• Bitcoin has undergone an extreme rally over the past few days
• After bottoming in the $16,100 region last week, the coin has rocketed higher to $19,600 as of this article’s writing
• The coin traded as high as $19,900 earlier today.
• John Bollinger is warning that Bitcoin could soon find a short to medium-term high.

Bitcoin Could Soon Find a Top, Analyst Says

Bitcoin has undergone an extreme rally over the past few days. After bottoming in the $16,100 region last week, the coin has rocketed higher to $19,600 as of this article’s writing. Earlier today, the coin traded as high as $19,900 in some spot markets and over $20,000 in some of the CME’s futures markets.

Bitcoin is expected to see further gains in the weeks ahead as the coin posts its best monthly candle close ever. BTC is also expected to see a massive yearly candle close should it hold these levels heading into the end of the year.

Some are warning that there may be a correction on the horizon, though.

Legendary technical analyst, John Bollinger, says that a Bitcoin drop or consolidation is likely. Bollinger is known for the Bollinger Bands indicator, which he created. The indicator is now a staple in the toolboxes of many traders.

Bollinger commented on Bitcoin on the morning of Monday, referencing the chart below:

“OK, time to pay attention, $BTCUSD. That is a classic top setup. No confirmation yet and the setup could easily be overrun, but wise traders should wash their glasses.”

Bollinger has long been a fan of Bitcoin. He actively follows the market and has issued eerily accurate predictions in the past, such as calling some intra-week moves in October 2019 and predicting some bouts of price action earlier this year.

Chart of BTC's price action over the past nine months with an analysis by prominent technical analyst John Bollinger
Source: BTCUSD from TradingView.com

Start of a Big Bull Run

Whatever the case, analysts think that the ongoing rally is the start of a longer-term bull trend that will take Bitcoin far above its previous all-time high.

The CIO of Off the Chain Capital recently told Globe and Mail that he thinks Bitcoin moving to $100,000 in this market cycle is not implausible:

“I have seen BTC go up 10X, 20X, 30X in a year. So going up 5X is not a big deal.”

Others have made this strong assertion as well.

Raoul Pal, CEO of Real Vision, recently said that he thinks that Bitcoin could hit $1,000,000 in the next five years as a result of institutional inflows. Pal just announced that 98 percent of his net worth (liquid) is currently in crypto, either Bitcoin or ETH.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

• Bitcoin is currently caught within the throes of an intense uptrend, with bears being unable to slow its ascent
• The strength of this uptrend has been quite intense, and seems to indicate that significantly further upside could be imminent
• The lower and mid-$19,000 region does hold some intense resistance for the cryptocurrency, and another rejection here could strike a heavy blow to bulls
• That said, the macro strength seen by BTC indicates that a move past this price will come about in the near-term
• One trader is noting that Bitcoin is about to post the highest monthly candle close it has ever seen
• This is an incredibly bullish development that does seem to indicate that upside is imminent

Bitcoin and the entire crypto market have been caught in the throes of an intense recovery over the past few days, with the recent selloff proving to be highly fleeting.

The market’s potent response to this intense decline indicates that some serious upside could be imminent in the days and weeks ahead.

Any extension of this momentum could result in the cryptocurrency seeing fresh all-time highs.

Bitcoin Shows Signs of Strength as It Moves to Retest All-Time Highs

Late-last week, Bitcoin rallied into the mid-$19,000 region before facing a firm rejection that caused its price to slide significantly lower.

The selling pressure seen here has been intense, and it remains unclear as to whether or not bulls have enough strength at the present moment to break above this level.

If BTC can break above its previous all-time highs, it will likely enter price discovery mode and extend its current parabolic uptrend.

A further rejection here, however, could mean that a prolonged consolidation phase is imminent.

BTC is About to See the Highest Monthly Candle Close Ever 

Assuming that Bitcoin remains technically strong and doesn’t face any harsh selloff over the coming day, the cryptocurrency is poised to post its highest monthly candle close ever.

As one analyst observed:

“BTC / USD: This will be the highest monthly close of all time, monthly candle is currently +35% above the previously ATH close. I would expect anything below $16,500 to be bought be up extremely aggressively, on anything less than the 1W.”

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

From a macro-perspective, this is an incredibly bullish sign, as it indicates that the cryptocurrency’s long-term outlook – as well as its short-term outlook – are bullish.

Featured image from Unsplash.
Charts from TradingView.

• Ethereum and the entire crypto market are showing immense signs of strength today
• This comes as investors pour money into the market at a rapid pace, with Bitcoin rapidly approaching its all-time highs
• This rebound comes close on the heels of a sharp selloff that led ETH to $490 and BTC to $16,400
• Where the market trends next will undoubtedly depend on Bitcoin’s continued reaction to the resistance sitting in the mid-$19,000 region
• Any strong rejection here could cause the crypto to post some notable losses, sending Ethereum down as well
• That said, one trader is bullish on ETH, forecasting that the cryptocurrency will see a strong push towards $800 in the near-term

Ethereum and the entire altcoin market are closely tracking Bitcoin’s price action today, which is greatly favoring bulls.

Following a recent decline to lows of $490, ETH has been rallying higher daily, with it now breaking above $600 for the second time in the past week.

The last break above this level was fleeting and only allowed it to climb as high as $620. Where the market trends in the mid-term will depend largely on the cryptocurrency’s continued reaction to the resistance within its current price region.

One trader believes that $800 is next, noting that serious upside could be imminent in the days and weeks ahead.

Ethereum Shows Signs of Strength as Bulls Shatter $600

At the time of writing, Ethereum is trading up just under 5% at its current price of $601, which marks a massive surge from its recent lows of $490 that were set late last week.

The strength seen in the time since these lows were set does indicate that this is a full-fledged bull market and that further upside is likely imminent in the days and weeks ahead.

$800 Imminent: Trader Claims It’s Now Open Skies for ETH

While sharing his thoughts on where Ethereum might trend in the mid-term, one trader explained that he expects the cryptocurrency to see a move up towards $800 in the near-term.

To justify this possibility, he notes that the break above $600 marked the final key resistance level before his upside target.

“ETH looking so bullish on the weekly. Basically no resistance until $800.”

Image Courtesy of Galaxy. Source: ETHUSD on TradingView.

So long as Bitcoin remains steady above $19,000, Ethereum’s current momentum will likely persist and allow the aggregated market to move significantly higher.

Featured image from Unsplash.
Charts from TradingView.

Barring a horror crash of 25%, Bitcoin is about to secure its highest-ever monthly close.

The current record of $13,873 was set all the way back on New Year’s Eve in 2017 — and BTC fell slightly short of this level during the most recent monthly close on Halloween.

You may be wondering why this is significant. Crypto analyst Lark Davis wrote: “Reminder that the last two times #bitcoin saw a new monthly candle that passed the previous all-time high it mooned super hard!”

He shared this chart showing how BTC’s price has progressed over recent years:

Why this news matters

The crypto markets were spooked after last week’s dramatic fall in Bitcoin’s price, which was triggered by massive liquidations in the futures markets.

But the price has recovered over the weekend — since Friday night, it’s surged by more than 10% from the $17,000 mark. Many analysts point to this as evidence that it was a healthy correction and a mere bump in the road, meaning Bitcoin remains on track to surpass its previous all-time high of $20,089.

Earlier in November, Blockroots.com co-founder Josh Rager tweeted: “Every time Bitcoin has closed above the previous monthly all-time high – a 700% to 1000% uptrend has followed.”

For context, a 1,000% surge would take Bitcoin’s price to $187,500 from their current levels. Although this may seem unlikely, some analysts are adamant that the world’s biggest cryptocurrency is going to hit these levels soon.

What price will Bitcoin reach this time?!

Over at CoinMarketCap Alexandria, our research team have an in-depth look at the price that Bitcoin could reach following the recent halving.

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We’ve got plenty more reaction to Bitcoin’s bull run in the CoinMarketCap newsletter — as well as the latest developments in the altcoin and DeFi markets. Subscribe here!

The post Bitcoin is Set for a Record Monthly Close. Here’s Why This is a Big Deal appeared first on CoinMarketCap Blog.

A quick warning… this news might make your mouth water.

Hungry crypto enthusiasts in Venezuela can now pay for Pizza Hut using a range of cryptocurrencies — including Bitcoin, Ethereum, Litecoin, Tether and Binance Coin.

The news was announced by Richard ElKhouri, the fast food chain’s director in the country.

In an interview with a local news outlet, he said Pizza Hut cannot ignore the “technological advances” in how people make payments — adding that the company was determined to keep up with “young people, contemporary adults or people with knowledge of technology.”

Pizza Hut Venezuela has teamed up with Cryptobuyer to make these transactions possible… but sadly, there’s no sign of its American arm following suit just yet.

Fast food outlets have become some of the most enthusiastic adopters of crypto payments, with some of the world’s biggest brands beginning to dabble in Bitcoin.

Just Eat France now allows its customers to pay for food deliveries from 15,000 restaurants using crypto — and Burger King has experimented with supporting BTC in the past, too.

Those with a long memory will know that pizza and Bitcoin have a rather painful history. In 2010, Laszlo Hanyecz splashed out 10,000 BTC on two pies from Papa John’s… crypto that would be worth $186 million today.

Even though this is arguably the most expensive meal in history, Hanyecz says he has no regrets about his extravagant purchase. But if Bitcoin’s price manages to hit six figures as some expect, we could see history repeat itself.

Why this news matters

This news of crypto adoption in Venezuela has a serious side. The South American country has been suffering from rampant hyperinflation as a result an economic crisis in recent years — with blockchain intelligence firm Chainalysis revealing that the country has “one of the highest rates of cryptocurrency usage in the world.”

Crazy things you can buy with Bitcoin

From pizzas to precious metals, there’s a lot of things that can be bought using the world’s biggest cryptocurrency. Find out which big brands accept Bitcoin on CoinMarketCap Alexandria.

Still hungry for more news?

Subscribe here for a daily round-up of the biggest headlines in crypto, direct to your inbox.

The post Pizza Hut Accepts Crypto in Venezuela! (History Says This Is a Bad Idea) appeared first on CoinMarketCap Blog.

A massive hedge fund might be about to invest $500 million in Bitcoin — in yet another sign that institutional money is flooding into the space.

Guggenheim Partners, a firm that claims to have $295 billion in assets under management, revealed the plans in a filing with the U.S. Securities and Exchange Commission.

At this stage, it merely wants to “reserve the right” to dedicate up to 10% of its $5 billion Macro Opportunities Fund to the world’s biggest cryptocurrency — but the fact it’s mentioned these plans in an SEC filing must mean it’s pretty serious.

The investment doesn’t mean that Guggenheim is going to start raiding major exchanges and snapping up BTC on the spot market.

Instead, it will gain this exposure by pouring this cash into the Grayscale Bitcoin Trust, which has amassed BTC worth $10.1 billion after buying the crypto faster than it can be mined.

Guggenheim was upfront about the risks associated with dipping its toe into the world of digital assets, describing Bitcoin as “highly volatile.”

Setting out the dangers, it said:

• Bitcoin’s price could drop “precipitously” — including to zero — because of regulatory changes
• Crypto enthusiasts might decide to ditch Bitcoin for another digital asset
• Like cash, Bitcoin is susceptible to theft, loss and destruction

Why this news matters

Now, it’s worth noting that this SEC filing was made on Nov. 27 — and the plans were probably drawn up before Bitcoin crashed by 15% in the run-up to Thanksgiving.

Nonetheless, crypto analysts are excited by Guggenheim’s plans, as it suggests that institutional investors are still interested in BTC despite the recent, nasty correction.

This could also mean that Guggenheim will start rubbing shoulders with the likes of PayPal, Square and Grayscale, all of which are buying Bitcoin heavily right now.

Learn more about crypto’s big spenders!

Over on CoinMarketCap Alexandria, we recently wrote about the institutions buying up all the Bitcoin — and explored what the future of cryptocurrencies could be in 2021 and beyond.

All the headlines, in your inbox

We’ve got more about this story and plenty more in today’s newsletter. Subscribe here for breaking news, a daily market summary, fun polls and all the latest crypto jobs!

The post This Hedge Fund Wants to Invest $500 Million in Bitcoin appeared first on CoinMarketCap Blog.

Traders are flocking to Bitcoin in search of digital gold, but the journey can be costly and confusing, with hidden fees and cumbersome interfaces, making it difficult to navigate the market successfully.

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Be aware of hidden fees

On eToro, trading costs are contained in a single charge. The percentage of the spread for buy and sell is the entire cost of the trade — zero fees, no hidden fees, nothing!

Depositing US dollars on eToro is completely free, and a flat fee of $5 is charged to cover the processing cost of withdrawals. If you are depositing in another currency, an FX conversion fee may apply, but costs are made clear in advance, unlike other platforms that often levy unstated conversion fees.

*Example price

To buy and sell 0.1 unit of Bitcoin in a round trip when the price is at $20K, you would pay a single spread fee of 0.75%, or $15 USD.

Most other trading platforms charge a set commission as a percentage of the position size. But high spreads — the difference between the buying and selling price — mean the real cost is higher. 

In addition, account maintenance and inactivity fees can be hidden away in the terms and conditions, eating into profits and adding to losses each time you place a trade.

Even depositing funds can cost up to 5%, with traders often paying their card service providers significantly more for the convenience of paying by card, leaving them with a loss before they have even started trading. 

When the time comes to withdraw, traders can be hit with more costs, paying super high flat fees to send funds back to a bank account.

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Smoothly navigate the market

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Bitcoin rose during the weekend and continued trading upwards on Monday as traders weighed its bullish prospects against a tanking US dollar. But to one analyst, the ongoing upside move risks exhaustion as the week matures.

Marc Principato, executive director at Green Bridge Investing, said Bitcoin might still head towards $16,000, a support level it was targeting upon the correction from its yearly high near $19,500. That is despite the cryptocurrency’s sharp pullback during the weekend session, which Mr. Principato rubbished as “fakeout” — slang for the term ‘Fake Breakout.’

That Bitcoin Wave

The analyst concluded a bearish scenario based on Elliot Wave Theory, a technical indicator that shows crowd psychology in the market by manifesting waves. A market cycle completes when its impulse phase forms five waves in its most basic form, and its corrective phase forms three waves.

Bitcoin Wave B Fake Out, as presented by Marc Principato. Source: BTCUSD on TradingView.com

As per Mr. Principato, the Bitcoin price will form a new corrective wave — the second one against the total five, which he called Wave B.

“There was an inside bar that was established two days ago — and the high was compromised which constitutes a new buy signal,” the analyst explained. “BUT a signal alone is not enough. The 3K point bearish move is likely still in play and there is a good chance that the first retrace attempt will fakeout [Wave B in Elliot Wave].”

“So it does not qualify for a new swing trade long,” he added.

Supportive Bearish Theories

In a statement to Bitcoinist, CEX’s Executive Director Konstantin Anissimov also expressed his bearish bias on the market only using a different technical indicator.

“The TD Sequential indicator presents sell signals on the Bitcoin’s weekly charts,” the analyst said. “The bearish formations developed as green nine candlesticks, suggesting that a one to four weekly candlesticks retracement is underway.”

Meanwhile, he expected the Bitcoin price to fall much lower than what Mr. Principato envisioned — to $13,000, adding that “only a weekly candlestick close above the recent highs [$19,500] will invalidate the bearish outlook and lead to another leg up.”

Fundamentally, a close above $19,500 looked possible. As Bitcoinist reported earlier, a flurry of bearish US dollar calls created an ideal setup for Bitcoin to continue its rally upward. That is due to a dovish Federal Reserve and the prospects of increasing institutional interest.

Just recently, Guggenheim Funds Trust filed an amendment with the US Securities and Exchange Commission to put 10 percent of its reserves to Grayscale’s Bitcoin Trust. That amounts to about $500 million.

Bitcoin has finally begun to strongly recover since last week’s lows near the $16,200 region. In the past 48 hours, the coin surged from the $17,000 region to $18,500 — the highest the coin has traded at in many days.

Analysts are mixed over what comes next for Bitcoin. Some think that this rally is a precursor to new highs. Others think that the coin could revert lower as it faces down key resistance levels.

Bitcoin Is Facing Down a Key Resistance Region: Analyst

One trader recently noted that the cryptocurrency is running up against a key resistance region, which may trigger further losses.

The analyst, Tyler D. Coates, shared the chart seen below on November 29th. The chart shows that after bouncing off the support in the $16,500 region, it is facing down a macro resistance level in the $19,000s. This is close to where Bitcoin topped in 2017’s bull market, making it a level of importance for many now.

Chart of BTC's price action over the past few weeks with an analysis by crypto trader Tyler D. (Saw Cruh Teez) Coates (@Sawcruhteez on Twitter) 
Source: BTCUSD from TradingView.com

Analysts Become Bearish

This chart was shared as a number of other analysts have become bearish, focusing on technical trends.

A historically accurate analyst that in the middle of 2018 predicted that Bitcoin would drop to $3,200 to bottom recently said:

“you love to see it, looking for another pop higher into 18k before opening some shorts. to me this is a clear abc up after a 5 wave decline, and complacency looks to be kicking in.”

Chart of BTC's price action over the past week with an Elliot Wave analysis by historically accurate analyst Benjamin (@SmartContracter on Twitter)
Source: BTCUSD from TradingView.com

Of note, many are sure that the fundamentals of the space are strong despite the strong correction.

Commenting on how the recent drop reset the overheated futures market, Bitcoin on-chain analyst Willy Woo commented that he is maintained a bullish tone:

“Margin longs will be spanked until they go short. Was bullishness was way overheated. Exchange flows are neutral; spot sellers are matched with buyers. Fundamentals a great. The next few weeks? A great time to scoop cheap coins for 2021.”

Many are confident that with the entrance of institutional players, Bitcoin will move higher over time. This is based on the belief that institutional demand will outweigh natural selling pressure via sellers and miners.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analysts Think Bitcoin is Running Up a Key Resistance Level

A remarkable rebound this weekend has put Bitcoin back en route to $20,000, its record high to date.

The flagship cryptocurrency still closed the week in red, down 1.28 percent on the whole. Many factors contributed to its decline, primarily profit-taking as its price logged a three-year high at $19,500. Meanwhile, rumors about US Treasury Secretay favoring regulations for private crypto wallets also accelerated the sell-off.

But the weekend saw Bitcoin shrugging off a portion of those concerns. The cryptocurrency pushed itself higher after finding concrete support inside the $16,200-16,500 range. It was trading about 15 percent higher from its previous week’s low as of Monday, pointing to another attempt at breaking $19,500 and retest $20,000.

And the fundamentals favor the scenario.

US Dollar Index Hits April 2018 Low

Today, the US dollar hit 91.69 against a basket of major foreign currencies, its lowest level since April 2018. A CNBC report noted that optimism in the COVID-19 vaccine, coupled with bets on more economic stimulus in the United States, pressured the greenback lower.

The outperformance across the US stock market, with the S&P 500 posting its best month since April 2020, further pointed that portfolios would keep on holding riskier assets through their month-end rebalancing. That could also create a short-term downside pressure on the US dollar.

US Dollar Index breaks below its multi-year support trendline. Source: DXY on TradingView.com

A weaker dollar favors Bitcoin’s outlook. Its short-term risks create an ideal bullish setup for the cryptocurrency, especially as it adamantly waits for a $20k-retest. Bitcoin’s own fundamentals amid a dovish Fed and booming institutional adoption points to another record high in the making.

Bitcoin This Week

The Bitcoin market is starting this week on a positive note. As of 0650 UTC, BTC/USD was up 1.97 percent to $18,561. Its gains came especially after the Guggenheim Funds Trust filed an amendment with the US Securities and Exchange to put 10 percent of its reserves to Grayscale’s Bitcoin Trust.

Guggenheim has net assets of about 4.97 billion, meaning it can now invest close to $500 million in BTC.

Bitcoin’s positive start this week also followed an opinion editorial on Bitcoin from Niall Ferguson, a prominent financial historian. The Bloomberg columnist favored the cryptocurrency’s “built-in scarcity” over the global central banks’ relentless money printing. He added:

“The dollar’s future weakness has been a favorite 2020 talking point for Wall Street economists such as Steve Roach. You can see why. There really are a lot of dollars around, even if their velocity of circulation has slumped because of the pandemic.”

Bitcoin is up more than 300 percent after the Fed announced its bond-buying program. Source: BTCUSD on TradingView.com

So it appears, Bitcoin’s ascent looks inevitable this week thanks to a weaker dollar sentiment short-term — and long-term, as well.

• Bitcoin and the aggregated cryptocurrency market are currently pushing higher, with bulls moving to erase all of the losses that came about as a result of the recent selloff
• The selling pressure seen around its all-time highs in the mid-$19,000 region was unsurprising, but it may not hold strong during the next test of this level
• Traders believe that today’s rebound may not last for too much longer, with the selling pressure in the lower-$18,000 region potentially being a major obstacle for the cryptocurrency
• One trader is specifically noting that all the key levels are pointing towards the region surrounding $18,400 as a key level that must be surmounted

Over the past few days and weeks, Bitcoin’s price action has done little to provide traders with insight into where the entire market will trend next.

After rallying up to its all-time highs around $19,500, the cryptocurrency faced a firm rejection that caused it to reel as low as $16,400.

This selloff brought the crypto into oversold territory, as its price was subsequently able to see some massive momentum that led it all the way up past $18,000.

Where it trends next will depend largely on $18,400, as this is a key level that one analyst is closely watching.

Bitcoin Gains Momentum as Selling Pressure Evaporates 

At the time of writing, Bitcoin is trading up just under 2% at its current price of $18,100, which marks a notable rise from its recent lows of $16,400 set at the bottom of the recent market-wide selloff.

Where Bitcoin trends in the days and weeks ahead should depend largely on whether or not it can gain a solid foothold within the lower-$18,000 region. If it can, it may be on the cusp of seeing a strong move higher.

Analyst Claims All Key Levels Suggest BTC Could Tap $18,400 Next 

One trader explained in a recent tweet that Bitcoin could be on the cusp of seeing a move up towards $18,400 before it loses its momentum and sees a rejection.

He notes that a break above that level could help spark a move up towards fresh all-time highs.

“BTC: All key levels lining up in the red area. Think if we’re about to head lower it will be from there. Break above and ATH’s next imo. Exciting [week] ahead of us!”

Image Courtesy of George. Source: BTCUSD on TradingView.

This level will likely be tested in the coming few days, with Bitcoin’s reaction to this level potentially providing investors with serious insights into its outlook.

Featured image from Unsplash.
Charts from TradingView.

Bitcoin was born more than 10 years ago. And one of the main ones I wanted to introduce in the financial system is the privacy and anonymity of the users. As there are not enough services to live entirely with Bitcoin, the exchanges emerged. Exchanges are very useful, but they break with one of the principles that Bitcoin was looking for, since they force us to identify ourselves. That’s why today we want to talk of the unique proposal that Flyp.me has.

What is Flyp.me?

Flyp.me is an exchange that gives you the possibility to exchange between many pairs of cryptos, but without the need for records and preserving our anonymity. In other words, it’s a system that arrived long before there was any talk of DeFi.

Actually Flyp.me was one of the first exchanges to appear on the market, it is developed by the HolyTransaction team, who have been on the market since before 2014 with their web wallet. From
We found references analyzing the exchange over the years as shown in this 2017 review.

Key feature of Flyp.me

Flyp.me is designed to be anonymous, simple and to operate without registration. When you want to switch between crypto currencies, all you have to do is indicate your
and the destination currency, and the system will show you the current exchange rate (which will be locked for the next 15 minutes).

Suppose you have BTC and you want to change it to ETH. You go to
Flyp.me and you put that your currency of origin the BTC and the one of destination is ETH. In addition, you put how many BTC
you want to change. The system will ask you for the ETH address where you want the coins sent when the change occurs, and will assign you a Bitcoin address to which you must send the
amount you have selected.

When the amount you send reaches that address, it is put in
march the shipment to your ETH address. And that’s the whole process.

Nowhere are you asked for personal data and you don’t have to register. Anonymity and privacy in its purest form.

What cryptomonies can be exchanged?

Flyp.me is always in constant evolution adding more cryptomonies, like Monero does sometime or the most recent Paxos stablecoin.
In total we have right now 37 crypt coins, among which we have the most important ones: Bitcoin, Ethereum, Litecoin, Dash, Dogecoin or Monero. You can change any pair imaginable between
these 37 crypt coins, which gives us thousands of possible change combinations.

The FYP token

Flyp.me was one of the pioneer exchanges in sharing its benefits with its users, as well as allow users to participate in the exchange’s decision making. The FYP token is what is now called a governance token.

Characteristics of the token:
Name: Flyp.me token
Symbol: FYP
Technology: ERC-20 token on Ethereum network
Total amount: 35.277.362
Free-float in circulation: total

The key to the token is that the company allocates 50% of the income from commissions generated to distribute benefits among the token holders. This means that if we acquire FYP tokens we are
being shareholders of the exchange without any bureaucratic risk and with total security and anonymity. There is no
more than buying and accumulating.

Passive income is generated, without taking into account the possible revaluation of the token, which would be
even higher profits. In addition, by owning the token we have the right to vote on relevant company decisions, such as
for example when adding a new crypto-currency or incorporating new functionality.

Interested in participating?

If you want to join the 992 shareholders that the company already has, the best thing you can do is go to their website, review the operation, and if you like and want to invest, you can buy their
token -how is logical- in its own exchange.

Conclusion

If you are looking for an attractive investment that will generate recurring profits and passive income at the same
while betting on a possible revaluation… Flyp.me with its FYP token is the first option you should analyze.

Official links

• Web: https://flyp.me/en/#/
• Twitter: https://twitter.com/flyp_me
• Facebook: https://www.facebook.com/flypme
• Telegram: https://t.me/flypme

The post Flyp.me, a unique proposal for privacy appeared first on NullTX.

• Ethereum has been climbing higher today alongside Bitcoin and the rest of the crypto market
• The strength seen as of late comes as Bitcoin puts some serious distance between its recent lows and its current price levels
• This indicates that bulls are in full control and are looking to form a “V-shaped” recovery that could allow for significantly further upside in the days and weeks ahead
• Where the entire market trends next will depend largely on BTC, but ETH’s price action may influence that of altcoins
• One trader is noting that Ethereum’s rally appears to be “getting tired,” which could indicate that it will retreat lower before seeing any type of intense rebound

Bitcoin has been guiding the entire market higher over the past couple of days, with Ethereum rallying up towards the mid-$500 region. This comes close on the heels of an intense correction that led the entire market to plunge.

The recovery from the recent lows has favored bulls, as it shows that the market is still caught within a crystal-clear bull market, and that further upside could be imminent in the near-term.

In a recent tweet, one trader stated that Ethereum’s recent rally might get tired and require a pullback towards $520 before extending further.

Ethereum Sees Slowing Momentum as Bulls Struggle to Break Key Resistance

At the time of writing, Ethereum is trading up just over 2% at its current price of $550. This is where it has been trading throughout the past few days and weeks, with the selling pressure seen around the price region being somewhat significant.

Where the rest of the market trends in the days, weeks, and months ahead will depend largely on Bitcoin.

Although ETH may guide the altcoin markets, it has been taking its cues from the benchmark cryptocurrency.

At the moment, Bitcoin’s strength is lending itself to bulls’ favor, and there’s a chance that they will be able to erase all of the market’s recent losses in the days and weeks ahead.

Trader Claims ETH Rally is Getting Exhausted

One trader isn’t optimistic that this ongoing Ethereum rally will last for too much longer.

He contends that it will see a pullback towards $520 before it can recoup its momentum and rally past the resistance within the mid-$500 region.

“Think ETH is getting pretty tired now, seeing if I can squeeze out $550-555, happy with the 10% moves from spot and 6% from lev today. Will be looking for the reaction around $520 for clues on the next strong move.”

Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.

Bitcoin’s continues reaction to its break above $18,000 should provide some insights into whether or not Ethereum will climb higher.

Featured image from Unsplash.
Charts from TradingView.

• Bitcoin has been caught within a strong uptrend in the time following its recent selloff, with bulls largely absorbing the inflows of selling pressure
• After reeling down to lows of $16,400, the cryptocurrency faced a massive rebound that has now led it past $18,000
• Its present momentum is showing few signs of slowing down, and there’s a strong possibility that further upside is imminent in the near-term
• One trader is noting that it is now imperative that bulls hold the crypto above $17,700-17,850
• He notes that a break below this support could cause the crypto to reel down to the $16,000 region

Bitcoin and the rest of the crypto market are currently rallying, with Bitcoin’s recent selloff doing little damage to the market as bulls aim to erase all of the losses.

BTC is now trading back above $18,000 and isn’t showing signs of slowing down. If this level becomes a base of support, it could allow for significantly further growth in the days and weeks ahead.

One trader is now noting that holding above the upper-$17,000 region is critical for the market to move higher.

He notes that a break below this price region could open the gates for a decline down towards $16,000.

Bitcoin Gains Momentum as Bears Falter 

At the time of writing, Bitcoin is trading up just over 2% at its current price of $18,115. This marks a notable surge from its lows of $16,400 set at the bottom of the recent selloff.

The strength seen by the aggregated market as of late does seem to indicate that further upside could be imminent and that this latest selloff was simply another “buy the dip opportunity.”

For this to be confirmed, BTC will need to show signs of stability in the days and weeks ahead.

Trader: BTC Must Hold Above Upper-$17,000 Region for Uptrend to Persist

One trader explained in a recent tweet that Bitcoin needs to hold steady above $18,000 for the market to maintain its momentum.

He specifically points to the upper-$17,000 region as a key area of support, noting that a break below could open the gates for a move down towards $16,000.

“Crucial level to hold is the $17,700-17,850 breaker. If that is lost, I think we’ll see the 16’s again.”

Image Courtesy of Michaël van de Poppe. Source: BTCUSD on TradingView.

The coming few days should provide some insight into the strength of this ongoing rebound. Any continued uptrend here should allow for significantly further gains in the days and weeks ahead.

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• Bitcoin has undergone a strong drop since the highs of $19,500 seen last week
• A historically accurate analyst says that further losses are likely for the cryptocurrency
• The analyst shared a chart showing that Bitcoin is likely in the midst of trading in a dead cat bounce prior to further losses
• He cited the Elliot Wave form of technical analysis, which predicts that markets move in predictable waves.

Bitcoin Could Drop Toward $15,000

Bitcoin has undergone a strong drop since the highs of $19,500 seen last week. Even after a strong recovery from the lows, the leading cryptocurrency trades for $17,600, far from those highs.

Analysts are mixed over what this correction means for the Bitcoin bull market: some think that the drop was a necessary correction before a stronger move higher. Others think that the drop is the start of a bigger correction that will likely end in the coin falling toward the $12,000-14,000 technical region.

A historically accurate analyst is currently leaning toward the latter option.

The trader recently shared a chart showing that Bitcoin is likely in the midst of trading in a dead cat bounce prior to further losses. This next drop, the analyst suggests, could bring the cryptocurrency toward the $15,000 region.

The chart below was shared along with this assertion. The chart shows Bitcoin’s recent price action, along with the assertion that it may be trading in an Elliot Wave pattern that may take it to $15,000:

“you love to see it, looking for another pop higher into 18k before opening some shorts. to me this is a clear abc up after a 5 wave decline, and complacency looks to be kicking in.”

The trader that shared this chart is the same one that in the middle of 2018 predicted that Bitcoin would fall as low as $3,200. He was proven almost exactly correct when the coin bottomed on top exchanges at $3,150 just months later.

Chart of BTC's price action over the past week with an Elliot Wave analysis by historically accurate analyst Benjamin (@SmartContracter on Twitter)
Source: BTCUSD from TradingView.com

Not the Only One That Thinks So

This analyst is far from the only one expecting a further drop.

Bob Loukas, a crypto cycle analyst, noted that the cryptocurrency regularly fell by 30% last market cycle, prior to moving to new highs:

“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”

Bitcoin has only dropped by around 15% from its highs. A full-blown 30% correction would mean that it drops to the $14,000 region.

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Analyst Who Predicted Bitcoin's 2018 Lows Says Another Drop Is Likely

• Bitcoin is currently caught within a strong upswing following its recent selloff
• Bulls are pushing the crypto towards $18,000 as they move to erase its recent losses
• Where it trends next will depend largely on how sustainable this ongoing move higher is
• One investor is now noting that a gold fractal from the 1970s seems to indicate that this selloff could be followed by a powerful push higher in the days and weeks ahead

Bitcoin and the entire cryptocurrency market are currently caught within a strong uptrend that has come about just a day after the cryptocurrency witnessed a massive inflow of selling pressure that caused it to erase a good portion of its recent gains.

Where it trends next will likely depend largely on whether or not buyers can push it back above $18,000. Reclaiming this level could provide a strong new support base to grow upon.

It could confirm a “V-shaped” recovery from its recent lows, potentially allowing it to see a strong upswing that pushes it beyond its previous all-time highs in the upper-$19,000 region.

It could also confirm that a gold fractal from the 1970s is in play, allowing it to see some significant upside.

Bitcoin Shows Signs of Strength as Bulls Target $18,000 

At the time of writing, Bitcoin is trading up just over 3% at its current price of $17,700. This marks a serious upswing from its recent lows of $16,400.

These lows were set at the bottom of the recent market-wide selloff, which came about shortly after BTC faced a rejection around its previous all-time highs of $19,500.

The selling pressure seen here drove it significantly lower and could indicate that further downside is imminent.

This move was also perpetuated by a surge in regulatory fears due to recent comments from U.S. Treasury Secretary Steve Mnuchin.

Prominent Investor: BTC’s Latest Dip Could Confirm Bullish 1970s Gold Fractal 

Su Zhu, a prominent cryptocurrency investor and the CEO of Three Arrows Capital, explained in a recent tweet that the ongoing Bitcoin dip could be bullish because it puts in play a gold fractal from the 1970s that suggests immense upside is imminent.

“Any continued dump in BTC would be extremely bullish as it would reveal we are following the gold fractal from the 1970s, as per below by Paul Tudor Jones–the legendary macro investor who successfully used fractals to predict the 1980s stock market supercycle.”

Bitcoin’s upcoming weekly candle close should provide some insights into where it is trending in the mid-term.

A close above $18,000 could put the trend back into bulls’ control for the week ahead.

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Pricing data from TradingView.

• Ethereum has been closely tracking Bitcoin’s price action throughout the past few days and weeks, which has led it to see some immense turbulence as of late
• Just two days ago, the benchmark cryptocurrency faced a rejection at its all-time highs that resulted in it reeling from $19,500 to $16,400
• This selloff was the most intense one seen since this uptrend first got started a handful of weeks ago
• Where it trends next will depend almost entirely on whether or not bulls can extend the ongoing rebound
• One analyst does believe that Ethereum is in a position to rally higher in the near-term, as it is now looking strong from a technical perspective

Ethereum and the entire crypto market have witnessed some of the most intense turbulence seen in weeks over the past couple of days.

Bitcoin’s rejection at its all-time highs, coupled with fear regarding a new wave of regulations, sent the entire market reeling lower, with ETH plunging from its recent $620 highs to lows of $490.

Where the market trends in the mid-term will depend largely on whether or not bulls can extend the ongoing rebound that is taking place at this moment.

One trader expects further upside, noting that the cryptocurrency is looking increasingly strong from a technical perspective.

Ethereum Rallies Higher Alongside Bitcoin 

At the time of writing, Ethereum is trading up over 4% at its current price of $539, which marks a massive rebound from its multi-day lows of $490 set at the bottom of the recent selloff.

The strength seen in the time following the recent market-wide selloff is a positive sign, as it indicates that the major digital assets were all brought into oversold territory.

ETH may face some resistance around $540, but a firm break above this level could lead it to see some significant upside.

Analyst Claims ETH is Poised to See Further Upside

One trader explained that Ethereum is now looking technically strong and may be well-positioned to see further upside in the days and weeks ahead.

He does note that he’d like to see one more sweep of the range lows to make a sustained push higher in the days and weeks ahead.

“Back to blue. I bought spot ETH at $500 and I’m now long on lev. I’d still like to see another sweep of the lows, just hoping to not get chopped. Signals have been strong enough from this chart that it warrants me being long when we’re blue.”

Image Courtesy of Cold Blooded Shiller. Source: ETHUSD on TradingView.

The coming weekend should shine some light on the present state of the market, and provide valuable insights into where Bitcoin, Ethereum, and other major crypto-assets will trend in the mid-term.

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Charts from TradingView.

• Bitcoin and the entire crypto market are showing some signs of strength on this relatively quiet morning for the markets
• Following a brief bout of trading below $17,000, the benchmark cryptocurrency has firmly reclaimed this price region
• It is now attempting to push higher as bears lose steam, which could be a sign that its recent $16,400 lows are a long-term bottom
• Where the market trends in the mid-term will depend entirely on Bitcoin and whether or not it can stabilize
• One trader is now pointing to a pattern that indicates BTC could soon see a strong decline that sends it to $12,000 before it rebounds

Bitcoin and the rest of the crypto market are currently caught within a bout of consolidation following the recent market-wide decline.

This tempered trading favors bulls, as BTC and most altcoins have pushed higher over the past day.

Where the entire market trends next will depend on whether or not Bitcoin can confirm $17,000 as a long-term support level.

However, one trader is now musing a potential scenario in which BTC reels as low as $12,000 before finding enough support to begin journeying past the resistance that exists around its all-time highs.

Bitcoin Gains Momentum Following Recent Selloff 

Bitcoin is now trading up nearly $1,000 from its multi-day lows, with the recent dip to $16,400 clearly marks a knee-jerk reaction to a culmination of a few factors seen as potentially bearish.

At the time of writing, BTC is trading up just under 2% at its current price of $17,420. This marks a notable decline from its recent highs of $19,500.

The rejection at these highs, coupled with fears of a new wave of regulations, sent the price tumbling lower, but this fear seems to be subsiding.

Trader Indicates Move to $12,000 Could Be Imminent

One trader explained in a recent tweet that Bitcoin could be on the cusp of reeling down towards $12,000 before it can fund enough support to climb back up towards its all-time highs in the upper-$19,000 region.

“Three notes: – this is just a scenario, one of many, describing the most savage correction I could envision – probabilities on this? no idea, lots of other scenarios to consider, too early to tell – don’t bet your bank to the downside on this, seems a lot of people want this,” he said while pointing to the below chart.

Image Courtesy of Bitcoin Jack. Source: BTCUSD on TradingView.

The coming few days should provide insight into where the entire market will trend next. A sustained bout of trading above $17,000 could result in Bitcoin navigating back up towards its all-time highs.

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Charts from TradingView.

• Bitcoin has undergone a strong drop since peaking at $19,500 just days ago
• The coin currently trades at $17,000 as of this article’s writing
• Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges
• This was accompanied

How the Strong Bitcoin Drop Affected the Futures Market For BTC

Bitcoin has undergone a strong drop since peaking at $19,500 just days ago. The leading cryptocurrency currently trades for $17,000, far below the highs.

The drop came in a short period of time, with liquidations pushing Bitcoin dramatically lower in a wave. The issue was that many market participants were overleveraged, meaning that a small correction triggered liquidations and stop losses, resulting in a rapid cascade lower.

Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges.

This was also marked by a spike in trading volume, of $66 billion on futures exchanges and $7 billion on spot exchanges.

These two data points in tandem suggest that the recent correction marked a needed correction in the Bitcoin market to ensure that derivatives players were not getting too far overleveraged.

$BTC yesterday:

– $1 billion of Open Interest wiped out
– record trading volume: $66 billion on futures and $7 billion on spot
– $900 million longs liquidated
– $1.5 billion longs liquidated on the entire futures market(all coins, all exchanges) pic.twitter.com/8QGOaLMpf6

— Coinalyze (@coinalyzetool) November 27, 2020

After the strong correction, the funding rates of top Bitcoin futures markets have reset. The funding rate is the rate that long positions pay short positions on a recurring basis to make sure the price of the future stays in line with the spot market.

According to ByBt, a crypto derivatives tracker, the funding rates of most leading exchanges have reset to the baseline of 0.01% per eight hours. Further, on OKEx in particular, the funding rates of many pairs have actually trended into a negative region, suggesting an increasing number of short takers.

Bitcoin may revert higher if there continues to be low and even negative interest rates and if consolidation takes place.

Par for the Course

Many say that this correction is par for the course in that it should be expected.

Bob Loukas, a long-time Bitcoin investor and macro analyst, recently pointed out that the previous bull run was punctuated with drawdowns similar to the one taking place now:

“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”

Countless others in the space have corroborated this, arguing that it is actually healthy for bullish markets to pull back.

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Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

• Bitcoin has been spiraling lower ever since it tapped its all-time highs within the mid-$19,000 region
• There are a few factors driving this move lower, including selling pressure stemming from the rejection, fear regarding a regulatory crackdown in the U.S., and withdraws on OKEx resuming
• The confluence of these factors has created a perfect storm for bears, and they appear to be taking full advantage of it
• One trader believes that Bitcoin has quite a way to fall before it finds any significant support and begins pushing higher
• He is specifically watching for a move down towards $13,000, noting that it still appears to be “way overextended”

Bitcoin has done a full 180-degree turn, with the cryptocurrency’s previous upwards momentum now degrading as bears aim at sending it significantly lower.

The selling pressure seen as a result of the rejection at $19,500 is undoubtedly what sparked this movement, but a couple of other factors have perpetuated it.

Recent comments from the U.S. Treasury Secretary regarding a crackdown on private crypto wallets spooked investors and caused the crypto to see a sudden inflow of sell-side pressure.

Furthermore, OKEx reopening withdraws has also coincided with this dip, signaling that their users are possibly taking profits off the table.

Bitcoin Shows Signs of Weakness as It Breaks $17,000

At the time of writing, Bitcoin is trading down just over 1% at its current price of $16,900. This is around the price at which it has been trading throughout the past day.

The support previously holding BTC above $17,000 appears to be evaporating, which could be a sign that downside is imminent in the near-term.

If this level flips into resistance, it may put Bitcoin’s price action firmly in bulls’ control.

Analyst Claims Move to $13,000 Could Be Imminent

While sharing his thoughts on Bitcoin’s price action, one trader explained that a move towards $13,000 could be imminent in the near-term.

He notes that it may first consolidate above its weekly support around $16,200, with this level eventually breaking and opening the gates for an even larger move lower.

“Differently from ETH, BTC looks way over extended from the weekly 21EMA, still far from interesting support. My ideal entry would be the outlined major support @ 13k’s. Currently we might hold the 16213 weekly support, then head lower for an ABC correction.”

Image Courtesy of Wolf. Source: BTCUSD on TradingView.

Over the coming few days, Bitcoin’s price action should provide serious insights into the aggregated market’s outlook in the days and weeks ahead.

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• Ethereum’s price has been closely tracking that of Bitcoin as of late, which has caused the cryptocurrency to see some notable losses
• It has been defending $500 throughout the course of its recent push lower. This comes as Bitcoin breaks below $17,000 and begins seeing accelerating downwards momentum
• If $500 becomes a strong base of support for ETH, it could help propel the cryptocurrency significantly higher in the days and weeks ahead
• A sustained decline beneath this level, however, could open the gates for it to see significantly further losses in the days and weeks ahead
• One trader is still expecting a move up towards $800, noting that it first needs to break above $570

Bitcoin has been leading the market lower over the past couple of days, with Ethereum erasing the bulk of its recent gains as it slides towards $500, while BTC shows intense signs of weakness as bulls fail to defend $17,000.

This decline marks the first sustained pullback seen throughout the course of the recent multi-week uptrend.

Both BTC and ETH are still up significantly from their multi-month lows, but there now seems to be a greater risk of seeing even further downside.

One trader is noting that Ethereum needs to begin rallying higher and break above $570 to see further upside. He notes a break above this level could lead it to $800.

Ethereum Defends $500 as Selling Pressure Mounts 

At the time of writing, Ethereum is trading down just over 2% at its current price of $510. This is around where it has been trading throughout the past few days.

The selling pressure seen over the past few days isn’t letting up, and Bitcoin’s break below $17,000 could create headwinds that force ETH lower in the near-term.

Analyst: ETH Could Rocket Towards $800 if One Key Level is Reclaimed

One trader explained in a recent tweet that a reclaim of $570 could open the gates for Ethereum to see a sustained move up towards $800.

“ETH: Line held. Once we reclaim $570 we’ll go to $800. For now expecting lower.”

Image Courtesy of Mayne. Source: ETHUSD on TradingView.

Although Ethereum could slide lower in the near-term – as mused by the analyst – the next strong upswing seen by the crypto could mark the start of a move towards $800.

This would allow the crypto to erase its trend of underperforming Bitcoin and potentially see significantly higher highs in the months ahead.

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Charts from TradingView.

• Bitcoin has been struggling to hold above $17,000, despite this being an important price level for the cryptocurrency
• Where it trends next will depend largely on whether or not bulls can continue building support at this level
• So far, each dip below it has been met with intense buy-side support that has allowed it to ascend
• Where it trends next will likely depend largely on its imminent price action
• It is important to note that this recent selloff resulted in nearly $1 billion in open interest being wiped out
• This may make the cryptocurrency fundamentally healthier in the days, weeks, and months ahead

Bitcoin and the rest of the crypto market have been facing their first sustained pullback in the time following BTC’s rally up towards its all-time highs.

The rejection right below these highs, coupled with fear stemming from Treasury Secretary Steve Mnuchin’s comments regarding a new wave of crypto regulations, have both hampered its price action.

Bears are taking increasing control over its price action, and where it trends in the near-term may depend largely on how bulls continue responding to the $17,000 level.

Bitcoin Descends Below $17,000 as Bulls Struggle to Find Support 

At the time of writing, Bitcoin is trading down just over 2% at its current price of $16,850. This marks a notable decline from the cryptocurrency’s recent $17,600 highs set a handful of days ago.

Where the entire market trends in the mid-term may depend largely on whether or not it remains below $17,000 for an extended period of time.

This level has been strong support throughout the past 24-hours, but the buying pressure here appears to be dissolving.

A sustained bout of trading here could result in the entire market seeing some massive near-term downside.

BTC Sees Massive OI Cleansing During Course of Recent Drop 

Throughout the course of the ongoing decline, Bitcoin has seen a massive decline in open interest within the derivatives and futures market.

In aggregate, $1 billion in OI was wiped out as a result of this move lower. It also led to record trading volume and $1.5 billion in long positions for all tokens being liquidated – trends that one analytics platform spoke about in a recent tweet:

“BTC yesterday: – $1 billion of Open Interest wiped out – record trading volume: $66 billion on futures and $7 billion on spot – $900 million longs liquidated – $1.5 billion longs liquidated on the entire futures market (all coins, all exchanges).”

Image Courtesy of Coinalyze.

This could ultimately help the crypto see more sustainable growth in the future, as high OI can often lead to immense turbulence in both directions.

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Pricing data from TradingView.

Bitcoin and cryptocurrencies are once again a hot topic, being discussed across the broader financial space the most since Facebook’s Libra cryptocurrency was first announced. On the heels of the recent resurgence in the crypto market, rumors suggest that Facebook could be ready to launch Libra as early as January 2021.

What sort of impact would its launch have amidst the recent Bitcoin resurgence and any upcoming altcoin season?

Will Bitcoin Benefit Again From Facebook’s Crypto Launch?

Bitcoin price came just dollars away from setting a new all-time high this week before a correction took the asset back a few notches to refuel its jets for another push higher.

The recent rally even became more overheated than when Bitcoin surged from $3,000 to $13,000 in 2019 alongside Facebook Libra rumors hitting a boiling point. The market boiled over and came crashing down for another nine months once Libra was finally revealed, and regulators stepped in to stop it.

RELATED READING | QUANT ANALYST: SURGING STABLECOIN SUPPLY TO DRIVE UNPRECEDENTED BITCOIN BUY PRESSURE

Libra, and crypto by association, suddenly became a target of US regulators, and things haven’t quite been the same for the industry since. Binance was forced to ushers US customers to a region-specific version of its flagship exchange, and BitMEX has been targeted by the US Department of Justice and the CFTC.

Libra’s announcement let the world know that cryptocurrencies like Bitcoin were here to stay, now that the likes of Facebook were considering rolling out a coin of their own. And now, with Bitcoin back as the finance world’s hottest asset, the time for Facebook to launch couldn’t be better for the emerging technology.

Libra speculation took Bitcoin to $13,000, what will an actual launch do for crypto? | Source: BTCUSD on TradingView.com

Report: Libra Fiat-Backed Stablecoin To Launch As Early As January

According to a report from Financial Times, citing sources familiar with the matter, the social media giant could launch the Libra stablecoin as soon as January of next year.

The report claims that although the Libra Association had plans to introduce dozens of new coins, the launch will only include one, fiat-backed stablecoin similar to Tether.

RELATED READING | FOMO BEGINS: BITCOIN ADOPTION EXPLODES TO HIGHEST LEVEL SINCE PREVIOUS PARABOLIC PEAK

Facebook hopes to use Libra to enable financial access for all through its variety of social media apps, including Facebook, Messenger, Instagram, and What’sApp.

The token’s launch coming during a revival of Bitcoin’s bull run could bring added speculators and interest to the market. And with Libra acting as a stablecoin that has competition already from the likes of Tether and USD Coin, it poses no serious threat to Bitcoin or any of the altcoins in the top ten.

Still, like all cryptocurrencies, Libra could very well earn its place in the financial world, by leveraging its massive userbase as a Trojan Horse.

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• Bitcoin has dropped dramatically from its $19,500 highs
• The coin fell as low as $16,200 earlier today amid a strong sell-off and a lack of buying support
• Some think that the $3,000 drop could be the start of a deeper retracement in the months ahead
• Willy Woo, a prominent on-chain analyst, remains optimistic.

Bitcoin Drops Dramatically From $19,500 Highs to $16,200 Lows

Bitcoin has dropped dramatically from its $19,500 highs. The coin fell as low as $16,200 earlier today amid a strong sell-off and a lack of buying support. Some believe this is a result of most U.S. traders and institutions taking the past few days (and next few days) off as a result of the Thanksgiving season.

Some think that the $3,000 drop could be the start of a deeper retracement in the months ahead. Though, according to Willy Woo, the long-term fundamentals of this space remain more bullish than ever, making this a good time to buy.

Referencing the chart below from Glassnode, which shows that Bitcoin’s exchange flows are neutral, Woo wrote:

“Margin longs will be spanked until they go short. Was bullishness was way overheated. Exchange flows are neutral; spot sellers are matched with buyers. Fundamentals a great. The next few weeks? A great time to scoop cheap coins for 2021.”

He added that the recent rally from the $17,000 region to $19,000 was marked by “smaller buyers.” To him, this is a clear sign that the market was starting to become overheated in the short-term as small buyers are often indicative of retail players:

“The last phase of the run to ATH resistance was marked by smaller buyers, a class inrush of noob FOMO. That said, the rate of those new users coming last week was the highest we’ve seen in this bull cycle, right up there with 2017 mania levels.”

Chart of BTC's price action over the past few months with an analysis of on-chain trends from Willy Woo (@Woonomic on Twitter).
Source: BTCUSD from TradingView.com

Not the Only Bull

Other analysts remain bullish despite the ongoing drop.

Referencing how a vast amount of Bitcoin is being bought by retail players using platforms such as PayPal, Dan Morehead, co-CIO of Pantera Capital, recently said:

“When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of bitcoins. PayPal and Cash App are already buying more than 100% of all newly-issued bitcoins.”

Many think that eventually, buyers will strongly outweigh sellers on any given day. This will result in a strong surge higher over time as there isn’t enough market supply of BTC to meet market demand.

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Bitcoin Fundamentals Remain Great Despite $3,000 Drop From Highs

A flurry of historical Bitcoin fractals suggests that Bitcoin will continue its decline by another $3,000.

Veteran trader Peter Brandt made the bearish call in a tweet published Thursday, hours after Bitcoin fell by up to 16.31 percent from its local high of $19,500. He added that the cryptocurrency might extend its downside correction until it hits the lower $14,000 levels, citing similar bearish moves during the 2015-2017 bull run. Excerpts:

“During the 2015-2017 bull market in Bitcoin (BTC), there were 9 significant corrections with the following averages: 37% decline from high to low [followed by] 14 weeks from one [all-time high] to the next [one].”

Bitcoin Fractals

Bitcoin rallied by almost 100 percent six weeks in a row, hitting its yearly high at $19,500 just this Monday. Prospects of growing institutional investments, followed by a favorable macroeconomic outlook led by a depreciating US dollar and negative-yielding debt, allowed the cryptocurrency to grow as an alternative hedging asset.

Bitcoin correction fractals in the 2015-17 bull run, as presented by Peter Brandt. Source: Trade Navigator

But the rally also made Bitcoin an overbought asset, as Bitcoinist covered earlier. That increased risks of a blowoff top, i.e., profit-taking by traders, which led its price lower by more than $3,000 in the first half of this week. Only Mr. Brandt thinks that the selling action is far from over, going by how Bitcoin behaves historically after exponential bull runs.

“A 37 percent correction from the local top would bring the Bitcoin price to as low as $14,235,” he noted. “Many traders who swore they would buy a big dip when [the] price was above $19,000 will actually become sellers under $15,000.”

Supportive Technicals

Mr. Brandt’s bearish target near $14,000 has two strong technical backers.

First, the level coincides with Bitcoin’s previous resistance areas. For instance, in January 2018, the cryptocurrency briefly tested $$14,253 as a price ceiling before turning lower for the rest of the year. In June 2019, BTC/USD’s bull move topped out at $13,868, also very near to Mr. Brandt’s downside target.

Bitcoin 20-weekly exponential moving average. Source: BTCUSD on TradingView.com

Second, Bitcoin’s 20-weekly moving average (20-WMA) sits at $12,928, expecting to close above $13,500 should the price consolidates following the latest dip. That further brings BTC/USD within the range of Mr. Brandt’s bearish target near $14,000. Meanwhile, the 20-WMA also holds a record of maintaining Bitcoin’s bullish bias.

“A 20 weeks MA serves as support [level] in a bear market [and] as a resistance in a bull market,” said a pseudonymous analyst. “The price of Bitcoin returns to it over and over again. Maybe, “This-Time-It-Is^Different,” but I personally don’t think so, and I will wait for that MA test.”

In case the price flips bearish on the 50-WMA support, it would risk undergoing an extended downside correction towards the 50-WMA. It sits near $10,000.