BITCOIN SURGES AS PAYPAL LAUNCHES CRYPTO PAYMENTS AT 29M MERCHANTS!! $1T SET TO FLOW INTO CRYPTO!!

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Bitcoin Price Surges Past $9,900, Leaving Many Asking What’s Next?

After stagnating around $9,650 for some 36 hours, the BTC price surged as high as $9,945 in minutes.

This rapid 2% gain from $9,700 liquidated a mere $15 million worth of short-side positions on BitMEX.

As this move just took place, analysts have yet to formulate complex responses to the price action, though there are some already trying to extrapolate what Bitcoin’s 2% surge means for its short-term outlook.

Mexbt, a popular trader, noted that the cryptocurrency, having broken out of a short-term ascending triangle in this recent move, has a measured target of around $10,220 – 3.2% above the current price.

Notably, Bitcoin (BTC) has yet to confirm a four-hour close above the ascending triangle Mexbt drew, though there are good chances it will, setting Bitcoin up for such a move.

There’s also a new chart from Josh Rager, a well-known investor and content creator.

In this chart, which was accompanied by another one posted to Rager’s Telegram channel, the analyst largely implied that the cryptocurrency could head towards the top of the range just above $10,100.

A close above the range could set the stage for a move to fresh local highs above $10,500.

There’s also HornHairs, who wrote that Bitcoin is currently up against heavy resistance at $9,900, Monday’s high and the weekly open.

Though, he remarked that as long as $9,500 stays intact on a daily and weekly basis, he would be inclined to suggest that a move to $10,200, then to $11,000 will take place in the coming weeks.

CAN THE TOTAL CRYPTO MARKET CAP HIT $10 TRILLION BY 2023?

Popular YouTube crypto analyst, Benjamin Cowen, has been considering the logarithmic regression band for the total cryptocurrency market cap in his latest video, and based on his analysis, thinks that the total digital asset market cap could hit $10 trillion during the next bull run.

At current Bitcoin dominance levels, a $10 trillion total crypto market cap gives a BTC price of around $330,000, so that’s something to look forward to.

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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 Macro Update:Price up against Monday’s Hi & current Weekly Open here at $9.9k. Again, as long as $9.5k weekly support & 1D bullish structure holds I expect the party to rage on to the upside. $10.2k then $11k.

Until $9.5k breaks on a 1D close, life is easier as a bull. pic.twitter.com/o5hO9xLCC9

— HornHairs 🌊 (@CryptoHornHairs) February 23, 2020

Volume in February is continuing to shoot up. That’s historically a really good sign about the market. It’s almost at the same level as in May now pic.twitter.com/QSDtiMp3sE

— Larry Cermak (@lawmaster) February 20, 2020

Can the Total Crypto Market Cap Hit $10 trillion by 2023?

https://www.newsbtc.com/2020/02/23/the-simpsons-just-ran-bitcoin-segment-crypto-twitter-raving/

https://www.newsbtc.com/2020/02/23/bitcoin-bulls-eye-10000-market-weekend-recovery-upside-possible/

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A cryptocurrency trader who accurately predicted last year’s Bitcoin crash has updated his BTC price roadmap.

The pseudonymous crypto strategist known as ‘Dave the Wave’ says Bitcoin has already resolved the large symmetrical triangle that has kept the market bearish for over two years.

He now expects the Bitcoin price to launch a vertical ascent to $24,000 in the coming months.

Based on Dave’s chart, Bitcoin will likely continue trading inside another triangle until the second quarter of 2021.

The breakout from this pattern could ignite a manic phase that would catapult BTC to $115,000.

He also says one altcoin that was hammered during the brutal bear market has massive upside potential.

Dave the Wave tells his 34,000 Twitter followers that South Korean blockchain interoperability protocol ICON (ICX) may be gearing up for a parabolic breakout after languishing in bear territory for over two years.

During that period, ICX wiped out 99% of its value as the coin nosedived from its all-time high of $12.64 to a bear market low of $0.106937, according to CoinMarketCap.

According to Dave, the huge devaluation puts ICX in a position to surge to $102.56 and post astronomical gains of 22,947% in the next bull cycle.

In other trending Bitcoin News today:

MicroStrategy Purchases $250,000,000 in Bitcoin, Says Top Crypto Can Maximize Long-Term Value for Shareholders

MicroStrategy has adopted Bitcoin (BTC) as its reserve currency — and stunned commentators by purchasing over 21,000 BTC on Aug. 11.

The world’s largest publicly-traded business intelligence company has swapped fiat for Bitcoin as its treasury reserve asset, but the reasons behind it suggest that more big businesses will have no choice but to do the same.

Why did MicroStrategy choose Bitcoin, and will others follow?

In a press release issued on Aug. 11, CEO Michael Saylor went further than most by calling Bitcoin “digital gold.” With no “ifs” or “buts,” Saylor unreservedly plugged the largest cryptocurrency over both fiat and other traditional safe-haven assets such as gold.

“Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it,” he commented. 

That angle closely mimics some of Bitcoin’s foremost proponents, notably Saifedean Ammous, who in his book, “The Bitcoin Standard,” repeatedly explains that so-called “digital scarcity” puts Bitcoin in a separate league to any other form of money which has ever existed.

Like Ammous, Saylor also believes that Bitcoin’s very structure will ensure that its value will only increase with time.

He added:  “We expect its value to accrete with advances in technology, expanding adoption, and the network effect that has fueled the rise of so many category killers in the modern era.”

Bitcoiners were particularly excited about MicroStrategy because it unashamedly replaced fiat currency for cryptocurrency.

Its purchase of 21,454 BTC for an aggregate price of $250 million late last month may not only be symbolic (given the total 21M BTC) but it also means that the company controls 0.1% of the total Bitcoin supply — something competitors will find increasingly expensive to replicate.

“MicroStrategy bought 0.1% of the Bitcoin supply. Very few companies will be able to copy this strategy,” What Bitcoin Did podcast host Peter McCormack tweeted in response.

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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/3-reasons-why-microstrategy-adopted-bitcoin-and-why-others-will-too

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Michael Saylor , CEO of Microstrategy ($MSTR) predicts Bitcoin will continue appreciating in value to the point where BTC becomes a “stabilizing influence” for the entire global financial system. He predicted, in a bold call, that Bitcoin’s market value will skyrocket to $100 trillion.

“There’s a $500 trillion monetary planet and the outer layer is currency, then you’ve got stocks, bonds, real estate. There’s $10 trillion worth of gold in there, $1 trillion of bitcoin in there. Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap.

Then it’s going to subsume negative-yielding sovereign debt and other monetary indexes until it grows to $100 trillion. Once it gets to $10 trillion, its volatility will be dramatically less,” Saylor said. “As it marches toward $100 trillion, you’re going to see the growth rates fall, the volatility fall, and it’s going to be a stabilizing influence in the entire financial system of the 21st century.”

In other trending Bitcoin News today: Looming Bitcoin Supply Squeeze Could Trigger New Bull Cycle, According to Crypto Analytics Firm Glassnode!

Certain Bitcoin ownership metrics indicate that Bitcoin (BTC) could be teeing up for a bullish market cycle, according to the blockchain analytics platform Glassnode.

“On an absolute coin volume basis, LTHs currently own the most coins in history, hitting 12.97M BTC this week.

Peaks in LTH-owned supply typically correlate with late-stage bear markets which are historically followed by a supply squeeze and initiation of cyclical bull runs.”

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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.cnbc.com/2021/02/23/microstrategy-ceo-michael-saylor-sees-bitcoin-100-trillion-market-value-one-day.html

https://cointelegraph.com/news/skybridge-raises-100m-for-algorand-fund-and-files-for-crypto-company-etf

https://cointelegraph.com/news/btc-holds-48k-as-evergrande-forms-lehman-brothers-moment-for-china