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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 PRICE METRIC SUGGEST K SURGE AFTER U.S. ELECTIONS!! EXPECT MASSIVE BTC SHORTAGE!!
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The Bitcoin price has support to climb all the way to $15,000 per BTC if historic trends repeat themselves this year, a new report says.
Compiled by crypto index fund provider Stack Funds on Oct. 15, the report highlights Bitcoin’s market cap vs. realized cap ratio (MVRV) fueling gains, which could smash $12,000 resistance.
The BTC price has yet to attempt a breakout of $12,000, seeing rejection at $11,700 this week.
This has failed to dent optimism among analysts, who believe that $11,000 will provide solid support.
Going forward, however, the period following the United States elections in early November may result in more upside.
For Stack Funds, this hinges on the MVRV ratio. This is currently at 1.8, with signs that a retest of 2.5 from 2019, when BTC/USD hit $13,800, is in play.
“The current MVRV ratio is at 1.8, and is purportedly well supported by the trendline where bitcoin bottomed back in late 2018. The trend is also painting a similar trajectory as it did back in the 2017 bull run, with a steady growth inclination that tested an identical support trendline multiple times,” the report states.
“Given the strength in support, we are expecting a significant break of 2.0 in the near term as it looks to retest the 2019 peak at 2.5, which will put Bitcoin price above the $15,000 level.”
Stack also noted increasing institutional interest in Bitcoin as cementing the idea that the future is firmly bullish for price action.
Stone Ridge investing $115 million followed Square’s $50 million purchase, both gaining publicity on the back of MicroStrategy’s larger $425 million treasury investment.
Bitcoin futures open interest is also climbing this month, signaling that institutional activity is picking up once more.
“We further view that a re-positioning is occurring in the market with a possible shift in the economic climate, as futures volumes and open interest are starting to recover,” Stack’s report explains.
“Our eyes are peeled on the $12,000 key resistance level, as we expect further consolidation around current levels going into the elections before breaking into the upside going forward.”
In other trending Bitcoin News today:
‘Shorts Will Be Dead’ – Why Dan Tapiero Expects A Massive Bitcoin Shortage
In recent months, there has been a considerable spike in institutional demand for Bitcoin (BTC) following several high profile investments.
Over time, asset manager and 10T Holdings co-founder Dan Tapiero believes this could lead to a problematic shortage in BTC.
Alongside investments from Square, MicroStrategy and Stone Ridge, Bitcoin inflows to Grayscale Bitcoin Trust have surged.
Based on the rapid growth of institutional investments, Tapiero warns that short-sellers could see trouble in the future.
In the third quarter of 2020, the Grayscale Bitcoin Trust recorded an inflow of $1.05 billion.
This marked the firm’s first billion-dollar quarter and also highlights record-high institutional demand.
The firm’s quarterly report reads:
“Grayscale recorded its largest ever quarterly inflows, over $1 billion in 3Q20, making it the third consecutive record-breaking quarter. Year-to-date investment into the Grayscale family of products has surpassed $2.4 billion, more than double the $1.2 billion cumulative inflow into the products from 2013-2019.”
Considering the continuous increase in Grayscale inflow from institutional investors, Tapiero said:
“SHORTAGES of Bitcoin possible. Barry’s Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number.”
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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:
SHORTAGES of #Bitcoin possible.
Barry’s @Grayscale trust is eating up btc like there is no tomorrow.
If 77% of all newly mined turns into 110%, it’s lights out.Non-miner supply will get held off mkt in squeeze.
Shorts will be dead. Price can go to any number. pic.twitter.com/4S4TrLNH8J
— Dan Tapiero (@DTAPCAP) October 14, 2020
October is the month I gradually increase my $ALTS exposure, I’ll have at least 15% of my early October $BTC stash converted by months end.
No FOMO needed: smart bidding is the aim for now. I said it in 2019: couple months past halving I accumulate $ALTS big, trigger in motion.
— SalsaTekila (@SalsaTekila) October 10, 2020
❓Why does #bitcoin price not go up with all this institutional buying? Who is selling? BTC price is exactly where it should be, holding firm above $10K, waiting for that one moment .. asymmetrical returns .. patience! pic.twitter.com/pCyftmvHco
— PlanB (@100trillionUSD) October 16, 2020
https://cointelegraph.com/news/bitcoin-price-metric-suggests-15k-surge-after-us-elections-report
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Bitcoin Price Eyeing K After Fed Says it Has ‘Infinite Cash’ | Democrats Propose ‘Digital Dollar’
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The Bitcoin price has a maximum 15% chance of falling below $3,800 if current BTC price levels continue, says popular Crypto trader Tone Vays as BTC nears $7,000.
In a YouTube update on March 24, an increasingly bullish Vays updated his outlook for BTC/USD.
He argued that at around $6,750, the pair was sitting at resistance. Break above $6,800 and Bitcoin (BTC) would all but eliminate the likelihood of dipping to new lows under $3,800 — only a 15% chance would remain.
“Going above $6,800 would maybe give me 85% confidence we’re not going to go below this — and we’re almost there, we’ve almost broken it; we’re sitting at resistance,” he said.
“Right now, I believe there’s a 20-25% chance we’re going to go below $3,800.”
Vays had previously sounded the alarm about a potential Bitcoin collapse to as low as $2,000 before May’s block reward halving.
Now, however, he told traders that it was foolish to avoid entering the market in the hope of catching the next dip.
He continued: “That still means that you can’t wait; you can’t wait for another pullback to $3,500 — you should be in Bitcoin by now.”
As Trump Talks Trillions, Binance CEO Predicts $2T Bitcoin Market Cap After United States President Donald Trump first mooted a $1 trillion stimulus package for the U.S. economy in the wake of the coronavirus outbreak, people were shocked at what seemed like a gargantuan amount.
As Cointelegraph reported a few days later on March 25, a bipartisan deal has been agreed for twice that figure and it suddenly seems far more tangible.
Binance CEO Changpeng Zhao even tweeted that the new financial dialogue meant a $2 trillion market cap for Bitcoin could be considered “modest”.
“As we get used to talk about Trillions, a modest $2 trillion market cap of bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right? As most BTC are not for sell (HODLers), we only need a small portion of that $2t to buy to reach it.”
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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:
Here’s some perspective on the astronomical number that is $6 trillion. $6 trillion is the same as – 1/3 of America’s GDP– 130% of the Federal Reserve’s balance sheet– Enough money for $850 for each human being on Earth– or 900 million Bitcoin
Crazy.
— Nick Chong (@_Nick_Chong) March 24, 2020
As we get used to talk about Trillions, a modest $2 trillion market cap of #bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right?
As most BTC are not for sell (HODLers), we only need a small portion of that $2t to buy to reach it.
— CZ Binance 🔶🔶🔶 (@cz_binance) March 25, 2020
https://cointelegraph.com/news/as-trump-talks-trillions-binance-ceo-predicts-2t-bitcoin-market-cap
https://cointelegraph.com/news/bitcoin-price-rejects-7k-but-tone-vays-says-75-chance-btc-bottomed
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HERE’S A REALISTIC PRICE PATH FOR BITCOIN THIS CYCLE, ACCORDING TO ON-CHAIN ANALYST!!!!!
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Closely followed on-chain analyst Willy Woo is laying out a price path for Bitcoin this cycle. In a new episode of What Bitcoin Did Pod with Peter McCormack, Woo names a few key levels that can trigger a continuation of the BTC bull market.
According to the analyst, Bitcoin’s on-chain fundamentals currently give BTC a fair value somewhere between $50,000 and $60,000. Woo also highlights a key price level that he thinks Bitcoin must reclaim to ignite bullish momentum.
Woo’s price prediction for BTC placed it at $162K. Going as far as saying that a $200,000 price mark is still possible for the digital asset this year. This puts Bitcoin on a tremendous run path to get to such a high prediction.
In other trending Bitcoin News today: Unchanged crypto tax bill will be put to a vote on Tuesday! The provisions aim to raise $28 billion for infrastructure funding through expanded digital asset taxation and will impose broad third-party reporting requirements on any crypto firm deemed to be a “broker.”
“If I had any confidence in politicians I wouldn’t be buying Bitcoin for 10 years. Bitcoin came about in part because our financial/political institutions are collapsing from hyper money printing. Why would I call DC senators/arsonists to put out the fire they started?” – Max Keiser
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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/unchanged-crypto-tax-bill-will-be-put-to-a-vote-on-tuesday
Post Views: 167