IS BITCOIN MIMICKING RISE OF AMAZON?! MOST BULLISH MACRO BACKDROP IN 75 YEARS!!

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Bitcoin Price to Target $11,500 in the Short Term Because Of These Simple Factors

TradingShot – a well-respected technical analyst on TradingView – explained in a recent post that he is closely watching a recently formed inverse head and shoulders pattern for insight into where the BTC price will go next.

Based on this pattern, which he outlines, he believes that Bitcoin (BTC) will retrace towards $7,300 before rallying up to $11,500.

“I expect Bitcoin to retrace now back to roughly 7300 and price the top (inversed) of the Right Shoulder. Assuming the pattern is to a good degree symmetrical, I then expect a peak (before the May Halving) within $11000 – 11500,” he noted.

Analyst: Post-Halving Momentum Likely to Lead BTC to $20,000 TradingShot doesn’t believe that $11,500 is where Bitcoin’s 2020 rally will end, however, as he further goes on to note that post-halving momentum could lead the crypto to its previously established all-time highs around $20,000.

“The Halving will then take effect and after an initial consolidation I expect the 20k ATH to be tested before the end of the year,” he bullishly explained.

In addition to leaning on the inverse head and shoulders pattern and the upcoming mining rewards halving as bullish catalysts, he also references BTC’s position within another macro parabolic channel as a reason to be bullish.

The culmination of all these factors does seem to suggest that the crypto will soon see a significant extension of the uptrend it has been caught within over the past several weeks.

In other Crypto news today, 3 top Cryptocurrency analysts, Peter Brandt, Tom Lee and Mati Greenspan all remain Bullish on Bitcoin right now.

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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:

Charts are constantly morphing. The idea of drawing a chart boundary definition to be fixed forever was discounted by serious traders 80 years ago. Often, the exact configuration is clear only after the fact. #FACT

— Peter Brandt (@PeterLBrandt) January 24, 2020

Wouldn’t trust trendlines… As everyone is drawing them as per their own bias. It can be drawn multiple ways on many Tfs. Market structure is bearish on weekly… unless proven otherwise. Wouldn’t look at daily for a trend change. The bread n butter is weekly for btc.

— Sanchit (@SanchitLuthra87) January 24, 2020

Peter Brandt Remains Bullish on Bitcoin

$20,000: This Pattern Suggests Bitcoin Could Rally 135% in Coming Months

https://www.tradingview.com/chart/BTCUSD/WibvuiXX-BITCOIN-The-hidden-Channel-the-I-Head-and-Shoulders-to-11000/

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Macro guru and Bitcoin bull Raoul Pal says he’s battling the urge to sell off all of his BTC in order to buy more Ethereum (ETH).

“The ETH space is growing at 100% YOY (vs 50% YOY for BTC) and it is attracting a massive proportion of the developer talent and applications too.

At this point in the risk cycle and with ETH 2.0 coming (cheaper fees and less supply), I’m struggling to not sell all my BTC to move my entire core position to ETH. To be clear – I’m a massive BTC bull, but I think ETH is the better asset allocation for performance right now.”

In other trending Bitcoin News today:

The state of Louisiana just thanked Satoshi Nakamoto for their contribution to “economic security” in a latest resolution signed yesterday.

“To commend Bitcoin for its success in becoming the first decentralized trillion dollar asset and to encourage the state and local governments to consider ways that could help them benefit from the increased use of this new technology.”

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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:

To be brutally honest, I stare at the chart of ETH/BTC and I see an enormous rounded bottom with potentially huge breakout just above…. pic.twitter.com/85hfawq0bx

— Raoul Pal (@RaoulGMI) April 21, 2021

New Crypto Asset Surges 40,000% in One Day As Meme Coin Tidal Wave Evolves

https://cointelegraph.com/news/planb-speculates-that-btc-price-fall-doesn-t-mean-the-end

https://cointelegraph.com/news/governing-body-of-louisiana-gives-bitcoin-its-nod-of-approval

https://cointelegraph.com/news/bitcoin-funding-rate-flips-negative-after-48k-retest-was-it-a-bear-trap

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Global Macro Investor founder and chief executive Raoul Pal is betting big on Bitcoin.

Pal is offering an update on his BTC portfolio and declares more than half is now dedicated exclusively to Bitcoin.

In May, Pal said Bitcoin appears to be entering one of the best technical setups of all time and could be on a long-term trajectory to $1 million.

“Bitcoin Porn and The Perfect Set Up… BTC Chart 1 – The Perfect Wedge. If you use classic charting techniques, it gives you a price target of around $40,000…but

Chart 2 – The Perfect Wedge on a Log Chart Well, that gives you a price object for this run potentially (key word – potentially) of $1m.

Chart 3 – The Perfect Regression Channel That gives a 1 standard deviation move to $400,000 and a 2 standard potential to $1m (potential).”

Pal is also publicly pondering just how far he should go in his wager that Bitcoin will be one of the most lucrative assets of the next decade.

“Is it possible to get irresponsibly longer or is irresponsibly long the max? Asking for a friend… Bitcoin.”

The high-profile investor says his portfolio allocation is high risk and not something everyone should pursue.

“We are all 100% aware of the downside risk in a 60 vol asset… this is not a trade for a great grandmother.”

The Global Macro Investor executive says he’s accepted the possibility that Bitcoin might plummet all the way down to zero.

To further clarify his apparently BTC allocation, Pal explains that there’s a method behind the madness.

“I just want to be clear, with regards to being irresponsibly long bitcoin: I don’t use leverage. I fully expect to have to deal with a 50% drawdown and, I’m ok with it. I look at my allocation versus liquid assets and not my house etc. I am lucky have an income stream, which is key.”

In other trending Bitcoin News Today:

Yearn Finance’s YFI Reclaims $40K after Coinbase Listing

Yearn Finance’s governance token, YFI, closed above $40,000 during the early trading session on Monday. The YFI/USD exchange rate established an intraday high at circa $42,425 following a 13.74 percent rally.

The strong upside move appeared despite a lackluster bullish trend elsewhere, with top cryptocurrencies Bitcoin and Ethereum trading under the weight of sellers.

YFI too experienced a sell-off near its session top.

Traders booked their intraday profits, causing the cryptocurrency to plunge lower by 8.50 percent during the European session.

Nevertheless, a support level lurking around $38,990 protected the price from falling anywhere lower.

YFI/USD reclaimed some of its intraday profits after establishing its session support level.

A continuation in uptrend expects to lead the pair towards its all-time high near $44,003, with a primary bullish target lurking near $50,311.

The latest winning round the Yearn Finance market followed YFI’s listing on Coinbase Pro.

The US-based crypto exchange announced earlier today that it is now allowing traders to deposit their YFI tokens into its platform.

From Tuesday, trading of the DeFi cryptocurrency will commence.

Excerpts from their announcement:

“Once a sufficient supply of YFI is established on the platform, trading on our YFI-USD order book will launch in four phases, transfer-only, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”

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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:

Chart 2 – The Perfect Wedge on a Log Chart

Well, that gives you a price object for this run potentially (key word – potentially) of $1m. pic.twitter.com/ZDJXsrbbVN

— Raoul Pal (@RaoulGMI) May 8, 2020

Chart 3 – The Perfect Regression Channel

That gives a 1 standard deviation move to $400,000 and a 2 standard potential to $1m (potential). pic.twitter.com/YV1SUOKWjn

— Raoul Pal (@RaoulGMI) May 8, 2020

S2F version 1 update. This is the 2019 time series model on historical BTC data only (no gold, silver, diamonds, real estate data used). You see the jump in model value at the halving (white line) and corresponding drop in S2F multiple / model error (white dots). Time to go up. pic.twitter.com/qIjiXfbmCx

— PlanB (@100trillionUSD) September 14, 2020

Yearn Finance’s YFI Reclaims $40K after Coinbase Listing

https://dailyhodl.com/2020/09/14/macro-strategist-raoul-pal-moves-more-than-50-of-portfolio-to-bitcoin-in-big-bet-on-future-of-crypto/