Billionaire Bitcoin Investor Gives 3 Catalysts That Could Send BTC Price Flying | Crypto News Today

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The Bitcoin price rose to as high as $10,272 on July 26 in an unexpected weekend rally.

It liquidated $74 million worth of long contracts on BitMEX alone, catching many traders off guard.

There appear to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200.

They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins).

When the price started to rally, major altcoins, as well as well-performing DeFi tokens, began to slump.

Ethereum declined from $322 to $311, and DeFi tokens, including Aave and YFI, saw steep rejections. 

The simultaneous rejections of major altcoins and the price surge of Bitcoin suggest that traders took profit from recent altcoin rallies.

As traders moved their altcoin gains to Bitcoin, it possibly triggered a BTC uptrend, while altcoins declined.

ETH, as an example, rose from $247 on July 23 to $322 on the day’s peak, recording a 30% gain.

Despite the strong sentiment around altcoins, investors are possibly taking a more cautious approach by hedging their gains.

When Bitcoin initially broke over $10,000, it triggered over-leveraged short contracts to become liquidated.

When BTC reached $10,200, it caused a cascade of liquidations to occur, totaling $74 million.

Bitcoin has seen many phases when more than $50 million worth of short or long contracts gets liquidated.

But for this to occur within a span of a few hours is less typical.

The mass liquidations of long contracts at $10,000 also suggest that the $10,000 to $10,200 remains as a heavy resistance area.

As soon as BTC hit $10,200, the price dropped below $10,000, marking a short-lived rally.

As the price of Bitcoin recovered strongly in recent weeks, some industry executives and investors expressed optimism toward BTC and ETH.

“Are you ready?” Grayscale CEO Barry Silbert tweeted when Ether price broke out of the dreaded $280 resistance level on July 25.

Well-known trader Peter Brandt, meanwhile, expects the price of Bitcoin to hit a new record high and eventually make its way to $50,000. He said:

“That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k.”

In other trending Bitcoin news today:

Everything You Need to Know About Ethereum 2.0

The yearslong upgrade – intended to radically transform the world’s largest smart-contract platform – is inching closer to deployment.

The Ethereum Foundation recently announced “Medalla,” a final testnet before the mainnet launch of the Eth 2.0 beacon chain.

As of July 10, some developers, including Ethereum founder Vitalik Buterin, estimate the oft-delayed Eth 2.0 will launch by the end of this year. 

When phase zero of Eth 2.0 does ship, little about Ethereum will change in the near term for users and dapp developers.

This is because unlike all other system-wide upgrades in Ethereum history, the Eth 2.0 overhaul will primarily be happening on a different blockchain.

The first phase of development for Eth 2.0 is centered around the creation of a separate proof-of-stake blockchain network called the beacon chain.

On this new network, ETH holders with a minimum of 32 ETH can earn rewards in the form of annualized interest on their wealth.

To earn these rewards, ETH holders must have the appropriate hardware and software connecting to the beacon chain and a strong understanding of how the technology works. 

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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:

#DeFi platforms are red-hot with nearly $1b in collateral pledged. Oracles empower not only DeFi, but just about everything that 2nd & 3rd-generation cryptos do. So, it’s hardly an exaggeration to say that #Chainlink will lie at the heart of the #crypto revolution going forward.

— Weiss Crypto Ratings (@WeissCrypto) July 24, 2020

That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k

— Peter Brandt (@PeterLBrandt) July 25, 2020

https://www.coindesk.com/everything-you-need-to-know-about-ethereum-2-0

https://cointelegraph.com/news/why-bitcoin-suddenly-spiked-to-10-200-liquidating-75m-in-fast-rally

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In an interview with Altcoin Daily, Binance founder, and CEO, Changpeng Zhao (CZ) answered true to Bitcoin reaching a $1 million valuation one day.

However, considering that the BTC price prediction came from a quickfire, true, or false segment at the end of the interview, it would be wise to take this valuation with skepticism.

Of more significant concern was CZ’s view on the long term outlook for the market leader.

Contrary to his million-dollar price prediction, he believes a bigger and better alternative will replace Bitcoin at some point.

The interview covered a wide range of topics, including cryptocurrency as a hedge against traditional finance, Bitcoin maximalism, and the role of DeFi in taking the space forward.

But of interest was CZ’s opinion on the long term future of Bitcoin, especially when taking into account the antiquated nature of its core technology, and the limitations of updating it as a live blockchain.

“To be honest, I think Bitcoin’s dominance over time will decrease, not increase. It may increase in the short term… there’s a lot of innovations people do that people can bring back to Bitcoin, like second layer solutions etc. But when the technology is out already and adopted for ten years, there’s relatively limited scope that you can update it.”

CZ expanded on this by saying sooner or later, every technology eventually gets replaced by something better.

He drew on examples such as dated programming languages, and once-dominant hardware and software firms losing ground to more innovative rivals.

“nothing lasts forever… so things change… if we look at 10, 15, 20 years later, I think it’s totally conceivable that something new will replace Bitcoin, and something better than Bitcoin.”

However, he was keen to state that Bitcoin will still be around, simply because going back to fiat is an unlikely alternative.

But he remains adamant that another, more current product will usurp the market leader down the line.

“But if you ask 20 years from now is it still going to be king? A hundred years from now, a thousand years from now, and the answer is obviously we’re not sure, things just change over time.”

Bitcoin has considerable influence on the rest of the other markets.

If CZ’s prediction plays out, what then for the future of cryptocurrency as a whole?

Zhao dealt with this by saying a decoupling of this effect will occur, but this will happen over a long period. “within the next six months, if Bitcoin went to zero that would be true, everything else will be hit really really bad. But if you look at a five year, ten year horizon… I don’t think cryptocurrencies will be gone.

However, as the most decentralized and censorship-resistant, Bitcoin will retain its place in the short to medium term.

In other trending Bitcoin News today:

TOP FUND MANAGER EXPLAINS WHY BITCOIN WILL UNDERGO “EXPLOSIVE” RALLY

According to the chief investment officer of Hayman Capital Management, Kyle Bass, Bitcoin will soon rally alongside the two top precious metals:

“Silver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world. Here is a chart or front-month silver going back 10 years.”

Bass is a prominent investor who called the Great Recession in 2008.

He has also been critical of China and the central bank money-printing efforts that have gone on over the past decade.

In late 2019, he said that what will also fuel a rally in the price of Bitcoin is people in Asia, especially in China, trying to siphon funds out of the sometimes closed economy there.

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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:

Binance CEO Believes Bitcoin is Going to $1 Million, But With a Twist

Top Fund Manager Explains Why Bitcoin Will Undergo “Explosive” Rally

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Now, billionaire technology investor Mark Cuban, has said he’d “rather have bananas than Bitcoin,” warning potential BTC and Cryptocurrency investors that digital tokens have “no intrinsic value.”

Cuban, who was speaking on a Youtube Q&A session for tech magazine Wired, claimed bitcoin was less useful than both bananas and baseball cards, as at least he could eat the bananas and look at the baseball cards.

In other Cryptocurrnecy news today…

Expert predicts the Bitcoin price could be following the same path as gold, which would allow its price to touch the much-coveted $20,000 mark next year.

Are Altcoins ready to explode?!

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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 is showing a strong resemblance towards $GOLD prices during the 1980’s-2000’s market cycle!$BTC is moving at a much faster rate, and if we continue following this cycle we would pass all-time highs (20k+) within the next year.

Retweet and Like! 👍📈 pic.twitter.com/rvlgYRBjlu

— Crypto Welson 📊 (@CryptoWelson) October 3, 2019

#bitcoin fractal dimension (parameter b in a power law function y=a*x^b) indicates we are entering a new phase: orange/red. Although it doesn’t feel very orange/bullish at the moment, I am very exited about next 6-12 months 🚀 pic.twitter.com/RzfScTPnpq

— Plan₿ (@100trillionUSD) October 3, 2019

https://www.forbes.com/sites/billybambrough/2019/10/03/tech-billionaire-mark-cuban-picks-bananas-over-bitcoin/#254e358f4cce

https://u.today/bitcoin-price-will-surpass-20000-within-the-next-year-if-it-continues-to-follow-golds-market-cycles