Hello to all traders!
Below I would like to present a few facts about what you see in the chart.
Bitcoin has bounced more than 185% off its March low.
Part of that strength comes from investors new to bitcoin hopping aboard in droves.
The average weekly number of new bitcoin wallet addresses (as tracked by crypto analytics firm Glassnode) reached 140,000 as of August 4. There haven’t been that many since early 2018. No coincidence there. That’s around the time bitcoin reached its all-time high just above $20,000.
second-quarter earnings from digital payments leader Square (NYSE:SQ) were leaked a day ahead of the scheduled release. The firm had a blowout quarter that topped estimates for earnings and revenue. The news sent shares soaring more than 10% at one point,
And here’s the important part — almost half of total sales came from the $875 million it earned in bitcoin revenue from its Cash App.
Thanks to Cash App’s 30 million active monthly users, that figure surged 186% from just the prior quarter. As a gateway to bitcoin for many mainstream investors, Square has now bought $1.5 billion in bitcoin to meet customer demand over the last 12 months.
It’s not the only well-known payments company bringing bitcoin to more and more customers. PayPal (NASDAQ:PYPL) and Venmo plan to offer crypto buying and selling as well.
A recent regulatory change also paves the way for bitcoin to continue higher. The Office of the Comptroller of the Currency gave the green light for federally chartered banks to “custody” cryptocurrency. Banks have done that for years with money and safe deposit boxes, and now they are free to move into digital currency. I anticipate we’ll soon see a major bank enter the space and begin storing crypto for its customers.
But there’s another huge catalyst I think will propel bitcoin to $40k. It’s not a future event that may or may not happen. It’s already happened!
I’m talking about bitcoin’s “halvening,” or “halving” as some people call it.
There’s a lot going on “under the hood” of this event, but in its simplest terms, the reward for mining new bitcoins is cut by 50%. The end result is that as of May 11, 2020, the supply of new bitcoins coming on to the market dropped by half.
That means all bitcoins are now more valuable.
After the first halvening in 2012, bitcoin shot up 2,135%.
Following the second halvening in 2016, bitcoin rose 3,122%!
You can see why I’m so bullish on bitcoin. But here’s the thing …
A select group of cryptocurrencies other than bitcoin — called altcoins — surged even more than bitcoin after the first two halvenings. In some cases, many times more.
For example, after the second halvening, the altcoin Verge shot up an unbelievable 1,362,400%!
You are also watching the Dow??
These are some of the reasons I think bitcoin will cross the $40K finish line faster than the Dow.
Best wishes.
Below I would like to present a few facts about what you see in the chart.
Bitcoin has bounced more than 185% off its March low.
Part of that strength comes from investors new to bitcoin hopping aboard in droves.
The average weekly number of new bitcoin wallet addresses (as tracked by crypto analytics firm Glassnode) reached 140,000 as of August 4. There haven’t been that many since early 2018. No coincidence there. That’s around the time bitcoin reached its all-time high just above $20,000.
second-quarter earnings from digital payments leader Square (NYSE:SQ) were leaked a day ahead of the scheduled release. The firm had a blowout quarter that topped estimates for earnings and revenue. The news sent shares soaring more than 10% at one point,
And here’s the important part — almost half of total sales came from the $875 million it earned in bitcoin revenue from its Cash App.
Thanks to Cash App’s 30 million active monthly users, that figure surged 186% from just the prior quarter. As a gateway to bitcoin for many mainstream investors, Square has now bought $1.5 billion in bitcoin to meet customer demand over the last 12 months.
It’s not the only well-known payments company bringing bitcoin to more and more customers. PayPal (NASDAQ:PYPL) and Venmo plan to offer crypto buying and selling as well.
A recent regulatory change also paves the way for bitcoin to continue higher. The Office of the Comptroller of the Currency gave the green light for federally chartered banks to “custody” cryptocurrency. Banks have done that for years with money and safe deposit boxes, and now they are free to move into digital currency. I anticipate we’ll soon see a major bank enter the space and begin storing crypto for its customers.
But there’s another huge catalyst I think will propel bitcoin to $40k. It’s not a future event that may or may not happen. It’s already happened!
I’m talking about bitcoin’s “halvening,” or “halving” as some people call it.
There’s a lot going on “under the hood” of this event, but in its simplest terms, the reward for mining new bitcoins is cut by 50%. The end result is that as of May 11, 2020, the supply of new bitcoins coming on to the market dropped by half.
That means all bitcoins are now more valuable.
After the first halvening in 2012, bitcoin shot up 2,135%.
Following the second halvening in 2016, bitcoin rose 3,122%!
You can see why I’m so bullish on bitcoin. But here’s the thing …
A select group of cryptocurrencies other than bitcoin — called altcoins — surged even more than bitcoin after the first two halvenings. In some cases, many times more.
For example, after the second halvening, the altcoin Verge shot up an unbelievable 1,362,400%!
You are also watching the Dow??
These are some of the reasons I think bitcoin will cross the $40K finish line faster than the Dow.
Best wishes.
Comment:
Hallo traders, in the current situation there is a very high probability that the price of Bitcoin will reach the limits of USD 17300-18000, then I would count on a large correction, it seems that latecomers can count on purchases at 13k
Comment:
Hello traders, I have a question, do you think the price will show everyone the big middle finger? and this is where we'll finish the corrections? Looking at the graph, there seems to be such a high probability! how do you think ??
Comment:
Look at the 3-day candle of April 13,
