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Popular Crypto Analyst Josh Rager makes a comparison between the Bitcoin price 10 weeks after the BTC halving in 2016 versus 2020.
“BTC – 10 weeks after halving (2016 vs 2020)
2016 halving: led to over 3000% gains in about 525 days
2020 halving: just getting started”
Someone pointed out, “Totally different situation, Pandemic and global recession” in which Rosh Rage responded…
“Yes and notice I didn’t put BTC at 3000% gains… I put it at like 1/3 that. I know there is nothing sensational about it. Still expect it to move up to new highs. Don’t know if that is 25k or 50k – all we can do is trade it accordingly”
BITCOIN HAS ROOM TO RALLY, SAY ANALYSTS
BTC’s ongoing breakout has allowed it to deny a bearish market structure that was set to send the asset plummeting, said an analyst on Jul. 22.
He specifically made reference to how Bitcoin invalidated a potential descending triangle and diagonal resistance during its recent move higher.
“Multiple failed attempts to send price lower soaked up at daily demand & the monthly open for BTC. Yesterday’s 1D close posted a higher high breaking MS on the daily. Metals, equities, alts, all ripping higher… may be time for the best asset of the past decade to now.”
This analyst did not convey a price prediction in the abovementioned analysis.
But in previous analyses, the trader has noted that Bitcoin is primed to move above $10,000, then $11,000.
The optimism was echoed by another analyst, who suggested that Bitcoin’s ability to surmount $9,500 is positive.
Referencing the chart below, that analyst opined:
“BTC HTF Update: Looking good still, seems as though $9300 is holding as support but even if we pullback to around $9200 that’s fine and we should be looking good for another leg upwards. Really want to see if bulls have the power to break $9500 as this is where the party starts.”
In other trending Bitcoin News today:
Little-Known Crypto Asset Skyrockets 10,000% As Analysts Track Nascent DeFi Market
A little-known cryptocurrency is the latest to send shockwaves through the industry after rising over 10,000% just a few days after it launched.
The crypto analysis platform Santiment is tracking the performance of YFI, the governance token of decentralized finance (DeFi) protocol yearn.finance.
An analyst at Santiment explains that the token helps investors generate passive income by leveraging platforms that offer the best yields.
“In a nutshell, YFI is something that makes you money, good ton of money. It is the only thing right now in the DeFi market that gives you the highest yield…
How it does that is by taking whatever you deposit, and it actually goes around and searches all the other platforms, whatever protocols are out there, and finds the best yields in the area and then deposits over there, ensuring that you get the best yields. Think of it as an automated yield aggregator.”
While its creator Andre Cronje insists that YFI has no financial value, the market begs to differ.
The native token of yearn.finance traded at $31.65 on July 18th before exploding to an all-time high of $3,458.31 on July 25th – a meteoric rise of 10,828.6% according to CoinGecko.
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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:
Totally different situation
Pandemic and global recession— Crypto Damus (@AstroCryptoGuru) July 23, 2020
Why One Prominent Chess Grandmaster is Bullish on Bitcoin Adoption
Bitcoin’s Latest Surge Higher Is Extremely Positive: Factors to Consider