How Bitcoin’s 2020 High Compares To Past Bull Market “Tops”

Bitcoin price suffered a powerful correction from the 2020 high of $12,400, taking the crypto asset back below $10,000 briefly. After a short-lived dead-cat bounce to $11,200, Bitcoin price is back once again at $10,500 and trying to hold. Although the correction has been steep, the selloff closely resembles the last bull market’s most violent tops. And while sentiment has swiftly shifted bearish, if history repeats, buying even the scariest dips will be incredibly rewarding. Crypto Bull Market Tops Match Current Price Action Despite Bearish Sentiment Shift In a bull…

Profit taking Bitcoin miners won’t stop the next bull run: On-chain analyst

Historical data shows that some miners began to sell Bitcoin (BTC) at the end of July, leading to increased selling pressure in the cryptocurrency market. Eventually, the dominant cryptocurrency fell steeply from mid-August, recording a 13% fall and since then BTC has struggled to retake the $12K mark. Bitcoin selling by miners from 2017-2020. Source: CryptoQuant According to CryptoQuant CEO Ki Young Ju, continued selling by miners might not be enough to prevent a bull run. On-chain data analysis firms closely observe the movements of miners and whales because they…

Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto

Bitcoin price recently plunged from over $12,000 at the 2020 high to back under $10,000. But after seven straight days of retesting resistance turned support, the crypto asset is already back at $11,000 and climbing. The bounce on weekly timeframes, just so happened to take place at a specific reading on the Relative Strength Index that throughout Bitcoin’s history has acted as bull market support. If the key level continues to hold, 2021 will be the year of the return of crypto. Bitcoin Bear Market Could Be Over With This…

New Bitcoin bull run? Whales and institutions accumulating, data shows

As the price of Bitcoin (BTC) breaks past $11,100 on Sep. 19, whale activities and Bakkt’s all-time high volume suggests strengthening momentum. The 4-hour price chart of Bitcoin. Source: TradingView.com According to CryptoQuant’s Ki Young Ju, fewer whales have been sending BTC to exchanges. Historically, the data indicates less selling pressure from high-net-worth Bitcoin holders. Simultaneously, the daily volume of Bakkt’s institution-focused Bitcoin futures market achieved a record high. Operated by ICE, the parent company of the New York Stock Exchange (NYSE), Bakkt facilitates BTC trades for institutions. The Bitcoin…

UBS Gold Price Prediction Buoys Mid-Term Bitcoin Bull Case

UBS, a top-two investment bank in Switzerland after Credit Suisse, has a bullish outlook on gold. In the medium term, the improving sentiment around the precious metal could buoy the bull case of Bitcoin (BTC). Many high-net-worth investors within the cryptocurrency space describe Bitcoin as gold 2.0. Billionaire investors the Winklevoss twins have consistently said they believe BTC is a better store of value than gold. The monthly chart of Bitcoin dating back to 2015. Source: XBTUSD on TradingView.com According to the data from Skew, the correlation between BTC and…

Bitcoin Birch says no retail crypto-wide bull run likely for rest of 2020

Crypto prices may still be weighed down by a difficult global economic atmosphere, according to Joel Birch, co-founder of automated crypto investing platform Stacked.  “I don’t necessarily think that 2020 is going to be the year of some type of major retail bull run, largely due to the fact that the global economy still lingers over this industry, just like other financial markets,” the personality, also known as “Bitcoin Birch” on Twitter, told Cointelegraph in an interview. Birch, however, said he maintains a fairly positive slant in terms of upward…

It’s a bull trap! 3 key metrics forecast Bitcoin price rejection at $11K

Traders are usually skeptical as Bitcoin (BTC) approaches key resistances, and there was no exception as the price added 7.7% to attack the $11K level.   Not every rally will shift technical indicators to overbought levels, but there is usually some gain in volume and futures contracts sentiment that may transition from neutral to bullish. Derivatives markets are especially sensitive to trend changes due to leverage. Yesterday, as Bitcoin price closed in on $11K, Cointelegraph cautioned that the move shouldn’t raise hopes too high as rejection at this level could be…

This Signal Could Suggest Latest Bitcoin Rally Was A Bull Trap

Bitcoin price rebounded hard from $10,000 and in a flash already found itself back above $11,000. Thus far, the key level couldn’t hold, and now signs are appearing that could suggest the rally was noting more than a bull trap and retest of resistance turned support. TD Sequential Indicator Gives Bull Trap Warning With Perfected TD 9 Sell Setup This week, Bitcoin blasted back above $11,000 but failed to hold the critical zone as it did the last time the cryptocurrency had a stretch of extended intraday upside. At the…

Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout

Bitcoin price has spent the last two years hovering around $10,000 – a key resistance level that in the past has incited serious FOMO. But according to an early Bitcoin investor who has seen a thing or two, the cryptocurrency won’t hover around that price forever and sees parallels between the current price action compared the calm before the breakout into the last bull market. Early Crypto Investor: Bitcoin Can’t Hover Around $10,000 Forever The world will know soon enough if scarcity-focused valuation methods like the stock-to-flow model continue to…

Bitcoin Holding $10,000 Could Confirm The Bull Run Is Still On

Bitcoin needs to hold the current price region where it’s at now to confirm that it remains in a bull trend, analysts say. Related Reading: CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin Bitcoin Needs to Hold $10,000 Bitcoin must hold $10,000 in the near future to confirm that it is in a bull market, one macro analysis suggested. A cryptocurrency chartist and trader shared the chart below, which shows Bitcoin’s macro price action along with an Ichimoku Cloud indicator. Bitcoin bounced off that level multiple times over the…