BITCOIN ON TRACK TO HIT $350K BY YEAR-END, WITH CHANCE OF $1M BTC IN EXTENDED CYCLE, SAYS MACRO GURU

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BITCOIN PRICE STRIKES SIX MONTH HIGH

Another day and another yearly high has been hit by the BTC price on its march back upwards.

Analysts are eyeing the next resistance levels and it seems that Bitcoin (BTC) has a bit further to go yet.

BTC has tapped a new 2020 high of just shy of $10,500 during today’s Asian trading session.

Since its jump back above five figures a couple of days ago the king of Crypto has continued to march slowly higher reaching prices not seen since early September last year.

So far this year Bitcoin has made an impressive 45% which was enough to garner the attention of the pundits on CNBC’s ‘Fast Money’ yesterday.

Analysts have been eyeing next levels of resistance and Josh Rager has found a level of around $10,750 on the monthly chart.

“BTC $10,761 remains the resistance on the monthly chart. But if we zoom in inside the monthly, we’ll see horizontal resistance at $11k. And $BTC could get as high as $11,400 to $11,550 before topping out IMO (VAH/VP). I’ll stay in spot positions until then & likely hedge short” – Josh Rager

He added that horizontal clusters can be seen clearer on the daily chart which shows resistance at a similar level.

$12k is also a target if BTC can break through initial resistance levels first, from there on there is very little preventing it returning to last year’s high of $13,800.

In today’s show we also premier Chris Records latest Bitcoin rap video entitled: Back To My Crypto (HODL Gang 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:

$BTC $10,761 remains the resistance on the monthly chartBut if we zoom in inside the monthly, we’ll see horizontal resistance at $11k

And $BTC could get as high as $11,400 to $11,550 before topping out IMO (VAH/VP)

I’ll stay in spot positions until then & likely hedge short pic.twitter.com/LjRnO01KwD

— Josh Rager 📈 (@Josh_Rager) February 13, 2020

It is far from this daily candle close, but if it remains green, it would be a TD Sequential “9” – a rare thing on a daily time frame.Considering the preceded rise and the absence of decent corrections, it is wise to be cautious with long positions, IMO.

👀$BTC $BTCUSD #bitcoin pic.twitter.com/eVPoQeP2xJ

— CryptoHamster (@CryptoHamsterIO) February 13, 2020

How Bitcoin Prices Could Hit $11,500 in The Next Few Days

https://cointelegraph.com/news/bitcoin-price-suddenly-drops-300-in-1-hour-after-10-500-rejection

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New research suggest the Bitcoin price is being manipulated by futures settlement dates.

The BTC price drops 75% of the time before futures expire.

Wall Street analyst Tom Lee says, “Bitcoin’s recent crash continues to reinforce his “unpopular” theory that Bitcoin has long-term ties to the S&P 500.

Lee thinks Bitcoin suffers when stocks are flat.

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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:

https://cointelegraph.com/news/bitcoin-price-manipulated-before-futures-settlement-dates-research

‘Unpopular’ Theory on What Triggered Bitcoin and Crypto Crash Emerges

https://www.coindesk.com/bitcoin-may-see-brief-bounce-after-defending-key-price-support

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Russian lawmakers have proposed new laws that seek to ban the use of Bitcoin and other cryptocurrencies in the country, local media reported.

According to draft bills submitted by a group of deputies to the Russian parliament recently, individuals may face up to seven years in prison and fines of up to $7,000 for using BTC in financial transactions.

People will also be penalized for buying crypto with cash or transferring to accounts opened with Russian banks.

If signed into law, the bills will punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.

Furthermore, “for violation of the rules for transactions with cryptocurrencies, if they are used as payment for goods or services,” companies would have to pay the equivalent of one million rubles ($13,900) and individuals at least 200,000 rubles ($2,800).

The draft bills were lodged with Russia’s Ministry of Economic Development earlier this week, says a report published by local news company RBC on May 21.

One of the proposed laws plans to completely stop digital assets from being used as a means of payment by citizens or corporations. People that already hold digital assets will be forced to register them with Russia’s tax agency and explain how they acquired them.

Another bill proposes to add new sections to the country’s criminal law for illegal operations with cryptocurrencies. Companies that issue or circulate digital financial assets “using sites registered in Russia or technical equipment located in Russia” are especially liable under this second draft proposal.

Penalties may be compounded for both individuals and firms “if major or especially large damage was caused to citizens, organizations or the state, or if these actions led to enrichment on a large or especially large scale.”

Local lawyers fear that if these laws are enforced, they will paralyze the Russian cryptocurrency industry. Dmitry Kirillov, a senior tax lawyer at Bryan Cave Leighton Paisner and a teacher at Moscow Digital School, told RBC:

“People who currently own cryptocurrencies will be forced to get rid of them before the law comes into force or risk ‘going underground.’ Goals that will be achieved this way are the direct opposite of what’s being declared. In general, the idea of dropping a crypto ‘Iron Curtain,’ in my opinion, does not contribute to the development of businesses or Russia’s interaction with the world economy on a digital level.”

In other trending Bitcoin News today:

Chorus of Crypto Analysts Predict the Start of Altseason As Bitcoin Consolidates Around $9,000

As Bitcoin bulls and bears slug it out around the $9,000 price area, a handful of widely-followed analysts say they believe that an altcoin season may be on the horizon.

In a recent tweet, crypto strategist Crypto Ed NL tells his 92,000 followers that while he’s been bearish on altcoins since the fourth quarter of 2019, he is now changing his stance.

“Okay guys I’ve been annoying you all since October saying ‘no altseason’ yet but… This is how an altseason starts. Ready to rumble?”

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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://news.bitcoin.com/russia-law-criminalizes-buying-bitcoin-7-years-jail/