Legendary Technical Analyst John Bollinger Predicts Bitcoin to Reclaim $50k

John Bollinger, the developer of one of the most actively used technical indicators, the Bollinger Bands, now says Bitcoin is bottoming up and would reclaim $50k.

Will Bitcoin Reclaim $50k?

Replying to a tweet on June 15, the financial analyst noted that Bitcoin prices are “trying to move higher.”

Reading from candlestick arrangements in the daily chart, the first target is the “bottom side of the prior range” at around $48k and $50k.

The Bitcoin price consolidates at spot rates, waving around the $40k level—a psychological point.

Most technical analysts are calling for a comprehensive break above 40k and $42k in the short term.

The latter is an important level marking January high, a point that was also breached once Tesla, back in Q1 2021, said it would invest $1.5 billion in Bitcoin.

The subsequent tear lifted BTC to above $50k, setting the trend for more follow-through before BTC/USD peaked at around $64k—a new record high.

China Effect and Elon Musk Comments

Despite general optimism, Bitcoin prices are in tight ranges with identifiable support at $30k.

Catalyzing recent sell-off has been a spate of FUD mostly stemming from China.

In recent weeks, Chinese authorities, especially in Inner Mongolia and recently Xinjiang, have been cracking down on Bitcoin mining operations, saying they were wasteful, contributing to environmental degradation.

The outflow of miners from these zones subsequently meant the liquidation of their stash, pushing prices lower.

Elon Musk and Tesla also piled on more pressure.

Bitcoin Correcting after Sharp Gains in H1 2021

Nonetheless, some section of traders interpreted the rapid sell-off in May as a normal market correction.

Traced to Q4 2020, Bitcoin prices rallied to over $20k—a psychological level marking 2017 highs—forming a solid base for the subsequent rally to new highs, roughly a year after halving.

Recent fundamental events can trigger a confirmation of the current wave of higher high above $42k.

El Salvador and Paul Tudor Jones Endorse Bitcoin

As BTCManager reported, El Salvador made Bitcoin legal tender.

Meanwhile, Paul Tudor Jones—a billionaire hedge fund manager—notes that Bitcoin is a portfolio diversifier and a means of protecting wealth over time.

Shrewd managers can, in his view, allocate five percent of the fund in BTC.

Earlier, Paul revealed that he owns Bitcoin.

Related posts:

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / /

Bitcoin Miners Unfazed by Bears, Stacking Up as BTC/USD Trend Below $60k

Recent data from Glass node reveals that Bitcoin miners have been stacking heavily in the last month.

Bitcoin Miners are HODLing

Bitcoin miners play a critical role in securing the network.

By channeling what’s turning out to be expensive computing resources from scarce and costly mining gear, they are rewarded with 6.25 BTC–or over $180k, roughly every 10 minutes.

Successful mining pools, as data shows, now opt to accumulate their BTC holding instead of liquidating to meet operational costs.

For their action, the crypto and Bitcoin trading community are upbeat, expecting prices to turn around from spot rates and resume the uptrend mirroring events of Q1 2021.

Fresh data from Byte Tree shows that from the 5,956 BTC generated by mining pools in the last week, 5,701 BTC was spent, leading to a Miner’s Rolling Inventory (MRI) of 256 BTC.

Notably, the positive MRI comes when Bitcoin prices plunged from around $58k, sinking to as low as $48k. However, prices have since bounced back, encouragingly steadying above $54k. The odds of even more accumulation would be high if BTC/USD prices break above $60k.

Traders often watch how mining pools act whenever they receive new coins as rewards. Although they can’t immediately spend coinbases, their action in subsequent days could either foreshadow a rally or a dump.

The large-scale movement of BTC from miner wallets to centralized exchanges can precede a dump since it indicates pessimism. However, whenever they HODL–not sell even through OTC channels, prices can rise to new levels.

Nonetheless, their impact on prices remains minimal since BTC/USD prices have been trending lower in the past few hours.

Bitcoin outlook is Bullish

Still, from a fundamental perspective and future expectations, there could be more room for BTC upsides.

Presently, the wider crypto community keeps close tabs on the SEC and whether they will approve any of the high-profile Bitcoin Exchange-Traded Fund (ETF) applications where Wall Street megaliths are enjoined.

This coincides with the continuous ramp-up from companies and institutions across the globe. As BTCManager reported, Kansas City Chiefs Sean Culkin believes Bitcoin is the future of finance. Accordingly, he would be converting his 2021 salary to BTC.

Related posts:

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / /

MicroStrategy Buys More Bitcoin, $3 Billion in Profits from Holding over 91,579 BTC

MicroStrategy, the Business intelligence firm listed at NASDAQ, now owns over 91,579 BTC after purchasing $15 million worth of Bitcoin on Apr 5.

MicroStrategy Buys More BTC

Form 8-K filing with the SEC shows that the firm bought approximately 253 BTC or $15 million, in cash, at an average price of $59,339, including fees and expenses.

Following the new acquisition, the firm now owns over 91k BTC at an aggregate price of around $2.2 billion each at $24,311.

At spot rates of over $59k, MicroStrategy had netted over $3 billion in profits, a 2.4X since H2 2020 when MicroStrategy began ramping up BTC’s purchase.

BTC Reserves versus MicroStrategy’s Market Cap

The over 91k BTC means their haul equals $5.4 billion, approximately $1.5 billion from the firm whose market cap is $6.9billion.

However, considering the continuous conversion of part of their cash reserves to Bitcoin, soon MicroStrategy’s Bitcoin reserves would surpass the NASDAQ’s valuation.

A sharp repricing of Bitcoin above $100k would gift MicroStrategy’s BTC reserve a value of over $9 billion, significantly boosting the firm’s profitability and stature.

Coin Citadel BTC’s Value is Up 164X

Despite MicroStrategy’s doubling down on digital gold, early investors of Bitcoin are earning big.

For instance, Coin citadel’s BTC haul, purchased in 2015, has seen the firm earned a 164X in the last six years.

It reflects Bitcoin’s adaptability in line with changing macro-economic conditions.

Various fundamental events are buoying Bitcoin’s price.

Outside of on-chain activities like increasing adoption and halving, fears of inflation due to governments’ money printing are forcing portfolios’ calibration.

Inflation Fears and Fading Gold

According to Michael Saylor, the U.S. inflation could rise above 10 percent, over 5X the FED’s two percent target, shredding savers’ stash and drastically shaping how value is preserved.

In that case—and added to FED’s monetary policy mismanagement, the Bitcoin price could soar to over $500k as per the Winklevoss Twins assessment.

It has been observed that over the last few months, a big chunk of capital from gold is being allocated to Bitcoin.

Overly, this cements Bitcoin’s position as an alternative to clunky gold hoarded by central banks but continues to underperform in the last few years.

As BTCManager reports, growing interest in China’s Digital Yuan could be tied to expanding Bitcoin prices.

Related posts:

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / /

Institutional USD Inflows to Bitcoin Falls 10% in Q1 2021

Institutional-grade investors appear to be slowing down on Bitcoin purchases, according to data compiled from 17 reputable exchanged by Kaiko, a market data provider, on Mar 30.

USD Flowing to BTC Falls

For the better part of Q1 2021, institutional demand for Bitcoin as gauged by BTC-USD trading volumes via regulated exchanges fell from 37 to 27 percent.

According to Kaiko, the BTC-USD and BTC-USDT trading ratio can indicate institutional inflows into crypto.

This is assuming that deep-pocketed investors would prefer to use regulated crypto ramps like Coinbase over Binance for BTC purchases.

The Rush to Bitcoin of H2 2020

Coinciding with the sharp spike of prices at the tail end of 2020 was an influx of institutional investors, acquiring large chunks of Bitcoin using their cash reserves.

From Sept 2020, MicroStrategy–a NASDAQ-listed company, began acquiring Bitcoin.

At the same time, other projects, including Square, Mode Global, PayPal, and later Tesla, announced either mega purchases of Bitcoin or plans of integrating BTC and crypto in their operations.

Hedging against Debasement

The increasing exposure of Bitcoin also saw higher inflows from retailers to exchanges like Binance supporting leading stablecoins, including USDC and USDT.

Meanwhile, in the United States–amid fiat debasement, central banks’ intervention, and helicopter money, institutions began flocking to regulated facilitators like Grayscale Investment.

Others opted for direct purchases through Coinbase, with one of the largest known, institutional clients being MicroStrategy and Tesla.

Coinbase is also behind Meitu’s purchase of BTC and ETH. The Hong Kong-listed, Xiamen-based software company has purchased $90 worth of BTC and ETH. Most notably, it is the first public firm to hold ETH as part of its treasury.

Focus on Bitcoin ETFs

Despite the noted slump in institutional participation, retailers are positioning themselves, ready to clip the next wave of higher highs.

Most BTC traders trade using USDT—a leading stablecoins, primarily via exchanges outside U.S. regulators. The issuer of USDT, Tether Limited, settled with the New York Office of the Attorney General.

Also, as BTCManager reports, institutions are angling for BTC derivatives products with an immediate focus being on Bitcoin ETFs, GBTC products, and ETPs.

Related posts:

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / /

Canada’s Purpose Bitcoin ETF Registers Zero Outflows, BTC Demand Present

The Bitcoin price is inching closer to $60k, racing past $58k and convincingly shaking off bears of last week. However, according to Lex Moskovski, the retail demand for the world’s most valuable coin is there if the status of one of the leading Bitcoin Exchange-Traded Fund (ETF) and the first in Canada, Purpose Bitcoin ETF, guides.

Investor Confidence in Bitcoin

In a tweet on Mar 29, the CEO appeared confident, expecting buyers to build on today’s gains and push prices to new levels above $62k—Mar 2021 highs.

This time, the focus is on Bitcoin ETF as the primary trigger for the wave of demand, propelling prices to lofty targets towards $100k as some Bitcoin permabulls expect.

A Bitcoin ETF is a derivatives product that trails the performance of the underlying asset, BTC. It allows investors to get exposure to the coin through shares by an approved issuer. These shares are available for trading in traditional exchanges.

Will the SEC Approve a Bitcoin ETF?

In traditional circles, the product is one of the most widely used, allowing leverage and institutional exposure of the underlying asset.

While being a critical cog in the regulated space, the United States Securities and Exchange Commission (SEC), the main regulator, has been dragging its feet.

Despite over eight applications, the earliest being by the Winklevoss Twins in 2013, the commission has shot down all of them, citing the absence of robust monitoring tools, volatility, and widespread price manipulation.

However, in 2021, and accompanying the surge of Bitcoin prices to spot levels, more traditional heavyweights, including Fidelity and Goldman Sachs, are keen on offering a Bitcoin ETF.

Accordingly, the Bitcoin community is hopeful, convinced that the SEC would this time approve any of the over seven new applications and “open the floodgates.”

The U.S. Lags Canada and Brazil

Already, the SEC is lagging behind other countries, including Canada and Brazil. Canadian authorities have approved three Bitcoin ETFs.

Purpose Bitcoin ETF is trading at the Toronto Stock Exchange, managing over $1 billion of assets from investors—both retail and institutions. Amid the surging and understandable demand, there have been zero outflows.

Investors are confident of Bitcoin prospects. They are now piling on the digital asset, seeking exposure.

As BTCManager reports, Grayscale—known for their GBTC shares-plans to issue Bitcoin ETFs subject to SEC’s approval.

Related posts:

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / /

Tesla Now Accepts Bitcoin, Won’t Sell BTC for USD

Residents in the continental United States can now buy a brand-new Tesla using Bitcoin, an update from the world’s leading automaker on Mar 24 confirms.

Buy Tesla using Bitcoin

What’s more, Tesla is keen on holding on to BTC and won’t partner with a payment processor but instead keep the coin for themselves.

In a follow-through tweet by Elon Musk, the chairperson, the company runs on internal open-source software besides operating Bitcoin nodes. Consequently, all BTC paid will be “retained in Bitcoin, not converted to fiat currency.”

The opening is only available to U.S. citizens. Those who hold Bitcoin can directly checkout and make payment either by scanning the QR code or sending the exact amount of BTC to the official receiving address.

Payment cannot be made separately for ease of processing. For this reason, Tesla will only accept a single, whole transaction of BTC equivalent in USD.

However, the giant electric automaker plans to open up BTC payment for Tesla fans across the globe this year.

As previously stated, their offer will be subject to applicable laws and may be for within a limited period.

Bitcoin is now Money

It is a major boost for Bitcoin that has evolved to be a store of value and a medium of exchange.

For its widespread adoption, Tesla’s accepting BTC as electronic money fulfills Satoshi Nakamoto’s goal of creating an alternative currency native to the internet.

Furthermore, that Tesla won’t be liquidating Bitcoin for fiat. It confirms their confidence in the digital asset whose high market cap can no longer be ignored, according to Deutsche Bank.

In Feb, Tesla invested $1.5 billion in Bitcoin as per a U.S. SEC filing. The automaker said it was assigning roughly 10 percent of its cash reserves to the digital asset for diversification and maximizing cash return.

In response, the Bitcoin price rallied, edging above $40k and later $60k. For this investment, the electric automaker has now earned more than $1 billion in profits.

As BTCManager reports, Anthony Scaramucci of SkyBridge Capital believes Bitcoin is better than gold.

Related posts:

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / /

Inflation Fears Pumps Bitcoin Prices Above $56k

The U.S. Consumer Price Index (CPI) for February 2021 rose 0.4 percent in February 2021 on a seasonally adjusted basis after adding 0.3 percent in January, data from the U.S. Bureau of Labor Statistics on Mar 10 shows. At the backdrop of this, the Bitcoin price added to gains of Mar 9, marching to fresh 2-week highs above $56k.

Bitcoin Price Rally above $56k

As of writing, the Bitcoin price is up 15 percent week-to-date, adding three percent in the past 24 hours, according to trackers.

Notably, in the past week, the Bitcoin price has been on a recovery path. It is reversing from $43k pits of the last week of February, printing higher buoyed by institutional demand.

Analysts pin the revival of crypto, and specifically Bitcoin prices, on inflation concerns.

Bitcoin’s inflation-hedging properties and stellar price performance in the last few months are now sparking a scramble.

Public companies and institutional investors are flocking to Bitcoin to protect their assets from value gnawing inflation and for capital gains.

The Fears of the $1.9 Trillion Stimulus Package

Part of President Joe Biden’s campaign promises was to offer more financial aid to the economy.

At the core of this was the release of even more checks to affected households in the country.

Towards that end, the approval of the $1.9 trillion stimulus package was critical. Therefore, last week’s Senate Approvals of the mega stimulus package was a win for the president.

However, the combination of an accommodative monetary policy, characterized by record-low interest rates, and a Federal Reserve open to an economy flush with cash translates to a possibility of higher inflation in the near future.

Rising Headline Inflation to Push BTC Prices Even Higher

Already, Jeffrey Gundlach, the founder of DoubleLine Capital, predicts the U.S. economy to heat up.

The result, in his prediction, could see headline inflation rise above the two percent FED target to over three percent. If it tops four percent, Jeffrey says, it could spook the bond market.

Albeit rising treasury yields, FED officials are concerned, expecting inflation to grow in the medium term but to contract in subsequent months.

Rising inflation, on the other hand, could spark demand for Bitcoin, pushing prices even higher. As BTCManager reports, Jesse Powell, the CEO of Kraken, predicts the Bitcoin price to reach $1 million.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / /

Bloomberg Statistics: Institutions Prefer Bitcoin to Gold ETFs

There is a sharp uptick in the number of investors opting for Bitcoin over gold, data from Bloomberg Intelligence reveals.

Bitcoin replacing the Old Guard

A snapshot shared by Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, on Mar 8 points to convincing statistics showing an accelerated influx to Bitcoin in recent month.

The Bitcoin to gold ratio is now over one while the total known ETF holding of gold continues to flat-line and droop in recent days. Coinciding with this is the increasing volatility of Bitcoin to gold over the last three months.

As per statistics, the volatility of the two store-of-value assets has been expanding since Q4 2020, much to the crypto community’s excitement.

Superior Performance, BTC/USD May Reach $100k

Bitcoin is one of the top-performing assets. The coin has added an astounding 75 percent in the past two months, printing a new all-time high.

After breaching $20k, the Bitcoin price has since more than doubled to spot rates and looks likely to register a new all-time high.

Analysts, including the former Communications Director at the White House—Anthony Scaramucci, projects the BTC/USD price to reach $100k in the coming few months.

Other noteworthy believers include analysts from Citi and Anthony Pompliano. They predict the Bitcoin price to surge to over $100k by the end of the year.

The Institutional Push

Accompanying this expansion is the entry of institutional-grade investors. Unlike the great crypto rally of late 2017, convincing statistics reveal the presence of deep-pocketed investors moping out the supply of coveted Bitcoin.

Over the last few months, Tesla announced their support for Bitcoin, purchasing $1.5 billion.

At the same time, MicroStrategy, a NASDAQ-listed firm, now controls over $2.1 billion of BTC and is the largest public company with digital gold exposure.

Meanwhile, Square recently bought $177 million more of BTC.

There are rumors that Twitter might also buy Bitcoin. Their Chief Financial Officer (CFO) recently said they would oblige if any of their employees request payment in Bitcoin.

Gold Luster Fading

On the other hand, gold prices are suppressed, under-performing BTC over the last three months. The plunge below the psychological $1.7k due to rising bond yields and a confident FED weighs down gold prices.

As BTCManager reports, a recent survey in Australia shows that BTC is more popular than gold.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / / / /

Canada: 3rd Bitcoin ETF to Begin Trading on the Toronto Stock Exchange

The third Canadian Bitcoin ETF, dubbed the CI Galaxy Bitcoin ETF, ticker symbol BTCX, will begin trading on the Toronto Stock Exchange on March 9, a press release on March 8 by the CI Galaxy Digital Capital Management (CI GAM) confirming the new derivatives product revealed.

Compelling Growth and Diversification Opportunities

According to the issuer, the Bitcoin ETF issuance responds to the digital asset’s growth that presents “compelling growth and diversification opportunities.”

CI GAM, the ETF manager, is the financial arm of the Galaxy Digital Capital Management LP—GDAM (the Bitcoin sub-advisor) that manages assets worth over $200 billion.

GDAM will execute all Bitcoin trades, utilizing their deep wealth of experience managing third-party capital and their connections in the blockchain and digital spaces.

Direct Exposure to Bitcoin

BTCX will now allow institutional-grade investors to have direct exposure to Bitcoin via quality and regulated fund platform.

The fund will directly invest in Bitcoin, whose price feeds are from the Bloomberg Galaxy Bitcoin Index. BTC acquired will also remain under the custody of Bloomberg Index Services Ltd.

Commenting, Kurt MacAlpine, the Chief Executive Officer of CI Financial, the parent company of the CI GAM, said:

“The CI Galaxy Bitcoin ETF offers investors a secure and convenient means of holding bitcoin in their portfolio. I believe our ETF stands out based on its highly competitive price point and CI and Galaxy’s extensive capabilities and track record in managing alternative investments and digital assets. “

The BTCX is the third to be approved by Canadian authorities. It follows the success of the TSX Purpose Bitcoin ETF.

On launch, it attracted interest from institutions, posting high trade volumes.

Bitcoin a Shield against Inflation

As Bitcoin and crypto evolve and matures, alternative investment products will continue attracting capital as investors continue to diversify.

After the U.S. Senate approved the $1.9 trillion stimulus package, Bitcoin prices will likely edge higher in the face of possible inflation.

As BTCManager reports, Aker Group—one of the leading oil companies in Norway, will begin funding Bitcoin and blockchain-related projects through a new subsidiary, Seetee AS.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / /

Bitcoin Whales Bought the Dip, On-Chain Data Shows

Whales took advantage of falling Bitcoin prices to accumulate, on-chain data from GlassNode reveals.

HODLers Bought the Dip When BTC/USD Fell Below $44k

On Feb 28, the Bitcoin price cratered below $44k, forcing some traders to liquidate their positions and book profits.

Amid the panic, whales were buoyant and confident, scooping BTC at a discount.

According to GlassNode, there was a sharp spike in the illiquid supply of Bitcoin, indicating the shift of ownership from hot traders to more conservative HODLers.

Interestingly, although the number of whales—or illiquid supply of Bitcoin, is lower than January’s, the expansion of the number of addresses traditionally holding–especially at the recent contraction– suggests general market confidence.

In return, this could see the Bitcoin price recover from February lows towards $58k.

The Institutional Push

At the tail-end of February, MicroStrategy, and Square, as BTCManager reported, cumulatively bought over $1.17 billion of BTC.

Their involvement and support from CEOs, especially Michael Saylor, is a net positive not only for the ecosystem but as a means of outreach. They both have a considerable following.

Coinciding with their accumulation is the Federal Reserve (FED) re-affirmation that the economy is weak and needs fiscal support.

Accordingly, despite inflation fears and more administration of the Coronavirus vaccine, the United States government will release an additional $1.9 trillion over several years to prime the economy.

In return, this will most likely force inflation higher towards the two percent target—or higher in the coming months.

Citi: Bitcoin May Become an International Trade Currency

The minting of money out of thin air cements Bitcoin’s true value proposition. In a recent report, Citi Bank—a global bank, said Bitcoin might evolve to dominate international trade.

An extract from the report reads:

“A focus on global reach and neutrality could see bitcoin become an international trade currency. This would take advantage of Bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.”

As per a BTCManager report, Google Finance now tracks select cryptocurrencies, including Bitcoin.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / / /
Bitcoin (BTC) $ 27,407.34 0.83%
Ethereum (ETH) $ 1,642.26 1.56%
Litecoin (LTC) $ 64.24 3.13%
Bitcoin Cash (BCH) $ 228.45 7.78%