Bitcoin Sell-Off Triggers Classic Bearish Reversal Pattern; $20K Next?
An overnight sell-off in the Bitcoin market Monday brought its prices down from an intraday high of $34,888 to as low as $31,435.
The approx 10 percent decline occurred as traders’ anxieties mounted over a JPMorgan report that cast doubts over Bitcoin’s potential to retest $40,000. According to Nikolaos Panigirtzoglou, the lead strategist at JPMorgan & Chase, one of the major catalysts behind Bitcoin’s supersonic rally was the Grayscale Bitcoin Trust, which amassed about $20 billion worth of BTC during its 1,000 percent price rally.
Nevertheless, the last couple of weeks saw a decline in the New York fund—of about 22 percent—that surpassed Bitcoin’s very own downside correction of 17 percent.
Mr. Panigirtzoglou added that a drop in Grayscale’s accumulation spree might hinder Bitcoin’s attempt to reclaim $40,000 or the levels above it, adding that “the near-term balance of risks is still skewed to the downside.”
The bearish fundamental risked activating a classic bearish reversal pattern that has emerged on the Bitcoin charts lately. The BTC/USD exchange rate has been forming a sequence of higher lows on repeated upside rejections while holding its footing at a horizontal support area. The pattern appears like a Descending Triangle.
In retrospect, a Descending Triangle’s formation in an uptrend points to a reversal.
Most traders look to open a short position following a high-volumed breakdown from the pattern’s lower trendline support. Typically, the price target is as much as the Triangle’s maximum height. In Bitcoin’s case, it is more than $11,000 that puts the cryptocurrency at risk of slipping below $20,000.
Nevertheless, certain adjustments to the support trendline change the entire bearish setup by turning Descending Triangle into a Bull Pennant.
So it appears, Bitcoin has simultaneously formed lower highs alongside the higher lows, forming a Symmetrical Triangle in an uptrend. In retrospect, it is a bullish continuation pattern that could have traders open long positions following a high-volume breakout above the Triangle resistance trendline.
The Pennant’s upside target is as high as the flagpole formed before it (~$20,000). That puts Bitcoin en route to at least $50,000 should the bullish bias sustain.
Fundamentals that could trigger Bitcoin’s Bull Pennant include the US coronavirus stimulus, the Federal Reserve’s pro-inflation policies, and a bearish outlook for the US dollar. That has prompted many corporations and investors to seek hedge in Bitcoin due to its similarities with safe-haven gold.
“We’re talking about Bitcoin over the next three, five, ten years slowly inching away at gold’s market capitalization,” Vijay Ayyar, head of Asia Pacific with Singapore-based crypto exchange Luno, told Bloomberg Tuesday. “If that happens, you are way over $50,000.”
BTC/USD was trading above $32,000 at the time of this writing.
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- Will Bitcoin Crash In 2021?
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BTC Bull Chamath Palihapitiya Will Run For California Governor
January 26, 2021January 26, 2021
Billionaire investors and BTC bull Chamath Palihapitiya decided he will be running for the Governor of the State of California, as per the reports that we have in our BTC news.
The BTC bull Chamath Palihapitiya who is also the CEO of Social Capital will run for the governor seat of California. He confirmed today and tweeted:
“California is a mess – it’s too expensive, our teachers are underpaid, and our schools aren’t good enough. “
The punchline on his campaign website gives a short insight into the areas that he will mostly focus on. There are a few proportions that the venture capitalist will put forward from the get-go. He suggests imposing a 0% state tax that is expected to increase the state’s revenue from $15 billion to $30 billion and to also work on increasing the teachers’ salary to $70K per year while giving students free vouchers to choose a school. Education is the main point in his campaign which is also seen in the goal to get rid of student loans. He suggested that the state of California should guarantee ISAs so the students do have to get a loan. He also plans on giving $2000 for every born child in the state:
“If we want California to remain as the technological hub of the world, we have to encourage more people to settle down and live here.”
It’s on. #RecallGavinNewsom https://t.co/r8Cwd4szrn
— Chamath Palihapitiya (@chamath) January 26, 2021
The investor is a strong BTC proponent and said on multiple occasions that 1% of the portfolio of every investor should be in BTC. If everything goes crashing, BTC will be considered as insurance. He advocated for the cryptocurrency and even predicted a price surge of $200,000 per coin. Last year, his company Social Capital expressed strong support for the entire crypto space via a new venture named Emerging Managers. The investor tweeted on it and outlined a few focal issues that the investors could face once they start off, including building a capital base without a track record, finding partners, establishing infrastructure, and managing the aspect of investing. Chamath also said that the new venture will focus on new niches as well as crypto as a second priority.
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The standoff between Russia President Vladimir Putin and his main opponent, Alexey Navalny, rose to a new level last week – and so did bitcoin donations to the dissident.
Navalny, a Russian politician and vocal critic of Putin, is also a successful bitcoin fundraiser in Russia, receiving 657 BTC in donations over the past five years. The pace of donations accelerated last week, after Navalny was arrested in Moscow and his team published an investigative report describing an over-the-top, luxurious, 168-acre estate with a palace that presumably belongs to Putin.
Bitcoin donations are not widespread in Russia, with only a handful of nonprofits raising money in crypto. Among them, Navalny’s fundraising campaign appears to be the most efficient, but even in that case bitcoin accounts for no more than 10% to 15% of all donations.
In the week since Navalny’s arrest, his wallet received almost 3.7 BTC, worth about $119,600 at press time, which is nearly three times as much as for the first two weeks of January. It’s also much more than the amount of donations the wallet received over the entire year of 2020, crypto news outlet Protos calculated.
Tens of thousands of Russians have taken to the streets to protest Navalny’s arrest in what has become the biggest protest rally in the country in almost a decade. Over 3,000 people have been detained as of Saturday, Jan. 23.
Under current Russian law, all street rallies must be sanctioned by the authorities; as a result, almost none are ever authorized. In recent years, a number of protesters were detained and imprisoned for conducting peaceful protests, which deterred many Russians from participating in such activities until the Jan. 23 rallies.
The support for Navalny, as well as the public outrage about his treatment by the Russian authorities, has been rising since he got back from Germany, where he spent several months recovering after being poisoned with a military-grade nerve agent, Novichok.
Soon after he woke from a medically induced coma in the Charite clinic in Berlin, Navalny’s team, together with Bellingcat and CNN, published an investigation naming the Russia’s FSB (secret service) officers who allegedly arranged the poisoning.
Read also: Bitcoin Dissidents: Those Who Need It Most
Navalny also announced he would return to Russia after his recovery. Russia’s prison oversight agency then demanded that Navalny’s parole be revoked and he be sent to prison on a 2015 criminal case that was overturned by the European Court of Human Rights in 2017.
On his trip back to Moscow, Navalny was followed by multiple news outlets broadcasting his journey minute by minute, as the plane left Berlin and headed to Moscow on Sunday, Jan. 17. After landing in the Sheremetyevo airport, Navalny got to the passport control area and was arrested there. After a court hearing, arranged inside a police station with no independent journalists allowed in, Navalny called for street protests.
Navalny was sentenced to 30 days in jail. Volkov announced new protest rallies will be held on Jan. 31 and Feb. 2.
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TOO LATE TO INVEST IN ETHEREUM? Price Prediction $10,000 per Ethereum Coin!? Bitcoin News
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Will Bitcoin Crash In 2021?
The world’s famous virtual forex, bitcoin, was created in January 2009 after a housing marketplace crash. The mysterious author of bitcoin is going through the pseudonym Satoshi Nakamoto expecting an opportunity for central-financial institutions to manage fiat money. People can trade actual foreign money for arcade-like tokens that use a decentralized generation called a blockchain.
Fast ahead to 2021, and bitcoin is on a rampage with its fee hovering like crazy. Legendary investor Bill Miller stated the better the rate skyrockets, the bitcoin system will become much less risky. However, the other occurred in 2017 while bitcoin surged to almost US$20,000, simplest to crash quickly after.
Bitcoin had a quiet few years, given that its bubble burst in 2018. It has risen to an all-time excessive this 12 months of extra than $23,500 a coin.
Many enthusiasts surge through from institutional buyers and endorsements from the essential bills companies. It is probably distinctly volatile, it would have no actual underlying fee, and it would nonetheless be difficult to do whatever. However, there may be no question that bitcoin has had a stellar year. The cryptocurrency has been on a half surge in 2020.
From past December, it had reached a brand new all-time excessive of around $23,500, an extra than 500 consistent with cent upward thrust from trough to its recent peak.
The visible rate falls low to $3,800 a coin in mid-March. Buyers have been dumping belongings in a mass sell-off due to the coronavirus.
Bitcoin’s charges reached an all-time excessive of more than $40,000, much less than a month after breaking $20,000 for the first time. Since the advent of the maximum current rally, which ostensibly began in October month, its fee has expanded fourfold.
For newcomers alike, or if you need to be the cryptocurrency professional at your respective community, it’s essential to ask: Why are expenses going up, and could bitcoin crash? Will Bitcoin crash?
Bitcoin transformed into concocted merely 12 years in the past as a new kind of advanced charge framework, developed on an Internet-fundamentally based figuring local area that no individual, business venture, or specialists should control. The truth of the matter is the bitcoin cryptographic money’s purchasing, and selling records are short. With procedures for esteeming the resource, all things considered in enormous part untested, nobody practically knows about for positive what it needs to be well worth now or withinside what’s to come.
Demand from institutional buyers, lots of them eyeing bitcoin as a hedge towards inflation. The cryptocurrency is visible as a hedge towards inflation because, below the network’s original programming, most effective 21 million bitcoins. There’s a comparison with central banks just like the Federal Reserve that may determine primarily based totally on a committee vote to print more significant money.
The U.S. dollar’s decline over time in the international trade market as an index of its value towards virtual global currencies, just like the Japanese yen or Euro, declined to 6.8% last year and slid down further in 2021. It is the cue for bitcoin because the U.S. dollars denominate the cryptocurrency’s value. Possible motives for the greenback’s decline consist of the Federal Reserve’s $three trillion-plus of cash printing during the last yr, which is three-quarters of the whole quantity formerly created withinside the U.S. principal bank’s 108-12 months history.
Massive spending plans beneath Democratic-managed authorities might cause new stimulus payments and probably outsize authorities’ finances deficits for years to come. Much of these more charges can finance thru extra Fed cash printing.
Many people are speculating on bitcoin costs, and it ends up more and more clean to shop for bitcoin, with huge offerings like PayPal allowing remaining purchases year. Analysts for the digital-asset corporation ByteTree referred to this week. Blockchain facts seem to expose excessive attention to bitcoin purchases for $600. American stimulus assessments despatched out withinside today’s U.S. coronavirus emergency useful resource package.
The cryptocurrency’s fee is notoriously volatile, and large and sudden fee swings aren’t uncommon. Below is feedback from eminent analysts of the cryptocurrency world and different monetary specialists on how a pullback would look like and its purpose.
As these days, after costs had climbed to a brand new all-time excessive, they tumbled almost $7,000. “What reasons that humans can use is plenty of influence, to be able without problems.
Through Finder.com, several surveys inform that there’s a variety of war of words regarding whether or not we shall be witnessing a marketplace crash this year. Testee split into groups, with 52% caution, we should see losing Bitcoin an extra than 1/2 of its price in a brief period. Jimmy Song, the famous Entrepreneur, quotes as follows: “It passed off in 2017, twice in 2013, and 2011. I can’t seem to see why it might extrude now.”
Notwithstanding the obsolescent pre-eminence, there are bunches of confidence that Bitcoin is setting out toward a long bull run. A splendid 58% of these surveyed through Finder.com expect that bitcoin will hold to flood till the second half of 2021 on the soonest — even as 10% concur with purchasers could be saving benefits 2024.
One supply of energetic debate in 2020 targeted on whether or not Bitcoin can keep borrowing marketplace distant from gold. Some analysts agree that the valuable metal’s days as a shop of price due to how millennials decide upon cryptocurrencies as a haven asset. Indeed, Tyler and Cameron Winklevoss rest the case, concluding that bitcoin will be hitting $500,000. Although that won’t occur in 2021, the twins are vouching that this number might be manageable one day.
Some bears remain exasperated at the performance of Bitcoin. Anton Wahlman is one amongst them. He demonstrates that Bitcoin is well worth something in any respect is absurd — putting an as a substitute harsh charge goal of null. Wahlman writes: “Sometimes there may be things so absurd which you hardly ever realize wherein to start to start the argument, as it is so apparent and self-obtrusive that it needs to now no longer needs explanation. Bitcoin cryptocurrencies are the sorts of any case.”
After the trap fall of creating numerous misguided Bitcoin charge predictions from several years, Mike Novogratz from Galaxy Digital had stated he would “hold spurs” if in 2020 Bitcoin didn’t hit $20,000. He becomes appropriately tested against all odds. So what will he assume will show up in 2021? In tweets to Maisie Williams, the Game Of Thrones actress, he declared that $65,000 is a sensible goal for the upcoming year. It’ll be thrilling to discover whether or not he’s proper.
Wall Street has begun to heat to Bitcoin and in a pretty dramatic style after many sceptical years. Leaked evaluation from Citibank technicians advised that Bitcoin should surge to $318,315.72 through December of this year. That is simply 90% of modern-day levels.
Going far from charges, keep in mind that vital banks can be searching at Bitcoin’s surging marketplace cap very closely. And so will the government. Jamie Dimon, JPMorgan CEO, recently remarked, the United States may be on a spree into motion introducing new restraints on Bitcoin if it keeps growing bigger. That is earlier than we have even examined the opportunity that altcoins may want to grow to be an extra appealing area for increase than bitcoin or crucial banks inaugurating their very own virtual currencies.
Get your tax affairs settled if you are a Bitcoin owner now if you stay withinside the U.S. or the U.K. In addition to Her Majesty’s Revenue and Customs, the Internal Revenue Service is starting to step up in motion towards people who fail to claim their crypto holdings. Selling Bitcoin for extra than to procure it is a taxable event, which means you’ll be at risk of pay capital gains.
The typical fate of bitcoin and ether will go separate ways throughout the following, not many months. While bitcoin is gold, Ethereum is a stage, the center brand and designing for “decentralized applications”— an innovative goliath wave to clear the globe. Ethereum doesn’t owe its future to bitcoin any longer.
Regardless of whether BTC recovers its high and levels at state $60,000, something I find impossible, the potential gain is in DeFi. There will be a festival of extraordinary occasions to make products on your ventures.
Interesting Related Article: “Why Bitcoin trading can be a good opportunity“
Author: By Stephanie Ross
Cathie Wood: More Tech Companies Will Adopt Bitcoin Treasury Reserves
ARK Investment Management CEO Cathie Wood said she believes more companies will load their balance sheets up with bitcoin.
In a Saturday interview with Yahoo Finance, the exchange traded fund (ETF) magnate and outspoken bitcoin advocate said large companies have asked her if they should follow Square. Inc’s lead. Square is one of the few public companies to invest in bitcoin as an inflation hedging strategy.
“I think we’re going to hear about more companies putting this hedge on their balance sheet,” she said, “particularly tech companies who understand the technology and are comfortable with it”.
Her prognosticatoions have yielded returns faster than ARK’s upcoming Space ETF. On Monday, bitcoin miner Marathon Patent Group bought $150 million in bitcoin. The company is by its nature perhaps best-suited to understand the nuances of bitcoin and blockchain technology.
But the market-leading cryptocurrency’s recent price swings have also highlighted the danger of inexperienced companies trying to bet on bitcoin treasuries.
One day before Wood’s interview, virtual reality company NexTech AR dumped its 130 BTC treasury reserve, a “long-term” investment the Canadian company had disclosed in late December. Executives had gotten spooked by false media reporting on a so-called “double spend” on the bitcoin blockchain.
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