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Bitcoin (BTC) News Today:
With Bitcoin approaching its biggest weekly price loss of 2019, warning signs point to the Bitcoin price retesting $3,000.
Prominent crypto analyst Peter Brandt says we’ll soon find out if Bitcoin’s fourth long-term parabolic bull phase is intact.
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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.
News Resources From Today’s Show:
https://www.coindesk.com/bitcoin-approaching-biggest-weekly-price-loss-of-2019
https://alternative.me/crypto/fear-and-greed-index/
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BITCOIN FACING ONE LAST TEST AHEAD 0,000 RISE!! NEW METRIC REVEALS 'INTENSE' BTC BUY PRESSURE!!
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The pseudonymous crypto trader who accurately predicted the Bitcoin collapse of 2019 says BTC is due for one more test before launching a mega bull rally.
In a new tweet, the analyst who is known in the industry as Dave the Wave says it is within the realm of possibility for Bitcoin to continue consolidating for the rest of the year.
“What if the major line of resistance first identified became a rough line of support for price to grind down slowly over the course of the fourth quarter to meet the log growth curve? This would set up perfectly for the run up going forward…”
Based on the crypto analyst’s chart, Bitcoin may continue hovering above the former resistance of the ascending triangle that ended the 2017 BTC bull run and kept the market bearish for over two years.
Dave’s chart also shows that the previous resistance and the logarithmic growth curve will touch base on December 31st, 2020.
According to Dave, the meeting of two support lines can ignite a bull market that catapults the Bitcoin price to $120,000.
Should Bitcoin follow Dave’s script, he says the consolidation should give investors a chance to accumulate BTC in the buy zone for several months before it launches a manic phase.
In other trending Bitcoin News today:
New Bitcoin-Stablecoin Metric Reveals ‘Intense’ Buy Pressure
A new Bitcoin (BTC) metric says that investors are still much more interested in buying than selling at $10,000.
In a tweet on Sep. 7, Ki Young Ju, founder of on-chain analytics resource CryptoQuant, unveiled his latest tool for tracking Bitcoin investor sentiment.
Dubbed “Potential BUY/ SELL Pressure,” the tool takes exchanges’ total BTC reserves and divides them by stablecoin reserves.
The resulting number provides a rough impression of trader appetite, and it is currently skewed to the bullish side.
“BTC still has intense buy pressure. Exchanges are holding more stablecoins and fewer BTC compared to the beginning of this year,” Ki tweeted.
“I think we still have room for BTC bullish trend.”
Ki added one proviso to the data — that exchange traders could use stablecoins to purchase cryptocurrencies other than BTC as well as hold Tether (USDT) to buy at lower prices later.
The environment on exchanges is decidedly in a state of flux with Bitcoin’s latest price action.
Tether, the largest stablecoin, has passed a total market cap of $14 billion, while other recent data also suggested that buyers were looking to use stablecoin assets to snap up BTC at lower prices.
That came in the form of Glassnode’s stablecoin supply ratio (SSR), which recorded a level three times stronger in late August than in June 2019, when BTC/USD traded at an identical price point — $11,400.
In other trending Cryptocurrency news today: Top Analyst Names 8 DeFi Gems Set to Pop, Says Bitcoin and Four Altcoins Worth Holding for Long Run Closely-followed trader and crypto strategist Josh Rager is eyeing a handful of decentralized finance (DeFi) assets along with a small number of cryptocurrencies that he deems worthy to hold long term.
In a new tweet, Rager says he sold some of his positions on altcoins that he doesn’t want to hold for the next 12 months.
The trader says he feels secure in making long-term investments in Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK), Zcash (Zec), and Polkadot (DOT).
Rager’s optimism in the top cryptocurrency comes as Bitcoin bulls stepped up and successfully defended key support of $10,000.
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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:
Right now my position is in more secure long term holds $BTC $ETH $LINK $YFL etcAlso holding a decent amount of cash & cut some moderate positions on alts that I don’t care to hold for another year
Didn’t sell the top but still booked nice profits & will continue to yield farm
— Josh Rager 📈 (@Josh_Rager) September 7, 2020
What if the major line of resistance first identified here [first chart above] became a rough line of support for price to grind down slowly over the course of the fourth quarter to meet the log growth curve? This would set up perfectly for the run up going forward… pic.twitter.com/KUCBrNGdjH
— dave the wave (@davthewave) September 5, 2020
https://cointelegraph.com/news/new-bitcoin-stablecoin-metric-reveals-intense-buy-pressure-analyst
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BITCOIN IS HEADING TO $500K SAYS GALAXY DIGITAL’S MIKE NOVOGRATZ – HERE’S WHEN!! BTC HITS NEW ATH!!
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Mike Novogratz, CEO of crypto management firm Galaxy Digital, is revealing when he thinks Bitcoin will hit his target of $500,000.
In a discussion with Michael Saylor on the WORLD.NOW event hosted by MicroStrategy, Novogratz proposes that Bitcoin will continue to perform well, more so as a store-of-value asset rather than as a currency.
“I think we’ve hit a tipping point in this network effect I talked about, and my base case is: if I look at Bitcoin as a percentage of gold, I think Bitcoin is going to be digital gold. I know a lot of people disagree with me. They’ll think, ‘No, it going to be money. It’s going to be the blockchains of all blockchains,’ I just don’t think so. I think it’s got a beautiful lane as a store of value. It was perfectly designed as a store of value.”
Seeing it as a store of value asset, the Galaxy Digital head says he believes the largest crypto asset will continue to catch up to gold’s $10 trillion market capitalization as it prints gains of over 10x in as little as three years.
“I think of it as, ‘What percentage of market cap is gold?’ We’re about 6% of the gold market cap. My sense is by the end of the year we are easily 10%. So that gets you to Bitcoin $55,000-$60,000. I know as soon as we get to 10%, we’re going to say, ‘Well why 10? Why not 20?’ And when we get to 20%, we’re going to be 50%, and then we’re going to be 100%.
So I would be $60,000 end of this year, and I’m $500,000 probably like 2024-2025… It doesn’t happen overnight. It happens with more and more education, with more and more seminars like this, with more and more communities buying into the idea.”
In other trending Bitcoin News today:
Roses Are Red, Violets Are Blue, Bitcoin Hits $49K And A New All-Time High Too
The Bitcoin price achieved a new record above $49,500 on Valentine’s Day on Feb. 14, rising to as high as $49,600 on Coinbase.
There are three main reasons Bitcoin surged to a new all-time high, high stablecoin inflows, clean break of the $38,000 resistance area, and a prolonged consolidation phase.
Throughout the past several days, despite Bitcoin’s consolidation below $38,000, on-chain analysts pinpointed the continuous increase in stablecoin inflows.
According to data from CryptoQuant, a data analytics platform, the Stablecoin Supply Ratio (SSR) rose significantly as it rallied from the mid-$30,000 region.
The SSR indicator shows the ratio of the market cap of Bitcoin relative to the aggregated market cap of stablecoins.
When the price of Bitcoin rises in tandem with the SSR ratio, then it means it is likely being driven by sidelined capital re-entering the market.
This trend is highly optimistic because it shows that the rally was not just driven by an over-leveraged futures market. In fact, it was genuine demand from the spot market that led the uptrend.
Atop the high stablecoin ratio, analysts also pinpointed the decline in selling pressure coming from miners.
The combination of the lower selling pressure from miners and the increasing stablecoin inflows into exchanges catalyzed the ongoing Bitcoin rally.
Bitcoin was consolidating under the $38,000 resistance area for a prolonged period. This presented a risk to the short-term bull cycle of Bitcoin.
When the price of Bitcoin hovers under a key resistance area for a long time, it increases the probability of BTC dropping to a lower support area to tap lower liquidity.
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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:
After the Bitcoin halving in May 2020, miners make half the $BTC they used to make.
Today, miners earned $4m in 1 hour, making it the biggest hourly revenue in history. h/t @glassnode
That’s how fast BTC has risen in the span of 9 months.
— Joseph Young (@iamjosephyoung) February 12, 2021
https://www.theblockcrypto.com/linked/94750/jpmorgan-bitcoin-btc-trading-client-demand-coo-comments
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ANTHONY POMPLINAO SAYS BITCOIN TARGETING 5K BY END OF 2021!! BTC WILL SOAR 10-20X THIS BULL RUN!!
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Bitcoin bull and Morgan Creek Digital Assets co-founder Anthony Pompliano is mapping out why he believes BTC could reach $225,000 in just over a year.
In his latest letter to investors, Pompliano unveils the macro factors that may serve as tailwinds for the next Bitcoin bull market.
“The Federal Reserve has cut interest rates to 0%. They plan to keep us in a zero-rate environment for the foreseeable future. Multiple stimulus packages in 2020 now total more than $3 trillion in QE. We have another $2 trillion on the way…
The combination of the Fed’s asset price manipulation and inflation fears has driven gold and Bitcoin to drastically outperform equities and other commodities.”
The Bitcoin advocate also highlights that Wall Street has “woken up to the Bitcoin trade,” which Pompliano says has increased demand for BTC.
“We are also seeing a new trend emerge where corporations are using Bitcoin as a reserve asset for part or majority of their treasury. It started with publicly traded digital asset focused firms like Galaxy Digital and others.
Then we saw MicroStrategy ($1.2B+ market cap on NASDAQ) put 85% of their $500M balance sheet ($425M) into Bitcoin. And most recently, financial technology company Square announced that it had purchased about $50M of Bitcoin for their balance sheet (approximately 1% of assets).”
As the demand outlook for BTC remains strong, says Pompliano, he shifts his focus to the supply side of the equation.
He refers to the most recent Bitcoin halving, which reduced the number of new BTC entering circulation from 1,800 to 900 per day.
“Historically, these supply shocks have led to significant price increases of 20X+ in the following 18 months post-halving.”
In addition to the increasing demand and decreasing BTC supply, Pompliano highlights a key factor that he says solidifies the bullish argument for Bitcoin – the fact that more than 60% of all mined BTC has not switched hands in more than a year.
Pompliano says this shows investors are refusing to sell despite several major moves to the downside in 2020.
With his investment thesis in place, Pompliano predicts that Bitcoin could touch $225,000 by the end of 2021.
“Many investors will look at the historical price increase of the digital asset and believe they ‘missed it.’ That couldn’t be further from the truth in my opinion. I believe we are at the start of another boom cycle in Bitcoin, which is likely to drive us 10-20x higher in the 15-month window.”
In other trending Bitcoin News today:
‘Still So Early’ – 7% Of Americans Have Bought Bitcoin, Study Finds
According to new data from Statista, only 7% of Americans have previously used Bitcoin (BTC).
This means current investors in BTC are still in an early stage of growth. Dan Tapiero, the co-founder of 10T Holdings, said Bitcoin is still at the “birth” phase of a new asset class. He wrote:
“It’s still so early for Bitcoin. Still at the birth of a new global asset class.”
In the longer term, Bitcoin has significant growth potential to evolve into an established store of value, like gold.
If so, investors anticipate its valuation to increase exponentially over the next decade.
Currently, the majority of the demand for Bitcoin comes from investors that perceive BTC as gold 2.0. Investors believe BTC would eventually establish itself as a safe-haven asset.
Consequently, institutional investors have heavily accumulated BTC in recent months.
MicroStrategy and Stone Ridge, for instance, purchased $425 million and $110 million worth of Bitcoin, respectively.
But if the retail demand for Bitcoin picks up in tandem across major regions, it could cause BTC to grow exponentially.
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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:
Anthony Pompliano Announces He Has 80% of His Capital in Bitcoin
https://pomp.substack.com/p/the-investment-case-for-bitcoin
https://cointelegraph.com/news/still-so-early-7-of-americans-have-bought-bitcoin-study-finds
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