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Bitcoin Halving Epoch Scale Primed to Send Price 20x Higher in Long Term

Bitcoin wrapping up the year at $100,000 is decent for many traders and investors. That would be a 100% increase. It would also mean a rewarding return on investment for many. But the Bitcoin halving Epoch scale is suggesting that more than triple of that price growth could be attained in the near term. According to data from Coinmetrics, modified by ChartsBTC, a Twitter account managed by a Bitcoiner —who keeps track of market patterns from every four-year Bitcoin halving cycle, Bitcoin is on its way to $300,000 this year. The Bitcoin Epoch—which is basically a four years period that…

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Bitcoin’s halving was a success in this very unexpected way

Let’s be honest – 2020 is not going the way you thought it would. If you had taken a look at the calendar before the start of the year, what would you have reckoned would be the monthly volatility of Bitcoin? How do you think the largest cryptocurrency in the world would’ve navigated what was […] The post Bitcoin’s halving was a success in this very unexpected way appeared first on AMBCrypto.

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Only 2.5 million Bitcoin left to mine

But with Bitcoin demand on the rise, can we expect more scarcity? With only 21 million Bitcoin (BTC) to be issued, a little under 2.5 million BTC remains for mining. In a tweet, ChartBTC said the Bitcoin network already passed the 18.5 million BTC mark in circulation. This means there is less than 2.5 million BTC left, or about 11.9% of the total Bitcoin to be generated. ChartBTC pointed out half of the remaining 2.5 million BTC will be mined in the next four years. Since the genesis block back in 2009, the Bitcoin network has already undergone three halvings,…

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Is Bitcoin Heading for $12,000 Again?

Bitcoin is becoming more bullish, it seems. Following a few weeks of nominally bearish activity that ultimately made the currency lose roughly $2,000 from its price and fall from about $12,000 to less than $10,000, the world’s number one cryptocurrency by market cap has shot up to $10,700. This is an $800 price jump from where the asset was not too long ago. Bitcoin Is Heading Deeper Into Bullish Territory After a price surge that took bitcoin to roughly $12,400, the currency began traversing some rather bearish territory that ultimately took it down into the $11,000 and then the $10,000…

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Analyst: The Recent Bitcoin Drop Isn’t Such a Bad Thing

As we all know by now, bitcoin is not in its greatest state. The currency continues to delve deeper into oblivion, now trading at roughly $9,900 at the time of writing despite moving beyond the $12,000 line just over a week ago. Bitcoin Is Headed for a Dark Place However, according to several sources, there were red flags appearing all over the crypto space during these past few weeks, and bitcoin has long been at risk of heading towards an extremely low position on the financial ladder. According to the Weekly Jab Newsletter: A quantitative risk indicator known for spotting…

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Bitcoin mining rig manufacturer Canaan posted net loss, CEO cites Covid-19 and BTC halving 

Canaan Inc, a leading Chinese Bitcoin mining hardware manufacturer published its unaudited second quarter (2020) financial results. As per the report, the company’s gross profit increased year over year and quarter over quarter, but Canaan still suffered a net loss.  However, the firm’s gross margin expanded significantly last year as well as in the first quarter of 2020. Further, the total computing power sold through Canaan’s Application Specific Integrated Circuit (ASIC) processors was 2.6 million Thash/s. This indicated an increase of approximately 198.5% in the first quarter of 2020 from 0.9 million THash/s, but it also represented an 18.2% decrease…

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Analysis: Bitcoin HODLers On The Rise While Miners Refuse to Sell

Recent data indicated that the HODLing mentality towards Bitcoin prevails as the number of coins that haven’t moved in two or more years has reached a three-year high. At the same time, miners are following suit as their BTC holdings have reached a two-year high. HODLing Mentality Among BTC Investors Prevail The analytics firm Glassnode follows the behavior of Bitcoin investors by examining the BTC movements (or lack of) from their addresses. According to recent research, HODLers have increased accumulation and decreased spending since the summer of 2019 and have continued ever since. Consequently, the percent of BTC supply that…

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Lessons for Traders 101 – 2020’s Bitcoin isn’t 2017’s Bitcoin

Bitcoin’s on-chain fundamentals grew stronger post its second halving in 2016. However, while most traders have historically been focused on the world’s largest cryptocurrency’s price action, there is a degree of ignorance when it comes to studying metrics for building a trading strategy. Here are just a few of them that highlight such growth in Bitcoin’s fundamentals,  466% rise in the number of blockchain wallets since Q3 2016  There has been a hike in new buyers and active traders in the cryptocurrency. Retail buying has fueled rising demand at a steady pace, while also absorbing the liquidity from crypto-crypto exchanges.…

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Lessons for Traders 101 – 2020’s Bitcoin isn’t 2017’s Bitcoin

Bitcoin’s on-chain fundamentals grew stronger post its second halving in 2016. However, while most traders have historically been focused on the world’s largest cryptocurrency’s price action, there is a degree of ignorance when it comes to studying metrics for building a trading strategy. Here are just a few of them that highlight such growth in Bitcoin’s fundamentals,  466% rise in the number of blockchain wallets since Q3 2016  There has been a hike in new buyers and active traders in the cryptocurrency. Retail buying has fueled rising demand at a steady pace, while also absorbing the liquidity from crypto-crypto exchanges.…

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Here’s when shorting Bitcoin is wise

Halvings are important events in Bitcoin’s price cycle, especially because a lot of expectations are tied to these events. However, while Bitcoin’s price did end up higher post the first two halvings, it did take quite a few months for the price to do the same.  Post the first halving, the price rose by over 9000% in a year. From $12 in November 2012, it hit a peak of $1100 in November 2013. Following the second halving, it hiked by over 280% in 11 months. From $650 in July 2016, it breached $2500 in May 2017. The pre-programmed decrease in…

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Are we seeing Bitcoin drop below $10,000 for the last time?

The selling pressure bearing down on Bitcoin seemed to be exceptionally high, at the time of writing. Since the end of July, Bitcoin has now re-tested its support at $11,400-$11,200 more times than it has breached $12,000 on the charts. With every passing day, bullish momentum has lagged in terms of intensity and with altcoins losing their propulsion as well, Bitcoin may possibly be heading under $11,000 very soon. Source: Coinstats Many analysts have speculated that the probability of a re-test under $10,000 cannot be dismissed either. However, the present pullback might have some historical reasoning after all. Bitcoin drawdowns…

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What death spiral? Bitcoin mining difficulty rises by 9% since halving

Bitcoin mining difficulty has risen by 9% since the May 11 halving, demonstrating that the ecosystem remains healthy despite post-halving miner capitulation fears. After the May 11 halving, some skeptics speculated that miners would capitulate or that the entire process would enter a death spiral. Fast-forward three months and the Bitcoin (BTC) hash rate is at a record high.An all-time high hash rate and a stable Bitcoin mining industry are both positive signs for the medium to long-term trend of BTC.A rising hashrate is a positive for BitcoinAccording to data from Glassnode, the mining difficulty of Bitcoin increased by 3.6%…

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Bitcoin accumulation alert, here’s what to expect

The Chicago Mercantile Exchange (CME) has climbed up the listings to rank in the top 10 derivatives exchanges. The volume and open interest from institutional heavyweights on exchanges like CME solidify Bitcoin’s mainstream acceptance. It fuels anticipation and liquidity on spot and derivatives exchanges for retail traders. The magnitude of the influence is debatable, however, it is an ideal vantage point to examine how BTC derivatives market can push and pull charts.  Aggregated open interest on CME hit $727 M which is a two-fold increase from $250 M in July 2020. This means traders bet $727 M in anticipation of…

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Bitcoin Could Surge Past $300K If It Mimics Its Past Behavior

Could bitcoin potentially reach a price of $340,000? The Power and Strength of the Bitcoin Price This appears to be the sentiment amongst certain analysts and charting platforms granted bitcoin decides to play all its cards right. Should the currency imitate its 2016 halving behavior, there is a slim chance that it could spike to this range and beyond. As we all remember, bitcoin’s second official halving occurred during the summer of 2016. While not much happened at first, bitcoin’s price really began to pick up at the end of the year, when the asset officially rose into the $1,000…

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Miner Hut 8 Reports Q2 Revenue Plunged 67% to $6.9 Million Due to Bitcoin Halving

Canadian miner Hut 8 Mining Corp has reported that second quarter revenue tumbled 67% to $6.9 million from $21.2 million a year ago, as Bitcoin’s supply cut in May forced production to decline. The Toronto Stock Exchange-listed company extracted just 795 bitcoin (BTC) in the April to June quarter, compared to 1,165 BTC in the preceding three-month period. However, Hut 8 posted a net profit of $2.1 million thanks to the revaluation of its bitcoin holdings, which generated $7.6 million. Still, Q2 net earnings show a decline of 91% from the $22.7 million reported a year earlier. The firm said…

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Bitcoin Halving and Ethereum 2.0 Bring Big Changes for Crypto Miners

How Bitcoin’s third halving, Ethereum 2.0’s launch and the COVID-19 pandemic are affecting the crypto mining industry. Although over two months have passed since the halving happened on the Bitcoin network, the crypto mining industry is still heaving from the frantic pace of events that have followed suit. The rollercoaster of hash rates has left Bitcoin (BTC) and Ether (ETH) prices soaring while provoking mixed feelings among crypto miners.The COVID-19 pandemic has left its mark on the industry as well, forcing dozens of pools to either switch off or shift their focus from Bitcoin, with its increasing mining difficulty, to…

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5 Reasons Why The Bitcoin Bull Run Has Started

Popular cryptocurrency YouTube content creator DataDash believes that Bitcoin has entered a long-term bull cycle. He based his opinion on several factors, including the famous stock-to-flow model, the increasing hodling mentality from investors, and the issuance of new coins. Weekly And Monthly Bullish Patterns According to Nicholas Merten, the person behind the popular DataDash YouTube channel, Bitcoin’s recent performance solidifies an upcoming bull run. He began by examining a nearly three-year-old resistance level that started from the all-time highs in December 2017. BTC was incapable of closing above it on the weekly chart since then but managed to do so…

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Bitcoin Is About to Hit $10,000 Again

At the time of writing, bitcoin – the world’s number one cryptocurrency by market cap – has shot up to just under $9,900. About $100 more to go and bitcoin will have again struck the $10,000 mark this year. The Bitcoin Price is Exploding It’s hard to say whether the asset – should it hit the five-figure range – will remain above $10,000 for the rest of the year. To be perfectly fair, the jump to $10K has been relatively slow and steady this time around, and it’s taken much of last week to hit this figure. Perhaps this slower,…

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Is Bitcoin Getting Ready for a Massive Price Surge?

It looks like interest in bitcoin may be on the lower end of the spectrum, which is likely giving the world’s number one digital currency by market cap an opportunity to edge its way into bullish territory according to some analysts. Affection for Bitcoin Appears to Be Slipping The third bitcoin halving took place during the first half of May, and despite all the hype and hoopla surrounding the event, it really didn’t amount to much. In fact, more occurred during the actual leadup of the event than during the halving itself. The currency was on a serious roll that…

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Miner ‘Death Spiral’ A FUD? Bitcoin Miners Back In Action As Hash Rate Surges

A FUD regarding Bitcoin miner ‘death spiral’ had been surfacing the crypto community as the halving was underway. However, the latest charts suggest otherwise as hash rate hits an all-time high. Miner’s Miles Away From ‘Death Spiral’ The first and the largest cryptocurrency, Bitcoin was programmed to undergo a process called the “halving” once, every four years. During this process, the rewards that the miners receive after the addition of new blocks, are cut into half. The latest halving took place on 11 May 2020, where the mining reward was lowered from 12.5 BTC to 6.25 BTC. While industry expected…

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