BANK OF ENGLAND WILL SCRAMBLE TO BUY BITCOIN BEFORE IT HITS $1 MILLION PER BTC, SAYS MAX KEISER!!

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Just seven weeks ago, Bitcoin (BTC) was trading down in the dumps, at $3,700 after one of the worst trading sessions in the cryptocurrency market ever.

In the wake of that move, there were many analysts calling for the crypto market to fall even lower than it had, but digital assets quickly rebounded across the board in a show of resilience.

Just around 50 days after the crash and the Bitcoin price is now trading at $9,200 — 150% higher than the $3,700 lows, a stellar performance that puts almost any other $100 billion+ asset to shame.

Although impressive, analysts are convinced that more upside is in the cards for the crypto market, citing a convergence of technical and fundamental factors boosting BTC’s outlook.

BITCOIN’S CHART IS OVERWHELMINGLY BULLISH

The past week has seen the crypto market explode after two weeks of accumulation.

The BTC price recently shot past $9,000, reaching a local high of $9,500.

This move past the ever-important $9,000 level, which acted as both psychological and technical resistance, is just the start of a greater bull run, analysts say.

One well-known trader corroborated this narrative, identifying five technical and fundamental reasons to be bullish on Bitcoin at the moment, despite the fears of a global recession and a downturn in the stock market:

• Mex funding+premium index still negative
• Above the yearly vwap
• Above the 200 DMA
• Bullish 1D cloud
• Halving in 10 days

• Asserting how strong the current bull trend is, the trader concluded by writing that while “you might not call and short THE top, you will save yourself a lot of potential headaches by just waiting for a break in the 1D market structure.”
• While all the topics the trader mentioned suggest more upside is imminent, the Bitcoin halving is likely to act as the biggest catalyst for a bull run, analysts say.
• May’s halving is expected to be certainly bullish for Bitcoin and the rest of the cryptocurrency market, with one prominent analyst suggesting that BTC will have a fair price of around $288,000 — over 3,000% higher than the current price — after the event.
• In other trending Bitcoin News today:
• Arthur Hayes Teases $420,000 Bitcoin As Elon Musk Asks Crypto Traders for Anime BTC
• The CEO of the crypto derivatives exchange BitMEX is highlighting Bitcoin’s decentralization, teasing a massive Bitcoin price and taking a shot at Elon Musk – all in a single tweet.
• On Friday, Arthur Hayes “announced” that he has secured enough funding to take Bitcoin off the public market once it hits the $420,000 mark.
• The statement is a twist on Elon Musk’s infamous tweet about his plans to take Tesla private when it hits $420 a share.
• That tweet landed Musk in hot water with the US Securities and Exchange Commission, which accused him of misleading investors.
• Musk eventually settled with the SEC and paid a $40-million fine without admitting any wrongdoing.

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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-Mex funding+premium index still negative-Above the yearly vwap -Above the 200 DMA -Bullish 1D cloud-Halving in 10 days

You might not call and short THE top but you’ll save yourself a lot of potential headaches by just waiting for a break in 1D market structure.

— HornHairs 🌊 (@CryptoHornHairs) May 2, 2020

➡️ Teeka Tiwari – Investment of the Decade:  http://2020.cryptonewsalerts.net

Blockfyre’s co-founder believes a bull market will return, seeing Bitcoin (BTC) price rise 1,400% to hit $150,000, and Ethereum (ETH) and other solid altcoins making even more impressive gains.

The co-founder of cryptocurrency analysis company Blockfyre believes that a bull run will return, propelling Bitcoin (BTC) to a price of $150,000.

In a tweet on June 4, Simon Dedic suggested that these gains will not be reflected across the entire cryptocurrency market, although the more solid altcoins should also see impressive price action.

Bitcoin’s dizzying ascent to its current all-time high of almost $20,000 in December 2017 came complete with a media frenzy around all things crypto.

Coupled with a boom in initial coin offerings, and fuelled by investor FOMO (fear of missing out), money was thrown at literally any project in the hope that it would mirror the gains of Bitcoin.

This became a self-fulfilling prophecy, and pretty much every altcoin posted a significant price increase during 2017. 

While Dedic warned that he believes this won’t happen again, he does envisage a Bitcoin bull run returning and “pumping the few solid alts out there.” He even went as far as to make a number of price predictions, such as Bitcoin gaining over 1,400% from its current price of around $9,750 to reach his target of $150,000.

Ether (ETH) is set to fare even better according to Dedic, increasing more than 3,570% from current levels around $245 to a price of $9,000.

And Binance Coin (BNB) is predicted to see a 2,750% rise to $500. Bigger increases still are forecast for Chainlink (LINK) and Tezos (XTZ), both with a target price of $200, representing 4,450% and 6,800% gains respectively.

But this all fades into insignificance compared to Dedic’s prediction for VeChain (VET), with a seemingly modest target price of $1.

However, this marks a massive 14,100% increase on its current price of $0.007.

In other trending Bitcoin News today:

Top Crypto Analyst Flips Bullish on Bitcoin, Says Miners No Longer Selling Their BTC

Top crypto influencer and Bitcoin maximalist Tuur Demeester, citing data from the crypto analytics firm Glassnode, says Bitcoin miners are almost done selling their BTC.

Glassnode’s Miner Outflow Multiple metric tracks the volume of Bitcoin flowing out of miner wallets.

This multiple is currently at a trough point at .47 after a peak of 2.62 in mid 2019 and a previous low in late 2018 at .307.

On May 11th, the day of the halving, the reward for completing a block was reduced by 50% to 6.25 BTC, with revenue earned by miners initially plunging 48%.

The increased pressure to maintain profitability forced miners comprising up to 30% of the entire Bitcoin network hash rate to exit the market, according to data from the mining pool Poolin.

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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:

In 2017, you could have bought literally any alt and it was a good investment.Imo this won’t happen again.However, I still believe that the bull run will return, pumping the few solid alts out there.

Predictions:$BTC $150k$ETH $9k$LINK $200$BNB $500$VET $1$XTZ $200

— Simon Dedic (@scoinaldo) June 4, 2020

https://cointelegraph.com/news/analyst-predicts-next-bull-run-will-send-bitcoin-to-150k-and-ether-to-9k

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Bitcoin price remains below key resistances, but this hasn’t stopped investors from becoming extremely bullish on BTC.

Key on-chain data indicates that the propensity that Bitcoin investors have to hold their coins is almost at all-time highs.

Along with accentuating the optimism of crypto-asset holders, this is also a similar trend seen at the start of the 2017 bull market.

Blockchain analytics firm Glassnode recently found that 60% of all BTC in circulation “hasn’t moved in over a year, showing increased investor HODLing behavior.”

The last time this much of the cryptocurrency was frozen was “right before the BTC bull market of 2017,” prior to the 2,000% rally that took Bitcoin from $1,000 to $20,000.

The accumulation habits of Bitcoin investors aren’t the only thing indicating another parabolic rally is near.

Analyst Nunya Bizniz recently shared the two charts below with the following comment:

“Bitcoin daily chart: for the first time during the 2015 lows, there was a golden cross, death cross, golden cross sequence that occurred all within the span of about 100 days. Price then rallied 6,400%. For the 2nd time at 2020 lows, this sequence has agains occurred within about 100 days.”

He’s showing that the last time Bitcoin’s 50-day and 200-day simple moving averages looked almost exactly as they do right now, the asset rallied 6,400% in the year that followed.

Fundamentally, this makes sense.

Investopedia describes a golden cross as a  “candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.” Golden crosses show that “a bull market on the horizon and is reinforced by high trading volumes,” the investment knowledge website added.

In other trending Bitcoin News today:

ANALYST: BITCOIN MARKET STRUCTURE LOOKS VERY SIMILAR TO $10,500 FEBRUARY HIGH

Since bottoming at $8,600 over five days ago, Bitcoin has performed extremely well.

The asset rallied as high as $9,650 on Thursday, liquidating dozens of millions of dollars worth of shorts in the process.

Simultaneously, Ethereum saw a massive breakout past a crucial level, suggesting that BTC has room to the upside.

Even still, a top trader has suggested that Bitcoin’s recent price action is looking much like the price action seen at the February year-to-date top.

A crypto trader recently shared the image below, showing that Bitcoin’s recent price action looks eerily similar to that seen at the February highs of $10,500.

Both periods have similar phases, including a triple-topping pattern indicative of a potential reversal. Should BTC trade as it did after February highs, a strong drop could ensue in the following weeks.

It isn’t only the similarities in the market structure suggesting Bitcoin is topping in the $10,000 range. One prominent crypto trader recently shared the chart below of BTC’s price action since the start of the year with Bitfinex order book data overlayed.

The chart indicates that there is currently a mass of sell-side orders in the $10,000-10,300 range.

This is important as when Bitcoin rallied to and was rejected by the $10,000 range two times over the past month, there was also a sell wall in that range.

This chart also shows that when BTC topped at $10,500 in February, it also ran into a confluence of sell orders at $10,500.

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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 people say re-accumulation. Some people say distribution. So far the structure is closely resembling the distribution of the last highs, albeit with more volatility pic.twitter.com/Km5N2epUsb

— joshnomics (@joshnomics) May 29, 2020

In spite of $BTC‘s mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on #Bitcoin‘s network is slightly above average for in May, according to where price levels currently sit. 👍 pic.twitter.com/3BIcqTS3VN

— Santiment (@santimentfeed) May 22, 2020

BTC daily:For the 1st time during the 2015 lows there was a GC-DC-GC sequence that occurred all within the span of about 100 days.Price then rallied 6,400%.For the 2nd time at 2020 lows this GC-DC-GC pattern has again occurred within about 100 days.

Price will ……………? pic.twitter.com/8i4V1EjQiY

— Nunya Bizniz (@Pladizow) May 18, 2020

The Last Time This On-Chain Signal Was Seen, Bitcoin Rallied 2,000%