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Bitcoin Analyst Who Accurately Foresaw Feb Crash Says $9.8K is Next

Bitcoin is going to fall to $9,800, according to a pseudonymous analyst. The prominent daytrader cited the formation of a Head and Shoulder pattern behind his bearish analogy. In retrospect, H&S is a technical pattern described by three peaks. The outside tips are higher in levels while the middle one is the highest. Meanwhile, they receive support from a so-called baseline. It is a bullish-to-bearish indicator. XBT/USD formed a similar pattern on its four-hourly BitMEX […]

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Bitcoin is going to fall to $9,800, according to a pseudonymous analyst.

The prominent daytrader cited the formation of a Head and Shoulder pattern behind his bearish analogy. In retrospect, H&S is a technical pattern described by three peaks. The outside tips are higher in levels while the middle one is the highest. Meanwhile, they receive support from a so-called baseline. It is a bullish-to-bearish indicator.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy

Bitcoin H&S sets a downside target at $9,800. Source: TradingView.com, CryptoHamster

XBT/USD formed a similar pattern on its four-hourly BitMEX chart, as shown in the chart above. The pair made two peaks posing as shoulders and the one in the middle acting as head. Meanwhile, all the erections held firm above a baseline support level.

Fractal

The analyst recalled a similar technical pattern that ended up in a negative breakout in February 2020. He said the indicator had the price lowered to a target level at $8,720, fearing the fractal could now repeat in the third quarter, with $9,800 in view as the H&S downside aim.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy

A Bitcoin fractal from February 2020 showing the price forming a similar H&S pattern. Source: TradingView.com, CryptoHamster

Fractals do not guarantee repetitions. Nevertheless, they tend to reveal how traders might behave based on their previous sentiments.

In February 2020, when XBT/USD crashed to $8,720, the global market was facing uncertainty from the rising COVID-19 pandemic. Meanwhile, investors had already seen a sharp reversal in the US stock indexes and gold amid an increasing bid for the US dollar. That also served as the reason behind Bitcoin’s fall.

But at present, many of the fundamentals have switched sides. The global central banks, on the whole, have injected $70 trillion worth of liquidity into the markets. Meanwhile, the US Federal Reserve has committed to buy bonds indefinitely and keep its benchmark lending rate near zero.

As a result, the US dollar earlier crashed to its two-year low. Meanwhile, Bitcoin rose by more than 200 percent from its March 13 nadir.

What’s Next for Bitcoin

The latest round of downside correction in the Bitcoin market had two triggers: a recovering US dollar and a sentimental shift to the yield-rich decentralized finance sector.

Earlier this week, the US dollar index rebounded from its two-year low, following an optimistic report on the US manufacturing data. That coincided with a reduced demand for safe-haven assets, affecting both gold and Bitcoin.

Meanwhile, the benchmark cryptocurrency’s market dominance fell below 60 percent. It reflected a massive capital shift from the Bitcoin market to a booming decentralized financial sector. Some of the projects listed under the “DeFi” tag has earned their traders up to 5,000 percent YTD gains already.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy

Bitcoin dominance falls to its 15-month low. Source: TradingView.com

Nevertheless, these factors have not hurt Bitcoin drastically. The cryptocurrency continues to hold above key support levels, with long-term investors looking at an extended period of lower interest rates and inflation as their reason to stay bullish.

Some of them expect XBT/USD to hit $20,000 by the end of this year.

Source: https://bitcoinist.com/bitcoin-analyst-who-accurately-foresaw-feb-crash-says-9-8k-is-next/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-analyst-who-accurately-foresaw-feb-crash-says-9-8k-is-next

Blockchain

Analysts Eye New Top of $74,000 as Bitcoin Comes Within 3% of ATH

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In a move adding to the already monumental rally, Bitcoin prices touched $19,400 during late trading on Tuesday, November 24. This is just 3% away from its peak of $20K which came in December almost three years ago.

Since then, the asset has retreated sharply in a $700 pullback to the mid-$18K level where it currently trades. With momentum still in its favor, analysts and traders are eyeing the next possible peak.

CNBC Touts $74K Bitcoin

During the 2017/2018 rally, mainstream media outlets were renowned for spreading fear, uncertainty, and doubt (FUD) over something they really failed to truly comprehend. CNBC in particular came to be known as a counter trade signal as whenever the news outlet predicted a pump, BTC would dump and vice versa.

In its latest edition of Trading Nation, the channel interviewed a couple of traders who both had very positive things to say about the king of crypto.

Founder of TradingAnalysis.com, Todd Gordon, used Elliot Wave theory to measure herd mentality and market sentiment. He added that the fifth wave is just starting now which will result in a new all-time high in 2021. When asked about a price prediction he added;

“I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at $34,000.”

PayPal Driving Adoption

Mark Tepper, president and CEO of Strategic Wealth Partners, also commented on the trading show stating that before PayPal and other large corporations stepped in he treated Bitcoin like any other speculative investment, owning a small enough amount.

“The thing that’s always held me back from being an outright bitcoin bull has really been this lack of widespread adoption. But … adoption’s happening and those users, those PayPal and Square users, they’re buying more bitcoin than what’s actually hitting the market on a daily basis,”

He added that Bitcoin could be the Tesla of 2021, stating that it could possibly reach $100K by the end of next year. That certainly fits in with other models and predictions such as stock-to-flow which also predicts triple figures within the next year or so.

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Source: https://cryptopotato.com/analysts-eye-new-top-of-74000-as-bitcoin-comes-within-3-of-ath/

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Blockchain

Coinbase Pro To Disable Margin Trading From December Citing CFTC Guidence

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  • The Coinbase Chief Legal Officer Paul Grewal published a post earlier informing customers that the popular exchange will seize offering margin trading.
  • Clients will not be able to place margin trading orders starting from 2 p.m. PT on November 25th, 2020. At the same time, the platform will cancel all open limit orders.
  • The San Francisco-based exchange will disable the margin trading feature fully at the end of November, “once all existing margin positions have expired.”
  • According to the statement, the decision aims to comply with guidance introduced by the US Commodity Futures Trading Commission (CFTC) earlier this year.
  • Back in March 2020, the federal commodities regulator published a 35-page document with its views on how it will regard “actual delivery” of cryptocurrency assets. The guidance provides rules on when a customer has legally taken control of a digital asset, including acquisition through a margin or leveraged product. The document reads:
  • · (1) a customer securing: (i) possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) the ability to use the entire quantity of the commodity freely in commerce (away from any particular execution venue) no later than 28 days from the date of the transaction and at all times thereafter; and

  • · (2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) do not retain any interest in, legal right, or control over any of the commodity purchased on margin, leverage, or other financing arrangements at the expiration of 28 days from the date of the transaction.

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Source: https://cryptopotato.com/coinbase-pro-to-disable-margin-trading-from-december-citing-cftc-guidence/

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VanEck Europe Launches A Bitcoin-Backed ETN Listed On Deutsche Börse

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  • Founded in 1955, VanEck is among the world’s largest investment management firms. Its European branch, VanEck Europe, announced today the official release of an ETN, physically-backed by Bitcoin.
  • The statement came from the company’s digital asset director – Gabor Gurbacs. He noted that releasing such a service has been a “top priority for VanEck.”
  • The ETN will be listed on the Frankfurt-based exchange Xetra. Its price performance will reflect the MVIS CryptoCompare Bitcoin VWAP Close index, directly linked to Bitcoin’s movements.
  • This became possible after MV Index Solutions officially granted access to VanEck Europe to use MVBTCV as an underlying index for the Bitcoin ETN.
  • Apart from being fully collateralized, Gurbacs revealed several other features that will attract investors. Those include “negligible premium/discount to NAV, transparent holdings and prices, investor protections, and professional management by VanEch Europe.”
  • Gurbacs also asserted that VanEck is “committed to support Bitcoin and financial innovation.”
  • Martijn Rozenmuller, Head of Europe at VanEck, outlined that Bitcoin is an “excellent way to contribute to the diversification of a portfolio” because of its low correlation to other asset classes. He added that with the release of the Bitcoin ETN, VanEck will enable its clients to “benefit from the performance of bitcoin.”
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Source: https://cryptopotato.com/vaneck-europe-launches-a-bitcoin-backed-etn-listed-on-deutsche-borse/

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