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Popular Crypto analyst, Kraken and Bitcoin Magazine editor, Pete Rizzo called BTC cycle price tops “psychological attacks on Bitcoiners” and predicts Bitcoin to hit $500K this year.
“If Bitcoin wants to create a top, it going to have to convince some of the never-sell-Bitcoin bulls to give up some Bitcoin,” he said.
“I’m confident in the Bitcoin technology’s ability to coax sellers back to the market, and the price at which it does so will likely be higher than we can posit currently because it’s an attack on us.”
Rizzo casually mentioned now-commonplace figures ranging from $300,000 to $500,000 — “high enough to really wow.”
In other trending Bitcoin News today: Ethereum hits new ATH after Altair upgrade shows clear path to the merge.
The price of Ether (ETH) has bounced to a new all-time high (ATH) on Friday as it hit $4,400.97 at around 1:02 am UTC, according to the ETH/USD price indexes on Coinbase and CoinMarketCap.
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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:
Bitcoin Attempts Fresh Increase, Why BTC Could Struggle Near $62K
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MAX KEISER SAYS BITCOIN SUPERCYCLE IS JUST BEGINNING AND WILL SUPER CHARGE BTC TO THE STRATOSPHERE!!
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Bitcoin dumped 17% in the past 24 hours liquidating $5.64 billion in extended BTC losses, however, Wall Street veteran and host of the Keiser Report, Max Keiser remains optimistically bullish sharing the following on Crypto twitter:
”Bitcoin has been rising 200% per annum for 10 years during a time of historic low inflation-expectation (see chart).
We are now heading into a crushing inflationary period that will super charge BTC’s price to the stratosphere.
Incredibly bullish for Bitcoin. The BTC super cycle is just beginning!”
The price of Bitcoin (BTC) plummeted by more than 17% in the last 24 hours as the futures market saw mass liquidations across the board.
Liquidations occur when leveraged futures positions fall to a certain threshold. For example, a position using 10x leverage would get liquidated or turn worthless if the price of BTC drops by 5%.
What triggered the mass Bitcoin liquidation fest?
If the Bitcoin futures market is highly overleveraged and overcrowded, a minor price movement can trigger mass liquidations.
According to analysts at Santiment, a data analytics firm, an address was responsible for the second-largest Bitcoin transaction of the year, as Cointelegraph reported.
More than 2,700 BTC were transferred right before the drop, which were bigger than the 2,000 BTC inflow seen before the March 2020 crash when Bitcoin dropped below $4,000. The analysts said:
“As we noted yesterday, there was an 11x exchange inflow spike that initiated #Bitcoin’s price correction from its $58.3k #ATH. Further data combing revealed that an address was responsible for the 2nd largest $BTC transaction of the year, an import of 2,700 tokens to the wallet before a quick sell-off. This same address also made a 2,000 $BTC import last March right as the Black Thursday correction took place. In total, it’s made 73 transactions in its one-year existence, for a total of 91,935 $BTC imported, with all tokens moving away within minutes after arrival.”
It is a possibility that a major sell-off in the spot market triggered the futures market to see intense selling pressure from many long positions getting liquidated.
When Bitcoin initially began to correct on Feb. 22, the futures funding rate of the dominant cryptocurrency was hovering at around 0.15% even as it continued to drop.
In other trending Bitcoin News today:
North American Bitcoin ETF Erupts, Analyst Says It Could Soon Shatter $1 Billion in Assets Under Management
A Bloomberg Intelligence analyst is estimating that the first North American Bitcoin exchange-traded fund (ETF) is on track to reach $1 billion in assets under management (AUM) in the coming days.
In a new tweet, Bloomberg Intelligence’s senior ETF analyst Eric Balchunas predicts that the Purpose Bitcoin ETF, which trades under the BTCC ticker on the Toronto Stock Exchange (TSX), could soon hold more than double its current AUM.
“Canada Bitcoin ETF BTCC traded $350m (CAD+USD) today, a 40% jump from yesterday (defying typical Day Two drop-off) and 3x more than any other ETF (unreal). Proportionally speaking, this is equivalent to about $5 billion in volume in the US (or about 7x more than GBTC). Two-day AUM is estimated at $330m.
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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:
Sec Treasury Janet Yellen states: “Bitcoin is extremely inefficient.” Give me a break. Does she think printing trillions of fake dollars is efficient? Does she not know the more fake dollars she prints the more efficient and valuable Bitcoin becomes? God bless her.
— therealkiyosaki (@theRealKiyosaki) February 22, 2021
#Bitcoin has been rising 200% per annum for 10 years during a time of historic low inflation-expectation (see chart).
We are now heading into a crushing inflationary period that will super charge BTC’s price to the stratosphere. pic.twitter.com/4FyO1xAz7D
— Max Keiser (@maxkeiser) February 23, 2021
As we noted yesterday, there was an 11x exchange inflow spike that initiated #Bitcoin‘s price correction from its $58.3k #ATH. Further data combing revealed that an address was responsible for the 2nd largest $BTC transaction of the year, an import of 2,700 tokens to the wallet pic.twitter.com/CTgtJr27np
— Santiment (@santimentfeed) February 23, 2021
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Bitcoin Price Will Quickly Reverse From Intense Plunge Because of These 3 Main Factors | BTC News
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Even though the Bitcoin price has plunged to a seven month low today, it has all happened before and a recovery has followed as it will again.
There are several bullish factors building up that will cause a Bitcoin (BTC) trend reversal next year.
This time last year the BTC price had dumped to $3,700 and markets were in the depths of Crypto winter.
Here we are a year later with a 10% dump on the week to $6,600 as we approach the holiday season.
There may be more pain before any gains but a recovery will happen in 2020 and industry insiders are confident.
One Crypto analyst shared on Crypto Twitter:
“For those who are worried, remember this: Markets are simply about inflows and outflows. When:
- The halving cuts new daily issued bitcoin in half
- PlusToken finishes selling its bitcoin & ether
- More institutional on-ramps become available
Bitcoin will reverse and quickly”
In other Crypto news today, this (BTC) Bitcoin metric could trigger the next Bitcoin bull run.
There are a number of varying metrics that Bitcoin analysts use to predict future price movements of the asset.
One rarely used oscillator takes BTC energy value into account and it is flashing bullish at the moment.
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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 those who are worried, remember this:Markets are simply about inflows and outflows. When:✔️ The halving cuts new daily issued bitcoin in half✔️ PlusToken finishes selling its bitcoin & ether✔️ More institutional on-ramps become available
Bitcoin will reverse and quickly
— Nicholas Merten (@Nicholas_Merten) December 17, 2019
Energy Value Oscillator.Bitcoin’s price as a percentage of its Energy Value.2019 looks VERY similar to the starting characteristics of prior bull runs.
Just need to see that uptick in Hash Rates 🚀 pic.twitter.com/zd82aHMlXt
— Charles Edwards (@caprioleio) December 17, 2019
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
Things I expect to happen over the next 4-5 months due to the impending Bitcoin halving:– BTC shorts close out– People re-accumulate BTC if they had sold– Miners start to hoard (e.g. borrow USD against assets)– Under performing altcoins sold for BTC
– Bulls lever up
— Alistair Milne (@alistairmilne) December 16, 2019
https://bitcoinist.com/next-bitcoin-bull-market-could-be-triggered-by-this-metric/
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Top Crypto Strategist Predicts Bitcoin Will Surpass K in Just Two Months | BTC Will Shatter 0K
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Crypto analyst Nicholas Merten says Bitcoin may be only a couple of months away from surpassing its all-time high BTC price of $20,000.
On a new episode of DataDash, Merten looks at the boom and bust cycles of Bitcoin and says it is well-positioned to begin a parabolic rally.
“There’s a really interesting similarity that I’m seeing here when I take a look at the monthly chart of Bitcoin and the sense that has given me confidence that we’re just a couple of months away from getting back above $20,000.
The first thing I want to focus on is the longer-term chart, the expanding cycles. We talked about this: about how each new cycle usually expands by around 11 to 13 months.
In this case, we added 12 months for the previous one just to keep it neutral and we’re expecting sometime in November 2022 to be the peak around $100,000.”
The crypto strategist says that his $100,000 BTC prediction is conservative, especially in comparison to other analysts who forecast Bitcoin surging as high $500,000.
Once BTC begins printing new highs, Merten believes a rising tide will lift all boats and spark a new altcoin season.
The analyst says that the Bitcoin dominance chart is already flashing signals that are similar to the 2015 – 2017 altcoin bull market.
“I think this historical similarity is a good sign that we could be in an early stage of an altcoin cycle coming up here very soon. And not to mention, during this time period, even though the broader altcoin space hasn’t really kicked off yet, we have got from 72% to 66% for market dominance for Bitcoin.
That’s gains for the altcoin space in general… If you are in the right place here even in these early moves, you can benefit quite greatly if you start to make the right calls.”
Merten believes that the new altcoin spring will be spearheaded by Ethereum.
He says the second-largest cryptocurrency is primed to erupt in a few months. “What we want to look for is an eventual breakout above this wedge and a continuation of higher lows and higher highs.
It looks like we’re formulating for that sometime around in the fall to the winter of 2020, lining up pretty close to our general estimations from what we can tell about altcoin dominance as well as Bitcoin.”
In other trending Bitcoin News today:
New Bitcoin Model Predicts BTC Will Shatter $100,000 Without Stock-to-Flow – Here’s How
A new Bitcoin price model sweeping across the cryptoverse predicts BTC will hit $100,000 – without relying on the popular yet controversial stock-to-flow (S2F) model.
In a tweetstorm, analyst Croesus says that PlanB’s S2F model, which forecasts BTC’s rise to $100,000 by 2021, has a lot of naysayers because it predicts Bitcoin rising dramatically in a relatively short period of time.
But Croesus points out that critics of the model fail to take into account the exponential increase that comes with the adoption of new technology, whether it is social media or Bitcoin.
The pseudonymous analyst assumes that Bitcoin has a total addressable market of 2.2 billion users based on the number of individuals in the world with a net worth of at least $10,000.
Croesus says that Bitcoin has a current market penetration of 10 million users based on the number of addresses holding less than $1,000 worth of BTC and including balances in crypto exchanges as well as ownership of Bitcoin derivatives.
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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:
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