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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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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.
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BITCOIN PRICE WILL SOON SHOOT TOWARDS K, THEN K PER BTC PREDICTS THIS EERIE SILVER FRACTAL!!
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A narrative has formed over recent months that the Bitcoin price is closely correlated with gold.
But according to a recent analysis shared by a crypto trader, BTC may actually be closely correlated with silver.
The issue with this correlation is, silverâs price action is preceding that of Bitcoin by a few weeks.
The trader in question shared the chart on August 23rd.
The chart shows that should Bitcoinâs trajectory continue to follow that of silver, the cryptocurrency will soon trade at $20,000.
After hitting $20,000, the fractal also suggests that the BTC price will move to $30,000.
Few analysts actually expect Bitcoin to hit $30,000 this year, especially in just a few months.
But many analysts and investors, like BitMEXâs Arthur Hayes and Galaxy Digital, are adamant that $20,000 will be breached in 2020.
The fundamentals, like the silver fractal aforementioned, also suggest that Bitcoin is likely to move higher from here.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, recently said that Bitcoinâs trend of volatility suggests an uptrend is intact:
âStuck between 3-9x over the past few years, the price of Bitcoin per ounce of gold tilts the crypto toward resuming appreciation, if volatility history tells us anything. The Aug. 19 cross rate of 6x is the same as in 2017, yet Bitcoinsâs volatility has dropped relative to gold.â
McGlone has been touting the Bitcoin bull case for months now.
Also core to his positive sentiment is the influx of investment the cryptocurrency space is seeing, exemplified by institutional money flows through the CME, Grayscale, and other avenues:
âBloomberg Intelligence Commodity Primer â Something unexpected needs to happen for #Bitcoinâs price to stop doing what itâs been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto assetâs unique attribute of fixed supply.â
McGlone says that Bitcoin could hit $20,000 in 2020, citing the similarities between this market cycle and the last one.
In other trending Bitcoin News today:
Fed, futures and fundamentals: 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts another week in a bullish mood as hurdles line up to shape price trajectory.
Here are five factors determining where BTC/USD may go in the coming days, and what traders should look out for.
1 â All eyes on the Fed and U.S. inflation
Stocks saw records last week with the S&P 500 hitting all-time highs.
Despite a lower overall impact on Bitcoin, moves on macro markets are still more than capable of spilling over into cryptocurrency.
2 â Analyst eyes $9,600 for BTC price âbuy the dipâ
In a transaction analysis video on Sunday, van de Poppe added that in the event of a breakdown, the âbuy the dipâ level to look out for would nonetheless fall below $10,000.
âThe real level Iâm watching for buy the dip levels if we do break out is between $9,600 and $9,900,â he summarized.
3 â Bitcoin difficulty hits a new record
A mixed bag for Bitcoin fundamentals saw network difficulty adjust upwards 3% to hit new all-time highs, but hash rate trend lower.
According to data from monitoring resource BTC.com, difficulty increased by 3.6% on Monday to hit 18.17 trillion.
4 â $730 million options expire
62,000 BTC ($730 million) worth of Bitcoin options will expire on Aug. 28, reminiscent of the end-of-month action from June.
5- âExtreme greedâ reigns supreme
Bitcoin investor sentiment is âextremely greedyâ and getting greedier.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:
This Eerie Silver Fractal Predicts Bitcoin Will Soon Shoot Towards $20k
https://cointelegraph.com/news/fed-futures-and-fundamentals-5-things-to-watch-in-bitcoin-this-week
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BITCOIN CAN GO TO 5,000, SOARING 995% BY NEXT AUGUST!! ONLY 2.5 MILLION BTC LEFT TO MINE!!
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Bold Profits Daily guru, Ian Dyer, doesnât think the Bitcoin price will just hit $100,000, he thinks is will soar past it!
Ian believes the BTC price can go to $115,000 by next August. That means Bitcoin could soar 995% in less than a year.
Talk about a fast, HUGE return!
The bullish Bitcoin prediction is right in alignment with the infamous Stock-to-Flow model which suggest a $100,000 BTC price by August, 2021.
âWeâre telling you how you can benefit from the rise of Bitcoin as it disrupts the global financial system. Our prediction stands: The Dow and Bitcoin will hit 100K in America 2.0.â
THE 995% RETURN YOU DONâT WANT TO MISS!
âYou know weâre extremely bullish, optimistic and positive on Bitcoin. The reasons it could surge in just a short time stem from Paulâs GoingUpness strategy.â
âSince March, the number of Bitcoin stored on a crypto exchange is decreasing, which adds to Bitcoinâs ScarceAbility: At the same time, the Bitcoin price has risen more than 150% from its March low. Plus, demand for BTC has continued to increase.â
âLast month the first publicly-traded company announced that it used $400 million of its cash to purchase about 38,000 bitcoins. This is incredibly bullish. Corporations are starting to see its value which is another sign of demand.â
In other trending Bitcoin News today:
Grayscale Investments Scooped Up Over 17,000 BTC in the Last Seven Days
The Grayscale Bitcoin Trust (GBTC) is a very popular investment vehicle and in 2020 the trust has obtained a massive amount of BTC.
Today, GBTC has $4.7 billion assets under management (AUM), according to data provided by bybt.com.
Grayscaleâs bitcoin position is also displayed on the company website as well for transparency purposes.
Since the Grayscale Bitcoin Trust inception date on September 25, 2013, there are 471,022,700 shares outstanding and each share is worth 0.00095519Â BTCÂ per share.
This week, digital currency proponents noticed that Grayscale scooped up around 17,100Â BTCÂ or $182 million using todayâs exchange rates.
Bybt.comâs data shows the trust obtained the bitcoin stash during the last seven days and GBTCâs aggregate bitcoin position is now 449,900 BTC.
Bitcoin (BTC)Â markets have done well in recent days and dominance is nearing 60% again.
The cryptocurrencyâs percentage change versus USD during the last year is up 29% and during the last 90-days, BTC has gained over 16%.
With 449,900 BTC held, Grayscaleâs Bitcoin Trust has 2.14% of the entire 21 million BTC supply.
As far as coins in circulation, BTC just passed the milestone of 18,500,000 in circulation.
This means GBTCâs purse represents 2.43% out of the BTC currently in circulation.
No one knows exactly how Grayscale acquired the 17,100 BTC, but Microstrategyâs CEO Michael Saylor explained the efforts his company took to purchase the 16k BTC Microstrategy recently purchased.
âTo acquire 16,796 BTC, we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each [three] seconds,â Saylor said. â~$39,414 in BTC per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike,â
Saylor added. A number of BTC proponents also believe that companies like Microstrategy and Grayscaleâs Bitcoin Trust snatching up vast amounts of BTC is bullish for investors.
CEO of UK bitcoin exchange Coincorner, Danny Scott, tweeted on Sunday that BTCâs âfoundations are getting stronger by the day.â â62 days of Bitcoin ending above $10,000,â Scott tweeted. âPrevious was 61 from 1st Dec 2017.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://news.bitcoin.com/grayscale-investments-scooped-up-over-17000-btc-in-the-last-seven-days/
https://cointelegraph.com/news/only-25-million-bitcoin-left-to-mine
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HEREâS WHATâS NEXT FOR BITCOIN AS IT ENTERS âSWEET SPOTâ OF SUPERCYCLE, ACCORDING TO DAN HELD!!
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Early Bitcoin investor and head of marketing growth at crypto exchange Kraken, says that BTC is entering a sweet spot in the next four to eight months that could launch the worldâs leading crypto asset into the high six figures.
âOver the next, I would say four to eight months is our sweet spot of when we should see the peak of the bull run. It could be another 12 months but we will either see if my thesis is validated or invalidated⊠It will be interesting to see what happens this year and early next year.âÂ
In other trending Bitcoin News today: Bitcoin price bull run âstarting to look like 2013â after record red monthly candle. BTC may have just had its worst monthly candle in 10 years, but it could still surge to new all-time highs this year, said popular analyst PlanB.
âNew dot: May close $37,341.. -35% .. we knew bitcoin would not go up in a straight line and several -35% drops are possible (and indeed likely) in a bull market. Starting to look like 2013. S2F(X) model intact.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:
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