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Closely followed on-chain analyst Willy Woo is laying out a price path for Bitcoin this cycle. In a new episode of What Bitcoin Did Pod with Peter McCormack, Woo names a few key levels that can trigger a continuation of the BTC bull market.
According to the analyst, Bitcoin’s on-chain fundamentals currently give BTC a fair value somewhere between $50,000 and $60,000. Woo also highlights a key price level that he thinks Bitcoin must reclaim to ignite bullish momentum.
Woo’s price prediction for BTC placed it at $162K. Going as far as saying that a $200,000 price mark is still possible for the digital asset this year. This puts Bitcoin on a tremendous run path to get to such a high prediction.
In other trending Bitcoin News today: Unchanged crypto tax bill will be put to a vote on Tuesday! The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation and will impose broad third-party reporting requirements on any crypto firm deemed to be a “broker.”
“If I had any confidence in politicians I wouldn’t be buying Bitcoin for 10 years. Bitcoin came about in part because our financial/political institutions are collapsing from hyper money printing. Why would I call DC senators/arsonists to put out the fire they started?” – Max Keiser
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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/unchanged-crypto-tax-bill-will-be-put-to-a-vote-on-tuesday
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BLOOMBERG: BITCOIN PRICE ACTION REMINISCENT OF 2015 BEFORE HISTORIC 100X BTC BULL CYCLE BEGAN!!
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Bitcoin may be breaking free from its correlation with the stock market and gearing up for a parabolic 2021, according to a new Crypto report from Bloomberg.
The financial news outlet’s latest monthly outlook on crypto calls BTC a “caged bull” that could be on the cusp of a massive long-term breakout.
“Bitcoin may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration for the firstborn crypto and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. constrained supply.
Favorable macroeconomics, akin to those buoying gold, supports the digital store-of-value, notably vs. the oversupplied broader crypto market…
Bitcoin may be in early days of ending its constraining relationship with the Nasdaq 100 Stock Index, in our view.
Technically, the Bitcoin-to-Nasdaq ratio near 1.2 on Oct. 27 has extended above 1.1 resistance that has held for about a year.”
According to the report, Bitcoin’s resistance at $10,000 may morph into resistance at $20,000 next year.
The report cites Bitcoin’s dwindling supply and ultimate cap of 21 million coins as a key driver placing the leading cryptocurrency on a positive trajectory.
It also names steady BTC buys from the institutional crypto asset manager Grayscale as a factor supporting Bitcoin’s price.
Bloomberg analyst Mike McGlone says Bitcoin’s 2020 price action is also reminiscent of 2015, ahead of a bull cycle that ultimately saw BTC rise by 100x.
“2020 Bitcoin may be 2015 launchpad deja-vu. Some key technical indicators portend a strong up-year for Bitcoin in 2021. In 2020, the benchmark crypto dipped below its 50- month moving average and 180-day volatility dropped below 40% at the start of November.
This price foundation pair was last matched in 2015 as Bitcoin bottomed near $200; it peaked about 100x higher in 2017. We see Bitcoin volatility declining with natural maturation and little chance of similar high-velocity appreciation, but the indication is clear: Unless something significant trips it up, the crypto’s price is ripe to advance in the coming years.”
In other trending Bitcoin News today:
“3 Primary Reasons Why Ethereum (ETH) Could Hit $500 in Q4”
A confluence of bullish fundamental and technical indicators sees Ethereum rallying upward towards $500 in the fourth quarter.
The second-largest blockchain asset by market capitalization has rallied by more than 200 percent in 2020, with its price trading just shy of $490 in early September.
Nevertheless, its uptrend paused as traders migrated to Bitcoin, the flagship cryptocurrency that earlier gained entry into the investment/service portfolios of significant corporations (Square, MicroStrategy, PayPal, etc).
#1 ETH/BTC Support
A slowdown in Ethereum’s dollar-based uptrend finds headwinds in the ETH/BTC chart.
The pair, which pits Ethereum directly against Bitcoin, is trading lower since August 31.
As of Thursday, it was down by more than 32 percent from its YTD high of 0.0406 sats.
#2 Ethereum Ascending Triangle
Ethereum’s correction from its YTD high followed by a subsequent pullback to the upside left its price in a consolidation channel.
That range, with a fixed horizontal resistance line and a trail of higher lows, made an Ascending Triangle pattern.
#3 Fundamentals
The reason why Ethereum could perform per its bullish technical expectations is a solid fundamental catalyst.
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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 may undergo a parabolic 2021, as it did in 2013 and 2017, if previous patterns play out again. New highs are a next potential iteration and may be only a matter of time unless something we don’t foresee trips up the trend of greater adoption and demand vs. limited supply pic.twitter.com/w742J7bXfC
— Mike McGlone (@mikemcglone11) November 4, 2020
https://assets.bbhub.io/promo/sites/12/917428_Crypto-Nov2020Outlook.pdf?link=button-header
https://cointelegraph.com/news/bitcoin-hits-14-7k-3-reasons-this-rally-may-see-new-all-time-highs
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BITCOIN PATTERNS MIRROR EARLY DAYS OF EPIC 4,400% BTC RALLY!! NEW DEFI CRYPTO NEXT TO EXPLODE!!
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Digital Asset Manager Grayscale says current investment patterns in Bitcoin mirror trends present in early 2016, when BTC kicked off an astronomical 4,400% rally to its all-time high in less than two years.
Phil Bonello, Grayscale’s director of research, reports that there is a growing number of investors holding on to their Bitcoin.
In Grayscale’s Holder vs. Speculator Index, the percentage of holder coins – BTC that have not moved in one to three years – is on the up and up. Meanwhile, the percentage of speculator coins – BTC that have moved in the last 90 days – is on a decline, much like in 2016.
According to Bonello, an increase in holder coins is a potential bullish indicator, while an increase in speculator coins looks bearish.
Bonello also notes that there has never been a higher level of Bitcoin held for more than one year.
“This metric indicates a strong conviction in Bitcoin by its current investor base. While this is a supply-side metric, it also demonstrates the demand for Bitcoin’s use case as a store of value – rather than trading, it appears investors are interested in holding Bitcoin despite its volatility…
This report is intended to help investors visualize why Bitcoin may be more important than ever; we explore Bitcoin’s value indicators, delineate its substantial supply/demand imbalance, and extrapolate how these factors may create a tailwind for Bitcoin’s adoption and price. This analysis indicates that the current Bitcoin market structure parallels that of early 2016 before it began its historic bull run.”
The researcher does caution that significant off-chain activity may decrease the efficacy of these metrics.
Bitcoin’s price in January 2016 stood at about $434.
In less than 24 months, the king crypto went on to skyrocket over 4,431%, en route to its all-time-high of $19,665, according to CoinGecko.
In other trending Bitcoin News today:
New Crypto Asset Could Be Next DeFi Unicorn to Explode, Says Bitcoin Analyst Nicholas Merten
DataDash founder and Bitcoin analyst Nicholas Merten says a new crypto asset is poised to become the next decentralized finance (DeFi) unicorn to erupt.
Merten says he’s betting big on Ampleforth (AMPL) as he believes the coin is relatively undervalued.
The crypto strategist highlights that AMPL has already gone through close to an 80% correction in terms of market capitalization.
Merten says the pullback has put AMPL in a position to restart its bull cycle as the DeFi asset is flashing bullish signals.
Based on Merten’s chart, the coin’s market cap can explode over 430% in the coming months.
Ampleforth bills itself as an “adaptive base-money.”
According to Merten, the number of AMPL in circulation adjusts based on demand.
“The balance of Ample can increase or decrease and it uses a very similar kind of mechanism some might be familiar with in regards to DAI… In this case, as price goes up, they increase the overall supply in the network and along with that as well, when you see a decrease in price, in this case, the overall supply decreases as well. It’s supposed to provide [the] pressure of limiting the supply on the market and vice-versa.
When price goes up, you have more coins in the market. People are actually, as they’re holding it, not only is price going up, maybe above the peg but along with that, they’re getting extra coins. In this case, there’s a pressure to sell.”
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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:
If you put $1.25M into $BTC today you could literally have $70M in three yearsIt’s a mathematical fact, don’t question it The 6 figures / day you make in the stonk market will seem irrelevant
also the magnet is there for more than just a cosmetic affect pic.twitter.com/ZQ9c0Y6o0N
— RookieXBT 🧲 (@RookieXBT) August 22, 2020
Just to clarify I put in 1.25 million and lost 20k. My money was just better at work in the real stock market where I make 6 figs everyday. https://t.co/5v7Jg2SZYo
— Dave Portnoy (@stoolpresidente) August 22, 2020
https://grayscale.co/wp-content/uploads/2020/08/Grayscale_Valuing_Bitcoin.pdf
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BITCOIN PRICE TO PLUNGE TO ,400?! | Bearish BTC Halving in 2020?!
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Here’s why the Bitcoin price may be about to return to $6,000, maybe lower. It seems that the “Crypto Winter” of 2018 has come back to haunt Bitcoin bulls in 2019.
Cole Garner, a popular cryptocurrency analyst, recently noted that miners are on the verge of capitulating, which is what happened in mid-November, just before the BTC price began to tumble from $6,000 to $3,000. Miner capitulating, for those unaware, is when “small miners get backed into a corner when BTC price is low & the generation of mining hardware they use becomes obsolete.”
The important part of this is that the capitulation of miners induces the sale of mined Bitcoin en-masse, pushing prices lower in a vicious cycle: “Undercapitalized miners panic sell, price dumps, longs get squeezed, stop losses cascade.”
A Bearish Bitcoin Halving?
There are still six months to go before the Bitcoin halving but this could be the first one that has a bearish run up. Industry analyst Willy Woo has looked at the longer time frame charts and noticed that historical BTC halvings have always been bullish leading up to the event.
“NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically we front run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event.”
Willy Woo added…
“I expect way more volatility. Short term bearish is all I’m saying. And don’t expect price will repeat past halvenings.”
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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:
NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically we front run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event. pic.twitter.com/20748Zv8aQ
— Willy Woo (@woonomic) November 18, 2019
Bitcoin Capitulation Near, Price to Plunge to $6,400 if History Rhymes
For First Time Ever, Bitcoin Set to go Into 2020 Halving in Bearish Action
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