, adoption doesn’t even need to grow to sustain the price anymore. Satoshi either knew what he was doing or got really lucky.”

He also cites recent comments from former SEC Chairman Arthur Levitt on a renewed, global focus on inflation.

“As governments continue to print more money it obviously takes more money to buy things with fixed supply…. People are flocking to bitcoin in search of an alternate store of wealth.”

Despite his bullish outlook, Greenspan notes that BTC remains in a descending channel dating back to July of 2019.

The BTC price is currently at the top of that channel, facing resistance at the $9,300 level.

In other trending Bitcoin News today:

Warm-up? History Shows Bitcoin May See Epic Rally After 150% Gain

Bitcoin price may be at the start of an unprecedented mid-term rally after the top-ranked cryptocurrency by market capitalization registered a 150% gain since March. 

Historical data shows that when the long-term price trend of Bitcoin shifted at a local bottom with a strong reaction from buyers, it saw an extended uptrend.

Immediately after the BTC halving — now only five days away — most technical analysts foresee a minor pullback occurring.

In previous Bitcoin halvings seen in 2012 and 2016, the price of Bitcoin rallied prior to the halving and corrected right after its activation.

In the medium-term, however, the Bitcoin price tends to see a prolonged upsurge post-halving.

The first halving led to a staggering 10,000% gain, while the second halving triggered a 2,500% price increase.

On a larger time frame, the Bitcoin price technically recorded lower highs as it fell to $3,100 in December 2018 and $3,600 in March 2020.

The term “lower highs” refers to when the price of an asset falls to a low point that is still higher than the previous local bottom.

Based on the price trend of BTC since 2012, Mohit Sorout, founding partner at Bitazu Capital, suggested that the rally of Bitcoin could be just beginning after reaching $9,500.

“Live shot of BTC getting warmed up,” he said.

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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:

Raise your hand if you’re spending your stimulus check on bitcoin! 🙋‍♂️

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 26, 2020

Call it FOMO, call it blind faith, or even stupidity, IDC.

My @etoro account is now 100% allocated to $BTC.

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 30, 2020

“As governments continue to print more money it obviously takes more money to buy things with fixed supply…. People are flocking to bitcoin in search of an alternate store of wealth.”

Former SEC Chariman @ArthurLevitt just now on @BloombergRadio.

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) May 4, 2020

https://cointelegraph.com/news/warm-up-history-shows-bitcoin-may-see-epic-rally-after-150-gain

https://bitcoinblockhalf.com/

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Bitcoin isn’t even past $10,000 — let alone the latest all-time high of $20,000 — but analysts are already craving the crypto market’s next parabolic bull rally.

While this rally has yet to arrive, a prominent cryptocurrency chartist has indicated that it’s close.

He pointed to a crucial and rare technical formation that marked the start of Bitcoin’s last macro bull trend, which brought the BTC price from $200 to $20,000.

Depending on what chart you look at, today or within the next few days, Bitcoin will print what is known in technical analysis as a “golden cross.”

Investopedia describes a golden cross as a “candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.”

In BTC’s case, the 50-day simple moving average will cross above the 200-day simple moving average for the second time this year.

This golden cross is bullish in and of itself: golden crosses, as I analyzed, have historically led to massive gains for Bitcoin.

Yet the exact context the cross is taking place could signal even greater gains are in the works.

Analyst Nunya Bizniz recently shared the two charts below with the following comment, indicating that the last time Bitcoin’s 50 and 200-day moving averages looked as they do now, the cryptocurrency rallied 6,400%:

“Bitcoin daily chart: for the first time during the 2015 lows, there was a golden cross, death cross, golden cross sequence that occurred all within the span of about 100 days. Price then rallied 6,400%. For the 2nd time at 2020 lows, this sequence has agains occurred within about 100 days.”

It isn’t only this technical formation suggesting Bitcoin has another period of dramatic growth on its horizon.

Tuur Demeester — founding partner of Adamant Capital, a Bitcoin alpha hedge fund — recently shared that he thinks BTC is ready to rally towards the $50,000-100,000 range.

Such high prices may seem like a quixotic dream, sure, but according to the long-time industry analyst, a five-figure and six-figure BTC making more and more sense due to fundamentals.

Demeester specifically cited the ongoing macroeconomic environment as a way to back his prediction, zeroing in on the money printing by governments and central banks alike:

“I think a price target of like $50,000 is not insane at all, especially given just how crazy the money printing is. I would even say between $50,000-$100,000.”

In other trending Bitcoin News today:

Ethereum, Litecoin, Chainlink and 4 More Altcoins Poised for Major Rallies in New Market Cycle, Says Crypto Analyst DataDash

Crypto strategist Nicholas Merten is naming seven altcoins that he believes are in a good position to surge in a new bull market cycle.

On the latest episode of DataDash, the crypto analyst examines when the altcoin market may begin to turn around.

“What it looks like [Bitcoin is] doing is possibly coming up here to around $11,000, breaking out of this very long-term wedge, breaking out above resistance, and making it support for the next coming months. If [Bitcoin] can do this and start to trigger the next cycle, this is actually very good news for altcoins.”

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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 daily:For the 1st time during the 2015 lows there was a GC-DC-GC sequence that occurred all within the span of about 100 days.Price then rallied 6,400%.For the 2nd time at 2020 lows this GC-DC-GC pattern has again occurred within about 100 days.

Price will ……………? pic.twitter.com/8i4V1EjQiY

— Nunya Bizniz (@Pladizow) May 18, 2020

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Bitcoin is the new gold, said Thomas Fitzpatrick – a Managing Director in the giant multinational bank Citibank. 

He also predicted that BTC could skyrocket to $318,000 per Bitcoin in the upcoming 13 months by exploring several historical price cycles and the ongoing economic uncertainties.

Fitzpatrick has spent 22 years as the Global Head of Citibank’s G10 Forex business arm called Citi FX Technicals. Apart from analyzing the foreign exchange market, though, he recently explored the performance of gold and Bitcoin as outlined by a popular cryptocurrency commentator.

The Managing Director at Citibank emphatically noted in the report that “Bitcoin is the new gold.” He highlighted BTC’s limited supply and digital form as two of its most distinctive features.

Bitcoin also “moves across borders easily and ownership is opaque.” That last point is “very relevant” as “the huge Fiscal deterioration of today has a cost in the future, either directly or indirectly.”

Additionally, Fitzpatrick weighed in on the argument of how would central bank digital currencies (CBDCs) impact the primary cryptocurrency and world economies:

“This is a double-edged sword. On one side, it [CBDC] creates a much more effective mechanism for distributing stimulus (particularly fiscal), but on the other side, it also makes capital confiscation easier (e.g., negative interest rates.) Both these scenarios would look to me to be positive 

Bitcoin and in the 21st Century give us the digital equivalent (Bitcoin versus FIAT digital) of what we saw in the 20th Century when the financial regime changed (Gold versus FIAT paper).”

Apart from comparing BTC to gold, Fitzpatrick also examined Bitcoin’s historical price performances and provided a somewhat optimistic prediction, as the chart below demonstrates.

Fitzpatrick touched upon Bitcoin’s massive volatility and remarkable price developments during the last decade. He highlighted the two most significant market booms.

Those are BTC’s two-year-long rally from 2011 to 2013, where its price multiplied by “an incredible 555 times” and the latest major bull run that culminated in 2017’s all-time high of $20,000.

However, he also pointed out that a vicious bear market followed in both cases, which dropped BTC’s price by about 85%.

Fitzpatrick believes that Bitcoin is actually in a bull market now that started in December 2018 and could lead to groundbreaking price territories. As he noted that every new cycle is longer than the previous one, the current one could end in December 2021. This time horizon allows for BTC to explode in value and “move as high as $318,000.”

With Bitcoin’s price currently sitting at $16,000, such a 1,900% price surge sounds a bit far-fetched at the moment, to say the least.

However, it’s worth noting that Fitzpatrick’s model is not the only one that sees BTC reaching similar territory. The creator of the famous stock-to-flow model foresees $288,000 per coin by December 2021.

In other trending Bitcoin News today:

“Stocks Boom, Dollar Gloom: 5 Things To Watch In Bitcoin This Week”

Bitcoin (BTC) begins a new week with stocks rising and the U.S. dollar falling — all while trading back above $16,000. What’s next for price action?

1- Stocks near all-time highs while USD sinks

2- Bitcoin in 3rd highest weekly close

3- Institutions aren’t selling

4- Fundamentals trend upward

5- How much extreme greed is possible?

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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 EC meets in D.C. in 29 days. Nothing re election will resolve before then. #Bitcoin will hit 28,000

— Max Keiser (@maxkeiser) November 15, 2020

#Bitcoin Highest Weekly Closes:1. December 11-17, 2017 – $18953.002. January 1-7, 2018 – $16124.023. November 9-15, 2020 – $15976.644. November 2-8, 2020 – $15489.15

Next weeks/months are going to be fun.

— Jimmy Song (송재준) (@jimmysong) November 16, 2020

https://cryptopotato.com/bitcoin-price-to-reach-318k-by-december-2021-as-the-new-gold-citibank-director-says/

https://cointelegraph.com/news/stocks-boom-dollar-gloom-5-things-to-watch-in-bitcoin-this-week