BITCOIN IS THE REINVENTION OF MONEY AND WILL REACH $1M PER BTC – HERE’S WHEN, SAYS ON-CHAIN ANALYST!

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Bitcoin price has officially reached a new all-time high on Dec. 1 above $19,892 after nearly three years, according to data from Coinbase and Tradingview.

Despite the Thanksgiving crash last week, BTC price has managed to rebound throughout the weekend. Bitcoin then easily passed the $19,000 mark on Monday to reach its all-time high, albeit on a couple of exchanges.

There are three key trends that fueled BTC’s rise from sub-$3,600 in March to over $19,892. These include the rise in institutional demand, lower selling pressure, and the resilience of Bitcoin throughout 2020.

Most on-chain data points show that the demand for Bitcoin from institutions has been rapidly increasing.

In November, Grayscale recorded all-time high net inflows, and the CME Bitcoin futures market saw its open interest climb near $1 billion.

Grayscale, in particular, said that more institutions invested in cryptocurrencies during the third quarter of 2020 than ever before.

The figures Grayscale sees are important to gauge the institutional interest in Bitcoin because the Grayscale Bitcoin Trust is typically the first point of entry for most institutions to gain exposure to BTC.

In the United States, there is no exchange-traded fund (ETF) for Bitcoin and other major cryptocurrencies. Hence, the Grayscale Bitcoin Trust is the closest investment vehicle to an ETF in the U.S. market. The Grayscale report read:

“More institutions invested in 3Q20 than ever before and have increased their average allocation from $2.2 million in 3Q19 to $2.9 million in 3Q20. Institutions that are comfortable with multiple products within the Grayscale suite of products, have averaged nearly double the commitments of single-product investors during 3Q20.”

As Cointelegraph reported in August, MicroStrategy purchased $450 million worth of BTC, adopting Bitcoin as its primary treasury asset. This was likely the spark that triggered the current wave of institutional demand for the digital store of value.

In other trending Bitcoin News today:

This Metric Suggests Bitcoin Price Can Go As High As $590K This Bull Run

The current Bitcoin (BTC) bull run could send BTC/USD as high as $590,000, one indicator forecast this week.

Curated by on-chain analytics resource Glassnode, the Net Unrealized Profit/Loss (NUPL) index has reached a level that has historically launched the Bitcoin price an order of magnitude higher.

The latest bull signal was noticed and uploaded to social media by the company’s chief technical offier, Rafael Schultze-Kraft, on Nov. 30. At the time, BTC/USD was already making new all-time highs on several exchanges.

NUPL currently resides at 0.62. Previously, reaching this level has begun an uptrend that only reversed once Bitcoin hit a new price range.

In 2011, the price expanded by a record 3,000% after the NUPL event, while in early 2013 it expanded 800% and another 600% later that year. In 2017, the year which delivered Bitcoin’s previous all-time high, there were 1,200% gains.

NUPL measures the proportion of coins in the network that are in profit versus those that are not. Built around a neutral zero value, the closer the index gets away from it, the more the network is in profit. Negative readings likewise signify majority losses.

“NUPL is at 0.62 and predicts tops at 0.8+,” Schulze-Kraft explained alongside an annotated chart.

A 0.8 reading or higher this time around thus opens the door to BTC/USD topping out at anywhere between $133,000 and $590,000.

“Just getting started,” he concluded.

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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:

🔴 My fellow bitcoiners, the bull market is upon us. Like clockwork November red dot closed above all other red dots .. at $19,700 .. a new #bitcoin ATH. This is just the beginning. We will see volatility (e.g. -35%), but also new ATH’s. Enjoy the ride!🚀🚀🚀 pic.twitter.com/27fmkCOoEY

— PlanB (@100trillionUSD) December 1, 2020

https://cointelegraph.com/news/this-metric-suggests-bitcoin-price-can-go-as-high-as-590k-this-bull-run

https://cointelegraph.com/news/tyler-winklevoss-tells-cnbc-that-cash-is-trash

https://cointelegraph.com/news/bitcoin-futures-hit-20-3k-right-before-btc-price-drops-1k-in-10-minutes

https://cointelegraph.com/news/bitcoin-price-hits-new-all-time-high-as-crypto-market-matures

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The Bitcoin price just crossed the $9,800 resistance and may be well on its way to smash the major $10,000 physiological resistance next.

BTC was trending higher through the early European session on Thursday as a very rare bull signal flashed for the first time in 10 months.

Dubbed as Ichimoku Cloud, the technical indicator turned green to identify a long-term upside trend shortly after bitcoin surged towards $9,769.70 on Wednesday.

It also hinted at the imminent formation of a Golden Cross – a popular candlestick pattern that predicts an upcoming bull market. Analysts at trading signals provider TradingShot called out Ichimoku Cloud for its historical accuracy in the past three years.

They noted that the indicator correctly determined trend directions.

On October 11, 2019, for instance, the Ichimoku Cloud turned red that soon followed the formation of a Death Cross – the opposite of Golden Cross.

The BTC price fell by circa 25 percent shortly after the bearish signal. Similarly, when the Ichimoku Cloud rolled over to green on April 20, 2019, bitcoin soon established a Golden Cross on its daily charts.

The cryptocurrency later swelled by circa 170 percent to mark its year-to-date high towards $13,868.44.

TradingShot explained: “As you can see on the chart, after every bearish Ichimoku roll-over, a Death Cross follows shortly after. Respectively after every bullish Ichimoku roll-over, a Golden Cross follows. Since the new Ichimoku Bullish roll-over just took place, a new Golden Cross in pending (see on the chart how the MA50 and MA200 have already started to converge).”

The Bitcoin prediction came in tandem with similar bullish expectations all across the bitcoin market.

Experts, including billionaire investor Michael Novogratz, the CEO of Galaxy Investment Partners, said the cryptocurrency is eyeing a bull run towards or above $10,000 in the coming sessions.

In what Bitcoin (BTC) supporters are calling “relentless” and “unstoppable”, the BTC network just broke another record today.

For most people, Bitcoin’s success is usually measured in terms of its price.

Even if you’re a long-term HODLer, it’s hard not to get excited by some good old-fashioned volatility and epic 32% monthly hikes.

But while the number one cryptocurrency looks set to break $10,000 very soon, other key metrics are equally as impressive right now.

News has broken that Bitcoin network transactions just surpassed the half a billion mark today!

This number is confirmed by Blockchain.com and comes at a time when the Bitcoin network is hitting new records left and right.

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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:

Zoom out and keep it simple.

The $9100 flip was a big deal for #bitcoin. Former support of the ‘descending triangle’ and the China pump.

Ascending triangle forming on RSI with a clear uptrend channel on the daily. pic.twitter.com/h2ZTXdT8uR

— Jacob Canfield (@JacobCanfield) February 5, 2020

Bitcoin Transactions Hit a Major Milestone Today, Find Out Here

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Raoul Pal, the founder and CEO of Global Macro Investor who has more than 50% of his capital in Bitcoin, is anticipating a wave of institutional funds to push the BTC price to $1,000,000 in the next 5 years.

In an interview with Stansberry Research, the former hedge fund manager says that the world economy is moving from the “hope phase” to the “insolvency phase” as investors realize that the economy is going to recover from the COVID-19 pandemic much slower than originally expected.

Along with institutional adoption, he believes this narrative may create the perfect set-up for a huge long-term BTC bull cycle.

“…There’s no stimulus around, and we’ve got more problems to come in Europe, the US and elsewhere, and businesses don’t have enough cash flow. They’re closing in droves and that’s what I call the ‘Insolvency Phase’…

“Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money. Just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”

Though Pal considers himself a “hybrid adopter” of both gold and Bitcoin, he still says that he’s considering selling his gold to buy more Bitcoin.

“When you get to the macro opportunity, when it’s all happening and Bitcoin starts breaking out of these patterns that its been forming, it is going to massively outperform gold. I am 100% sure of that, so in which case, why would I have a gold allocation?”

In other trending Bitcoin News today:

ANALYST: BREAKING THIS ONE LEVEL COULD SEND BITCOIN TO $14,000+

Bitcoin and the entire crypto market have been caught in the throes of a consolidation phase in the time following BTC’s surge from $10,600 to $11,400.

This move was significant and seemed to indicate a trend reversal working in favor of buyers.

BTC’s momentum has slowed, but this may mark bulls’ attempt to garner enough support to spark a continuation of this uptrend.

One analyst is now noting that a move past $14,000 could be imminent in the near-term if the crypto can surmount $11,600.

Bitcoin has remained strong despite bears attempting to thwart its uptrend. It is currently trading up nearly $1,000 from where it was just over a week ago.

This strength may extend further, as its ongoing consolidation phase does appear to be shifting the cryptocurrency’s trend and positioning it for further upside.

Despite Bitcoin’s slowing momentum as it hovers around $11,400, one analyst believes that it is on the cusp of potentially seeing significantly further gains in the days and weeks ahead.

He notes that it all depends on how BTC reacts to $11,600, a key near-term resistance level to observe.

“BTC: If $11,600 gets flipped I see a clean $14k+… Until then I think we reject/range around $11,600 and dump lower,” the analyst said while pointing to the below chart.

Because this level sits less than 2% above where Bitcoin is currently trading, a test of it could be right around the corner.

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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:

Analyst: Breaking This One Level Could Send Bitcoin to $14,000+

https://cointelegraph.com/news/dollar-dip-meets-hash-rate-boom-5-things-to-watch-in-bitcoin-this-week