Ethereum escapes the „threshold of death“ – bulls initiate strong recovery

Ethereum experienced a strong and severe sell-off overnight that pushed its price to a low of $ 585.
This is roughly the price at which the cryptocurrency was able to find strong support that caused it to form a „V-shaped“ rebound.

The medium-term trend is likely to depend largely on the continuation of this recovery, as a strong recovery from here could confirm that these lows mark a long-term low

A rejection of the $ 620 level, which has served as a resistance level for the past few days, could weaken the price’s technical strength.

An analyst now notes that the overnight decline put the cryptocurrency in a precarious position, with ETH almost overriding its uptrend.

Ethereum and Bitcoin have both seen some rocky price action lately, but Crypto Trader seems to be hit harder.

Overnight, ETH fell below $ 600 and hit a low of $ 585 before the bulls put an end to the sell-off.

In the meantime ETH has made up practically all of its losses and is now aiming to break above the resistance at $ 620.

One analyst comments that the overnight decline put Ethereum in a precarious position – but that no longer appears to be a problem.

Ethereum is recovering from a strong nightly sell-off

Ethereum is currently trading with a plus of almost 2% to its current price of $ 610. This is roughly the price that ETH has been trading at for the past few days.

The price plummeted as low as $ 585 overnight before buyers stepped in and slowed the decline. This strength seems to suggest that another uptrend could be imminent in the coming days.

However, there is resistance at $ 620 that may be difficult to overcome in the short term.

Trader claims that ETH has almost weakened its uptrend

A prominent analyst wrote in a tweet during the massive Ethereum sale that the bull trend in the cryptocurrency is close to being overdue due to the intensity of the decline.

The fact that the bulls pushed the price up quickly almost immediately after breaking below $ 600 shows that they are still in control of the price action. The analyst with reference to the chart below:

„4h ETH: bad news: bull trend over … good news: next entry should be pretty obvious“

Bitcoin is still leading the market, so its short-term price action is critical to Ethereum and other major altcoins.

Es wird BTC senden“ – Analyst der On-Chain sagt, dass die Bitcoin-Betrüger immer stärker werden

Willy Woo sagt, dass Bitcoin im Jahr 2021 einen Wert von 200.000 Dollar erreichen könnte, da langjährige Investoren mehr Vertrauen in die anhaltende Rallye haben.

Laut dem On-Chain-Analysten Willy Woo könnte der Preis von Bitcoin (BTC) ein „konservatives“ Ziel von 200.000 $ im Jahr 2021 erreichen. Die Vorhersage dreht sich um die Tatsache, dass langjährige Investoren der jüngsten Rallye mehr Vertrauen entgegenbringen.

Es gibt zwei wichtige Datenpunkte, die darauf hindeuten, dass die anhaltende Rallye von Bitcoin höher explodieren könnte. Erstens bewegen „HODLers“ oder langjährige BTC-Inhaber ihre Gelder nicht länger als bei früheren Rallyes. Zweitens nimmt die an den Börsen gehaltene BTC weiter ab, was den Verkaufsdruck verringert.

Eine Phase der Wiederaufstockung von Bitcoin ist im Gange

Die Wiederanhäufung von Bitcoin ist während des gesamten Jahres 2020 ein beständiger Aufwärtstrend geblieben. Sie hat den Verkaufsdruck auf BTC kontinuierlich verringert und eine stabilere Rallye ohne größere Korrekturen von 30-40% ermöglicht, wie sie 2017 häufig zu beobachten sind.

Woo merkte an, dass er für 2021 optimistisch ist, da die Wiederakkumulationsphase von Bitcoin bedeutet, dass die Menge an BTC, die verkauft werden könnte, im Vergleich zum vorherigen Bullenzyklus viel geringer ist. Er sagte:

„Ich war noch nie so optimistisch für 2021. Diese Wiederaufbauphase fällt mit dem Abbau der Lagerbestände am Spotmarkt zusammen, der etwa 2x länger und tiefer als der letzte Zyklus ist. Sie wird BTC senden“.

An der Spitze der rückläufigen Bitcoin-Reserven an den Börsen stellte Woo fest, dass die HODLers „sich stärker halten“. Im Jahr 2017 bewegte sich der Gewinn pro in Bitcoin investiertem Kapital bei rund 0,25 Dollar. Diese Zahl stieg bis 2020 auf 0,35 $, was bedeutet, dass mehr Investoren in Zukunft größere Gewinne erwarten.

Ausgehend von der Kombination der beiden optimistischen On-Chain-Trends sagte Woo, dass Bitcoin bis Ende 2021 einen „konservativen Preis“ von 200.000 $ erzielen könnte. Er erklärte:

„Mein Top-Modell, das bis Ende 2021 $ 200.000 pro BTC vorschlägt, sieht konservativ aus, $ 300.000 sind nicht ausgeschlossen. Der derzeitige Markt zahlte im Durchschnitt $7456 für ihre Münzen. Sie alle sind Genies.“

Wie im Mai berichtet, unterstützen die Daten der HODL-Welle von Bitcoin auch das Argument, dass die HODLer aus dem Bullenzyklus 2017-2018 nicht zu diesen relativ hohen Preisen verkauft werden, einschließlich hochvermögender Einzelpersonen oder „Wale“.

Diese Daten deuten jedoch auch darauf hin, dass einige frühere HODLer von vor drei bis sieben Jahren nach einer anhaltenden BTC-Rallye Gewinne mitnehmen, was die Chancen auf eine kurzfristige Korrektur erhöht.

Woo nannte eine massive BTC-Rallye im März 2020

Wie Cointelegraph bereits früher berichtete, fordert Woo seit März 2020 einen erweiterten Bitcoin-Bullenlauf.

Am 4. März sagte Woo gegenüber Max Keiser, dem Gastgeber des Keiser-Reports von RT, dass Bitcoin beim Stierrennen 135.000 $ erreichen könnte. Er sagte zu dieser Zeit:

„Man könnte das 35-fache des kumulativen Durchschnittspreises erreichen – und das hat in der zehnjährigen Geschichte von Bitcoin tatsächlich jeden einzelnen Spitzenwert in der Geschichte von Bitcoin erreicht – im Moment liegt dieser bei über 50.000 Dollar, aber er steigt weiter, je länger er läuft.
Obwohl der Preis von Bitcoin am 12. März bei einem Crash am „Schwarzen Donnerstag“, der den Markt schockierte, auf unter 4.000 Dollar fiel, hat er sich seitdem rasch erholt.“

Der Aufwärtstrend, der im März vor dem Absturz einsetzen musste, scheint nach der starken neunmonatigen Erholung von BTC nun in vollem Gange zu sein.

Kurzfristig glauben Analysten jedoch, dass die Wahrscheinlichkeit einer Erholung des US-Dollars dazu führen könnte, dass Bitcoin einen leichten Rückzug erfährt. Nach der größten dreiwöchigen Liquidation auf dem Goldmarkt sehen die Analysten auch eine Erholung des Edelmetalls, was die Dynamik von BTC kurzfristig zum Stillstand bringen könnte.

MicroStrategy CEO: „Bitcoin is like LeBron James

MicroStrategy CEO Michael Saylor compares the development of Bitcoin to that of basketball star LeBron James.

In an interview with German financial expert and non-fiction author Marc Friedrich, MicroStrategy CEO Michael Saylor emphasized that the criticism of Bitcoin (BTC), which was still valid in 2015 and 2017, is no longer valid.

Like LeBron James

Since 2017, Bitcoin has made significant progress in terms of infrastructure, fundamentals and adoption. In addition, and probably for this very reason, more and more institutional investors have invested in BTC this year as a store of value and a hedge against inflation.

While 2017 was still cited as a major criticism that the crypto currency would fluctuate too much and could possibly fall to zero, Saylor sees the development over the last three years as a sufficient counter-argument that will blow this criticism away.

The MicroStrategy boss symbolizes this by referring to the successful basketball player LeBron James, who is repeatedly traded as the heir to the legendary Michael Jordan. As Saylor points out in his analogy, even James, despite his great talent, would have had to mature before success could be achieved:

„I also think it is important to address the concerns and concerns of those in the crypto community who fear that Bitcoin is too risky, too volatile or could even go to zero. These people are still living in 2012, 2015, or 2017, and I will respond to them with this example: LeBron James played basketball between the ages of 9 and 18, when he was very talented but erratic and volatile. When he grew up, he destroyed every one of his opponents between the ages of 18 and 28.

One of the most important developments Bitcoin has made since 2017 is the significant expansion of the market. While three years ago, crypto trading platforms like BitMEX, which specializes in private investors, dominated the derivatives trading market on their own, the picture has changed.

As Cointelegraph reported, the large options exchange Chicago Mercantile Exchange (CME), which targets institutional investors, now has a trading volume similar to that of crypto-trading platforms for retail investors. For example, CME Bitcoin futures had $1.14 billion in open interest on December 4, which is higher than Binance Futures, Bybit, Huobi and BitMEX.

The on-chain data also shows that more and more large transactions are being made on the Bitcoin block chain, which is further evidence of the increased interest of institutional investors.

According to IntoTheBlock, the number of transactions worth more than $100,000 has doubled in the last two years. From this, the crypto-market researchers conclude, increasing activity by institutions.

Not only has the number of high volume transactions increased considerably, but also their volume has risen noticeably, the analysts write:

„The number of transactions of over 100,000 US dollars per day on the Bitcoin block chain has more than doubled compared to the previous year. In addition, the total volume moved in these transactions has increased more than six times over the same period“.

The increased interest of the institutions is an important driving force, which on the one hand provides for high capital inflows and on the other hand strengthens the perception of the crypto currency as a legitimate investment product in the mainstream. As Saylor stated in the interview, Bitcoin has thus taken a decisive step, which now provides it with the basis for writing a similar success story to LeBron.

Payday – whales sell their bitcoin to institutions, scarcity increases

The whales are currently causing pressure to sell, but the shortage could soon push the price back up.

Big Bitcoin investors, the so-called „whales“, are currently selling parts of their assets to institutional investors, while the scarcity of the cryptocurrency is becoming ever more acute.

As data from several sources show, while more and more Bitcoin Machine are being deposited on crypto exchanges and offered for sale, the demand, especially from institutional investors, is still significantly greater than the available supply.

Institutions don’t let up

According to data from Coin98 crypto market researchers, the Grayscale asset management company bought twice as many Bitcoin in November alone as were newly produced by miners (see graphic).

Together with Square and PayPal, the other two big companies buying up more and more Bitcoin, Grayscale creates an imbalance between supply and demand, the logical consequence of which is an increase in prices .

Also in December can not Grayscale gradually bought last 7,000 BTC in just 24 hours, whereby the assets under management of the investment firm on 4 December to more than 10.5 billion US dollars rose is.

At the same time, Bitcoin was able to break the previous record high this week and climb towards the psychologically important US $ 20,000, which, however, has created massive selling pressure

Subsequently, however, the market-leading crypto currency was able to catch up again at 18,100 US dollars and climb back to 19,000 US dollars, but the 20,000 US dollar mark remains a major hurdle. The driving force for this is probably that the “Bitcoin whales” and long-term investors currently have a good opportunity to book out their profits, as institutions like Grayscale keep buying.

This thesis is confirmed by the fact that the whales increasingly deposited Bitcoin back into crypto exchanges this week as the price approached the $ 20,000 mark. While the resulting sales pressure initially keeps the current climbing party in check, the Bitcoin fortunes migrate behind the scenes from the whales to institutions like Grayscale and their clients.

„The number of addresses that buy more than 1 million US dollars in Bitcoin and then withdraw them from crypto exchanges has grown by leaps and bounds,“ as CNBC reported on Thursday .

„That is an increase of more than 180% since 2017. The analysts conclude from this that more and more wealthy investors are buying Bitcoin and then storing it offline.“

The shortage of the market-leading cryptocurrency will continue if the Bitcoin that has been bought out is immediately taken out of circulation. All the more likely that Bitcoin will be able to resume its current soaring as soon as the whales stop selling and the institutions continue to maintain their demand.