• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

A Flurry of Double Top Snubs Hints Bitcoin Will Hit $21,000

December 1, 2020
in Bitcoin
Reading Time: 3min read
A Flurry of Double Top Snubs Hints Bitcoin Will Hit $21,000



Bitcoin has more fuel to continue its bullish rally.

Independent analytics firm TradingShot wrote that BTC/USD could hit $21,000 in the coming sessions in a note Monday. Its upside bias took cues from a confluence of chart signals that provably assisted Bitcoin in rallying almost twofold in the fourth quarter. The same signals envision the cryptocurrency at $21,000.

The Setup

The bullish setup consists of a widening Rising Wedge, a cyclical Relative Strength Indicator, and a flurry of super-bearish Double Top patterns that do not work as intended. As the chart above shows, Bitcoin is forming the Double Top, awaiting a breakout above it, with a target sitting around the upper Wedge trendline.

Bitcoin “Bullish Megaphone” setup, as presented by TradingShot. Source: BTCUSD on TradingView.com

Meanwhile, the RSI is also showing signs of growth. What’s further acting as a bullish catalyst is a supporting wave at the 4H 200 moving average (the orange one in the chart above).

“So why $21,000 in particular,” explained TradingShot. “This is due to an underlying Fibonacci sequence within the Megaphone. As you see every time BTC touches the Top of the Megaphone, it is roughly on the 1.000 Fibonacci extension from the previous High. And that Fibonacci extension is around $21,000 next.”

Bitcoin Fundamentally Strong

The prospects of Bitcoin hitting yet another all-time high grow higher also because of a supportive macroeconomic environment. The cryptocurrency is experiencing renewed buying interest from retail and institutional investors alike, primarily those seeking alternatives to a bearish US dollar and similar fiat-based markets.

In May, billionaire investor Paul Tudor Jones allocated 1-3 percent of his $22bn-portfolio to Bitcoin Futures. Two months later, MicroStrategy, a Nasdaq-listed software firm, bought $250 million worth of BTC to replace its cash reserves. It invested another $175 million into Bitcoin in October 2020.

The same month saw Square, a global payments firm, revealing about $50 million worth of BTC sitting in its Treasury. Meanwhile, Square’s top rival PayPal integrated Bitcoin-enabled services into its flagship platform, thus bringing the cryptocurrency before its hundreds of millions of users.

Travis Kling, the founder of Ikigai Asset Management, called the growing Bitcoin institutionalization a “Traditional Onslaught,” adding that the cryptocurrency is “just getting started” with sticky money investments.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin adoption booms among mainstream firms. Source: Travis Kling

The Winklevoss Twins, who run a cryptocurrency exchange called Gemini in the United States, also noted that Bitcoin’s actual value is about 25 times higher than what it is at present.

“Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold,” said Tyler Winklevoss. “If it does that it has to have a market cap of $9 trillion. So we think bitcoin could price one day at $500,000 a bitcoin. So at $18,000 bitcoin it’s a hold or if you don’t have any its a buy opportunity because we think there’s a 25x from here.”





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: BitcoinDoubleFlurryHintsHitSnubsTop
Next Post
Litecoin has massive fundamentals lined up ahead, says Charlie Lee

Litecoin has massive fundamentals lined up ahead, says Charlie Lee

5 Reasons Why Bitcoin Just Hit an All-Time High Price

5 Reasons Why Bitcoin Just Hit an All-Time High Price

Please login to join discussion

Don't Miss

BITCOIN TO $20,000 IN 2020? Price Prediction Explained!
Cryptocurrency Videos

BITCOIN TO $20,000 IN 2020? Price Prediction Explained!

by Lascena Cryptocurrency News Education
February 28, 2021
0

Today in crypto can Bitcoin go to $20,000 in 2020? Price prediction explained! And equity markets lose all touch with...

Read more
XRP WARNING! Get Ready For A HUGE Surprise Before Election!!!

XRP WARNING! Get Ready For A HUGE Surprise Before Election!!!

February 28, 2021
Cryptocurrency Sleeping Giants Set to Take Off August 2020 | Bitcoin and Cryptocurrency News

Cryptocurrency Sleeping Giants Set to Take Off August 2020 | Bitcoin and Cryptocurrency News

February 28, 2021
MicroBT Whatsminer M20s Bitcoin Miner | Review | Setup Guide | Mining Profitability

MicroBT Whatsminer M20s Bitcoin Miner | Review | Setup Guide | Mining Profitability

February 28, 2021
THE NUMBER ONE INVESTMENT IN CRYPTO RIGHT NOW – 2020 – (spoiler it’s not Bitcoin)

THE NUMBER ONE INVESTMENT IN CRYPTO RIGHT NOW – 2020 – (spoiler it’s not Bitcoin)

February 28, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$43,707.00-7.79%
  • ethereumEthereum(ETH)$1,350.16-9.93%
  • cardanoCardano(ADA)$1.22-14.46%
  • tetherTether(USDT)$1.00-0.31%
  • PolkadotPolkadot(DOT)$32.26-7.88%
  • Binance CoinBinance Coin(BNB)$198.41-13.11%
  • rippleXRP(XRP)$0.404108-9.92%
  • litecoinLitecoin(LTC)$158.64-9.98%
  • chainlinkChainlink(LINK)$23.91-9.91%
  • USD CoinUSD Coin(USDC)$1.000.15%