Bitcoin Setting Up For Another Bull Run After COVID-19 Pandemic ‘Killed’ the First Set-up

According to a new model that on-chain analyst Willy Woo is working on, bitcoin was setting up for a bull run when coronavirus pandemic – the white swan “killed the party.”

The model picks the start of exponential bull runs and it suggests that we are close to yet another bull run and it could take yet another month to go.

But the time taken by the bitcoin to start this bull run is actually a good thing because “the longer this bull market takes to wind up, the higher the peak price,” he said.

The market is currently in an accumulation mode with holders taking this time to stack the sats, and “a long sideways accumulation band is ultimately a good thing.”

”Very clearly shows how COVID was a model breaking outlier” – On-chain analyst Willy Woo

As we reported, there are several indicators pointing out that the accumulation is going on in the market and investor confidence is growing.

Bitcoin daily active addresses are approaching levels not seen since 2018 but at the same time, active supply has been falling. Active supply is a measurement of the amount of supply moved on-chain within the last x days or years and while short-term supply surged in early 2020, longer-term active supply has dropped.

The fact that 1 year and 2 years active supply has dropped to two-year lows implies that “supply is increasingly being held for periods longer than one year, which supports the narrative that BTC is used as a store of value,” said Nate Maddrey, Research Analyst at Coin Metrics.

About 10.35 million BTC has moved on-chain within the last two years and about 7.4 million within the last year. Also, only 38.93% of bitcoin supply was active within the last year, the last time it was under 40% was in May 2016.

At the same time bitcoin balance on exchanges has been dropping since March sell-off.

Glassnode Bitcoin Exchange Balance
Source: Glassnode Bitcoin Exchange Balance

Currently, 14.3% of bitcoin’s circulating supply, 2.6 million BTC is in centralized exchange wallets, as per Glassnode.

The largest bitcoin holder is Coinbase at 954k BTC. At 2nd spot is Huobi but with not even half of Coinbase’s balance at 364k BTC, followed by Binance’s 267k BTC.

Coin Metrics also notes that Gemini which has been a relatively small exchange compared to its competitors at the beginning of 2017 now holds more bitcoin than Bitfinex, Bitstamp, Bittrex, Kraken, and Poloniex.

Amidst this, bitcoin realized capitalization has recovered and reached a new all-time high of $106.97 billion. In contrast to traditional market capitalization which values each unit of BTC supply uniformly at current market price, realized cap is calculated by valuing each unit at the price it was last moved on-chain or transacted.

Meanwhile, bitcoin continues to rebound three months after the March crash, currently trading under $9,100 in red while managing a mere $767 million in ‘real’ trading volume.

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Author: AnTy

Stansberry’s Eric Wade Talks Next BTC Bull Run, Cryptocurrency Masterclass

Crypto Market Set for the Next Bull-Run Following the Bitcoin Halving Cycle Per Stansberry Analyst Eric Wade

Eric Wade, who works with established the Stansberry Research Group, recently opened up his own Cryptocurrency Masterclass to share insights about his Crypto Capital research service.

In addition to the Stansberry Research Cryptocurrency Masterclass program, Eric Wade also shared recent insights on the next crypto market bull run following the recent bitcoin halving cycle. According to the financial analyst, the crypto market is geared up for another bull-run due to a number of specific reasons outline in his post and Crypto Capital service. In a recent analysis, the former Wall street banker (who sold the domain name for $1 million) has said that the crypto market is set to experience a big change which only a few have spotted as of now, especially as the BTC price shaved off nearly $1,000 in the past week.

“It’s like an oncoming train that you can’t see yet. There’s a thrum in the air. And the rails are starting to vibrate.” reads the post.

In his view, the new bull-run will be accelerated by big institutional players like hedge funds and Venture Capitalists who flocked the market after Bitcoin rallied to $20,000 back in 2017. In addition, the crypto market appears to have followed a certain pattern over its decade of existence. Wade speculates that the market has been consolidating since 2018 and is likely to hit new-highs very soon as per the cycle.

Aside from his recent rundown of the catalysts of the emerging cryptoasset class, Eric Wade’s Cryptocurrency Masterclass with Stansberry Research is meant to be a course that shares everything you need to know about bitcoin and cryptocurrencies for 2020 and beyond. The former Merrill Lynch financial manager, who apparently turned $7 investment into $1 million gain, is now focused solely on the crypto markets and educating the newcomers joining the ecosystem from all around the world.

The Bull Factors in Crypto Markets

As expected, an upward shift in market prices has to be supported by fundamental factors. Wade has since highlighted that the recent BTC halving is one of the factors that might cause a significant price shift. Previous BTC halving’s in 2012 and 2016 were characterized by an accumulation period followed by big bull markets. According to Wade, the shock in supply is met by an upward shift in Bitcoin prices. While it is still early to feel the May 2020 halving effects, Wade is optimistic that the trend will replicate itself.

Other than the halving, governments have been exposed by the COVID-19 pandemic. Today, quite a number have printed huge sums of money which seems to be eroding the confidence in them. Tesla founder, Elon Musk, has said on twitter that central banks recent behavior has made Bitcoin ‘look solid by comparison‘. Wade, who is opening up the Crypto Masterclass with Stansberry Research, is a long standing advocate for bitcoin and many major altcoins. Having wrote pieces ranging all over the crypto ecosystem: such as ‘How Bitcoin Will Survive the U.S. Government’ or ‘Become a Blockchain Expert in Less Than Four Minutes’ – Eric is a forward facing researcher who will detail everything there is to know about the program and his Crypto Capital research service for aspiring investors looking to get a formal education about how bitcoin works and why cryptocurrencies are set to change the future of finance.

Furthermore, the masses are moving towards paperless money in a bid to keep the pandemic at bay. It is no surprise that large retailers have heeded to the FinTech call with some like Starbucks accepting Bitcoin. Wade predicts that the next bull-run will see the crypto market cap increase tenfold into a trillion plus league (the current all time high is when it reached $838 Billion back in January 2018 and sits at $250 Billion today):

“When the next bull market begins, crypto’s userbase will grow by 10 times or more… the industry’s entire market cap will balloon into the trillions… and many cryptos could soar thousands of percent.”

Wade, who is releasing the Cryptocurrency Masterclass with Stansberry Research just after the third bitcoin halving, went on to put some virtual respect on his bitcoin is digital gold perspective:

“Many investors see bitcoin as a store of value, or “gold 2.0.” But bitcoin isn’t just “digital gold.” It has far bigger upside right now. Its supply can’t be artificially increased because it’s not issued by a central bank. In other words, bitcoin prices aren’t set by a narrative, but by supply and demand… And that demand has come roaring back…Plus, as we said… the latest halving is something that has only happened twice before. And both times, it sent bitcoin soaring.”

A simple but humorous questions is, where is he wrong?

Bitcoin’s Prospects

Despite the skepticism, BTC has survived the odds as a living breathing entity for the past 136 months straight. Since Satoshi’s release of the blockchain-based bitcoin network software system on January 3, 2009, to its third halving cycle of thirty three scheduled, Bitcoin with a capital ₿ is outperforming all other asset classes in the last ten years. Some now tout it as the ‘digital gold’ or ‘gold 2.0‘; this narrative has caused a surge in demand recently as more people acquire a part of this leading crypto asset.

One thing is for certain, a long-standing early-day adopter and now leading bitcoin finance researcher, Eric Wade, by way of Stansberry Research, has put together the Cryptocurrency Masterclass to present his Crypto Capital newsletter research service. The aim is to help educate, inform and support those who see the advantage of staying cutting-edge relevant about the future of Bitcoin’s optimistic outlook as a blossoming force within the financial hierarchy of the world’s economical backbone.

Looking back, the first halving in November 2012 was followed by an 8,000% spike in Bitcoin’s price within the course of 2013. It was initially trading at $12 but had jumped to $994 by the end of 2013. This pattern was repeated in 2016 when the coin soared 2,900% to trade at $20,000 in 2017 from $650. While the stats point to a likely replication, the volatile nature of crypto markets has always taken us by surprise and only time can tell where the wind will blow.

To find out more on the Stansberry Research Cryptocurrency Masterclass by Eric Wade, go watch and read what the bitcoin advocate, analyst and crypto aficionado has in store today.

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Author: Andrew Tuts

Blockchain Intelligence Startup, TokenAnalyst, Shuts Down; Some Employees Move to Coinbase

Token Analyst, a startup focused on blockchain market intelligence, has announced that it’s ceasing operations after two years in operation.

A medium post by the firm on May 5 notes that it will no longer be supporting its products which include APIs and the TokenAnalyst platform.

According to the blog, the team is proud to have contributed to the growth of crypto and blockchain in areas like transparency:

“Our mission was to bring transparency to the decentralized world, and we believe we made significant progress towards this mission.”

The team, however, added that it will remain committed to developing the open financial system for worldwide adoption. Notably, some of the employees in TokenAnalyst will be joining Coinbase to advance this course:

“While we will not be actively working on TokenAnalyst anymore, we are very excited to announce that some of our team is joining Coinbase.”

The blog concluded by thanking TokenAnalyst’s stakeholders for their support, noting that they have been a big factor in the company’s success:

“It was truly invigorating to tweet/whatsapp/telegram/email/signal 24/7 with crypto enthusiasts from all over the world. It was your incredible support, encouragement, and passion that kept us going and motivated.”

TokenAnalyst founders, Sid Shekhar and Jai Prasad, who are speculated to be among those moving to Coinbase also shared their twitter handles @jai_prasad17 or @sidshekhar24 for further communication.

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Author: Edwin Munyui

What’s the Issue with S2F’s $288,000 Bitcoin Price Prediction?

Popular analyst PlanB who is known for his scarcity-based stock-to-flow model recently in an interview on Peter McCormack’s podcast What Bitcoin Did talk about how Bitcoin is “not a toy anymore.” From a toy, the digital asset has evolved into magical internet money and now to dollar parity.

Reflecting on the world’s leading cryptocurrency’s past ten years, the analyst said bitcoin may not even be an asset anymore as “it’s gonna be much bigger than that.”

Further moving onto his model, he points out a very famous quote about models that says, ‘“all models are wrong but some are useful’ and that’s very true.” As for his updated S2FX model,

“it’s more useful (than the original S2F) because it forces you to think in phases, in big steps – in this case, a hundred billion dollar Bitcoin into a multiple trillion-dollar Bitcoin market value. That’s a huge leap and it’s not gonna be a gradual thing that something is going to change in the next couple of years.”

If it doesn’t then all bets are off which means the model will break.

“I would be very happy if it would only forecast the next halving or maybe two halvings correct that would be very useful right now,” said the analyst.

Reciting another famous quote, “I’d rather be roughly right than exactly wrong.” PlanB said “that’s why I always talk about orders of magnitude right with this model It’s not about the exact dollar value of Bitcoin.”

The S2FX model doesn’t provide precise targets rather rough ones. The actual Bitcoin will be above or below, scattered around that target.

Instead of getting married to the model and putting all the belief and money into it, which is “so stupid,” the model should be seen as a way of structuring thinking about something and maybe get some rough direction from it, he added.

Issue with the $288,000 in 2021

As we have reported, this model has a number of critics. Bitfinex bitcoin whale Joe007 is one of those who had said,

“One problem with the S2F model is that it’s divergent, predicting a ridiculous price of $1 trillion BTC by 2050 and infinity after 2140. An alternative FSM model is convergent and more realistic. But if you expect $1M BTC any time soon you may be disappointed.”

The bitcoin whale, however, does believe in Bitcoin which he said is “much more than just a currency.” He said earlier this year,

“It’s a completely new social technology: non-political non-confiscatable self-sovereign extra-hard money. I expect it to precipitate a transition of humanity to a completely new economic and social order that will slowly emerge over time.”

This latest model meanwhile also puts the bitcoin price at $288k, up from $100k projected by the original S2F model. This means the price could be both over and below this fixed price line from 2020-2024.

However, not everyone believes in these numbers.

Crypto enthusiast Tyler Durden said the problem with this new high is the daily volume required to take bitcoin to $288,000. This can’t happen in a single daily candle and as such needs “sustained volume over a fairly medium-term time frame.”

Analyst Bob Loukas counters the view with, “Think of the hysteria in 2017….now multiple many times. Would be a different animal on a massive scale. And a liquidity crisis won’t last years.”

The “real” bitcoin volume has been seeing a solid boost lately, with the daily volume (7-day average) once again above $2 billion.

You can listen to the full podcast here:

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Author: AnTy

Ethereum Becoming the Dominant Value Transfer Layer, on Par with Bitcoin Now

A tweet from Ryan Watkins, a research analyst at blockchain analytics firm Messari, revealed that as per the latest data the total value transferred on the Ethereum Network is now on par with that of the leading network Bitcoin.

The figures show that “Ethereum is becoming the dominant value transfer layer in crypto,” said Watkins.

Source: @RyanWatkins_

The value here refers to the US dollar value of the units transferred on a blockchain. In the case of Ethereum, however, unlike bitcoin that only includes the USD value of all BTC sent on a given day, it also involves Ethereum-based stablecoin as it supports assets from third parties to be sent and received on its network.

And USDT (Tether) has played a big role in boosting these numbers on Ethereum over the last few months.

As Watkins said, “This is a story of the explosion of stablecoins in Q1 2020,” the best quarter ever for USD-pegged cryptos. Stablecoins added as much market cap in the first quarter of this year as they did in all of 2019.

Explosion of Stablecoins

The issuance of stablecoins “ballooned” more than $8 billion in the quarter, “driven by a global flight to safety amidst the coronavirus pandemic.” An increase in stablecoins’ issuance was so dramatic that it made Ethereum the “dominant value transfer layer in crypto.”

“Ethereum is by far the leading platform for stablecoin issuance,” he said and that it is likely that Ether will extend its lead due its maturity and project ecosystem. “Ethereum is a Wall Street in the cloud. Stablecoin issuers are following the money.”

Currently, stablecoins account for 80% of daily transfer value on Ethereum which are used for significantly larger transfers than Bitcoin.

Source: Messari Research

Among the stablecoins, Tether is at the top, being the largest beneficiary of the Q1 volatility. However, its challengers also gained momentum with the native stablecoins of Circle and Coinbase, Binance, and Huobi benefiting this quarter.

The fact that stablecoins are on pace to quadruple their growth in 2019 is solidifying Ethereum’s position as the dominant stablecoin platform, said Watkins. As we reported, the shortage of the US dollar could be fueling the demand for stablecoins and in turn for the second largest network.

What about Omni-Tether?

Independent developer Udi Wertheimer however, raised concerns about Watkins’ findings that didn’t cover USDT data on the Bitcoin network. A software layer on the Bitcoin network, Omni is the world’s most used stablecoin Tether (USDT) while the Ethereum chart covers USDT as an ERC-20 token. Wertheimer said,

“USDT on Omni is bigger than all the non-USDT ETH-based stablecoins. If you include USDC and the smaller ones, you should also include Omni-USDT.”

But Watkins was quick to reply, arguing that it “doesn’t change the conclusion,” because “USDT on Omni transferred ~$90million day on average for the past 3 months. The same as USDC.”

Also, that Ethereum chart “doesn’t include any other Ethereum based tokens or smaller stablecoins for that matter, which would add more to Ethereum’s total,” Watkins said.

As per Tether’s transparency page, in comparison to about $4.9 billion in circulation on ETH, $1.5 billion are circulating on Omni.

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Author: AnTy

Record Demand for Gold Amidst Supply Crunch & No Way to Move the Physical Bars

As analyst Luke Martin puts it in bitcoin terms, “gold is going through un-announced (refiner) halvening.”

The demand for safe haven asset gold is surging and the price of the precious metal has increased 5.6% yesterday but with mining operations slow, the bullion is expected to rally to new heights. This has been the largest one-day dollar gain for the metal since November 1984. The move came on the back of the Fed’s decision to unleash unlimited QE.

Meanwhile, a crunch in supply is currently being witnessed. Three of the world’s largest gold refineries that process a third of global annual supply reported on Monday that they have suspended the production in Switzerland for at least a week. This has been on the back of the mandatory closure imposed by the local authorities to prevent the spread of coronavirus.

Dublin-based GoldCore said it “experienced record demand in recent days and the global supply of gold and silver bullion coins and gold bars has quickly evaporated.”

Retailers are already reporting shortages and delays of 15 days on shipments while the demand has gone up to five times the normal daily amount.

Moreover, the supply routes are strangled because of the lockouts and grounded planes, not allowing gold to be moved around the globe. The yellow metal is shipped around the world on commercial flights, linking the trading hubs with refineries and vaults. But as coronavirus shuts down the refineries, it is becoming harder to trade gold.

This led gold futures to shoot to the highest premium with the spread between New York and London gold price skyrocketing, last seen in 1980, showing how desperate investors are to find a safe haven.

The bigger problem, however, remains the shipping of gold as one puts it, “There are enough kilobars around: the issue is how to get it where it’s wanted.”

And this is exactly what the bitcoin commentator has been repeatedly talking about. Gold proponents continue to argue that there won’t ever be the need to carry the bags of gold but today as the nations are into lockdown because of COVID-19, this is exactly what is happening.

Bitcoin as a digital gold narrative gaining traction

Interestingly, just like gold, bitcoin has been seeing a jump in price, today it momentarily went to $6,990 on Bitstamp. When it comes to the past 12 months performance, while gold is up only 25%, bitcoin is up by 69%.

Though since then, the price of BTC has gone down again to about $6,600, the world’s leading cryptocurrency is preparing for its supply crunch in less than 50 days which is expected to boost its price as well.

Gold has actually become the “most used” word in Bitcoin tweets, with 63% being positive. Also, mentions of Gold in Bitcoin headlines are nearing their all-time high. “The bitcoin as a digital gold narrative has begun to gain significant traction once again,” noted crypto data provider The Tie.

However, while the adoption of Bitcoin among institutions on the basis of volume on CME is around $300 billion daily in the past few days, gold which is in the focus has its COMEX futures trading $100 billion volume yesterday and $20 billion in options.

As gold pushed higher, Goldman Sachs told its clients that it’s time to buy the “currency of last resort” which fell 1% today.

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Author: AnTy

Investor Activity in Bitcoin Is ‘Fizzing Out’ As Market Undergoes A Black Swan Event

  • On-chain analyst Willy Woo says his call of “no chance this a top” when Bitcoin was just below $10k was “totally wrong”
  • In the short term, the market not looking good but long term looks solid

Earlier last month, Bitcoin broke above $10,000 that on-chain analyst Willy Woo said was the “real deal”. “Fundamental investment activity is backing this $10k breakout,” said Woo at that time.

However, as we saw in the past few weeks, bitcoin has been acting like a risky asset following the stock market, going from above $10,500 in mid-February to $7,630 on Monday.

In his latest update, Woo shared that he was “totally wrong” on his call of “no chance this a top” when Bitcoin was just below $10k. “The market right now, crypto and traditional, is undergoing a black swan,” said Woo.

A black swan is an unpredictable event that goes beyond what is normally expected and has potentially severe consequences.

Long term investor activity looking “solid”

We made a good start of 2020, with everything surging only to come to a crashing halt as coronavirus hit the market. This led to the biggest drop in the Dow Jones Industrial Average since the 2008 financial crisis. Over the weekend, the oil price war started by Saudi Arabia and Russia not only lead the oil prices to plunge but the global markets to undergo extreme sell-off.

Bitcoin wasn’t left unaffected either. Macro events hurt the digital asset hard as it dropped more than 27% in less than a month, however, it wasn’t nowhere near the carnage the global markets saw.

Today, bitcoin is yet again moving up just like the stock market on the hopes of stimulus from the central banks. The crypt asset is trading above $8,000, up nearly 4%. Woo said,

“This is a chart of on-chain “investor activity” right now. Long term looks solid. Short term is very weird, normally it’s smooth oscillations, not anymore, it’s like something hit it (COVID19?), it’s fizzing out. Waiting for this to reverse before we put in a bottom. Maybe soon.”

The positive movement in the bitcoin price also resulted in growth in the network. In the last 24 hours, as the BTC price increased, so did the addresses. Since March 4th, they have been declining but on March 9th, recorded an uptick, as per crypto data provider IntoTheBlock.

Daily Active Addresses
Source: @IntoTheBlock

During this time, 822 thousand addresses were active while 421.8 thousand new addresses were created. Network Net Growth has been 25.7 thousand new addresses. However, this jump in price saw 405.58 thousand addresses going to zero, that is, no balance in BTC.

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Author: AnTy

“It’s finally time for XRP,” Claims Traders as the Digital Asset Jumps Over 7%

  • “Time to say bye-bye to 750 days of bear market,” says analyst as XRP climbs above $0.260
  • XRP seeing lot of traction in Mexico, the Philippines, and Australia

Today’s winner of greens in the crypto market is XRP.

The third largest cryptocurrency has been failing to see much action despite Bitcoin recording substantial gains since we entered into 2020. Even altcoins like Bitcoin SV (BSV), Bitcoin Cash (BCH), Dash, Cardano (ADA), Ethereum Classic (ETC), and IOTA has been climbing up crazy

But today, among the top 15 cryptocurrencies, XRP is the top performer with 7.15% gains recorded in the past 24 hours while trading at $0.257, a level last seen in November. In the BTC market as well, XRP is up by 6.32%.

According to trader Scott Melker, “It’s finally time for XRP,” as bullish divergence on daily finally plays out.

“Alarms went off,” he continued as XRP breaks through key resistance at 0.00002533 against BTC. A close above the descending line at 0.00002709 and a potential retest here at support, he said would be “positive” for the digital asset.

Any “dips are for buying!

Ever since hitting its all-time high at $3.93 in early January 2018, XR price has been on a decline, putting in a new low. Last month, the digital asset went as low as $0.179 level. But looks like, the best performing asset of 2017 bull run is getting ready for a new bull run.

Trader XO also feels there is an uptrend coming as he said, “Wouldn’t short this,” which means any “dips are for buying!”

Previously, he shared a chart portraying a Wycoff method according to which XRP could have experience spring with another lower leg before taking off but it looks like the digital asset is skipping it this time and had enough of the losses.

XRP Gaining Traction

Meanwhile, the XRP community is also enjoying the amount of traction XRP is seeing in Mexico, the Philippines, and Australia, where Biso, MoneyGram, and other partners of Ripple are facilitating cheap and fast cross border payments via the digital asset.

Another positive news doing the rounds is an official document of the partnership between Indian bank Federal Bank and Ripple.

Dated March 2019, the document states the reason for the partnership, “accelerate cross border remittances.” This partnership, Federal Bank said would help it explore new corridors where Ripple is “aggressively pursuing new partnerships.”

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Author: AnTy

Litecoin Dev Says LTC Could Soft Fork To Activate Taproot-Schnorr On Same Timeline As Bitcoin

Soon after a famous crypto analyst, Lucas Nuzzi made his 2020 prediction for the Bitcoin’s (BTC) soft fork, one Reddit user asked several in the Litecoin (LTC) community questions section, about the plans for the Shnorr-Taproot upgrade.

On January 19, this Reddit user, who is very curious about how cryptocurrencies are developing from a technological point of view, asked if the Blockchain silver network is going to go through a Schnorr-Taproot upgrade. The LTC developer responded with this:

LTC before or after BTC?

Another user who’s always asking the most interesting questions about blockchain projects decided to talk about LTC developers’ plans, trying to uncover what they’re intending to do. Therefore, he addressed the question regarding the network upgrade being made with the roll-out of Taproot schemes and Schnorr signatures for the reason that this would highly increase security.

Losh11, another user who may be the LTC developer Loshan T, decided to answer him by saying neither BTC, nor LTC, have any business to implement this type of upgrades. Lucas Nuzzi thinks the upgrade may be a soft fork for the Bitcoin (BTC) network this year.

Litecoin (LTC) is Being Very Private

All in all, the Schnorr-Taproot upgrade will change the way transaction mechanism of signing in on to the Litecoin (LTC) network is taking place, allowing multi-signature options to be developed. The same upgrade is sure to be complementary with the MimbleWimble protocol implementation into the same network. It can be used to hide transaction data and to make things more confidential in the blockchain.

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Author: Oana Ularu

This Uncannily Accurate Bitcoin Chart from Dec. 2018 Predicts a New ATH in 2020/21

  • Analyst ‘s post from Dec. 2, 2018, correctly predicts Bitcoin’s bottom and momentum in 2019

Bitcoin price is currently hovering around $9,000 after surging over 21% to date in 2020. With Bitcoin reward halving coming up in May 2020, investors are extremely excited to see if this historically bullish event will end up pushing BTC to the moon or as some commentators say a dump because halving is priced in.

According to an analysis posted by PentarhUdi on TradingView, Bitcoin price is onto a big rally that will see it hitting a new high by the end of this year. The post has garnered 133,200 views to date.

The analysis is his vision of Bitcoin’s future price dynamics in the context of the broken time log trend. “Bitcoin lost its huge momentum to stay in this trend,” which he said was going to happen sooner or later.

Because as Bitcoin and blockchain technology gets adopted, it starts losing its “blowing popularity,” and leave the straight-style log trend. But all the while it continues to grow in SQRT-style trend more smoothly.

Posted on December 2nd, 2018 when Bitcoin was trading just above $4,000, the analysis called for a local bottom between $1,500 and $3,000 in that month. The world’s leading digital currency won’t be breaking previous lower low at $159, obviously, but he said, “it should be 4-digits,” in the coming weeks. On Dec. 15, we hit the low at about $3,200 level.

As BTC dropped fast, going from $6,400 to $3,200 in just over a month, he said it should bounce fast to retest the last $6,000 level and “log trend at around 10000-20000. 2019-2020 AD,” and “then it should fall back to ~6000 support. This should happen up to 2020 AD.”

Interestingly, he has been right this time as well with Bitcoin hitting $13,900 in June 2019 only to drop back to $6,500 level in mid-Dec. 2019. The next step he says is “Go to new highs. Beyond 2020 year.” Although the analysis calls for a $70,000 peak, he is calling for a new all-time high in 2020-21 without an exact figure.

In 2020 AD, he is expecting bitcoin to find its place in society and its price to become relatively stable in the mid-term but continue to slowly climb in the long term.

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Author: AnTy