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“This is the most important Bitcoin breakout in BTC history”, says popular Crypto analyst CryptoBirb.

He’s referring to Bitcoin’s recent ability to break above a descending trendline and bull pennant that has been formed since the 2017 peak.

We saw a similar breakout in June of 2016, which is what sparked the massive uptrend that ultimately resulted in Bitcoin seeing a parabolic move to $20,000 in late-2017.

If history rhymes, this could mean that Bitcoin is entering the early phases of its next major bull trend.

ANALYST: BITCOIN MAY “TELEPORT” TO $13,000 IF IT BREAKS KEY LEVEL

Bitcoin is stuck beneath $12,000. This stalling momentum comes after the cryptocurrency incurred an incredibly strong uptrend that had led it from lows of $9,000 to highs of $12,000 in a matter of weeks.

The cryptocurrency’s ongoing consolidation phase suggests that buyers don’t have enough buying pressure to shatter the resistance that sits just above where it is currently trading.

It may also indicate that buyers are losing their momentum. Nonetheless, BTC is still just a hair away from closing above a crucial level that could allow it to “teleport” up towards $13,000.

It is essential to consider that BTC is currently in a multi-day consolidation phase directly after being caught within a strong bull trend.

This isn’t an uncommon occurrence within bull markets, and BTC could even dip lower while still maintaining its market structure.

The crucial level that buyers need to defend going forward sits at $10,500, which was previously a resistance level that had held strong for nearly a year.

If this level is broken below, it may negate the strength that Bitcoin has been incurring in recent weeks.

At the moment, it does not appear that any sort of sharp downtrend is imminent, as each dip over the past several days has been rapidly absorbed by buyers.

Despite its stalling momentum, Bitcoin is just a hair away from breaking above a crucial level that could lead it to see massive upside.

One popular cryptocurrency analyst spoke about this level in a recent post, noting that a close above the region between $11,800 and $12,000 could be all that is needed for BTC to “teleport” to $13,000.

“Weekly close above and you will witness an immediate teleportation to 13k,” he said.

In other trending Bitcoin News today:

ChainLink (LINK) Inches Closer to 100x in Returns Since ICO

Going back in time to September 2017 during ChainLink’s ICO, we find that the price per LINK on offer during the crowd sale was $0.11.

Doing the math and using the new all-time high value of $10.77, this translates to a return on investment of 97X.

This, in turn, means that for every $100 spent during the ICO period, investors are in profit to the amount of $9,700.

According to CoinCodex, those who used Ethereum and Bitcoin to participate in the Chainlink crowdfunding, have an ROI of 32.54x and 71.30x respectively.

Additionally, LINK marines are very much confident regarding the fundamentals governing the upward trajectory of ChainLink.

Some LINK marines have gone as far as declaring that they will start taking profits when the digital asset hits $100.

Below is one tweet that demonstrates investor confidence in ChainLink.

“We aren’t taking profits until $100”

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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:

Breakout from range confirmed when:➡️ successful retest of resistance as support (bouncing from it)➡️ bounce closes higher than previous high

Then and only then we can talk about 250k and endless financial freedom$BTC pic.twitter.com/0UgFUR6uCI

— Teddy (@TeddyCleps) August 6, 2020

Analyst: Bitcoin May “Teleport” to $13,000 if It Breaks Key Level

ChainLink (LINK) Inches Closer to 100x in Returns Since ICO

Analyst: Bitcoin Just Posted the “Most Important Breakout” in BTC History

➡️ Teeka Tiwari – Investment of the Decade:  http://2020.cryptonewsalerts.net

The Bitcoin price is still struggling to break out above $10,000 following three failed attempts over a 36-day period.

Traders remain mixed on the short-term BTC price trend as macro indicators suggest varying trends.

Many traders believe the price of Bitcoin is primed for a rally above the multiyear resistance level of $10,500, which would confirm the end to a two-year price cycle and the start to a newfound rally.

Others foresee the price of Bitcoin falling all the way to the $6,000–$7,000 range in the near term, given the three consecutive rejections of the same range in between $10,000 and $10,500 spanning over a month.

Historical data shows that declining volatility and volume suggest a large Bitcoin price movement will likely occur in the near term.

For instance, the price of Bitcoin in early September 2019 was hovering around $10,500 to $10,800.

At the time, the volume of both futures and spot markets declined substantially compared with the previous two weeks.

By the end of October, after a month of consolidation, the price of Bitcoin dropped from $10,800 to $7,300, recording a 32% pullback within two months after weeks of low volatility.

The bullish scenario for Bitcoin in the short term Traders generally anticipate a Bitcoin upsurge in the near term due to three main reasons: a compelling technical structure, an increase in the number of long-term holders and a rapidly growing hash rate.

According to Michael van de Poppe, a full-time Amsterdam Stock Exchange trader, the short-term trend of Bitcoin is optimistic as long as the price remains above $9,100.

The $9,100–$9,300 range has served as a strong support area for Bitcoin since May.

If the price holds $9,100 and breaks above $10,500 once again, van de Poppe emphasized that $12,000 is likely next.

He said: “If we break $10,000, next level is $10,500. If we break $10,500, next level is $11,500-12,000. Crucial level to hold; $9,100-9,300.”

Similarly, cryptocurrency trader Nunya Bizniz said earlier this month that the following levels are the most important for BTC to see a prolonged rally:

* $10,000: a resistance and psychological barrier;

* $10,500: first higher high, change to market structure;

* $11,600: last three cycles, a monthly close is above a key technical level at 50% Fibonacci retracement; and

* $14,000: a close above a monthly all-time high indicates an attempt at BTC’s record high.

In other trending Bitcoin News today:

INDIA PLANS BITCOIN BAN EVEN AS ITS BANKING SYSTEM GRADUALLY COLLAPSES

The Indian government may ban Bitcoin. According to a report by Economic Times, the country’s finance ministry has sent the proposal for inter-ministerial consultation.

The department then expects to forward the plan to its top cabinet, which operates directly under Prime Minister Narendra Modi. The move further allows the motion to be tabled as a bill in the parliament.

“While we have recognized… the power of Reserve Bank of India to take preemptive action, we are testing in this part of the order the proportionality of such measure, for the determination of which RBI needs to show at least some semblance of any damage suffered by its regulated entities. But there is none.”

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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 #BITCOINSlight wick now, which is fine.If we break $10,000, next level is $10,500.If we break $10,500, next level is $11,500-12,000.Crucial level to hold; $9,100-9,300.

Check it here:https://t.co/nCn6H1LjY5 pic.twitter.com/TxxsVk0GrB

— Crypto Michaël (@CryptoMichNL) June 10, 2020

BTC overhead stepping stones:1. $10K – Resistance & psychological barrier2. $10.5K – 1st higher high, changes market structure.3. $11.6K – Last 3 cycles, a monthly close above 50% Fib retracement = 🚀

4. $14K – A close above monthly ATH close always = 🚀

— Nunya Bizniz (@Pladizow) June 1, 2020

The government needs to stop this madness of deciding whether they want to ban crypto or not. Either do it so we can fight it or come up with better regulations instead of throwing a news byte every few days creating panic in public.

Aadmi kare to kya kare?

— Naimish Sanghvi (@ThatNaimish) June 12, 2020

Evidence of buyer interest around $btc M.O.This level got front run on recent dumps. Sellers just don’t have what it takes to push price down.

Longed. pic.twitter.com/LDyjNYJQDn

— Mohit Sorout 📈 (@singhsoro) June 11, 2020

India Plans Bitcoin Ban Even as Its Banking System Gradually Collapses

https://charts.woobull.com/bitcoin-hodl-waves/

https://cointelegraph.com/news/bitcoin-price-to-hit-12k-or-8k-next-btc-traders-discuss-macro-signs

➡️ Teeka Tiwari – Investment of the Decade:  http://2020.cryptonewsalerts.net

For the umpteenth time this month, Bitcoin price failed to hold above the $10,000 resistance on June 10th.

Prominent investors in the cryptocurrency space, however, remain bullish on BTC due to a confluence of macroeconomic factors.

They say that in 2020, there’s a high likelihood Bitcoin revisits its all-time high price of $20,000.

A rally to $20,000 would mark a 112% rally from the current BTC price of $9,400.

Morgan Creek Digital partner Jason Williams believes that Bitcoin will hit $20,000 by October.

He argued in a recent tweet that such a performance would be “World Class” in such a relatively short time frame.

This is a slight adjustment made to a forecast of $20,000 by September that the crypto fund manager shared with the International Business Times in May.

“20k bitcoin by October. 2x is World Class in this timeframe. Remember that. I can’t stop looking at the next 7 days.”

In the tweet, the prominent Bitcoin investor didn’t elaborate on what evidence there is to back this prediction.

Yet in previous interviews, he has alluded to why he expects BTC to rally upwards of 100% in the coming four to five months.

Speaking to Thinking Crypto in May, Williams shared his opinion with the interviewer that he believes that the cryptocurrency industry is in a similar position to the internet/digital industry in the mid-1990s.

That’s to say, Bitcoin has a vast amount of upside in the coming years, potentially making $20,000 just the start of a larger rally.

Williams’ partners Mark Yusko and Anthony Pompliano are arguably even more bullish.

The other Morgan Creek Digital co-founders see the confluence of massive money printing by central banks and the block reward halving as “rocket fuel” for BTC.

Williams is not the only investor in the industry expecting a $20,000 Bitcoin in 2020.

BitMEX’s chief executive, Arthur Hayes recently said that his “end of 2020 price target remains $20,000.”

He argued in a March newsletter that central banks will dramatically bolster BTC’s value proposition, driving prices higher as investors acknowledge that.

Dan Morehead of Pantera Capital echoed this to a T, writing in a March newsletter that in a world where the value of fiat money is being constantly debased, the scarce Bitcoin stands to benefit:

“Now that we’re in the trillions, the deficit just simply has to have a positive impact on the price of things not quantitatively-easable — stocks, real estate, cryptocurrency relative to the price of money.

Said another way, the BTC/USD cross-currency rate will rise.

The price of bitcoin may set a new record in the next twelve months.”

In other trending Bitcoin news today:

Bitcoin Will Soon See the Exact Same Signal That Marked the Start of a 4,000% Rally

A prominent trader shared the chart below on June 13th, showing that Bitcoin’s two-week relative strength index (RSI) is about to break past a downtrend formed in the wake of the rally to $20,000.

This is important as the last time the two-week RSI looked as it did now was at the start of BTC’s previous bull run, prior to a ~4,000% move from ~$500 to $20,000.

The RSI breakout isn’t the only trend that has analysts believing that the start of a macro uptrend is on the horizon.

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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:

Another Top Investor Expects the Bitcoin Price to Erupt to $20,000 in 2020