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Bitcoin Price Could Spark a Massive Market-Wide Rally If It Bounces at This Key Level 

Crypto Bullet – another popular cryptocurrency analyst on Twitter – explained in a tweet that the BTC price is currently approaching a key macro trendline that has historically sparked explosive upwards movements.

“BTC 1M log scale update. Let’s once again take a look at our beloved log scale chart. As long we are closing the monthly above the trend line this is just another great buying opportunity. Zoom out and look at the big picture,” he explained.

If Bitcoin posts a highly bullish response to this level as it has done in the past, it is highly probable that the aggregated crypto market will also incur some intense upwards momentum in the weeks ahead.

Bitcoin Is Money Printing Protection as US Bond Yields Hit Lowest Ever

Bitcoin (BTC) is not a hedge against “every” global meltdown but will ultimately protect its users from central banks, governments and fiat money printing.

That was the consensus building among cryptocurrency supporters on March 10, as traders awaited the next stage of worldwide panic — this had given much of the economy its worst day since the 2008 financial crisis.

On Monday, currency markets and stocks led the losses, which were later joined by markets such as United States government bond yields. In a move unprecedented in history, the entire U.S. bond yield curve dropped below 1% — signaling intense concern from traders over a global recession, an oil price war and, of course, coronavirus. 

At the same time, Bitcoin shed around 15% overnight, volatility which at press time had nonetheless subsided. Noting historical behavior, Hunter Horsely, CEO of BitWise, said that BTC was performing much better than before versus the S&P 500 in particular.

“S&P is -7.6% today. Based on historical volatility, a -7.6% move in S&P is == to -41% in BTC,” he wrote on Twitter.  “Yet in the last 24 hrs BTC is only -5%. And only -0.5% since midnight today. That’s uncorrelated.”

AngelList CEO Naval Ravikant meanwhile suggested that investors zoom out from recent price adjustments. “

At the moment, Bitcoin is not a general hedge against every black swan and still behaves like a ‘risk on” trade,’ he responded to criticism of the cryptocurrency’s performance.

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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:

$BTCNice to see short term relief the past few hoursPrice couldn’t break above the daily open, and want to see it break this area before I feel good about any potential short term rally

I’ll take some profits at the resistance block above between $8030 and $8100 pic.twitter.com/UR6EXnR5Lt

— Josh Rager 📈 (@Josh_Rager) March 10, 2020

COVID-19 could lead to more people adopting crypto assets/#Bitcoin to reduce possible exposure to the virus

Crypto investors already knew fiat money was dirtyhttps://t.co/niME67UgJm

— Josh Rager 📈 (@Josh_Rager) March 9, 2020

At the moment, Bitcoin is not a general hedge against every black swan and still behaves like a “risk on” trade.

But long term, Bitcoin is a hedge against central banks printing money, which is inevitable as a reaction to the virus.

— Naval (@naval) March 10, 2020

S&P is -7.6% today.Based on historical volatility, a -7.6% move in S&P is == to -41% in BTC.Yet in the last 24 hrs BTC is only -5%.And only -0.5% since midnight today.That’s uncorrelated.

Treasuries are up (GOVT +1%)! That’s a negative correl, which is a different thing. pic.twitter.com/F0oVlGp8m0

— Hunter Horsley (@HHorsley) March 9, 2020

$BTC 1M log scale update 📉Let’s once again take a look at our beloved log scale chart.As long we are closing the monthly above the trend line this is just another great buying opportunity.

Zoom out and look at the big picture!#bitcoin #trading pic.twitter.com/Rx7v6X7ZzV

— crypto bullet (@SilverBulletBTC) March 9, 2020

https://cointelegraph.com/news/bitcoin-is-money-printing-protection-as-us-bond-yields-hit-lowest-ever

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The Bitcoin price will hit $250,000 by 2022 according to legendary billionaire venture capitalist Tim Draper who was the first to go on the record with his quarter million dollar BTC price prediction.

There have been many fears over recent years that central banks and other authorities will target Bitcoin as they may see it as a threat to traditional financial infrastructure.

According to Dan Tapiero, though, these fears are unfounded for the time being. Dan Tapiero is the co-founder of DTAP Capital, Gold Bullion Int., amongst other firms.

He has been closely following Bitcoin for a while now, being one of the first macro voices to enter the space.

He recently commented that until Bitcoin hits $250,000, or a market capitalization of around $5 trillion, it may not have relevance on a macro scale:

“$200 billion too small to matter for macro authorities. Gold is $12 trillion and no one really cares. Bitcoin has clearance up to at least 250k. 25x before big boy global macro authorities start caring that it exists.”

His contemporary Raoul Pal, a former Goldman Sachs head of hedge fund sales and Real Vision CEO, recently commented that Bitcoin is “irrelevant on a global asset scale.”

“Yeah, 100% agree. It’s currently irrelevant on a global asset scale. As you say, even a $10trn doesn’t concern most central banks. The FX market trades half that in a day. DTCC clears and settles something over a quadrillion in a year.”

It’s worth noting that both of the investors are extremely bullish on Bitcoin.

Both believe that the leading cryptocurrency will undergo an exponential rally this market cycle that will take it above $100,000 and beyond.

Tapiero’s and Pal’s point that Bitcoin currently isn’t relevant on a macro scale has been echoed by Tom Lee of Fundstrat Global Advisors.

Lee said at a conference in Singapore in 2018 that before a Bitcoin ETF should be approved by the U.S. Securities and Exchange Commission, it should trade at $150,000 or more.

Bloomberg wrote on his comment:

“If you’re involved in crypto, the SEC can look like an obstacle,” Lee said.

“They’re establishing protections for individuals and right now it’s not convenient for the industry, but if the SEC is someone that people trust” to protect them, “that’s how you get the mainstream willing to get involved in cpypto.”

In other trending Bitcoin News today:

Former Goldman Sachs Exec Says Bitcoin ETF Will Be Approved, Bringing Billions Into Crypto Market

Raoul Pal, former Goldman Sachs exec and hedge fund manager, says that Bitcoin is offering a rare opportunity for retail investors to get out and invest in the next big thing before institutional investors.

In a YouTube interview with Jerry Hall, Pal says that a proper Bitcoin exchange traded fund (ETF) will be the catalyst that brings billions of dollars into BTC and exponentially expands the market capitalization of the largest cryptocurrency. 

“You’re allowed to front-run in Bitcoin, and I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it. Every pension plan will allocate some money to it. Every family office will allocate some money to it. And the more the price goes up, the more they will allocate because the larger the market cap of Bitcoin is… This is an opportunity for retail to front-run the institutions for once as opposed to Goldman Sachs front running us.”

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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:

Analysts: Bitcoin May Surge Up to $250,000 Before Macro Authorities Care

The Last Time Bitcoin Formed This Signal, It Surged $2,500

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Bitcoin has surpassed the $60,000 mark briefly for the first time since April 2021. The BTC price has been boosted by reports suggesting a Bitcoin futures ETF (Exchange Traded Fund) is likely to begin trading in the United States as early as next week.

Bloomberg senior ETF analyst, Eric Balchunas, is confident that the ProShares Bitcoin Strategy ETF could be the first one launched as the decision deadline is Oct. 18. The Invesco Bitcoin Strategy ETF may be approved the following day barring any further delays by the SEC.

In a tweet on Oct. 15, the analyst stated: “Pretty much done deal. Expect launches next week,” before adding the “odds now over 90% IMO.”

In other trending Bitcoin News today: Bitcoin Could Surge Nearly 10X From Current Price, Predicts ARK Invest’s Cathie Wood – Here’s How

ARK Invest founder Cathie Wood says that Bitcoin (BTC) could reach $500,000 if institutional investors embrace the benchmark cryptocurrency.

Bitcoin is currently trading at $57,327, but according to Financial Review, Wood says that price could surge by nearly 10 times if institutions allocate just 5% of their investment funds to 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:

https://cointelegraph.com/news/polygon-can-hit-3-50-in-q4-as-matic-s-20-weekly-rally-triggers-bull-flag-setup

https://cointelegraph.com/news/think-60k-is-the-top-this-bitcoin-fractal-suggests-it-s-the-next-bear-market-bottom

https://cointelegraph.com/news/sec-likely-to-allow-bitcoin-futures-etf-to-trade-next-week-reports

https://cointelegraph.com/news/bitcoin-hits-60k-for-the-first-time-since-april-after-reports-of-imminent-etf-approval