BITCOIN WARNING SIGNS POINT TO A ,000 RETEST!!!

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Over the past few weeks, investors have begun to doubt the veracity of the assertion that “BTC is on the verge of its next bull run.”

While there are reasons to believe this is the case, an analyst has asserted that per one key metric, the Bitcoin price has “never been more bullish.”

The past few weeks have undoubtedly been weak for the cryptocurrency market; the BTC price has collapsed from the $10,500 high to a price as low as $8,400 established just this weekend, while the hash rate of Bitcoin has stagnated.

But, according to the latest data from Blockchain.com, miners are once again allocating many resources to the security of the world’s largest cryptocurrency.

Case in point: the hash rate of the Bitcoin network reached a new all-time high of 136 exahashes (or 136,000,000 terahashes) per second just two days ago – nearly three times higher than it was one year ago.

Commenting on the significance of this, crypto price tracking app Blockfolio wrote:

“As Wall Street experiences the worst week since the 2008 financial crisis, Bitcoin’s hash rate has just reached a new all-time high. 136,264,908 tera hashes per second.”

This optimism has been echoed by analyst RookieXBT, who noted on Tuesday that the hash rate is almost “~940% from where it was when Bitcoin (BTC) was at an all-time high” of $20,000.

This, RookieXBT wrote, is a sign that “Bitcoin has never been more bullish.” Indeed, growth in the hash rate of the network suggests at least two things: 1) Bitcoin miners are confident in the long-term success of the cryptocurrency (especially in terms of price) and allocate more resources to the security of the network; and 2) the technology of mining machines is being improved on, resulting in the increase in hash rate.

Chainlink (LINK) Nears $5 All-Time High Unfazed by Bitcoin Price Slump

Chainlink’s (LINK) 27.48% gain over the past four days shows that the altcoin continues to function as an outlier when compared against the recent performance of other cryptocurrencies.

This strong recovery from the swing low at $3.30 to $4.79 has LINK now approaching its previous all-time high at $4.86. 

Unlike Bitcoin (BTC), LINK trading volume has shown that traders are excitedly buying each dip and the candlesticks of the past 3 days clearly show that a strong reversal has occurred. 

In the daily timeframe, the moving average convergence divergence (MACD) shows a bull cross between the MACD and signal line and the histogram has recently popped above 0, a rather compelling move considering that the altcoin has already gained 26.57% since March 2.

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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/chainlink-link-nears-5-all-time-high-unfazed-by-bitcoin-price-slump

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Raoul Pal, co-founder and CEO of Real Vision Group, says Bitcoin is a “supermassive black hole” that is eating gold, the NASDAQ, banks, bonds, and commodities.

The global macro strategist notes that he also thinks BTC will outperform the G4 Central Bank Balance sheet, silver and marquee stocks like Apple and Amazon. Says Pal on Twitter:

“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense.

The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – Bitcoin.”

Pal predicts BTC will reach $1 million within five years.

The former Goldman Sachs hedge fund manager says Bitcoin is the best opportunity of his career.

“I get this sounds a little evangelical but I’m struggling to see it any other way right now. The supermassive black hole is going to suck in everything. Again, this is there best trade/investment and future opportunity I have EVER found and it has the power to give the little guy a chance to grab their share of the wealth creation before Wall Street does. Grab it.”

Analysts think that the cryptocurrency is poised to rocket even higher in the weeks ahead.

The charts show that BTC is about to break above a pivotal horizontal resistance at $14,000, which should trigger a move toward $20,000 and beyond in the months ahead:

“There are literally only two resistances left on the bitcoin chart – 14,000 and then the old all-time high at 20,000. I fully expect new all-time highs by early next year at the latest.”

Other prominent investors in the crypto space expect a strong rally in the months ahead.

Tyler Winklevoss, one of the two Winklevoss Twins that launched Gemini and are now Bitcoin billionaires, commented recently:

“I do think we will see an all-time-high price for Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”

Pal thinks it’s logical to invest in Bitcoin due to the coin’s increasingly strong performance against all other assets, which should drive institutional players and retail players into the mix:

“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense. The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – bitcoin.”

It’s worth noting that Pal says to have more than 50% of his net worth in Bitcoin, arguing that it may be the best trade of his lifetime.

In other trending Bitcoin News today:

Bitcoin Price Sees Pullback, But Bulls Still Marching Toward $20K

Bitcoin’s price saw a 4% drop in the last 24 hours, but it’s unlikely to see a correction like in previous cycles for three reasons.

The price of Bitcoin (BTC) has increased by 36% in the last 35 days, showing a strong rally.

The market sentiment has been optimistic due to rising institutional demand and the perception of BTC as an inflation hedge.

But after a large uptrend, the belief that BTC may pull back has begun to increase.

While a minor correction could occur, like the 4% downward trip to just under $13,000 on Oct. 28, a sizable downtrend is becoming increasingly unlikely.

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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 is eating the world…It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months.

You see, gold is breaking down versus bitcoin…and gold investors will flip to BTC pic.twitter.com/ox7KRY5VRo

— Raoul Pal (@RaoulGMI) October 27, 2020

I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run

— Tyler Winklevoss (@tyler) October 27, 2020

As I’ve been pointing out… There nothing but air from $14,000 to new ATH

I don’t expect any kind of pullback until $28,000 and it may be short lived. https://t.co/UC0iCCVzp6

— Max Keiser (@maxkeiser) October 27, 2020

Wall Street Veteran Raoul Pal Thinks Bitcoin Will Pass $20,000 in Q1 2021

https://cointelegraph.com/news/bitcoin-price-sees-pullback-but-bulls-still-marching-toward-20k

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Walmart has not yet announced a purchase of $1 billion worth of Bitcoin. But it will and let me tell you what’s going to happen when it does.

Walmart is the epitome of working class America. Built off the back of America’s mom and pop, it is now the world’s largest company by revenue raking in $548 billion in 2020. 

When Walmart adds $1 billion of bitcoin to its balance sheet, you’ll have that same average Joe’s full attention. It will create the ultimate exposure for Bitcoin to blue collar Americans and trigger a global monetary paradigm shift that is long overdue.

In other trending Bitcoin News today:

TIME Magazine Joins Tesla in Keeping Bitcoin on Its Balance Sheet

It was only a matter of TIME.

One of the most recognizable publications in the world, TIME Magazine will now be receiving some payments in Bitcoin, according to Grayscale CEO Michael Sonnenshein. What’s more, unlike some people, it won’t be immediately converting that crypto to fiat.

“Thrilled Grayscale is partnering w/ TIME on a new video series coming this summer explaining the crypto space,” Sonnenshein tweeted today. “Equally as important, Keith Grossman & TIME has agreed to be paid in Bitcoin – and will hold the BTC on their balance sheet. A first for our media partnerships!”

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Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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://bitcoinmagazine.com/business/what-happens-when-walmart-buys-1-billion-of-bitcoin

https://decrypt.co/66263/time-joins-tesla-keeping-bitcoin-balance-sheet

https://cointelegraph.com/news/ether-hits-new-all-time-high-above-2-200-hours-ahead-of-berlin-hard-fork

https://cointelegraph.com/news/bitcoin-breaks-new-all-time-high-above-63k-what-are-traders-saying