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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K BITCOIN PRICE VERTICAL ASCENT IN COMING MONTHS WILL IGNITE MANIC PHASE TO CATAPULT BTC TO 5K
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A cryptocurrency trader who accurately predicted last year’s Bitcoin crash has updated his BTC price roadmap.
The pseudonymous crypto strategist known as ‘Dave the Wave’ says Bitcoin has already resolved the large symmetrical triangle that has kept the market bearish for over two years.
He now expects the Bitcoin price to launch a vertical ascent to $24,000 in the coming months.
Based on Dave’s chart, Bitcoin will likely continue trading inside another triangle until the second quarter of 2021.
The breakout from this pattern could ignite a manic phase that would catapult BTC to $115,000.
He also says one altcoin that was hammered during the brutal bear market has massive upside potential.
Dave the Wave tells his 34,000 Twitter followers that South Korean blockchain interoperability protocol ICON (ICX) may be gearing up for a parabolic breakout after languishing in bear territory for over two years.
During that period, ICX wiped out 99% of its value as the coin nosedived from its all-time high of $12.64 to a bear market low of $0.106937, according to CoinMarketCap.
According to Dave, the huge devaluation puts ICX in a position to surge to $102.56 and post astronomical gains of 22,947% in the next bull cycle.
In other trending Bitcoin News today:
MicroStrategy Purchases $250,000,000 in Bitcoin, Says Top Crypto Can Maximize Long-Term Value for Shareholders
MicroStrategy has adopted Bitcoin (BTC) as its reserve currency — and stunned commentators by purchasing over 21,000 BTC on Aug. 11.
The world’s largest publicly-traded business intelligence company has swapped fiat for Bitcoin as its treasury reserve asset, but the reasons behind it suggest that more big businesses will have no choice but to do the same.
Why did MicroStrategy choose Bitcoin, and will others follow?
In a press release issued on Aug. 11, CEO Michael Saylor went further than most by calling Bitcoin “digital gold.” With no “ifs” or “buts,” Saylor unreservedly plugged the largest cryptocurrency over both fiat and other traditional safe-haven assets such as gold.
“Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it,” he commented.
That angle closely mimics some of Bitcoin’s foremost proponents, notably Saifedean Ammous, who in his book, “The Bitcoin Standard,” repeatedly explains that so-called “digital scarcity” puts Bitcoin in a separate league to any other form of money which has ever existed.
Like Ammous, Saylor also believes that Bitcoin’s very structure will ensure that its value will only increase with time.
He added: “We expect its value to accrete with advances in technology, expanding adoption, and the network effect that has fueled the rise of so many category killers in the modern era.”
Bitcoiners were particularly excited about MicroStrategy because it unashamedly replaced fiat currency for cryptocurrency.
Its purchase of 21,454 BTC for an aggregate price of $250 million late last month may not only be symbolic (given the total 21M BTC) but it also means that the company controls 0.1% of the total Bitcoin supply — something competitors will find increasingly expensive to replicate.
“MicroStrategy bought 0.1% of the Bitcoin supply. Very few companies will be able to copy this strategy,” What Bitcoin Did podcast host Peter McCormack tweeted in response.
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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://cointelegraph.com/news/3-reasons-why-microstrategy-adopted-bitcoin-and-why-others-will-too
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MAX KEISER: BITCOIN SAVED PARIS HILTON’S LIFE!! $450K PEAK HIGH BTC BULL CYCLE PREDICTION!!
💰 Crypto’s Next $1 Trillion Coin: http://teeka.cryptonewsalerts.net
Satoshi Nakamoto and Bitcoin saved Paris Hilton’s life, Max Keiser asserted, after she said she is very excited about BTC. The American businesswoman and celebrity Paris Hilton, owns Bitcoin and is “very, very excited” about the first-ever cryptocurrency.
Interestingly, the long-time BTC proponent Max Keiser, host of the Keiser Report and Orange Pill Podcast, said that Bitcoin saved her from the wicked path she was on.
“I am humbled when I think of the thousands of lives I’ve saved that were destined to be crushed by the fiat money devil that were resurrected by Bitcoin and the light of Satoshi.”
In other trending Bitcoin News today:
Popular Crypto analyst Michaël van de Poppe shares his following peak high bull cycle predictions:
- Bitcoin to $350,000-450,000
- Ethereum to $10,000-17,500
- Polkadot to $250-350
- Chainlink to $250-350
- Cardano to $10-20
- Zilliqa to $5-7
- Elrond to $500-750
- DIA to $50-75
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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://cryptopotato.com/max-keiser-satoshi-nakamoto-and-bitcoin-saved-paris-hiltons-life/
https://cointelegraph.com/news/here-s-why-april-may-be-the-best-month-yet-for-bitcoin-price
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BITCOIN IS UNDERVALUED, FAIR VALUE SHOULD BE K SAYS BLOOMBERG!! BTC COULD HIT NEW YEARLY HIGH!!
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Bloomberg cryptocurrency analyst Mike McGlone says the Bitcoin price is greatly undervalued, suggesting that the fair BTC value price should currently be somewhere around $15,000.
The BTC price has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as “fake” breakouts.
The latest rout saw Bitcoin crash more than 8% within days from over $11,000 to $10,100.
McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoin’s rising hashrate, which continues to hit new records, industry media report.
The Bitcoin hashrate continues to increase and recently reached new highs.
Also advancing are addresses used.
A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.
Meanwhile, the number of active bitcoin addresses has soared to 991,000, Glassnode data shows, up from 684,000 at the beginning of this year, when the asset’s price averaged around $7,700.
When active addresses hit nearly 1.1 million on December 23, 2018, bitcoin traded for $14,800, on the average.
McGlone has remained upbeat about bitcoin throughout its volatile swings, at a point suggesting this is to be the year that the top crypto will become a digital version of gold, a prime store of value.
In his new analysis, he admits there might be pitfalls curtailing BTC’s price growth going forward – and that would have to be a reversal of the on-chain metrics related to “the hashrate and active addresses.”
In other trending Bitcoin News today:
Bitcoin Could Hit New Yearly High on US Election Risks, Hints Citibank
Report New Citibank report hints that the Bitcoin price could hit a new year-to-date (YTD) high, abetted in part by the risks surrounding the US presidential election.
The analogy takes cues from a quarterly commodity outlook published by Citigroup.
The American banking giant specifically based its report on gold and its potential behavior amid the election season this November.
It noted that the precious metal may rise to a new yearly high, stating that the market is underplaying the asset’s ability to grow against the election’s uncertainty.
Bitcoin, which has erratically tailed the gold market since March 2020, fell this week against a similar geopolitical outlook.
The cryptocurrency briefly touched $10,100 as the Federal Reserve Chairman Jerome Powell warned about their inability to support the US economy without the second coronavirus stimulus package.
The US Congress delayed the long-awaited financial aid as the Democrats and Republicans argued over the size of the help.
Many economists and analysts anticipated that the second stimulus package won’t arrive before the presidential election.
The said delay appeared even as the US reported a historically high unemployment rate, a rise in the number of bankrupted small and medium-sized businesses, a resurgence in coronavirus cases.
That further led investors to park part of their capital back into the US dollar.
It overall reduced the appeal of other safe-haven and risk-on assets.
As a result, Bitcoin, gold, and stocks gave up part of their gains to the stronger dollar outlook.
But for Citibank, there is still room to grow, at least for gold.
The bank wrote in its report:
“The election could be an extraordinary catalyst for gold flat price and volatility skew late in the fourth quarter, even though historically there is no clear pattern for gold trading or price volatility into and after U.S. elections. That is one reason why we expect gold prices to hit fresh records before year-end.”
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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:
Wow check out #Bitcoin yearly lows, way more more interesting than it’s highs! 😎 Do you agree? 2010 – $0.012011 – $0.302012 – $42013 – $652014 – $2602015 – $1502016 – $3502017 – $7802018 – $3,1222019 – $3,322
2020 – $3,850
— carolina (@carolinaninap) September 24, 2020
Year-to-date asset performance:
+ 44% : #Bitcoin
+ 29%. : Gold+ 18%. : Nasdaq+ 15% : US 10-year Treasury+ 6% : S&P500– 3% : Dollar Index
– 36% : Crude Oil
— Cryptowatch (@cryptowat_ch) September 24, 2020
https://news.bitcoin.com/bitcoin-is-undervalued-fair-value-price-should-be-at-15000-says-analyst/
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