‘DISCOUNTED’ BITCOIN MORE LIKELY TO HIT $100K THAN $20K IN 2021, SAYS BLOOMBERG ANALYST!!

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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 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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Placeholder Capital partner Chris Burniske says he believes a new Bitcoin bull cycle will bring the BTC price to at least $50,000.

Burniske says the prediction is designed to account for Bitcoin’s historic pattern of posting diminishing returns for each subsequent bull run.

“Why Bitcoin $50,000? As discussed in May 2019, if BTC is half as volatile in this cycle as it was in the last, we would still expect it to cross $50K and $1 trillion in network value. $1 trillion has been a long time coming for this macro-asset.”

If Bitcoin can mount such a rally, Burniske says Ethereum will likely once again outperform BTC, as it did during the previous parabolic crypto cycle in 2017.

If that happens, he expects ETH to surpass $7,500 – a 3,132% increase from today’s price of about $232.

“Meanwhile, to the mainstream ETH will be the new kid on the block – expect a frenzy to go with that realization. Given ETH’s outperformance of BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for ETH/BTC to surpass ATHs. If BTC goes $50,000+ in the next cycle, and ETH/BTC returns to its former ATH, then expect to see ETH $7,500+.”

Burniske, who is a big fan of the Ethereum-based push to decentralize finance, says he thinks it’s still early days for crypto.

He expects mainstream retail investors to repeatedly jump into the market in a cyclical pattern on the path toward widespread adoption.

“Crypto is still off the radar compared to 2017-style interest, and that type of interest will come again, and again, and again, and… Each cycle with past narratives hardened + new narratives that drive further conversion of users, suppliers, developers, and investors.”

In other trending Bitcoin News today:

As Bitcoin Suddenly Surges 7.82%, Traders Spark Breakout Calls Above $10,500

Bitcoin bounced back on Tuesday after the Federal Reserve announced its plans to purchase corporate bonds to boost the financial markets through the pandemic.

The benchmark cryptocurrency surged by up to 7.82 percent from its Monday low below $9,000.

The move uphill took its price above $9,500, sparking calls towards an extended recovery run towards the $10,000-$10,500 area.

One pseudonymous analyst said earlier Tuesday that Bitcoin’s recovery from below $9,000 is a part of a “re-accumulation” strategy.

He concluded that the cryptocurrency would break above $10,500, a resistance level from June 1, 2020, and February 13, 2020, as the uptrend flourishes.

The analyst explained that bitcoin is testing 10,500 for the third time since February 2020.

Nevertheless, each downside break leads to an accumulation phase that causes Bitcoin to retest the red area, as shown in the chart above.

“We have been sitting under this level and consolidating now for a month,” he added. “Many believe that this sideways consolidation we have been seeing on $BTC for the last month or so is distribution before a larger move back down to 6-7k’s. I personally believe that this is rather re-accumulation before the inevitable break of 10.5k.“

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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:

No I think the lows are in. Here is the way I am counting it. This was shared when BTC was at 5-6k. A running flat for Wave 2 allows for a corrective move up off the lows rather than an impulsive one like most have been looking for. pic.twitter.com/ENxNFAAUlQ

— Credible Crypto (@CredibleCrypto) May 12, 2020