BITCOIN BULL TOM LEE STILL SEES $100K BTC BY YEAR-END, SAYS VOLATILITY IS ITS OPPORTUNITY!!!!!

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A statistician who accurately predicted that the Bitcoin price will flash dump amidst a global economic crisis now hopes for a significant BTC price rebound.

Willy Woo, an on-chain analyst who in 2018 forecasted that investors would unwind their leveraged Bitcoin positions to seek safety in the US dollar, says the cryptocurrency is looking for a bottom.

“Dump then [the] moon,” he tweeted. “We are undergoing flight to safety right now, BTC is looking for its bottom. But know that once the bottom is in there are strong bullish pressures ahead. It’s this economic environment in the years ahead that Bitcoin was built for.”

Mr. Woo thinks Bitcoin is behaving as Gold did during the housing and credit bubble burst.

The yellow metal in 2018 plunged by up to 33.96 percent even as the stock market bust raised opportunities for it to behave as safe-haven.

However, investors moved into other offbeat hedging assets, mainly the US dollar.

Gold bottomed-out at $681.75 in October 2018, followed by a steep uptrend that took its value to $1,703.60 earlier this March.

Nevertheless, the Coronavirus-led sell-off prompted the metal to rebound by as much as 14.80 percent. So it appears, bitcoin plunged in a similar fashion.

“Flight to safety: everything else sells off to USD,” Woo reminded investors. “[It is] then used to unwind leveraged positions. Afterward, havens like Gold and [Bitcoin] have a bull run.”

$566,900,000 in Bitcoin (BTC) on the Move As Report Suggests Coordinated Whale Action Behind Crypto Market Crash

A flurry of Bitcoin whale activity is underway as the price of BTC climbs back above $5,200.

In the last 24 hours, some of Bitcoin’s biggest investors have moved a total of 107,209 BTC worth $566.9 million at time of writing.

The largest single transaction sent 47,846 BTC worth $252.2 million between two wallets of unknown origin.

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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:

It definitively looks like we are heading in that direction. What has been happening in the last few weeks is just incredible.

There’s also nothing wrong in $BTC moving up and down with risk assets in such a black swan event.

— Alex Krüger (@krugermacro) March 17, 2020

This big dent in the price chart will lengthen the time till we hit the next bull market top (Top Cap model), more time means a higher top. pic.twitter.com/pdhyliUzl7

— Willy Woo (@woonomic) March 18, 2020

Dump then moon. We are undergoing flight to safety right now, BTC is looking for its bottom. But know that once the bottom is in there are strong bullish pressures ahead. It’s this economic environment in the years ahead that Bitcoin was built for. https://t.co/ILn3aXTJXG

— Willy Woo (@woonomic) March 18, 2020

Statistician Who Predicted Bitcoin Crash Says Its Price Will Moon

https://cointelegraph.com/news/bitcoin-hodlers-not-to-blame-for-record-50-price-plunge-data-reveals

➡️ Cryptocurrency Masterclass: http://class.cryptonewsalerts.net

Bitcoin price remains below key resistances, but this hasn’t stopped investors from becoming extremely bullish on BTC.

Key on-chain data indicates that the propensity that Bitcoin investors have to hold their coins is almost at all-time highs.

Along with accentuating the optimism of crypto-asset holders, this is also a similar trend seen at the start of the 2017 bull market.

Blockchain analytics firm Glassnode recently found that 60% of all BTC in circulation “hasn’t moved in over a year, showing increased investor HODLing behavior.”

The last time this much of the cryptocurrency was frozen was “right before the BTC bull market of 2017,” prior to the 2,000% rally that took Bitcoin from $1,000 to $20,000.

The accumulation habits of Bitcoin investors aren’t the only thing indicating another parabolic rally is near.

Analyst Nunya Bizniz recently shared the two charts below with the following comment:

“Bitcoin daily chart: for the first time during the 2015 lows, there was a golden cross, death cross, golden cross sequence that occurred all within the span of about 100 days. Price then rallied 6,400%. For the 2nd time at 2020 lows, this sequence has agains occurred within about 100 days.”

He’s showing that the last time Bitcoin’s 50-day and 200-day simple moving averages looked almost exactly as they do right now, the asset rallied 6,400% in the year that followed.

Fundamentally, this makes sense.

Investopedia describes a golden cross as a  “candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.” Golden crosses show that “a bull market on the horizon and is reinforced by high trading volumes,” the investment knowledge website added.

In other trending Bitcoin News today:

ANALYST: BITCOIN MARKET STRUCTURE LOOKS VERY SIMILAR TO $10,500 FEBRUARY HIGH

Since bottoming at $8,600 over five days ago, Bitcoin has performed extremely well.

The asset rallied as high as $9,650 on Thursday, liquidating dozens of millions of dollars worth of shorts in the process.

Simultaneously, Ethereum saw a massive breakout past a crucial level, suggesting that BTC has room to the upside.

Even still, a top trader has suggested that Bitcoin’s recent price action is looking much like the price action seen at the February year-to-date top.

A crypto trader recently shared the image below, showing that Bitcoin’s recent price action looks eerily similar to that seen at the February highs of $10,500.

Both periods have similar phases, including a triple-topping pattern indicative of a potential reversal. Should BTC trade as it did after February highs, a strong drop could ensue in the following weeks.

It isn’t only the similarities in the market structure suggesting Bitcoin is topping in the $10,000 range. One prominent crypto trader recently shared the chart below of BTC’s price action since the start of the year with Bitfinex order book data overlayed.

The chart indicates that there is currently a mass of sell-side orders in the $10,000-10,300 range.

This is important as when Bitcoin rallied to and was rejected by the $10,000 range two times over the past month, there was also a sell wall in that range.

This chart also shows that when BTC topped at $10,500 in February, it also ran into a confluence of sell orders at $10,500.

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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 people say re-accumulation. Some people say distribution. So far the structure is closely resembling the distribution of the last highs, albeit with more volatility pic.twitter.com/Km5N2epUsb

— joshnomics (@joshnomics) May 29, 2020

In spite of $BTC‘s mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on #Bitcoin‘s network is slightly above average for in May, according to where price levels currently sit. 👍 pic.twitter.com/3BIcqTS3VN

— Santiment (@santimentfeed) May 22, 2020

BTC daily:For the 1st time during the 2015 lows there was a GC-DC-GC sequence that occurred all within the span of about 100 days.Price then rallied 6,400%.For the 2nd time at 2020 lows this GC-DC-GC pattern has again occurred within about 100 days.

Price will ……………? pic.twitter.com/8i4V1EjQiY

— Nunya Bizniz (@Pladizow) May 18, 2020

The Last Time This On-Chain Signal Was Seen, Bitcoin Rallied 2,000%

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Bitcoin has been subject to troubling price action over the past week.

At the local lows, BTC traded as low as $8,600 on some exchanges — approximately 15% shy of the highs before bouncing back above to the $9,100 support this morning.

It should come as no surprise that some have taken the recent price action as a death knell for Bitcoin’s bull trend, which began in March when the asset rallied strongly off the $3,700 lows.

Yet the bearish trend may soon come to an end. Crucial fundamental and technical factors, in fact, have shown that BTC is primed to revert back into a rally after the recent correction.

Three of these factors are as follows.

#1: Bitcoin Prints Textbook Falling Wedge Pattern

According to a prominent crypto trader, Bitcoin is printing a textbook bullish sign: a falling wedge. Falling wedges, studies suggest, have a high likelihood of breaking higher. Such patterns have also preceded strong gains in the Bitcoin market over the past few months.

#2: Tensions Between the U.S. and China Grow; Yuan Crushed

Since our last report on the situation between the U.S. and China due to the Hong Kong democracy movement, things have become worse due to fears of sanctions.

The Chinese yuan, as Twitter account “Yuan Talks” noted, is at its weakest level since September 2019 — the peak of the 2019 trade war. Bitcoin stands to benefit as it can act as a safe-haven for Chinese investors trying to mitigate the risks of a falling domestic currency.

Chris Burniske, a partner at Placeholder Capital, explained: “If China’s CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat, where BTC strength coincided with yuan weakness.”

#3: Central Banks and Governments Continue to Print Trillions, Boosting Bitcoin Bull Case

Due to the outbreak of an illness, the global economy has been thrown into a recession.

Dozens of millions have become under/unemployed, while consumer confidence, spending, and other key economic metrics have fallen off their respective cliffs.

It’s a trend that has forced governments to respond by printing money, boosting Bitcoin’s intrinsic value.

Japan made this much clear recently. According to global markets tracker FXHedge, which shares news headlines related to the global economy, a new document suggests that the Japanese government is looking to implement a stimulus package worth 117.1 trillion yen — $1.1 trillion.

Although this isn’t likely to cause instant inflation — Japan has been nearly deflationary for years upon years now — analysts say this stimulus and others like it are bullish for Bitcoin.

In other trending Bitcoin News today:

Bitcoin ‘Hodl Wave’ Data Has Now Been Calling a Bull Run for 5 Months

Hodl waves show that over 60% of the supply has not moved for a year or more, something which historically has signaled price upside.

“60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing. The last time this happened was in early 2016, at the start of the 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:

60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing.

The last time this happened was in early 2016, at the start of the bull run.#bitcoin pic.twitter.com/Rh5efLHOD0

— Philip Swift (@PositiveCrypto) May 26, 2020

Goldman Sachs is hosting a client call today at 10:30 AM EST discussing inflation, gold and bitcoin. There’s a lot of conjecture floating around as to the content.
I will be on the call and will let you know what they actually say. pic.twitter.com/VJkxaPpUzB

— The Wolf Of All Streets (@scottmelker) May 27, 2020

https://cointelegraph.com/news/bitcoin-hodl-wave-data-has-now-been-calling-a-bull-run-for-5-months