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Analysts predict that the end of the Bitcoin compression cycle will hit within days as BTC price action continues to preserve $9,000 support.
Equities led a somewhat uneventful start to the week’s trading, with major stocks futures slightly down on the day — by a maximum of 0.6% at press time.
Bitcoin likewise had a quiet weekend, with volatility remaining negligible and a narrow trading corridor continuing to characterize price performance.
On Monday, BTC/USD hovered at around $9,180, having hit local highs of $9,226 earlier, its highest since July 15.
As has become standard in recent weeks, coronavirus sentiment and reactions to associated remedial measures from governments and central banks dictate macro action, and Bitcoin remains susceptible to copycat moves.
With calm reigning prior to the opening bell on Wall Street, room for maneuver appeared limited, given the “compression” in BTC/USD over the past several weeks.
A cycle of higher lows and lower highs, the current compression cycle showed little sign of breaking this month.
However, the status quo is ripe for change — and that should happen this week, say analysts.
“This feels like a little World Cup of sorts. bitcoin could break out on or about the 22nd,” Jason Williams, co-founder of crypto hedge fund Morgan Creek Digital, tweeted on Sunday.
Investors should not treat Bitcoin as a safe-haven “too literally” within the current market, says the CEO of cryptocurrency exchange Binance.
Speaking to Bloomberg on July 20, Changpeng Zhao, known as “CZ” in cryptocurrency circles, cautioned against considering BTC/USD as having a particular relationship to stocks.
“I think people should not take that meaning of “safe haven assets” too literally… there are always multiple factors affecting the price of an asset,” he told the network.
“If you imagine Bitcoin as the same as a float and there’s the Titanic sinking beside it, if there’s a rope tying the float to the Titanic, then the float will sink down with the Titanic, even though the float does have floating properties — it’s just not able to sustain that kind of load.”
In other trending Bitcoin News today:
‘Worthless Coin’ – McAfee Says He Never Believed Bitcoin Would Hit $1M
John McAfee says he never believed Bitcoin would hit $1 million in a recent tweet, backtracking from his previous prediction.
In July 2017, John McAfee said he would “eat his own ****” if Bitcoin does not hit $500,000 within three years.
Today, BTC is hovering at a mere $9,130 and its price must increase by more than 5,376% to meet McAfee’s prediction.
In general, Bitcoin quite clearly got nowhere near $500,000 in the past three years.
Not only that, but McAfee is also seemingly backtracking from his $1 million per BTC prediction.
Last year, McAfee said he is positive Bitcoin goes to $1 million.
He said negativity around the cryptocurrency market was overblown, especially considering Bitcoin was in the mid-$10,000s.
But on July 19, 2020, McAfee said:
“Not going to get out of it. I never believed Bitcoin would hit $1 mil. It’s absurd. It’s an old, tired, worthless coin. I just wanted to eat my **** on TV. Wait for it.”
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