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The Bitcoin price rose to as high as $10,272 on July 26 in an unexpected weekend rally.

It liquidated $74 million worth of long contracts on BitMEX alone, catching many traders off guard.

There appear to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200.

They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins).

When the price started to rally, major altcoins, as well as well-performing DeFi tokens, began to slump.

Ethereum declined from $322 to $311, and DeFi tokens, including Aave and YFI, saw steep rejections. 

The simultaneous rejections of major altcoins and the price surge of Bitcoin suggest that traders took profit from recent altcoin rallies.

As traders moved their altcoin gains to Bitcoin, it possibly triggered a BTC uptrend, while altcoins declined.

ETH, as an example, rose from $247 on July 23 to $322 on the day’s peak, recording a 30% gain.

Despite the strong sentiment around altcoins, investors are possibly taking a more cautious approach by hedging their gains.

When Bitcoin initially broke over $10,000, it triggered over-leveraged short contracts to become liquidated.

When BTC reached $10,200, it caused a cascade of liquidations to occur, totaling $74 million.

Bitcoin has seen many phases when more than $50 million worth of short or long contracts gets liquidated.

But for this to occur within a span of a few hours is less typical.

The mass liquidations of long contracts at $10,000 also suggest that the $10,000 to $10,200 remains as a heavy resistance area.

As soon as BTC hit $10,200, the price dropped below $10,000, marking a short-lived rally.

As the price of Bitcoin recovered strongly in recent weeks, some industry executives and investors expressed optimism toward BTC and ETH.

“Are you ready?” Grayscale CEO Barry Silbert tweeted when Ether price broke out of the dreaded $280 resistance level on July 25.

Well-known trader Peter Brandt, meanwhile, expects the price of Bitcoin to hit a new record high and eventually make its way to $50,000. He said:

“That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k.”

In other trending Bitcoin news today:

Everything You Need to Know About Ethereum 2.0

The yearslong upgrade – intended to radically transform the world’s largest smart-contract platform – is inching closer to deployment.

The Ethereum Foundation recently announced “Medalla,” a final testnet before the mainnet launch of the Eth 2.0 beacon chain.

As of July 10, some developers, including Ethereum founder Vitalik Buterin, estimate the oft-delayed Eth 2.0 will launch by the end of this year. 

When phase zero of Eth 2.0 does ship, little about Ethereum will change in the near term for users and dapp developers.

This is because unlike all other system-wide upgrades in Ethereum history, the Eth 2.0 overhaul will primarily be happening on a different blockchain.

The first phase of development for Eth 2.0 is centered around the creation of a separate proof-of-stake blockchain network called the beacon chain.

On this new network, ETH holders with a minimum of 32 ETH can earn rewards in the form of annualized interest on their wealth.

To earn these rewards, ETH holders must have the appropriate hardware and software connecting to the beacon chain and a strong understanding of how the technology works. 

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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:

#DeFi platforms are red-hot with nearly $1b in collateral pledged. Oracles empower not only DeFi, but just about everything that 2nd & 3rd-generation cryptos do. So, it’s hardly an exaggeration to say that #Chainlink will lie at the heart of the #crypto revolution going forward.

— Weiss Crypto Ratings (@WeissCrypto) July 24, 2020

That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k

— Peter Brandt (@PeterLBrandt) July 25, 2020

https://www.coindesk.com/everything-you-need-to-know-about-ethereum-2-0

https://cointelegraph.com/news/why-bitcoin-suddenly-spiked-to-10-200-liquidating-75m-in-fast-rally

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Crypto trader and market analyst Lark Davis is looking to the past to see if Bitcoin could hit six figures this year.

Davis says that the current BTC price action is reminiscent of Ethereum’s 2017 bull run.

“Is there precedent for an asset having a massive run up, then a long brutal corrective period followed by a spectacular blow off top later that year? Yes, of course.

Ethereum did almost [exactly] that in 2017, ended the year 237% higher than the ‘top’.”

In other trending Bitcoin News today: Ukraine Unveils Roadmap to Integrate Cryptocurrencies by 2024

Government and business representatives have produced a roadmap to transform Ukraine into a leader in cryptocurrency integration. The authors of the new strategy want to see half of Ukrainians using digital currencies by 2024. The East European nation is expected to regulate its crypto space by the end of this year.

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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/ukraine-unveils-roadmap-to-integrate-cryptocurrencies-by-2024/

https://cointelegraph.com/news/bitcoin-traders-watch-32k-ahead-of-friday-s-330m-btc-options-expiry

https://cointelegraph.com/news/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29-500

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The Bitcoin price will hit $100K+ per BTC before 2022 according to popular Crypto analysts PlanB, Tom Lee, Anthony Pompliano and Bitmex CEO Arthur Hayes.

This is around the date of the Bitcoin (BTC) block reward halving, which would kick off the “bull run” sending the cryptocurrency to $100,000 before December 2021.

PlanB released the predictions describing them as his “2 sats on BTC price.” In a previous update in January 2019, he claimed BTC/USD would stay above its 200-week moving average (200WMA), which historically had always grown.

Stock-to-flow uses two indicators to chart Bitcoin’s price trajectory: the number of Bitcoins already available versus the number of new Bitcoins added to circulation.

Historically highly accurate, the model puts Bitcoin on par with gold in terms of its status as hard money with a supply that is virtually impossible to manipulate, unlike fiat currency. 

In the long term, PlanB expects BTC/USD to trade at an average of $100,000 between 2021 and 2024.

After that, however, fiat weakness may reach such an extent that BTC (Bitcoin) appreciates to “a factor” of $100,000, at which point stock-to-flow would ironically become less useful. 

Bitcoin is starting 2020 with a bang. With double-digit gains in January, the top cryptocurrency briefly breached psychological resistance at $10,000 over the weekend.

Even with the current pullback to $9,757, BTC is still up by over 36% year-to-date, with more upside potential this year, according to Fundstrat co-founder Tom Lee.

In a recent appearance on CNBC’s Power Lunch, Lee argues that Bitcoin is now at the start of a new bull run. “A lot of good things have happened with Bitcoin this year. One is the halvening is happening in May. But we broke above the 200-day [moving average] – so back in a bull market.

There is the corona[virus] risk and geo-political tension… Last year, I think Washington killed the Bitcoin rally.

But with the elections, it’s sort of not in the purview of Washington. So I think Bitcoin could rally very strongly from here.”

Regarding the projected strength of the rally, Lee adds, “When Bitcoin breaks above its 200-day, which it did about two weeks ago, its average six-month gain is about 190%. So this would point to all-time highs sometime this year.”

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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:

Bitcoin just hit $10,000.I still think that Bitcoin will hit $100,000 by end of December 2021.

Fixed supply. Increasing demand. Time will tell. #Bitcoin

— Pomp 🌪 (@APompliano) February 9, 2020

It is not S2F related, and also not WMA200 related. It is a new not yet disclosed indicator that is the result from chain analytics. So if it would drop below $8200 (what I do not expect), then I will drop that indicator.

— PlanB (@100trillionUSD) February 10, 2020

https://cointelegraph.com/news/anthony-pompliano-believes-bitcoin-price-climb-to-100k-has-started

https://cointelegraph.com/news/bitcoin-price-has-set-82k-floor-100k-coming-before-2022-analyst