BITCOIN WILL SURGE 500-800% IN MASSIVE SUPERCYCLE IF BTC MIMICS 2013 BULL MARKET!!!!!

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Bitcoin Price Needs to Break Past $8,000!

In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a BTC price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.”

Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):

• The 200-day moving average.
• The 100-day moving average.
• The 50-day moving average.
• The 20-month moving average.
• Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
• And the yearly pivot level.

The pertinent question remains — does Bitcoin (BTC) have the potential to clear $8,000?

Analysts, unfortunately, are divided about this question.

Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.

As it stands, BTC is in the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.

The thing is, there remains the overhead risk of traditional markets continuing to fall, which could depress Bitcoin.

As explained by Chris Burnisike, partner at Placeholder Capital:

This theory has been echoed by trader Cantering Clark, who remarked that the “moment equities s**t the bed again Bitcoin will follow,” explaining that the reality is some of the world’s “largest and most fundamentally important industries” are being adversely affected by the coronavirus outbreak, making it unlikely crypto will be spared.

China Is Drafting Laws for the Circulation of National Digital Currency Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency.

The central bank is now drafting legislation for its circulation, according to local media.

A number of patents have revealed what the digital yuan will be like.

China’s central bank, the People’s Bank of China (PBOC), is reportedly closer to issuing its own digital currency, Chinese publication Global Times reported on Tuesday, citing an unnamed industry insider.

The central bank, in collaboration with private companies, “has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation,” the publication detailed.

The insider elaborated: As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid the coronavirus (covid-19) pandemic, China should accelerate the launch of its digital currency.

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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://www.tradingview.com/chart/BTCUSD/S1p3CQYW-Bitcoin-Death-Cross-but-is-that-it/

https://news.bitcoin.com/china-digital-currency/

https://www.newsbtc.com/2020/03/26/all-eyes-on-8000-why-bitcoin-needs-to-clear-this-crucial-level/

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The Bitcoin price can top out at $700,000 in August of 2022, according to crypto analyst ‘The Moon Carl’ who shares what he calls the most important BTC chart he’s ever seen before with his 473,000 Crypto YouTube subscribers. 

“Do you see the pattern?

2013 – Bitcoin crashes to $50

2015 – Bitcoin crashes to $200

2018 – Bitcoin crashes to $3,000

2021 – Bitcoin crashes to $30,000

2023 – Bitcoin crashes to $400,000?

Bitcoin can reach $700,000 by the end of next year.”

In other trending Bitcoin News today: Bitcoin Historical Volatility Fractal Points To Brewing Bullish Explosion!

Looking back at the asset’s historic volatility, a fractal pattern could be forming that suggests the BTC price is about to blast off to unprecedented heights.

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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 Historical Volatility Fractal Points To Brewing Bullish Explosion

Bitcoin Looks Ready for Big Move, Says On-Chain Analyst William Clemente

https://cointelegraph.com/news/bitcoin-price-will-see-breakout-during-this-week-says-trader-with-38k-target

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PlanB, creator of the Bitcoin stock-to-flow (S2F) model, says the Bitcoin price is unlikely to dip below $8,200 even as the top-ranked cryptocurrency has dropped 13% over the last one week.

The BTC price has fallen below the $9,000 mark. Taking to Twitter on Wednesday (February 26, 2020), PlanB identified $8,200 as the likely bottom for the current downward slide.

PlanB’s tweet reads:

“$8.2k bottom still stands. It would really be unprecedented if it breaks, never happened before. Note it has nothing to do with s2f.”

Thus far, PlanB’s S2F has been the most historically accurate Bitcoin price prediction model with a forecast of $100,000 per BTC before the end of 2021.

PlanB’s latest tweet is a reiteration of predictions offered earlier in February, stating that the Bitcoin price would stay above $8,200 and that the post halving BTC price will be above $10,000.

Over the last three days, Bitcoin (BTC) has lost over $1,000 and is down close to 18% since been unable to overcome resistance at the $10,600 price level.

Despite the current slide, the Bitcoin price is still up by more than 20% since the start of the year.

‘Rationalized Bullshit’ – Vitalik Buterin Pans Bitcoin Price Forecasts

Ethereum (ETH) co-founder Vitalik Buterin does not believe that the popular stock-to-flow model is useful for predicting the BTC price.

In a Twitter debate on Feb. 27, Buterin became the second well-known figure to criticize stock-to-flow, which calls for BTC/USD to trade at an average $100,000 between 2021 and 2024.

The model has been historically accurate at predicting Bitcoin’s growth and currently calls for an average of around $8,606.

After trading at more than 20% higher, Bitcoin this week fell to within $200 of that target.

For Buterin, however, stock-to-flow is a prediction model like any other. 

Discussing press articles that attribute specific events to Bitcoin price growth, he claimed that the vast majority were “post-hoc rationalized bullshit.”

“Your daily reminder that 95%+ of articles of the form “event X will make crypto go (up | down)” are post-hoc rationalized bullshit,” he wrote.

When asked specifically whether stock-to-flow articles also came under that banner, Buterin added: “Nah, that stuff is part of the 95%.”

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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:

*** Update: my 2 sats on #bitcoin price:– 2020: btc stays above $8200 (so we are NOT dropping to $6k or $4k levels that others are predicting now)– May 2020 halving: will be above $10k

– 2021: bull run starts after the halving and tops $100k before Dec 2021#NotFinancialAdvice https://t.co/Zkkma4ZBSd

— PlanB (@100trillionUSD) February 10, 2020

Bitcoin Price Won’t Fall Below $8.2K During This Crash: PlanB

https://cointelegraph.com/news/rationalized-bullst-vitalik-buterin-pans-bitcoin-price-forecasts

https://cointelegraph.com/news/price-of-bitcoin-drops-after-150-million-liquidated-on-bitmex