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Despite a fall this year of around 40%, many Bitcoin price metrics are still overwhelmingly bullish. The number of addresses holding over 1,000 coins, and the number of Bitcoin millionaires have both increased this year alongside network health indicators such as hash rate. The number of BTC addresses holding more than a thousand coins has hit a high of over 2,000 this month.
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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:
Bitcoin Millionaires, BTC Addresses Holding 1000+ Coins On The Rise
Here’s the chart for the number of Bitcoin Millionaires over time*, around 12,000 right now.There’s 36m Millionaires on this planet, it’s still early days if you believe BTC will be the new currency.*gross approximation, uses balance in unique addresses
Data by @coinmetrics pic.twitter.com/MMD3J4BETE
— Willy Woo (@woonomic) October 11, 2019
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4 LONG-TERM BITCOIN SCENARIOS | BTC Price Could Soon Pump Another 20 Percent
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Here’s the ‘4 Long-Term Bitcoin Scenarios’ shared on Crypto Twitter that are most likely to play out according to well known Cryptocurrency analyst Alex Kruger:
#1 – Bitcoin becomes a global reserve currency. Current hodlers, all proven to be early, get immensely rich.
#2 – Scarcity keeps price going up forever. Bitcoin continues to outperform. Investors do extraordinarily well.
#3 – After a few more epic runs $BTC eventually matures and settles into a wide range, like most commodities do (in real-terms). Bitcoin maxis turn into goldbugs 2.0.
#4 – Bitcoin dumps into oblivion. People keep on buying the dip. Bitcoiners get REKT.
In other Crypto news today…
Drastically dropping volumes on Crypto exchanges could mean that it’s the calm before the storm for the BTC price.
Bitcoin volume on BitMEX, the leading destination for trading crypto derivatives, reached $784 million worth of BTC, its lowest level since March 30th.
The last time the BitMEX exchange recorded such underwhelming numbers, the BTC price surged by more than 20 percent just two days later, kick-starting the 2019 bull run.
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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:
Four long-term bitcoin scenarios#1 Bitcoin becomes a global reserve currency. Current hodlers, all proven to be early, get immensely rich.
#2 Scarcity keeps price going up forever. Bitcoin continues to outperform. Investors do extraordinarily well.
— Alex Krüger (@krugermacro) November 16, 2019
#3 After a few more epic runs $BTC eventually matures and settles into a wide range, like most commodities do (in real-terms). Bitcoin maxis turn into goldbugs 2.0.#4 Bitcoin dumps into oblivion. People keep on buying the dip. Bitcoiners get REKT.
Which one is more likely?
— Alex Krüger (@krugermacro) November 16, 2019
Ugly.. Look at that volume on Bitmex. 784 Million.The last time 24 hour volume was this low was March 30th. Go ahead, look at that date on the chart.
Realized and ATM Implied Volatility all at lows as well. $BTC pic.twitter.com/fvKJ64mCZ3
— Cantering Clark (@CanteringClark) November 17, 2019
https://u.today/bitcoin-price-could-soon-pump-another-20-percent-as-trading-volumes-tank
https://cointelegraph.com/news/bitcoin-atms-worldwide-hit-new-milestone-surpassing-6-000
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Bitcoin in Midst of Powerful Breakout: How Far Will BTC Price Go Past ,000?! | Crypto News Today
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After an 11% drop last week, Bitcoin (BTC) started to mount an extremely strong recovery on Sunday and Monday.
Just earlier today, the the BTC price reached a local high of $9,150, trading 5% higher on the day.
Per Raoul Pal, a former Goldman Sachs executive, this move has allowed the Bitcoin price to break out of “an inverse head and shoulders formation (with a very weak right shoulder, which makes it often more powerful.”
This move has also notably brought Bitcoin above the key 200-day simple moving average.
While the price has yet to close above this key technical level, sitting around $9,000, this specific moving average has long been seen as analysts as an indicator of an asset’s long-term directionality.
With these bullish factors in mind, where do analysts say the leading cryptocurrency can go next?
Unsurprisingly, this latest boost higher has analysts convinced that the market is ready to see even more gains.
Eerily accurate trader Filb Filb in a recent edition of his Decentrader newsletter wrote:
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”
As to why $12,500 makes sense, he noted that that is the “top target” for a bullish inverse head and shoulders chart that is forming on a medium-term basis for Bitcoin.
BITCOIN VS CORONAVIRUS: IS BTC TRADING LIKE STOCKS OR GOLD?
Bitcoin markets have reacted with increased volatility to the news of the spreading coronavirus in China.
The last few days may reveal patterns about BTC trading in relation to risk.
BITCOIN SHOWS NEW TRADING PATTERNS ON RISK EVENTS
BTC (Bitcoin) showed behavior that may reveal new patterns of trading in relation to stocks.
The coronavirus epidemic and subsequent lockdowns in China, coinciding with the Chinese New Year celebrations, caused a slump in Chinese and international stocks.
But Bitcoin prices showed a different pattern in relation to the movements of stocks, with waves of activity both coinciding with the overall slide in assets, but also rallies that suggest BTC is also a risk-averse asset.
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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 sold at $1 because they thought $10 was impossibleSome sold at $10 because they thought $100 was impossibleSome sold at $100 because they thought $1,000 was impossibleSome sold at $1,000 because they thought $10,000 was impossible
Some will also sell at $10,000…
— Crypto₿ull (@CryptoBull) January 28, 2020
16/ So how about returns?
Correlations of returns between bitcoin & risk assets have historically been unstable and hovered around zero. This changed somewhat in 2019. Correlations since Jan/1/2019 are -0.14 with the S&P 500 and +0.19 with gold. pic.twitter.com/LvBFAPM8Df
— Alex Krüger (@krugermacro) January 28, 2020
$BTC Good looking candle on the monthly chart, looks like it wants to overtake the Nov. openIt would be extra bullish if this month closed above $9250
Price would likely look to push up over $10k and re-test the POC of the June to Sept ’19 pic.twitter.com/Hxl5yZys7Y
— Josh Rager 📈 (@Josh_Rager) January 28, 2020
Bitcoin in Midst of Powerful Breakout: How Far Will Prices Go Past $10,000?
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BITCOIN PRICE COULD HIT K ON JUST 1% INSTITUTIONAL ALLOCATION: MESSARI | Buy BTC On Every Block
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
Bitcoin price may hit a $50,000 valuation should institutional investors allocate as little as 1 percent of their net portfolio worth into BTC, says Messari.
The New York-based crypto data aggregator wrote that in an “illustrative analysis,” published on Tuesday.
It discussed a scenario wherein all the institutional investors, including pension funds, endowments & foundations, family offices, and hedge funds, have at least 1 percent exposure in Bitcoin.
The analysis anticipated a capital inflow worth hundreds of billions of dollars into the cryptocurrency market.
It added that the money injection might get further multiplied by 2x-25x due to higher “liquidity and reflexivity.” “
Depending on your assumptions, an aggregate 1% institutional allocation to Bitcoin can easily bring Bitcoin’s market cap above $1 trillion,” wrote Ryan Watkins, a researcher at Messari.
“This is why enthusiasts get so excited about the prospect of institutional inflows. 1% is a lot when everyone does it.”
Messari’s analysis came at a time when Bitcoin is trading 150 percent higher from its yearly lows below $4,000.
The cryptocurrency, nevertheless, repeatedly failed to materialize its bullish bias beyond a specific technical resistance range of $10,000-$10,500.
The limited upside showed that not many mainstream investors are willing to gain exposure in the Bitcoin market.
That is despite a growing optimism regarding Bitcoin’s potential role against an ongoing economic crisis. Mr. Watkins noted that institutions typically invest on behalf of their clients.
They have, therefore, a “fiduciary duty” to invest in assets that yield decent profits but with lower risks.
On the other hand, Bitcoin remains an asset surrounded by red flags related to regulatory uncertainty, infrastructure immaturity, and whatnot. “[Investors] simply cannot bear risk like retail investors can without taking the necessary time and effort to get comfortable,” wrote Mr. Watkins.
But there are exceptions like Paul Tudor Jones, a veteran hedge fund manager who in May allocated 1-3 percent of his $22 billion-portfolio to bitcoin futures. Mr. Watkins cited him and his reasons to invest in a unique asset as a benchmark for other institutional investors.
“Among the most likely to invest in Bitcoin are hedge funds, which have some of the most flexible investment mandates,” he stated.
“Hedge funds can virtually invest in any asset class and financial instrument they agree to with their [limited partnerships].“
In other trending Bitcoin News Today:
People Can Now ‘Buy Bitcoin on Every Block’ Through Network of Major US Retailers and 20,000 Stores
Shoppers in the US can now buy Bitcoin with cash at convenience stores and pharmacy chains.
The mainstream push is through a network of Bitcoin ATMs, cashiers and kiosks operated by Boston-based Libertyx.
It now includes 20,000 7-Eleven, CVS and Rite Aid Pharmacy stores nationwide, where consumers can make BTC purchases on the go.
According to the announcement, Libertyx, which launched its first Bitcoin ATM in 2014, enables people to buy “Bitcoin on every block” at big chains and smaller merchants.
Consumers who download the company’s store locator app are able to navigate to the nearest location to buy BTC.
By offering Bitcoin at a wider network of everyday stores for mainstream shoppers, the company is building critical on-ramps for users who may only be curious about the cryptocurrency and are looking for easy access at a trusted store.
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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 Price Could Hit $50K on Just 1% Institutional Allocation: Messari
Post Views: 164