Bitcoin Price Indicator Shows Bearish Mood Strongest Since February | BTC News Today

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With the next Bitcoin Halving now less than 7 hours away, these are very exciting times for the Crypto market.

Just 72 hours ago, BTC was trading at $10,100, but the cryptocurrency has since sustained a strong drop leading into the BTC halving.

This culminated on Saturday evening and Sunday morning, when the Bitcoin price crashed from the $10,000 highs to $8,100 within the span of a few hours.

It was a strong drop that liquidated over $200 million worth of long positions on BitMEX. Bitcoin’s stark reversal from the highs has convinced many of a bearish case.

One prominent trader that last year predicted BTC’s 2019 bottom of $6,400 said that he expects yet another move to $6,400.

Though a market study by Market Science, a cryptocurrency data analytics and market research firm, has confirmed that such a drop may not happen.

Their study indicates that there’s a 77% chance Bitcoin trades at $10,000 within the next week. Because the Chicago Mercantile Exchange’s Bitcoin futures don’t trade on weekends, there are normally “gaps” formed on the charts on every Monday morning.

The crypto market is 24/7, meaning that from the CME close on Friday to the open on Monday morning, there can be volatility that creates such gaps.

Just today, Bitcoin formed a record $1,265 gap, as a top trader noted. This was formed because the Friday price action on the exchange closed at ~$10,000 while the Monday price action opened at $8,785.

It’s a potentially bullish sign for the Bitcoin market, a market study has suggested. Published on December 30th of last year, crypto research firm Market Science found that 77% of CME gaps fill, meaning price touches each portion of the gap, “in the subsequent week” after the gap forms.

The gap isn’t the only sign indicating Bitcoin will undergo a bullish reversal, analysts suggest.

One popular trader shared the chart below, indicating that there are remarkable similarities between Bitcoin’s price action for all of 2020 and that of the past three days: both periods have a four-phase distribution top, a capitulation crash, then a rapid recovery from the lows.

The fractal playing out in full, the trader suggested, will result in BTC returning to $10,000 in the coming two to three days.

In other trending Bitcoin News today:

Why Satoshi Nakamoto Created the Bitcoin Halving

The dwindling Bitcoin mining rewards are a central piece of Satoshi’s method for allowing new BTC to enter the supply and ensuring that supply doesn’t outpace demand, all the while carefully controlling and mitigating the effects of inflation.

He addressed the topic in an exchange with the late bitcoin pioneer Hal Finney via email back in 2008.

“The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable.

If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase. Coins have to get initially distributed somehow, and a constant rate seems like the best formula.”

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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:

While price moves more sideways, this creates an environment where large leverage traders have an easier time strategically liquidating the bulk of traders from their positions. Like the cascading 4k->14k short squeeze of 2019. Equals more volatility.https://t.co/cBaDPzmZjQ

— Willy Woo (@woonomic) May 9, 2020

Why Satoshi Nakamoto Created the Bitcoin (BTC) Halving

Market Study: There’s a 77% Chance Bitcoin Trades At $10,000 This Week

https://marketsscience.com/gap_study.html

https://bitcoinblockhalf.com/

➡️ OPM Wealth: http://opm.cryptonewsalerts.net

Bitcoin (BTC), XRP, Ethereum (ETH), and the entire Crypto sector has gone through a turbulent year, with significant developments in the background.

Despite the setbacks, there are expectations for significant trends that will shape the moods, attitudes, and decision-making in 2020, which comes with various predictions as the Bitcoin market is about to choose a direction.

Messari has posted a report with 120 trends and opportunities in the Cryptocurrency sector, expected to appear and expand in the coming year.

“This is NOT an objective analysis, but a collection of my / our strong convictions for the decade ahead. It’s based primarily on my nearly seven years studying this industry closely and working in it full time.” – Ryan Selkis

Previous trends in crypto have been altered by Selkis.

He is now especially critical of Ripple XRP, calling it a project that’s “too-big-to-jail”.

At the same time, Tether (USDT) was a surprise, in that it continued to keep its dollar peg, while the project remained solvent.

EOS on the other hand, was deemed as being “broken and ran by a cartel”.

In 2020, BTC will lead again as the best performing asset, while altcoins will only follow if the Bitcoin price remains stable.

Smaller coins and tokens will continue to dump into oblivion, while other underwhelming trends will include tokenized securities, which still lag behind.

On a wider scale, the Crypto sector may give rise to a serious Web 3.0 movement, with decentralized hardware and the willingness to build a new infrastructure less reliant on surveillance and centralization.

In other Bitcoin news today, Crypto-preneur John McAfee says he will stop promoting individual coins to focus on his presidential bid — but already knows he will not win.

In a series of Tweets beginning on Dec. 14, McAfee, who has built a large following among crypto users, claimed that championing individual projects in the space took up too much of his time.

“People ask why I am no longer doing Blockchain promotions. It is very time consuming. My Presidential Campaign will be starting in earnest in January and I cannot do both. I am in no way abandoning crypto; only the task of promoting specific projects.” – John McAfee

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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:

WOAH (as @APompliano would say)I just published my most ambitious piece in the ~7 years I’ve been studying crypto full-time:”Crypto Theses for 2020″

Over the past eight days, I compiled 120 nuggets of my clearest thoughts into one 70 page report.https://t.co/dMSafdfW5k

— Ryan Selkis (@twobitidiot) December 16, 2019

I’m not backing off from Crypto. I’m backing off from promoting specific coins or projects. It’s the Wild West here in Crypto. Even I cannot properly vet anything in this nuclear explosion of technology, promise and exploitation to the degree that I am comfortable promoting it.

— John McAfee (@officialmcafee) December 14, 2019

Crypto Hot Trends and Opportunities for 2020, Messari Research

https://cointelegraph.com/news/no-chance-john-mcafee-halts-crypto-promo-as-us-2020-elections-near

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PlanB, creator of the controversial stock-to-flow Bitcoin price prediction model says BTC may still have room for 100X growth which means the leading cryptocurrency has the potential to rise to $2,000,000 per Bitcoin. 

He tweeted…

“Bitcoin and central bank balance sheets (money ‘printing’) have gone hand in hand last 10 years .. but now BTC is lagging behind .. about two orders of magnitude (100X). Room for growth?”

The pseudonymous analyst also recently shared that he has ‘no doubt’ Bitcoin will hit $100K-$288K ‘before’ December 2021 as his BTC price prediction model suggest.

In other trending Bitcoin News today: 

Bitcoin Just Made Its Highest Close In History!!

Many analyst see this as a validation that this isn’t a “double top” near $20,000 on a macro basis. Analysts are confident that BTC will continue its ascent higher now that it has set a new high.

While Bitcoin has made this technical accomplishment, there are some concerned that a drop is imminent.

Raoul Pal recently shared that as per the Tom Demark Sequential, a key time-based technical indicator, he fears that a correction is likely:

“Bitcoin is potentially facing some serious technical headways… the daily DeMark is showing a cluster on 2 13’s and a 9 and tomorrow might put in ANOTHER 13!”

Raoul Pal is a prominent Wall Street veteran that spent his career running hedge funds and working as the head of hedge fund sales at Goldman Sachs. He retired from the hedge fund business and now researches markets and runs Real Vision for a living.

He recently put 98% of his liquid net worth into Bitcoin and Ethereum:

“Ok, last bomb – I have a sell order in tomorrow to sell all my gold and to scale in to buy BTC and ETH (80/20). I dont own anything else (except some bond calls and some $’s). 98% of my liquid net worth. See, you can’t categorize me except #irresponsiblylong.”

The more controversial elements of U.S. President-elect Joe Biden’s future tenure are already becoming clearer — and it’s good news for Bitcoin.

As his inauguration edges closer, Biden has already said that he plans a $7 trillion recovery package to tackle the impact of coronavirus. This would add a huge new chunk of debt to the already huge mountain that the U.S. has accrued this year.

Against the backdrop of an already weakening dollar, the U.S. could thus face a potent cocktail of dangerous economic factors driving down wealth. The appeal of a safe haven has thus never been so real.

“We had a horrible time in 2008 because of too much debt, and since 2008, the debt everywhere has skyrocketed. We can’t even count how much the debt is up,” Jim Rogers, co-founder of the Quantum Fund with George Soros, said at an investment summit last week quoted by Reuters.

“If Janet Yellen is the next Secretary of the Treasury, she loves to print and spend money.”

As Cointelegraph reported, the strength of the dollar is predicted to fall further in 2021, something that has traditionally buoyed Bitcoin. The greenback is already at its weakest against a basket of trading partner currencies since April 2018.

As an indication of the direction the U.S. is headed, meanwhile, Preston Pysh noted the opposing direction of U.S. debt versus M2 money velocity.

“Check out the disparity on these two charts -just in 2020 alone,” he mentioned to Twitter followers.

“A growth in M2 money supply by +22.5%. Velocity of money DOWN by -20%. Printing is nesting itself into bonds and stocks. It’s causing massive destruction of the middle class. You might want to checkout Bitcoin.”

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🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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:

#bitcoin and central bank balance sheets (money ‘printing’) have gone hand in hand last 10 years .. but now BTC is lagging behind .. about two orders of magnitude (100X). Room for growth? pic.twitter.com/zAXN93qlTJ

— PlanB (@100trillionUSD) December 6, 2020

Bitcoin Forms Highest Weekly Candle Close In History

https://cointelegraph.com/news/new-us-stimulus-brexit-and-20k-5-things-to-watch-in-bitcoin-this-week