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According to Data by TradingView, $BTC traded between $36,640 – $38,333 (at 02:19 UTC) on Friday (February 5) in the crypto-exchange Bitstamp.
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According to data by TradingView, on crypto exchange Bitstamp, Bitcoin traded in the range $36,640 (at 02:19 UTC) – $38,333 (at 13:59 UTC) on Friday (February 5). Bitcoin has increased by 7.88% in the past 24 hours.
According to data by CryptoCompare, currently (as of 16:55 UTC), BTC-USD is trading around $40,589, which means that Bitcoin’s market cap stands roughly at $756 billion. Something went wrong. Please try again later.
Popular crypto analyst and trader Michael van de Poppe had this to say about Bitcoin’s latest price action:
#Bitcoin reached the next area of resistance and final hurdle before new ATH's.
$35,000 was the crucial area and it broke, therefore, we're at the next level of resistance.
Breaking this and I think $50,000 is on the horizon. pic.twitter.com/dOapKc125I
— Michael van de Poppe (@CryptoMichNL) February 6, 2021
Crypto analyst Scott Melker says that today’s breakout means Bitcoin price could be heading toward $63,400:
There will be pullbacks, maybe even to retest the top of the flag as support.
But technically this is a confirmed breakout that should take $BTC to 63K eventually.
Disclaimer – patterns rarely reach their targets, but the rules are the rules. pic.twitter.com/6h9FhlQB7N
— The Wolf Of All Streets (@scottmelker) February 6, 2021
With regard to price targets for Bitcoin, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence (BI), Bloomberg’s research arm on the Bloomberg Terminal, said in the February 2021 edition of Bloomberg’s Crypto Outlook report:
“Bitcoin’s price-discovery stage points to the next threshold vs. gold, around 100x an ounce, as its upward trajectory has legs. Meanwhile, the small addresses are #FOMO-ing in fast!
“No rewrites were found ?? The broader crypto market is more speculative and increasingly subject to Bitcoin.“
What On-Chain Metrics Are Telling Us
According to the on-chain metrics looked at by crypto-focused behavior analytics platform Santiment, Bitcoin whales (i.e. addresses holding at least 1000 BTC) are continuing to accumulate BTC:
?? The whales of #Bitcoin (1,000+ $BTC addresses) haven't stopped accumulating, while the mid-tier traders (10-1,000 $BTC) haven't stopped taking profit as its price hovers around $38,000. Meanwhile, the small addresses have been #FOMO'ing back in rapidly! https://t.co/GmBoJjByhB pic.twitter.com/hgiogTqD9y
— Santiment (@santimentfeed) February 5, 2021
Crypto analyst and journalist Joseph Young says that a new all-time high (ATH) is “inevitable” based on on-chain data from South Korean blockchain analytics startup CryptoQuant that shows stablecoin inflows are high, COINBASE Pro outflows are high (which suggests that many OTC deals are taking place), and the current lack of bearish signals from miners (who did a lot of selling last week).
At this time, bitcoin is best viewed as a form of digital gold, but it has many advantages over physical gold.
According to data by CryptoCompare, as of 16:55 UTC on February 6, Bitcoin is up 40.09% in the year-to-date (YTD) period.
As for gold, that much older store of value asset, according to data by Kitco, on Friday (February 5), gold closed at $1815.20 per ounce, which means that it is down 4.36% vs USD.
Joe Weisenthal, the executive editor of news for Bloomberg Digital, tweeted yesterday that “gold has been tanking ever since the Georgia runoff election.”
Thomas Lee, Co-Founder, Managing Partner and the Head of Research at independent research boutique Fundstrat Global Advisors, replied that Bitcoin is “winning the hearts and minds of ‘store of value’.”
#Bitcoin winning the hearts and minds of “store of value”
— Thomas Lee (@fundstrat) February 5, 2021
Legendary American Value Investor Bill Miller
On Friday, Miller Opportunity Trust , a value fund that is overseen by Miller Value Funds, disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it “may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust.”
According to this filing:
“The Fund may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds bitcoin… As of 17:01 UTC on Friday February 5, Bitcoin's price ranged between $36,640 (at 02:19 UTC) – $38,333 (at 13:59 UTC).This article contains charted data on Bitcoin's price action as of the time of publication.“
In his “4Q 2020 Market Letter” (published on January 5), Miller had this to say about Bitcoin:
“At this writing, it is trading at over $31,000, up more than 50% since the middle of December. Bitcoin is up 7.28% in the last 24 hours. Its market capitalization is greater than JP Morgan and greater than Berkshire Hathaway and yet it is still very early in its adoption cycle.
“?? Something went wrong. Please try again later. Several pullbacks are likely, as the price will return to the top of the flag as support.But technically this is a confirmed breakout that will take $ BTC toward 63K eventually.Disclaimer: Patterns rarely reach their targets, but the rules are still the rules.
“Bitcoin at this stage is best thought of as digital gold yet has many advantages over the yellow metal. Since 2017, the benchmark crypto has been capped at 1x, then 10x until December as the gap between investor haves and have-nots has been narrowed. “Absent a major technological glitch, the traditional gold allocators are mostly at risk if Bitcoin becomes a reserve asset and the proportion of Bitcoin in one’s investable assets increases. Bitcoin’s support level is around $30,000 vs a $50,000 target price resistance level. Bitcoin could be rat poison, and the rat could be cash.“
Featured Image by “SnapLaunch” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
