Bitcoin’s Biggest Bull Is Still Bullish, New All-Time Highes Are Coming

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Analyst: Bitcoin on track for massive post-halving bull run despite current bearishness

Bitcoin has been caught in the throes of a volatile trading session over the past several weeks, which has resulted in it erasing virtually all of the gains that were incurred during the late-October pump and has opened the gates to potentially further near-term losses.

In spite of this short-term bearishness, analysts and investors alike widely anticipate Bitcoin’s upcoming mining rewards halving — which is slated to occur in May of 2020 — to catalyze a massive bullish movement similar to ones seen in years past.

Bitcoin’s near-term bearishness overshadowed by the potentially bullish halving event

At the time of writing, Bitcoin is trading up over 2 percent at its current price of $7,400, which marks a decent climb from its recent lows of $6,700 that was set during the latest sell-off.

BTC’s ability to find strong buying pressure in the upper-$6,000 region signals that this is a robust support level that could bolster the cryptocurrency’s near-term price action, but it is imperative to note that it is still caught within a firm downtrend that won’t be invalidated without a massive upwards movement.

Looming over this near-term bearishness, however, is Bitcoin’s upcoming halving event, which may help provide the cryptocurrency with some much-needed upwards momentum that negates the lackluster price action it has been facing in recent times.

Jonny Moe, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that Bitcoin is still “right on track” to incur a price rally following the halving event.

Image Courtesy of JonnyMoeTrades

This tweet was in reference to a previous one in which he noted that a fresh all-time-high for BTC likely won’t come about until after the event takes place, which leads him to believe that it will consolidate for the rest of 2020 before beginning its ascent next year.

“If we follow the last 2 halvings, we won’t set a new ATH until AFTER the halving , projected for May 2020. With that in mind, I’m looking for us to consolidate thru the rest of this year, and begin making a run at $20k next year,” Moe explained.

Buyers beware: prominent analyst claims halving might disappoint investors

Although Moe believes that the halving will catalyze some bullishness for BTC in the near-term, another prominent analyst is warning investors to not get too excited about it, as Bitcoin’s bearish price action going into this event is anomalous and could spell trouble for where it goes next.

Willy Woo, an analyst who focuses primarily on on-chain analytics, mused this possibility in a tweet, saying:

“NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically we front run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event.”

Only time will tell as to whether or not 2020 will be the year that Bitcoin sees fresh all-time-highs, but it is highly probable that the halving will play a role in its price action — for better or worse.

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Bitcoin, currently ranked #1 by market cap, is up 1.18% over the past 24 hours. BTC has a market cap of $132.81B with a 24 hour volume of $20.39B.

Bitcoin is up 1.18% over the past 24 hours.

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Cole Petersen

Cole is a freelance journalist and university student studying philosophy. He focuses primarily on covering cryptocurrency and blockchain-related news. He owns a non-life-changing sum of Bitcoin and enjoys day trading.

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Fundstrat Sees 11 Signs That Bitcoin Will Hit A New All-Time High in 2020

In This Article

‘Once bitten, twice shy’ may be truer than ever in the Bitcoin BUY NOW world.

2020’s ‘Crypto Winter’ saw a painful bear market erase much of the gains of 2020 — and investors felt the pain as prices plummeted.

Tom Lee, managing partner and head of research at Fundstrat Global Advisors, says that’s about to change. His firm sees eleven signs that Bitcoin (BTC) has turned bullish for the long run. In fact, it’s so confident, Lee is predicting all-time high (ATH) prices in 2020.

Tom Lee Has A Sketchy Track Record of Bitcoin Predictions

Lee hasn’t had the greatest luck with price predictions. His suggestion in early 2020 that Bitcoin would hit $25,000 by the end of the year was wildly wrong — so why trust him now?

Previous predictions were built on Bitcoin market euphoria. More recently, such predictions have a stronger fundamental backing.

Firstly, Lee claims that an increase in transaction volume on the Bitcoin blockchain is a sign of bullish things to come. Most of the new transactions are coming from locations where national currencies are falling apart — like Venezuela and Turkey. Increased transactions mean increased demand, which is often a sure sign of growth.

On a purely technical level, Bitcoin crossed its 200-day moving average. This is an almost universally-accepted technical indicator of bull activity. With this came a ‘golden cross’ — the nickname for when the 50-day moving average overtakes the 200-day moving average. This is also a notoriously bullish signal.

The other eight signs all stem from Fundstrat research. These include larger buy orders from over the counter services, decreasing supplies, and a general consensus among early adopters. Taken together, the signs indicate that the market seems to have reversed.

But Bitfinex?

These indicators are all entirely independent of the Bitfinex debacle that unfolded late last week, as the New York Attorney General’s office filed charges against the exchange and its stablecoin Tether BUY NOW (USDT). Bitcoin, in spite of the related negative news, remained strongly stable above $5,000.

This ability to weather negative news with strength lends further credence to Lee’s suggestion. While it may be another pipe dream, all the signs indicate that (this time) Lee is right. Whether Bitcoin will hit new all-time highs within a year remains to be seen — but the bulls seem to have returned.

Do you think Tom Lee is right and the Bitcoin bulls are back, or is there still more pain to come as the market seeks to find stability? Let us know in the comments below!

Bitcoin Bulls Are Still Upbeat On Year Anniversary Of All-Time High

Bitcoin Anniversary- Bitcoin may not be dead, but it’s certainly fallen a long way from the heady highs of late 2020. One year ago today the bitcoin price peaked at a little over $19,000, ending a year of bitcoin and cryptocurrency mania that saw billions of dollars poured into ambitious initial coin offerings (ICOs) and bold predictions that “this time it’s different.”

Inevitably, the year-long bitcoin party came to a crushing end, leaving those who had piled in nursing painful loses. The bitcoin price has been on a severe downward trend throughout 2020 as investor fears around regulation and institutional investment mount. Bitcoin is down 83% since its all-time high, according to prices from the Luxembourg-based Bitstamp exchange.

Bitcoin bulls and the crypto faithful have managed to remain upbeat in the face of market collapse, promising they have funds to wait out the so-called crypto winter bear market even as many make cuts to keep costs down.

Bitcoin investors have been eagerly seeking signs that the next bull run could be on the horizon. GETTY

Now, the chief executive of bitcoin payments processor BitPay, Stephen Pair, has predicted bitcoin and cryptocurrencies will become widely used in as little as three to five years—something that could have a drastic effect on the bitcoin price.

“Our thesis at BitPay is that all digital assets, or most digital assets, will be issued on a blockchain. And then most payments will be conducted on a blockchain. And we’re building a platform for that future. So I think you’re really looking somewhere in the three-to-five-year time frame,” Pair told CNBC’s Squawk Box.

“I used to say 10 years, but now I think it’s more like three to five years until you can go into a restaurant, a retail establishment, and everybody’s going to expect that that store will be able to accept a blockchain payment.”

Bitcoin Surges Past $5,000 USD to Establish New All-Time High

The price of bitcoin has surged past $5,000 USD today, establishing a new all-time high. The major milestone comprises a complete reversal of the approximately 40 percent drop triggered by China’s cryptocurrency crackdown last month.

The Price of Bitcoin Established a New All-Time High of $5219.1 USD at Bitfinex This Morning

The major price level of $5,000 has been emphatically broken this morning, as prices surged from $4,900 to over $5,200 in just two hours. At the time of writing, prices appear to be consolidating above the prior resistance of approximately $5,000 USD.

The new high comes just thirty days after bouncing off the recent low of approximately $3,000 USD that was established following announcements of China’s recent crackdown on cryptocurrency exchanges. Despite the ensuing fear, uncertainty, and doubt that resulted from the sudden exit of major Chinese cryptocurrency exchanges from the bitcoin markets, bitcoin was able to make a strong recovery after bouncing off the major support area at $3,000 USD. The surge past $5,000 has left the 3-day stochastic RSI poised to cross the 80 threshold for the second time since August.

Changing Market Dynamics

Following the closure of several major Chinese bitcoin exchanges, Japanese trading volume has come to comprise approximately 60 percent of all bitcoin trading volume. The rise to dominance of the Japanese markets has largely displaced fears that China’s cryptocurrency crackdown signified the end of bitcoin’s bullish trajectory heading into the end of 2020.

The new all-time high has been established despite concerns from parts of the bitcoin community relating to the Segwit2x hardfork which is expected to take place in November. The current price action brings bitcoin’s gains for 2020 well in excess of 400%. As such, 2020 is currently bitcoin’s best performing year since 2020.

Do you think that the current bull trend will be affected when the Segwit2x hard fork takes place? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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