This metric suggests Bitcoin price can go as high as $590K this bull run
The current Bitcoin (BTC) bull run could send BTC/USD as high as $590,000, one indicator forecast this week.
Curated by on-chain analytics resource Glassnode, the Net Unrealized Profit/Loss (NUPL) index has reached a level that has historically launched the Bitcoin price an order of magnitude higher.
The latest bull signal was noticed and uploaded to social media by the company’s CTO, Rafael Schultze-Kraft, on Nov. 30. At the time, BTC/USD was already making new all-time highs on several exchanges.
NUPL currently resides at 0.62. Previously, reaching this level has begun an uptrend that only reversed once Bitcoin had hit a new price range.
In 2011, the price expanded by a record 3,000% after the NUPL event, while in early 2013 it expanded 800% and another 600% later that year. 2017, the year which delivered Bitcoin’s previous all-time high, meanwhile saw 1,200% gains.
NUPL measures the proportion of coins in the network which are in profit versus those that aren’t. Built around a neutral zero value, the closer the index gets away from it, the more the network is in profit. Negative readings likewise signify majority losses.
“NUPL is at 0.62 and predicts tops at 0.8+,” Schulze-Kraft explained alongside an annotated chart.
A 0.8 reading or higher this time around thus opens the door to BTC/USD topping out at anywhere between $133,000 and $590,000.
“Just getting started,” he concluded.
Monday’s action meanwhile boosted an already confident analyst who had long said that this year’s performance would be “like clockwork.”
PlanB, the pseudonymous creator of the stock-to-flow-based family of Bitcoin price models, said on Dec. 1 that all was still going to plan after the most recent halving event in May.
Bitcoin Hits a Record High – Forex News by FX Leaders
Bitcoin is officially back today after the worlds leading cryptocurrency hit a record high level.
Price continues to push towards the $20,000 level, having rebounded from the lows of $4,000, after reaching the $19,700 level in 2017 amidst the first real Bitcoin boom.
Proponents of BTC, are well and truly stating that ‘this time is different’, and that the types of investors that are involved in the second coming of Bitcoin are this time more educated and sophisticated.
On the first big run, Bitcoin was a largely unknown product, with a small group of early adopters and speculators driving up the price. As mentioned, this all came crashing down and price fell some 70% from the highs.
This time there are some more factors at play that weren’t around last time.
There are far more institutional and sophisticate investors that are interested in the entire space. It is clear for all to see that the money printing and stimulus that central banks are providing is an unsustainable measure. These people and Governments largely have no plans to pay back any debt and ultimately this could lead to a change towards digital currencies. The big news this year was PayPal, perhaps the worlds biggest payment processor will be adopting cryptocurrencies. This is a sure-fire sign that these alternative payments forms are here to stay.
We already know that central banks and Governments want to get rid of physical cash, so they can more effectively tax the broader population.
For now, we do have two types of players. Those looking to hedge against the Government and central bankers in what is a type of GOLD alternative. As well as those who see that there is a practical component.
Regardless, Bitcoin is back at the highs and now we will be watching the $20,000 level very closely.
That said, while Bitcoin is at the highs, the smaller coins such as ETH, LTC and XRP are still well off record-high levels.
01 | December | 2020
Upstart crypto exchange LVL wants to take on U.S. giants by removing trading fees. The move comes as bitcoin touches new all-time highs.
While only 12 non-profits had signed up for the event last year, crypto donations platform The Giving Block said that over 120 such organizations will be taking part in this year.
The delays come on a day when the price of bitcoin surpassed its all-time high.
A combination of volume, derivatives action and infrastructure improvements led bitcoin’s price to go where it hasn’t gone before. Ether is looking supremely bullish, too.
Mining companies are soaring as bitcoin hits record highs.
After bitcoin’s price hit its previous all-time high in 2017, it fell. Analysts explain why the latest rally will be different.
Growing investor interest, central bank money printing and PayPal’s entree helped push bitcoin prices above their previous December 2017 record.
With bitcoin’s price hitting a new all-time high on Monday, retail investors will inevitably want to get in on the original crypto asset.
Stablecoins could “threaten financial security” if widely adopted, the ECB head said in a magazine interview.
Why a price surge is not only attracting a new cadre of institutional investors, but also producing the beginnings of a new set of FUD.
Author: by adminbtc
Bitcoin rallies above $19,000 after biggest rout since pandemic
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Shri 54 minutes ago
Bitcoin is shitcoin. dump fully
Shri 8 hours ago
empty money causing huge bubbles. stocks will collapse
Bitcoin hits an all-time high of just under $20,000
Bitcoin just hit another milestone in its impressive 2020 run. The cryptocurrency surged 9% to a new all-time high of about $19,860 on Monday, topping the previous peak of $19,783 from December 2017.
It’s been a wild year for bitcoin, which has soared more than 175% since the end of 2019. Prices plunged below $4,000 in March as markets around the globe plummeted due to the Covid-19 economic crisis.
But bitcoin has rallied sharply in the past few months as the dollar has weakened. Crucially, the cryptocurrency has also skyrocketed into the mainstream.
Payments giants Square and PayPal both now allow their customers to buy and sell bitcoin. Money management giant Fidelity is launching a bitcoin fund for wealthy investors. Bitcoin futures contracts are even trading on the Chicago Mercantile Exchange.
Prominent investment managers Paul Tudor Jones, Stanley Druckenmiller and Mike Novogratz are bullish on bitcoin as well.
In other words, the days of bitcoin being considered just a fringe investment are over. The cryptocurrency has gone legit.
“This rally is driven by smart and institutional money and not built solely on retail over-speculation,” said Guy Hirsch, managing director for the US at eToro, brokerage and trading firm, in an e-mail to CNN Business. “So many more individuals and asset managers are now buying in.”
The amount of bitcoin currently in circulation is now worth more than $365 billion.
Bitcoin also got a recent boost after a top strategist at BlackRock, the world’s largest asset management firm, suggested that bitcoin could one day replace gold as a safe-haven currency of choice.
The epic rise in bitcoin has also fueled even more dramatic spikes in smaller cryptocurrencies such as ethereum, XRP, litecoin and Stellar as of late. That may continue.
“Bitcoin hitting a new all-time high…will likely spur a tidal wave of retail investment that pushes bitcoin much higher in short order,” said Denis Vinokourov, head of research at digital assets prime broker Bequant, in an e-mail to CNN Business.
“However, it is unlikely that this inflow will be limited to bitcoin only,” he added. “The ease of access to other assets is much more straightforward than what it was during the last bull run.”
Author: By CNN
Bitcoin price hits new all-time high as crypto market matures
Bitcoin (BTC) price has officially reached a new all-time high on Dec. 1 above $19,892 after nearly three years, according to data from Coinbase and Tradingview.
Despite the Thanksgiving crash last week, BTC price has managed to rebound throughout the weekend. BTC then easily passed the $19,000 mark on Monday to reach its all-time high, albeit on a couple of exchanges.
There are three key trends that fueled BTC’s rise from sub-$3,600 in March to over $19,892. These include the rise in institutional demand, lower selling pressure, and the resilience of BTC throughout 2020.
Most on-chain data points show that the demand for Bitcoin from institutions has been rapidly increasing.
In November, Grayscale recorded all-time high net inflows, and the CME Bitcoin futures market saw its open interest climb near $1 billion.
Grayscale, in particular, said that more institutions invested in cryptocurrencies during the third quarter of 2020 than ever before.
The figures Grayscale sees are important to gauge the institutional interest in Bitcoin because the Grayscale Bitcoin Trust is typically the first point of entry for most institutions to gain exposure to BTC.
In the United States, there is no exchange-traded fund (ETF) for Bitcoin and other major cryptocurrencies. Hence, the Grayscale Bitcoin Trust is the closest investment vehicle to an ETF in the U.S. market. The Grayscale report read:
“More institutions invested in 3Q20 than ever before and have increased their average allocation from $2.2 million in 3Q19 to $2.9 million in 3Q20. Institutions that are comfortable with multiple products within the Grayscale suite of products, have averaged nearly double the commitments of single-product investors during 3Q20.”
As Cointelegraph reported in August, MicroStrategy purchased $450 million worth of BTC, adopting Bitcoin as its primary treasury asset. This was likely the spark that triggered the current wave of institutional demand for the digital store of value.
This was accompanied throughout the summer by high-profile allocations to Bitcoin from the likes of Square, Paul Tudor Jones, and later Stanley Druckenmiller, which only further fueled the positive market sentiment.
I call this chart “The Traditional Onslaught”.
We’ve been talking about “The Herd” for 3+ years. The Herd requires career risk cover. This is that.
They are by definition not early adopters, but their pockets are deep & their capital is sticky. #Bitcoin is just getting started. pic.twitter.com/jC7uVBXxxW
— Travis Kling (@Travis_Kling) November 30, 2020
In November, Druckenmiller explained that Bitcoin is likely here to stay as it has significantly outperformed gold in 2020, saying:
“It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand.”
Six months after the halving, November also saw low selling pressure from whales according to on-chain data. In other words, the amount of Bitcoin being sent to exchanges from high-net-worth investors have been consistently decreasing throughout the month.
CryptoQuant CEO Ki Young Ju pinpointed the Exchange Whale Ratio as an indicator for long-term bullish market sentiment. He said:
“Dear $BTC shorters, You can call me a moon boy, but unfortunately, there won’t be a mass-dumping like March this year. Exchange Whale Ratio(90-day MA) is still very low. Long-term bullish is inevitable.”
The low selling pressure on BTC helped sustain its rally throughout the month, eventually allowing the dominant cryptocurrency to reach a record high.