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Crypto analyst Justin Bennett expects that crypto investors will face much more volatility in the weeks ahead and warns some traders will be shaken out of the market. Bennett argues that the recent Bitcoin crash in BTC price was driven by wealthy players who now have an opportunity to increase their positions in the flagship cryptocurrency.
In other trending Bitcoin News today: BTC Crash Reveals Resiliency of Crypto Markets, Lack of Systemic Risk, Says Macro Guru Raoul Pal! The former Goldman Sachs executive says the crypto industry largely absorbed the downtick in price without punishing anyone but speculators.
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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 Bitcoinâs 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.
âThe 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,â the report states.Â
âGiven 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.â
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 Squareâs $50 million purchase, both gaining publicity on the back of MicroStrategyâs larger $425 million treasury investment.
Bitcoin futures open interest is also climbing this month, signaling that institutional activity is picking up once more.
âWe 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,â Stackâs report explains.Â
âOur 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.â
In other trending Bitcoin News today:
âShorts Will Be Deadâ â 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 firmâs first billion-dollar quarter and also highlights record-high institutional demand.
The firmâs quarterly report reads:
âGrayscale 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.â
Considering the continuous increase in Grayscale inflow from institutional investors, Tapiero said:
âSHORTAGES of Bitcoin possible. Barryâs Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, itâs lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number.â
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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
â 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.
â SalsaTekila (@SalsaTekila) October 10, 2020
âWhy 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
â PlanB (@100trillionUSD) October 16, 2020
https://cointelegraph.com/news/bitcoin-price-metric-suggests-15k-surge-after-us-elections-report
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WALMART BUYS $1 BILLION IN BITCOIN?! TIME MAGAZINE JOINS TESLA IN KEEPING BTC ON ITS BALANCE SHEET!!
đ° BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts
Walmart has not yet announced a purchase of $1 billion worth of Bitcoin. But it will and let me tell you whatâs going to happen when it does.
Walmart is the epitome of working class America. Built off the back of Americaâs mom and pop, it is now the worldâs largest company by revenue raking in $548 billion in 2020.Â
When Walmart adds $1 billion of bitcoin to its balance sheet, youâll have that same average Joeâs full attention. It will create the ultimate exposure for Bitcoin to blue collar Americans and trigger a global monetary paradigm shift that is long overdue.
In other trending Bitcoin News today:
TIME Magazine Joins Tesla in Keeping Bitcoin on Its Balance Sheet
It was only a matter of TIME.
One of the most recognizable publications in the world, TIME Magazine will now be receiving some payments in Bitcoin, according to Grayscale CEO Michael Sonnenshein. Whatâs more, unlike some people, it wonât be immediately converting that crypto to fiat.
âThrilled Grayscale is partnering w/ TIME on a new video series coming this summer explaining the crypto space,â Sonnenshein tweeted today. âEqually as important, Keith Grossman & TIME has agreed to be paid in Bitcoin â and will hold the BTC on their balance sheet. A first for our media partnerships!â
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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://bitcoinmagazine.com/business/what-happens-when-walmart-buys-1-billion-of-bitcoin
https://decrypt.co/66263/time-joins-tesla-keeping-bitcoin-balance-sheet
https://cointelegraph.com/news/bitcoin-breaks-new-all-time-high-above-63k-what-are-traders-saying
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HOW BITCOIN PRICE COULD HIT ,500 IN NEXT FEW DAYS | BTC Rap: Back To My Crypto (HODL Gang 2)
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BITCOIN PRICE STRIKES SIX MONTH HIGH
Another day and another yearly high has been hit by the BTC price on its march back upwards.
Analysts are eyeing the next resistance levels and it seems that Bitcoin (BTC) has a bit further to go yet.
BTC has tapped a new 2020 high of just shy of $10,500 during todayâs Asian trading session.
Since its jump back above five figures a couple of days ago the king of Crypto has continued to march slowly higher reaching prices not seen since early September last year.
So far this year Bitcoin has made an impressive 45% which was enough to garner the attention of the pundits on CNBCâs âFast Moneyâ yesterday.
Analysts have been eyeing next levels of resistance and Josh Rager has found a level of around $10,750 on the monthly chart.
âBTC $10,761 remains the resistance on the monthly chart. But if we zoom in inside the monthly, weâll see horizontal resistance at $11k. And $BTC could get as high as $11,400 to $11,550 before topping out IMO (VAH/VP). Iâll stay in spot positions until then & likely hedge shortâ â Josh Rager
He added that horizontal clusters can be seen clearer on the daily chart which shows resistance at a similar level.
$12k is also a target if BTC can break through initial resistance levels first, from there on there is very little preventing it returning to last yearâs high of $13,800.
In todayâs show we also premier Chris Records latest Bitcoin rap video entitled: Back To My Crypto (HODL Gang 2).
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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:
$BTC $10,761 remains the resistance on the monthly chartBut if we zoom in inside the monthly, we’ll see horizontal resistance at $11k
And $BTC could get as high as $11,400 to $11,550 before topping out IMO (VAH/VP)
I’ll stay in spot positions until then & likely hedge short pic.twitter.com/LjRnO01KwD
â Josh Rager đ (@Josh_Rager) February 13, 2020
It is far from this daily candle close, but if it remains green, it would be a TD Sequential “9” â a rare thing on a daily time frame.Considering the preceded rise and the absence of decent corrections, it is wise to be cautious with long positions, IMO.
đ$BTC $BTCUSD #bitcoin pic.twitter.com/eVPoQeP2xJ
â CryptoHamster (@CryptoHamsterIO) February 13, 2020
https://cointelegraph.com/news/bitcoin-price-suddenly-drops-300-in-1-hour-after-10-500-rejection
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