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Bitcoin Price ‘Likely’ Bottomed in .7K BitMEX Crash Says Tone Vays | BTC Reclaims .3K
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The Bitcoin price likely reached its low when it hit $3,700 earlier this month, veteran trader Tone Vays has forecast as markets remain up 70%.
In the latest episode of his Trading Bitcoin YouTube series on March 29, Vays repeated his previous claim that, logically, the BTC price should bottom at 20% of its 2019 highs — $2,800.
Vays on $2.8K: “I don’t think it’s likely anymore”
This could occur before May’s block reward halving and not endanger Bitcoin’s long-term perspective, he said, but a dive after that event could have grave consequences.
After March 12, when Bitcoin (BTC) bounced off 15-month lows of around $3,700, Vays now thinks that Bitcoin will not return to put in lower levels.
“I don’t think it’s likely anymore,” he summarized.
“Because I think this incident, this event earlier this month was close enough $2,800 that I’m no longer expecting $2,800.”
Since the bounce, Bitcoin has broadly maintained higher support, with the recovery reaching almost 90% in the subsequent two weeks.
Continuing, Vays suggested that in fact, $2,800 would have appeared during the dive and that it was only the crashing of derivatives giant BitMEX which prevented it.
“If BitMEX did not go down, we probably would have $2,800 and maybe even lower,” he said.
“It’s very possible that if BitMEX didn’t crash, the selling would have just accelerated, but right now, I’m under the assumption that the low is in.”
Bitcoin Price Reclaims $6K as Traders Eye New BTC Futures Gap Above
The past 24 hours had seen the pair dip to lows of $5,870 after signaling weakness throughout the weekend.
Those were short-lived, however, with Bitcoin regaining lost ground within hours.
Now, hopes were high that price action would remain more bullish, allowing Bitcoin to close a new futures gap left at the end of trading on Friday.
The gap lies between around $6,300 and the closing price of Friday’s CME futures session at $6,680.
As Cointelegraph reported, Bitcoin has very often returned to trade at levels left behind by futures markets — before its price volatility surged in mid-March, just one gap remained, much higher at $11,800.
For Cointelegraph Markets analyst Michaël van de Poppe, however, there was overall still a bearish trend in Bitcoin, despite the upside potential posed by the gap.
“The first level for support held and we’ve pushed upwards. There’s also the CME Gap, probably the reason why we’re moving, so that could be closed first,” he tweeted on Monday.
“This means that a $6,050 flip could trigger another push to $6,400-$6,500, before further down.”
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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 #BITCOINThe first level for support held and we’ve pushed upwards. There’s also the CME Gap, probably the reason why we’re moving, so that could be closed first.This means that a $6,050 flip could trigger another push to $6,400-$6,500, before further down.
Still bear pic.twitter.com/bn0BHHRDHd
— Crypto Michaël (@CryptoMichNL) March 30, 2020
https://cointelegraph.com/news/bitcoin-price-reclaims-6k-as-traders-eye-new-btc-futures-gap-above
https://cointelegraph.com/news/bitcoin-price-likely-bottomed-in-37k-bitmex-crash-says-tone-vays
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MAX KEISER: ,000 Bitcoin Price in Play Before a Pullback – Then BTC is Heading to 6-Figures!!
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One of YouTube’s most popular crypto strategists says the next Bitcoin bull cycle is officially underway, with BTC en route to a meteoric all-time high of $100,000.
In a new video, Nicholas Merten says that Bitcoin’s expanding boom-and-bust cycles are painting a clear picture of where the crypto king is headed in the long term.
“What is the general trend we are seeing here? Well, each time, we are adding around 11 to 13 months, give or take, basically a year for each cycle. It would make logical sense here that for this next cycle, we would add another twelve months, give or take, again it could one month less or one month more.
That’s going to lead us here somewhere around November of 2022. If we take a look at the logarithmic chart, where we have the line resistance that’s curving over time, it’s roughly around a big even of $100,000.”
Merten is also bullish on Bitcoin in the short term as he sees the top cryptocurrency igniting a strong rally and ending its three-year-long bear market.
“We are now starting to see a breakout here. Similar to the pattern we’ve been looking for, we might come down here, make that line of resistance [into] support before we really take off. Either way, I would not be betting against Bitcoin right now. We could very well be going in to set in a relative short-term high here around $12,000 then eventually testing above here on $14,000.”
With a Bitcoin breakout on the horizon, Merten expects the rising tide to lift other boats.
“The thing I’m really focusing on is that there is an opportunity to possibly trade Litecoin and Ethereum and Cardano and some of the other blockchains out there, some of the bigger protocols. I think that’s going to be the class of altcoins that are going to do well in the next week or two.”
While the crypto analyst is bullish on large-cap coins, he expects small-cap gems to correct, which would give him the chance to buy on dips.
“But as much as I do believe that those blockchains and protocols might do well and I have some positions in some of them, the major thing that I’m watching for is a discount opportunity and that’s in decentralized finance and enterprise blockchains.”
Merten is particularly bullish on DeFi plays including iExec (RLC), ChainLink (LINK), Cosmos (ATOM), and REN (REN).
In other trending Bitcoin news today:
Wall Street Veteran Says Bitcoin on Track to Hit $20,000 by Year End
Speaking with CNBC on Tuesday, Galaxy Digital chief executive Mike Novogratz asserted that Bitcoin is on track to hit $20,000 by the end of 2020.
For context, BTC rallying to $20,000 by the end of the year will be an 80% rally in the coming five months.
He also said that he thinks gold will continue to rise, citing the “liquidity pump” being activated by governments and central banks the world over:
“Great bubbles usually end with policy moves. It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus.”
This comment comes as U.S. politicians are working on the next $1 trillion (plus) stimulus bill for the millions of unemployed, underemployed, and underperforming Americans.
Novogratz, a former Goldman Sachs partner, added in that interview that he thinks this money printing and other trends are pushing focus from stocks back to Bitcoin and gold:
“A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin. There’s an adoption game in bitcoin that you don’t have in gold. But I like them both.”
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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:
Wall Street Veteran Says Bitcoin on Track to Hit $20,000 by Year End
Analyst Who Forecasted Latest Bitcoin Rally Now Predicts Move to $18,000
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➡️ [PODCAST PROMO] Get 250,000 CMDX Tokens from our sponsor (Valued at $25) For Free: The TRON (TRX) network showed statistics out of the ballpark in comparison to Ethereum and EOS. A study conducted by AnChain shows there is overwhelming bot…
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