BITCOIN TO ‘GO NUTS’ IN NOVEMBER, PREDICTS ON-CHAIN ANALYST WILLY WOO – HERE’S WHY!!!!!

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#Bitcoin was in for a surprise plunge this Monday as investors assessed the situation in a worrisome oil market.

The #BTC price fell by 4.30 percent to circa $6,748 per token shortly after the US oil futures price slipped into negative territory for the first time.

The two assets remain non-correlated, but Bitcoin’s growing correspondence to the stock market amid the fast-spreading coronavirus pandemic might have led to the Bitcoin price decline.

The Dow Jones Industrial Average slipped 2.4 percent to 23650.44 on Monday, taking cues from the oil market.

The S&P 500 and Nasdaq Composite, too, plunged by 1.8 percent and 1 percent, respectively, showing that investors continued to seek safety away from risk-on assets.

TECHNICAL ADVANTAGE FOR BITCOIN BULLS

Bitcoin’s intraday fall did not stop its prices from holding its prevailing uptrend.

The cryptocurrency plunged right into what appears like its interim support before attempting a minor pullback heading into the Asian session Tuesday.

As shown in the Coinbase 1D chart above, bitcoin tested the upward sloping support trendline of the saffroned Ascending Channel.

The cryptocurrency bounced back weakly by 1.01 percent to hit an intraday high near $6,925, expressing its likelihood to consolidate further in the current resistance range defined by $6,800-lows and $7,500-highs.

Meanwhile, the price located converging support in the blue 50-daily moving average wave.

Bulls attempted to maintain bitcoin’s interim upside bias near these support levels, confirming that they still have a technical advantage against a dwindling macroeconomic outlook.

“People say bitcoin is wild,” commented Frank Chapporra, a former Nasdaq reporter. “Throughout this [coronavirus] crisis, we’ve seen spine-tingling equity volatility, Treasury yields hit record lows, oil prices fall below zero, unprecedented Fed printing and bond purchasing. Right now, bitcoin might be more stable than anything else.”

In other trending #BitcoinNews today:

Low Adoption Puts Bitcoin Price ‘Expectations’ at Risk – Peter Brandt

As prices stick around $7,000, Brandt appeared to get cold feet over the still marginal role that Bitcoin has in the corporate realm.

Bitcoin (BTC) may not be “living up to expectations,” one of its best-known supporters from the finance world has warned as prices stagnate.

In a Twitter discussion on April 20, Peter Brandt pointed to low corporate interaction as an indicator that Bitcoin was not having the revolutionary impact its supporters hoped for.

“I understand the bullish narrative for $BTC relative to the: Fables of the Feds and their Frivolous Fiats: The argument for the moon makes sense. My only question is whether Bitcoin is actually living up to its high expectations. This question does NOT make me a hater”

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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:

I understand the bullish narrative for $BTC relative to the: Fables of the Feds and their Frivolous FiatsThe argument for the moon makes sense

My only question is whether Bitcoin is actually living up to its high expectations. This question does NOT make me a hater

— Peter Brandt (@PeterLBrandt) April 20, 2020

https://cointelegraph.com/news/low-adoption-puts-bitcoin-price-expectations-at-risk-peter-brandt

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Stock to Flow Analyst PlanB, Sees The Bitcoin Price Trading at $10,000 Before End of Year.

In the last few days, Bitcoin (BTC) has been the subject of bearish calls. Many are calling a drop between $6,000 and $5,500.

Peter Brandt chimed in on the topic.

The most followed trader on Twitter said that the head-and-shoulders top for Bitcoin doesn’t look valid.

But the analyst painted a descending triangle breakdown and indicated a target of $3,905.

While the BTC price appears to be on a technical downtrend, PlanB believes that it is possible for the top cryptocurrency to regain its bullish composure.

The analyst’s stock to flow model suggests that the recent selloff is a deviation.

Using the stock to flow model, PlanB can forecast the price of bitcoin without using technical analysis.

So far, the analyst’s model has been right on the money. He recently tweeted, 

“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+ .. opportunities like this (Bitcoin below S2F model value, 6 months before the halving) are rare.”

In other Crypto news today, Bitcoin slips to $6,900 after Upbit loses $50 Million of Ethereum in seeming hack.

If you’ve been on Crypto Twitter at all over the past few hours, you’ve likely noticed this Ethereum (ETH) transaction.

The transaction, which is for 342,000 ETH (valued at nearly $50 Million), was sent from Upbit, a popular Korean exchange, to an unknown, unmarked wallet out of nowhere.

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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:

Bitcoin Slips to $6,900 After Upbit Loses $50M of Ethereum in Seeming Hack

https://www.ccn.com/stock-flow-analyst-sees-bitcoin-trading-10000/

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Cryptocurrency analyst Michaël van de Poppe is saying that Bitcoin (BTC) is set to hit a six-figure price in the current bullish cycle.

The crypto analyst says Bitcoin is likely to replicate a previous pattern, when BTC surged from around $15,000 to slightly over $63,000, before possibly reaching a new all-time high of at least $250,000.

“So we get some sideways action, get to watch the all-time high, get down sideways action, big breakout. And then we get into the final phase in which you can simply copy-paste this entire run [$15,000-$63,000] towards the one that we have above $63,000. And then we probably assume that we’re going to get towards $250,000 or higher.”

In other trending Bitcoin News today: Bitcoin Could Surge to This Near Six-Figure Price by Year-End, According to Crypto Exchange Kraken!

Cryptocurrency exchange Kraken says that Bitcoin could end the year with a massive surge that would more than double BTC’s value from its September closing price.

In a new report, Kraken says that Bitcoin has typically recorded the best annual performance during the last three months of the year (Q4).

“At BTC’s quarter-end closing price of $43,800, a +119% return in 4Q2021 would put BTC at roughly $96,000.”

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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:

https://cointelegraph.com/news/pro-crypto-senator-cynthia-lummis-discloses-up-to-100k-btc-purchase

https://cointelegraph.com/news/bitcoin-eyes-big-58k-resistance-as-new-data-shows-hodlers-acting-the-opposite-to-q1