BTC Halving 2020 | Two Years of Upside? Bitcoin Yearly Candles Hint Explosive Price Growth Incoming

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The crypto analyst who accurately predicted last years Bitcoin retracement has updated his roadmap of the BTC ascent to $100,000 as the king cryptocurrency approaches the apex of a long-term triangle.

Trader Dave the Wave tells his 33,000 Twitter followers that Bitcoin is poised for a big move as the top cryptocurrency shows signs of compression.

“Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it ‘ought’ to do. Shaping up nicely for the move going forward.”

Based on Dave’s chart, Bitcoin is losing steam as seen on the slumping logarithmic moving average convergence and divergence (LMACD).

The indicator is designed to reveal changes in an asset’s trend, strength and momentum.

In addition, the king coin’s volatility looks ready to hit its all-time lows as the Bollinger bands width (BBW) indicator approaches a value of 0.50.

The low BBW reading suggests that BTC’s trading range is at its narrowest point in four years. Bitcoin’s tightening trading range and dying momentum suggest that a violent move is on the horizon as the dominant cryptocurrency approaches the end of a multi-year triangle.

Dave says that once volatility returns, he expects Bitcoin to go through a significant correction.

Once the pullback is over, Dave sees Bitcoin eventually breaking out of the long-term triangle.

He says Bitcoin will recover its all-time high of $20,000 next year before igniting a manic phase that would send the top cryptocurrency above $100,000 before 2022 expires.

In other trending Bitcoin News today:

BITCOIN TO SOON CONFIRM BUY SIGNAL THAT PRECEDED 2017’S 2,000% RALLY

According to a crypto analyst, Bitcoin’s macro Moving Average Convergence Divergence (MACD) is about to cross green on the monthly time frame.

Should this take place, it will mark a large win for the bull case. For instance, prior to the rally from under $1,000 to $20,000 in late-2016/2017, BTC formed this signal.

And prior to the rally to $14,000 in 2019, this signal was formed.

The potential cross in the MACD isn’t the only signal that is supporting the long-term bull case.

This past Sunday, digital asset manager Charles Edwards noted that his indicator, the Hash Ribbons, printed a “buy” signal:

“Bitcoin Hash Ribbons “Buy” signal just confirmed. The post-Halving signal is particularly special.  It will probably be a very long time until the next occurs. …and so the great bull run begins.”

This is important as the signal has preceded parabolic rallies in the price of BTC.

Edwards found in an analysis published last year that the gain-to-peak of the indicator’s “buy” signals comes out to an average of 5,520%.

The fundamentals are equally as bullish, analysts have said.

As reported by Bitcoinist previously, Nexo’s Antoni Trenchev argued that Bitcoin is still poised to hit $50,000 by the end of 2020.

He attributed this strong sentiment to the presence of money printing by central banks and the block reward halving:

“So yes, I’m sticking to my prediction of 50K until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well,”

Trenchev concluded to the Bloomberg journalist.

This optimism has been echoed by Adam Back, the chief executive of Blockstream.

The long-time industry executive and programmer told Bloomberg in a July interview that BTC will hit $300,000 in the next five years.

Like Trenchev, Back also mentioned money printing, but added that bonds and real estate likely have low risk-return ratios.

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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:

Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it ‘ought’ to do.

Shaping up nicely for the move going forward pic.twitter.com/prrdi576XD

— dave the wave (@davthewave) July 15, 2020

https://bitcoinist.com/bitcoin-confirm-buy-signal-preceded-2017/

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Bitcoin (BTC) will trade between $20,000 and $50,000 according to top Cryptocurrency analyst Simon Peters of eToro.

In other trending Crypto news today:

Ethereum (ETH) Just Saw A Key Technical Breakout And $230 Seems Imminent

Since March’s capitulation lows of $3,700, Bitcoin has performed extremely well, recently rallying to $10,000.

It’s a level that BTC has traded above only for 5% of its history.

The move from the lows has undoubtedly been impressive, with Bitcoin attracting mainstream media attention as the world grapples with a recession.

Though analysts remain optimistic, asserting that new all-time highs past $20,000 are likely in the years ahead.

Analysts touting this sentiment include Galaxy Digital’s Mike Novogratz, Raoul Pal of Real Vision, and Dan Morehead of Pantera Capital — all former institutional traders turned crypto bulls.

There are also individuals like the Winkelvoss Twins, who are behind the Gemini crypto exchange, who buy into this as well.

Another is Simon Peters, analyst at eToro who told Bloomberg that in the next 18 months, Bitcoin will trade between $20,000 and $50,000.

For most of these individuals, the bullish sentiment comes down to one thing: central banks and governments.

Over the past few weeks, to respond to the growing economic crisis caused by the outbreak of COVID-19 and the subsequent lockdowns, the world’s monetary and fiscal authorities have printed trillions of dollars.

The Federal Reserve alone has added over $2 trillion to its balance sheet in the past two months, while the White House has signed off on trillions of dollars worth of stimulus.

The aforementioned Bitcoin proponents expect this macroeconomic trend to rapidly prove the value of a scarce and decentralized asset.

As Novogratz explained in a recent CNN interview:

“We have quantitive easing over quantitative easing all over the world, not just in the U.S. […] On the flip side, Bitcoin’s halving is basically ‘quantitative tightening’. So you have this exclamation point on the story of a scarce asset.”

Ethereum is up more than 5% and it broke the key $205 resistance against the US Dollar.

ETH price remains well supported and it is likely to continue higher towards $230.

After forming a strong support base above $192, Ethereum price started a fresh increase against the US Dollar. 

Bitcoin price also gained pace towards $10,000, resulting in an upside break above the $200 resistance zone.

The price surged above the $205 resistance and the 100 hourly simple moving average.

Ether is up more than 5% and it is now trading near the $215-$216 resistance zone.

An initial support is near the $214 level.

The 23.6% Fib retracement level of the recent rise from the $206 low to $216 high is also near the $214 level.

The first major support is seen near the $212 level, where the bulls might take a stand.

More importantly, there is a key bullish trend line forming with support near $210 on the hourly chart of ETH/USD.

The trend line is close to the 50% Fib retracement level of the recent rise from the $206 low to $216 high.

If Ethereum starts a downside correction, it is likely to find bids near the $212 and $210 levels.

Any further losses may perhaps lead the price towards the main $205 support zone (the recent breakdown zone).

If the bulls fail to keep the price above the $205 zone, there are chances of a renewed downtrend towards $192.

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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:

ECONOMY dying. FED incompetent. Next BAILOUT trillions in pensions. HOPE fading. Bought more gold silver Bitcoin. GOLD @$1700. Predict $3000 in 1 year. Silver @ $17. Predict $40 in 5 years. Bitcoin @$9800. Predict $75000 in 3 years. PRAY for the BEST-PREPARE for the WORST.

— therealkiyosaki (@theRealKiyosaki) May 16, 2020

This started as a joke, but now I’m afraid I’ll never be able to log in to Twitter again without someone getting angry I don’t own Bitcoin. One day you’ll see a wizened old woman in the street, trying to trade a Harry Potter book for a potato. Be kind. She did try to understand.

— J.K. Rowling (@jk_rowling) May 15, 2020

https://cointelegraph.com/news/bitcoin-price-charts-hint-at-the-most-exciting-breakout-in-over-a-year

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Could this pandemic be the ‘tipping point’ for the BTC price?

The global spread of the coronavirus played a major role in the dramatic 2020 stock market crash.

The bailout bill for saving the world’s economy is $7 trillion and rising fast.

Bitcoin bull Tim Draper believes this confluence of factors may be the ‘tipping point’ that allows innovations such as Bitcoin (BTC) and smart contracts to flourish.

In an interview on April 6, the global venture capital investor said he was skeptical about the government’s infinite money printing bailout plan and said it would take years before that money “permeates” the global economy.

“They are gonna be printing all this money to try to get the economy back after they’ve basically tanked it,” he said. “They are going to flood it with a bunch of money, and that money is going to be worth less, and less, and less.”

Draper believes people will start turning to Bitcoin as it has a fixed supply, in stark contrast to fiat which is being printed in the billions by central banks:

“This is going to be a really interesting time where people say ‘well, why don’t I just use Bitcoin?’ I know there are only 21 million of them and we don’t have to worry about whether a government is diluting their currency by printing tons of it, we can instead just use a currency we all agree on and it’s all a part of the economy and it’s already frictionless and open and transparent and global.”   

Although there is debate about whether coronavirus may end the trend towards globalization over the past 25 years, Draper believes digital financial innovations like Bitcoin, smart contracts and artificial intelligence will force governments to compete among themselves at the “virtual level” to bring better services at “lower cost” to attract talents. 

This in return will empower people with more choices to move freely and live in a “loving” and “nicer” new global world. He added that:  “It doesn’t matter whether you are from the U.S, China or Russia or India or Europe or whatever, we are an open world and then the geographic borders are going to mean less and less.”

Bitcoin Futures Did Not ‘Manipulate’ Bitcoin Price – Stock-to-flow-Creator

Bitcoin futures do not unfairly impact the price of Bitcoin (BTC), according to the creator of one of the cryptocurrency’s most accurate price models.

In a series of tweets on April 7, PlanB, the pseudonymous analyst behind the stock-to-flow model, argued that futures have not caused the Bitcoin price to behave erratically.

“CME launched BTC futures Dec 2017. Many point to Dec 2017 ATH as proof futures have suppressed prices. But BTC prices stayed perfectly within S2F bands. I would have expected this to happen with or without futures. Nothing unusual.”

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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:

IMO #bitcoin price is NOT manipulated by futures. CME lauched BTC futures Dec 2017. Many point to Dec 2017 ATH as proof futures have suppressed prices. But BTC prices stayed perfectly within S2F bands. I would have expected this to happen with or without futures. Nothing unusual. pic.twitter.com/Ek6CRsH3vx

— PlanB (@100trillionUSD) April 7, 2020

https://cointelegraph.com/news/bitcoin-futures-did-not-manipulate-btc-price-stock-to-flow-creator

https://cointelegraph.com/news/tim-draper-pandemic-could-be-the-tipping-point-for-bitcoin