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Bitcoin continued its bounce from its 2021 opening price on Wednesday, hitting $31,600 in what some fear is just a temporary reprieve from the downside.Â
BTC Bulls had successfully defended the largest cryptocurrency against further losses at just above $29,000 â the price at which the market began the year, however, concern is running high over current strength being a ârelief rallyâ â not a true comeback after a price floor.
âItâs still âshort the bounceâ season,â popular analyst and podcast host Nebraskan Gooner summarized to Twitter followers and veteran trader Peter Brandt concurred, suggesting that Bitcoin would need another shock leg down before the genuine return to form kicked in.
In other trending Bitcoin News today: Is Stock-To-Flow Crypto Analysis Still Valid? Coin Bureau Looks at State of Prominent Model
The S2F has traditionally been applied to commodities like gold and silver. It predicts the performance of an asset based on the idea that the price increases as the asset becomes more scarce. PlanB has used it to predict Bitcoin topping out at about $288,000 this bull run.
In a new video, the pseudonymous host of Coin Bureau says that with Bitcoin trading near the $30,000 level â about $83,000 below where the S2F suggests it should be â he agrees with PlanB that the model is in a âmake or breakâ phase.
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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.
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HEREâS WHY THIS CRYPTO CEO THINKS BITCOIN (BTC) SOON HITS ,000!! DEFI ASSET YFI SOARS 108,000%!!
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Vinny Lingham, cryptocurrency investor and the CEO of CivicKey, asserted that thereâs a good likelihood that the Bitcoin price will soon trade at $15,000 per BTC.
He made this comment in reference to how $10,000 ârepresents strong supportâ:
âIt looks to me that Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.â
Discussing the efficacy of his calls, Lingham noted to a commenter that he has rightfully called prior price action.
He added that he personally thinks that Bitcoin flips bullish on a macro scale if it converts $12,000 into support:
âIâm not a permabear or a permabull â I called the bubble and I called the bear market. The bear market is almost over, if/when we break and hold $12k. So yes, Iâm turning bullish.â
This sentiment is in line with a number of technical traders within the space. One historically accurate analyst, for instance, who predicted BTCâs V-shaped reversal in March says a rally to $17,000 is imminent.
Thatâs not $15,000, of course, but thereâs a growing sentiment that Bitcoin will gap higher.
The rally towards $15,000 or $17,000 is expected to be part of a longer-term uptrend, spurred by a confluence of fundamentals.
Raoul Pal, CEO of Real Vision, recently commented that Bitcoin is likely to rally 50 to 100 times this market cycle due to macro trends.
Responding to Jerome Powellâs comments, Pal noted that the Federal Reserve seemingly wants anything but deflation.
This, the investor explained, will create market pressures over time that will drive capital to Bitcoin and gold at record speed.
The Winklevoss Twins, co-founders of Gemini, have echoed the optimism.
They also noted that macro factors are likely to drive vast amounts of capital to Bitcoin in upcoming years.
In other trending Bitcoin News today:
After Riding YFIâs 108,000% Tidal Wave, Analyst Josh Rager Bullish on Five Nascent Crypto Assets
Bitcoin trader and strategist Josh Rager is hopping on the decentralized finance (DeFi) bandwagon.
Rager invested in Yearn.Finance (YFI) early.
The coin has surged from $34.53 on July 18th to a high of $37,621 on Sunday â a whopping 108,000% increase.
The analyst now predicts the coin will continue to soar and reach a price of $100,000.
Meanwhile, the analyst tells his following of 81,000 people on Twitter that he plans to hold on to five other nascent crypto assets that he believes offer upside potential.
âStill holding XAMP, TOB, YFL, JGN, & TACO. The altcoins I share are the altcoins I intend to hold for a while or take profits slowly overtime â not dump on people.â
Rager puts the spotlight on Antiample (XAMP) and Tokens of Babel (TOB) as both assets are getting a lot of attention in the Uniswap protocol.
âXAMP [and] TOB are doing great on vol & users going on 2 weeks+ now just on Uniswap alone. The first major exchange to list them both will likely reap some major rewards from users and fees.â
As for the other coins on Ragerâs list, Juggernaut (JGN) is a new breed of token that allows businesses to create custom synthetic tokens and take full advantage of the DeFi infrastructure.
Meanwhile, YF Link (YFL) is a fork of the red-hot Yearn.Finance protocol.
The project leverages LINK (Chainlink) and allows LINK marines to directly participate in the DeFi craze through yield farming.
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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:
It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.
â Vinny Lingham (@VinnyLingham) August 28, 2020
Still holding $XAMP $TOB $YFL $JGN & $TACOThe altcoins I share are the altcoins I intend to hold for a while or take profits slowly overtime â not dump on people
In fact, you don’t hear about most the altcoins I trade because they’re high risk and I don’t want you losing money
â Josh Rager đ (@Josh_Rager) August 24, 2020
PREDICTION? FED out of bullets: needs inflation. Zero int not working. Q: What will FED do? A: Buy GOLD not T-bills? FDR did this in 1933 buys gold @$28 raised price to $35. Will Fed buy gold for $7000 to cause inflation? Gold silver Bitcoin win. Savers lose. What do you think?
â therealkiyosaki (@theRealKiyosaki) August 30, 2020
Hereâs Why This Crypto CEO Thinks Bitcoin Soon Hits $15,000
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Bitcoin Price Still on Track to 0,000 Despite Recent Drop | BTC Crash NOT Due to Coronavirus
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Cryptocurrency analyst PlanB states that the Bitcoin price is still following his stock-to-flow model, which predicts that BTC, the top crypto by market capitalization is set to hit $100,000 before December 2021.Â
âS2F chart adjusted for todayâs âcrashâ ⊠nothing really happened, btc still spot on S2F trackâ
PlanBâs model attempts to forecast future price moves of Bitcoin (BTC) based on the correlation between the stock (the total available supply of the cryptocurrency) and its flow (the amount of newly minted coin).
So far, every reward halving has been game-changing for the crypto king, and the Dutch pundit doesnât expect the forthcoming supply cut to be any different.
In May, miners will start earning only 6.25 BTC per block. PlanB forecasted that the BTC price would trade above $10,000 after this halving while gradually moving to the aforementioned $100,000 target. Â
With the Bitcoin price tanking more than 10 percent, the cryptocurrency is showing anything but strength in the short-term.
Nonetheless, PlanB says that the cryptocurrency shows no sign of weakness just weeks before the halving since its mining difficulty is expected to increase by a âmassiveâ seven percent during todayâs adjustment.Â
Moreover, the analyst forecasts that BTCâs hashrate and difficulty will continue to increase after the Bitcoin halving, debunking the myth that there will be a miner capitulation.Â
Bitcoin Drop Due to 13K BTC PlusToken Scam, Not Coronavirus â Analysts
Bitcoin (BTC) began its sudden crash due to another giant sell-off from the PlusToken pyramid scheme, analysts are suggesting as BTC/USDÂ lost $8,000 support.
According to various online commentators citing Blockchain data, participants in the $2.9 billion scheme are again attempting to rid themselves of their BTC.
Ergo, the Twitter account that closely tracks PlusTokenâs activities, put the total funds involved at around 13,000 BTC or roughly $210 million at the current market price.
This time, Ergo said, the coins were going to mixing services to hide their traceability. Two feeder addresses have been identified, shedding their balances on March 5.
âBeen looking and theorizing about this for months and I canât see a scenario where the coins arenât being sold, at least to some degree,â the account summarized.Â
âThis was likely obvious to the exchanges starting in September. The accounts would have been frozen then.â
The account added, however, that selloffs were now occurring at a âmuch slower rateâ compared to a more intense period of activity in August 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:
~13k in new PlusToken mixer deposits in last 24 hrs.Almost all previous mixer deposit change has entered mixing, confirming my theory.Distributions still on/off. Much slower than September and November.
New report and full sit rep imminent. pic.twitter.com/vwrBuVk272
â Ergo âŽTxIDs Or It Didn’t Happen⎠(@ErgoBTC) March 6, 2020
Bitcoin Just Broke $8K: Here Are Important Supports Traders Must Watch
https://cointelegraph.com/news/bitcoin-drop-due-to-13k-btc-plustoken-scam-not-coronavirus-analysts
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Why Bitcoin Price Is Rocketing Toward 0K | BITMEX CEO: âALL IN, MOTHERF*CKERSâ ON BTC AND GOLD
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Crypto analyst Nicholas Merten says he believes the Bitcoin price is firmly on a long-term trajectory that will bring BTC to $100,000.
In a new episode of DataDash, Merten takes a birdâs-eye look at Bitcoinâs boom and bust cycles over the years.
By looking at the long-term logarithmic chart of the BraveNewCoin Liquid Index (BLX), which provides a reliable USD price of Bitcoin (BTC) based on real-time trading data, Merten sees a likely timeline for the next bull run.
âIf we take a look at the previous three clear cycles that we had here in cryptocurrency markets, we can generally take into note that weâve seen an expansion of about a year added to each and every cycleâŠ
The first cycle was around 11 to 12 months, in this case, for Bitcoin. Afterwards, from the bottom to the high, just like we did with the previous cycle, 24 months⊠With the third cycle, we have a 35-month period from bottom to top, roughly give or take almost three yearsâŠ
Thereâs no guarantee that history is going to repeat itself exactly. There might be some big discrepancies this time around with the macro environment. The halving might play out differently. But if we take a look here of the logarithmic growth curves and take into mind the significant lows and the significant resistance, we actually are going to line up quite nicely here to a top of $100,000, give or take â it might not be exactly even âsometime in 2022.â
The DataDash founder offers two key fundamental catalysts that can drive Bitcoinâs rise to $100,000.
âWe havenât even seen the economic ramifications of the halving event and the continued macro environment going into a higher state of fear. These are the things that can drive Bitcoin to that valuation⊠I believe pretty consciously in this case that $100,000 is quite reasonable. Bitcoin at over $1 trillion market cap is going to be relatively reasonable in an environment where thereâs money fleeing from global bonds, from global currencies, from equities or property markets as we enter into a longer drawn out bear market through a potential depression.â
BITMEX CEO: âALL IN, MOTHERF*CKERSâ ON BITCOIN AND GOLD
BitMEX founder Arthur Hayes put out a thought-provoking piece on the company blog today. He talks about the effect of the COVID-19 crisis on the global economy and states that nothing will ever be the same again.
âThe USD fiction is over. Itâs time for a new mental crutch.â Hayes ends by stating there are only two things to own during the transition to the new monetary system after the total collapse of fiat. They are Bitcoin and gold.
I will take my inflation adjusted pocket rockets (gold and bitcoin), and call your Bretton Woods seven two off suit. All in, mother f*ckers.
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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.
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Truly Incredible maybe even once in a lifetime.
Investment grade corporate bond index back to near ALL TIME highs. Fed buying junk bonds too. Risk of bankruptcies reduced even with 20m unemployed. Unprecedented “Unlimited” liquidity could not be more bullish for gold and btc. pic.twitter.com/F5X6A2rf2r
â Dan Tapiero (@DTAPCAP) April 10, 2020
Bitcoin: This Financial Trend âCould Not Be More Bullishâ for BTC
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