This week, Bitcoin (BTC) experienced notable price fluctuations. Starting at approximately $53,991 on August 4, Bitcoin saw a dip to around $49,121 on August 5. However, it rebounded to $57,604 by August 7. This volatility reflects ongoing market dynamics and investor sentiment.
Several factors contributed to these price movements. The anticipation of regulatory developments and macroeconomic conditions played significant roles. Investors are closely watching potential policy changes that could impact the broader cryptocurrency market. Additionally, Bitcoin’s resilience and growing institutional interest continue to bolster its prospects. Analysts suggest that Bitcoin could soon challenge its previous all-time highs, given the current momentum and positive market sentiment.
In the broader cryptocurrency market, Ethereum (ETH) faced a slight downturn. Despite the launch of nine spot Ethereum ETFs in July, ETH prices dropped by 3.4% to close at $3,272. This decline indicates that investors might be taking profits after the initial excitement surrounding the ETFs.
Among other major cryptocurrencies, XRP (XRP) emerged as a strong performer, gaining 26.9% in July. Conversely, Toncoin (TON) struggled, though it remains up 21.5% over the past three months. The total market capitalization of the global cryptocurrency market stands at approximately $2.4 trillion, recovering from the lows of the 2022 crypto winter.
As the market continues to evolve, investors remain cautiously optimistic. The potential for Bitcoin to reach new heights and the ongoing developments in the cryptocurrency space suggest an exciting period ahead for digital assets.
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BITCOIN PARABOLIC BULL RUN TO ,000+ WILL BEGIN VERY SHORTLY | 0K BTC Predictions Way Off Base?
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Since Bitcoin (BTC) traders got a taste of parabolic price action in early-2019, during which the Bitcoin price surged from the low-$3,000s to $14,000 in a few weeks’ time, they have been craving more and more and more.
The cryptocurrency’s ability to surge by hundreds of percent in a few months’ time – gains absolutely astronomical when compared to that of stocks, precious metals, and other traditional asset classes – was something many fell in love with.
Fortunately for these investors, a prominent analyst recently suggested that should this key indicator prove to be accurate yet again, the BTC price is on the verge of starting yet another parabolic rally.
While the jury is still out on where exactly the next bull run will take BTC, the consensus is a fresh all-time high of at least $50,000, proven by a crazy accurate price model made by an institutional quantitative analyst and shilled by a bonafide German bank.
According to prominent trader Bitcoin Jack, former head analyst at trading group Bravado, Bitcoin is showing signs that 2020 will “cement the foundation for the next parabolic run.”
As to why this is the case, the analyst looked to BTC’s one-week Ichimoku Cloud, which should show what long-term trends are forming and what key price points there are to watch out for.
The start of the two previous macro bull trends in 2012 and 2016 saw the indicator print a “thin red cloud,” which some would classically define as bearish but turned out to be extremely bullish for Bitcoin. In fact, in 2012, BTC immediately began to rally higher once the thin red cloud was reached, and Bitcoin rallied by nearly 100% in the five weeks after the thin red cloud was reached in 2016.
Top Cryptocurrency Analysts Say $100,000 Bitcoin Predictions Way Off Base – Here’s Where They Think BTC Will Land
Two leading Crypto analysts say they believe Bitcoin is in a new bull market cycle, but predictions that BTC is poised to soar to $100,000 are far too bullish.
In a recent episode of Trading Bitcoin, Tone Vays and the pseudonymous trader Filbfilb debate the current state of the crypto market and where it may head in the months to come.
Says Filbfilb,
“I think we’re going to struggle to get past $60k. I think $60k is going to be a really, really troublesome level to get across. I’ll certainly be looking to book in some serious profits at that point. I think you said it right in Fiji. I think you said the return you get off of these long-term positions versus the risk of you getting it wrong is a terrible trade. So trying to go higher than $60k I think would be a little bit foolish at this point. But certainly around $50k, $60k would be sensible.”
Vays says he’s looking for BTC to top out at a slightly lower price of around $45,000.
Although the traders say hype around Bitcoin’s halving is fueling price action in early 2020, they say rising trading volumes and an increasing number of outstanding derivative contracts are key metrics to watch in order to gauge real long-term interest in the space.
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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.
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I think we will be above 14K by July
— //Bitcoin 𝕵ack (@BTC_JackSparrow) February 21, 2020
The model appears to model the bubbles ánd bear markets fairly well. It confirms a certain inertia of price reaction, so a lag ánd overshoot. Model would predict: Price will catch up with S2F ratio a year after the halving. And overshoot by ~ 2x. (3/3) h/t Tom! pic.twitter.com/kWecmWgH5e
— GeertJancap (@Geertjancap) January 15, 2020
https://bitcoinexchangeguide.com/heres-how-bitcoin-could-see-a-4826-increase-in-value/
https://www.newsbtc.com/2020/02/21/crucial-indicator-bitcoin-parabolic-bull-run-50000-begins-2020/
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MAX KEISER: Bitcoin 'Self-Settlement' Is a Revolution Against Dollar | XRP Drops 5% At Ripple Swell
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Max Keiser explains Bitcoin beats both fiat currency and gold because it does not need settlement time.
This is because, in Bitcoin, the transaction and settlement are inseparable from one another.
Moving BTC between wallets simply means updating a ledger, which implies instantaneous settlement as miners confirm the transactions. “There’s a lot of friction, both in paper and in gold.
Bitcoin, uniquely, is self-settling – the transaction is the settlement. When the transaction hits, it settles,” Keiser summarized.
Meanwhile Max Keiser also criticized U.S. congressman Brad Sherman, the notorious Bitcoin critic who continues to argue for an outright ban on cryptocurrency.
“Brad Sherman is going to a gunfight with a knife, he has failed to take on board exactly what the dimension of this battle is going to be,” he said. Keiser added: “He doesn’t understand he’s already lost.”
In other Cryptocurrency news today:
XRP drops 5% as the Ripple flagship Swell conference kicks off.
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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.
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XRP May Target $0.45 in Near-Term Despite Falling Below $0.30
https://cointelegraph.com/news/swell-the-news-xrp-drops-5-as-ripples-flagship-event-kicks-off
https://cointelegraph.com/news/max-keiser-bitcoins-self-settlement-is-a-revolution-against-dollar
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BITCOIN TO ‘GO NUTS’ IN NOVEMBER, PREDICTS ON-CHAIN ANALYST WILLY WOO – HERE’S WHY!!!!!
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Widely followed on-chain analyst Willy Woo predicts Bitcoin will ‘go nuts’ in the coming months as long-term holders continue to accumulate the leading cryptocurrency (BTC).
“This is a macrocycle thing. You would have seen it at the 2015, 2014 bottom. You saw it at the 2019 bottom, and actually, you saw it over the 2020 where we came back down. There was the Covid crisis. There was Michael Saylor scooping up all the coins, and that was another peak of long-term holders accumulating. We’re moving into a peak, and we will be at the peak at current rates by next month.
That means peak accumulation. Peak accumulation means, that’s defining this kind of sideways band and then after that, we do a run-up.
The last run-up was $10,000 to $60,000 starting from October last year. The run-up before that was from $4,000 to $14,000 over a matter of months. So if October we start to peak… we’re starting to look into November onwards to go. That’s when the run-up happens. All the coins are being scooped up by these long-term guys… Just the structure of the market is like, “This thing is going to go nuts.’”
In other trending Bitcoin News today: Bitcoin in a Supercycle? Analyst Will Clemente Says Long-Term BTC Holders Changing Market Structure!
“If I had to use one chart to argue that we are in a ‘Supercycle’ it would be this. Macro HODLing (hold on for dear life) behavior has shifted after March of last year. Makes a convincing case for the end of the 4-year cycle.”
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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.
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