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A $250,000 – $500,000 Bitcoin price is conservative according to CMDX Smart Currency founder Tom McMurrain.
In this exclusive interview with our sponsor, Tom shares his thoughts on the future of BTC and the Cryptocurrency market.
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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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BITCOIN HALVING DUMP FROM K TO .1K: 3 REASONS WHY | BTC Can Stay Bullish After 15% Retracement
➡️ REPLAY – TEEKA TIWARI – 5 Coins To $5 Million: http://final5.cryptonewsalerts.net
Bitcoin (BTC) price dropped from $10,000 to $8,100 within just over a day, as it plunged by 9% in a single hour.
It liquidated $200 million worth of longs, obliterating the futures market.
The three key reasons that triggered the immense Bitcoin correction were: strong multi-year resistance area above $10,000, whales moving to short the market on BitMEX, and extreme volatility heading into the Bitcoin Halving.
REASON #1: $10,200 to $10,500 is a multi-year strong resistance area for Bitcoin
Since mid-2018, the $10,200 to $10,500 range served as a historically strong area of resistance for the top-ranking cryptocurrency by market capitalization.
After its first breakout above $10,500 in June 2019, which led to a swift run to $14,000, Bitcoin failed to move above that level five out of six times in the last two years.
When the Bitcoin price initially broke down at $10,100 on May 8, it signaled the rejection of a key resistance level and left BTC vulnerable to a steep correction.
As whales started to sell at $9,900, it led to a cascade of long contract liquidations primarily on BitMEX and Binance Futures.
In one hour, more than $200 million worth of longs were liquidated.
REASON #2: Whales quickly moved to sell BTC at the point of rejection
Almost as soon as the rejection of $10,200 was confirmed, whales started to fiercely short Bitcoin across major cryptocurrency exchanges.
The open interest on the big four derivatives exchanges that include Binance Futures, BitMEX, Deribit, and OKEx plunged.
The term open interest refers to the total amount of long and short contracts open at a given time.
The rapid decline in open interest meant that as selling pressure began to build up, it caused over-leveraged buyers in the futures market to get trapped in their positions.
REASON #3: Massive volatility ahead of halving
Ahead of the Bitcoin block reward halving set to occur on May 12, trading activity on all major cryptocurrency platforms surged significantly.
CME saw record-high open interest, Deribit recorded all-time high volume for its options contracts, and spot exchanges demonstrated 2017-esque volume in the last three weeks.
When many new investors enter the market in anticipation of a major event, it opens the market up for a steep selloff.
For instance, after the 2016 block reward halving, the Bitcoin price dropped by more than 30%, as traders reacted with a sell-the-news response.
A confluence of an over-extended Bitcoin rally to $10,000, whales front-running retail investors with a sharp sell-off at $9,900, and high anticipation for the halving are triggering a near-term pullback prior to the May 12 Bitcoin halving.
In other trending Bitcoin News today:
Bitcoin Can Stay Bullish After 15% Retracement as Long as This Crucial Level Holds
It may seem like all hope is lost for bulls, yet one top trader recently shared that this isn’t the case.
Bitcoin holding $8,530 in the next 24 hours, a trader argued, will confirm a sweep of liquidity at a “pivotal level.”
Should Sunday’s candle close above this level, it would confirm that a bullish market structure remains somewhat intact.
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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 Lots riding on the next 24 hours. Want to see 12H, followed by the daily, close above $8530 to confirm a sweep into pivotal level. Close below and we have our first significant HTF break in MS to the downside since the bottom.
Happy Halving, call your mom. #Bitcoin pic.twitter.com/6pnt1uA52m
— HornHairs 🌊 (@CryptoHornHairs) May 10, 2020
https://cointelegraph.com/news/3-reasons-for-the-bitcoin-price-halving-dump-from-10k-to-81k
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BITCOIN HAS BEEN A MONSTER FROM BITCOIN HAS BEEN A MONSTER FROM $1 AND NOW HEADING TO $400K SAYS MAX KEISER! BTC APOCALYPSE SURVIVAL AND NOW HEADING TO 0K SAYS MAX KEISER! BTC APOCALYPSE SURVIVAL
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“Bitcoin has been a monster from $1 to $11,000 and is now heading to $400,000”, says BTC pioneer Max Keiser, RT host of the Keiser Report.
When asked about a timeline for his bullish $400K Bitcoin price prediction, Max responded,
“It all depends upon how fast the dollar collapses, BTC has no top.”
Max says Bitcoin has no top because the US dollar has no bottom and when it comes to investing…
“You want hard money, something they can’t print.”
In other trending Bitcoin News today:
Apocalypse Survival Requires 1 BTC…
Says Joe Rogan Guest Celebrity and podcaster Adam Curry described the importance of Bitcoin to podcaster and comedian Joe Rogan.
He posited the asset’s importance amid an internet-based world which thrives on personal data sales, banking activities, and centralized control.
“The apocalypse is coming, and you’re gonna need a Bitcoin — at least one,” Curry said in a Sept. 8 interview with Rogan.
“Are you a Bitcoin salesman, Adam Curry?” Rogan responded, put off at first by the comment.
“I was very anti-Bitcoin, until I sold a s***load of them at like $900,” Curry said said, noting he acquired a stack of the asset in its early days. “I got them for nothing,” he said, adding:
“People just gave them to me in the beginning and I denied it.”
He then referenced the industry’s progress over the last decade, including mention of altcoins.
Rogan responded, opening an age-old can-of worms. He asked Curry why BTC remains in the number one go-to position among thousands of other crypto assets, wondering if another asset will overtake the asset’s spotlight.
“Ten years of data have shown that Bitcoin really is the only one that you can trust,” Curry said, referring to the asset’s resistance against manipulation and its trail-blazing technical makeup.
Much talk of a flippening — a digital asset overtaking Bitcoin’s market cap — has come and gone over the years, but no asset has yet achieved such a feat.
In other Crypto news today:
BITCOIN CLOSING ABOVE THIS LEVEL COULD TRIGGER A MOVE BACK ABOVE $11,000
Bitcoin has flirted with a recovery ever since it hit $9,800 late last week.
The leading cryptocurrency currently trades at $10,250, but traded at both $9,900 and $10,400 over the past few days.
A crypto analyst believes that the cryptocurrency closing above $10,450 could trigger a recovery to $11,200. $11,200 is 9.2% above the current price and 7.1% above the validation point of this bullish theory.
“No candle has closed below 10.100 in 7 days, good work of the Spartans. Now bulls need to close above to 10.450 to “confirm” a up move to 11.2k.”
This trader isn’t the first to have assigned importance to the resistance in the $10,450 region.
A historically accurate analyst thinks that Bitcoin moving above $10,500 could trigger a textbook Wyckoff Accumulation pattern.
That pattern, should it play out, will take BTC back into the $11,000-12,000 range as the above analyst also suggested.
Analysts still think that macroeconomic trends favor Bitcoin’s growth in the longer run.
Mike McGlone, a senior commodity analyst at Bloomberg Intelligence, recently wrote on the matter of BTC’s price action:
“Gold at $1,900, Bitcoin $10,000 Return to Decisive Support Zone – Some overdue mean reversion in the stock market is pressuring most assets, but we expect gold and Bitcoin to come out ahead in most scenarios. Declining equity prices encourage more monetary and fiscal stimulus…”
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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:
BOOMERS had it easy. Plenty of jobs-low cost real estate-rising stock market. MILLENNIALS have it hard. 9/11, 2008 real estate crash-now Covid-19. Good news. Millennials tech savvy. Boomers not. Bitcoin-Block chain-Digital currencies give Millennials head start into the future.
— therealkiyosaki (@theRealKiyosaki) September 9, 2020
#Gold at $1,900, #Bitcoin $10,000 Return to Decisive Support Zone – Some overdue mean reversion in the stock market is pressuring most assets, but we expect gold and Bitcoin to come out ahead in most scenarios. Declining equity prices encourage more monetary and fiscal stimulus.. pic.twitter.com/8dkJ2vdkdg
— Mike McGlone (@mikemcglone11) September 9, 2020
Bitcoin Closing Above This Level Could Trigger a Move Back Above $11,000
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BITCOIN WILL HIT BITCOIN WILL HIT $1 MILLION IN 5 YEARS!! THESE ALTCOINS COULD RISE 100-1000X THIS BTC BULL CYCLE!! MILLION IN 5 YEARS!! THESE ALTCOINS COULD RISE 100-1000X THIS BTC BULL CYCLE!!
➡️ Leverage OPM (Other People’s Money): http://100.cryptonewsalerts.net
Raoul Pal, the former Goldman Sachs hedge-fund manager who founded Real Vision, said the Bitcoin price will hit $1 million in five years.
In an interview with Stansberry Research on October 7, he pinned the predicted the BTC price increase to a wave of institutional funds pouring an “enormous wall of money” into the asset.
Bitcoin’s price has exploded about 40% year-to-date, and is currently worth $11,387. It is also the largest digital currency by market capitalization, with a current value of about $200 billion, according to data published by Statista.
“Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this,” he told host Daniela Cam-bone.
“It’s an enormous wall of money. Just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”
Pal, currently the co-founder and CEO of Global Macro Investor, said the global economy is moving from the “hope phase” to the “insolvency phase” as investors realize an economic recovery from the COVID-19 pandemic will take much longer than anticipated.
“The economy is not going to recover for a lot longer than we expect,” he said.
“There’s no stimulus around and we’ve got more problems to come in Europe, the US, and elsewhere. And businesses don’t have enough cash flow, they’re closing in droves and that’s what I called the insolvency phase.”
“The only answer is more from the central banks, so that’s why I started to buy more and more Bitcoin,” he added.
At one point, Pal’s portfolio used to be equally distributed between dollars, gold, equities, and Bitcoin.
But during the interview, he disclosed that the percentage of Bitcoin he holds is “probably above 50% now.”
He admitted that the above 50% allocation exposes him to a significant downside, but accepts that as the upside is “so much bigger.”
In other trending Bitcoin News today:
Select Altcoins Could Rise 100-1000x in Renewed Bitcoin Bull Cycle, Says Crypto Trader Lark Davis – Here Are Some of His Top Picks
Popular cryptocurrency analyst Lark Davis says altcoins will prove to be the best investments of 2021.
In a new video, Davis discusses which altcoin sectors he’s bullish and bearish on going into the next year.
He says Bitcoin will do well, but suggests avoiding payment coins and Bitcoin forks like Bitcoin Cash (BCH), Bitcoin Satoshi Vision (BSV), Litecoin, Dash (DASH) and others.
He believes that stablecoins “have won the day” in that sector.
Davis also suggests avoiding new stablecoin projects and low-liquidity variants to the main players like Tether (USDT) and USD Coin (USDC).
Additionally, the analyst is bearish on Ethereum Classic, which he refers to as a “zombie chain.”
He also warns against investing in “cheap copy-and-paste DeFi,” given that there is a flood of clones still entering the market.
By contrast, Davis is bullish on “strong DeFi players” like Aave (LEND), Synthetix (SNX) and Ren (REN). He also says traders with enough capital should try farming Compound (COMP) and Uniswap (UNI).
Davis says he’s especially interested in the rise of DeFi on strong smart-contract platforms not named Ethereum.
That includes Cardano (ADA), Polkastarter (POLS) and Acala (ACA) on Polkadot (DOT), as well as Kava (KAVA), BAND Protocol (BAND) and the upcoming Persistence on Cosmos (ATOM).
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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/i-would-not-short-bitcoin-buy-the-dip-zone-now-11k-says-tone-vays
Post Views: 361