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One of the best buy indicators in Bitcoin flashed this week, suggesting the BTC price is primed to explode.
The Hash Ribbons Indicator created by Charles Edwards uses the thirty-day and sixty-day moving averages of the Bitcoin hash rate to determine when miner capitulation has occurred, and uses this to estimate local BTC bottoms.
Hash ribbons serve as such an effective and historically accurate buy indicator for bitcoin because it uses the changes in bitcoin hash rate to measure miner capitulation in the bitcoin market.
In other trending Bitcoin News today: $400 Billion Hedge Fund Neuberger Berman Approved to Receive Access to Bitcoin and Ethereum!
The $400 billion investment management firm, Neuberger Berman, recently announced adding exposure to BTC and Ether derivatives and investment vehicles as part of the firmâs fund strategy.
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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://bitcoinmagazine.com/markets/buy-indicator-shows-bitcoin-price-will-explode
https://bitcoinmagazine.com/culture/cubas-bitcoin-revolution
https://cointelegraph.com/news/crypto-market-cap-returns-to-2t-for-the-first-time-since-may
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BITCOIN PRICE MAY RALLY 4,900% AND HIT 0,000 SAYS TOM LEE! | BTC Returns Above K, Here's Why
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Bitcoin Price May Rally 4,900% and Hit Half a Million Dollars, Says Fundstrat Analyst Tom Lee â Hereâs How
The head of research at Fundstrat Global Advisors, Tom Lee, says Bitcoin (BTC) could rise to half a million dollars in the long run.
In a new interview with Nasdaq, Lee says he stands by his view that the BTC price will hit $40,000 before the Dow Jones hits 40,000.
When asked if Bitcoin will hit $500,000, Lee says he believes a 4,900% increase is possible based on the number of users that ultimately join the network.
âI think in the long term itâs possible because today Bitcoinâs transaction activity is twice that of PayPal, 7x the Discover network. Itâs the second-largest transaction network after Visa, and thereâs four billion Visa card holders. So if you get to five million Bitcoin users, itâs almost 100x increase in price.â
As for the timeline for such a meteoric rise, Lee says heâs unsure and doesnât have a crystal ball.
But he does think Bitcoin has a strong use case in the current financial system.
âItâs not like Iâm necessarily critical of how financial systems work, but too much money is paid to intermediaries. Today, roughly 6% of all GDP globally is paid to the financial system to manage trust. Bitcoin has been around for 11 years, has never had a single fraudulent activity on its blockchain with $5 trillion of activity. So it works better than the traditional financial system and the cost is vastly lower. Today, you can transmit a million dollars of Bitcoin between countries for $15. That same transaction using remittance counterparties would cost you 5 to 10% of that â $50,000 to $100,000.â
BITCOIN PRICE RETURNS ABOVE $10K, HEREâS WHY:
Bitcoinâs recent golden cross on the daily chart may have driven bullish enthusiasm for the leading crypto to reach a tipping point.
With the upcoming halving, many investors are buying up sub 10K BTC in preparation of the supply-side shock.
Many crypto analysts have predicted when we will never see BTC price under 10K again, but with the golden cross, it may actually be the final catalyst to push Bitcoinâs price into 5 figures permanently.
Bitcoin is often referred to as a deflationary currency due to itâs ever decreasing emission schedule of new coins.
Eventually the economic law of supply and demand will have its impact on Bitcoinâs existing supply, and its decreased production of new coins, causing a rise in prices overall.
As BTC rises in price, we can expect Altseason to really kick into overdrive, due to their heavy correlation with Bitcoinâs price.
We have already witnessed many traders diversifying into alts as BTC dominance has dropped over the last few weeks, dramatically.
Many altcoins have already been outperforming Bitcoin so far this year, acting as leading indicators for the largest market cap coin.
Smart money has been silently taking positions in both Bitcoin and Alts, while prices were down during the crypto winter.
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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.nasdaq.com/videos/marketbrief%3A-the-bull-case-for-bitcoin
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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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KRAKEN PREDICTS IMMINENT ,000 BITCOIN (BTC) RALLY!! CHAINLINK TARGETING BY END OF 2020!!
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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 BTCâs 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 Bitcoinâs 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.
Bitcoinâs 14.5% jump between July 27 to July 31 drove the monthâs 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 âsuppressed pocketâ 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 Julyâs total trade volume transpired during the final seven days of the month.
The report also notes that Bitcoinâs 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 âsafe-havenâ 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
ChainLinkâs (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.Â
âDid some quick analysis of Chainlinkâs network growth rate and historical deviations in price put LINK at $32 by end of year.â
At that price, however, Peterson stresses that LINK would have difficulty sustaining itâs bullish momentum.
âInvestors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.â
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.
âWe 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 Ethereumâs current market cap today.â
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 âpennantâ 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
â 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.
â 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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