Jeff Ross, founder of Vailshire Capital Management, analyzed macroeconomic market factorsBitcoin, as well as researching indicators of technical analysis, made a bold forecast for Bitcoin:
"It is likely that Bitcoin will go to a new all-time high within the next one to two weeks with a target of $ 100,000."
#Bitcoin technical update: The two-month consolidation wedge continues with stable weekend price action.
Macro view: Wildly bullish.
On-chain analytics: Wildly bullish.Opinion: Break-out to new all-time highs likely within 1-2 weeks. Then blue skies until $ 100k milestone. ? pic.twitter.com/uQhBHHwTS0
- Dr. Jeff Ross (@VailshireCap) April 12, 2021
In terms of technical analysis, Bitcoinhas been in the consolidation stage for quite a long time - about two months. Bloomberg analyst Mike McGlone draws attention to the fact that in the situation with Bitcoin:
"Demand is growing, which allows us to anticipate further increases in the price of the asset and the establishment of a new price level at a time when the cryptocurrency industry is becoming more mature."
Technical Outlook: Still in Price-Discovery Mode, #Bitcoin Plateau Appears Distant —
Bitcoin supply is declining and demand is rising, leading us to expect continued price appreciation and the establishment of a higher plateau as the crypto matures. pic.twitter.com/V4kTzfhjZv- Mike McGlone (@ mikemcglone11) April 12, 2021
Let us recall that a little earlier the commissioner of the AmericanSecurities and Exchange Commission Hester Pierce also said that the cryptocurrency market is becoming more mature, including as more institutional investors enter the digital asset space.
The state of affairs in the mining sector also indicatesin anticipation of further growth in the price of Bitcoin. Thus, the Bitcoin mining company Riot Blockchain reports that it produced 187 Bitcoins in March, which is 80% more than in March last year. Riot Blockchain is also actively investing in increasing its own fleet of mining equipment: the company intends to purchase 42 thousand S19j Antminers from Bitmain for a total amount of about $138.5 million.
Metrics talk about the continuation of the bullish rally in BTC
There are some metrics that the cryptocurrency community is watching and which they believe could signal an imminent rise or fall in BTC. Let's take a look at some of them.
The number of bitcoins held on crypto exchanges peaked in March 2020 and has been steadily declining since then.
The decline in BTC stocks on exchanges is perceived as a bullish sign, because users buy cryptocurrency and withdraw it to personal addresses for long-term holding. If Bitcoin owners wanted to sell the asset, they would, on the contrary, list it on exchanges.
Currently, exchanges hold about 2.2 million BTC, which is only 12% of the circulating cryptocurrency supply.
Another sign of BTC’s imminent growth is a reduction in sales from miners.
From the end of December to around the end of Marchminers mainly sold the mined BTC, and in early April the situation changed - they accumulate the first cryptocurrency. This signal indicates that miners expect further growth in bitcoin. Moreover, with their sales, they put pressure on the price.
The crypto community is also closely monitoringwithdrawal of large amounts in BTC from the Coinbase exchange. The fact is that Coinbase is considered an exchange for institutional investors. Many companies, including Tesla, use its services to buy cryptocurrencies. Over the past few months, large withdrawals of BTC from Coinbase addresses have been periodically observed.
These findings suggest that major players are buying bitcoins and withdrawing them for further long-term retention.
Where is it more profitable to buy bitcoin? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Bybit | https://bybit.com | 7.5 |
| 3 | OKEx | https://okex.com | 7.1 |
| 4 | Exmo | https://exmo.me | 6.9 |
| 5 | Huobi | https://huobi.com | 6.5 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform Features– availability of additional features — futures, options, staking, etc.
- final grade– the average number of points for all indicators determines the place in the ranking.
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