Bitcoin breaks records, what happens next, Coinbase IPO: Hodler’s Digest, Dec. 13–19
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Years of price falls and drama followed. Nonetheless, believers remained confident that one day,
one day,
And on Dec. 16, 2020, that day finally came. In quick succession, BTC smashed through
$20,000,
$23,800. This stumbling block was eviscerated over the weekend when BTC headed above
$24,000.
In an extraordinary run, Bitcoin’s price has surged by more than
On-chain analyst Willy Woo has proclaimed that $55,000 is the next landmark for Bitcoin to reach asserting that $100,000 is a “ridiculously low” target. Meanwhile, Quantum Economics founder Mati Greenspan believes “things are just getting started.”
Bitcoin Price Poised For Explosive Movement : Here s Why
KEY POINTS
A major hurdle remains at $19,500
A breach of that level could mean the price hitting past $20,000
Bitcoin appears to be on the cusp of an explosive movement based on technical and on-chain factors, coupled with warming fundamentals.
Bitcoin closed Monday at $19,272, its second day above $19,000 after breaking this support five days ago. Even so, the market has been essentially drifting sideways after the dominant cryptocurrency peaked on Nov. 30. According to FX Street, Bitcoin is yet to break hurdles, particularly the one at $19,500.
At the time of this writing, bulls made an attempt to recapture the $19,500 level only to be met with strong selling pressure. Bitcoin currently trades at $19,128.
News
The chief technical officer of crypto market data aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin (BTC) market indicators as âinsanely bullish,â and predicted prices are set to increase by more than 10 times.
On Dec. 9, Schulze-Kraft tweeted a thread providing the basis for his ultra-optimistic prediction, presenting six of âthe most important on-chain market indicators that are currently hovering at the same levels they were at the start of 2017.â
1/ Where are we in the #Bitcoin market cycle?
A look at some of the most important on-chain market indicators.
TLDR: Insanely bullish, most metrics are far from the top. If things develop anything like 2017, we could see more than 10x $BTC from here.
Bitcoin is going again, reaching $19,000 for the first time since Dec. 7.
What Happened: Bitcoin has surpassed the $19,000 mark after it went down on Dec. 7 and bottomed at $17,600 on Dec. 11.
It was trading at $19,137.25 as of Sunday morning, Eastern Standard Time, according to data platform CoinMarketCap. That was a gain of 4.17% over the previous 24 hours.
This is leading some followers to claim it has surpassed a key resistance mark and will go upwards from there.
Why It Matters: Analysts have been weighing in about the bottom and the future of the leading cryptocurrency.
Edward Morra, a technical analyst quoted by leading crypto publication Cointelegraph, believes $17,600 is the bottom, based on heatmaps and the number of orders.
Glassnode CTO Expects Bitcoin to Rally More Than Ten Times
Dec 11 2020 · 10:50 UTC by Steve Muchoki · 3 min read
Photo: Depositphotos
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Apparently, through several on-chain market indicators analyzed by Glassnode, Bitcoin market price is poised to rally more than ten times in the future, if things develop like 2017 and data holds true.
Through a series of tweets, Glassnode CTO Rafael Shultze-Kraft highlighted through historical metrics what to expect in the Bitcoin market in the near future. Apparently, through several on-chain market indicators analyzed by Glassnode, Bitcoin market price is poised to rally more than ten times in the future, if things develop like 2017 and data holds true.