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Bitcoin made history today breaking itâs previous all-time high, entering price discovery mode and surpassing $67,000 per BTC.
Co-founder of Fundstrat and Wall Street Strategist Tom Lee has revealed his expectations for Bitcoin before the year runs out.Â
According to a Bloomberg report, Lee revealed that he had high expectations for the digital asset, which he believes would hit the $100,000 mark by the end of the year, and added that the asset could go as high as $168,000 before the year runs out.
In other trending Bitcoin News today: Bitcoin futures ETF debuts with highest ever first day ânaturalâ volume of $1B.
ProSharesâ Bitcoin Strategy exchange-traded fund (BITO) saw the highest ever first day ânaturalâ volume for an ETF, with the figure reaching a little over $1 billion by the end of the opening day.
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Crypto Analyst Adjusts 0,000 Bitcoin Forecast | BTC Buy Signal That Preceded 2017âs 2,000% Rally
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The crypto analyst who accurately predicted last years Bitcoin retracement has updated his roadmap of the BTC ascent to $100,000 as the king cryptocurrency approaches the apex of a long-term triangle.
Trader Dave the Wave tells his 33,000 Twitter followers that Bitcoin is poised for a big move as the top cryptocurrency shows signs of compression.
âMomentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it âoughtâ to do. Shaping up nicely for the move going forward.â
Based on Daveâs chart, Bitcoin is losing steam as seen on the slumping logarithmic moving average convergence and divergence (LMACD).
The indicator is designed to reveal changes in an assetâs trend, strength and momentum.
In addition, the king coinâs volatility looks ready to hit its all-time lows as the Bollinger bands width (BBW) indicator approaches a value of 0.50.
The low BBW reading suggests that BTCâs trading range is at its narrowest point in four years. Bitcoinâs tightening trading range and dying momentum suggest that a violent move is on the horizon as the dominant cryptocurrency approaches the end of a multi-year triangle.
Dave says that once volatility returns, he expects Bitcoin to go through a significant correction.
Once the pullback is over, Dave sees Bitcoin eventually breaking out of the long-term triangle.
He says Bitcoin will recover its all-time high of $20,000 next year before igniting a manic phase that would send the top cryptocurrency above $100,000 before 2022 expires.
In other trending Bitcoin News today:
BITCOIN TO SOON CONFIRM BUY SIGNAL THAT PRECEDED 2017âS 2,000% RALLY
According to a crypto analyst, Bitcoinâs macro Moving Average Convergence Divergence (MACD) is about to cross green on the monthly time frame.
Should this take place, it will mark a large win for the bull case. For instance, prior to the rally from under $1,000 to $20,000 in late-2016/2017, BTC formed this signal.
And prior to the rally to $14,000 in 2019, this signal was formed.
The potential cross in the MACD isnât the only signal that is supporting the long-term bull case.
This past Sunday, digital asset manager Charles Edwards noted that his indicator, the Hash Ribbons, printed a âbuyâ signal:
âBitcoin Hash Ribbons âBuyâ signal just confirmed. The post-Halving signal is particularly special. It will probably be a very long time until the next occurs. âŠand so the great bull run begins.â
This is important as the signal has preceded parabolic rallies in the price of BTC.
Edwards found in an analysis published last year that the gain-to-peak of the indicatorâs âbuyâ signals comes out to an average of 5,520%.
The fundamentals are equally as bullish, analysts have said.
As reported by Bitcoinist previously, Nexoâs Antoni Trenchev argued that Bitcoin is still poised to hit $50,000 by the end of 2020.
He attributed this strong sentiment to the presence of money printing by central banks and the block reward halving:
âSo yes, Iâm sticking to my prediction of 50K until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well,â
Trenchev concluded to the Bloomberg journalist.
This optimism has been echoed by Adam Back, the chief executive of Blockstream.
The long-time industry executive and programmer told Bloomberg in a July interview that BTC will hit $300,000 in the next five years.
Like Trenchev, Back also mentioned money printing, but added that bonds and real estate likely have low risk-return ratios.
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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:
Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it ‘ought’ to do.
Shaping up nicely for the move going forward pic.twitter.com/prrdi576XD
â dave the wave (@davthewave) July 15, 2020
https://bitcoinist.com/bitcoin-confirm-buy-signal-preceded-2017/
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Bitcoin Is Soon To âTake Offâ Towards 0,000! | BTC Still On Track For Massive Gains After Halving
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Few have called the Bitcoin price action as well as Dave the Wave has over the past few months; in the middle of last year, the analyst predicted a retracement to $6,400 when the BTC price was rallying above $10,000, and more recently, he called for a retracement from $11,000 to $8,500.
Now, heâs starting to lean bullish once again.
In an analyst published Sunday, the trader suggested that Bitcoin (BTC) is in the midst of âturbulence before take-off,â pointing to a chart that shows the current price action in the crypto market is reminiscent to that of late-2016, just months before Bitcoin began its rally from $800 to $20,000 in a yearâs time.
Where Will the Rally Take Bitcoin? Although Dave the Wave did not mention his long-term targets in that tweet, he has suggested previously that the cryptocurrency could be on the verge of a 1,000% rally.
The analyst suggested that the cryptocurrency is still on a clear trajectory to enter a six-digit price point in the coming two to three years.
Dave backed this prediction by pointing out that Bitcoin is on the verge of finishing a fractal correction and is about to break past of a long-term descending trendline, which marked the two swing tops over the past two years.
A move past the trendline, which will soon line up with the long-term buying zone for Bitcoin, is likely to kick off a rally to $100,000, the trader suggested.
This lofty prediction can be backed up by the famous stock-to-flow model from PlanB, a pseudonymous quantitative analyst working for a European institution.
The model equates Bitcoinâs scarcity (inflation rate) to its market capitalization, suggesting the after the May 2020 block reward halving, BTCÂ will have a fair price of around $55,000 to $100,000.Â
BITCOIN STILL ON TRACK FOR MASSIVE GAINS AFTER HALVING
Bitcoin has spent the weekend consolidating in the mid-$8k zone following a week of sharp declines through several levels of support.
The stock to flow model is still holding course though which means big gains could be ahead after the halving. Bitcoin has corrected around 20% from its 2020 peak to yesterdayâs low of just over $8,400.
It has held in the mid-$8k range for a couple of days low leading analysts to believe that the bottom could be in.
With just 70 days to go to the halving, analyst âPlanBâ has revisited his stock to flow model noting that things are right on track with it.
The stock to flow (S2F) model examines the relationship between the production of supply and the current stock available.
Using this model, the analyst has predicted a rise to around $80-$100k in the months following the halving.
Previous events in 2012 and 2016 saw huge rallies in the years that followed and many are expecting that 2021 could be even bigger for Bitcoin than this year.
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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:
Very long term i can see how fancy math can explain price. But fancy math can never explain short term price movement imo. So monthly predicitions really ?
â Liam Janssens (@LiamJanssens) March 1, 2020
$BTC Hash Ribbons ain’t looking so good as halving is approaching.Mining cost right now at~ $7700.Bitcoin should rally to over $15000 in the before Halving if Miners wants to feed their family.
Pump it for the Miners and their family. pic.twitter.com/3ohIlbqfmX
â Anondran (@AnondranCrypto) February 29, 2020
You donât think Coronavirus will affect this?
â âżrucewayne (@HouseSt12782619) March 1, 2020
For those getting stuck or confused on the shorter term call, here’s my view going forward. If you’re a holder/ investor, ignore the short term calls and focus on the medium/ long term.
Main point being, a consolidation to the buy zone would set BTC up nicely for its run. pic.twitter.com/AC2gv5VrGI
â dave the wave (@davthewave) February 16, 2020
https://cointelegraph.com/news/bitcoin-price-avoids-82k-to-mirror-stock-to-flow-creators-forecast
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BITCOIN WILL HIT $300K BY END OF CURRENT BOOM CYCLE SAYS TOP CRYPTO STRATEGIST!! TRADER CHEAT SHEET!
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Widely-followed crypto strategist and trader Michaël van de Poppe is looking at the bigger picture to analyze the state of the Bitcoin bull market.
According to the psychology of a market cycle, the disbelief phase is the earliest stage of the bull market, where market participants believe that the rally will abruptly end.
Van de Poppeâs current sentiment that BTC is in the early stages of a bull market aligns with his prediction that Bitcoin will hit $300,000 by the end of the current boom cycle.
In other trending Bitcoin News today:
Asset Giant Charles Schwab Exploring Support for Bitcoin and Crypto Markets
Investment services firm Charles Schwab is keeping an eye on the developments in the crypto space as the company with over $7 trillion in client assets says the doors are open for supporting Bitcoin and crypto markets.
In the companyâs newest business update, Charles Schwab CEO Walt Bettinger says that the company is looking very closely and cautiously at the crypto market.
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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:
Asset Giant Charles Schwab Exploring Support for Bitcoin and Crypto Markets
https://cryptopotato.com/2-on-chain-metrics-suggest-bitcoin-bullish-bias-intact/
After The Crash: Why Bitcoin Could Have More Upside Potential
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