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Bitcoin price nears $55K as fund manager ‘still sees $100K’ in 2021

Some analysts still expect six-figure Bitcoin prices this year despite the recent market panic. Bitcoin (BTC) is still on course to hit $100,000 this year and its recent dip is “unchanged price action.” That was the conclusion of one of the industry’s best-known investors as BTC/USD recovered from its trip to near $46,000. Tapiero eyes “very rare buy signal” for Bitcoin... In a tweet on April 27, Dan Tapiero, fund manager Dan Tapiero revealed that he had been “inundated” with concerned clients over Bitcoin’s recent price dip. There was, however, no need to panic. Highlighting a technical (TD sequential) buy…

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Investment Manager Guggenheim Warns of Bitcoin Pullback, Calls It ‘Great Entry Point’ for Investors

Guggenheim CIO Scott Minerd has warned crypto investors about bitcoin’s pullback. He said bitcoin “clearly has gotten caught in a speculative bubble that Gamestop got into.” However, he noted that it will be a “great entry point” for long-term investors. ‘Great Entry Point’ for Bitcoin Investors The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, talked about bitcoin in an interview with CNN last week. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has more than $246 billion in total assets across fixed income, equity, and…

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Bitcoin Resumes Its Rally As Price Is Trading Bullish At $60K

Well, it finally happened. BTC’s price has finally reached over $60,000 again after weeks of continuous struggle. As of the time of this writing, the price currently sits around the $60,700 mark, fluctuating slightly ever so often. Also, the new all-time high mark had been $61,495, an amount reached within the past 24 hours alone. Bitcoin is still the undisputed leader of the cryptocurrency industry for now with the biggest market capitalization, and this new breakthrough will be a source of both joy and relief as BTC hodlers waited patiently for the asset to continue its dominance following a short…

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Financial Analyst and Reporter Claims that Bitcoin Bull Run has only Run a Primary Lap

Many new theories about Bitcoin come to light every day. However, the soundest advice comes from the analysts who are always crunching numbers and issuing their judgment based on mathematical projections and data analytics. One such financial reporter and journalist is William Clemente, with a massive Twitter following and a flair for crypto markets. In his recent tweet, Clemente shared a graph of Bitcoin price scores during the 2017 bull run when the flagship cryptocurrency was entering a support position of $3000 to $5000 range. He was pointing towards the regulatory schedule halving behavior for Bitcoin. The tweet suggests that…

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Bitcoin Tops $59,000 As It Aims To Retest $60k

PayPal conveyed to Reuters that it will officially support some altcoins and Bitcoin starting from Tuesday. This news led Bitcoin to get close to $60,000. PayPal considers cryptocurrencies as an authentic funding source According to the latest cryptocurrencies charts, Bitcoin price is now touching a 10-day high. Reuter being the sole reporter of the massive headline, concurred PayPal would release an official statement confirming the report and revealing it to the US market. Previous year when PayPal confirmed its endeavour in crypto space, it had sent a shockwave across the world, as everyone from PayPal’s 29M merchants and the public…

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Bitcoin Price Analysis: 01 April

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice Bitcoin, the world’s largest cryptocurrency, broke out past a strong area of resistance in the $56,300-$56,700 zone a couple of days back and rose as far north as $59,680, before being forced to pull […]

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Norway Central Bank Governor Says There Is No Possibility Of Bitcoin Replacing Fiat

Not very long ago, the governor of the central bank of Norway expressed his opinion regarding Bitcoin’s rise to fame. However, Mr. Oystein Olsen was unimpressed with Bitcoin, as he believes there would never come a time where Bitcoin could supersede a currency issued by the national bank. The governor concurred in an interview that cryptocurrencies like Bitcoin remain extremely resource-hungry compared to fiat currency. He added that Bitcoin is not only an economical option to pursue, but also the instability of Bitcoin makes it very hard to ever become a viable option. According to him, the key point for…

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Bitcoin short-term Price Analysis: 04 October

Disclaimer: The findings of the following article are the sole opinion of the writer and should not be considered investment advice  After CFTC brought charges against BitMEX for allegedly violating the Bank Secrecy Act, Bitcoin tumbled down the charts and fell by 4%. However, BitMEX took a much harder hit as its OI has since […] The post Bitcoin short-term Price Analysis: 04 October appeared first on AMBCrypto.

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Bitcoin short-term Price Analysis: 27 September

Bitcoin climbing to $10,700 may have been a fleeting moment since, at the time of writing, the price seemed to be dropping yet again below the aforementioned level. On a longer-term timeframe, it was bullish, but on a short-term timeframe, the price had just broken out of a bearish pattern at the time. Bitcoin 1-hour […] The post Bitcoin short-term Price Analysis: 27 September appeared first on AMBCrypto.

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Do on-chain metrics show an overly bearish picture of the 2020 Bitcoin market?

Bitcoin’s on-chain metrics suggest that the market is overly bearish. This has been the case for most of 2020.  Source: Coinmarketcap Up till now, on-chain metrics are considered a reliable source of data for predicting Bitcoin’s market sentiment and price. It is assumed that the Bitcoin Network needs sufficient on-chain volume in order to fuel a bull market.  Source: Coinmarketcap The current on-chain volume is higher than the 2018 and early 2019. The price is above 10k and has sustained at that level for over 4 months in a row. Trading volume does not pose a grim picture, unlike 2018. …

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Bitcoin short-term Price Analysis: 24 September

After being rejected under the $11,000-mark, the last 48-72 hours have seen Bitcoin survive a period of bearish turmoil. With the cryptocurrency’s price consolidating near $10,300 at press time, some degree of recovery was observed on the charts. However, the resistance at $10,412 continued to hold out. A look at Bitcoin’s charts revealed that a period of high volatility may be incoming for the world’s largest cryptocurrency. Bitcoin 1-hour chart Source: BTC/USD on Trading View The 1-hour chart for Bitcoin, particularly, pictured a rising wedge pattern, at the time of writing. However, the chances were that the pattern will not…

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Bitcoin long-term Price Analysis: 20 September

Disclaimer: The findings of the following article should not be taken as investment advice as it is the sole opinion of the writer Bitcoin’s rise from $10,000 to $11,000 was slow, but steady. However, of late, the market’s bulls seem to have run out of steam. The outlook for Bitcoin on the medium to long-term timeframe seemed bleak, at the time of writing, and the following article explains why. Bitcoin 4-hour chart Source: BTCUSD on TradingView Although the price of Bitcoin is barely, yet desperately clinging to $11,000, it will soon loosen its grip. What follows next will be a…

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Bitcoin long-term Price Analysis: 13 September

Bitcoin’s surges, over lower time frames, are really good for scalps with tight stop-losses. However, doing so can also be equally risky. At the time of writing, Bitcoin was hovering around $10,550, with the world’s largest cryptocurrency eyeing the $10,600-mark and the levels above it. Bitcoin short-term price chart Source: BTCUSD on TradingView Over a very short-term time frame, Bitcoin was observed to be forming bull flag patterns. In fact, another bull flag pattern was under formation, as of writing. The breakout from this is expected to push the price above $10,600 easily. However, an observation that can be made…

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Can Bitcoin’s history with hodling help the bulls?

Hodling as a strategy to drive up prices is still as relevant as 2016 and early 2017. A third of UK companies had stockpiled Bitcoin in 2016, well ahead of the anticipated bull run. Their reason was protection against hacking and ransomware attacks, however, the risk is higher with Bitcoin’s involvement. This Hodling incident was one of the firsts, close to the bull run. Source: Citrix  Starting in 2017, Hodlers booked profits and the number of Bitcoin held in idle wallets dropped as the price increased. Source: lookintobitcoin A similar pattern has emerged, and it started in the second half…

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Here’s why buying this dip may not be the best bet

Bitcoin’s latest price drop below its crucial support level of $11500 has once again re-ignited the question of ‘buying the dips’. However, not all dips are alike, and buying the dip may not always be your best bet. @CryptoWhale was among those who recently commented on the narrative of “buying the dip.” Source: Twitter Some dips are expensive when you take into account the fair value of Bitcoin. In fact, buying these dips is equivalent to buying Bitcoin at a premium. This is where Bitcoin’s fundamentals come into play. The fair value of Bitcoin as a digital asset can be…

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Bitcoin long-term Price Analysis: 07 September

The descent in Bitcoin’s price has been drastic but at the time of writing, it was holding steady above the $10,000 level, something that, as we all know, is ephemeral. Bitcoin’s price wants to dip to the low-$9,000s and the same will happen eventually, however, until then, keeping your hands off trading would be good self-control. The long-term scenario for Bitcoin, at press time, seemed bleak for obvious reasons. Bitcoin 1-day chart Source: BTCUSD TradingView Although Bitcoin’s 1-day chart showed the price’s breakout off the rising wedge, the interesting part was the rapid descent of the price after the breakout.…

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Bitcoin short-term Price Analysis: 3 September

Disclaimer: The findings of the following article should not be taken as investment advice, with the same deduced based on the immediate price activity of Bitcoin amidst strong bearish pressure in the market Between 25 August and 2 September, Bitcoin managed to re-test its support level at $11,150 thrice, with the resistance level at $12,000 met only once. If you scale back the timeline, it can be observed that $12,000 has been more like a ‘pullback curse’ since whenever BTC has tested the $12k waters, it has been dragged down to the abyss below $11,200. With concerns regarding the exhaustion…

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Bitcoin’s correlation with Gold and S&P 500, is it your best bet?

Bitcoin wasn’t created as a normal equity investment. However, analysts have correlated it with Gold and S&P 500 every cycle. This is drawing speculative traders in, and Bitcoin is being purchased for its investment value. However is the store of value narrative is dying a slow death, with this week’s Bitcoin Gold correlation at 10% – the lowest since June 2020.  Source: Skew Many investors look out for correlation and other signs due to Bitcoin’s lack of guaranteed RoI. However, comparing Bitcoin with traditional assets gives insights into its effect on a portfolio that is a mix of traditional and…

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Do Bitcoin futures exchanges live up to the hype?

BTC futures were first launched in December 2017, and their initial performance was contrary to the hype that surrounded it. Market expectations ranged from a sudden climb in BTC spot price to increase liquidity on spot exchanges. However, the two most popular Bitcoin futures exchanges – CME and CBOE faced two different fates.  Before CME’s BTC futures launch, the spot market price of Bitcoin was expected to reflect optimism. Just as it did, in the case of CBOE.  Immediately after the launch event the price climbed up from $13400 and hit $15400. CBOE’s website went down as futures trading launched,…

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Bitcoin long-term Price Analysis: 31 August

Off-late, Bitcoin has been moving sideways on the charts and hasn’t exactly been the center of attraction either. Today, DeFi, yield farming, and liquidity pools are the hype. While DeFi has temporarily stolen the spotlight, altcoins seem to be enjoying Bitcoin’s respite. One thing to note here is that despite Bitcoin’s almost-dormant price action, the OI for BTC Futures and Options did peak momentarily. It’s almost as if Bitcoin is waiting for a perfect moment to splash that pent up volatility, one that can contribute to a sudden spike/crash in the crypto-asset’s price. For now, Bitcoin’s price is still under…

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