Why one Bitcoin on-chain analyst is short-term bearish on BTC price, for now

Ki Young Ju, the CEO at CryptoQuant and an on-chain analyst, says Bitcoin (BTC) is neutral to short-term bearish for the time being. There are two major indicators that have been useful in spotting trend reversals in the ongoing bull cycle. First, whenever the Coinbase premium appeared, which means BTC is trading higher on Coinbase than on Binance, for example, BTC saw bullish momentum. Second, the momentum of Bitcoin strengthened when it saw large outflows from Coinbase. In the past several days, however, neither of these two indicators have shown any…

Bitcoin breakout ‘imminent’ says hedge fund as analyst targets $48K monthly close

A fresh Bitcoin (BTC) breakout is “imminent” and most likely to the upside, hedge fund Vailshire Capital Management says. In a tweet on Jan. 19, Jeff Ross, the firm’s founder and CEO, described the outlook for BTC performance as “wildly bullish.” Vailshire Capital ‘steadfastly long’ BTC Using a combination of on-chain metrics and macro insight, Ross highlighted an upcoming end to the ranging and conolidation seen in the Bitcoin price this week.  “Update on #Bitcoin technicals… Breakout imminent. Direction still undecided. Macroview: Wildly bullish. On-chain analysis: Wildly bullish,” he wrote.…

Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop

Bitcoin faced a strong drop into Friday. The cryptocurrency, after peaking at $40,000, fell as low as $34,000 in a flash drop on Friday morning. The drop was odd because the cryptocurrency was strongly underperforming altcoins. Normally, during Bitcoin corrections, altcoins fall against the U.S. dollar and against BTC, though this was not the case. Bitcoin has since bounced back toward $36,500 since the daily lows. An analyst is expecting some form of consolidation in the days ahead, which may result in strength in the altcoin market. Related Reading: Wall…

Bitcoin chases new high as analyst says ‘smart money never stopped’ buying

The total cryptocurrency market capitalization is back above the $1 trillion level as Bitcoin (BTC) bulls pushed the price back to $40,000 on Jan. 14. Daily cryptocurrency market performance. Source: Coin360 Bitcoin price rallied to $40,099 in the early trading hours on Jan. 14 according to data from Cointelegraph Markets and TradingView before pulling back to $39,500. This marks a rapid turnaround from the recent drop below $31,000 and shows that professional and retail traders are keen to see BTC price rise higher despite this week’s massive $1.5 billion liquidation.…

Bitcoin buying algos ‘seldom care about price’ in 2021, says analyst

Bitcoin (BTC) is not far from a blow-off top price implosion but investors are “aggressively” buying the dip. Speaking to Cointelegraph on Jan. 8, popular analyst filbfilb revealed that Bitcoin was due a corrective phase given the pace of recent gains. filbfilb: I don’t think we’re far from blow-off top On Thursday, BTC/USD exceeded $40,000 before a spectacular reversal saw a $2,200 drawdown in under give minutes. Thereafter, fresh attempts to flip $40,000 to support were met with rejection, and press-time levels circled $38,400. BTC/USD 1-day candle chart (Bitstamp). Source:…

Financial analyst agrees Bitcoin could be ‘rat poison,’ but not in the way you think

Famous investor and Berkshire Hathaway CEO Warren Buffet called Bitcoin “probably rat poison squared” back in 2018. In his 2020 fourth-quarter market letter, financial analyst Bill Miller agreed with Buffett’s description of the asset — but not without his own addendum. “Warren Buffett famously called bitcoin ‘rat poison,’” Miller said in his Saturday letter, adding: “He may well be right. Bitcoin could be rat poison, and the rat could be cash.” Miller started his letter by explaining how each new year often paves the way for various financial predictions. Financial expectations and…

Rapid Bitcoin Move Could Find a Top Near $28,000: Analyst

Bitcoin has undergone an extremely strong rally over the past day, despite the coin facing a strong dip into Christmas. Per CoinGecko, the coin is up 8% in the past 24 hours alone, pushing from the $24,500 region to $26,700 now. At the peak a number of hours ago, BTC traded as high as $27,000 in some markets. Bitcoin is outperforming altcoins as it continues to suck the air out of altcoins due to the strength of the rally and the institutional focus on Bitcoin. Related Reading: Here’s Why Ethereum’s…

Bitcoin’s Next Impulse Move Could Send It Rocketing to $40,000: Analyst

It has been on a wild ride the past few weeks, with buyers being in full control of its price action as it continues rising on a nearly daily basis Where it trends in the mid-term will undoubtedly depend on whether or not it can continue printing higher lows each week Some analysts do believe that a correction is imminent, although it remains unclear as to whether or not this will be enough to invalidate its uptrend One trader explained that the next bullish impulse higher could lead to a…

Bitcoin price hits $23K as on-chain analyst says $55K is the ‘next landmark’

Bitcoin price (BTC) has surpassed the $21,000-$22,000 resistance range to rise above a new high of $23,000 on Dec. 17. Meanwhile, on-chain analyst Willy Woo now says $100,000 is a “ridiculously low” target. BTC/USD weekly chart (Bitstamp). Source: Tradingview The $21,000 level was particularly important for Bitcoin to continue its rally in the near term. Exchange heatmaps showed stacked sell orders at around $21,000 to $21,500, which meant BTC price had to break through to see a broader uptrend. The Bitcoin Top Cap Model puts $100,000 as a conservative target.…

Why Massive Bitcoin Miner Outflow Has This Top Quant Analyst “Scared”

Bitcoin price is still hanging onto $18,000 and is only a couple of grand shy of finally taking out $20,000 and beginning the new bull market. But BTC miners that should be holding in advance of mark up, are suddenly moving massive quantities of the cryptocurrency, and it has a top industry quantitative analyst “scared” of the potential implications. Here’s why the outflows could be so frightening in the short-term, but also how they could be bullish in the long-term. Is The Bullish Bitcoin Narrative Of 2020 Beginning To Fade…