ON-CHAIN DATA TOP CAP MODEL FLASHING NEW BITCOIN PRICE TARGET OF $157K AFTER ‘WEIRD PULLBACK’ ENDS!!

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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 BTC’s 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 Bitcoin’s 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.

Bitcoin’s 14.5% jump between July 27 to July 31 drove the month’s 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 “suppressed pocket” 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 July’s total trade volume transpired during the final seven days of the month.

The report also notes that Bitcoin’s 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 “safe-haven” 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

ChainLink’s (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. 

“Did some quick analysis of Chainlink‘s network growth rate and historical deviations in price put LINK at $32 by end of year.”

At that price, however, Peterson stresses that LINK would have difficulty sustaining it’s bullish momentum.

“Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.”

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.

“We 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 Ethereum’s current market cap today.”

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 “pennant” 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

— 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.

— 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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Bitcoin bull Michael Saylor, the co-founder, and chief executive officer of publicly-traded business intelligence company MicroStrategy, has been betting big on BTC, the leading cryptocurrency.

The company bought another 205 BTC on Friday, bringing its total holdings to 91,065 BTC, representing 0.488% of Bitcoin’s circulating supply.

While the company continues to bet more and more on Bitcoin, its share prices are not feeling the same bullishness. MSTR share prices have crashed nearly 60% in less than one month from their all-time high of about $1,314 on Feb. 9.

On Friday, the MSTR shares fell as low as $537 before recovering to $620. Interestingly, MSTR is suffering from losses more than Bitcoin.

During the same period, the price of Bitcoin went from $46,500 to an ATH of $58,300, only to see a correction of 26% to almost $43k. Currently, BTC is consolidating in the $40k-$50k range.

The losses in the cryptocurrency market have actually been the result of the weakness in the stock market, which has been reacting to the rising bond yields. “The bond market selloff is showing some signs of stability, and that could mean the bitcoin pullback is nearing its end,” said Edward Moya, a senior market analyst at OANDA.

In related news, MicroStrategy President and CFO Phong Le sold 10,000 shares of MSTR on March 2nd, at an average price of $802.46 a share. Company CTO Timothy Edwin Lang sold 10,000 shares of MSTR stock on Feb 22nd.

Moreover, General Counsel Wei-ming Shao sold 5,000 MSTR shares on March 3rd. Director Jarrod M Patten and Stephen X Graham also sold 1,150 shares and 2,000 shares respectively on Feb. 24.

Another criticism came from investment management firm Bireme Capital which published its Q4 2020 Investor Letter, revealing that it is short on MicroStrategy, declaring $450 as its fair value.

The fund that had a net return of 47.1% for the year ending 2020 said MicroStrategy has a massive premium, its market cap increasing by $9 billion on a ~$3b windfall on its bitcoin purchases.

According to Bireme Capital’s calculations, MSTR’s current share price implies a bitcoin price of $122,000. The letter reads,

“MicroStrategy (MSTR) is the latest firm with shrinking revenues and negligible profits to pivot to the blockchain. Rather than attempt to start a cryptocurrency business, MSTR pivoted in the most straightforward way possible: it simply bought hundreds of millions of dollars worth of bitcoin overnight. In one light, this is an utter abdication of all the principles of corporate finance. 

Why not return the money to shareholders, who can decide for themselves whether or not they want to own bitcoin? But in another light, this was a brilliant end run around the SEC, who has been denying bitcoin ETF proposals le and right for years. MSTR went from being a mere stagnant software business to the de facto bitcoin ETF.”

In other breaking Bitcoin news today:

Bitcoin Price Hits $51K As U.S. Senate Passes $1.9 Trillion Stimulus

The price of Bitcoin (BTC) reached over $51,000 on March 7 after the U.S. Senate passed the anticipated $1.9 trillion stimulus bill, which is roughly two times larger than the market capitalization of BTC.

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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:

a graph for people selling under $500k, now of all times. zoom out. also there are more halvings, eg next 2024 and a store of value (TAM) total addressable market of $200bil ($5m-10m/BTC). and QE, MMT, NIRP, YCC etc it’s an inflation storm out there. just saying. @ecoinometrics pic.twitter.com/y9UYVPkf5p

— Adam Back (@adam3us) March 6, 2021

The $1.9 stimmy denigrates the $USD and it’s a predictable move by Congress. And so are the next 10 – 20 stimmys coming. Since I can’t stop it, I buy #Bitcoin and watch the price skyrocket. Maybe someday we’ll come back to reality, but hopefully not too soon 😂😂😂

— Max Keiser (@maxkeiser) March 6, 2021

https://bitcoinexchangeguide.com/microstrategys-massive-premium-implies-bitcoin-price-of-122k-says-investment-firm-short-on-mstr/

https://cointelegraph.com/news/bitcoin-price-hits-51k-as-u-s-senate-passes-1-9-trillion-stimulus

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Chainalysis posted their report for the Bitcoin market for March 2020.

According to the blockchain and crypto analytics firm, exchanges have experienced a huge inflow of BTC since March 9, receiving nearly 319,000 of the cryptocurrency on March 13 alone. 

However, between March 12-13, almost nine times the average daily amount of Bitcoin was sent to exchanges to be sold, causing the BTC price to plummet to $3,000s.

This represented Bitcoin’s biggest daily drop in the last seven years. Has the Bitcoin price stabilized for now?

Though the volume of crypto inflow remains high — twice the daily average — according to Chainalysis, the price of BTC appears to have stabilized for the moment. 

“The majority of excess bitcoin arriving at exchanges has been sold, and the worst of the oversupply appears to be finished for now.”

The firm offers some possible explanations for the price leveling out after such a tumultuous period. Though transfers between 10 and 1,000 BTC accounted for 70% of the flow of the cryptocurrency through exchanges, Chainalysis says the overall amount of BTC wasn’t enough to do lasting damage:

“The majority of available bitcoin was not cashed out, suggesting that most bitcoiners are happy to hold. At 712,000 more than average, the amount of bitcoin sent to exchanges in the last eight days is unprecedented. But this extra 712,000 represents just 5% of available bitcoin (all mined bitcoin minus all lost bitcoin).”

With retail businesses shutting down across the United States and more companies being forced to let their employees work from home, the future of all financial markets is uncertain.

International travel restrictions to combat the spread of the coronavirus continue to change on a daily basis, which has delayed or cancelled crypto events worldwide.

Despite this uncertainty, Chainalysis still plans to use traditional indicators to monitor Bitcoin:

“It’s hard to predict where the bitcoin market will go next. However, large increases in exchange inflows have proven to be a good indicator of increased volatility, so we recommend keeping an eye on the amount being transferred to exchanges. We also expect that professional traders will continue to drive events, as opposed to retail exchange users, simply because they are responsible for much larger volumes.”

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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 next key event is confirmation of BTC decoupling from traditional markets. Here’s a bunch of charts, many are bullish. I will note that I don’t expect a V-shaped bottom, I think there will be time, an accumulation range before moving up.

— Willy Woo (@woonomic) March 19, 2020

https://cointelegraph.com/news/chainalysis-says-bitcoin-price-stable-for-now-but-future-uncertain

https://cointelegraph.com/news/bitcoin-price-surges-10-to-56k-as-stocks-react-to-750b-eu-stimulus