Key Google Metric: Bitcoin Price May Explode Into 0K Parabolic Rally | BTC Death Spiral Buzz Kill

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The Bitcoin price saw quite the bout of volatility on Wednesday.

Early in the morning, Bitcoin (BTC) tanked, falling as low as $6,450 in a strong move lower, before rebounding to the upside.

By the end of the day on Wednesday, the BTC price had rallied as high as $7,400, surging by over 10% from its local bottom in the $6,400s on the back of seeming short covers and long-term investors buying the Crypto dip.

Although it may be too early to tell whether or not this is a fully-fledged macro reversal, one prominent trader, who called the drop in November to the $6,000s, suggests that (BTC) Bitcoin has a good likelihood of reaching $20,000 by as early as March, 2020.

Bitcoin’s latest bounce higher has infused bulls with a fresh dose of hope, culminating in positive analyses that imply BTC’s reversal rally is just starting.

One such analysis was posted by Velvet, a popular cryptocurrency trader.

They noted that “this week[‘s close]” for BTC is “very important,” noting that the key thing Bitcoin will need to do by Sunday’s close is “holding the” trend line.

For reference, the trend line in question, which always ended up in bear markets when BTC crossed below it, currently sits in the high-$6,000s, which BTC is currently above.

If Bitcoin rides that level, Velvet remarked that Bitcoin “could see $20,000 by March,” referencing the fact that prior to previous halvings, BTC always surged, rallying higher on the expectation that a negative supply shock would hit the market.

In other Bitcoin news today:

BTC stuns bears, soaring $800 back over $7,000 to fill Futures ‘Gap’.

Earlier in the day, veteran commodities trader Peter Brandt tweeted a logarithmic chart of Bitcoin’s long term price action and wrote:

Bitcoin has apparently held at important support.

A number of other traders also pinpointed the importance of Bitcoin price remaining above this support and today’s strong upside move is sure to have relieved worried investors, at least for the time being. 

Interestingly, the rebound to $7,235 also filled the CME gap from Dec. 14-15, a phenomenon that has become increasingly common for BTC/USD this year.

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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 $BTC #BTCUSDReal talk: This week is very important!The only thing that matters now is holding the trend (red line)! (Current UP)Every time we lost it, we ended up in a BEAR market! Only this time.. the market will crash!

👉 If we HOLD it we could see 20K by march pic.twitter.com/qrmAnu6weO

— 𝓥𝓮𝓵𝓿𝓮𝓽 📊丝绒 (@888Velvet) December 18, 2019

Here’s How Bitcoin Price Could Hit $20,000 By as Early as March: Analyst

https://cointelegraph.com/news/bitcoin-stuns-bears-soars-800-back-over-7k-to-fill-futures-gap

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Bitcoin Readies for Next Leg Higher

Bitcoin (BTC) seemingly moves without rhyme or reason, but the cryptocurrency, just like any other asset, has patterns, has rhythms, that may lend insight into future price trends.

Mohit Sorout — a partner at crypto hedge fund Bitazu Capital — shared once such pattern when he published the chart below, indicating that Bitcoin “loves to paint” this price action.

According to Sorout, Bitcoin followed this exact schematic twice last year, once prior to rallying from $5,000 to $7,000, and another time before rallying from $8,000 to the $14,000 yearly highs.

Considering Bitcoin’s price action over the past few days matches the left side of the schematic perfectly, a near-term rally towards ~$11,500 has been made that much more likely, Sorout’s chart indicated.

Sorout’s schematic isn’t the only sign suggesting that Bitcoin will soon make a run past $10,000 to new all-time highs.

The same trader that predicted Bitcoin would bottom at $3,200 six months before it did argued this week that BTC’s chart implies an imminent upswing towards the $12,000 region.

In reference to the chart below, the analyst remarked that “Bitcoin [recently] smashed past” a key technical resistance while the cryptocurrency has held crucial technical levels.

This led him to the conclusion that a move towards $11,500 in July is possible.

More recently, he added that the historical downtrend from Bitcoin’s 2019 high of $14,000 was just broken just days ago.

Bitcoin holding key technical levels while crossing the downtrend indicates that BTC’s price action over the past few days constitutes consolidation above a level of resistance — a sign deemed bullish by the trader.

Bitcoin could also be buoyed by positive fundamental events, such as billionaire hedge fund manager Paul Tudor Jones’ entrance into the cryptocurrency space.

The Wall Street veteran revealed this week that he is investing around $100 million worth of his personal wealth in Bitcoin.

The investor attributed to his newfound belief in the benchmark cryptocurrency to central banks, which are not printing more money than ever before to save the flagging economy. 

In other trending Bitcoin News today:

Hedge Fund Manager Predicts Bitcoin’s Post-Halving Trajectory

Hedge fund manager Matt D’Souza thinks patience is the key for Bitcoin holders looking to capitalize on the halving. D’Souza, who’s also the co-founder and CEO of the crypto mining operation Blockware Solutions, says it’s not the time to day trade.

“In 2016, Bitcoin rallied ~67% into Halving. It corrected 33% & bottomed within 3 weeks only to begin a 17-Month Bull Market. In 2020, we didn’t rally going into Halving as we recovered losses from a Global Market Melt Down. The Fundamentals for Bitcoin have never been better. Halvings are typically Buy the News, Sell the Rumor Events.

In 2020, I expect a shallower sell-off than 2016 (we already corrected 20%) & only a 1.5-3 week duration max. Now is the time to be patient & Hold – NOT day trade. The big money is in the sitting & capturing the Cycle.”

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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:

I don’t understand bitcoin. Please explain it to me.

— J.K. Rowling (@jk_rowling) May 15, 2020

The decoupling is underway:•Stocks selling off and back below where they started May

•BTC bounce continues with slow & steady rise https://t.co/FUYbF8k4h3

— Luke Martin (@VentureCoinist) May 13, 2020

4) The Supply Side Economics has improved w/ the Halving & Demand Side is robust due to the exceptional fundamentals: $SQ‘s Cash App had a record quarter in BTC Sales – signaling retail participation (H/T @IgNoffs)
Paul Tudor Jones is a strong signal of what’s to come from funds

— Matt D’Souza, CPA (@mjdsouza2) May 13, 2020

the rise from 3-14k was clearly an impulsive move.

sure, you could wait for the downtrend from 20k to be broken but you will simply just be jumping in later

— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 15, 2020

The Paul Tudor Jones letter is the single most bullish thing ever written about bitcoin, and it came from Tudor himself. I see it as a game changer. Think many macro investors will follow. Mandate changes and onboarding take time. PTJ will be on CNBC this week.

— Alex (@classicmacro) May 11, 2020

Hedge Fund Manager Predicts Bitcoin’s Post-Halving Trajectory

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Popular Bitcoin pioneer Max Keiser shared his latest BTC price prediction on Twitter…

“Buffett’s rotation out of banks into GOLD – marks the end of all-fiat money experiment started in 1971 – marks the start of 3rd leg of Gold’s bull run started in 2000 – marks the top in bond market – marks the beginning of $USD crash – marks start of BTC to $400,000.”

In other trending Bitcoin News today:

Bitcoin Price Will ‘Explode’ Says Trader if BTC Breaches $13,000

Bitcoin (BTC) will “explode” in price once it hits $13,000, one trader believes as Bitcoin futures trade at 6% above spot price.

In a tweet on Aug. 18, the derivatives trader JSterz highlighted “extreme” Bitcoin futures spreads as a sign that an intensely strong bullish advance may soon arrive.

Currently, Bitcoin futures contracts expiring in March 2021 are priced 6% higher than the BTC/USD spot price at around $12,280.

“It seems extreme to see BTC-Mar21 trading 6% above spot,” JSterz summarized. 

“We have been at this level about four times since 2017. If BTC breaches 13k+ this thing is going to explode.”

Open interest for a basket of trading platforms hit new all-time highs on Monday, beating a previous record from mid-February, before March’s coronavirus-induced crash.

“Note the changes in market share of OI,” Ikigai fund manager Travis Kling commented, uploading an overview chart to Twitter.

“We’ve been talking about The Herd… coming for so long its become a meme. But without a doubt, this is actually The Herd and its wildly bullish.”

Institutional investment in Bitcoin remains a major topic of conversation among supporters this month, following a dramatic buy-in from multibillion-dollar MicroStrategy in late July.

Asset manager Grayscale has seen record investment in its various cryptocurrency funds, as Bitcoin outperforms gold as a fiat hedge.

On Monday, a sudden swing above $12,000 was assumed to be a red herring, but the higher levels have since held.

For John Bollinger, creator of the Bollinger Bands volatility indicator, there was now every reason to believe in the strength of the rally.

“I imagine that someone is complaining about the $BTCUSD rally. Not me, a picture perfect advance so far,” he tweeted at the time.

“Squeeze, confirmed break out, walk up the upper band, consol, support at middle band, mini-Squeeze, break to new highs. How much more could one ask for?!”

In other trending Bitcoin News today:

The New McAfee: Dave Portnoy Forgets About Bitcoin and Starts Shilling Low-Cap Altcoins To His 1.7M Followers

The poster child for legacy market day trading, Dave Portnoy, who recently met the Winklevoss Twins to discuss Bitcoin, is now well over it.

Apparently, his new passion lies within low-cap altcoins such as Orchid (OXT).

The cryptocurrency has a total market capitalization of less than $40 million.

Despite being relatively unknown in the space, Portnoy is supposedly investing in it.

Max Keiser tweeted,

“As predicted last week ADD victim Dave would forget about BTC within minutes and immediately become a shitcoiner. John McAfee came very close to being jailed for this ‘coin of the day’ scam. Might still be.”

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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:

Buffett’s rotation out of banks into $GOLD – marks the end of all-fiat money experiment started in 1971 – marks the start of 3rd leg of Gold’s bull run started in 2000– marks the top in bond market

– marks the beginning of $USD crash

– marks start of #BTC to $400,000

— Max Keiser (@maxkeiser) August 17, 2020

https://twitter.com/JSterz/status/1295415254193766400/

https://cryptopotato.com/the-new-mcafee-dave-portnoy-forgets-about-bitcoin-and-starts-shilling-low-cap-altcoins-to-his-1-7m-followers/

https://cointelegraph.com/news/bitcoin-price-will-explode-says-trader-if-btc-breaches-13-000