CRYPTO ASSET MARKET COULD SURGE 500X SAYS MACRO GURU!! BITCOIN PRICE CYCLE TOP ABOVE $166K!!

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Bitcoin (BTC) could drop to $29,000 and still be testing current support in line with past dips, claims CNBC’s “Chartmaster.” In an appearance on the network’s Fast Money segment on Monday, Carter Worth, chief market technician of Cornerstone Macro, warned that the BTC bottom may be far from in with a 55% correction from all-time highs still on the table.

In other trending Bitcoin News today: Tesla’s Abrupt Bitcoin Reversal Could Be Game Changer for BTC, According to Fundstrat Analyst Tom Lee!

Despite Bitcoin losing about 20% of its value since Tesla halted its use as a means of payment, Lee has upgraded the flagship cryptocurrency’s price target by 25%. From his initial forecast of $100,000, the Fundstrat managing partner and head of research now expects Bitcoin to hit $125,000 by the close of 2021.

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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-price-could-hit-29k-next-warns-cnbc-chartmaster

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Walmart, the world’s largest retailer, to start accepting Bitcoin and crypto payments soon?!

Here’s what we know: Walmart is hiring a “digital currency and cryptocurrency product lead.” The company says it “enables broad set of payment options for its customers” and is developing a “digital currency strategy and product roadmap.”

In the listing for the role, Walmart indicates it is looking for someone who has a track record in leading and scaling businesses, with at least 10 years of experience in product/program management and technology-based product commercialization. The ideal candidate would have expertise in cryptocurrencies and blockchain-related technologies and in-depth knowledge of the crypto ecosystem and its core actors.

In other trending Bitcoin News today: Majority of World’s Top Banks Are Investing in Crypto and Blockchain Companies

A new report from blockchain research firm Blockdata suggests that over half of the world’s biggest banks are getting exposure in crypto and blockchain companies.

The firm says that out of the 100 biggest banks by assets under management (AUM), 55 of them have investments in crypto or blockchain-related businesses, either directly or through subsidiaries.

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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/walmart-seeks-crypto-product-lead-to-drive-digital-currency-strategy

https://news.bitcoin.com/wolf-of-all-streets-trader-bitcoin-100k-within-6-to-12-months/

https://cointelegraph.com/news/btc-eyes-50k-breakout-despite-most-greed-since-all-time-highs-5-things-to-watch-in-bitcoin-this-week

➡️ REPLAY – TEEKA TIWARI – 5 Coins To $5 Million: http://final5.cryptonewsalerts.net

Bitcoin (BTC) price dropped from $10,000 to $8,100 within just over a day, as it plunged by 9% in a single hour.

It liquidated $200 million worth of longs, obliterating the futures market.

The three key reasons that triggered the immense Bitcoin correction were: strong multi-year resistance area above $10,000, whales moving to short the market on BitMEX, and extreme volatility heading into the Bitcoin Halving.

REASON #1: $10,200 to $10,500 is a multi-year strong resistance area for Bitcoin

Since mid-2018, the $10,200 to $10,500 range served as a historically strong area of resistance for the top-ranking cryptocurrency by market capitalization.

After its first breakout above $10,500 in June 2019, which led to a swift run to $14,000, Bitcoin failed to move above that level five out of six times in the last two years.

When the Bitcoin price initially broke down at $10,100 on May 8, it signaled the rejection of a key resistance level and left BTC vulnerable to a steep correction.

As whales started to sell at $9,900, it led to a cascade of long contract liquidations primarily on BitMEX and Binance Futures.

In one hour, more than $200 million worth of longs were liquidated.

REASON #2: Whales quickly moved to sell BTC at the point of rejection

Almost as soon as the rejection of $10,200 was confirmed, whales started to fiercely short Bitcoin across major cryptocurrency exchanges.

The open interest on the big four derivatives exchanges that include Binance Futures, BitMEX, Deribit, and OKEx plunged.

The term open interest refers to the total amount of long and short contracts open at a given time.

The rapid decline in open interest meant that as selling pressure began to build up, it caused over-leveraged buyers in the futures market to get trapped in their positions.

REASON #3: Massive volatility ahead of halving

Ahead of the Bitcoin block reward halving set to occur on May 12, trading activity on all major cryptocurrency platforms surged significantly.

CME saw record-high open interest, Deribit recorded all-time high volume for its options contracts, and spot exchanges demonstrated 2017-esque volume in the last three weeks.

When many new investors enter the market in anticipation of a major event, it opens the market up for a steep selloff.

For instance, after the 2016 block reward halving, the Bitcoin price dropped by more than 30%, as traders reacted with a sell-the-news response.

A confluence of an over-extended Bitcoin rally to $10,000, whales front-running retail investors with a sharp sell-off at $9,900, and high anticipation for the halving are triggering a near-term pullback prior to the May 12 Bitcoin halving.

In other trending Bitcoin News today:

Bitcoin Can Stay Bullish After 15% Retracement as Long as This Crucial Level Holds

It may seem like all hope is lost for bulls, yet one top trader recently shared that this isn’t the case.

Bitcoin holding $8,530 in the next 24 hours, a trader argued, will confirm a sweep of liquidity at a “pivotal level.”

Should Sunday’s candle close above this level, it would confirm that a bullish market structure remains somewhat 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.

Show Notes / Resources:

$BTC Lots riding on the next 24 hours. Want to see 12H, followed by the daily, close above $8530 to confirm a sweep into pivotal level. Close below and we have our first significant HTF break in MS to the downside since the bottom.

Happy Halving, call your mom. #Bitcoin pic.twitter.com/6pnt1uA52m

— HornHairs 🌊 (@CryptoHornHairs) May 10, 2020

https://cointelegraph.com/news/3-reasons-for-the-bitcoin-price-halving-dump-from-10k-to-81k

https://bitcoinblockhalf.com/