Trader: Bitcoin Looks Almost Exactly as It Did Prior to an 80% Rally in 2019

Trader: Bitcoin Looks Almost Exactly as It Did Prior to an 80% Rally in 2019
фото показано с : bitcoinist.com

2020-6-3 13:00

It’s been a tough past day for Bitcoin. Just a little more than 12 hours after the cryptocurrency crossed $10,000 for the first time in weeks, BTC’s price tanked. As reported by Bitcoinist previously, saw a mass liquidation event on derivatives platforms that took Bitcoin as low as $8,600 on BitMEX. For BitMEX in specific, BTC dropped by more than $1,500 in the span of three minutes, liquidating $100 million in positions. Image from Skew.com showing the value of BitMEX liquidations over the past few days. Despite this, analysts remain somewhat optimistic. Unconventional Bitcoin Chart Is Bullish A new analysis shows that Bitcoin’s price action over the past month looks eerily similar to that seen in April~May of 2019. The period in question was the precursor to an 80% BTC rally that took the asset from the $8,000s to $14,000 in a dramatic spike higher. “BTC Renko Similarities. Divergence present into ~18% correction. The correction began a fresh run for ~80% gains. Current PA is looking very similar in structure to the last significant BTC run,” the analyst commented on the importance of the chart below and what is transpiring with the ongoing price action. Bitcoin price chart with so-called Renko candles shared by a prominent analyst named Cold Blooded Shiller (@ColdBloodShill on Twitter). The chart indicates BTC’s current price action is similar to that seen in the midst of 2019’s bull run. Not the Only Bullish Factor The analyst’s chart is in line with a growing undertone of bullish sentiment spreading amongst Bitcoin analysts. As reported by Bitcoinist previously, chief executive of Real Vision Raoul Pal recently shared that the confluence of the trillions of dollars worth of stimulus and the Bitcoin halving is setting the asset up for a rally: “This is confirmed by stock to flow models by PlanB and the breakout has happened almost exact at The Halvening. Add to that HUGE the ENTIRE worlds central banks are […] printing money like CRAZY. quantitative easing fiat meets the hardest money that automatically quantitatively tightens.” This confluence led him to the thought that BTC currently has one of the “best set ups in any asset class I’ve ever witnessed…technical, fundamental, flow of funds, and plumbing.” Other factors corroborate this sentiment. Preston Pysh, a prominent Bitcoin bull and financial analyst/author, recently identified multiple factors showing BTC is on track for medium-term growth. Some of which are as follows: Through Grayscale’s Bitcoin Trust product (GBTC in OTC markets), institutional players have been accumulating Bitcoin at a rapid clip since the block reward halving. The Chinese yuan is falling against the U.S. dollar to lows not seen since 2019 due to Hong Kong tensions. This comes as the U.S. is looking to enact sanctions on Chinese companies and individuals due to a new Hong Kong law that will purportedly erode the autonomy of the region. BTC may act as a safe haven in this scenario, just as it did when the yuan fell against the dollar in previous years. The U.S. dollar and financial system may be reaching a point where it will “break” due to macro trends, according to Pysh. This would force the creation of a new financial system. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Trader: Bitcoin Looks Almost Exactly as It Did Prior to an 80% Rally in 2019

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98100.47 (-0.29%)
Объем 24H $105.675b
Изменеия 24h: 3.44 %, 7d: 11.66 %
Cегодня L: $97827.07 - H: $98728.53
Капитализация $1940.981b Rank 1
Цена в час новости $ 9598.9 (922%)

bitcoin price tanked reported btc time bitmex

bitcoin price → Результатов: 126


Фото:

Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […] The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

2024-11-13 17:39


Here’s What To Expect From The Bitcoin Price In November After Breaking Above $70,000

The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish. What To Expect From The Bitcoin […]

2024-10-30 19:30


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30