The current Bitcoin (BTC) bull run could send BTC/USD as high as $590,000, one indicator forecast this week.
Curated by on-chain analytics resource Glassnode, the Net Unrealized Profit/Loss (NUPL) index has reached a level that has historically launched the Bitcoin price an order of magnitude higher.
Unrealized profit chart hits launchpad level
The latest bull signal was noticed and uploaded to social media by the company’s chief technical offier, Rafael Schultze-Kraft, on Nov. 30. At the time, BTC/USD was already making new all-time highs on several exchanges.
NUPL currently resides at 0.62. Previously, reaching this level has begun an uptrend that only reversed once Bitcoin hit a new price range.
In 2011, the price expanded by a record 3,000% after the NUPL event, while in early 2013 it expanded 800% and another 600% later that year. In 2017, the year which delivered Bitcoin’s previous all-time high, there were 1,200% gains.
NUPL measures the proportion of coins in the network that are in profit versus those that are not. Built around a neutral zero value, the closer the index gets away from it, the more the network is in profit. Negative readings likewise signify majority losses.
“NUPL is at 0.62 and predicts tops at 0.8+,” Schulze-Kraft explained alongside an annotated chart.
Bitcoin Net Unrealized Profit/Loss historical annotated chart. Source: Rafael Schultze-Kraft/ Twitter
A 0.8 reading or higher this time around thus opens the door to BTC/USD topping out at anywhere between $133,000 and $590,000.
“Just getting started,” he concluded.
PlanB: The Bitcoin bull market is upon us
Monday’s action meanwhile boosted an already confident analyst who had long said that this year’s performance would be “like clockwork.”
“PlanB,” the pseudonymous creator of the stock-to-flow-based family of Bitcoin price models, said on Dec. 1 that all was still going to plan after the most recent halving event in May.
“My fellow Bitcoiners, the bull market is upon us,” he declared, producing the latest version of his Stock-to-Flow Cross-Asset (S2FX) chart showing BTC/USD posting its highest-ever monthly close.
Like Schulze-Kraft, PlanB believes that recent gains mark just the start of Bitcoin’s next phase, a theory which would see Bitcoin simply follow its historical behavior.
“Like clockwork November red dot closed above all other red dots .. at $19,700 .. a new Bitcoin ATH. This is just the beginning. We will see volatility (e.g. -35%), but also new ATHs. Enjoy the ride!” he added.
“Together we grow!” This is the slogan of Mining City, a company with a solid foundation in the cryptocurrency market. Is this catchphrase a real promise, or an overstated declaration? Let’s find out.
Brick by brick
Cryptocurrencies are considered by many as the “gold of the digital age”. Just as the discovery of gold deposits in North America caused the famous Gold Rush, the introduction of Bitcoin in 2008 significantly affected the financial circulation on the Internet.
It is safe to say that we are dealing with a “Crypto Rush”, which is becoming increasingly popular and contagious. Some people trade daily, others keep crypto assets for their future value (this is called “hodling”). There’s pressure and fast circulation – the “Rush” in the market…
In 2019, Mining City decided to join the mining race and is taking bolder and bigger steps to grow and develop. It’s worth taking a closer look at them.
(Hash)power to the People
Hashpower is the computing power needed to generate cryptocurrencies. This is the product and service that Mining City offers its customers. Hashpower provided by Mining City is used to mine Bitcoin (BTC) and Bitcoin Vault (BTCV).
Bitcoin is the first-ever cryptocurrency and still the leader of the pack. It takes an enormous amount of power nowadays to mine Bitcoin. Bitcoin Vault, meanwhile, is an innovative crypto, which was launched in December 2019. It was started by a Bitcoin hard fork procedure. It’s growing rapidly and is listed on numerous popular exchanges, including Liquid, MXC, and BKEX.
Mining City provides its customers with mining plans for the Bitcoin and Bitcoin Vault cryptocurrencies. Clients have purchased approximately 850,000 BTCV mining plans so far. The mining rewards are recorded on individual user accounts, so users don’t need to have their own advanced (and expensive) infrastructure to mine cryptocurrencies directly. There’s an international operation available at your service.
Overseas operations
Mining City has access to mining farms in China and Kazakhstan where electricity prices are low. Gargantuan amounts of power are consumed by mining devices working around the clock. The bigger the scale of the enterprise, the bigger the electricity bill. Every crypto mining entity wants to pay as little as possible for electricity.
Mining City works closely with several global brands, including mining pool BTC.com and leading industry website Blockchain.com.
As an international company, Mining City operates in more than 50 countries, and its 24/7 Customer Support staff speaks 20 languages.
Mining City representative office is in Warsaw, Poland, and willingly hosts groups of business partners.
All citizens in a big City
In the words of English playwright William Shakespeare, “What is the city but the people?” (Coriolanus, 1605?). And the question is a very valid one, even when talking about a “digital city” centuries later – there’s just no city without people living in and for it. It takes a lively, enthusiastic, and enterprising community to populate the urban infrastructure in order to be considered a “true city”.
There is no concern about that in Mining City. One hundred percent of their population consists of energetic, competent, ready, and willing people.
Mining City CEO – Greg Rogowski
The CEO of Mining City, Greg Rogowski founded the company in 2019. He is the main architect and developer of the metropolis, leading his mining operations into an ever-expanding realm of cryptocurrencies.
“We consider our community a family, therefore global events are very important to us. During our conventions we learn, we laugh, and we inspire each other,” he said at a recent meeting.
Greg has extensive experience in the media and marketing sectors and brings all of the knowledge to the table to build Mining City. Having excellent knowledge of the industry and strong focus on success he expanded Mining City into a serious market player.
“Together we grow” is their motto, so with such a staff, Mining City can expand vigorously every day and make bold plans for the future. Not just mining machines, but people make Mining City real.
Strength united
“By joining our network and choosing one of our plans you procure calculating power that allows you to mine Bitcoin [and Bitcoin Vault] at a certain rate and certain speed,” says the Mining City website.
With the growing popularity of Bitcoin Vault, the Mining City community and its network of associate miners is growing in numbers. As one of the most transparent hash renting companies in the world, Mining City provides you with exact information about the electricity costs, the hash rate, and all the required specifications of the connected miners.
Mining City’s results can also be checked at https://btc.com/stats/pool/MiningCity and the mining farms that they use will soon be equipped with cameras for 24-hour streaming. Mining City is doing more and more for its international credibility as the mining infrastructure and the miners’ network both expand.
Mining farms used by Mining City
Want to keep up to date? You can start by visiting their social media channels:
Should you get to know Mining City? If you consider yourself a committed explorer in the world of cryptocurrencies, you definitely should! The scale and international character of their enterprise, the competence of the people involved, make the company worth your attention as a serious player in this dynamic market.
Bitcoin (BTC) futures hit $20,000 on Dec. 1 as all-time highs finally began to convert into a new price era for BTC/USD.
Data from TradingView showed Chicago Mercantile Exchange Bitcoin futures heading past the historic $20,000 mark during Tuesday trading.
BTC price: $20,000 sparks familiar volatility
At press time, CME BTC futures’ highs of $20,300 had appeared amid characteristic volatility, which saw BTC/USD crash to $19,000 in under ten minutes.
BTC/USD 1-minute chart for Dec. 1, 2020. Source: TradingView
“Worth noting that a $1,000 swing is just 5% now. Adjust accordingly,” popular pseudonymous trader CryptoBull tweeted in response to the flash crash.
The move is nonetheless a momentous occasion for Bitcoin, which today has officially broken above its all-time high of $19,892 established nearly three years ago.
With futures normally a modest percentage higher than the spot price, CME and other operators’ order books were already primed to head into uncharted territory first. CME in fact passed $20,000 when it launched at around $20,700 in December 2017, with the market still waiting for new all-time highs on Tuesday.
As Cointelegraph reported, record volume and open interest had already buoyed analysts keen to see the extent of institutional interest in Bitcoin as 2020 draws to a close.
This year has differentiated Bitcoin from 2017 when a previous attempt to crack $20,000 on spot markets coincided with the first futures markets going live.
Thanks to this weekend’s volatility, a giant $1,300 “gap” in futures markets remained open as the new highs hit, this traditionally suggesting that BTC/USD will fall to “fill” it in. In this case, such a pullback could take the pair as low as $16,900.
Bitcoin price yesterday shocked the finance world by setting a new all-time high. With resistance around this area still strong, and with so many cryptocurrency investors in profit for 2020, extreme FOMO and profit-taking is causing wild volatility resulting in more than $1,000 intraday moves.
This morning, exactly that happened, when after retesting yesterday’s peak, a rejection sent the price per BTC diving by 7% in less than an hour, shaving over a grand of the price of the top cryptocurrency.
Bitcoin Sees $1,500 Rejection At Retest Of New All-Time High
In the early hours of Tuesday morning, before the US stock market opened, Bitcoin price set yet another peak high – a feat that should be commonplace from here on out.
But a rejection at the high sent the leading cryptocurrency by market cap tumbling down by $1,500 and is now trading at $18,450 at the time of this writing. With volatility so high and prices gyrating out of control, there’s no telling what the price per BTC will be by the time this is published.
Related Reading | Bitcoin Targets $25,000 Fib Level With New All-Time High Set
Price action is moving so quickly as a result of the enormous buy pressure caused by the world learning Bitcoin set a new record after three years of near market, meeting sizable profit taking by whales sitting in the green.
Bitcoin was rejected from its all-time high, suffering a $1,500 loss in an hour | Source: BTCUSD on TradingView.com
The selloff was caught at mid-timeframe support, at around $18,400. If the key support level can hold, the leading cryptocurrency by market cap will take off toward another high.
High timeframe indicators are becoming extremely overheated and even some of the world’s best analysts are now warning that a top is near. But this is Bitcoin, and it is a bull market, with unique factors this time around that makes the cryptocurrency more bullish than ever.
Related Reading | Why The Double Top Narrative In Bitcoin Doesn’t Make Sense
The perfect storm narrative of an inflating money supply, gold looking archaic by today’s digital standards, and governments losing control over monetary policy, could create a situation where no level of overbought conditions can cause the crypto asset’s price action to reset.
Regardless, as John Bollinger warns, it’s time to pay attention, because if there is potential for a reversal, it happens today with the loss of the support level outlined above.
Featured image from Deposit Photos, Charts from TradingView.com
Bitcoin (BTC) continued an intense day of volatility on Dec. 1, hitting lows of $18,400 just over an hour after challenging $20,000 and breaking a new all-time high.
Cryptocurrency market overview from Coin360
Bitcoin sheds $1,600 in under 2 hours
Data from Cointelegraph Markets and TradingView tracked BTC/USD as it delivered some of its most unpredictable moves in history.
At press time, the pair was moving in a range roughly bordered by $18,500 and $19,000, with conditions changing by the minute.
Just an hour previously, an attempt to crack $20,000 resulted in a firm rejection along with a $1,000 dive to $19,000 in under ten minutes.
The move mimics Bitcoin’s behavior from last week, during which an initial attempt to break $19,500 also sparked major problems.
furtherAs reported on Monday, traders will now likely be watching the newly established BTC futures gap, between $16,900 and $18,300, which may get “filled” if the price corrects further.
Ether price disappoints at Ethereum 2.0 launch
Meanwhile, volatility spilled over to altcoins, with Ether (ETH) abruptly losing $600 to trade closer to $575 at press time, thus reversing the previous day’s gains.
Bitcoin dropped on Tuesday, with its bull run foreshadowed briefly by short-term profit seekers.
The benchmark cryptocurrency plunged almost 1.5 percent to $19,385 ahead of the New York opening bell, suggesting that traders secured their gains at local tops.
The modest sell-off sentiment surfaced after Bitcoin established a new record high of $19,873. It also occurred as futures tied to the BTC/USD exchange rate surged above $20,000 but fell to as low as $19,000 just ten minutes later.
Worth noting that a $1,000 swing is just 5% now.
Adjust accordingly.
The traders favoring a bullish outcome, nevertheless, outnumbered those with a bearish bias. They caught up the price right before it was about to break below the $19,000-mark, showing a higher risk-appetite for the cryptocurrency amid a favorable macroeconomic outlook.
Bitcoin targets a close above $20,000 heading into the Tuesday New York session. Source: BTCUSD on TradingView.com
Bitcoin targets a close above $20,000 heading into the Tuesday New York session. Source: BTCUSD on TradingView.com
Heading into the Tuesday session, Bitcoin’s short-term outlook looked tilted towards bulls. It is because of a critical event on the economic calendar. The Federal Reserve Chairman Jerome Powell will appear before the Senate Banking Committee to provide his testimony on the “Coronavirus Aid, Relief, and Economic Security Act.”
More Relief
In his prepared remarks, Mr. Powell has stressed the need to have unprecedented lending programs in place, a breakaway view from US Treasury Secretary Steven Mnuchin, who ordered to end the facilities on or before December 31.
The Fed programs in the spotlight helped it purchase corporate bonds, assisted medium and small-scale businesses during the pandemic, and channeled money to local and state governments. With the coronavirus cases still surging in the US, Mr. Powell noted that they would require them further.
“These programs serve as a backstop to key credit markets and have helped restore the flow of credit from private lenders through normal channels,” he said. “We have deployed these lending powers to an unprecedented extent.”
The US dollar index fell below long-term support levels after Mr. Powell prepared remarks made to the wire. Its downside move appeared as investors remained hopeful about extra monetary stimulus in the short-term, coupled with hopes of developing a working coronavirus vaccine that may accelerate the US economy’s recovery.
Good for Bitcoin
Bitcoin, which behaves as a safety net against a depreciating US dollar, therefore eyed to extend its gains after Mr. Powell’s testimony. Traders also stayed long on the cryptocurrency as more and more institutional investors started speaking in favor of holding it in a traditional investment portfolio.
