ETHEREUM WILL LIKELY FLIP BITCOIN THIS CYCLE AND HIT $85K!! BTC WILL COMFORTABLY REACH $200K EOY!!

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Following a brief selloff that led the Bitcoin price down to lows of $5,800 overnight, BTC has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region.

It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead.

Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead the BTC price to rally up towards $7,700.

As for what could push Bitcoin above this resistance, Big Cheds – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes it is flexing a “potential 8/34 EMA bull cross” on its 4-hour chart.

“Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,” he noted while pointing to the chart seen below.

This formation could significantly bolster the crypto’s near-term price action if it is confirmed in the coming several hours.

As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700.

Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route.

“Looks like BTC picked the green way,” he said while pointing to the below chart.

The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at.

Bitcoin Starts Strongest Quarter Q2 With Price Down Just 10% YTD

Bitcoin (BTC) has in total suffered just 10% from the coronavirus outbreak which obliterated stocks and caused the United States to print $6 trillion.

That was according to the latest quarterly price data from monitoring resource Skew.com on March 31, which showed that for Q1 2020, BTC/USD is only down by around 10.7%. 

At press time, the pair remained higher after seeking new support at $6,500 on Monday. 

At those levels, the pair is just $700 lower than its position at the start of 2020, and $3,800 beneath its current year-to-date all-time high of around $10,300. 

Bitcoin has advanced 75% in the two weeks since hitting its quarterly low — in a volatile period, that recovery at one point reached 90% as markets peaked at over $7,000 on some exchanges.

As such, Bitcoin now looks increasingly resilient as an investment option versus traditional markets, which are still trailing much more as a result of coronavirus.

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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://cointelegraph.com/news/bitcoin-starts-strongest-quarter-q2-with-price-down-just-10-ytd

https://cointelegraph.com/news/bitcoin-stocks-rise-as-us-economy-grinds-to-a-halt-furloughs-soar

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The Bitcoin price is still struggling to break out above $10,000 following three failed attempts over a 36-day period.

Traders remain mixed on the short-term BTC price trend as macro indicators suggest varying trends.

Many traders believe the price of Bitcoin is primed for a rally above the multiyear resistance level of $10,500, which would confirm the end to a two-year price cycle and the start to a newfound rally.

Others foresee the price of Bitcoin falling all the way to the $6,000–$7,000 range in the near term, given the three consecutive rejections of the same range in between $10,000 and $10,500 spanning over a month.

Historical data shows that declining volatility and volume suggest a large Bitcoin price movement will likely occur in the near term.

For instance, the price of Bitcoin in early September 2019 was hovering around $10,500 to $10,800.

At the time, the volume of both futures and spot markets declined substantially compared with the previous two weeks.

By the end of October, after a month of consolidation, the price of Bitcoin dropped from $10,800 to $7,300, recording a 32% pullback within two months after weeks of low volatility.

The bullish scenario for Bitcoin in the short term Traders generally anticipate a Bitcoin upsurge in the near term due to three main reasons: a compelling technical structure, an increase in the number of long-term holders and a rapidly growing hash rate.

According to Michael van de Poppe, a full-time Amsterdam Stock Exchange trader, the short-term trend of Bitcoin is optimistic as long as the price remains above $9,100.

The $9,100–$9,300 range has served as a strong support area for Bitcoin since May.

If the price holds $9,100 and breaks above $10,500 once again, van de Poppe emphasized that $12,000 is likely next.

He said: “If we break $10,000, next level is $10,500. If we break $10,500, next level is $11,500-12,000. Crucial level to hold; $9,100-9,300.”

Similarly, cryptocurrency trader Nunya Bizniz said earlier this month that the following levels are the most important for BTC to see a prolonged rally:

* $10,000: a resistance and psychological barrier;

* $10,500: first higher high, change to market structure;

* $11,600: last three cycles, a monthly close is above a key technical level at 50% Fibonacci retracement; and

* $14,000: a close above a monthly all-time high indicates an attempt at BTC’s record high.

In other trending Bitcoin News today:

INDIA PLANS BITCOIN BAN EVEN AS ITS BANKING SYSTEM GRADUALLY COLLAPSES

The Indian government may ban Bitcoin. According to a report by Economic Times, the country’s finance ministry has sent the proposal for inter-ministerial consultation.

The department then expects to forward the plan to its top cabinet, which operates directly under Prime Minister Narendra Modi. The move further allows the motion to be tabled as a bill in the parliament.

“While we have recognized… the power of Reserve Bank of India to take preemptive action, we are testing in this part of the order the proportionality of such measure, for the determination of which RBI needs to show at least some semblance of any damage suffered by its regulated entities. But there is none.”

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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 #BITCOINSlight wick now, which is fine.If we break $10,000, next level is $10,500.If we break $10,500, next level is $11,500-12,000.Crucial level to hold; $9,100-9,300.

Check it here:https://t.co/nCn6H1LjY5 pic.twitter.com/TxxsVk0GrB

— Crypto Michaël (@CryptoMichNL) June 10, 2020

BTC overhead stepping stones:1. $10K – Resistance & psychological barrier2. $10.5K – 1st higher high, changes market structure.3. $11.6K – Last 3 cycles, a monthly close above 50% Fib retracement = 🚀

4. $14K – A close above monthly ATH close always = 🚀

— Nunya Bizniz (@Pladizow) June 1, 2020

The government needs to stop this madness of deciding whether they want to ban crypto or not. Either do it so we can fight it or come up with better regulations instead of throwing a news byte every few days creating panic in public.

Aadmi kare to kya kare?

— Naimish Sanghvi (@ThatNaimish) June 12, 2020

Evidence of buyer interest around $btc M.O.This level got front run on recent dumps. Sellers just don’t have what it takes to push price down.

Longed. pic.twitter.com/LDyjNYJQDn

— Mohit Sorout 📈 (@singhsoro) June 11, 2020

India Plans Bitcoin Ban Even as Its Banking System Gradually Collapses

https://charts.woobull.com/bitcoin-hodl-waves/

https://cointelegraph.com/news/bitcoin-price-to-hit-12k-or-8k-next-btc-traders-discuss-macro-signs

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Bitcoin surpassed $66,500 during Nov. 8 as major BTC gains seemed unfazed by Tesla (TSLA) stock losing 5% at the Wall Street open. 

Global investment bank JPMorgan has doubled down on its Bitcoin price prediction of $146K. 

The JPMorgan analyst added: “The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of bitcoin as an inflation hedge.” 

Reiterating his “bullish outlook” for BTC made in October, he wrote:

“Bitcoin’s allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation.”

In other trending Bitcoin News today: Ethereum back in price discovery as ETH approaches $5K!

Ethereum blockchain’s native asset Ether (ETH) touched a new record high on Nov. 8, supported by a rally across the top cryptocurrencies ahead of a key U.S. inflation report this week.

ETH price rose by 3.30% in the past 24 hours to $4,770 for the first time in history as Bitcoin reclaimed $66,000, demonstrating the strong positive correlation between the two digital assets.

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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://news.bitcoin.com/jpmorgan-doubles-down-on-bitcoin-price-prediction-146k/

https://cointelegraph.com/news/ethereum-back-in-price-discovery-as-eth-approaches-5k

https://cointelegraph.com/news/crypto-markets-tag-3t-combined-market-cap-for-first-time

https://cointelegraph.com/news/resistance-is-futile-5-things-to-watch-in-bitcoin-this-week