BITCOIN PRICE MANIPULATION! | ‘Unpopular’ Theory on What Triggered BTC and Crypto Crash

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Digital Asset Manager Grayscale says current investment patterns in Bitcoin mirror trends present in early 2016, when BTC kicked off an astronomical 4,400% rally to its all-time high in less than two years.

Phil Bonello, Grayscale’s director of research, reports that there is a growing number of investors holding on to their Bitcoin.

In Grayscale’s Holder vs. Speculator Index, the percentage of holder coins – BTC that have not moved in one to three years – is on the up and up. Meanwhile, the percentage of speculator coins – BTC that have moved in the last 90 days – is on a decline, much like in 2016.

According to Bonello, an increase in holder coins is a potential bullish indicator, while an increase in speculator coins looks bearish. 

Bonello also notes that there has never been a higher level of Bitcoin held for more than one year.

“This metric indicates a strong conviction in Bitcoin by its current investor base. While this is a supply-side metric, it also demonstrates the demand for Bitcoin’s use case as a store of value – rather than trading, it appears investors are interested in holding Bitcoin despite its volatility…

This report is intended to help investors visualize why Bitcoin may be more important than ever; we explore Bitcoin’s value indicators, delineate its substantial supply/demand imbalance, and extrapolate how these factors may create a tailwind for Bitcoin’s adoption and price. This analysis indicates that the current Bitcoin market structure parallels that of early 2016 before it began its historic bull run.”

The researcher does caution that significant off-chain activity may decrease the efficacy of these metrics.

Bitcoin’s price in January 2016 stood at about $434.

In less than 24 months, the king crypto went on to skyrocket over 4,431%, en route to its all-time-high of $19,665, according to CoinGecko.

In other trending Bitcoin News today:

New Crypto Asset Could Be Next DeFi Unicorn to Explode, Says Bitcoin Analyst Nicholas Merten

DataDash founder and Bitcoin analyst Nicholas Merten says a new crypto asset is poised to become the next decentralized finance (DeFi) unicorn to erupt.

Merten says he’s betting big on Ampleforth (AMPL) as he believes the coin is relatively undervalued.

The crypto strategist highlights that AMPL has already gone through close to an 80% correction in terms of market capitalization.

Merten says the pullback has put AMPL in a position to restart its bull cycle as the DeFi asset is flashing bullish signals.

Based on Merten’s chart, the coin’s market cap can explode over 430% in the coming months.

Ampleforth bills itself as an “adaptive base-money.” 

According to Merten, the number of AMPL in circulation adjusts based on demand.

“The balance of Ample can increase or decrease and it uses a very similar kind of mechanism some might be familiar with in regards to DAI… In this case, as price goes up, they increase the overall supply in the network and along with that as well, when you see a decrease in price, in this case, the overall supply decreases as well. It’s supposed to provide [the] pressure of limiting the supply on the market and vice-versa.

When price goes up, you have more coins in the market. People are actually, as they’re holding it, not only is price going up, maybe above the peg but along with that, they’re getting extra coins. In this case, there’s a pressure to sell.”  

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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:

If you put $1.25M into $BTC today you could literally have $70M in three yearsIt’s a mathematical fact, don’t question it The 6 figures / day you make in the stonk market will seem irrelevant

also the magnet is there for more than just a cosmetic affect pic.twitter.com/ZQ9c0Y6o0N

— RookieXBT 🧲 (@RookieXBT) August 22, 2020

Just to clarify I put in 1.25 million and lost 20k. My money was just better at work in the real stock market where I make 6 figs everyday. https://t.co/5v7Jg2SZYo

— Dave Portnoy (@stoolpresidente) August 22, 2020

https://grayscale.co/wp-content/uploads/2020/08/Grayscale_Valuing_Bitcoin.pdf

https://dailyhodl.com/2020/08/22/new-crypto-asset-could-be-next-defi-unicorn-to-explode-says-bitcoin-analyst-nicholas-merten/

https://dailyhodl.com/2020/08/22/bitcoin-patterns-mirror-early-days-of-epic-4431-rally-began-according-to-digital-asset-manager-grayscale/

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The Bitcoin price is still struggling to break out above $10,000 following three failed attempts over a 36-day period.

Traders remain mixed on the short-term BTC price trend as macro indicators suggest varying trends.

Many traders believe the price of Bitcoin is primed for a rally above the multiyear resistance level of $10,500, which would confirm the end to a two-year price cycle and the start to a newfound rally.

Others foresee the price of Bitcoin falling all the way to the $6,000–$7,000 range in the near term, given the three consecutive rejections of the same range in between $10,000 and $10,500 spanning over a month.

Historical data shows that declining volatility and volume suggest a large Bitcoin price movement will likely occur in the near term.

For instance, the price of Bitcoin in early September 2019 was hovering around $10,500 to $10,800.

At the time, the volume of both futures and spot markets declined substantially compared with the previous two weeks.

By the end of October, after a month of consolidation, the price of Bitcoin dropped from $10,800 to $7,300, recording a 32% pullback within two months after weeks of low volatility.

The bullish scenario for Bitcoin in the short term Traders generally anticipate a Bitcoin upsurge in the near term due to three main reasons: a compelling technical structure, an increase in the number of long-term holders and a rapidly growing hash rate.

According to Michael van de Poppe, a full-time Amsterdam Stock Exchange trader, the short-term trend of Bitcoin is optimistic as long as the price remains above $9,100.

The $9,100–$9,300 range has served as a strong support area for Bitcoin since May.

If the price holds $9,100 and breaks above $10,500 once again, van de Poppe emphasized that $12,000 is likely next.

He said: “If we break $10,000, next level is $10,500. If we break $10,500, next level is $11,500-12,000. Crucial level to hold; $9,100-9,300.”

Similarly, cryptocurrency trader Nunya Bizniz said earlier this month that the following levels are the most important for BTC to see a prolonged rally:

* $10,000: a resistance and psychological barrier;

* $10,500: first higher high, change to market structure;

* $11,600: last three cycles, a monthly close is above a key technical level at 50% Fibonacci retracement; and

* $14,000: a close above a monthly all-time high indicates an attempt at BTC’s record high.

In other trending Bitcoin News today:

INDIA PLANS BITCOIN BAN EVEN AS ITS BANKING SYSTEM GRADUALLY COLLAPSES

The Indian government may ban Bitcoin. According to a report by Economic Times, the country’s finance ministry has sent the proposal for inter-ministerial consultation.

The department then expects to forward the plan to its top cabinet, which operates directly under Prime Minister Narendra Modi. The move further allows the motion to be tabled as a bill in the parliament.

“While we have recognized… the power of Reserve Bank of India to take preemptive action, we are testing in this part of the order the proportionality of such measure, for the determination of which RBI needs to show at least some semblance of any damage suffered by its regulated entities. But there is none.”

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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 #BITCOINSlight wick now, which is fine.If we break $10,000, next level is $10,500.If we break $10,500, next level is $11,500-12,000.Crucial level to hold; $9,100-9,300.

Check it here:https://t.co/nCn6H1LjY5 pic.twitter.com/TxxsVk0GrB

— Crypto Michaël (@CryptoMichNL) June 10, 2020

BTC overhead stepping stones:1. $10K – Resistance & psychological barrier2. $10.5K – 1st higher high, changes market structure.3. $11.6K – Last 3 cycles, a monthly close above 50% Fib retracement = 🚀

4. $14K – A close above monthly ATH close always = 🚀

— Nunya Bizniz (@Pladizow) June 1, 2020

The government needs to stop this madness of deciding whether they want to ban crypto or not. Either do it so we can fight it or come up with better regulations instead of throwing a news byte every few days creating panic in public.

Aadmi kare to kya kare?

— Naimish Sanghvi (@ThatNaimish) June 12, 2020

Evidence of buyer interest around $btc M.O.This level got front run on recent dumps. Sellers just don’t have what it takes to push price down.

Longed. pic.twitter.com/LDyjNYJQDn

— Mohit Sorout 📈 (@singhsoro) June 11, 2020

India Plans Bitcoin Ban Even as Its Banking System Gradually Collapses

https://charts.woobull.com/bitcoin-hodl-waves/

https://cointelegraph.com/news/bitcoin-price-to-hit-12k-or-8k-next-btc-traders-discuss-macro-signs

💰 BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts

The entire crypto market could increase in size by 50,000%, according to macro investor and Bitcoin advocate Raoul Pal.

“This is a multi-quadrillion dollar world that’s being developed in terms of flow. In terms of the stock market, the bond market, the equities markets – all of these things are two, three, four hundred trillion dollar markets each. Currently the digital asset sector is [$2.26 trillion], so what is it going to be worth? At least 100x from here still, probably 200x maybe even 500x.”

In other trending Bitcoin News today:

Investors’ on-chain activity hints at Bitcoin price cycle top above $166,000

Based on the current NVT price of $47,500, the next major short-term top with an NVT premium of 2 could likely be at or above $95,000 while a potential cycle top, with an NVT premium of 3.5, could be at or above $166,300.

What’s more, a $166,000 price tag may actually be a fairly conservative prediction, according to Woo. The analyst explained that BTC price could also reach as high as $300,000 by December 2021, based on other metrics.

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

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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/investors-on-chain-activity-hints-at-bitcoin-price-cycle-top-above-166-000

https://cointelegraph.com/news/eth-bonanza-as-three-north-american-ethereum-etfs-approved-in-one-day

https://cointelegraph.com/news/record-600m-bnb-burn-suggests-binance-made-750m-in-profit-in-q1