BITCOIN WILL DEFY REGULATORS WITH ‘TENFOLD RISE IN VALUE’ TO OVERTAKE GOLD SAYS ARK INVEST CEO!!

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Just seven weeks ago, Bitcoin (BTC) was trading down in the dumps, at $3,700 after one of the worst trading sessions in the cryptocurrency market ever.

In the wake of that move, there were many analysts calling for the crypto market to fall even lower than it had, but digital assets quickly rebounded across the board in a show of resilience.

Just around 50 days after the crash and the Bitcoin price is now trading at $9,200 — 150% higher than the $3,700 lows, a stellar performance that puts almost any other $100 billion+ asset to shame.

Although impressive, analysts are convinced that more upside is in the cards for the crypto market, citing a convergence of technical and fundamental factors boosting BTC’s outlook.

BITCOIN’S CHART IS OVERWHELMINGLY BULLISH

The past week has seen the crypto market explode after two weeks of accumulation.

The BTC price recently shot past $9,000, reaching a local high of $9,500.

This move past the ever-important $9,000 level, which acted as both psychological and technical resistance, is just the start of a greater bull run, analysts say.

One well-known trader corroborated this narrative, identifying five technical and fundamental reasons to be bullish on Bitcoin at the moment, despite the fears of a global recession and a downturn in the stock market:

• Mex funding+premium index still negative
• Above the yearly vwap
• Above the 200 DMA
• Bullish 1D cloud
• Halving in 10 days

• Asserting how strong the current bull trend is, the trader concluded by writing that while “you might not call and short THE top, you will save yourself a lot of potential headaches by just waiting for a break in the 1D market structure.”
• While all the topics the trader mentioned suggest more upside is imminent, the Bitcoin halving is likely to act as the biggest catalyst for a bull run, analysts say.
• May’s halving is expected to be certainly bullish for Bitcoin and the rest of the cryptocurrency market, with one prominent analyst suggesting that BTC will have a fair price of around $288,000 — over 3,000% higher than the current price — after the event.
• In other trending Bitcoin News today:
• Arthur Hayes Teases $420,000 Bitcoin As Elon Musk Asks Crypto Traders for Anime BTC
• The CEO of the crypto derivatives exchange BitMEX is highlighting Bitcoin’s decentralization, teasing a massive Bitcoin price and taking a shot at Elon Musk – all in a single tweet.
• On Friday, Arthur Hayes “announced” that he has secured enough funding to take Bitcoin off the public market once it hits the $420,000 mark.
• The statement is a twist on Elon Musk’s infamous tweet about his plans to take Tesla private when it hits $420 a share.
• That tweet landed Musk in hot water with the US Securities and Exchange Commission, which accused him of misleading investors.
• Musk eventually settled with the SEC and paid a $40-million fine without admitting any wrongdoing.

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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-Mex funding+premium index still negative-Above the yearly vwap -Above the 200 DMA -Bullish 1D cloud-Halving in 10 days

You might not call and short THE top but you’ll save yourself a lot of potential headaches by just waiting for a break in 1D market structure.

— HornHairs 🌊 (@CryptoHornHairs) May 2, 2020

➡️ Tap into OPM (Other People’s Money): http://opm.cryptonewsalerts.net

The Bitcoin price rose to as high as $10,272 on July 26 in an unexpected weekend rally.

It liquidated $74 million worth of long contracts on BitMEX alone, catching many traders off guard.

There appear to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200.

They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins).

When the price started to rally, major altcoins, as well as well-performing DeFi tokens, began to slump.

Ethereum declined from $322 to $311, and DeFi tokens, including Aave and YFI, saw steep rejections. 

The simultaneous rejections of major altcoins and the price surge of Bitcoin suggest that traders took profit from recent altcoin rallies.

As traders moved their altcoin gains to Bitcoin, it possibly triggered a BTC uptrend, while altcoins declined.

ETH, as an example, rose from $247 on July 23 to $322 on the day’s peak, recording a 30% gain.

Despite the strong sentiment around altcoins, investors are possibly taking a more cautious approach by hedging their gains.

When Bitcoin initially broke over $10,000, it triggered over-leveraged short contracts to become liquidated.

When BTC reached $10,200, it caused a cascade of liquidations to occur, totaling $74 million.

Bitcoin has seen many phases when more than $50 million worth of short or long contracts gets liquidated.

But for this to occur within a span of a few hours is less typical.

The mass liquidations of long contracts at $10,000 also suggest that the $10,000 to $10,200 remains as a heavy resistance area.

As soon as BTC hit $10,200, the price dropped below $10,000, marking a short-lived rally.

As the price of Bitcoin recovered strongly in recent weeks, some industry executives and investors expressed optimism toward BTC and ETH.

“Are you ready?” Grayscale CEO Barry Silbert tweeted when Ether price broke out of the dreaded $280 resistance level on July 25.

Well-known trader Peter Brandt, meanwhile, expects the price of Bitcoin to hit a new record high and eventually make its way to $50,000. He said:

“That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k.”

In other trending Bitcoin news today:

Everything You Need to Know About Ethereum 2.0

The yearslong upgrade – intended to radically transform the world’s largest smart-contract platform – is inching closer to deployment.

The Ethereum Foundation recently announced “Medalla,” a final testnet before the mainnet launch of the Eth 2.0 beacon chain.

As of July 10, some developers, including Ethereum founder Vitalik Buterin, estimate the oft-delayed Eth 2.0 will launch by the end of this year. 

When phase zero of Eth 2.0 does ship, little about Ethereum will change in the near term for users and dapp developers.

This is because unlike all other system-wide upgrades in Ethereum history, the Eth 2.0 overhaul will primarily be happening on a different blockchain.

The first phase of development for Eth 2.0 is centered around the creation of a separate proof-of-stake blockchain network called the beacon chain.

On this new network, ETH holders with a minimum of 32 ETH can earn rewards in the form of annualized interest on their wealth.

To earn these rewards, ETH holders must have the appropriate hardware and software connecting to the beacon chain and a strong understanding of how the technology works. 

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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:

#DeFi platforms are red-hot with nearly $1b in collateral pledged. Oracles empower not only DeFi, but just about everything that 2nd & 3rd-generation cryptos do. So, it’s hardly an exaggeration to say that #Chainlink will lie at the heart of the #crypto revolution going forward.

— Weiss Crypto Ratings (@WeissCrypto) July 24, 2020

That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k

— Peter Brandt (@PeterLBrandt) July 25, 2020

https://www.coindesk.com/everything-you-need-to-know-about-ethereum-2-0

https://cointelegraph.com/news/why-bitcoin-suddenly-spiked-to-10-200-liquidating-75m-in-fast-rally

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Two years ago, venture capitalist and noted Bitcoin investor Tim Draper publicly stated that BTC will hit $250,000 by 2022.

Yet, as Bitcoin continues to gain interest from investors, Draper revealed to Cointelegraph during an interview that a $250,000 price prediction may have been conservative:

“I think it’ll certainly hit that. But a lot of people are thinking that $250,000 was a little too conservative.” 

Draper also discussed the impact of the COVID-19 pandemic on the blockchain space, noting that tokenization will play a major role in solving problems related to global shipping and real estate.

Additionally, Draper shared his thoughts on decentralized finance, or DeFi, saying he wants to “‘DeFi’ the venture capitalist business” moving forward.

CT: Right now, the world is in the midst of a crisis. Which technological breakthrough will help humanity come out stronger on the other end? 

TD: Tokenization will advance. We’re seeing it in real estate, global shipping and in everything where items of value need to be moved between parties.

Now, these items can be transferred over the internet, which is so useful for industries like real estate and global shipping.

In the case of real estate, you could buy a piece of my house, or you could tokenize my real estate and own a piece of that property without having to buy the whole thing. 

Tokenization and shipping is also a great way for people to own containers to keep track of the entire Iot.

I think we’re going to see some extraordinary breakthroughs in shipping and also with any kind of logistic use cases.

CT: And are you still sticking with your prediction that Bitcoin will hit $250,000 by 2022?

TD: Yes, Bitcoin will hit $250,000 by 2022 or the beginning of 2023. That $250,000 is really based on a 5% market share of currencies.

I think that’s easily achievable, especially as more women start using Bitcoin, since they control 80% of retail spending. It’s really interesting that there used to be one in 15 Bitcoin wallets that women held, and now it’s advancing.

As women start using those wallets, they’ll realize this is much easier. I moved as much of my money as I felt fair into Bitcoin. And so, yes, I think it’ll certainly hit that, but a lot of people are thinking that was a little too conservative.

In other trending Bitcoin News today:

Bitcoin Price Hits $14,000 Exactly 12 Years After Whitepaper Released

The price of Bitcoin has surpassed the critical $14,000 mark, the highest level since January 2018.

The price of Bitcoin (BTC) surpassed $14,000 on Oct. 31, the day Satoshi Nakamoto released the Bitcoin whitepaper in 2008.

Since then, the world’s biggest cryptocurrency has seen remarkable and exponential growth across various areas.

Fast forward 12 years, since the October 31, 2008 release of the whitepaper, Bitcoin is in a different growth trajectory.

An institutional craze is leading the BTC rally, major financial institutions are supporting crypto assets, and the market has become increasingly liquid.

The 12-year anniversary of the Bitcoin whitepaper is particularly special for Bitcoin because it marks the third post-halving cycle.

Every four years, Bitcoin undergoes a block reward halving, which cuts the rate at which new BTC is mined by half.

This happens because 21 million BTC can ever exist on the blockchain.

As BTC approaches its fixed supply, the rate of production gets slowed.

A halving historically has had a positive impact on the price of Bitcoin.

It reduces the pace a new BTC supply is introduced to the market.

Consequently, every four years, there is less BTC flowing into the exchange market.

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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:

Compared to the past ($1, $10, $100, $1K, $10K), we will see a short insane mania fomo peak above $100K. It’s impossible to say how high exactly. Anything between $120K and $220K I guess, based on these previous tops.https://t.co/LxYLwAJM7o

— Bit Harington (@bitharington) October 31, 2020

$15,000 by Monday #Bitcoin

— Max Keiser (@maxkeiser) October 30, 2020

Tim Draper wants to “DeFi venture capitalism,” also noting that Bitcoin will hit $250 thousand in the coming years thanks to consumer adoption. https://t.co/lrb1zJhM1s

— Cointelegraph (@Cointelegraph) October 30, 2020

https://www.wsj.com/articles/cash-is-trash-so-lets-bet-425-million-on-bitcoin-11604070071

https://cointelegraph.com/news/tim-draper-seeks-to-defi-the-venture-capital-business-with-bitcoin

https://cointelegraph.com/news/bitcoin-price-hits-14-000-exactly-12-years-after-whitepaper-released