BITCOIN WARNING SIGNS POINT TO A ,000 RETEST!!!

💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts

Bitcoin (BTC) hit new lifetime highs of more than $51,700 on Feb. 17 as it tackled what trader Peter Brandt confirms is a “parabolic advance.”

Data from Cointelegraph Markets and TradingView showed BTC/USD passing the $50,000 resistance level again on Wednesday, this time continuing into uncharted territory.

Tuesday had seen Bitcoin hit $50,000 for the first time ever, that level nonetheless failing to hold for more than a matter of minutes.

With its return, the largest cryptocurrency is in a “parabolic advance” — the fourth in its twelve-year history, analysts say.

“Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade,” Brandt tweeted alongside an annotated price chart.

“A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic.”

Responding, Kraken growth lead Dan Held noted that if counting its initial phase prior to 2012, there have in fact been four parabolic advances.

Brandt added that should the advance be violated, a correction of 80% is “most common” as a bearish consequence. Such behavior was observed in 2018 after Bitcoin peaked at near $20,000 — the market bottomed out at $3,100 one year later.

As Cointelegraph reported, various indicators nonetheless suggest that Bitcoin is far from violating any uptrend, being at the start, rather than the end of its bull run.

“$50,000 #Bitcoin is the new normal,” Blockstream CSO Samson Mow declared on Wednesday.

Discussing the new price highs, others noted that macro factors could converge to create a chain reaction of adoption, which would push Bitcoin further still into price discovery.

“If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air,” popular Twitter account Documenting Bitcoin added.

Data meanwhile showed that Bitcoin had taken the momentum out of altcoin growth with its moves over the last few days, with all of the top ten cryptocurrencies except Polkadot (DOT) seeing sideways price action.

In other trending Bitcoin News today:

Bitcoin Selling At 36% Premium In Nigeria

It’s been roughly 11 days since the Central Bank of Nigeria banned all regulated financial institutions from providing services to cryptocurrency exchanges in the country. At the risk of stiff penalties, all banks and institutions were directed to close crypto-related firms’ accounts immediately. 

In the wake of the controversial move, public interest in Bitcoin (BTC) in Nigeria continues to outstrip other countries, according to the latest available data from Google Trends. Even more stark is the hefty 36% premium on Bitcoin’s price as of the time of writing, Feb. 16.

The premium translates into a $71,150 price tag per Bitcoin, as compared with the average spot market price of $51,314 calculated in Cointelegraph’s price index. The premium is also incomparable to the five next largest premiums globally at present: 3.24% in South Africa, and between 1% and 3% in Argentina, Peru, Malaysia and Vietnam.

As a Cointelegraph analysis outlined last week, the immediate impact of the central bank ban appears to have done little to quell what its author dubbed the “hyperbitcoinization” of retail trading culture in the country. 

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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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🚨HUGE NEWS🚨

Morgan Stanley has put in an application to the SEC to launch a #Bitcoin ETF!

Thia is the first Bitcoin ETF application filed this year.

If an ETF is approved #BTC price will sky rocket in minutes! 🚀

(Source: Coinspeaker) pic.twitter.com/Mb8XTDPwZX

— NebraskanGooner📈 (@nebraskangooner) February 17, 2021

Big picture $BTC
Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic pic.twitter.com/fyyM5Ws6N5

— Peter Brandt (@PeterLBrandt) February 16, 2021

https://cointelegraph.com/news/bitcoin-selling-at-36-premium-in-nigeria

https://cointelegraph.com/news/bitcoin-hits-a-new-high-of-51-3k-as-analyst-declares-historic-parabolic-advance

➡️ Tap into OPM (Other People’s Money): http://opm.cryptonewsalerts.net

Bitcoin price needs to hit $340,000 just to match its performance from its last BTC halving cycle, data shows.

In a Twitter series on Aug. 20, popular statistics resource ChartsBTC noted that the BTC price still has huge room for growth at current levels of $11,700.

Comparing lows, highs and halving prices from its two previous Bitcoin halving cycles, ChartsBTC put the difference between peaks at 36x for the 2012 cycle and 17x for the 2016 cycle.

In order to repeat even the more modest cycle’s success, BTC/USD would have to trade at $340,000. 36x from last cycle’s high — Bitcoin’s all-time record of $20,000 — comes to $720,000.

Comparing cycle lows, the results are even more dramatic — the smallest jump of 130x from the previous cycle would deliver a Bitcoin price of $400,000.

Running the same diagnosis for Bitcoin’s price at the time of its halving events, the price target is $250,000.

“The multiples from prior cycles applied to the current one arrive at highs between $250k and $1.6M in the next 18 months,” ChartsBTC summarized.

The account noted that while the math adds up, there is little evidence which demands that such levels really do appear within the given timeframe. “While this may sound exciting, it’s just hopium,” it added.

“The prior highs and lows won’t dictate the future.”

In other trending Bitcoin News today:

Yearn Finance (YFI) Becomes First Altcoin to Exceed the Price of Bitcoin – Now What?

Yearn.finance’s native governance token YFI became the first-ever altcoin to surpass the price of Bitcoin (BTC) on Aug. 20.

It spiked to as high as $13,444 on Binance, fueled by the growing demand for Decentralized Finance, or DeFi.

Yearn.finance is a DeFi protocol that launched in July with no premine in a decentralized setting by developer Andre Cronje.

It is the first protocol on Ethereum that claims to give token holders all the power to govern the network.

Blockchain analytics firm IntoTheBlock said`:

“Just a month ago, the yearn.finance token was trading around the $1000 mark. #YFI is up more than 10x in one month, climbing to $10,551.25 yEarn Finance is the first project on Ethereum, whose governance is entirely in the hands of token holders.”

Cryptocurrency researcher Hasu explains yearn.finance as a platform that allows users to execute various investment strategies.

He says: “If you’re not familiar with Yearn, you can think of it as a smart bank account that automatically allocates your assets to different low-risk investment strategies that execute on the Ethereum blockchain.”

The price of YFI, the governance token of the protocol, increased naturally as the total value locked in yearn.finance surged.

According to data from Defipulse, more than $670 million worth of capital is locked in yearn.finance.

Compared to other tokens, the price of YFI is high due to its unique monetary supply.

Its supply is capped at 30,000, which is significantly lower than most digital assets.

While the price of YFI has surpassed $12,000, its market capitalization remains below $400 million.

By market cap, it is the 45th biggest cryptocurrency in the global market.

As such, crypto startup investor Ian Lee explained that YFI surpassing Bitcoin is more of a psychological event than anything else.

He explained:

“YFI ‘flipping’ BTC price is arbitrary & more psychologically than practically important. What is important is what yearn.finance is doing & Andre Cronje is building in DeFi.”

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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:

15,000 followers 🥳 Thank you everyone! Let’s break down the #bitcoin cycles and see how well history is rhyming. /1High $32, Low $2, Halving $12High $1,163, Low $152, Halving $658

High $19,892, Low $3,129, Halving $8572 pic.twitter.com/LmsuGjDiiq

— ChartsBTC (@ChartsBtc) August 20, 2020

The $ghost project is calling me a loose cannon because I called them on their bullshit.If I am a loose cannon because I dropped my support for a failing project so be it.

I will not support bullshit.

— John McAfee (@officialmcafee) August 19, 2020

https://cointelegraph.com/news/yfi-becomes-first-altcoin-to-exceed-the-price-of-bitcoin-now-what

https://cointelegraph.com/news/bitcoin-will-hit-340k-if-btc-price-repeats-2016-halving-cycle-pattern

https://cointelegraph.com/news/john-mcafee-has-left-his-own-privacy-asset-project

➡️ TEEKA TIWARI – Investment of the Decade: http://2020.cryptonewsalerts.net

Who Is Satoshi Nakamoto? Rounding Up The Usual Suspects After Today’s 50 Bitcoin Transaction

BTC sustained a strong 7% drop ($9,800 to $9,100) on Wednesday after trading in a holding pattern around $9,800 for multiple days in succession.

The leading crypto’s drop coincided with news that one of the first few thousand Bitcoin addresses just made its first transaction.

The address involved is from February 2009 — and the 50 coins that were sent from the address were obtained by mining one BTC block.

Due to how close the address’ “birthday” was to the launch of the Bitcoin network, many were quick to speculate that this transaction was “Satoshi dumping his coins.”

As the pseudonymous cryptocurrency creator owns over a million coins, the aforementioned drop ensued.

While the theory has since been disproven, a prominent cryptocurrency and blockchain investor says that the pretense of Bitcoin’s drop exposes holes in the investment case for most altcoins, especially Ethereum.

When Bitcoin dropped on Wednesday, so did the rest of the cryptocurrency market. Ethereum, XRP, and the rest of the usual suspects posted losses identical to the market leader.

Chief investment officer of crypto fund Arca, Jeff Dorman, postulated in the wake of the drop that the fact “that all large-cap tokens fell too” indicates “most digital assets are not necessary to own.

Dorman added that it was “particularly damaging for ETH today.” Adding to the fundamental blow that Wednesday’s Satoshi drop caused, Ethereum is showing technical signs it wants to retrace.

As reported by Bitcoinist previously, a leading market commentator remarked that the number of ETH that exchanges hold is “basically at all-time highs.”

The metric hit 18 million coins, according to data from Bitcoin analytics firm Glassnode.

The commentator postulated that this trend may be bearish, likely referencing a growing number of Ethereum deposits indicates an increased propensity by investors to sell the asset.

The bearish on-chain case is backed up by technical trends. As shared by a leading Bitcoin trader, Ethereum recently lost a key support level that held on four separate occasions over the past month.

The loss of this support purportedly increases the chances the asset sustains a “larger correction.”

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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:

50 BTC from Feb 2009 is moving.That’s just one month after first bitcoin block was mined. There is not a lot of people who can do this, perhaps close associates of Satoshi.

My question is why, not who, is sending 50 BTC for the first time in more than 10 years.

— Joseph Young (@iamjosephyoung) May 20, 2020

👤👤👤 40 #BTC (391,055 USD) transferred from possible #Satoshi owned wallet (dormant since 2009) to unknown walletℹ️ The coins in this transaction were mined in the first month of Bitcoin’s existence.

Tx: https://t.co/hxDJGGtfF0

— Whale Alert (@whale_alert) May 20, 2020

$BTC just fell 3% because of the equivalent of a 13F filing which shows a big investor is selling (regardless of whether or not the info is accurate, that’s why it fell).

This is the definition of an isolated and idiosyncratic event that should have ONLY affected #Bitcoin

— Jeff Dorman, CFA (@jdorman81) May 20, 2020

7% Bitcoin Drop on Satoshi Fears Shows Why Ethereum Is Dangerous to Own