XRP POISED FOR A BULL BREAKOUT?! | Bitcoin’s Next Move Short-Term ,700 or ,200?

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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

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Bitcoin whales are busy buying BTC now that the Bitcoin price of the top crypto has dropped from an all-time high of nearly $65,000 to below $40,000. According to the crypto analytics firm Santiment, Bitcoin addresses holding 100 to 10,000 BTC added a total of 90,000 BTC in the last 25 days – currently valued at $3.38 billion.

The firm says this group of BTC holders now accounts for nearly half of the circulating supply of the benchmark cryptocurrency. “They now hold a 7-week high of 9.11 million BTC, currently worth a total of $366.89 billion at this time, and 48.7% of the total Bitcoin supply.”

In other trending Bitcoin News Today: Ethereum Clear Front Runner in Crypto Adoption, Accelerating Faster Than Bitcoin: Macro Guru Raoul Pal

Real Vision founder and macro analyst Raoul Pal says Ethereum is beating Bitcoin in the race for widespread user adoption. In a new interview on UpOnly, Pal highlights the key criteria underscoring Ethereum’s popularity and an adoption rate that is far outperforming Bitcoin.

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Trezor: ► http://trezor.cryptonewsalerts.net

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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:

For the first time in 50 yrs, since the world went on a fiat standard – with no country’s currency backed by Gold – a country is now backing its currency with something scarcer and harder than Gold. The fiat currency era is over. A global #Bitcoin standard is emerging. pic.twitter.com/uE1DAO1gyP

— Max Keiser (@maxkeiser) June 18, 2021

https://cointelegraph.com/news/chinese-bitcoin-mining-shakeout-may-have-surprise-btc-price-consequences-analyst

https://cointelegraph.com/news/bitcoin-may-lose-30k-price-level-if-stocks-tank-analysts-warn

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The popular stock-to-flow Bitcoin pricing model is still showing positive signs and a possible second leg for the current bull market. 

According to PlanB, the brainchild behind the highly-debated BTC stock-to-flow model, the bull market is not over yet.

In a tweet on August 18, the analyst posed an update of the model showing that target white line and on-chain pricing signals indicate that we are still in the middle of this cycle. 

The model has been pretty accurate during Bitcoin’s lifespan so far, and its creator still asserts that prices have a lot further to go during this cycle:

“IMO we are going up, first to 100k, then 288k”

In other trending Crypto News today: Ethereum ‘liquidity crisis’ could see new ETH all-time high before Bitcoin

Ethereum‘s native token, Ether (ETH), may beat Bitcoin (BTC) to new all-time highs, fresh analysis reveals.

In a tweet on Wednesday, Ki Young Ju, CEO of on-chain analytics service CryptoQuant, highlighted a “sell-side liquidity crisis” that could yet give ETH the edge over BTC.

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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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://cryptopotato.com/stock-to-flow-model-suggests-second-leg-of-bitcoin-bull-market-imminent/

https://cointelegraph.com/news/ethereum-liquidity-crisis-could-see-new-eth-all-time-high-before-bitcoin-analyst

https://cointelegraph.com/news/emerging-economies-dominate-chainalysis-2021-global-crypto-adoption-index.%20%20%20%20Panama,%20Paraguay,%20and%20Colombia

https://cointelegraph.com/news/bitcoin-will-remind-everyone-who-the-king-is-says-trader-as-btc-dips-to-44k