KEY METRIC SHOWS BITCOIN MINERS IN ‘MASSIVE’ BTC ACCUMULATION MODE!! STRIKE LAUNCHES IN ARGENTINA!!

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Bill Miller, chairman and chief investment officer of Miller Value Partners, is sharing his crypto investment strategy and why he’s bullish on Bitcoin (BTC).

In a FutureProof interview, the head of the investment firm that manages $3 billion in assets describes the start of his journey as a BTC believer.

“I got involved in Bitcoin around 2013. It was trading at around $200 or so when I started buying it. Then it ran up to around $1,100 to $1,200 and then Mt. Gox collapsed. [Bitcoin] collapsed all the way back to $200 again in 2014. I began to buy it again… My average cost is about $300 [a coin].”

Miller says there are several fundamental reasons why he became an early adopter and long-term advocate of the world’s leading cryptocurrency.

“The nature of what it was trying to do, it had many different ways to win. My view was if any of those various things – it became a currency, it became a payment system, it became a non-correlated asset – any of those things, much less all of them, would lead to a very dramatic move in the underlying price.

That was also helped along by the fact that it is limited to 21 million Bitcoin and it is decentralized. It is not able to be tampered with or debased.”

From an investment standpoint, Miller says Bitcoin continues to offer a very favorable risk-reward ratio.

He’s an advocate for a small 1% to 2% portfolio allocation to BTC.

In the long run, he believes he could earn a 1000x or more return on his BTC investment, which would place Bitcoin at $300,000.

“I could make 100x of my money. I could make 1,000x, maybe more than that. I can only lose 100%… I still have it. I haven’t sold any Bitcoin… Back in the 70s and early 80s, people were talking about putting 5% of your assets in gold because it’s a hedge.

It’s an insurance policy in case inflation comes back again as it did in the 1970s. I would say that if that’s a sensible thing to do, then, certainly to have 1 to 2% of your assets in Bitcoin makes great sense here.”

The experienced investor also makes a unique case as to why Bitcoin is less risky now compared to when it was trading below $100.

“For most assets that you buy, the more they go up in price, the less value there is to be extracted out of it, and the riskier it becomes.

Bitcoin is in an unusual position of being the exact opposite of that. It was very risky when it was trading at a dollar, $5, or $10. It could have easily disappeared.”

In other trending Bitcoin News today:

Bitcoin Price Stalls at $9,300, Altcoins Rally to New Multi-Year Highs

Within the last few hours, the Bitcoin (BTC) price pushed above $9,300 after struggling to hold the $9,300–$9,400 level for the past three days. 

As Bitcoin price slowly worked its way through resistance to $9,300, a handful of the top-50 altcoins posted strong double-digit gains.

Cardano (ADA) reached a new two-year high by rallying 26% to $0.13. 

Chainlink (LINK) also rallied 6.11% to a new all-time high at $5.99.

VeChain (VET) was another top performer for the day with a 21.6% rally.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $271.3 billion and Bitcoin’s dominance rate is 63%.

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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/bitcoin-price-stalls-at-9-300-altcoins-rally-to-new-multi-year-highs

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Widely followed on-chain analyst Willy Woo predicts Bitcoin will ‘go nuts’ in the coming months as long-term holders continue to accumulate the leading cryptocurrency (BTC).

“This is a macrocycle thing. You would have seen it at the 2015, 2014 bottom. You saw it at the 2019 bottom, and actually, you saw it over the 2020 where we came back down. There was the Covid crisis. There was Michael Saylor scooping up all the coins, and that was another peak of long-term holders accumulating. We’re moving into a peak, and we will be at the peak at current rates by next month. 

That means peak accumulation. Peak accumulation means, that’s defining this kind of sideways band and then after that, we do a run-up.

The last run-up was $10,000 to $60,000 starting from October last year. The run-up before that was from $4,000 to $14,000 over a matter of months. So if October we start to peak… we’re starting to look into November onwards to go. That’s when the run-up happens. All the coins are being scooped up by these long-term guys… Just the structure of the market is like, “This thing is going to go nuts.’”

In other trending Bitcoin News today: Bitcoin in a Supercycle? Analyst Will Clemente Says Long-Term BTC Holders Changing Market Structure!

“If I had to use one chart to argue that we are in a ‘Supercycle’ it would be this. Macro HODLing (hold on for dear life) behavior has shifted after March of last year. Makes a convincing case for the end of the 4-year 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:

https://cointelegraph.com/news/remarkable-on-chain-metrics-could-spell-bitcoin-ethereum-bull-market-return-new-report

https://cointelegraph.com/news/bitcoin-price-sinks-to-46-7k-despite-record-accumulation-and-supply-shock-events

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Late last month, the Bitcoin price saw a jaw-dropping trading session, with the BTC price gaining 42% in a 24-hour time frame; this was Bitcoin’s best daily performance in over six years.

This move, which brought the asset from $7,300 to $10,500, shocked many, with many seeing the surge as entirely non-sensical.

Though, retrospective analysis has shown that $7,300 was the price of the 200-day moving average on the CME futures market at that time, making the 42% bounce extremely peculiar.

While there is no guarantee a bounce will happen again, according to this BTC price analysis, Bitcoin is yet again knocking on the door of the 200-day moving average on the CME’s chart.

What do analysts expect to happen this time around?

Bitcoin has declined below the psychological level of $8,000 for the first time since October 25.

Interestingly, the trading volume on Bitcoin futures exchange Bakkt is increasing, which suggests that institutional investors are happy to enter the market at lower prices.

One of the possible reasons behind the ongoing decline is the so-called mining capitulation.

The phenomenon was discussed in detail by crypto analyst Cole Garner, who argued that small miners are forced to giving up on the process as it becomes too expensive for them.

The gradual exit of unhappy miners could soon end up in a massive sell-off that could drag the Bitcoin price to new lows that were unthinkable last summer.

Crypto analyst DonAlt shared on Twitter…

“People talking about $3000 right now are being more unreasonable than people talking about new highs. A run from $200 -> $20k is going to take some time to digest. $3k was an overreaction to the downside. $14k was an overreaction to the upside. We’re now finding middle ground.”

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Ledger: ► http://ledger.cryptonewsalerts.net

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:

People talking about $3000 right now are being more unreasonable than people talking about new highs.A run from $200 -> $20k is going to take some time to digest.$3k was an overreaction to the downside.$14k was an overreaction to the upside.

We’re now finding middle ground.

— DonAlt (@CryptoDonAlt) November 21, 2019

Bitcoin Drops Below $8K For First Time This Month, Here’s Why