Bitcoin May Hit $100,000 Soon on “Wildly Bullish” Sentiment: Analyst

A flurry of optimistic updates hitting the Bitcoin market this Monday has prompted one analyst to see a speedier price rally towards $100,000.

Dr. Jeff Rose, the founder/CIO of Vailshire Capital Management, envisioned the flagship cryptocurrency at the six-digit valuation. At the core of his bullish analogy was a classic technical pattern brewing up on the BTC/USD daily chart. Nonetheless, Dr. Ross’s tweet arrived on the heels of other positive fundamental updates.

Why $100,000?

Based on the analyst’s technical outlook, Bitcoin trades inside a consolidation wedge, a pattern that developed after the cryptocurrency started trading sideways upon logging a massive move upside. He added that BTC/USD could hit a fresh record high within the next two weeks. Then, the pair would continue moving towards $100,000. Excerpts from his tweet:

“The two-month consolidation wedge continues with stable weekend price action. Macro view: Wildly bullish. On-chain analytics: Wildly bullish. Opinion: Break-out to new all-time highs likely within 1-2 weeks. Then blue skies until the $100k milestone.”

Bitcoin tests $60,000-61,000 area for a breakout move upward. Source: BTCUSD on TradingView.com
Bitcoin tests $60,000-61,000 area for a breakout move upward. Source: BTCUSD on TradingView.com

The upside outlook surfaced on the day that saw investors waiting eagerly for the launch of Coinbase Global Inc shares on the Nasdaq Stock Market. Coinbase is one of the world’s leading cryptocurrency firms, involved in the custodianship and trading services related to Bitcoin and other forms of digital assets.

A $3T Market Cap for Crypto Market

Many analysts see the direct listing as a free advertisement of cryptocurrencies on Wall Street, especially as the nascent assets continue to project themselves as alternatives to low-yielding traditional investments like the US dollar and government bonds. In return, many Wall Street firms have embraced or are in the process of embracing cryptocurrencies, with Morgan Stanley and Goldman Sachs offering their rich clients access to bitcoin investment funds.

The two-way communication has helped Coinbase to gain a private listing on Nasdaq. Investors who do not want direct exposure in the cryptocurrency market would tend to purchase the Coinbase stock (Ticker: COIN) to rather speculate on its trading fee-based earnings. That would mean institutional investors remain interested in the bitcoin price performance on the whole. More trading means more revenues for Coinbase. And a better revenue means better stock valuation.

“You got to buy $COIN when that deal comes,” said Jim Cramer. “This is a $2T market maybe going to $3T.”

MicroStrategy’s Another Bitcoin Bet

Atop the Coinbase news, MicroStrategy has further increased its exposure in the Bitcoin market by deciding to pay its board members in the cryptocurrency. The Nasdaq-listed business intelligence firm, which holds more than 91,000 BTC, announced Monday morning:

“In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”

Bitcoin prices were trading just shy of $60,000 at the time of this press.

Photo by Thought Catalog on Unsplash 

Bitcoin Selling Pressure is Declining, Hints Key Glassnode Indicator

Even as the bitcoin market shows signs of bullish exhaustion after logging a 1,500-percent-plus upside move in the previous 13 months, all is not lost. Investors with a long-term growth outlook still want to hold onto the flagship digital asset, iterating their expansive bullish stance on it.

The analogy appears out of a chart from Glassnode, a blockchain analytics firm that determines Bitcoin’s market bias based on on-chain indicators. One of its benchmark offerings is a tracking tool that studies Bitcoin wallets based on their net position holdings. In retrospect, the lesser the wallet owners spend their bitcoin, the higher their bullish bias is.

Green Red Green

Lex Moskovski, the chief investment officer at Moskovski Capital, spotted the said tool — dubbed as Bitcoin Long-Term Holder Net Position Change — and noted that it flipped from red to green for the first time since October 2020.

Bitcoin Long-Term Holder Net Position Change. Source: Glassnode
Bitcoin Long-Term Holder Net Position Change. Source: Glassnode

The red bars in the chart above reflect higher transactional volume from holders’ wallets than to those who let the cryptocurrency sit ideal in their wallets. On the other hand, a green bar shows that more people prefer to hold bitcoin instead of transferring them to other addresses.

“Selling pressure is decreasing,” the analyst ruled out after studying the pattern.

“Taken at the face value this chart means compared to a month ago more coins have been added to LTH UTXO than have left them. I’d say this is bullish,” he added.

Why HODL Bitcoin?

The statements appeared as the Bitcoin price struggled to follow up to its previous parabolic move above $60,000. Rising US bond yields sapped investors’ short-term appetite for safe-haven assets and, in turn, made a beaten-down US dollar — a bitcoin nemesis — a more attractive asset to hold.

Bitcoin trades inside a bullish structure. Source: BTCUSD on TradingView.com
Bitcoin trades inside a bullish structure. Source: BTCUSD on TradingView.com

On the other hand, Bitcoin maintained its bullish bias even against a relatively stronger greenback. Its upside cues kept coming in the form of fresh institutional investments from MicroStrategy, a Nasdaq-listed business intelligence firm, and the foray of financial giants like Mastercard, PayPal, Visa, Bank of New York Mellon, Morgan Stanley, and Goldman Sachs into the cryptocurrency services sector.

Investors also anticipated growth in the Bitcoin sector after Coinbase, a US-based cryptocurrency exchange, received regulatory approval from the Securities and Exchange Commission to go public via a direct listing Nasdaq. That ensured further exposure for Bitcoin on Wall Street, leading many analysts to say that the cryptocurrency would rise to $100,000 by the end of this year.

Photo by Chris Liverani on Unsplash 

Career Commodities Trader Warns Bitcoin Community Over Coinbase Concerns

Peter Brandt is an iconic trader who in the past called the dramatic fall to the Bitcoin bear market bottom, nearly a year ahead of time. Could the commodities trader with decades of experience in all things markets – who has for sure seen a thing or two in his career – now be forewarning of an alleged collapse of the popular cryptocurrency exchange Coinbase?

His tweets appear to imply so, calling into question several mounting concerns related to the company. Here’s what’s going on regarding the bold claims made by Brandt, and what Coinbase could allegedly be hiding.

Career Trader Makes Bold Calls, Accurately Predicts Bitcoin Bottom One Year Out

Words can carry a lot of weight. They come with even more significance depending on the mouth they’ve come from, and depending on that person’s experience or clout.

When it comes to pure classical technical analysis, few would argue that Peter Brandt is among the best of the best living today. He’s got nearly 50 years trading and speculating under his belt, and he’s charted everything from corn to manure, to of course, Bitcoin.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

Brandt has been a public supporter of the leading cryptocurrency by market cap, but has also been labeled a “hater” due to his sometimes painful calls that bring exuberant investors back to reality – something they tend not to like.

Brandt was labeled as such after calling for a drop to under $4,000 in January 2018, nearly a full year before the cryptocurrency reached such a bottom of the bear market.

His experience allows him to see things that others cannot, but are his latest claims over Coinbase issues accurate?

bitcoin Peter brandt coinbase crypto

Brandt's calls have had wizard level accuracy in the past due to his experience | Source: BTCUSD on TradingView.com

Peter Brandt Slams Crypto Exchange Coinbase Over Concerns, “Signs Of Trouble Ahead”

Peter Brandt went on a tirade on Twitter recently, blasting popular cryptocurrency exchange Coinbase and its CEO Brian Armstrong with a string of currently unsubstantiated claims.

Brandt warns that during his time in markets, he’s witnessed three major brokers go under, and that each presented the same clues ahead of time that Coinbase currently is.

After listing several “signs of trouble ahead” Brandt tagged the SEC and FINRA Twitter handles asking for a deeper dive into the company ahead of any IPO.

Related Reading | Massive Coinbase Outflows Suggest Bitcoin Price Is Ready To Bounce

Brandt’s lash out was eventually tempered, instead leaving behind tweets with a more “wait and see” tone. He admits he’s got no insider knowledge of such a situation existing – just a strong opinion he says gets even stronger when his experience with past brokers provides all the conviction needed.

Coinbase has only had a clear track record thus far, and while it has been subject to controversy surrounding fees or even unscheduled downtime, there’s never been any evidence of any wrongdoing. Brandt’s foresight has been accurate in the past – is he once again seeing something the rest of the market can’t?

Featured image from Deposit Photos, Charts from TradingView.com

Massive Coinbase Outflows Suggest Bitcoin Price Is Ready To Bounce

Bitcoin price is reeling from a strong rejection from above $60,000 that has sent the leading cryptocurrency by market cap tumbling back down by more than $10,000 per coin. However, massive ongoing outflows of BTC continue to leave popular cryptocurrency exchange Coinbase Pro at an alarming rate.

The overall lack of BTC supply that only shrinks further by the day, will once again be dominated by demand, potentially causing the previously trending cryptocurrency to bounce. Could that bounce develop into a resumption of the historic uptrend? Here’s what fundamentals are saying about further continuation or correction for Bitcoin price ahead.

Coinbase BTC Outflows Continue, What Corporations Are Potentially Buying The Dip?

Bitcoin price is down more than $10,000 from its current all-time high, yet still more than double the previous peak set back in 2017.

The leading cryptocurrency has now spent more than 100 days above the former high, and likely will never return to levels near or below it.

Related Reading | Stablecoin Supply Rising, Diminishing Bitcoin Reserves Ready To Fuel Next Leg Up

In fact, Bitcoin price action might not deviate much lower than current levels, thanks to massive Coinbase Pro outflows.

Thousands of BTC leaving the popular cryptocurrency exchange catering to institutional investors has been called the most bullish signal “ever” and that was hundreds of thousands of BTC ago.

Technical factors are overheated in the cryptocurrency after such a sizable price increase, but soon, fundamentals could take over leading to a strong bounce.

Bitcoin Price To Bounce As Supply Shock Expected To Overpower Bearish Technicals

Thus far, the presence of institutions and corporations with deep wallets and cash reserves with dwindling buying power has left very little room for corrections.

Dips are being bought up long before retracements reach to past bull market totals, but that doesn’t mean momentum can’t finally turn down for even a brief time.

bitcoin coinbase corproations

Institutions and corporations buying each dip is preventing any serious corrections | Source: BTCUSD on TradingView.com

But eventually, regardless of any technical factors, no BTC left to buy could cause a supply shock that drives prices to hundreds of thousands of dollars per coin before demand begins to wane again, and available supply returns to exchanges for investors to take profit.

Related Reading | Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”

At that point, the top will be in. For now, the ongoing massive outflows suggest the top is nowhere near in sight, and that bigger players are currently buying the blood in the streets.

The line in the sand drawn between bears and bulls moving higher lies at $60,000. Another move beyond that level could be an all-clear sign that the rally is ready to continue higher.

Featured image from Deposit Photos, Charts from TradingView.com