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Top Bitcoin analyst flips bullish after predicting the 20% retracement last week

Since peaking at local highs of $12,075 last week, Bitcoin has experienced a strong drawdown as depicted in the chart below.

The post Top Bitcoin analyst flips bullish after predicting the 20% retracement last week appeared first on CryptoSlate.

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Since peaking at local highs of $12,075 last week, Bitcoin has experienced a strong drawdown as depicted in the chart below. The leading cryptocurrency has fallen as low as $9,995 as of this article’s writing and has traded even lower than current levels as sellers have ravaged the BTC price.

Chart of BTC’s price action over the past 8 days. Source: BTC/USD chart from TradingView.com

It’s been a move that has surprised most investors: crypto derivatives tracker Skew reports that more than $400 million worth of Bitcoin derivatives has been liquidated over the past five days.

One prominent trader, though, predicted the retracement. Willy Woo, an on-chain analyst and investor, noted on Aug. 25, prior to the correction, that the “next move is [likely to be] bearish,” citing technical and on-chain trends. In the analysis, he suggested that Bitcoin is likely to bottom in the high-$9,000s.

Woo, having been proven correct thus far, recently came back on the record to state that a near-term bottom for Bitcoin is likely near.

Willy Woo: Bitcoin likely nearing a bottom

According to Woo’s latest tweet posted on Sep. 6, Bitcoin may be nearing a near-term bottom due to a shift in on-chain momentum:

“Local on-chain switching bullish (looking at the next few weeks out), not calling this has bottomed, even though it may have. Playing the big swings it’s not a bad time to buy back in.”

He added in his replies that there’s a likelihood Bitcoin whales “front run” a CME futures gap at $9,600, which many traders have mentioned as a local target for the leading cryptocurrency. BTC front-running that level would mean that the bottom is imminent as opposed to much lower than current price action.

“I also wonder about the gap being front run, to fill longs with solid liquidity. Whales on derivative exchanges have enough dominance to make that so,” Woo said on the potential of the level being front run.

Macro bull case still potent

Whatever happens to Bitcoin in the near term, many remain convinced that the macro case for the cryptocurrency to appreciate remains intact.

Raoul Pal, the CEO of Real Vision and a Wall Street veteran, has recently asserted that macroeconomic factors almost make it that Bitcoin is the only asset that’s viable to own. He added that BTC may be the best-performing asset for the next two years.

Arthur Hayes, the CEO of BitMEX, has also recently reasserted his bullish sentiment. In the latest edition of his monthly newsletter, the investor wrote:

“The financial markets are going to whipsaw as politicians contort themselves to continue feeding at the trough… Out of the chaos, more people will mistrust centralised authority and look for ways to protect their physical persons and capital from the wanton destruction waged upon them by their rulers.”

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Source: https://cryptoslate.com/top-bitcoin-analyst-flips-bullish-after-predicting-the-20-retracement-last-week/

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Bitcoin: Here’s the long-term signal you might be ignoring

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Bitcoin’s market capitalization hitting $1 trillion corresponded with a surge in price on the charts. In the said case, the last of the market volatility and network momentum pushed the price higher, before the drop that followed. However, if we look at Bitcoin as an asset to be used as collateral, there is wider scope for the vertical growth of its market capitalization.

Arcane Research’s latest report looked at the journey from $1 trillion to $20 trillion, a figure that is the value of the global market for collateral. Currently, while this $20 trillion market is dominated by government bonds and cash-based securities, there is a widening gap that is creating systemic risk in the system.

This makes it possible for Bitcoin to bridge the gap and make the collateral system largely risk-free and stable, unlike the fragility being observed right now. Counterparty risk and credit risk are currently the top two challenges in the collateral system and Bitcoin could emerge as the ideal solution in such a case.

Using Bitcoin as collateral, and how it impacts the price

Source: Arcane Research

Based on the aforementioned report, it can be estimated that around 6,25,000 BTCs are being used as collateral in the crypto-market. At their current price, that would be worth approximately $30 billion. However, right now, Bitcoin accounts for just 0.15% of the total collateral market. With the figures for the same expected to rise, the same is likely to have a positive impact on the price in the long-term.

Of late, whenever Open Interest on derivatives exchanges has hit a peak, it has coincided with times of high volatility and hikes in Bitcoin’s price, with corrections following soon after. An over-leveraged market is closer to price correction, based on past instances in previous cycles.

Using Bitcoin as collateral, and how it impacts the price

Source: Arcane Research

The attached chart, for instance, highlights the OI in Bitcoin Futures corresponding to March 2020’s Black Thursday and the recent ATH of $58,330. Since derivatives markets were the ones to first introduce Bitcoin as collateral, a hike in OI in Bitcoin Futures signals there may be an increase in the amount of Bitcoin being used as collateral, and eventually the price of the asset, in the long-term.

Now, this metric may not influence the price in the short-term as much as other metrics like trade volume, exchange reserves, and the SOPR. In the long-term, however, leveraged futures may lead to a hike in Bitcoin’s price.


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Source: https://ambcrypto.com/bitcoin-heres-the-long-term-signal-you-might-be-ignoring

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ProBit Exchange Lists EXGold (EXG) | Gold For The Digital Age

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ProBit Exchange Lists EXGold (EXG) | Gold For The Digital Age

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EXGold (EXG) has officially listed their token EXG on ProBit Exchange as the digital gold solution solidifies their partnership networks with one of the top South Korean exchanges and its global demographics.

EXGold was developed to capitalize on the burgeoning stable coin niche through its innovative, digitized protocol. Eliciting unmatched price stability and promising conceptual NFTs, EXGold will offer a reliable revenue stream for holders willing to subscribe to predetermined lockup periods.

Pegged to the price of gold, EXGold will reflexively mirror the price of its real-world counterpart. This relationship is immutable, meaning 1 EXGold token will always be worth the price of 1 gram of gold.

Grounded in the Ethereum protocol, EXG offers frictionless transferability and inherent scarcity, with a circulating token supply fixed at 5 million. EXGold ensures a fair, secure incentive structure with programmable smart contracts and predetermined lock-up periods. Soon to be available on Uniswap, EXGold developers are pushing to establish EXG as a potentially leading stablecoin and safe-haven asset.

EXGold’s recent partnership with a Peruvian mine, enabling direct tradeability, is a first of potentially many, real-world partners and the platform is transforming how traders interact with gold and view the “buy” and “hold” process.

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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/probit-exchange-lists-exgold-exg-gold-for-the-digital-age/

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Bitcoin: Another Correction Stage is Over

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By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

The digital currency is actively recovering after a deep correction. For bulls, it was important to make the price rebound from the support area at $42,500. A lot of investors are scared by such high volatility of the cryptoasset, even hedge funds are pretty sure that the number of institutional investors, who are ready to invest in BTC, will significantly increase after these fluctuations slow down.

Citibank experts believe that there comes a crucial moment for Bitcoin and the digital asset may either become a global payment method or end up with another speculative blowout. JPMorgan specialists are very active in recommending their clients to hedge from other types of markets, such as stocks and precious metals, and invest up to 1% of their investment portfolios in Bitcoin and other digital currencies.

btcusd

In the daily chart, BTC/USD has once again rebounded from the area between Moving Averages and that’s still an indication of a bullish impulse. The previous movement from such an area resulted in further growth of the asset by more than $29,000. Possibly, this scenario may repeat this time as well and BTC may reach $72,000-75,000. Another signal in favor of this idea is another rebound from the support line at the RSI. However, the bullish scenario may no longer be valid if the instrument breaks the rising channel’’ downside border and fixes below $42,950. After that, the price may move downwards with the target at $29,135.

The current asset growth can’t even be stopped by growing criticism of the primary cryptocurrency. Bill Gates is sure that the performance of transactions in the Bitcoin network is extremely power-consuming if compared with conventional transfers, and that causes a lot of harm to nature in the long run. Rakesh Jhunjhunwala, who is called Indian Warrant Buffett, appealed for regulating authorities to ban BTC in India and said that the asset was just a speculation of the highest order.

Many investors think that the current aggressive growth of Bitcoin is just a temporary phenomenon caused by heightening interest among major investors. As far back as a year ago, Ray Dalio said that with cryptocurrencies moving higher and being accepted everywhere, these assets may face aggressive criticism as well as an eventual ban by authorities. This is exactly what we are witnessing right now.

btcusd

As we can see in the H4 chart, BTC/USD has broken the descending channel to the upside and may continue trading upwards to reach $65,000. However, one shouldn’t exclude that the pair may resume growing only after returning to the broken border. A strong signal in favor of a further uptrend will be a rebound from the support line at the RSI.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Source: https://themerkle.com/bitcoin-another-correction-stage-is-over/

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