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Crypto analyst spotted this strong Bitcoin bullish harmonic structure in an advanced form.

The pattern is pointing towards a $32,000 BTC price as the next bull run target.

Yesterday, Bitcoin price reclaimed its critical $12,000 resistance before suddenly dropping by $500 in seconds to fill futures gap.

A bounce off $11,500 saves investors from serious pain but $12,000 remains a problematic level to flip to support.

Data from Cointelegraph Markets and Coin360 showed BTC/USD nosedive 4% during Monday trading, bouncing off $11,500 and since returning to $11,700.

In doing so, Bitcoin neatly filled the latest gap in CME Group’s Bitcoin futures markets, which lay just below $11,700. 

A classic move, Cointelegraph predicted on the day that markets would likely attempt to go lower on short timeframes to fill the gap, in line with standard behavior.

The event caused a dramatic spike in liquidations on derivatives giant BitMEX, data from monitoring resource Skew confirms.

For Cointelegraph Markets analyst Michaël van de Poppe, the sudden dip suggested that Bitcoin was returning to the pattern of behavior seen in recent months. 

“Smaller timeframe chart explaining what just happened. Essentially, we’re back into the ranging gameplan,” he told Twitter followers. 

“Ranging” within a certain price corridor has become a feature of BTC/USD in 2020, with recent gains upending a protracted period, which slowly narrowed to point — a process known as compression.

Going forward, lower levels could see a retest, with significant support just above $10,000 still apt to form the price floor, Van de Poppe thinks.

“Larger timeframe; still expecting such a scenario,” he continued. 

“If we break $12K however, I assume we’ll see $13k.”

Attention will thus now focus on bulls’ ability to cement $12,000 as a support zone, something which has yet to occur on any meaningful level for Bitcoin. 

Nonetheless, the latest weekly close marked the highest since January 2018 and the initial fall from Bitcoin’s all-time highs of $20,000.

In other trending Bitcoin News today:

‘Capital Flight out of Asia Is Taking Bitcoin Express’ Says Max Keiser

Capital flight out of Asia is one of major reasons for Bitcoin (BTC) hitting new 2020 highs in August, a major Bitcoin advocate believes.

Max Keiser, a famous American broadcaster and known Bitcoin bull, is confident that rising tensions in Asia are one of factors for Bitcoin’s rally up to $12,000.

In an Aug. 10 tweet, Keiser argued that Bitcoin is a solid method to move big amounts of money abroad while crossing borders.

According to Keiser, a number of people in Asia are using Bitcoin to move their money out of the continent as geopolitical tensions risk affecting markets.

“Capital flight out of Asia taking the Bitcoin express,” Keiser wrote. Comparing Bitcoin to gold — one of the world’s most popular safe-haven assets, Keiser argued that Bitcoin is one of the few ways to move a fortune abroad. Keiser said, “You can’t take it with you, unless it’s Bitcoin – then you can take IT ALL with you. (Something near impossible with gold).”

The news comes amid reports of Chinese citizens illegally crossing into the United States with $28,000 worth of gold bars.

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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 up as tensions rise in Asia

Capital flight out of Asia taking the #Bitcoin express

You can’t take it with you, unless it’s Bitcoin – then you can take IT ALL with you

(Something near impossible with Gold)

— Max Keiser (@maxkeiser) August 10, 2020

$BTC #BITCOINSmaller timeframe chart explaining what just happened. Essentially, we’re back in to the ranging gameplan.

Larger timeframe; still expecting such a scenario. If we break $12K however, I assume we’ll see $13k. pic.twitter.com/vjnJzJfVzC

— Crypto Michaël (@CryptoMichNL) August 10, 2020

https://www.tradingview.com/chart/XBTUSD/CtL1HlXn-Bitcoin-to-32k/

https://news.bitcoin.com/year-end-gold-and-bitcoin-price-predictions-from-regular-everyday-people/

https://cointelegraph.com/news/bitcoin-price-suddenly-drops-by-500-in-seconds-to-fill-futures-gap

https://cointelegraph.com/news/capital-flight-out-of-asia-is-taking-bitcoin-express-says-max-keiser

➡️ Cryptocurrency Masterclass: http://class.cryptonewsalerts.net

Blockstream CEO Adam Back says he believes retail investors alone can push the Bitcoin price to $300,000 within the next five years.

This equates to a Bitcoin bull rally of around 3,050% from the current BTC price.

Back attributed this high prediction to the influx of investors hedging with Bitcoin, be that Paul Tudor Jones or retail investors like you or I.

He added that with “a lot of money printing” going on in the world, BTC’s use case makes even more sense. Corroborating the $300,000 prediction is the famous Stock to Flow Model from analyst “PlanB,” a pseudonymous quantitative analyst that works as an institutional investor in Europe.

His analysis found that the value of BTC can be tied to its level of scarcity.

The more scarce Bitcoin is, the higher its fair value should be. PlanB plotted this relationship and found that by abstracting time from the model, he can fit a regression that has an R squared value of over 99%.

The regression suggests that Bitcoin will reach a price of $288,000 within the next five or so years.

Although Bitcoin rallying to $300,000 would be accepted by any crypto investor, it may be too low of a prediction.

There are analysts seriously considering that the leading cryptocurrency will reach well past $300,000 in the coming years due to macro trends.

Raoul Pal is one of these analysts.

The former head of Goldman Sachs’ hedge fund sales division and a noted macro analyst recently went on the “Keiser Report” on RT to discuss this.

During the interview, host Max Keiser asked Pal if he thinks Bitcoin has the potential to rival gold’s market capitalization of $9 trillion in the future.

“If it becomes an ecosystem, and we believe it will be and it will take the whole ecosystem with it as well, then yes, I think a $10 trillion number is easily achievable within that process,” the current CEO of Real Vision said.

A $10 trillion market capitalization corresponds with more than $500,000 per coin.

Pal elaborated on his thesis in the April edition of Global Macro Investor — the research business he runs with a business partner.

Bitcoin is likely to erupt higher in the coming years because due to the ongoing recession, there is a risk “of the failure of our very system of money” or at least a collapse of the “current financial architecture.”

To him, cryptocurrencies such as Bitcoin are a way out of that system and may act as the predicate on which the next system is built upon.

Pal said on Bitcoin in particular:

“It is an entire trusted, verified, secure, financial and accounting system of digital value. […] It is nothing short of the future of our entire medium of exchange system, and of money itself and the platform on which it operates.”

In other trending Bitcoin News today:

Massive Bitcoin Plunge Nothing More Than Traders Being Traders, OKCoin Exec Says

Bitcoin’s recent price dive may have been nothing more than the result of standard trading activities.

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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/massive-bitcoin-plunge-nothing-more-than-traders-being-traders-okcoin-exec-says

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The Bitcoin price hasn’t fared too well over the past week; after hitting $10,000 last weekend, the BTC price of the leading cryptocurrency fell, tumbling from that key psychological resistance to a price as low as $8,450 (TradingView data) – a drop of 15%.

While there are a number of analysts hinting that this retracement is a precursor to a deeper correction, a growing number of commentators claim that Bitcoin (BTC) is on the verge of rallying 100% (or more) towards the previous all-time high of $20,000.

What’s even more interesting about these Bitcoin predictions is that a few traders expect such price action to transpire over a couple of months, not the years it took BTC to move out of a bull market in 2014-2015.

Could Bitcoin Really Hit $18,000 In the Coming Months?

Despite the fear floating around the crypto industry at the moment due to last week’s severe correction, Polar Hunt recently shared his analysis.

The analysis, which attempts to compare the price action between the market structure in 2014-2016 to the market structure, suggests that Bitcoin is currently “holding up nicely” against the previous market cycle.

BTC following the previous market cycle to T, per Polar Hunt’s charts, will mean the asset surging to $18,000 – a gain of over 100% from the current price of $8,550 – by the time of the block reward reduction in May 2020.

Veteran Trader Who Predicted Bitcoin (BTC) Rise to $100,000 Issues Painful Update to Cryptocurrency Investors

A veteran technical trader who was immortalized in the world of crypto for calling the top of Bitcoin’s last parabolic cycle is updating his views on the leading cryptocurrency.

In June of last year, Peter Brandt said BTC appeared to be at the start of a fourth parabolic phase, taking aim at $100,000.

“Bitcoin takes aim at $100,000 target. BTC/USD is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”

As its price continued to rise in February, he said Bitcoin’s strong start to the year suggested an even larger moonshot could play out through 2021.

Since then, BTC has aggressively retraced from a high of $10,421 on February 12th to its current price of $8,669 at time of publishing.

Amid the downturn, Brandt says he still has a positive outlook on BTC – but the significant correction shows the painful truth: Bitcoin has yet to prove it’s on a parabolic path.

“I am constructive on BTC, but let’s look at facts. BTC has been in bear market for 26 months — not exactly a bull trend”

“I receive a ton of criticism, sarcasm and trolling because I change my mind on markets. Just to let you trolls know, I take my willingness and ability to change my mind quickly as a point of survival and pride as a trader.”

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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:

Here are the stages an investor goes through in a liquidating market1. It’s a great stock. I believe in it2. I will buy more if it goes down more3. I will get out if I can break even4. I will get out if my loss is reduced

5. My opinion of the stock doesn’t matter. Let me out

— Peter Brandt (@PeterLBrandt) February 28, 2020

This is also holding up nicely and shows how this particular part of the marketcycle is “sideways” and therefor both hard to buy and hard to hold.

Im writing these posts to show you, but also to remind my self not sell any. I actually added to my stack this Friday. pic.twitter.com/VIG2a6OZ8q

— Polar Hunt (@polar_hunt) March 1, 2020

Here’s Why Bitcoin Could Rally 100% to $18,000 by the 2020 Halving

https://www.tradingview.com/chart/XBTUSD/Noakp7n5-Why-I-believe-Bitcoin-will-retest-All-Time-Highs-by-July-1-2020/