BITCOIN IS HACKING DICTATORSHIPS JUST LIKE IT IS BIG TECH!! YOU WILL NEVER HAVE TO SELL YOUR BTC!!

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The pseudonymous crypto trader who accurately predicted the Bitcoin collapse of 2019 says BTC is due for one more test before launching a mega bull rally.

In a new tweet, the analyst who is known in the industry as Dave the Wave says it is within the realm of possibility for Bitcoin to continue consolidating for the rest of the year.

“What if the major line of resistance first identified became a rough line of support for price to grind down slowly over the course of the fourth quarter to meet the log growth curve? This would set up perfectly for the run up going forward…”

Based on the crypto analyst’s chart, Bitcoin may continue hovering above the former resistance of the ascending triangle that ended the 2017 BTC bull run and kept the market bearish for over two years.

Dave’s chart also shows that the previous resistance and the logarithmic growth curve will touch base on December 31st, 2020.

According to Dave, the meeting of two support lines can ignite a bull market that catapults the Bitcoin price to $120,000.

Should Bitcoin follow Dave’s script, he says the consolidation should give investors a chance to accumulate BTC in the buy zone for several months before it launches a manic phase.

In other trending Bitcoin News today:

New Bitcoin-Stablecoin Metric Reveals ‘Intense’ Buy Pressure

A new Bitcoin (BTC) metric says that investors are still much more interested in buying than selling at $10,000.

In a tweet on Sep. 7, Ki Young Ju, founder of on-chain analytics resource CryptoQuant, unveiled his latest tool for tracking Bitcoin investor sentiment.

Dubbed “Potential BUY/ SELL Pressure,” the tool takes exchanges’ total BTC reserves and divides them by stablecoin reserves.

The resulting number provides a rough impression of trader appetite, and it is currently skewed to the bullish side.

“BTC still has intense buy pressure. Exchanges are holding more stablecoins and fewer BTC compared to the beginning of this year,” Ki tweeted. 

“I think we still have room for BTC bullish trend.”

Ki added one proviso to the data — that exchange traders could use stablecoins to purchase cryptocurrencies other than BTC as well as hold Tether (USDT) to buy at lower prices later.

The environment on exchanges is decidedly in a state of flux with Bitcoin’s latest price action. 

Tether, the largest stablecoin, has passed a total market cap of $14 billion, while other recent data also suggested that buyers were looking to use stablecoin assets to snap up BTC at lower prices.

That came in the form of Glassnode’s stablecoin supply ratio (SSR), which recorded a level three times stronger in late August than in June 2019, when BTC/USD traded at an identical price point — $11,400. 

In other trending Cryptocurrency news today: Top Analyst Names 8 DeFi Gems Set to Pop, Says Bitcoin and Four Altcoins Worth Holding for Long Run Closely-followed trader and crypto strategist Josh Rager is eyeing a handful of decentralized finance (DeFi) assets along with a small number of cryptocurrencies that he deems worthy to hold long term.

In a new tweet, Rager says he sold some of his positions on altcoins that he doesn’t want to hold for the next 12 months.

The trader says he feels secure in making long-term investments in Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK), Zcash (Zec), and Polkadot (DOT).

Rager’s optimism in the top cryptocurrency comes as Bitcoin bulls stepped up and successfully defended key support of $10,000.

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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:

Right now my position is in more secure long term holds $BTC $ETH $LINK $YFL etcAlso holding a decent amount of cash & cut some moderate positions on alts that I don’t care to hold for another year

Didn’t sell the top but still booked nice profits & will continue to yield farm

— Josh Rager 📈 (@Josh_Rager) September 7, 2020

What if the major line of resistance first identified here [first chart above] became a rough line of support for price to grind down slowly over the course of the fourth quarter to meet the log growth curve? This would set up perfectly for the run up going forward… pic.twitter.com/KUCBrNGdjH

— dave the wave (@davthewave) September 5, 2020

https://dailyhodl.com/2020/09/08/top-analyst-names-8-defi-gems-set-to-pop-says-bitcoin-and-four-altcoins-worth-holding-for-long-run/

https://cointelegraph.com/news/new-bitcoin-stablecoin-metric-reveals-intense-buy-pressure-analyst

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Bitcoin bull and Morgan Creek Digital Assets co-founder Anthony Pompliano is mapping out why he believes BTC could reach $225,000 in just over a year.

In his latest letter to investors, Pompliano unveils the macro factors that may serve as tailwinds for the next Bitcoin bull market.

“The Federal Reserve has cut interest rates to 0%. They plan to keep us in a zero-rate environment for the foreseeable future. Multiple stimulus packages in 2020 now total more than $3 trillion in QE. We have another $2 trillion on the way…

The combination of the Fed’s asset price manipulation and inflation fears has driven gold and Bitcoin to drastically outperform equities and other commodities.”

The Bitcoin advocate also highlights that Wall Street has “woken up to the Bitcoin trade,” which Pompliano says has increased demand for BTC.

“We are also seeing a new trend emerge where corporations are using Bitcoin as a reserve asset for part or majority of their treasury. It started with publicly traded digital asset focused firms like Galaxy Digital and others.

Then we saw MicroStrategy ($1.2B+ market cap on NASDAQ) put 85% of their $500M balance sheet ($425M) into Bitcoin. And most recently, financial technology company Square announced that it had purchased about $50M of Bitcoin for their balance sheet (approximately 1% of assets).”

As the demand outlook for BTC remains strong, says Pompliano, he shifts his focus to the supply side of the equation.

He refers to the most recent Bitcoin halving, which reduced the number of new BTC entering circulation from 1,800 to 900 per day.

“Historically, these supply shocks have led to significant price increases of 20X+ in the following 18 months post-halving.”

In addition to the increasing demand and decreasing BTC supply, Pompliano highlights a key factor that he says solidifies the bullish argument for Bitcoin – the fact that more than 60% of all mined BTC has not switched hands in more than a year.

Pompliano says this shows investors are refusing to sell despite several major moves to the downside in 2020.

With his investment thesis in place, Pompliano predicts that Bitcoin could touch $225,000 by the end of 2021. 

“Many investors will look at the historical price increase of the digital asset and believe they ‘missed it.’ That couldn’t be further from the truth in my opinion. I believe we are at the start of another boom cycle in Bitcoin, which is likely to drive us 10-20x higher in the 15-month window.”

In other trending Bitcoin News today:

‘Still So Early’ – 7% Of Americans Have Bought Bitcoin, Study Finds

According to new data from Statista, only 7% of Americans have previously used Bitcoin (BTC).

This means current investors in BTC are still in an early stage of growth. Dan Tapiero, the co-founder of 10T Holdings, said Bitcoin is still at the “birth” phase of a new asset class. He wrote:

“It’s still so early for Bitcoin. Still at the birth of a new global asset class.”

In the longer term, Bitcoin has significant growth potential to evolve into an established store of value, like gold.

If so, investors anticipate its valuation to increase exponentially over the next decade.

Currently, the majority of the demand for Bitcoin comes from investors that perceive BTC as gold 2.0. Investors believe BTC would eventually establish itself as a safe-haven asset.

Consequently, institutional investors have heavily accumulated BTC in recent months.

MicroStrategy and Stone Ridge, for instance, purchased $425 million and $110 million worth of Bitcoin, respectively.

But if the retail demand for Bitcoin picks up in tandem across major regions, it could cause BTC to grow exponentially.

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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:

Anthony Pompliano Announces He Has 80% of His Capital in Bitcoin

https://pomp.substack.com/p/the-investment-case-for-bitcoin

https://cointelegraph.com/news/still-so-early-7-of-americans-have-bought-bitcoin-study-finds

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Analysts predict that the end of the Bitcoin compression cycle will hit within days as BTC price action continues to preserve $9,000 support.

Equities led a somewhat uneventful start to the week’s trading, with major stocks futures slightly down on the day — by a maximum of 0.6% at press time.

Bitcoin likewise had a quiet weekend, with volatility remaining negligible and a narrow trading corridor continuing to characterize price performance.

On Monday, BTC/USD hovered at around $9,180, having hit local highs of $9,226 earlier, its highest since July 15.

As has become standard in recent weeks, coronavirus sentiment and reactions to associated remedial measures from governments and central banks dictate macro action, and Bitcoin remains susceptible to copycat moves.

With calm reigning prior to the opening bell on Wall Street, room for maneuver appeared limited, given the “compression” in BTC/USD over the past several weeks. 

A cycle of higher lows and lower highs, the current compression cycle showed little sign of breaking this month.

However, the status quo is ripe for change — and that should happen this week, say analysts.

“This feels like a little World Cup of sorts. bitcoin could break out on or about the 22nd,” Jason Williams, co-founder of crypto hedge fund Morgan Creek Digital, tweeted on Sunday.

Investors should not treat Bitcoin as a safe-haven “too literally” within the current market, says the CEO of cryptocurrency exchange Binance.

Speaking to Bloomberg on July 20, Changpeng Zhao, known as “CZ” in cryptocurrency circles, cautioned against considering BTC/USD as having a particular relationship to stocks.

“I think people should not take that meaning of “safe haven assets” too literally… there are always multiple factors affecting the price of an asset,” he told the network.

“If you imagine Bitcoin as the same as a float and there’s the Titanic sinking beside it, if there’s a rope tying the float to the Titanic, then the float will sink down with the Titanic, even though the float does have floating properties — it’s just not able to sustain that kind of load.”

In other trending Bitcoin News today:

‘Worthless Coin’ – McAfee Says He Never Believed Bitcoin Would Hit $1M

John McAfee says he never believed Bitcoin would hit $1 million in a recent tweet, backtracking from his previous prediction.

In July 2017, John McAfee said he would “eat his own ****” if Bitcoin does not hit $500,000 within three years.

Today, BTC is hovering at a mere $9,130 and its price must increase by more than 5,376% to meet McAfee’s prediction.

In general, Bitcoin quite clearly got nowhere near $500,000 in the past three years.

Not only that, but McAfee is also seemingly backtracking from his $1 million per BTC prediction.

Last year, McAfee said he is positive Bitcoin goes to $1 million.

He said negativity around the cryptocurrency market was overblown, especially considering Bitcoin was in the mid-$10,000s.

But on July 19, 2020, McAfee said:

“Not going to get out of it. I never believed Bitcoin would hit $1 mil. It’s absurd. It’s an old, tired, worthless coin. I just wanted to eat my **** on TV. Wait for it.”

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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:

John McAfee honored his bet, made three years ago, to bite off his dick if #Bitcoin wasn’t at $500,000

GOOD NEWS: He’s doing well at the hospital and expected to make a full recovery. pic.twitter.com/5ak0jau42u

— Max Keiser (@maxkeiser) July 19, 2020

Not going to get out of it. I never believed Bitcoin would hit $1 mil. It’s absurd. Ir’s an old, tired, worthless coin.I just wanted to eat my dick on TV.

Wait for it.

— John McAfee (@officialmcafee) July 19, 2020

I’ve only made one bet in crypto. $1 mil by the end of 2020. I’ve never lost a bet. I cannot lose. It will be many times more. Wake up and use your head. It was given to you for a purpose.

— John McAfee (@officialmcafee) July 14, 2019

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

https://cointelegraph.com/news/bitcoin-price-predictions-by-top-analysts-are-usually-wrong-heres-why

https://cointelegraph.com/news/worthless-coin-mcafee-says-he-never-believed-bitcoin-would-hit-1m

https://cointelegraph.com/news/bitcoin-breakout-on-july-22-5-things-to-watch-for-btc-price-this-week