Bitcoin Signal That Preceded 9,200% BTC Rally Just Flashed | DeFi $9K Ethereum Price Prediction

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Bitcoin Ethereum Price

➡️ Teeka Tiwari – Investment of the Decade:  http://2020.cryptonewsalerts.net

Blockchain data provider Glassnode says a Bitcoin signal that preceded a monster BTC rally that saw gains of over 9,200% between 2015 and 2017 is back.

According to analyst, DeFi is the one big catalyst that can send Ethereum (ETH) to a valuation of $9,000 per coin.

The on-chain market analysis firm says the Puell Multiple is hovering at a level that may offer a stellar risk-reward ratio.

“The Bitcoin Puell Multiple has dropped back into the green ‘buy’ zone after almost three weeks. For investors with long-term time horizons, these levels below the 0.5 line have historically marked excellent entry points into BTC.”

The Puell Multiple predicts boom-and-bust cycles from the standpoint of miner profitability by dividing the daily supply of Bitcoin in US dollars by the 365-day moving average of BTC’s daily issuance value.

Based on Glassnode’s chart, long-term investors who buy and hold whenever BTC’s Puell Multiple falls below 0.5 have historically seen significant gains.

The indicator flashed just as BTC bottomed after the coronavirus-induced selloff in March.

The technical signal also marked the bottom in 2019, 2015, and 2012. Meanwhile, analysts are contemplating the odds that the decentralized finance (DeFi) movement will fuel an Ethereum bull run.

Joseph Todaro, managing partner at digital asset management firm BlockTownCap, says he believes DeFi is the one big catalyst that can send Ethereum (ETH) to a valuation of $9,000 per coin.

“In 2017 ICOs aided in moving ETH beyond $100 billion marketcap. In this next cycle, Defi will likely help push ETH to $1 trillion marketcap”

Former Wall Street bond trader John Todaro echoes Joseph Todaro’s sentiment.

TradeBlock’s head of research says he expects ETH supply to plummet as more tokens are locked in DeFi platforms.

“There’s a lot of excitement around new DeFi tokens. Reminder that most of that collateral locked up across those platforms is in Ethereum. As that outstanding ether supply comes down and demand from DeFi platforms hits escape velocity, ETH will rally hard.”

In other trending Bitcoin News today:

Staggering $35,000,000,000 in Bitcoin (BTC) Is Forever Lost, Reports Chainalysis

Blockchain analytics firm Chainalysis says 3.72 million Bitcoin worth $35 billion is lost and will likely never be recovered. In a new report, Chainalysis says 20% of Bitcoin’s total supply has not moved for five years or longer – a number the firm categorizes as lost BTC, meaning that the owner no longer has the private keys required to access their holdings.

It considers approximately 11.1 million BTC – out of Bitcoin’s total supply of about 18.6 million BTC – to be long-term investments. Meanwhile, the company says less approximately 19% of the Bitcoin mined – around 3.5 million BTC – are actively used for trading.

The report says around 340,000 people are actively trading BTC each week. While the firm can’t identify individual traders, it can look at the amount that they transfer to crypto exchanges to make a distinction between retail and professional traders.

Chainalysis says retail traders are those who deposit less than $10,000 worth of BTC to exchanges at a time.

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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/2020/06/22/staggering-35000000000-in-bitcoin-btc-is-forever-lost-reports-chainalysis/

https://cointelegraph.com/news/calm-before-the-storm-5-bitcoin-price-factors-to-watch-this-week

https://dailyhodl.com/2020/06/22/bitcoin-btc-signal-that-preceded-9200-rally-just-flashed-as-analysts-plot-ethereum-and-xrp-trajectories/

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