BITCOIN SELLING FOR ,000 IN IRAN! | Why The BTC Price Could Hit K In 2020

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Compared to the Bitcoin price analysis of the previous two weeks, this weekend has been relatively relaxed for Cryptocurrency traders.

On Saturday the BTC price came within $10 of $10,000 before pulling back to $9,794.

Despite the inability to hold above $9,900, the shorter timeframe also shows Bitcoin (BTC) price painting higher lows since the drop on Feb. 19 to $9,352 and the price is also holding well above the 20-MA of the Bollinger Bands indicator.

A high volume surge could easily push the price to the upper Bollinger band arm at $10,126 but Bitcoin would still have some challenges ahead.

If Bitcoin can hold the $9,850 support and push above $9,883, we could see the price rise to $10,200 as it is currently sandwiched between VPVR nodes at $10,210 and $9,892.

In an earlier analysis, Cointelegraph contributor Keith Waring explained that $10,000 is a less important level to attain when considering that a significant resistance at $10,300 awaits.

Waring also notes that even though Bitcoin’s current setup strengthens the probability of the price retaking the $10K mark, the CME close at $9,740 on Feb. 21 means traders believing in the CME gap narrative will hold their powder with the expectation of the price revisiting the gap.

Meanwhile, crypto analyst Micheal Van De Poppe has taken a more bullish point of view, tweeting the above chart and saying:

“Retest done. As long as this level remains support, I’m expecting continuation towards $11,000 / $11,600.”

WHY BITCOIN MAY NOT SKYROCKET IMMEDIATELY AFTER HALVING

To form a Bitcoin price prediction analysts generally look at previous market patterns and events.

The two BTC halvings that have already occurred may offer some indication as to what will happen after the next one, and there might not be the big pump that is expected.

With less than 78 days to go to the halving, the debate is raging on as to whether prices are already factored in or not.

Opinion is pretty evenly divided between those that believe prices are not factored in and there will be a pump, and those that think the opposite will occur.

Binance boss Changpeng Zhao appears to be leaning towards the latter group with a recent post depicting charts that show flat markets following previous halvings.

“History may not predict the future, and correlation does not prove causation… Watch what happens AFTER halving. Markets are inefficient, at least, historically.”

Markets did indeed remain flat for several months following the first halving in 2012.

Only in 2013 did they start to run with an epic gain of around 8000% from $13 to over $900.

A bear market followed in 2014 then momentum started to build the following year in the lead up to the 2016 halving.

Following that one there was very little activity until 2017 when momentum started building again and bitcoin surged from around $1,000 to over $20,000.

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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:

History may not predict the future, and correlation does not prove causation.

Here are just 2 charts around the previous #bitcoin halving. Watch what happens AFTER halving. Markets are inefficient, at least, historically.

Just data, draw your own conclusions. pic.twitter.com/AwChmAGvrK

— CZ Binance 🔶🔶🔶 (@cz_binance) February 23, 2020

https://www.tradingview.com/chart/BTCUSD/rpbLc78K-Bitcoin-ready-for-retest-of-9-400-before-move-towards-11-000/

https://bitcoinist.com/why-bitcoin-may-not-skyrocket-immediately-after-halving/

https://cointelegraph.com/news/bitcoin-price-rebounds-but-cme-gap-103k-remain-big-obstacles

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Bitcoin Price May Rally 4,900% and Hit Half a Million Dollars, Says Fundstrat Analyst Tom Lee – Here’s How

The head of research at Fundstrat Global Advisors, Tom Lee, says Bitcoin (BTC) could rise to half a million dollars in the long run.

In a new interview with Nasdaq, Lee says he stands by his view that the BTC price will hit $40,000 before the Dow Jones hits 40,000.

When asked if Bitcoin will hit $500,000, Lee says he believes a 4,900% increase is possible based on the number of users that ultimately join the network.

“I think in the long term it’s possible because today Bitcoin’s transaction activity is twice that of PayPal, 7x the Discover network. It’s the second-largest transaction network after Visa, and there’s four billion Visa card holders. So if you get to five million Bitcoin users, it’s almost 100x increase in price.”

As for the timeline for such a meteoric rise, Lee says he’s unsure and doesn’t have a crystal ball.

But he does think Bitcoin has a strong use case in the current financial system.

“It’s not like I’m necessarily critical of how financial systems work, but too much money is paid to intermediaries. Today, roughly 6% of all GDP globally is paid to the financial system to manage trust. Bitcoin has been around for 11 years, has never had a single fraudulent activity on its blockchain with $5 trillion of activity. So it works better than the traditional financial system and the cost is vastly lower. Today, you can transmit a million dollars of Bitcoin between countries for $15. That same transaction using remittance counterparties would cost you 5 to 10% of that – $50,000 to $100,000.”

BITCOIN PRICE RETURNS ABOVE $10K, HERE’S WHY:

Bitcoin’s recent golden cross on the daily chart may have driven bullish enthusiasm for the leading crypto to reach a tipping point.

With the upcoming halving, many investors are buying up sub 10K BTC in preparation of the supply-side shock.

Many crypto analysts have predicted when we will never see BTC price under 10K again, but with the golden cross, it may actually be the final catalyst to push Bitcoin’s price into 5 figures permanently.

Bitcoin is often referred to as a deflationary currency due to it’s ever decreasing emission schedule of new coins.

Eventually the economic law of supply and demand will have its impact on Bitcoin’s existing supply, and its decreased production of new coins, causing a rise in prices overall.

As BTC rises in price, we can expect Altseason to really kick into overdrive, due to their heavy correlation with Bitcoin’s price.

We have already witnessed many traders diversifying into alts as BTC dominance has dropped over the last few weeks, dramatically.

Many altcoins have already been outperforming Bitcoin so far this year, acting as leading indicators for the largest market cap coin.

Smart money has been silently taking positions in both Bitcoin and Alts, while prices were down during the crypto winter.

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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://www.nasdaq.com/videos/marketbrief%3A-the-bull-case-for-bitcoin

Bitcoin Price Returns Above $10K, Here’s Why

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Bitcoin trader and analyst Willy Woo says a growing BTC supply crisis will launch the leading cryptocurrency towards a multi-trillion dollar evaluation.

As the market runs out of Bitcoin and institutional investors continue to learn of its benefits, Woo expects the market cap to balloon and well surpass that of gold, with the price of a single BTC surpassing the $2 million mark.

“Once you get a glimpse of something that’s easy to access like Bitcoin without the trouble of holding assets like real estate, it’s going to take a big chunk out of that. There’s no way Bitcoin is going to stop at the market cap of gold, which is $10 trillion, it’s going to go a lot higher, which means that we’re going to be going into the millions of dollars per coin, which is hard to believe right now but if you look at the sheer fundamentals and stretch it off over the long term, that’s how cheap Bitcoin is today.”

In other trending Bitcoin News today: 

“Paris Hilton Is “Very, Very Excited” About Bitcoin”

Socialite-turned-business-mogul Paris Hilton has come out as a Bitcoiner during her recent interview on the Thursday broadcast of CNBC’s “Closing Bell.”

Hilton claims that she’s “very, very excited” about Bitcoin, adding that it’s definitely the future. Max Keiser & Stacy Herbert of the Keiser Report spoke with Paris Hilton extensively about Bitcoin at a Soho, NYC party on 9/15/18.

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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://u.today/paris-hilton-is-very-very-excited-about-bitcoin

https://cointelegraph.com/news/161m-ethereum-options-expiry-tilts-toward-bulls-as-eth-flips-2k-to-support

https://cointelegraph.com/news/bubble-or-a-drop-in-the-ocean-putting-bitcoin-s-1-trillion-milestone-into-perspective