BITCOIN CRASH 55% FROM IT’S ALL-TIME HIGH BUT $83,000 BTC PRICE NOW IN THE CARDS FOR MID-JUNE!!

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Over the past few weeks, investors have begun to doubt the veracity of the assertion that “BTC is on the verge of its next bull run.”

While there are reasons to believe this is the case, an analyst has asserted that per one key metric, the Bitcoin price has “never been more bullish.”

The past few weeks have undoubtedly been weak for the cryptocurrency market; the BTC price has collapsed from the $10,500 high to a price as low as $8,400 established just this weekend, while the hash rate of Bitcoin has stagnated.

But, according to the latest data from Blockchain.com, miners are once again allocating many resources to the security of the world’s largest cryptocurrency.

Case in point: the hash rate of the Bitcoin network reached a new all-time high of 136 exahashes (or 136,000,000 terahashes) per second just two days ago – nearly three times higher than it was one year ago.

Commenting on the significance of this, crypto price tracking app Blockfolio wrote:

“As Wall Street experiences the worst week since the 2008 financial crisis, Bitcoin’s hash rate has just reached a new all-time high. 136,264,908 tera hashes per second.”

This optimism has been echoed by analyst RookieXBT, who noted on Tuesday that the hash rate is almost “~940% from where it was when Bitcoin (BTC) was at an all-time high” of $20,000.

This, RookieXBT wrote, is a sign that “Bitcoin has never been more bullish.” Indeed, growth in the hash rate of the network suggests at least two things: 1) Bitcoin miners are confident in the long-term success of the cryptocurrency (especially in terms of price) and allocate more resources to the security of the network; and 2) the technology of mining machines is being improved on, resulting in the increase in hash rate.

Chainlink (LINK) Nears $5 All-Time High Unfazed by Bitcoin Price Slump

Chainlink’s (LINK) 27.48% gain over the past four days shows that the altcoin continues to function as an outlier when compared against the recent performance of other cryptocurrencies.

This strong recovery from the swing low at $3.30 to $4.79 has LINK now approaching its previous all-time high at $4.86. 

Unlike Bitcoin (BTC), LINK trading volume has shown that traders are excitedly buying each dip and the candlesticks of the past 3 days clearly show that a strong reversal has occurred. 

In the daily timeframe, the moving average convergence divergence (MACD) shows a bull cross between the MACD and signal line and the histogram has recently popped above 0, a rather compelling move considering that the altcoin has already gained 26.57% since March 2.

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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/chainlink-link-nears-5-all-time-high-unfazed-by-bitcoin-price-slump

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Bitcoin evangelist Max Keiser says that BTC has the potential to become the new base layer currency and replace the entire $5 trillion foreign exchange (FX) market.

In an episode of the Keiser Report, the Wall Street veteran takes note of Citibank’s recent report that argues Bitcoin has an advantage in global payments due to its decentralized, deflationary, and secure nature, which are characteristics that put the flagship cryptocurrency in a position to go mainstream.

Keiser highlights that Bitcoin’s advantages as a medium of exchange in global payments are already making banks, including Citibank, obsolete.

“It’s happening right now because the transaction is the settlement, so you don’t need Citibank. It obviates Citibank. It makes Citibank redundant, as are all banks, redundant with Bitcoin. I can trade with you as a currency and it doesn’t require any bank. It doesn’t require a central bank.”

While the Citibank report sees Bitcoin as having evolved from a form of payment to a store of value, Keiser believes it is the other way around.

“And they got it a little bit reversed. They’re saying it started off as a means of payment and people are looking at it as a store of value, but in fact, it started off as a store of value, and now it’s morphing into a means of payment. That’s the whole history of money. So Citibank should know at least the history of money and how money comes into existence but nevertheless, a good effort and I applaud them for at least recognizing that they’re about to go out of business.”

As BTC is starting to be viewed as a more neutral and better settlements layer, the Bitcoin firebrand sees the world’s leading cryptocurrency as something that could supplant trillions of dollars worth of foreign exchange activity.

“Right there’s what, $5 trillion a day in the forex market, foreign exchange, and that could be completely replaced with Bitcoin as the base layer. We’ve seen that demonstrated now buy sending currency from country to country, starting off in one currency, arriving at the destination in that local currency instantaneously, virtually at no cost.”

In other breaking Bitcoin News today:

India To Introduce All-Out Cryptocurrency Ban Targeting Miners and Traders

India is reportedly gearing up to introduce a bill that will criminalize the trading, holding, and mining of cryptocurrencies.

Reuters cites a senior government official familiar with the matter who says the proposal seeks to fine anyone issuing, holding, trading, and transferring crypto assets.

The bill would give owners of cryptocurrencies half a year to sell their digital asset holdings. After the grace period, crypto holders would face penalties.

According to Reuters, government officials are optimistic that the bill will be passed as Prime Minister Narendra Modi’s allies control the parliament.

The report adds that the bill would only ban the private use of digital assets while harnessing the blockchain, the technology powering cryptocurrencies, would still be legal. The source also said that the government will take a “calibrated” approach in penalizing those who fail to liquidate their crypto assets within the six-month period.

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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 IS AN INALIENABLE HUMAN RIGHT

Indians can easily (and should) ignore the government and keep stacking sats per their human rights. India could be the first country #Bitcoin dissolves. $220,000 in 2021 incoming. https://t.co/7bbZVuZ1jN

— Max Keiser (@maxkeiser) March 15, 2021

https://cointelegraph.com/news/3-reasons-bitcoin-fell-6-in-4-hours-is-the-btc-rally-weakening

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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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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