John McAfee Defends #post_titleM 2020 Bitcoin Price Prediction!

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After an 11% drop last week, Bitcoin (BTC) started to mount an extremely strong recovery on Sunday and Monday.

Just earlier today, the the BTC price reached a local high of $9,150, trading 5% higher on the day.

Per Raoul Pal, a former Goldman Sachs executive, this move has allowed the Bitcoin price to break out of “an inverse head and shoulders formation (with a very weak right shoulder, which makes it often more powerful.”

This move has also notably brought Bitcoin above the key 200-day simple moving average.

While the price has yet to close above this key technical level, sitting around $9,000, this specific moving average has long been seen as analysts as an indicator of an asset’s long-term directionality.

With these bullish factors in mind, where do analysts say the leading cryptocurrency can go next?

Unsurprisingly, this latest boost higher has analysts convinced that the market is ready to see even more gains.

Eerily accurate trader Filb Filb in a recent edition of his Decentrader newsletter wrote:

“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”

As to why $12,500 makes sense, he noted that that is the “top target” for a bullish inverse head and shoulders chart that is forming on a medium-term basis for Bitcoin.

BITCOIN VS CORONAVIRUS: IS BTC TRADING LIKE STOCKS OR GOLD?

Bitcoin markets have reacted with increased volatility to the news of the spreading coronavirus in China.

The last few days may reveal patterns about BTC trading in relation to risk.

BITCOIN SHOWS NEW TRADING PATTERNS ON RISK EVENTS

BTC (Bitcoin) showed behavior that may reveal new patterns of trading in relation to stocks.

The coronavirus epidemic and subsequent lockdowns in China, coinciding with the Chinese New Year celebrations, caused a slump in Chinese and international stocks.

But Bitcoin prices showed a different pattern in relation to the movements of stocks, with waves of activity both coinciding with the overall slide in assets, but also rallies that suggest BTC is also a risk-averse asset.

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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:

Some sold at $1 because they thought $10 was impossibleSome sold at $10 because they thought $100 was impossibleSome sold at $100 because they thought $1,000 was impossibleSome sold at $1,000 because they thought $10,000 was impossible

Some will also sell at $10,000…

— Crypto₿ull (@CryptoBull) January 28, 2020

16/ So how about returns?

Correlations of returns between bitcoin & risk assets have historically been unstable and hovered around zero. This changed somewhat in 2019. Correlations since Jan/1/2019 are -0.14 with the S&P 500 and +0.19 with gold. pic.twitter.com/LvBFAPM8Df

— Alex Krüger (@krugermacro) January 28, 2020

$BTC Good looking candle on the monthly chart, looks like it wants to overtake the Nov. openIt would be extra bullish if this month closed above $9250

Price would likely look to push up over $10k and re-test the POC of the June to Sept ’19 pic.twitter.com/Hxl5yZys7Y

— Josh Rager 📈 (@Josh_Rager) January 28, 2020

Bitcoin vs Coronavirus: Is BTC Trading like Stocks or Gold?

Bitcoin in Midst of Powerful Breakout: How Far Will Prices Go Past $10,000?

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Digital Asset Manager Grayscale says current investment patterns in Bitcoin mirror trends present in early 2016, when BTC kicked off an astronomical 4,400% rally to its all-time high in less than two years.

Phil Bonello, Grayscale’s director of research, reports that there is a growing number of investors holding on to their Bitcoin.

In Grayscale’s Holder vs. Speculator Index, the percentage of holder coins – BTC that have not moved in one to three years – is on the up and up. Meanwhile, the percentage of speculator coins – BTC that have moved in the last 90 days – is on a decline, much like in 2016.

According to Bonello, an increase in holder coins is a potential bullish indicator, while an increase in speculator coins looks bearish. 

Bonello also notes that there has never been a higher level of Bitcoin held for more than one year.

“This metric indicates a strong conviction in Bitcoin by its current investor base. While this is a supply-side metric, it also demonstrates the demand for Bitcoin’s use case as a store of value – rather than trading, it appears investors are interested in holding Bitcoin despite its volatility…

This report is intended to help investors visualize why Bitcoin may be more important than ever; we explore Bitcoin’s value indicators, delineate its substantial supply/demand imbalance, and extrapolate how these factors may create a tailwind for Bitcoin’s adoption and price. This analysis indicates that the current Bitcoin market structure parallels that of early 2016 before it began its historic bull run.”

The researcher does caution that significant off-chain activity may decrease the efficacy of these metrics.

Bitcoin’s price in January 2016 stood at about $434.

In less than 24 months, the king crypto went on to skyrocket over 4,431%, en route to its all-time-high of $19,665, according to CoinGecko.

In other trending Bitcoin News today:

New Crypto Asset Could Be Next DeFi Unicorn to Explode, Says Bitcoin Analyst Nicholas Merten

DataDash founder and Bitcoin analyst Nicholas Merten says a new crypto asset is poised to become the next decentralized finance (DeFi) unicorn to erupt.

Merten says he’s betting big on Ampleforth (AMPL) as he believes the coin is relatively undervalued.

The crypto strategist highlights that AMPL has already gone through close to an 80% correction in terms of market capitalization.

Merten says the pullback has put AMPL in a position to restart its bull cycle as the DeFi asset is flashing bullish signals.

Based on Merten’s chart, the coin’s market cap can explode over 430% in the coming months.

Ampleforth bills itself as an “adaptive base-money.” 

According to Merten, the number of AMPL in circulation adjusts based on demand.

“The balance of Ample can increase or decrease and it uses a very similar kind of mechanism some might be familiar with in regards to DAI… In this case, as price goes up, they increase the overall supply in the network and along with that as well, when you see a decrease in price, in this case, the overall supply decreases as well. It’s supposed to provide [the] pressure of limiting the supply on the market and vice-versa.

When price goes up, you have more coins in the market. People are actually, as they’re holding it, not only is price going up, maybe above the peg but along with that, they’re getting extra coins. In this case, there’s a pressure to sell.”  

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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:

If you put $1.25M into $BTC today you could literally have $70M in three yearsIt’s a mathematical fact, don’t question it The 6 figures / day you make in the stonk market will seem irrelevant

also the magnet is there for more than just a cosmetic affect pic.twitter.com/ZQ9c0Y6o0N

— RookieXBT 🧲 (@RookieXBT) August 22, 2020

Just to clarify I put in 1.25 million and lost 20k. My money was just better at work in the real stock market where I make 6 figs everyday. https://t.co/5v7Jg2SZYo

— Dave Portnoy (@stoolpresidente) August 22, 2020

https://grayscale.co/wp-content/uploads/2020/08/Grayscale_Valuing_Bitcoin.pdf

https://dailyhodl.com/2020/08/22/new-crypto-asset-could-be-next-defi-unicorn-to-explode-says-bitcoin-analyst-nicholas-merten/

https://dailyhodl.com/2020/08/22/bitcoin-patterns-mirror-early-days-of-epic-4431-rally-began-according-to-digital-asset-manager-grayscale/

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Bitcoin marking a new all-time high of $67,000 last week has opened the possibility of a $135,000 – $450,000 BTC price by the end of this year, according to Plan B, creator of the popular Bitcoin Stock-to-Flow (S2F) model.

Plan B recently called Bitcoin’s price retracement from the $60,000-level the “2nd leg” of what appeared like a long-term bull market.

Despite the high Bitcoin price projections, BTC can still see big corrections in the future. Plan B thinks the next crash could wipe at least 80% off Bitcoin’s market capitalization, based on the same S2F model.

In other trending Bitcoin News today: The FDIC Chairman just stated that regulators are looking at how US banks could hold bitcoin.

Jelena McWilliams, the chairperson of the Federal Deposit Insurance Corporation, or FDIC, has said the agency is working with other regulators in the United States to explore “under what circumstances banks can engage in activities involving crypto 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://cointelegraph.com/news/bitcoin-bull-market-2nd-leg-has-started-says-btc-price-model-creator

https://cointelegraph.com/news/us-regulators-are-exploring-policy-for-banks-to-handle-crypto-says-fdic-chair

https://cointelegraph.com/news/nfl-quarterback-tom-brady-gives-fan-1-btc-for-his-historic-600th-touchdown-pass-ball

https://cointelegraph.com/news/bitcoin-drops-1k-in-five-minutes-in-fresh-dip-below-60k