$370,000 BITCOIN PUMP INCOMING AS BTC ENTERS FINAL STATE OF MAJOR BULL TREND!!!!

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As Bitcoin continues sideways inside the $30,000-$40,000 range, new data is emerging about the potential for a bullish breakout. The supply shock is being unnoticed similar to Q4 2020 before the BTC price skyrocketed, says Willy Woo.

Willy Woo, an on-chain analyst, anticipates a potential supply shock in the Bitcoin market as long-term holders continued raking BTC supply from short-term ones. Woo stated in his July 2 newsletter that the process might push more Bitcoin out of circulation.

“It reminds me of the supply shock that went by unnoticed by the market in Q4 2020,” wrote Woo. “Pundits were debating whether BTC was an inflation hedge in a post-COVID world when the data was pointing to long term investors stacking BTC at a fast pace.”

In other trending Bitcoin News today: Bitcoin miner revenue jumps by 50% in 4 days after the BTC network saw its biggest-ever record difficulty drop, data shows. According to figures from monitoring resource Blockchain.com, daily revenues have surged by over 50%.

“Whilst the protocol’s now issuing the same number of coins as it regularly does, having difficulty wound down, we’re now in a situation where half the network has doubled their income and the other half of the network is essentially producing nothing.”

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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-analyst-says-supply-shock-underway-as-btc-withdrawal-rate-spikes-to-one-year-high

https://cointelegraph.com/news/bitcoin-miner-revenue-jumps-by-50-in-4-days-since-record-difficulty-drop

https://cointelegraph.com/news/russian-lawmakers-prepare-legal-amendment-to-confiscate-crypto

https://cointelegraph.com/news/janice-mcafee-can-t-accept-the-suicide-story-about-john-s-death

https://cointelegraph.com/news/ufc-inks-175-million-sponsorship-deal-with-crypto-com

TA: Bitcoin Consolidates Below $35K, What Could Trigger Fresh Rally

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Up until early 2018, major cryptocurrency markets the likes of South Korea and Japan demonstrated high premiums for Bitcoin.

At the 2017 peak, when the Bitcoin price was trading at around $20,000 in the U.S. spot market, Bitcoin was being traded in South Korea’s cryptocurrency exchange market for around 26,000,000 Korean won, equivalent to about $22,000.

This difference is now known as the Kimchi premium.

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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.

News Resources From Today’s Show:

https://cointelegraph.com/news/bitcoin-price-which-countries-have-the-biggest-premiums

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Legendary venture capitalist Tim Draper is still confident that the Bitcoin price is going to reach $250,000 in 2022.

In his recent interview, he explained that his uber-bullish Bitcoin price prediction is not based on the halvening.

Back in September 2014, Draper predicted that Bitcoin (BTC) would be able to hit $10,000 in only three years.

That prediction turned out to be conservative – the BTC price skyrocketed to $20,000 in December 2017.

Now, Draper claims that he’s more confident about his $250,000 prediction than his previous one.

I am more confident of $250,000 by 2022 or the first quarter of 2023 than I am of the prediction of $8,500 on December 31.

My prediction was really based on creating enough of an infrastructure for Bitcoin to get a 5% market share around the world, as a currency.

The currency business today is $86 trln. If you add crypto in 10 years from now, I think it’s going to be $120 trillion. That’s a huge, huge market…

In other Cryptocurrency news today,

Bitcoin will top $13,000 in early 2020 according to Crypto analyst, Philip Swift, predicts that the upcoming halving next year will catalyse a change in market sentiment and propel the Bitcoin price back to five figures.

Combining all that with Golden Ratio Multiplier to look forward, likely we will have a big move up in Jan/Feb taking price up to the region of the 350 x 1.6 (green line), which will be approx $12-13k by then.

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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:

Getting some questions about why in previous halvings (November 2012 and July 2016) it took well over a year for the market to start surging..

Well, it didn’t .. look for yourself: in the chart the halving is when blue turns to red: the market immediately rises after a halving🚀 pic.twitter.com/geL71dJOV7

— PlanB (@100trillionUSD) December 3, 2019

THREAD: $BTC: On-chain and market cycle update 

TL:DR – Bull market is close!

— Philip Swift (@PositiveCrypto) December 5, 2019

Bitcoin Price Will Top $13,000 in Early 2020, Analyst Confirms

https://u.today/tim-draper-says-his-250000-bitcoin-price-prediction-is-not-based-on-halvening