BITCOIN BULL RUN: 3 Reasons Why BTC Price Will Continue To Surge | .5K Bounce Next?

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The Bitcoin price will hit $100K+ per BTC before 2022 according to popular Crypto analysts PlanB, Tom Lee, Anthony Pompliano and Bitmex CEO Arthur Hayes.

This is around the date of the Bitcoin (BTC) block reward halving, which would kick off the “bull run” sending the cryptocurrency to $100,000 before December 2021.

PlanB released the predictions describing them as his “2 sats on BTC price.” In a previous update in January 2019, he claimed BTC/USD would stay above its 200-week moving average (200WMA), which historically had always grown.

Stock-to-flow uses two indicators to chart Bitcoin’s price trajectory: the number of Bitcoins already available versus the number of new Bitcoins added to circulation.

Historically highly accurate, the model puts Bitcoin on par with gold in terms of its status as hard money with a supply that is virtually impossible to manipulate, unlike fiat currency. 

In the long term, PlanB expects BTC/USD to trade at an average of $100,000 between 2021 and 2024.

After that, however, fiat weakness may reach such an extent that BTC (Bitcoin) appreciates to “a factor” of $100,000, at which point stock-to-flow would ironically become less useful. 

Bitcoin is starting 2020 with a bang. With double-digit gains in January, the top cryptocurrency briefly breached psychological resistance at $10,000 over the weekend.

Even with the current pullback to $9,757, BTC is still up by over 36% year-to-date, with more upside potential this year, according to Fundstrat co-founder Tom Lee.

In a recent appearance on CNBC’s Power Lunch, Lee argues that Bitcoin is now at the start of a new bull run. “A lot of good things have happened with Bitcoin this year. One is the halvening is happening in May. But we broke above the 200-day [moving average] – so back in a bull market.

There is the corona[virus] risk and geo-political tension… Last year, I think Washington killed the Bitcoin rally.

But with the elections, it’s sort of not in the purview of Washington. So I think Bitcoin could rally very strongly from here.”

Regarding the projected strength of the rally, Lee adds, “When Bitcoin breaks above its 200-day, which it did about two weeks ago, its average six-month gain is about 190%. So this would point to all-time highs sometime this year.”

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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 just hit $10,000.I still think that Bitcoin will hit $100,000 by end of December 2021.

Fixed supply. Increasing demand. Time will tell. #Bitcoin

— Pomp 🌪 (@APompliano) February 9, 2020

It is not S2F related, and also not WMA200 related. It is a new not yet disclosed indicator that is the result from chain analytics. So if it would drop below $8200 (what I do not expect), then I will drop that indicator.

— PlanB (@100trillionUSD) February 10, 2020

https://cointelegraph.com/news/anthony-pompliano-believes-bitcoin-price-climb-to-100k-has-started

https://cointelegraph.com/news/bitcoin-price-has-set-82k-floor-100k-coming-before-2022-analyst

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Compared to the Bitcoin price analysis of the previous two weeks, this weekend has been relatively relaxed for Cryptocurrency traders.

On Saturday the BTC price came within $10 of $10,000 before pulling back to $9,794.

Despite the inability to hold above $9,900, the shorter timeframe also shows Bitcoin (BTC) price painting higher lows since the drop on Feb. 19 to $9,352 and the price is also holding well above the 20-MA of the Bollinger Bands indicator.

A high volume surge could easily push the price to the upper Bollinger band arm at $10,126 but Bitcoin would still have some challenges ahead.

If Bitcoin can hold the $9,850 support and push above $9,883, we could see the price rise to $10,200 as it is currently sandwiched between VPVR nodes at $10,210 and $9,892.

In an earlier analysis, Cointelegraph contributor Keith Waring explained that $10,000 is a less important level to attain when considering that a significant resistance at $10,300 awaits.

Waring also notes that even though Bitcoin’s current setup strengthens the probability of the price retaking the $10K mark, the CME close at $9,740 on Feb. 21 means traders believing in the CME gap narrative will hold their powder with the expectation of the price revisiting the gap.

Meanwhile, crypto analyst Micheal Van De Poppe has taken a more bullish point of view, tweeting the above chart and saying:

“Retest done. As long as this level remains support, I’m expecting continuation towards $11,000 / $11,600.”

WHY BITCOIN MAY NOT SKYROCKET IMMEDIATELY AFTER HALVING

To form a Bitcoin price prediction analysts generally look at previous market patterns and events.

The two BTC halvings that have already occurred may offer some indication as to what will happen after the next one, and there might not be the big pump that is expected.

With less than 78 days to go to the halving, the debate is raging on as to whether prices are already factored in or not.

Opinion is pretty evenly divided between those that believe prices are not factored in and there will be a pump, and those that think the opposite will occur.

Binance boss Changpeng Zhao appears to be leaning towards the latter group with a recent post depicting charts that show flat markets following previous halvings.

“History may not predict the future, and correlation does not prove causation… Watch what happens AFTER halving. Markets are inefficient, at least, historically.”

Markets did indeed remain flat for several months following the first halving in 2012.

Only in 2013 did they start to run with an epic gain of around 8000% from $13 to over $900.

A bear market followed in 2014 then momentum started to build the following year in the lead up to the 2016 halving.

Following that one there was very little activity until 2017 when momentum started building again and bitcoin surged from around $1,000 to over $20,000.

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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:

History may not predict the future, and correlation does not prove causation.

Here are just 2 charts around the previous #bitcoin halving. Watch what happens AFTER halving. Markets are inefficient, at least, historically.

Just data, draw your own conclusions. pic.twitter.com/AwChmAGvrK

— CZ Binance 🔶🔶🔶 (@cz_binance) February 23, 2020

https://www.tradingview.com/chart/BTCUSD/rpbLc78K-Bitcoin-ready-for-retest-of-9-400-before-move-towards-11-000/

https://bitcoinist.com/why-bitcoin-may-not-skyrocket-immediately-after-halving/

https://cointelegraph.com/news/bitcoin-price-rebounds-but-cme-gap-103k-remain-big-obstacles

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BITCOIN RETAKES CRUCIAL KEY LEVEL THAT CATALYZED

4,000% RALLY According to a crypto trader, Bitcoin’s strong rebound in April saw the BTC price close its monthly candle above a key level of the Ichimoku Cloud on the one-month chart.

This is relevant for BTC because the last time Bitcoin claimed this technical level was in early 2016, when the Bitcoin price was trading around $500 and prior to the 4,000% rally that brought the cryptocurrency to $20,000 just 20 months later.

This historical precedent suggests that the crypto market is on the verge of its next parabolic rally.

This is the latest of many historically-relevant signs that Bitcoin is soon going to erupt into a full-blown bull run.

Bitcoin’s trend earlier this week was so strong that amid the peak of Wednesday’s rally a trader observed an unexpected technical occurrence:

The relative strength index (RSI) reading of Bitcoin’s one-hour chart hit 96.5 — just a few points shy of the top of the oscillator, 100.

Traditional forms of technical analysis state that whenever the RSI passes the level of 70, it is overbought over the time frame that is being analyzed.

The fact that Bitcoin’s one-hour RSI briefly hit 96.5 means that it was extremely overbought, almost to the point of lunacy.

According to a crypto trader, the last time this metric was this high for BTC was in April 2019, on the day that the cryptocurrency rocketed 25% higher within the span of a few hours.

What followed this move was an extended rally from the $4,000s to $14,000 within three months.

Similarly, a trader shared the chart in the wake of Bitcoin’s recent strength, noting that the rising wedge that had constrained Bitcoin’s price for the past six weeks has been decimated, with clear invalidation to the upside.

What’s especially notable about this formation of BTC breaking above a rising wedge after a bear market, this is the exact same market structure that marked the start of 2019’s bull run, which brought prices from the $4,000s to $14,000 in three months’ time.

In other trending Bitcoin News today:

Bitcoin Supercycle Theory Ignites Crypto Twitter As BTC Halving Approaches

A prediction that Bitcoin (BTC) is about to begin a fourth parabolic phase that will bring the leading cryptocurrency to more than a quarter-million dollars is lighting up the cryptoverse.

A post revealing the new forecast from price analyst PlanB shot across crypto Twitter this week, with more than 4,200 likes.

But the forecast itself has reignited the great debate on the relationship between Bitcoin’s halving – which will slash the rate of new BTC entering the market in a matter of days – and the price of BTC.

According to PlanB, who recently told Morgan Creek Digital co-founder Anthony Pompliano that he’s a member of an institutional investment team that manages roughly $100 billion in assets, his latest stock-to-flow model shows BTC rising to $288,000 by the end of 2024.

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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:

Daily Ichimoku will very likely confirm fully bullish on todays close, as well as 2D Kumo Breakout with a bullish Kumo Twist

I cannot not be bullish on Q2. I want to buy dips. pic.twitter.com/1OUDSintY9

— Smokey (@TraderSmokey) May 1, 2020

Bitcoin Supercycle Theory Ignites Crypto Twitter As BTC Halving Approaches