BITCOIN CONFESSIONS OF A WALL STREET INSIDER | Michael Kimelman Cryptocurrency Interview

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According to a cryptocurrency trader, Bitcoin will see a “monster breakout” in the next three days as the BTC price continues to tighten on a macro scale.

He shared the chart which shows that per the Bollinger Bands, a key technical indicator denoting volatility and key levels, BTC’s price action is extremely tight.

Separate analyses of the Bollinger Bands indicator have found that they are at their tightest levels since November 2018.

What followed the consolidation, of course, was a 50% drop over the span of two weeks that ended the bear market.

This suggests there will be an imminent move of macro proportions, likely to play out within the next week or two.

Bulls Are In Control?

Volatility indicators do not indicate which way the leading cryptocurrency will break.

But with this latest news and new analyses, a growing number of traders are betting on the case for upside.

KI Young Ju, the chief executive of cryptocurrency analytics firm CryptoQuant, shared the charts below on July 20th.

Attached, he wrote that there are three on-chain indicators signaling investors to “BUY.”

These indicators are as follows:

* Addresses linked to Bitcoin miners are not sending their coins to exchanges, suggesting they are not being sold. * Large BTC holders deemed “whales” remain HODLing their coin.

* The reserve of BTC on exchanges “hit the year-low a month ago and [it has kept] that low.

This suggests there remains an accumulation mindset amongst a majority of cryptocurrency investors.

Further adding to the bull case forming, digital asset manager Charles

Edwards noted last week that his flagship indicator just printed a macro buy signal. “Bitcoin Hash Ribbons “Buy” signal just confirmed.

The post-Halving signal is particularly special.  It will probably be a very long time until the next occurs. …and so the great bull run begins.”

In other trending Bitcoin News today:

Bitcoin Appears Ready for Extraordinary Move in Just 48 Hours, According to Morgan Creek Digital Partner

Bitcoin’s three-month-long tightening trading range may end in about 48 hours, says Morgan Creek Digital executive Jason Williams.

Williams tells his 41,000 Twitter followers that BTC appears to be poised for a big move as the leading cryptocurrency approaches the apex of an ascending triangle pattern on the short-term timeframe.

“This feels like a little World Cup of sorts. Bitcoin could break out on or about the 22nd. I don’t think I would want to be on the sidelines going into this… Bitcoin volatility could be extraordinary to the upside.”

The Morgan Creek Digital co-founder is not the only analyst who expects the end of BTC’s tightening range soon.

Crypto strategist Ethereum Jack sees the king cryptocurrency exploding within the next seven days as Bitcoin’s spot volume hits a level that precedes significant price expansion.

A dwindling volume indicates that many traders are on the sidelines while waiting for an asset to provide clarity in terms of direction.

Meanwhile, the pseudonymous crypto trader Walter Wyckoff believes that Bitcoin will breach resistances as it gets a helping hand from a bullish S&P 500.

“Probably SPX [is] gonna rip on vaccine news and if that happens [it is] gonna pull up BTC. I think that futures opening on legacy will give a clue on what we should expect for the breakout of BTC. Can’t see Bitcoin giga dumping while markets make new highs.”

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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:

This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd.I don’t think I would want to be on the sidelines going into this but low time pref 🧠

Tina and I both agree that #bitcoin volatility could be extraordinary to the upside. @BitcoinTina pic.twitter.com/EWoB0Tv8VW

— Jason Williams 🦍 (@JWilliamsFstmed) July 19, 2020

On-chain Indicators Status: BUY 🟢– Miners are not selling (based on MPI, Miner Outflows)

– No significant #BTC exchange inflows from whales so far

– All exchanges’ reserve hit the year-low a month ago and keep that low pic.twitter.com/IzEmujvbsU— Ki Young Ju (@ki_young_ju) July 20, 2020

Bitcoin Will See a “Monster Breakout” in the Next Three Days: Analyst

https://dailyhodl.com/2020/07/20/bitcoin-appears-ready-for-extraordinary-move-in-just-48-hours-according-to-morgan-creek-digital-partner

https://cointelegraph.com/news/paypal-to-reportedly-offer-crypto-trading-through-paxos-partnership

https://cointelegraph.com/news/bitcoin-surges-to-93k-for-first-time-in-a-week-is-it-a-fakeout

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Bitcoin (BTC) should see a “large” price increase thanks to a rare bullish phenomenon that has just hit for the first time in seven years.

In his latest update on Bitcoin’s relative strength index (RSI), popular Twitter analyst TechDev flagged major similarities between this year and the 2013 BTC bull run.

“Bitcoin had its 2nd bullish monthly stoch RSI cross between 20 and 80 this cycle. An especially bullish cross. Sep 2021 and May 2020,” TechDev commented alongside a chart showing the action.

“This cross only happened two other times in history. You guessed it. Sep 2013 and May 2012. Large pumps followed all 3 previous crosses.”

In other trending Bitcoin News today: Fifth-Largest US Retail Bank Launches Cryptocurrency Custody Services Amid Strong Demand From Institutional Clients!

U.S. Bank announced Tuesday that its cryptocurrency custody services are now live and available to its Global Fund Services clients.

“The services are intended for institutional investment managers with private funds in the U.S. or Cayman Islands who would like a safekeeping solution for bitcoin – with additional coin support coming soon.”

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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:

https://cointelegraph.com/news/large-pump-coming-to-bitcoin-hints-btc-price-metric-but-maybe-not-until-december

https://news.bitcoin.com/us-bank-launches-cryptocurrency-custody-services-strong-demand-institutional-clients/

https://cointelegraph.com/news/mr-wonderful-s-crypto-allocation-is-now-larger-than-his-gold-holdings

https://cointelegraph.com/news/bitcoin-price-pushes-through-51k-extending-bulls-short-term-target-to-56k

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Gold Bullion International co-founder Dan Tapiero believes that it’s only a matter of time before Bitcoin surges into the six-figure threshold as $15 trillion in institutional capital could flow into BTC, pushing the Bitcoin price as high as $500,000.

Speaking to Anthony Pompliano on the Pomp Podcast, Tapiero asserted that in terms of price appreciation, Bitcoin is king, even though he believes investors should own both gold and Bitcoin:

“In the next five years, I can see gold at $4,000, so that’s double. But if gold is at $4,000, Bitcoin is probably somewhere between $300,000 and $500,000, so that’s a 20, 30x.”

He went on to add, “I don’t really think that anyone in the gold world […] they are not going to debate that.”

Tapiero believes that institutional investors and finance whales are likely to invest between 5% and 15% of their portfolios in Bitcoin, and noted that the sector was currently worth $100 trillion:

“That’s a huge chunk. I mean, 15% of $100 trillion is $15 trillion.”

But gold is a store of value, and that is only one aspect of what Bitcoin is. Bitcoin is an entire network, and that’s why he believes it will be much bigger than gold:

“There is no question that Bitcoin is going to outperform gold.”

Other analysts are similarly bullish about Bitcoin, with Off the Chain Capital chief investment officer Brian Estes telling Reuters today that it “is not a stretch” for BTC to surpass $100,000 in one year, and predicted that it could go as high as $288,000 by the end of 2021.

CNBC host Jim Cramer also believes in the future of Bitcoin, as revealed on another podcast with Pompliano. Cramer, who was a Bitcoin skeptic during the 2017 bull market, recently stated that he had since realized that Bitcoin is a good hedge against inflation and also one that his kids can understand:

“I think that my kids, when they get my inheritance, won’t feel comfortable with gold, and will feel comfortable with crypto.”

In other trending Bitcoin News today:

Bitcoin Could Be On Track To $74,000, Trader Says As Cryptocurrency Approaches All-Time Highs

“It’s hard to give Bitcoin an intrinsic fundamental value because there’s pretty much a finite supply,” Todd Gordon, founder of TradingAnalysis.com, told CNBC’s “Trading Nation” on Tuesday.

Only 21 million bitcoins will ever be produced.

“The point of all this is a reliable relationship in the Elliott wave theory is the percent distance traveled in that first wave in 2014 is often equal to the percent change in wave five,” Gordon said.

Seeing as the first wave was a roughly 658% rally, Gordon’s target was a lofty one.

“I can’t believe I’m going to go out on CNBC and say this, but it’s about 74,000,” he said. “The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at 34,000.“

Another trader saw even loftier heights ahead for the crypto play.

“I’ve always had to own some,” Mark Tepper, president and CEO of Strategic Wealth Partners, said in the same “Trading Nation” interview.

“It’s like a FOMO concept for me,” he said. “If I never owned any and bitcoin hits 100,000 per coin, I’d probably cry myself to sleep every night for the rest of my life if I didn’t own some.”

“You can kind of compare this to Tesla,” he said. “Tesla’s up over 500% this year. In my opinion … I think bitcoin could potentially be the Tesla of 2021. It could, in my most bullish case possible, get to 100K by the end of next year. That’d be my bull case. I think my base case is a little closer to it doubling up to about 40K by the end of 2021.”

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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 is not too late for Bitcoin.. great alternative to gold… which i have always believed in

— Jim Cramer (@jimcramer) November 24, 2020

https://cointelegraph.com/news/2-counterarguments-for-cnbc-s-brian-kelly-who-sees-a-19k-bitcoin-top

https://www.cnbc.com/2020/11/24/bitcoins-on-track-to-74000-trader-says-as-crypto-nears-records.html

https://cointelegraph.com/news/no-debate-that-bitcoin-will-increase-20x-says-gold-industry-insider