ELOM MUSK TWEETS CRYPTIC BITCOIN PRICE BOTTOM?! TOP TRADER UNVEILS BIG YEAR END TARGET DESPITE FUD!!

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A narrative has formed over recent months that the Bitcoin price is closely correlated with gold.

But according to a recent analysis shared by a crypto trader, BTC may actually be closely correlated with silver.

The issue with this correlation is, silver’s price action is preceding that of Bitcoin by a few weeks.

The trader in question shared the chart on August 23rd.

The chart shows that should Bitcoin’s trajectory continue to follow that of silver, the cryptocurrency will soon trade at $20,000.

After hitting $20,000, the fractal also suggests that the BTC price will move to $30,000.

Few analysts actually expect Bitcoin to hit $30,000 this year, especially in just a few months.

But many analysts and investors, like BitMEX’s Arthur Hayes and Galaxy Digital, are adamant that $20,000 will be breached in 2020.

The fundamentals, like the silver fractal aforementioned, also suggest that Bitcoin is likely to move higher from here.

Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, recently said that Bitcoin’s trend of volatility suggests an uptrend is intact:

“Stuck between 3-9x over the past few years, the price of Bitcoin per ounce of gold tilts the crypto toward resuming appreciation, if volatility history tells us anything. The Aug. 19 cross rate of 6x is the same as in 2017, yet Bitcoins’s volatility has dropped relative to gold.”

McGlone has been touting the Bitcoin bull case for months now.

Also core to his positive sentiment is the influx of investment the cryptocurrency space is seeing, exemplified by institutional money flows through the CME, Grayscale, and other avenues:

“Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset’s unique attribute of fixed supply.”

McGlone says that Bitcoin could hit $20,000 in 2020, citing the similarities between this market cycle and the last one.

In other trending Bitcoin News today:

Fed, futures and fundamentals: 5 things to watch in Bitcoin this week

Bitcoin (BTC) starts another week in a bullish mood as hurdles line up to shape price trajectory.

Here are five factors determining where BTC/USD may go in the coming days, and what traders should look out for.

1 – All eyes on the Fed and U.S. inflation

Stocks saw records last week with the S&P 500 hitting all-time highs.

Despite a lower overall impact on Bitcoin, moves on macro markets are still more than capable of spilling over into cryptocurrency.

2 – Analyst eyes $9,600 for BTC price “buy the dip”

In a transaction analysis video on Sunday, van de Poppe added that in the event of a breakdown, the “buy the dip” level to look out for would nonetheless fall below $10,000.

“The real level I’m watching for buy the dip levels if we do break out is between $9,600 and $9,900,” he summarized.

3 – Bitcoin difficulty hits a new record

A mixed bag for Bitcoin fundamentals saw network difficulty adjust upwards 3% to hit new all-time highs, but hash rate trend lower.

According to data from monitoring resource BTC.com, difficulty increased by 3.6% on Monday to hit 18.17 trillion.

4 – $730 million options expire

62,000 BTC ($730 million) worth of Bitcoin options will expire on Aug. 28, reminiscent of the end-of-month action from June.

5- “Extreme greed” reigns supreme

Bitcoin investor sentiment is “extremely greedy” and getting greedier. 

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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:

This Eerie Silver Fractal Predicts Bitcoin Will Soon Shoot Towards $20k

https://cointelegraph.com/news/fed-futures-and-fundamentals-5-things-to-watch-in-bitcoin-this-week

➡️ TEEKA TIWARI – The Investment of the Decade: http://2020.cryptonewsalerts.net

Market analyst and podcaster Preston Pysh says he believes a new long-term Bitcoin bull cycle is coming that will take the BTC price far past $100,000.

In a new interview with Heyo co-founder Nathan Latka, Pysh points to the Bitcoin halving, which is set to execute next month, as the catalyst for a parabolic rally that could bring the Bitcoin price to $300,000.

“Do I think that it’s just going to up to [$100,000] and stop? Hell no. It’s going to go straight through that number. It’s probably going to go to $200,000 to $300,000.

And then, if it doesn’t meet its escape velocity, which is a whole other term, which is, in my opinion, completely dependent on all this other macro stuff that we’ve been talking about… then it’s going to come back to that $80,000 to $100,000 mark. And it will stay there until the next four year halving event.”

Pysh says concerns that the halving, which will cut in half the amount of BTC rewarded to miners who power the network, will make it hard for miners to earn a living are overblown.

He points to Bitcoin’s difficulty adjustment, which automatically reviews network activity and changes how much computing power is required to process transactions, as the key reason many miners will continue to turn a profit as Bitcoin becomes increasingly scarce.

As for his personal investments, Pysh says he owns Bitcoin (BTC) and is now out of the equities market.

He says the push from central banks to ramp up money printing will significantly weaken the US dollar.

He points to billionaire investor Ray Dalio as an example of a leading investor who shares the same views on the future of the global reserve currency.

In January, Dalio said “cash is trash” in an interview with CNBC.

Dalio argues that a weakening dollar and increasing money supply will decrease its value over time.

In other trending Bitcoin news today: ‘Boomers Are F*cked’ – New Macro Report Forecasts $1M Bitcoin by 2025

In a scathing attack on the world’s ailing financial system, Raoul Pal puts his faith firmly in Bitcoin and gold as the future.

Bitcoin (BTC) can rally to $1 million but coronavirus means that the baby boomer generation is “f*cked,” a damning new macro report concludes.

Originally published to clients on March 30, the report from Global Macro Investor dubbed “The Unfolding” paints a dismal future for the financial market.

According to CEO Raoul Pal, who authored the report, coronavirus has fueled the fire of systemic weakness across global markets.

“The damage this does to the US pension system is incomprehensible. The Baby Boomers will sell every rally they can to protect their last, rapidly diminishing nest egg,” he summarized on the market losses from March.

“The Baby Boomers are totally f*cked. I have been publicly warning and warning about this.”

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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:

Jack Dorsey has one thing listed in his bio on twitter. So here’s the question for people that think BTC won’t work:

What the hell does this guy know about #Bitcoin that you don’t? pic.twitter.com/q6dug8A8Hn

— Preston Pysh (@PrestonPysh) April 23, 2020

https://cointelegraph.com/news/boomers-are-fcked-new-macro-report-forecasts-1m-bitcoin-by-2025

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According to a cryptocurrency trader, Bitcoin will see a “monster breakout” in the next three days as the BTC price continues to tighten on a macro scale.

He shared the chart which shows that per the Bollinger Bands, a key technical indicator denoting volatility and key levels, BTC’s price action is extremely tight.

Separate analyses of the Bollinger Bands indicator have found that they are at their tightest levels since November 2018.

What followed the consolidation, of course, was a 50% drop over the span of two weeks that ended the bear market.

This suggests there will be an imminent move of macro proportions, likely to play out within the next week or two.

Bulls Are In Control?

Volatility indicators do not indicate which way the leading cryptocurrency will break.

But with this latest news and new analyses, a growing number of traders are betting on the case for upside.

KI Young Ju, the chief executive of cryptocurrency analytics firm CryptoQuant, shared the charts below on July 20th.

Attached, he wrote that there are three on-chain indicators signaling investors to “BUY.”

These indicators are as follows:

* Addresses linked to Bitcoin miners are not sending their coins to exchanges, suggesting they are not being sold. * Large BTC holders deemed “whales” remain HODLing their coin.

* The reserve of BTC on exchanges “hit the year-low a month ago and [it has kept] that low.

This suggests there remains an accumulation mindset amongst a majority of cryptocurrency investors.

Further adding to the bull case forming, digital asset manager Charles

Edwards noted last week that his flagship indicator just printed a macro 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.”

In other trending Bitcoin News today:

Bitcoin Appears Ready for Extraordinary Move in Just 48 Hours, According to Morgan Creek Digital Partner

Bitcoin’s three-month-long tightening trading range may end in about 48 hours, says Morgan Creek Digital executive Jason Williams.

Williams tells his 41,000 Twitter followers that BTC appears to be poised for a big move as the leading cryptocurrency approaches the apex of an ascending triangle pattern on the short-term timeframe.

“This feels like a little World Cup of sorts. Bitcoin could break out on or about the 22nd. I don’t think I would want to be on the sidelines going into this… Bitcoin volatility could be extraordinary to the upside.”

The Morgan Creek Digital co-founder is not the only analyst who expects the end of BTC’s tightening range soon.

Crypto strategist Ethereum Jack sees the king cryptocurrency exploding within the next seven days as Bitcoin’s spot volume hits a level that precedes significant price expansion.

A dwindling volume indicates that many traders are on the sidelines while waiting for an asset to provide clarity in terms of direction.

Meanwhile, the pseudonymous crypto trader Walter Wyckoff believes that Bitcoin will breach resistances as it gets a helping hand from a bullish S&P 500.

“Probably SPX [is] gonna rip on vaccine news and if that happens [it is] gonna pull up BTC. I think that futures opening on legacy will give a clue on what we should expect for the breakout of BTC. Can’t see Bitcoin giga dumping while markets make new highs.”

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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:

This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd.I don’t think I would want to be on the sidelines going into this but low time pref 🧠

Tina and I both agree that #bitcoin volatility could be extraordinary to the upside. @BitcoinTina pic.twitter.com/EWoB0Tv8VW

— Jason Williams 🦍 (@JWilliamsFstmed) July 19, 2020

On-chain Indicators Status: BUY 🟢– Miners are not selling (based on MPI, Miner Outflows)

– No significant #BTC exchange inflows from whales so far

– All exchanges’ reserve hit the year-low a month ago and keep that low pic.twitter.com/IzEmujvbsU— Ki Young Ju (@ki_young_ju) July 20, 2020

Bitcoin Will See a “Monster Breakout” in the Next Three Days: Analyst

https://dailyhodl.com/2020/07/20/bitcoin-appears-ready-for-extraordinary-move-in-just-48-hours-according-to-morgan-creek-digital-partner

https://cointelegraph.com/news/paypal-to-reportedly-offer-crypto-trading-through-paxos-partnership

https://cointelegraph.com/news/bitcoin-surges-to-93k-for-first-time-in-a-week-is-it-a-fakeout