BITCOIN FACING UNPRECEDENTED SUPPLY SHOCK, WILL SURPASS $2 MILLION PER BTC SAYS ON-CHAIN ANALYST!!

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Bitcoin Price Needs to Break Past $8,000!

In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a BTC price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.”

Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):

• The 200-day moving average.
• The 100-day moving average.
• The 50-day moving average.
• The 20-month moving average.
• Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
• And the yearly pivot level.

The pertinent question remains — does Bitcoin (BTC) have the potential to clear $8,000?

Analysts, unfortunately, are divided about this question.

Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.

As it stands, BTC is in the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.

The thing is, there remains the overhead risk of traditional markets continuing to fall, which could depress Bitcoin.

As explained by Chris Burnisike, partner at Placeholder Capital:

This theory has been echoed by trader Cantering Clark, who remarked that the “moment equities s**t the bed again Bitcoin will follow,” explaining that the reality is some of the world’s “largest and most fundamentally important industries” are being adversely affected by the coronavirus outbreak, making it unlikely crypto will be spared.

China Is Drafting Laws for the Circulation of National Digital Currency Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency.

The central bank is now drafting legislation for its circulation, according to local media.

A number of patents have revealed what the digital yuan will be like.

China’s central bank, the People’s Bank of China (PBOC), is reportedly closer to issuing its own digital currency, Chinese publication Global Times reported on Tuesday, citing an unnamed industry insider.

The central bank, in collaboration with private companies, “has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation,” the publication detailed.

The insider elaborated: As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid the coronavirus (covid-19) pandemic, China should accelerate the launch of its digital currency.

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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://www.tradingview.com/chart/BTCUSD/S1p3CQYW-Bitcoin-Death-Cross-but-is-that-it/

https://news.bitcoin.com/china-digital-currency/

https://www.newsbtc.com/2020/03/26/all-eyes-on-8000-why-bitcoin-needs-to-clear-this-crucial-level/

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With the Crypto community awaiting the next Bitcoin price all-time high, Blockroots CEO, Josh Rager, warns that they might be disappointed if they expect BTC to hit $100k or more.

Bitcoin (BTC) has been a hot topic ever since it started a massive bull run in late 2017, which led the coin to its all-time high (ATH) at $20,000.

As everyone knows by now, Bitcoin saw a massive drop after that, eventually reaching only $3,200 as its lowest point in the last three years.

After the bearish 2018, the following year started showing signs of recovery, taking the BTC price almost to $14k by June 22, 2019.

BTC (Bitcoin) then saw another drop, nearly cutting its price in half.

However, the beginning of 2020 brought another surge that returned investors’ hope that this might be the year when BTC finally exceeds all previous milestones and goes as high up as to $100k, or more.

While this is a popular opinion, Blockroots’ CEO, Josh Rager, disagrees with it. Rager recently made his expectations known on Twitter, admitting that it may be an ‘unpopular opinion,’ but he sees it as more realistic.

In his recent tweet, he stated that Bitcoin’s next price peak will likely not be as high as people expect it to be.

Despite the fact that numerous analysts have proposed prices from $100k to $300k — and some even suggested $1 million.

Rager, on the other hand, claims that the simple rate of return shows the bottom to peak return reduces by 20% per cycle.

With that in mind, he expects that Bitcoin’s next price ATH will only be between $75k and $80k.

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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 Unpopular Opinion:The next Bitcoin peak high will not be as high as most people thinkLots of analysis out there point from $100k to $300k to $1MSimple rate of return will show you bottom to peak return reduces by around 20% each cycle

IMO, next high hits $75k to $85k pic.twitter.com/EoWZqcWfbe

— Josh Rager 📈 (@Josh_Rager) January 17, 2020

Next Bitcoin Price ATH to Fall in the $75k-$85k Range

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Jurrien Timmer, Director of Global Macro at Fidelity forecasts Bitcoin to reach $1 billion per BTC in two decades from now, shortly after an earlier $100 million BTC price prediction for 2035.

Timmer backed up his assertion with a 4-hour BTC/USD chart that combined the stock-to-flow model with his demand model. In Timmer’s words:

“Metcalfe’s Law holds that, as the number of its users grows linearly, a network’s value (or, by inference, the bitcoin price) grows geometrically.” 

In other trending Bitcoin News today: Bitcoin bull run sparks $180K BTC price prediction ahead of institutional ‘fireworks’!

“Break above 50k = 58-60k to follow. Sitting above 200D MA which is now acting as support,” Pentoshi summarized to Twitter followers.

“What is your price discovery plan? Above those Highs 3x seems reasonable which is around 180k. You don’t go make new ath’s for 10% gains. Verge of breaking out into that last range.”

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

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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/bitcoin-bull-run-sparks-180k-btc-price-prediction-ahead-of-institutional-fireworks

https://cointelegraph.com/news/shop-com-now-accepts-bitcoin-payments-after-partnership-with-bitpay

https://cointelegraph.com/news/shop-com-now-accepts-bitcoin-payments-after-partnership-with-bitpay

https://cointelegraph.com/news/btc-price-dips-to-test-48k-springboard-for-potential-new-bitcoin-bull-run