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

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Due to the debasement of the US dollar, Tuur Demeester thinks $50,000 Bitcoin – or even $100,000 BTC price – isn’t out of the question.

Bitcoin continues to show impressive price trends amidst a coronavirus-induced gloomy macroeconomic outlook.

The Bitcoin price has ballooned by circa 150 percent after bottoming out near $3,800 on March 13, 2020.

Meanwhile, analysts and traders are betting on its extended growth, with a price prediction model even envisioning it above $280,000 by 2024. 

Adding his forecast to a long list of bullish predictions is Tuur Demeester, an influencer known for investing in Kraken, a U.S.-based crypto exchange, via his fund Adamant Capital. Mr. Demeester said he sees Bitcoin anywhere between $50,000 and $100,000, stating that the cryptocurrency will not fall back below $6,000 ever again.

The bold prediction surfaced a day after Bitcoin options’ open interest on Chicago Mercantile Exchange rose to near $150 million – its highest level ever.

Analysts treat CME as the best gauge of interest in Bitcoin for institutional investors. Mr. Demeester used a similar metric to justify why the cryptocurrency could surge by up to 950 percent.

The analyst noted that the cryptocurrency is entering a “deployment phase” – a period wherein big Wall Street players are beginning to associate themselves with emerging blockchain assets.

He mentioned JP Morgan Chase & Co, a banking institution that once treated Bitcoin as fraud-money, suddenly embracing two of the biggest U.S. crypto firms as its clients.

The Wall Street makeover of Bitcoin also continued with considerable investment from Paul Tudor Jones.

The billionaire hedge fund manager, as Mr. Demeester pointed out, recently put 1-2 percent of his portfolio’s worth into bitcoin futures.

That validated the cryptocurrency as insurance against global market risks.

“It’s a land-grab phase,” said Mr. Demeester on the ongoing institutional influx. “You know [bitcoin] is going to be big [and] it is not correlated with traditional financial systems [..] Institutions are staking their claims and see what is going to be built atop [Bitcoin] later.”

Family offices, billionaires, hedge funds, and the interest of other prominent investors in Bitcoin could quickly push the price above $50,000, he added.

In other trending Bitcoin News today:

Chainlink Partners With Korean Tech Giant to Boost Blockchain and Crypto Mass Adoption

Chainlink, a leading platform in the blockchain industry for connecting smart contracts to real-world data sources, has signed a partnership with an affiliate of South Korean internet giant Kakao, the company behind KakaoTalk, one of the most popular mobile messaging apps in Asia.

Kakao’s Klatyn is the company’s public blockchain project. The partnership will see the integration of Chainlink’s oracles with Klaytn’s smart contracts.

According to its team of developers,

“Smart contracts need to interface with the data feeds, events, and widely accepted payment methods that centralized digital agreements rely on to provide value. By providing the building blocks needed by complex smart contracts in the form of critical inputs and key outputs, we seek to enable the next generation of smart contracts that will step beyond tokenization to become the dominant form of digital agreement.”

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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://bitcoinist.com/bitcoin-bottomed-says-top-investor-as-institutional-inflow-hits-record-high/

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Bitcoin (BTC) price dropped from $10,000 to $8,100 within just over a day, as it plunged by 9% in a single hour.

It liquidated $200 million worth of longs, obliterating the futures market.

The three key reasons that triggered the immense Bitcoin correction were: strong multi-year resistance area above $10,000, whales moving to short the market on BitMEX, and extreme volatility heading into the Bitcoin Halving.

REASON #1: $10,200 to $10,500 is a multi-year strong resistance area for Bitcoin

Since mid-2018, the $10,200 to $10,500 range served as a historically strong area of resistance for the top-ranking cryptocurrency by market capitalization.

After its first breakout above $10,500 in June 2019, which led to a swift run to $14,000, Bitcoin failed to move above that level five out of six times in the last two years.

When the Bitcoin price initially broke down at $10,100 on May 8, it signaled the rejection of a key resistance level and left BTC vulnerable to a steep correction.

As whales started to sell at $9,900, it led to a cascade of long contract liquidations primarily on BitMEX and Binance Futures.

In one hour, more than $200 million worth of longs were liquidated.

REASON #2: Whales quickly moved to sell BTC at the point of rejection

Almost as soon as the rejection of $10,200 was confirmed, whales started to fiercely short Bitcoin across major cryptocurrency exchanges.

The open interest on the big four derivatives exchanges that include Binance Futures, BitMEX, Deribit, and OKEx plunged.

The term open interest refers to the total amount of long and short contracts open at a given time.

The rapid decline in open interest meant that as selling pressure began to build up, it caused over-leveraged buyers in the futures market to get trapped in their positions.

REASON #3: Massive volatility ahead of halving

Ahead of the Bitcoin block reward halving set to occur on May 12, trading activity on all major cryptocurrency platforms surged significantly.

CME saw record-high open interest, Deribit recorded all-time high volume for its options contracts, and spot exchanges demonstrated 2017-esque volume in the last three weeks.

When many new investors enter the market in anticipation of a major event, it opens the market up for a steep selloff.

For instance, after the 2016 block reward halving, the Bitcoin price dropped by more than 30%, as traders reacted with a sell-the-news response.

A confluence of an over-extended Bitcoin rally to $10,000, whales front-running retail investors with a sharp sell-off at $9,900, and high anticipation for the halving are triggering a near-term pullback prior to the May 12 Bitcoin halving.

In other trending Bitcoin News today:

Bitcoin Can Stay Bullish After 15% Retracement as Long as This Crucial Level Holds

It may seem like all hope is lost for bulls, yet one top trader recently shared that this isn’t the case.

Bitcoin holding $8,530 in the next 24 hours, a trader argued, will confirm a sweep of liquidity at a “pivotal level.”

Should Sunday’s candle close above this level, it would confirm that a bullish market structure remains somewhat intact.

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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:

$BTC Lots riding on the next 24 hours. Want to see 12H, followed by the daily, close above $8530 to confirm a sweep into pivotal level. Close below and we have our first significant HTF break in MS to the downside since the bottom.

Happy Halving, call your mom. #Bitcoin pic.twitter.com/6pnt1uA52m

— HornHairs 🌊 (@CryptoHornHairs) May 10, 2020

https://cointelegraph.com/news/3-reasons-for-the-bitcoin-price-halving-dump-from-10k-to-81k

https://bitcoinblockhalf.com/

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Cryptocurrency analyst, Crypto Michaël tells his 43,000 followers on Twitter that several key Bitcoin (BTC) price metrics are looking solid after Friday’s big 42% rally.

Michaël says the current BTC price action is comparable to 2016 and his new Bitcoin price target is $17,000 to $20,000.

On Crypto Twitter he shared:

• 100-Week MA test completed and held, similar to beginning 2016.
• Back above 200-Day MA & EMA, important indicators.
• Holding trendline as well.

“2016 period and now are still comparable in which targeting $17,000-20,000 prior to halving is realistic.”

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Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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:

$BTC #BITCOIN✅ 100-Week MA test completed and held, similar to beginning 2016.✅ Back above 200-Day MA & EMA, important indicators.✅ Holding trendline as well.

2016 period and now are still comparable in which targeting $17,000-20,000 prior to halving is realistic. pic.twitter.com/TPrQwJFxBX

— Crypto Michaël (@CryptoMichNL) October 26, 2019

New video, How and Why Bitcoin price had a blast off this week

Plus the $100 $BTC winner for this week

Would love to have you subscribe and leave a comment

Cheers!https://t.co/bRNDFq0LJ5

— Josh Rager 📈 (@Josh_Rager) October 26, 2019

Interest in Bitcoin in China has barely edged up. Chart shows Baidu searches for Bitcoin (blue) vs Blockchain (red). Looks very conclusive to me, particularly so given the price spike. pic.twitter.com/UGwU5416jO

— Alex Krüger (@krugermacro) October 26, 2019