Bitcoin Price Plunges to ,700! | BTC Quarterly Performance

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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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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

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Didi Taihuttu, his wife, and three kids bet ‘everything’ they have on Bitcoin. 

This is how the legend of the BTC family begins.

In 2017, CNBC spoke to the Dutch family of five when they were in the process of liquidating their assets — from a profitable business and 2,500-square-foot house, to their shoes — and trading it all in for the popular cryptocurrency and a life on the road. 

Nearly four years and 40 countries later, Taihuttu and his family still don’t have bank accounts, a house, or all that much by way of personal possessions. All of the family’s savings remain tied up in highly volatile cryptocurrencies. 

“We stepped into bitcoin, because we wanted to change our lives,” said the 42-year-old father of three.

When the price of bitcoin collapsed in 2018, Taihuttu added more to his investment portfolio. He says he was always a firm believer that the cryptocurrency was poised for a major rebound. 

“I think in this bull cycle, we are going to see a minimal peak of $100,000. I won’t be surprised if it hits $200,000 by 2022.” 

The price of bitcoin reached an all-time high on Monday, as it closed in on $20,000. And some analysts say the cryptocurrency still has a lot of room to run higher. 

Mike Novogratz, CEO of investment firm Galaxy Digital, thinks this comeback rally is only just getting started. He sees bitcoin rising to $60,000 by next year. 

And Tom Fitzpatrick, global head of CitiFXTechnicals, said the charts signaled that bitcoin could reach $318,000 by December 2021, in a report meant for Citibank’s institutional clients and obtained by CNBC.

Taihuttu bought the bulk of his bitcoin holdings when it was was trading at around $900 in early 2017, just months before it reached nearly $20,000 a coin. 

Even as bitcoin peaked, the family stayed invested in the cryptocurrency. Once the bubble burst, and the price tumbled down to about $3,000 in early 2018, Taihuttu and his family weren’t deterred. “When bitcoin dipped, we started to buy more.” 

When I asked Taihuttu on our Skype call whether he was worried that we could be in the midst of another bitcoin bubble, he doubled down on his investment. “I don’t see demand going down,” he added. “I think we’re headed for a supply crisis.” 

In other trending Bitcoin News today:

Billionaire Paul Tudor Jones Says Bitcoin’s ‘Crazy Rocket Ship Ride’ Is Just Beginning

Veteran investor and hedge fund manager Paul Tudor Jones is likening Bitcoin and crypto to the early stages of the internet.

In an interview with Yahoo Finance, Jones says that while he is not sure where Bitcoin will land in the financial landscape a decade from now, he is fairly confident that it is in the early stages of a major upward movement.

“So what I do know is that it’s no way possible today to know what the next 10 or 20 years are going to be like and I know if I had to take a position on it I’m going to take the brand name and I’m going to assume that it’s the wrong price for the possibilities that it has and I’m going to assume that the path forward from here is north.

I think crypto is going to have a crazy rocket ship ride, up and down along the way, but my guess is that something like Bitcoin in particular will be substantially higher 20 years from now than where it is right now and who knows what role it has in the monetary system.”

“Bitcoin reminds me so much of the internet stocks of 1999 because [when] the internet was in its infancy no one knew how to value it because of the world of possibility that lay ahead.

What you can be certain of is that probably 20 years from now is that we’ll be using some kind of digital currency.”

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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:

Micro strategy now holds 40k bitcoin.There is about 2.44M bitcoin left to mine.So if we think of fresh supply coming in, there is only room for 61 more companies to hold as much as MSTR before the last sat is mined.

The rest has to be torn out of hodler hands.

— hodlonaut 🌮⚡🔑 🐝 (@hodlonaut) December 4, 2020

https://www.cnbc.com/2020/12/03/bitcoin-family-invested-their-retirement-and-savings-in-bitcoin-ethereum-litecoin.html

https://www.kitco.com/news/2020-12-04/Raoul-Pal-sold-his-gold-because-bitcoin-is-eating-the-world-300k-price-in-18-months.html?fbclid=IwAR3YwluljGeC37oo0hjLhP6MZ9E3Dohi4SrLYCxGQpXIEabt9PF_kdxOTYo

https://finance.yahoo.com/news/microstrategy-buys-additional-50m-bitcoin-225922648.html

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BITCOIN RETAKES CRUCIAL KEY LEVEL THAT CATALYZED

4,000% RALLY According to a crypto trader, Bitcoin’s strong rebound in April saw the BTC price close its monthly candle above a key level of the Ichimoku Cloud on the one-month chart.

This is relevant for BTC because the last time Bitcoin claimed this technical level was in early 2016, when the Bitcoin price was trading around $500 and prior to the 4,000% rally that brought the cryptocurrency to $20,000 just 20 months later.

This historical precedent suggests that the crypto market is on the verge of its next parabolic rally.

This is the latest of many historically-relevant signs that Bitcoin is soon going to erupt into a full-blown bull run.

Bitcoin’s trend earlier this week was so strong that amid the peak of Wednesday’s rally a trader observed an unexpected technical occurrence:

The relative strength index (RSI) reading of Bitcoin’s one-hour chart hit 96.5 — just a few points shy of the top of the oscillator, 100.

Traditional forms of technical analysis state that whenever the RSI passes the level of 70, it is overbought over the time frame that is being analyzed.

The fact that Bitcoin’s one-hour RSI briefly hit 96.5 means that it was extremely overbought, almost to the point of lunacy.

According to a crypto trader, the last time this metric was this high for BTC was in April 2019, on the day that the cryptocurrency rocketed 25% higher within the span of a few hours.

What followed this move was an extended rally from the $4,000s to $14,000 within three months.

Similarly, a trader shared the chart in the wake of Bitcoin’s recent strength, noting that the rising wedge that had constrained Bitcoin’s price for the past six weeks has been decimated, with clear invalidation to the upside.

What’s especially notable about this formation of BTC breaking above a rising wedge after a bear market, this is the exact same market structure that marked the start of 2019’s bull run, which brought prices from the $4,000s to $14,000 in three months’ time.

In other trending Bitcoin News today:

Bitcoin Supercycle Theory Ignites Crypto Twitter As BTC Halving Approaches

A prediction that Bitcoin (BTC) is about to begin a fourth parabolic phase that will bring the leading cryptocurrency to more than a quarter-million dollars is lighting up the cryptoverse.

A post revealing the new forecast from price analyst PlanB shot across crypto Twitter this week, with more than 4,200 likes.

But the forecast itself has reignited the great debate on the relationship between Bitcoin’s halving – which will slash the rate of new BTC entering the market in a matter of days – and the price of BTC.

According to PlanB, who recently told Morgan Creek Digital co-founder Anthony Pompliano that he’s a member of an institutional investment team that manages roughly $100 billion in assets, his latest stock-to-flow model shows BTC rising to $288,000 by the end of 2024.

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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:

Daily Ichimoku will very likely confirm fully bullish on todays close, as well as 2D Kumo Breakout with a bullish Kumo Twist

I cannot not be bullish on Q2. I want to buy dips. pic.twitter.com/1OUDSintY9

— Smokey (@TraderSmokey) May 1, 2020

Bitcoin Supercycle Theory Ignites Crypto Twitter As BTC Halving Approaches