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Articles by Mark Stevenson

JPMorgan Sees Institutional Opportunity Due to Falling Bitcoin Volatility

April 2, 2021

A drop in volatility in Bitcoin (BTC) can have a good effect on attracting large players. At least analysts of the American bank JPMorgan think so, writes Bloomberg.
According to experts, the recent decrease in cryptocurrency volatility creates conditions for the arrival of institutional investors. JPMorgan said:
We believe that a potential normalization of bitcoin volatility is likely to help revive institutional interest in the future.
Moreover, the price of BTC could rise to $130,000 if retail investment in cryptocurrency equals gold. However, when exactly such a jump in price could occur, analysts did not specify.
According to the calculations of the American bank, the three-month volatility of Bitcoin fell to 86%. The half-year indicator will stabilize at around 73%.
Source:

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Bitcoin Gains Ground amid Falling Interest in Gold

March 31, 2021

Bitcoin (BTC) has consolidated at $59,500 as the attractiveness of gold has declined, which has already approached a nine-month low. According to Bloomberg, the precious metal is approaching its first quarterly decline since 2018.
Source: denvergold.org
Interest in gold is falling due to the potential for a global economic recovery, the newspaper writes. In recent weeks, the price of gold has largely declined with no chance of recovery.
International investors put pressure on the position of gold, even more, having reduced assets in funds by 10%. According to Bloomberg, the exchange of traded funds (ETF) decreased by 49,000 ounces (1.5 tons), to 3110 tons, according to the results of trading on March 29.
Bitcoin is becoming a profitable version of gold
Bitcoin is often compared to gold

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Year-End Bitcoin Options Contracts Increased to $300,000

March 30, 2021

In the Bitcoin (BTC) options market, call (buy) open positions ranging from $100,000 to $300,000 reached 6,700 contracts worth $385 million.
These derivative contracts offer the buyer the right to buy Bitcoin for a fixed price, while the seller is obliged to trade at the said price.
Seen as an effective way to take long positions, these options seem profitable, but often require quite a premium to be paid. The buyer pays an advance fee (premium) to the call option seller. For instance, for the $100,000 call option, 0.164 BTC, equivalent to $9,480, must be paid at the moment.
Trading blocks of Bitcoin options. Source: Paradigm Telegram Channel
The institutional investor-oriented over-the-counter dealing desk shown above is a real transaction organized by Paradigm. In this trade, between

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Three-Quarters of the Circulating Bitcoin Last Traded for Less than $10,800

March 30, 2021

According to a study by on-chain analytics provider Glassnode, almost three-quarters of the circulating Bitcoin (BTC) was moved on the blockchain while trading below $10,800. This shows that most of the market participants are long-term investors.
According to Glassnode’s A Week of the Chain report released on March 29, 25.43% of BTC in circulation most recently changed hands between $10,800 and $58,800. Considering that Bitcoin last traded at $10,800 six months ago, it turns out that a quarter of the BTC in circulation changed hands in the second half of 2020 or the first half of 2021.
According to the report, the number of long-term Bitcoin investors is steadily increasing. Glassnode classifies cryptocurrencies that have not been moved on the chain for at least 155 days as long-term

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Bitcoin Exchange Reserves Are Depleting As BTC Rises

March 30, 2021

Over the past year, the total outflow of bitcoin from the largest crypto exchanges amounted to more than 600,000 BTC ($35.7 billion at the current exchange rate). Glassnode analysts reported this in a weekly digest.
Since March 2020, Bitcoin reserves on crypto exchanges have been steadily declining. According to the published chart, the current reserves of the cryptocurrency on the exchanges are 1.5 million BTC.

Source: insights.glassnode.com

At the same time, just a year earlier, this number was 2.1 million BTC. The most significant drop was recorded at Coinbase and Huobi, where the total churn is about 400,000 BTC.
Bitcoin relocation
However, there are two exchanges that turned out to be a plus at the end of the year: Binance and Gemini. Their total growth in Bitcoin reserves amounted

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Bloomberg Analyst: Bitcoin Could See $400k This Year

March 29, 2021

Although the premier cryptocurrency is still criticized for its high volatility, a Bloomberg analyst believes Bitcoin (BTC) has become a “risk-free” option for investors.
Mike McGlone, the senior commodity strategist for Bloomberg Intelligence said in his March 25 post that this year marks a turning point for the biggest cryptocurrency.
McGlone has published a graph of the average price of BTC/USD and the Bitcoin Liquid Index created specifically for corporate use.
“Bitcoin, which is on its way to becoming a global digital reserve asset, can turn into a risk-free asset with its maturity in 2021,” explained the strategist.
The chart, based on past price behavior, shows that BTC is possible to reach up to $400k in this bull market. This forecast overshadows other predictions such

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These 5 Factors Will Affect Bitcoin Price This Week

March 29, 2021

Bitcoin (BTC) price enters the new week with only a short distance left to reach an all-time high.
After overcoming the weekend in a fairly positive way, the price remained higher without experiencing a deeper price drop than last week. $50,000 worked as net support. What’s next for Bitcoin now?
EarnForex discussed five factors that could shape the Bitcoin price action in the coming days.
Stocks volatility a knock-on effect for BTC
An unusual opening is likely for US stocks on Monday as the level of fear in the market had increased over the impact of Friday’s $20 billion block trades.
Major players Goldman Sachs and Morgan Stanley gave traders a headache with the unexpected appearance of the orders targeting especially tech stocks. This will end when the market opens on Wall Street

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What to Expect As $6 Billion Bitcoin Options Will Expire Today

March 26, 2021

According to cryptocurrency company Bybt, the $6 billion worth of Bitcoin options contracts is due on Friday.
This gigantic amount arose from the steady growth of open interest in the Bitcoin options market. When the first cryptocurrency rose above the $13.5 billion mark, open interest skyrocketed to $13.5 billion. In two months, the figure rose by more than 60%.
Open interest in bitcoin options. Source: Bybt
According to the data provided, options contracts for 100,400 BTC expire on March 26. That’s almost half of all contracts expiring in the next two weeks.
Some experts speculate that the recent drop in BTC to $50,000 is pressure from options traders who are short before expiration.
In common parlance, this is called the “maximum pain” strategy. The bottom line is that large options

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Bitcoin’s Market Capitalization Drops Below $1 Trillion

March 25, 2021

With the crypto market starting another day in the red, Bitcoin’s market cap again fell below $1 trillion.
The third major correction of the current bull market is deepening. After reaching an all-time high of $61,683 on March 13, Bitcoin lost nearly 14% in value and is trading at $53,100 as of the time of writing.
According to CoinMarketCap data, the market value of BTC has also decreased by $83 billion in the past seven days since March 18, and it has declined to $996 billion as of the time of press.
Analyst Willy Woo had said just a few days ago that there is a high probability that the BTC market cap will never drop below $1 trillion again.
$1 trillion is strongly supported by investors. It seems likely that Bitcoin’s market cap will never fall below $1 trillion again.
The market value

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Bitcoin Could Drop to $25,000, Timothy Peterson Predicts

March 23, 2021

After the recent decline in the Bitcoin (BTC) price, predictions that more declines could be seen began to be made.
On March 21, investment expert Timothy Peterson, who shared a market assessment on Twitter, talked about the sales made by Bitcoin whales and stated that a deeper correction should be expected.
According to his assessment, BTC wallet addresses with a large amount are decreasing and that is associated with bear markets.
The number of addresses that contain more than 1,000 BTC. Source: Twitter
According to Glassnode data, addresses with 1,000 or more Bitcoins in it decreased for 40 consecutive days. This decline was previously experienced between 2014 and 2018. Peterson made the following statement in the tweet he shared saying:
The drop in large addresses indicates that

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Bitcoin May Drop Below $53K Before Bulls Regain Control, Says Trader

March 23, 2021

Bitcoin (BTC) price dropped to a two-week low on March 23 amid fears that bulls were losing their appetite to buy.

According to data from Tradingview, the BTC/USD pair fell to $53,125 last night. With the drop on Tuesday, Bitcoin came closer to testing $50,000 as buyer support seems to be gradually weakening.
Binance’s order book confirms support at $53,000, but should this level fail, a definite demand at $46,000 could prevent the downtrend.
Forecasting an upcoming move below $53,000, trader Crypto Ed said:

#BTC & ETHUSD are close to their green box which should (at least) give some reaction or be the reversal point. Expecting the previous lows in BTC to be taken out before we can see a significant bounce. ? pic.twitter.com/YsCjQZRrwb
— Crypto_Ed_NL (@Crypto_Ed_NL) March 22, 2021

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Is the Bitcoin Rally Ending? Whales Transfer Wealth to Retail Investors

March 23, 2021

Current on-chain indicators show the Bitcoin bull market is preparing to enter into its later stages, according to analytics provider, Glassnode.
In its recent report, Glassnode noted that despite the decrease in the reserves of large whales, Bitcoin addresses holding 1 bitcoin or less have been actively increasing since March 2018.

Source: insights.glassnode.com
The chart above shows that holders between 1,000 and 10,000 BTC have reduced their inventories by 307,000 BTC since the beginning of the year. Holders from 10 to 100 BTC also reduce reserves, but to a lesser extent: 56,000 BTC.
The only holders who have increased the cryptocurrency since the beginning of the year were owners from 100 to 1000 BTC. Their growth amounted to 331,000 BTC.
Change of class for Bitcoin
Three years ago,

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Bitcoin May Rally to $300,000 by the End of 2021 – Bobby Lee

March 22, 2021

The current bullish trend could push the Bitcoin price above $100,000 in the summer of 2021. This opinion was expressed by Bobby Lee in an interview with CNBC.
According to him, Bitcoin is experiencing an “important year” in a cyclical interval. The bullish trend of 2021 is far from over, he said. Over the past eight years, Bitcoin has twice (in 2013 and 2017) experienced major “mega-bull cycles”. In both cycles, the cryptocurrency grew at least 20 times.
Lee said:
Bitcoin started this year at $30,000, so even a tenfold increase is enough to reach $300,000.
Lee stressed that things could change, but the bullish trend in Bitcoin tends to repeat itself, which means that 2021 will be great for the cryptocurrency.
It is noteworthy that this is not Bobby Lee’s first Bitcoin prediction. Back

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What Could Influence Bitcoin Price Action This Week?

March 22, 2021

Bitcoin (BTC) price makes a cautious start to the week when macro markets fluctuated and the Turkish lira lost 15% overnight.
After BTC bulls disappointingly met rejection at $60,000 over the weekend, the premier cryptocurrency is yet to impress traders, who expect sideways movement this week.
At EarnForex, we take a look at five factors that can affect the Bitcoin price action as the new week begins.
1. Stocks are silent
Concerns about bond yields and the continuation of the Coronavirus outbreak created a hesitant picture across stocks.
The Asian market has opened with a modest move. With yields on 10-year bonds in the US 1.7%, the increase in economic activity will likely fuel bond concerns.
Taking a different path, China revealed that there is enough money to spend on financial easing.

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Bitcoin Price Will Start Falling in Summer 2022 – Opinion

March 22, 2021

According to one of the largest Chinese Bitcoin miners, Jiang Zhuoer, the main cryptocurrency will enter a bearish trend next summer.
In an interview with Chinese crypto journalist Collin Wu, Jiang Zhuoer cites numerous studies suggesting that the market will soon begin to slow down.

Jiang Zhuoer, one of China's big miners, told WuBlockchain that according to the latest multiple model studies, the fastest will be September 2021 and the slowest June 2022 will turn from a bull to a bear market. pic.twitter.com/g72wgYnYnu
— Wu Blockchain (@WuBlockchain) March 21, 2021

This Bitcoin price forecast is based on the fact that as the traditional economy recovers from the impact of the COVID-19 pandemic, investors will begin to withdraw into their usual assets. Cryptocurrencies will again find

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Traders Are Betting on the June $80,000 Bitcoin Call Option

March 18, 2021

Considering the bullish performance of Bitcoin (BTC) in the past weeks, it does not seem unreasonable to bet on $80,000 Bitcoin call options to expire in June. This was not the case a couple of months ago when Bitcoin price dropped to $30k level after rising to $42k on January 8.

Bitcoin price. Source: TradingView
As the chart above shows, on January 26, when the price of Bitcoin was trading at $32,000, a 150% increase was required to reach the $80,000 level. Therefore, the June buy options at $80,000 traded at Deribit for $2,240, or 0.07 BTC, at that time.
BTC call option with a June maturity date, with a transaction price of $80K. Source: Deribit
In less than two months, Bitcoin reached $61,700 on March 13, and the price of the call option jumped to 0.15 BTC, or $9,255. The value

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The Reason Why Bitcoin Jumped by $2,500 in an Hour

March 17, 2021

The premier cryptocurrency, Bitcoin (BTC), consolidated in a range below $55,000 for most of the day on Wednesday, March 17. However, at the beginning of the US trading session, Bitcoin bulls took over and sent the price to $57,818 as the uptrend continues to gain strength.

BTC/USD 1-Hour Chart. Source: TradingView
More incentives — more expensive Bitcoin
The reason for the growth of Bitcoin was the decision of the Federal Reserve to leave the discount rate unchanged, despite the strengthening of the economy and rising inflationary expectations.
Following a regular meeting of the Federal Open Markets Committee (FOMC), the Central Bank raised its forecasts for economic growth for 2021 from 4.2% to 6.5%, but at the same time announced that it did not plan to raise the rate at least until

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Bitcoin Doubled in 75 Days – Has the Price Risen Too Much?

March 17, 2021

Bitcoin (BTC) price has doubled in the past 75 days, prompting some analysts to question whether the price has risen too much.
However, a historical analysis by the Bitcoin monitoring team CaseBitcoin reveals that the Bitcoin price may go higher. CaseBitcoin announced that the time it took for the Bitcoin price to double fell to 12 days just before the 2017 bull market peak.

2/ First of all, doubling time is the number of days it's taken bitcoin to double to any given price.
For example, right now, the doubling time is 75 days. In other words, 75 days ago the price was half was it is today.
— CaseBitcoin (@case4bitcoin) March 16, 2021

CaseBitcoin said the fastest doubling period recorded in the current cycle was seen on January 7, with BTC rising from $21k to $42k in just 22 days.

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Bitcoin May Rise to $175,000 by the End of 2021 – Diginex

March 17, 2021

By the end of the year, the price of one bitcoin will grow to at least $175,000. This prediction was made by the head of the blockchain company Diginex Richard Byworth in an interview with Bloomberg.
According to him, the influx of institutions has already begun to be reflected in the price of the cryptocurrency. Byworth said:
We are projecting a Bitcoin price of about $175,000 by the end of this year. We think we will clearly see institutional acceptance at this level.
The current price activity of Bitcoin, according to the head of Diginex, is driven by two factors: massive monetary incentives and bitcoin’s status as a hedge against inflation.
Bitcoin only at the beginning of the rally
According to Byworth, the buy-up of 40% of the annual supply of Bitcoin by companies like MicroStrategy,

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Bitcoin Futures Open Interest Hits $22.5 Billion

March 16, 2021

Bitcoin (BTC) price experienced a 22.5% rally in March, but as the price rose, derivatives data shows that some buyers started using excessive leverage. Meanwhile, the open positions of the futures market reached a record of $22.5 billion, making investors question how sustainable the current rally is.
Buyers’ use of high leverage and excessive borrowing raises concerns as it could lead to repeated liquidations in a possible price drop.

4-hour chart of the BTC/USD. Source: TradingView
Bitcoin reached $58,300 on February 21, followed by a 26% correction. During this adjustment, futures contracts worth $5.4 billion were terminated and excessive buyers’ leverage was eliminated. This was confirmed by the reduction in the annual premium of 1-month futures contracts to 17%.

BTC futures, total

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Long-Term Holders Accumulate Bitcoin While Short-Term Speculators Are Selling

March 16, 2021

In less than three months ago, 95% of bitcoins that changed hands were moved on the blockchain, on-chain analytics provider Glassnode revealed.
Glassnode’s report dated March 15 reveals that only 5% of the outputs that were expended were more than 90 days old. This is an indication that the majority of bitcoins moved over the chain are “young cryptocurrencies”.
According to Glassnode’s other findings, addresses that have held their BTC for at least three years have also increased their savings significantly in the past 6–12 months. Short-term savers, on the other hand, have been making a profit since 2020 begins.

Glassnode describes long-term holders (LTH) as those who have kept their bitcoins for more than 155 days and short-term holders (STH) as the wallets that have moved their BTC

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Bitcoin Price Correction Cost the Crypto Market $2.24 Billion

March 15, 2021

Bitcoin (BTC) failed to gain a foothold above $60,000 and went into a deep correction, provoking a massive liquidation of positions in the market. Over the past day, according to the ByBit service, traders have lost about $2.24 billion.
Position liquidation data. Source ByBit

The bears prevailed
The leading cryptocurrency over the weekend crossed the psychologically significant $60,000 mark and approached $62,000, from where the correction began.
Feeling that the market was overbought, the bears prevailed. Over the past day, cryptocurrency markets have experienced a real bloody massacre amid a sharp correction in Bitcoin. The premier cryptocurrency fell by 10%. At the time of writing. the capitalization of the entire cryptocurrency market has dipped by 5% to $1.71 trillion.
Liquidations

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These Factors Will Influence Where Bitcoin Is Heading This Week

March 15, 2021

Bitcoin (BTC) started the new week very close to record price levels. So will BTC be able to hold on to this level?
EarnForex takes a look at five factors that could affect Bitcoin price action in the coming days.
Unexpected growth from China
Macro markets are giving different signals as the new week begins.
While bond yields have created trouble for futures in the US, in Asia, China reported incredible growth in the first months of 2021.
Both industrial output and retail sales of China increased 35% and 33.8%, respectively, exceeding the 32% target.
However, liquidity concerns, including the People’s Bank of China (PBoC), continue to keep the markets in check.
Australia & New Zealand Banking Group Economist Xing Zhaopeng told Bloomberg, “PBoC has withdrawn 600 billion yuan from

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Bitcoin Roars Above $60,000 – What Is Next?

March 13, 2021

Bitcoin (BTC) continues to gain ground. On Saturday, March 13, the flagship cryptocurrency hit its all-time high, briefly breaking the $60,000 mark. After a slight decrease, the coin peaked at $60,480 and consolidated above the key resistance. At the time of writing, the BTC/USD trading pair is changing hands at $60,808, while the market capitalization is at $1.13 trillion.

BTC/USD 1-hour chart. Source: Tradingview
Three reasons why Bitcoin price is rising
Over the past week, the premier cryptocurrency has grown by more than 24% against the backdrop of relatively low volatility.
First, the growing popularity of Bitcoin has coincided with a boom in the non-fungible token (NFT) segment. The fashion for a new type of digital asset has suddenly swept over the markets. Sports and superstars,

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Bitcoin Consolidates Above $57,000. Where Is BTC Heading Next?

March 13, 2021

In 2020, after a significant decline due to the covid-19 pandemic, the BTC/USD pair recovered from around $3,500 to just above $10,000.
Many analysts viewed this move more as a corrective move, linking it to the Bitcoin halving in May. Nevertheless, despite the pessimistic forecasts and sentiments, after the halving, Bitcoin managed to stabilize in the region of $10,000 — $13,000, after which the prices of the premier cryptocurrency steadily headed towards $19,870 — the maximum of 2017.
Breaking this level marked the triumphant return of bulls to the cryptocurrency markets.
From the same moment, the second wave of the uptrend began, which, in my opinion, ended at $58,335. We observed the correction phase of this wave at the end of February when the BTC/USD pair fell sharply to $46,136.

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Bitcoin Support Rises to $47k – Glassnode

March 9, 2021

The Bitcoin (BTC) market is consolidating after the recent decline to $43,000. This is the conclusion reached by Glassnode with reference to the on-chain performance of the network.
Thus, Bitcoin managed to raise the support level to $47,000 from $45,000, even despite the instability at the macro level and the weakness of traditional markets. More than 1.2 million BTC (6.5% of the current supply) switched to new wallets amid growing support.

Source: twitter.com
Moving large numbers of bitcoins without falling cryptocurrency prices could mean “significant interest in hoarding.” Thus, investors are in solidarity with the profitability of entering the market with a Bitcoin price of more than $45,000.
Bitcoin market is preparing for a reversal
Cryptocurrency miners are also cutting sales,

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5 Factors Bitcoin Investors Should Watch This Week

March 8, 2021

Bitcoin (BTC) started the new week positively as stocks tumble and BTC managed to close above $50,000 last week.
What can Bitcoin traders expect?
EarnForex takes a look at five factors that could affect Bitcoin price action in the coming days.
1. The dollar is getting stronger as the stock markets crash
In the past weeks, things have changed in the stock markets that broke record after record. While a decrease is observed in stock market indices all over the world, warnings are made that this situation is not over yet.
While the shares of technology companies, including Tesla and MicroStrategy, suffered significant losses, Asian stock exchanges started the week with a loss of more than 1%.
Although the US stock markets closed strongly last week, expectations started to turn negative hours

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Bitcoin Price Drop Turns into Buying Opportunity for MicroStrategy

March 5, 2021

The software company MicroStrategy, which made headlines with its huge interest in Bitcoin (BTC) and its large purchases, bought another $10 million worth of BTC after the market uncertainty on Thursday.
According to the announcement by CEO Michael Saylor, the company bought an additional 205 bitcoins at an average of $48,888 and paid $10 million in cash for it. Thus, the company’s total Bitcoin assets reached 91,064 BTC, equivalent to $4.3 billion. The company’s average BTC purchase price is calculated as $24,119, while the total cost is calculated as $2.2 billion.
This move by MicroStrategy reveals that the company buys BTC every time the price drops. Bitcoin was trading around $10,000 as the software company started converting its existing assets to BTC in 2020.
During the recent bulk

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Experts Expect a Rapid Jump in Bitcoin Price

March 5, 2021

Many analysts and commentators have made positive predictions about the future of the price of Bitcoin (BTC), despite the struggle of the Bitcoin bulls to break the $50,000 level.
Bloomberg Intelligence Senior Commodity Strategist Mike McGlone said on March 4 that Bitcoin is heading towards $100,000, citing historical data as evidence.
McGlone’s prediction is based on the discount of Grayscale Bitcoin Trust which coincides with the Black Thursday crash of last year. Discount refers to the purchase and sale of the shares in question for less than Bitcoin’s value.

Grayscale #Bitcoin Trust Discount May Signal March to $100,000 – Bitcoin's end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how

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Bitcoin Must Hold to 49k to Prevent Further Corrections, Analyst Claims

March 4, 2021

The famous analyst, who said that the Bitcoin (BTC) price could reach $55,000 in the short term, explained the critical support level.
Michael van de Poppe, a full-time trader on the Amsterdam stock exchange, informed his followers on Twitter on March 4 and drew attention to the importance of the $49,000 level for the BTC/USD pair.
In his price analysis, Poppe said that the Bitcoin price is still in an upward trend and added:
Bitcoin is still moving on schedule.
Bitcoin is likely to rise to $55,000
Bitcoin, which recently reached an all-time high of around $58,300, was soon beginning to see a correction. Poppe set $49,000 as the critical support level for the BTC price, which went down to $42,000 and rebounded in this process.
Stating that it is very important to keep the support

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