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Bitcoin whales are the center of attention this week as buying and selling habits split the BTC price narrative.
New findings from on-chain analytics firm CryptoQuant show derivatives investors leading the way when it comes to bullish bets on Bitcoin.
“I think BTC is ready. Suddenly all of my favorite leading indicators are lining up long & strong.”
This is a 30 day WMA. Strong bullish trends in the metric have preceded every strong bullish price trend of this bull. And it just printed monster bull move.”
In other trending Bitcoin News today: Bitcoin To Flip Bullish Under One Key Circumstance, According to On-Chain Analyst Will Clemente!
“Bitcoin is below the short-term holder cost basis, which currently sits at $53,000. Until this is reclaimed, not bullish. Not saying I am a ‘giga bear,’ just cautious until the market shows me otherwise. Happy to flip bullish if reclaimed. Bearish confirmation would be a failed underside retest of the band.”
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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/only-10-of-bitcoin-supply-left-to-mine
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BITCOIN PREDICTION MODEL UPDATE AS ANALYSTS FLIP ON BTC!
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Crypto Analysts PlanB well known for his stock-to-flow BTC charts updates his Bitcoin Prediction Model and Luke Martin of Venture Coinist are both beginning to flip bullish on the Bitcoin price.
Are Altcoins ready to explode?!
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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.
News Resources From Today’s Show:
PlanB Updates Bitcoin Prediction Model As Crypto Analysts Flip on BTC
Have No Fear, Bitcoin Price to Resume Uptrend After Pullback
Post Views: 371 -
MICROSTRATEGY’S MASSIVE PREMIUM IMPLIES $122K BITCOIN PRICE, SAYS INVESTMENT FIRM SHORT ON MSTR!!
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Bitcoin bull Michael Saylor, the co-founder, and chief executive officer of publicly-traded business intelligence company MicroStrategy, has been betting big on BTC, the leading cryptocurrency.
The company bought another 205 BTC on Friday, bringing its total holdings to 91,065 BTC, representing 0.488% of Bitcoin’s circulating supply.
While the company continues to bet more and more on Bitcoin, its share prices are not feeling the same bullishness. MSTR share prices have crashed nearly 60% in less than one month from their all-time high of about $1,314 on Feb. 9.
On Friday, the MSTR shares fell as low as $537 before recovering to $620. Interestingly, MSTR is suffering from losses more than Bitcoin.
During the same period, the price of Bitcoin went from $46,500 to an ATH of $58,300, only to see a correction of 26% to almost $43k. Currently, BTC is consolidating in the $40k-$50k range.
The losses in the cryptocurrency market have actually been the result of the weakness in the stock market, which has been reacting to the rising bond yields. “The bond market selloff is showing some signs of stability, and that could mean the bitcoin pullback is nearing its end,” said Edward Moya, a senior market analyst at OANDA.
In related news, MicroStrategy President and CFO Phong Le sold 10,000 shares of MSTR on March 2nd, at an average price of $802.46 a share. Company CTO Timothy Edwin Lang sold 10,000 shares of MSTR stock on Feb 22nd.
Moreover, General Counsel Wei-ming Shao sold 5,000 MSTR shares on March 3rd. Director Jarrod M Patten and Stephen X Graham also sold 1,150 shares and 2,000 shares respectively on Feb. 24.
Another criticism came from investment management firm Bireme Capital which published its Q4 2020 Investor Letter, revealing that it is short on MicroStrategy, declaring $450 as its fair value.
The fund that had a net return of 47.1% for the year ending 2020 said MicroStrategy has a massive premium, its market cap increasing by $9 billion on a ~$3b windfall on its bitcoin purchases.
According to Bireme Capital’s calculations, MSTR’s current share price implies a bitcoin price of $122,000. The letter reads,
“MicroStrategy (MSTR) is the latest firm with shrinking revenues and negligible profits to pivot to the blockchain. Rather than attempt to start a cryptocurrency business, MSTR pivoted in the most straightforward way possible: it simply bought hundreds of millions of dollars worth of bitcoin overnight. In one light, this is an utter abdication of all the principles of corporate finance.
Why not return the money to shareholders, who can decide for themselves whether or not they want to own bitcoin? But in another light, this was a brilliant end run around the SEC, who has been denying bitcoin ETF proposals le and right for years. MSTR went from being a mere stagnant software business to the de facto bitcoin ETF.”
In other breaking Bitcoin news today:
Bitcoin Price Hits $51K As U.S. Senate Passes $1.9 Trillion Stimulus
The price of Bitcoin (BTC) reached over $51,000 on March 7 after the U.S. Senate passed the anticipated $1.9 trillion stimulus bill, which is roughly two times larger than the market capitalization of BTC.
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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:
a graph for people selling under $500k, now of all times. zoom out. also there are more halvings, eg next 2024 and a store of value (TAM) total addressable market of $200bil ($5m-10m/BTC). and QE, MMT, NIRP, YCC etc it’s an inflation storm out there. just saying. @ecoinometrics pic.twitter.com/y9UYVPkf5p
— Adam Back (@adam3us) March 6, 2021
The $1.9 stimmy denigrates the $USD and it’s a predictable move by Congress. And so are the next 10 – 20 stimmys coming. Since I can’t stop it, I buy #Bitcoin and watch the price skyrocket. Maybe someday we’ll come back to reality, but hopefully not too soon 😂😂😂
— Max Keiser (@maxkeiser) March 6, 2021
https://cointelegraph.com/news/bitcoin-price-hits-51k-as-u-s-senate-passes-1-9-trillion-stimulus
Post Views: 284 -
BITCOIN WILL SUCK IN EVERY ASSET, SPIT IT OUT AND SURPASS #post_titleM IN 5 YEARS, SAYS MACRO GURU RAOUL PAL!
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Raoul Pal, co-founder and CEO of Real Vision Group, says Bitcoin is a “supermassive black hole” that is eating gold, the NASDAQ, banks, bonds, and commodities.
The global macro strategist notes that he also thinks BTC will outperform the G4 Central Bank Balance sheet, silver and marquee stocks like Apple and Amazon. Says Pal on Twitter:
“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense.
The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – Bitcoin.”
Pal predicts BTC will reach $1 million within five years.
The former Goldman Sachs hedge fund manager says Bitcoin is the best opportunity of his career.
“I get this sounds a little evangelical but I’m struggling to see it any other way right now. The supermassive black hole is going to suck in everything. Again, this is there best trade/investment and future opportunity I have EVER found and it has the power to give the little guy a chance to grab their share of the wealth creation before Wall Street does. Grab it.”
Analysts think that the cryptocurrency is poised to rocket even higher in the weeks ahead.
The charts show that BTC is about to break above a pivotal horizontal resistance at $14,000, which should trigger a move toward $20,000 and beyond in the months ahead:
“There are literally only two resistances left on the bitcoin chart – 14,000 and then the old all-time high at 20,000. I fully expect new all-time highs by early next year at the latest.”
Other prominent investors in the crypto space expect a strong rally in the months ahead.
Tyler Winklevoss, one of the two Winklevoss Twins that launched Gemini and are now Bitcoin billionaires, commented recently:
“I do think we will see an all-time-high price for Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”
Pal thinks it’s logical to invest in Bitcoin due to the coin’s increasingly strong performance against all other assets, which should drive institutional players and retail players into the mix:
“Bitcoin’s performance is SO dominant and SO all-encompassing that it is going to suck in every single asset narrative dry and spit it out. Never before in my career have I see a trade so dominant that holding any other assets makes almost no sense. The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – bitcoin.”
It’s worth noting that Pal says to have more than 50% of his net worth in Bitcoin, arguing that it may be the best trade of his lifetime.
In other trending Bitcoin News today:
Bitcoin Price Sees Pullback, But Bulls Still Marching Toward $20K
Bitcoin’s price saw a 4% drop in the last 24 hours, but it’s unlikely to see a correction like in previous cycles for three reasons.
The price of Bitcoin (BTC) has increased by 36% in the last 35 days, showing a strong rally.
The market sentiment has been optimistic due to rising institutional demand and the perception of BTC as an inflation hedge.
But after a large uptrend, the belief that BTC may pull back has begun to increase.
While a minor correction could occur, like the 4% downward trip to just under $13,000 on Oct. 28, a sizable downtrend is becoming increasingly unlikely.
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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 is eating the world…It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months.
You see, gold is breaking down versus bitcoin…and gold investors will flip to BTC pic.twitter.com/ox7KRY5VRo
— Raoul Pal (@RaoulGMI) October 27, 2020
I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run
— Tyler Winklevoss (@tyler) October 27, 2020
As I’ve been pointing out… There nothing but air from $14,000 to new ATH
I don’t expect any kind of pullback until $28,000 and it may be short lived. https://t.co/UC0iCCVzp6
— Max Keiser (@maxkeiser) October 27, 2020
Wall Street Veteran Raoul Pal Thinks Bitcoin Will Pass $20,000 in Q1 2021
https://cointelegraph.com/news/bitcoin-price-sees-pullback-but-bulls-still-marching-toward-20k
Post Views: 219