BITCOIN PRICE ‘ON TRACK’ FOR $100,000, SAYS BLOOMBERG INTELLIGENCE REPORT!!!!!

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Since the Bitcoin price tapped $6,500 in late-November, analysts have been wondering if the bottom is really in.

The BTC price bounced by 20% from $6,500, hitting $7,850 just a week after that.

Now, Bitcoin (BTC) is currently trading at just above $7,500, seemingly trying to establish a market trend for the coming week.

While some say that Bitcoin’s inability to move past the resistance in the high-$7,000s is decisively bearish, an analyst has said that the odds are leaning in the favor of bulls.

Why BTC Could Jump 15%: Popular trader Mr. Chief (or Halo Crypto) recently noted on Crypto Twitter that the cryptocurrency ball is finally entering the court of the bulls.

He noted that the inverse chart of Bitcoin has shown that the cryptocurrency has broken below (meaning above) a key trend line that has been in place for over six weeks.

The asset is also situated in a descending channel (actually an ascending channel) that implies a move to $8,500 is “definitely on the table.”

A move to $8,500 would mark a 15% rally from current price levels. Also Adaptive Capital’s Willy Woo, a popular on-chain metrics analyst, noted on Dec. 7 that a proprietary indicator his fund uses is implying that the usage of the Bitcoin network is implying that bulls will soon gain the upper hand again:

“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view.”

In other Crypto news today,

Deutsche Bank Research: Crypto to Replace Fiat Currencies by 2030 By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank.

In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies.

Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies.

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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:

On-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can’t say what this indicator is, as it’s proprietary to @AdaptiveFund, but it tracks investor momentum. The bottom is mostly likely in, anything lower will be just a wick in the macro view. pic.twitter.com/WqiPRpweUv

— Willy Woo (@woonomic) December 7, 2019

15% Jump to $8,500 on the Table for Bitcoin Price; Analyst Explains Why

https://cointelegraph.com/news/deutsche-bank-research-crypto-to-replace-fiat-currencies-by-2030

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New data on the amount of Bitcoin being scooped up by crypto whales and retail traders signals the bottom is in, according to on-chain analyst Willy Woo. 

Woo is taking a close look at the flow of BTC to and from crypto exchanges.

He says despite sideways price action, investors appear to be buying coins on exchanges and sending them to private wallets at a healthy pace.

“As price grinds sideways-bearish, coins are being scooped off the exchanges at a very bullish rate…

The latest sizing of withdrawals vs deposits are at local highs at levels that signal a bottom, whales are scooping.”

In other trending Crypto News today: Highly Anticipated Ethereum Hard Fork Locked In for Launch!

The highly anticipated London hard fork designed to overhaul the controversial Ethereum fee structure is rolling out soon, according to a project team member.

Tim Beiko, the lead coordinator of several Ethereum upgrades, says the hard fork should land on August 4th.

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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://dailyhodl.com/2021/07/08/highly-anticipated-ethereum-hardfork-locked-in-for-launch/

https://cointelegraph.com/news/bitcoin-is-a-miracle-and-better-than-gold-says-apple-co-founder-wozniak

https://cointelegraph.com/news/bitcoin-trader-eyes-us-dollar-for-btc-price-breakout-cue-ethereum-clings-to-2k

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The Bitcoin price dropped below $34,000 as traders look to the next key levels of support. In the near term, the major macro level for BTC and Ethereum remain at $30,000 and $2,000, respectively. According to traders like TraderKoz, if Bitcoin can remain above $37,000 throughout the weekend and recover to around $37,500, the chances of overtaking $42,000 become high.

In other trending Bitcoin News today: Will Bitcoin Still Hit $100,000? Crypto Analyst PlanB Analyzes the State of BTC Market. In a new interview with trader Scott Melker on The Wolf of All Streets, PlanB emphasizes he believes that his stock-to-flow models, which predict that Bitcoin will eventually hit $100,000 or $288,000, are still intact.

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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:

https://cointelegraph.com/news/bitcoin-price-slips-below-34k-what-are-the-key-levels-to-watch