Whale cluster sights in Bitcoin support for rally sequence

The Bitcoin whale cluster shows $23,409 as a key support area, which means the ongoing rally has a strong base.

Bitcoin Whale Clusters (BTC) show that the $23,409 level has become a focus area for large traders. This indicates that the ongoing bullish run is driven by whales that continue to accumulate more than $23,000.

Whale clusters are formed when whales buy Bitcoin and do not move their BTC holdings from the purchase price. Clusters are useful for determining Bitcoin support levels especially when the market moves fast.

„Support must not be less than US$ 23,409“.

According to analysts at Whalemap, a data analysis company that tracks Bitcoin whale activity, BTC has formed a strong floor in the $23,000 to $23,500 range. They said:

„Surprisingly, large amounts of losses were flowing into the chain at prices of 19,000. When this happens in bullish conditions, BTC gives us great highs (10k -> 20k last time). We have several strong supports at recent prices too … It shouldn’t be less than US$ 23,409“.

It is important for Bitcoin to establish solid support areas during a bull ride due to the risk of sudden corrections. If whale clusters are present at high price levels, such as $23,409, then whales will probably bid a little higher and maintain Bitcoin’s momentum.

Peter Brandt, a long time trader, identified the Bitcoin satellite line that dates back to October as a key area to be observed.

The line indicates $24,000 as the critical support area, which would mean that BTC needs to stay above it to avoid a big drop. Brandt wrote:

„Bitcoin is advancing in parabolic movement since the September 20 low. I hope this curve will be breached at some point, but will not produce an 80% decline. The green curve is a larger parabolic advance than the December 2018 and March 2020 lows. This is the engine of the rising market. ”

In the short term, the whale groups and the parabolic trend line show that US$ 23,409 and US$ 24,000 are the two key levels that Bitcoin should maintain.

Below $24,000, the chances of an accelerated correction increase, which may get worse if the whale cluster support areas are violated.

Where is the top of Bitcoin?

Traders generally believe that Bitcoin can rise to two levels: $30,000 and $36,000. The latter has become a popular short-term forecast because the options market indicates a high probability of $36,000 being hit in the coming months. Of course, the first is a fundamental psychological level.

A trader’s alias known as „General Byzantine“ said he predicts Bitcoin to reach $30,000. He explained that $30,000 is the level of „gold ratio extension“ and also has sales orders at Coinbase and Bitfinex. He said:

„I think this rally ends midway around 30k. It’s the extension of the golden ratio. It also happened to be where CB & Finex got fat questions out there“.

On December 27, the Cointelegraph reported that Bitcoin immediately saw great volatility, losing 6.5% in a matter of hours after the price reached $28,200 on the major exchanges. Given that the resistance areas with large sales order scanning face large setbacks, the $30,000 area may represent a major short-term obstacle for Bitcoin.

Harkintavaihe digitaalisen euron menemiseksi pitkälle

Harkintavaihe digitaalisen euron menemiseksi pitkälle vuoteen 2021, EKP: n johtaja sanoo

Digitaalisen euron käyttöönottoa koskeva päätös voi olla vielä pitkä aika.

Euroopan finanssiviranomaiset voivat laatia digitaalisen euron tutkintasuunnitelman jo ensi vuonna Euroopan keskuspankin johtajan mukaan.

Holger Neuhaus, EKP: n markkinainnovaatio- ja integraatiodivisioonan päällikkö, liittyi Singaporen FinTech Festival 2020: een 7. joulukuuta keskustelemaan keskuspankin Bitcoin Evolution digitaalisten valuuttojen eli CBDC: n globaalista kehityksestä.

Verkkokeskustelun aikana Neuhaus väitti, että EKP odottaa Euroopan finanssiviranomaisten arvioivan digitaalisen euroaloitteen käynnistämistä vuoden 2021 puoliväliin mennessä:

”Vuoden 2021 puolivälissä eurojärjestelmä harkitsee digitaalisen europrojektin käynnistämistä. Mutta vain korostettavaksi, se olisi tutkintavaihe, ei päätös, joka olisi vielä pantava täytäntöön. Se antaisi pohjimmiltaan meille mahdollisuuden laatia […] itse asiassa suunnitelma, ja mikä voisi olla digitaalinen euro, miltä se voisi näyttää, miten se voitaisiin panna täytäntöön, jos ja kun poliittinen päätös tehdään. „

Neuhaus korosti, että digitaalinen euro täydentäisi, ei korvaisi käteistä tai keskuspankkien tukkutalletuksia

Hän totesi myös, että keskuspankin digitaalinen raha asettaa suuria haasteita CBDC: n ulkomailla käytettäessä, erityisesti pääomavirran hallinnan ja suhteellisen palkkakysymyksen suhteen.

„Siellä siitä tulee vaikeaa, ja siellä meidän jätettiin miettimään, miten sitä voidaan rajoittaa – kovilla rajoilla, kannustinjärjestelmillä tai millä tahansa“, Neuhaus ehdotti.

Eurooppalaisten CBDC-maiden osalta Neuhaus pani merkille EKP: n julkisen kuulemisen mahdollisesta digitaalisesta eurosta. Lokakuun 2020 puolivälissä julkaistun kuulemisen tarkoituksena on kerätä palautetta julkisilta ja yksityisiltä sidosryhmiltä arvioidakseen, tarvitseeko Eurooppa digitaalista euroa.

Marraskuussa 2020 EKP: n presidentti Christine Lagarde kehotti pankkia tekemään päätöksen digitaalisen euron vapauttamisesta tammikuussa 2021.

Bitcoin price will be based on the current price

According to Glassnode CTO 10X, Bitcoin price will be based on the current price

Rafael Schultze-Kraft of Glassnode has shared several on-chain metrics which, in his opinion, indicate that the Bitcoin price will comfortably reach six-digit price thresholds in the future.

The CTO of data aggregator Glassnode, Rafael Schultze-Kraft, has described a number of Bitcoin market indicators also the Bitcoin Future App as „insanely bullish“ and predicted that the Bitcoin price will increase by more than ten times.

On 9 December, Schultze-Kraft tweeted a thread that provides the basis for his ultra-optimistic prediction. In it he presents six „of the most important on-chain market indicators, which are currently hovering at the same level as at the beginning of 2017“.

1/ Where are we in the #Bitcoin market cycle?

A look at some of the most important on-chain market indicators.

TLDR: Insanely bullish, most metrics are far from the top. If things develop anything like 2017, we could see more than 10x $BTC from here.

A THREAD 👇 pic.twitter.com/d1jU0h5fxA

– Rafael Schultze-Kraft (@n3ocortex) December 8, 2020

5 out of 6 indicators see the Bitcoin price at $200,000

Any of Schultze-Kraft’s predictions (or estimates) see the Bitcoin price entering the six-digit range, with all metrics suggesting that the price per BTC will exceed $200,000.

For each of the indicators, Schultze-Kraft has measured the gains that have occurred as the metric has moved from a similar position in 2017 to an all-time high later this year. He then multiplied the current Bitcoin price by the same percentage increase.

Schultze-Kraft noted that Bitcoin’s Net Unrealised Profit/Loss, or NUPL, has climbed back to 78% of 2017 ATH. The NUPL is „the difference between unrealised gains and losses based on the point in time when the coins last moved along the chain“. The Bitcoin price, when it was at the same level according to the NUPL, rose 1,400% to its peak. If the scenario were to repeat to a similar extent, Kraft estimates that the Bitcoin price could reach $286,000 in this cycle.

Bitcoin price in the context of NUPL

BTC’s market cap to thermocap ratio is currently only a quarter of the 2017 high. Thermocap assesses Bitcoin’s price premium in relation to Miner’s expenditure. In 2017, the Bitcoin price rose 625% as the ratio rose to an all-time high, indicating that the Bitcoin price could reach the $138,000 mark in the future.

The G7 will protect the monopoly of states on currency at all costs in the face of the Bitcoin threat

Dominate them all – Governments take a dim view of the rise of digital assets. After Christine Lagarde last week , it is the turn of the G7 finance ministers to highlight the dangers linked to an unregulated digital asset market.

„A wolf in disguise … remains a wolf“

The Diem Dollar , formerly Libra, is at the heart of all concerns. Indeed, Facebook, with its hundreds of millions of users, has the capacity to quickly establish itself as a key financial player . If this were to happen, G7 members could lose their grip on the current monetary system.

This is why the German finance minister cracked a scathing statement on the Diem Dollar during a G7 videoconference :

“A wolf disguised as a sheep remains a wolf. It is clear to me that Germany and Europe cannot and will not accept its entry [the Diem Dollar] into the market, as long as regulatory risks are not sufficiently taken into account. We must do all we can to keep the monetary monopoly in the hands of states. “

Olaf Scholz, German Minister of Finance

In an official press release , the G7 finance ministers affirmed their common desire to put in place regulations for crypto-assets . The aim of this legislation would be to prevent malicious uses of digital assets. In short, nothing really new.

These discussions echo once again the rumor of a US regulation regarding crypto-asset portfolios. At the moment, we have no concrete information on the subject, except for recent statements by Brian Brooks , the Comptroller of the United States.