BITCOIN WILL HIT $300K BY END OF CURRENT BOOM CYCLE SAYS TOP CRYPTO STRATEGIST!! TRADER CHEAT SHEET!

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The number of people believing that Bitcoin could top $100,000 by the end of the year continues to grow, with the latest being Bloomberg’s Senior Commodity Strategist – Mike McGlone. 

By outlining the growing mass adoption, declining active supply, among other reasons, McGlone predicted that BTC could more than double its value in the next three months.

In other trending Bitcoin News today: National Bitcoin Adoption Will Drive A $1 Million BTC Price!

With several governments adopting Bitcoin, it is only a matter of time for the BTC price to reflect the bullish sentiment.

As more and more countries explore adopting bitcoin in one way or another, it’s become apparent that El Salvador has put the world on notice. Whether these nations just legalize and regulate bitcoin, adopt it as legal tender or use it as an investment vehicle, their interest is undeniable and growing by the day.

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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://bitcoinmagazine.com/business/nation-states-adopting-bitcoin-price

https://cryptopotato.com/3-reasons-why-bitcoin-can-reach-100k-this-year-according-to-bloomberg-senior-analyst/

https://cointelegraph.com/news/bitcoin-jumps-toward-49k-amid-fears-5-plus-inflation-is-here-to-stay

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Following a brief selloff that led the Bitcoin price down to lows of $5,800 overnight, BTC has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region.

It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead.

Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead the BTC price to rally up towards $7,700.

As for what could push Bitcoin above this resistance, Big Cheds – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes it is flexing a “potential 8/34 EMA bull cross” on its 4-hour chart.

“Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,” he noted while pointing to the chart seen below.

This formation could significantly bolster the crypto’s near-term price action if it is confirmed in the coming several hours.

As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700.

Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route.

“Looks like BTC picked the green way,” he said while pointing to the below chart.

The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at.

Bitcoin Starts Strongest Quarter Q2 With Price Down Just 10% YTD

Bitcoin (BTC) has in total suffered just 10% from the coronavirus outbreak which obliterated stocks and caused the United States to print $6 trillion.

That was according to the latest quarterly price data from monitoring resource Skew.com on March 31, which showed that for Q1 2020, BTC/USD is only down by around 10.7%. 

At press time, the pair remained higher after seeking new support at $6,500 on Monday. 

At those levels, the pair is just $700 lower than its position at the start of 2020, and $3,800 beneath its current year-to-date all-time high of around $10,300. 

Bitcoin has advanced 75% in the two weeks since hitting its quarterly low — in a volatile period, that recovery at one point reached 90% as markets peaked at over $7,000 on some exchanges.

As such, Bitcoin now looks increasingly resilient as an investment option versus traditional markets, which are still trailing much more as a result of coronavirus.

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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/bitcoin-starts-strongest-quarter-q2-with-price-down-just-10-ytd

https://cointelegraph.com/news/bitcoin-stocks-rise-as-us-economy-grinds-to-a-halt-furloughs-soar

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The Bitcoin price performance since difficulty bottom chart shows the formation of a cup pattern peaking in spring 2021.

This BTC price prediction tool puts Bitcoin at an astonishing $400k by then.

Right on cue, analyst @100trillion USD, also known as PlanB, tweeted a chart.

It’s based on a ratio of current price over bottom price ($3.7k – December 2018) against time and represented by mining difficulty.

The chart shows four distinct cycles, each beginning with low mining difficulty that corresponds with a low ratio of current price/bottom price. In each case, the ratio increases in line with mining difficulty until it peaks at around 120,000 – 140,000 blocks.

With this comes a dip in the ratio as mining difficulty gets increasingly hard. Current mining difficulty is at 80,000 blocks and based on the previous three cycles, there is room to grow up until the cup ceiling.

With that in mind, a ratio of 10, or 10 times the bottom ($3.7k), puts Bitcoin (BTC) at around $37k come halving time. What’s more, a climb towards the ceiling will see a ratio of around 100, or 100 times the bottom, putting Bitcoin at $370k by spring 2021.

BITCOIN SEES ITS FIFTH LARGEST HOURLY PRICE CRASH EVER

Bitcoin’s fifth largest hourly price drop in history happened today, according to data from Coin Metrics. In a shock brutal crash, BTC shed around $1,000 in value in less than one hour.

What does it mean?

“Today marks Bitcoin’s fifth largest hourly price drop in price history. A ~$1000 drop in under an hour. The only other time we’ve seen a greater dollar price drop is at the Dec. 2017 peak.”

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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’s hourly price change in % terms paints a much different picture.A 9.1% hourly drop ranks 122nd.

In 2013, the month of April alone saw Bitcoin drop >9% more than 20 times. pic.twitter.com/3V2dKd2ibI

— Yassine Elmandjra (@yassineARK) February 19, 2020

Today marks Bitcoin’s fifth largest hourly price drop in price history.A ~$1000 drop in under an hour. The only other time we’ve seen a greater dollar price drop is at the Dec. 2017 peak.

Data via @coinmetrics pic.twitter.com/5l0eOehKu4

— Yassine Elmandjra (@yassineARK) February 19, 2020

Bitcoin, while fundamentally is designed to go up over the ‘long’ term is currently being driven by derivative markets. Short term and mid term price trends caused by overleveraged traders can go any direction they want.

What can’t be faked, is the decade long bullish trend

— Jacob Canfield (@JacobCanfield) February 20, 2020

The Bitcoin halving is bigger than you know.

The daily global #Bitcoin demand will be higher than the daily release of #BTC; this was not the case in 2012 or 2016.

When the daily supply can’t fulfill the daily demand, we know what happens.

We’re in new territory #Crypto kids👍

— BITCOIN • XRP (@XRPjedi) February 18, 2020

Bitcoin Sees Its Fifth Largest Hourly Price Crash Ever