MEITU NOW HOLDS $100 MILLION IN BITCOIN AND ETHEREUM!! COINBASE RECORDS STAGGERING $1.8B IN REVENUE!

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One fractal analysis, predicts that Bitcoin price ongoing consolidation will resolve to the upside in an explosive fashion.

The catch: the BTC breakout will come at the end of 2020 – over five months away.

On March 12th and 13th, the Bitcoin market broke down. As many investors likely remember, in the span of approximately 24 hours, the cryptocurrency market fell by around 50%.

Bitcoin then plunged from the $7,000s to $3,700. Few expected the market to recover at the time.

There were some, however, trying their best to stay optimistic.

The CIO of Altana Digital Currency Fund, Alistair Milne, shared the chart below in the day after the crash, attaching the comment:

“So, if you take the fractal after the Aug 2015 meltdown due to exchange dysfunction (and major trendline break) … and place it on the end of Friday’s meltdown, you get this …”

The chart, which showed Bitcoin could follow the path it took after 2015’s crash, implied that BTC would recover to $10,000 by June.

And that it did, with Bitcoin spiking above $10,000 at the start of June.

This same fractal now predicts that after two more months of consolidation, Bitcoin will hit $18,000 by the end of 2020.

As Milne explained in a recent update about the fractal:

“Would you accept another ~2 months of no volatility if it meant we go directly to $18k within 4 weeks of a breakout?”

Milne isn’t the first individual to have suggested that Bitcoin’s ongoing consolidation will resolve higher.

Mike McGlone – the senior commodity analyst at Bloomberg Intelligence — recently wrote the following on Twitter:

“Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices.”

So, if you take the fractal after the Aug 2015 meltdown due to exchange dysfunction (and major trendline break) … and place it on the end of Friday’s meltdown, you get this …

The sentiment McGlone shared is in line with the sentiment he shared in previous analyses. In editions of Bloomberg’s “Crypto Outlook” released over recent months, the Wall Street analyst has outlined a perfect storm of reasons indicating that Bitcoin will move higher.

Some of those reasons are as follows:

* The BTC block reward halving that came in May

* The increasing investment in the Bitcoin market by users of the CME and clients of Grayscale

* Bitcoin’s growing correlation with the gold market

* And more.

In other trending Bitcoin News today:

HOW CAN YOU NOT BE BULLISH ON BITCOIN? ANALYST ASKS DUE TO NEW DATA

Despite volatile price action, a majority of Bitcoin in circulation remains inactive. 

According to data from Glassnode, a blockchain analytics firm, the percentage of coins not moved has reached 62% — an all-time high.

This comes in spite of the fact that 77% of the Bitcoin supply was accumulated at a price lower than current.

That’s to say, 77% of all BTC can currently be sold for profit. To Rafael Schultze-Kraft, the CTO of Glassnode, the confluence of high profitability amongst investors and increasing levels of holding is bullish.

“BTC supply not moved in over a year: 62%. BTC supply in a state of profit: 77%. Read: Many investors could be profitably cashing out, but instead choose to hodl. How can you not be bullish on Bitcoin.”

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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:

How Can You Not Be Bullish on Bitcoin? Analyst Asks Due to New Data

#Bitcoin Blahs? Benchmark #Crypto Looked Similar Before Past Gains —
Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices. pic.twitter.com/XbIMv5AYAf

— Mike McGlone (@mikemcglone11) July 2, 2020

Would you accept another ~2 months of no volatility if it meant we go directly to $18k within 4 weeks of a breakout?

Check what happened in early 2016… https://t.co/BH18zB9eOb

— Alistair Milne (@alistairmilne) July 14, 2020

This 2016 Bear Market Fractal Shows Bitcoin Could Shoot Towards $20k in 2020

https://cryptopotato.com/bullish-bitcoin-price-post-halving-patterns-start-repeating/

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Real Vision Finance co-founder Raoul Pal says a $1 million price tag on Bitcoin could be in the cards for this BTC bull cycle.

In an interview with Peter McCormack on the What Bitcoin Did podcast, the former Goldman Sachs executive says that the seven-figure mark is his peak bull cycle target for the flagship cryptocurrency if the BTC chart goes parabolic to the extent it has in previous cycles.

“I’ve peaked at a million but not for this cycle, but it’s possible that we overshoot. So I just use the regression line and used the trend of the [logarithmic] scale, and basically it says somewhere between PlanB’s [stock-to-flow model prediction] and $400,000 is right, but it could actually hyperextend to get as high as it did from the trend in 2013 which would give us $1 million. So I think it’s skewed slightly higher than people expect so I don’t think it gets to $1 million but we’ve got institutions coming in, who knows how this dynamic changes.”

The macroeconomics expert foresees some key hurdles that Bitcoin will have to overcome in its path towards its cycle top, including Coinbase’s initial public offering (IPO).

“The other thing for people to bear in mind is that there’s a couple of price hurdles that are coming up that people haven’t thought through. The first one is Coinbase’s IPO. If you are an institution who wants to buy Bitcoin and you’ve got to get through all this rigmarole to get it signed off and the Coinbase IPO comes out and it’s a $60 billion company, and you can stick a few billion in, it’s a good enough proxy for a while. So my guess is that it’s going to take out a lot of demand from institutions in the short term.”

Pal also highlights a key level as a potential psychological price barrier where many BTC investors will choose to take profits.

“The next big thing after that, I think $100,00 is going to be an issue because a lot of people got in at around $10,000. A lot of people have made 10 times their money and $100,000 is a round number, and people think, ‘Let me take half my chips off the table’ so I think we might see a longer correction.”

Pal predicts Bitcoin will reach that $100,000 range this June, a level where he expects a lot of profit-taking to happen.

In other trending Bitcoin News today:

Bitcoin Price Rally to $61,800 Shows BTC Bulls Are In Full Control

On March 13 bulls took full control of the crypto market as Bitcoin (BTC) price vaulted to a new all-time high at $61,844 after a high volume surge pushed the price through overhead resistance near $58,000.  

Analysts had spent the week calling for an eventual move above the $60,000 level and social metrics showed bullish sentiment for Bitcoin continued to increase as a number of companies and institutional investors announced plans to make BTC purchases. 

Bitcoin now finds itself in the realm of price discovery as there is limited data available from a technical analysis standpoint to determine where the price may go next.

One possible price target was highlighted in a recent report from Decentrader co-founder Philip Swift, who is now looking at the 1.618 fib extension ($70,000) as the next take profit level.

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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:

💥💥💥 “The people that lost a lot of wealth in 2008, primarily people of color are now getting raked over the coals again through this inflationary pass at their assets. Again, remember #bitcoin is unconfiscatable…” – @MaxKeiser

— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) March 13, 2021

Russell Okung announced in December he was converting half of his $13M salary into Bitcoin.Bitcoin was $27,000.

Now, with the price at $61,000, @RussellOkung turned his $13M annual salary into over $21M.

This increase makes Okung one of the 30 highest-paid NFL players today. pic.twitter.com/xXX970Ng8H

— Joe Pompliano (@JoePompliano) March 13, 2021

They only reason that you think $61k per #bitcoin is expensive is that you haven’t seen $610k per #bitcoin. If you had, you’d think $61k is a deep discount. If you make decisions based on past prices you’re going to make mistakes, instead look at the fundamental value of #bitcoin

— Pierre Rochard (@pierre_rochard) March 13, 2021

https://cointelegraph.com/news/bitcoin-price-rally-to-61-800-shows-btc-bulls-are-in-full-control

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Tesla confirms Bitcoin HODL strategy as new report says BTC shouldn’t have a problem reaching $100,000 during the current bull cycle thanks to impressive behavior from hodlers. 

Also breaking BTC news announced today by Elon Musk that Tesla now officially accepts Bitcoin from US customers.

“You can now buy a Tesla with Bitcoin. Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.” – Elon Musk

In response, Jason Yanowitz points out on Twitter:

“The ability to buy a Tesla with Bitcoin is not a big deal. Tesla’s decision to NOT convert that Bitcoin into fiat after the sale is a huge deal. This leads the way for thousands of companies to sell products using Bitcoin without ever turning that Bitcoin back into US dollars.”

In their latest newsletter seen by Cointelegraph, analysts from trading suite Decentrader including Cointelegraph Markets contributor filbfilb sought to allay fears that Bitcoin’s bull run is running out of steam.

Backing their optimism, they said, is data showing that more and more investors are hodling BTC for the long term — one year or more. 

Taken from the popular “HODL Wave” indicator, this suggests that there is less desire to sell Bitcoin at short notice at a certain price, providing a solid foundation for further growth.

“The 1Yr+ HODL Wave suggests that Bitcoin should comfortably reach the $100,000 level during this cycle,” Decentrader summarized.

“The greater the amount of Bitcoin being held for a year or longer, the less liquid the supply or potential selling pressure there will be. Typically, if 50% or more of Bitcoin is being HODLed the bull market continues, below this is potentially cause for concern.”

HODL Waves tracks the proportion of the existing Bitcoin according to when it was last used in a transaction. Previously, Cointelegraph noted that those who bought BTC during the 2017 bull run had largely held onto their position despite realizing significant gains.

As Cointelegraph reported on Monday, roughly 36% of the circulating Bitcoin supply is currently made up of “younger” coins which have moved at some point in the past six months.

Exchange data further reinforces the pro-hodl mindset among investors, as overall reserves continue to plummet in March despite BTC/USD making a new all-time high.

Even miners appear to be increasingly interested in keeping their BTC rewards, as evidenced by figures from on-chain analytics service Glassnode showing net miner positions turning positive this month. Michael Saylor, CEO of MicroStrategy, described their behavior as “onlyrational.”

According to Bitcointreasuries.org, Tesla currently holds an estimated 48,000 BTC, a number that should grow as people exchange their Bitcoin for the company’s electric vehicles.

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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:

You can now buy a Tesla with Bitcoin

— Elon Musk (@elonmusk) March 24, 2021

Remember, we didn’t choose #Bitcoin, Bitcoin chose us All will have to come to terms with this eventually

The benefits of obliterating fiat money and central banks (with BTC) are enormous. The demonetization of war and violence will have profound, positive impacts on society.

— Max Keiser (@maxkeiser) March 24, 2021

https://cointelegraph.com/news/elon-musk-says-tesla-now-accepts-bitcoin-from-us-customers

https://cointelegraph.com/news/tesla-confirms-bitcoin-hodl-strategy-as-new-report-says-btc-should-comfortably-hit-100k

https://cointelegraph.com/news/bitcoin-tackles-56k-as-tesla-elon-candle-hits-days-before-record-options-expiry