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The Trading Legend Believes That A New Altcoin Season Is Finally Coming
Peter Brandt, considered to be one of the gurus in trading, showed his support for the second-largest cryptocurrency to date, Ethereum. He welcomed Ethereum holders’ decision to keep their ETH tokens, by predicting the price per ETH would likely outperform Bitcoin’s price movements.
Brandt also noted that Ethereum’s price boom would boost the performance of the entire altcoin sector, which implies that the much-anticipated “altcoin season” may be on its way.
However, for Brandt’s predictions to come true, there must be a massive breakout in the ETH/BTC trading pair, which currently sits at 0.02613 BTC per ETH – the highest mark since March. Despite the current level, Brandt set his target at 0.03276 BTC per ETH, which would mean a 23% price increase for Ethereum, given Bitcoin’s price remains the same.
Nevertheless, Ethereum is still far behind its all-time high of 0.12396 BTC per ETH token on February 1, 2018, which can be depicted as a 79% overall drop since then.
Other trading experts consolidated around Brandt’s opinion, with Adamand Capital investor Tuur Demeester further explaining that the technical picture for Ethereum is bullish. However, the investor still keeps his opinion that Ethereum’s fundamentals are wrong, despite the blooming DeFi sector.
On the other hand, Brandt considers altcoins as “pretenders”, as opposed to Bitcoin, but his stance on altcoins didn’t affect his analysis. Interestingly, the altcoin sector seems to have been on the verge of massive gains, as altcoin projects like Stellar and Chainlink appear to be in the middle of massive bullish rallies, while Dogecoin received a 100% price increase in just several hours, due to mainstream meme creators “exploding” on the news that the avatar of the Doge meme has passed away. Ripple, proclaimed by Brandt as a “scam” also received expectations for an upwards rally.
On the other hand, Tuur Demeester showed that Bitcoin is now ending its re-accumulation phase and soon will enter a bullish run. The investor stated that a re-accumulation stage began a year ago, with an expected massive price breakout after the stage is complete.
Demeester even considered holding as much as 33% of his ‘Permanent Portfolio 2.0’ for another twenty years, which further cements Demeester’s belief in Bitcoin.
[Today's Hot Tips]submitted by LOEXCHANGE to loex [link] [comments]
1. [The central parity of RMB against the U.S. dollar increased, and the USDT negative premium rate was 0.44%]
The central parity of the RMB against the US dollar rose by 177 points from the previous day to 6.9803. The central parity rose to the highest level since July 22, 2020, the largest increase since July 7, 2020. The onshore renminbi is currently reported at 6.9809. The OTC offer of USDT on Boboo.com is 6.95 RMB, and the premium rate has slightly expanded to -0.44%.
2. [Vice President of Blockstream: Bitcoin full nodes may be suffering from connection slot exhaustion attacks]
On the morning of August 4, Tuur Demeester, the Adamant Capital founder, tweeted that today's Bitcoin full node may be suffering from a connection slot exhaustion attack. This attack vulnerability has been known a few years ago, and there are some good suggestions to solve this problem, but the developers did not take it seriously. Maybe this attack can be a catalyst.
3. ["2020 Hurun Global Unicorn List" released four blockchain companies including Coinbase on the list]
According to official sources, on August 4, Hurun Report released the "2020 Hurun Global Unicorn List". After inquiries, the blockchain companies on the list include: 1. Ripple, valued at 70 billion yuan (up 35 billion yuan) ), ranked 22nd (up 28 places); 2. Coinbase, valued at 50 billion yuan, ranked 31st (down 1 place); 3. Bitmain, valued at 30 billion yuan (down 50 billion yuan), ranked 70th (down 50 places); Kraken, valued at 30 billion yuan, ranks tied for 70th. Bitmain has become one of the five unicorn companies with the largest decline in valuation. Hu Run said: "The decline in Bitmain's valuation is mainly due to the average share price performance of Canaan after its listing, and the valuation of the blockchain industry is under pressure. "
[Today's market analysis]
Bitcoin (BTC)BTC traded sideways near 11400 USDT in the early morning, and began to fall slightly at 5 o'clock. It fell below 11,200 USDT in the short term, and dropped to 11137.93 USDT as low as possible. At present, the overall BTC is adjusted within a narrow range near 11,200 USDT. Most mainstream currencies fell slightly after a narrow adjustment in the early morning. BTC is currently reported 11350.3 USDT on LOEx Global, with a decrease of 0.1% in 24h.
In the past two days, Bitcoin has adjusted, and the entire market has adjusted accordingly, and new changes have taken place in the market. It can be felt from two points. However, some people think that the platform currency has moved and the platform section has risen. Ethereum is still so strong, and so is Ripple. The following trend will fluctuate upward. What I want to say is that there will be many declines like this, and the bull market will adjust, so we must pay attention to the rhythm. Now that the market has come to the front, there is a trapped market, and there is a profit selling pressure in the back, so the two-day adjustment is not enough. At least 10,000 points will be tested before the market is reliable. Or, in the short term, the liberation of the previous trapped market will also face adjustments near the previous high of 13,000 points. This is mainly based on how much power is enough.
Support level: the first support level is 10700 points, the second support level is 11000 integers;
Resistance level: the first resistance level is 11400 points, the second resistance level is 11500 points.
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According to Tuur Demeester, this was all part of a major Bitcoin Cash pump. More specifically, the Korean Bithumb exchange drove up the price quite a bit a few days ago. Now that its volume is shifting to Ethereum and other currencies, BCH is crashing. If this momentum can’t be maintained, investors will likely cash out and move to other currencies. Tour Demeester feels the money could go ... - Tuur Demeester (@TuurDemeester) Might 18, 2020. One of many early Bitcoin fanatics dominated out Bitcoin dropping under $ 6,000 after the final halving. Demester additionally predicted a brand new spherical of parabolic development after the worth breaks out of the higher restrict of consolidation within the vary of $ 7,500-11,500. In response to knowledgeable observations, the formation of ... In a recent What Bitcoin Did podcast episode, Peter McCormack sat down with Tuur Demeester. Mr. Demeester is a macro investor, analyst, business cycle expert and founding partner at Adamant Capital. Several key issues were discussed about Bitcoin (BTC), including trading, adoption, and investments. Interestingly enough, the price of BTC was not the last among the topics. Describing the rush to buy Bitcoin as a “land grab” for institutions, Tuur Demeester sees the cryptocurrency rallying to $50,000-$100,000. Bitcoin investor and research analyst Tuur Demeester doesn’t see the coin going below $6,000 after the rewards halving, with a price of at least $50,000 certainly possible in the future. Tuur Demeester: Bitcoin Price Above $50K ‘Not Insane at All’ Bitcoin investor and research analyst Tuur Demeester doesn’t see the coin going below $6,000 after the rewards halving, with a price of at least $50,000 certainly possible in the future. In a video posted to crypto research firm Messari’s YouTube channel on May 18, Demeester said Bitcoin was “back in a bull market ...
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Tuur Demeester - Bitcoin Possible Price Resistance, I'm Selling (The Cryptoverse #159) - Duration: 9:48. The Cryptoverse 1,742 views. 9:48. EP86: What is the Free State Project? - Duration: 31:12 ... Tuur Demeester, founder of Adamant Capital, provides a broad update on cryptocurrency markets. He shares his analysis of the 2018 crypto selloff as well as his future market outlook. Buy bitcoin, bitcoin news 2020, bitcoin news tuur demeester, tuur demeester bitcoin, bitcoin price prediction, bitcoin price in 2020, bitcoin price prediction 2020, price prediction btc news, news ... 12 hardcore Bitcoin minutes of Tuur Demeester! Play it at 2x and increase your BTC knowledge in 6 minutes! No distractions, just focus! Tuur is driving right along on the road to a $1trillion ... In 2012, a year after discovering Bitcoin in Argentina, Dutch economist Tuur Demeester became one of the first people to advocate investing in Bitcoin to a mainstream audience. Tuur joined us to ...