{"id":92394,"date":"2020-10-19T12:00:00","date_gmt":"2020-10-19T09:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week\/"},"modified":"2020-10-19T12:00:00","modified_gmt":"2020-10-19T09:00:00","slug":"record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week\/","title":{"rendered":"# Record fundamentals and a $12K pump: 5 Bitcoin price tips this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a276b00cdee7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a276b00cdee7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week\/#US_macro_Elections_vs_stimulus\" >U.S. macro: Elections vs. stimulus<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week\/#Europe_hints_at_more_intervention\" >Europe hints at more intervention\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week\/#Bitcoin_fundamentals_hit_new_records\" >Bitcoin fundamentals hit new records<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week\/#Analyst_eyes_12000_BTC_price_breakout\" >Analyst eyes $12,000 BTC price breakout<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week\/#Greed_is_back_on_the_menu\" >Greed is back on the menu<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Record fundamentals and a $12K pump: 5 Bitcoin price tips this week <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">\n<p dir=\"ltr\">Bitcoin (BTC) starts a new week in familiar territory as markets move into the United States\u2019 2020 elections \u2014 where could it go next?<\/p>\n<p>Cointelegraph takes a look at five factors that could influence BTC price action in the week ahead.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"US_macro_Elections_vs_stimulus\"><\/span>U.S. macro: Elections vs. stimulus<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The U.S. is the firm focal point when it comes to macro markets this week. The Nov. 3 elections promise to set the mood as it becomes more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arent which side will control the White House.\u00a0<\/p>\n<p>Analysts have warned that a Democrat win would dent the dollar, the long-term prospects for which are already shaky. Donald Trump\u2019s reelection, however, would not be enough to keep the greenback out of danger, Goldman Sachs said last week.<\/p>\n<p>By extension, calls are coming for safe-haven gold to make serious progress upwards after November \u2014 regardless of the election outcome. For others, however, it is Bitcoin that will profit more impressively.<\/p>\n<p>The dollar\u2019s strength remains on the radar of Bitcoiners thanks to the inverse correlation between BTC\/USD and the U.S. dollar currency index (DXY). Despite this correlation becoming less apparent in recent weeks, a sudden weakening of USD has the potential to be a boon for the largest cryptocurrency.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1006\" height=\"578\" alt=\"U.S. dollar currency index 6-month chart\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/cc285fbb33db7f15b5e23b41e182aa4d.png\" title=\"U.S. dollar currency index 6-month chart\"\/><\/p>\n<p dir=\"ltr\" style=\"text-align: center;\"><em>U.S. dollar currency index 6-month chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\">TradingView<\/a><\/em><\/p>\n<p>Not only elections, meanwhile, but what comes before is a topic of interest. Specifically, fresh hints have come over a Coronavirus stimulus deal being done before polling day.\u00a0<\/p>\n<p>Should this occur, several trillion dollars of liquidity will add to the burgeoning U.S. debt pile, with Americans seeing perks such as another $1,200 stimulus check.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Europe_hints_at_more_intervention\"><\/span>Europe hints at more intervention\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In Europe, the picture revolves around the European Central Bank\u2019s (ECB) own response to the Coronavirus, which continues to tighten its grip across the continent.<\/p>\n<p>Speaking to French <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>paper <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/press\/inter\/date\/2020\/html\/ecb.in201019~45f5cf8040.en.html\">Le Monde<\/a> on Monday, ECB president Christine Lagarde said that more financial tools were left to be deployed to support the eurozone if necessary. In addition, the ECB\u2019s $878 billion recovery fund should become a permanent feature.<\/p>\n<p>The bank\u2019s Coronavirus stimulus program amounted to \u20ac1.5 trillion in asset purchases.<\/p>\n<p>\u201cThe options in our toolbox have not been exhausted,\u201d she said.\u00a0<\/p>\n<blockquote>\n<p>\u201cIf more has to be done, we will do more. On taking up my position, I was told that there was nothing left for me to do, that everything had been done. But that was clearly not the case!\u201d<\/p>\n<\/blockquote>\n<p>The potential for instability in the eurozone is compounded by Brexit, which is increasingly heading towards the \u201cno deal\u201d walk out of the bloc by the United Kingdom.<\/p>\n<p>When prime minister Boris Johnson announced the likely outcome of the process last week, however, markets barely reacted to the news.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_fundamentals_hit_new_records\"><\/span>Bitcoin fundamentals hit new records<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin stayed practically rangebound over the weekend, with only a brief spike above $11,500 contrasting the flat activity.<\/p>\n<p>Despite this, on a technical level, signs of record strength continue pouring in this month. The difficulty, which provides an estimate of miner competition and network security, is now back at all-time highs.<\/p>\n<p>Two days ago, the latest readjustment saw difficulty increase by a larger-than-expected 3.5%.<\/p>\n<p>At the same time, the hash rate also climbed to a new average all-time high on Monday. At press time, the estimated computing power dedicated to mining stood at 146 exahashes per second (EH\/s).<\/p>\n<p>As Cointelegraph often reports, the popular theory that price follows hash rate remains firmly in force as miners are more bullish than ever on Bitcoin as a long-term investment prospect.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"450\" alt=\"Bitcoin 7-day average hash rate 1-month chart\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/2604fd51883097b5a6bb80bff1f12c16.png\" title=\"Bitcoin 7-day average hash rate 1-month chart\"\/><\/p>\n<p dir=\"ltr\" style=\"text-align: center;\"><em>Bitcoin 7-day average hash rate 1-month chart<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_eyes_12000_BTC_price_breakout\"><\/span>Analyst eyes $12,000 BTC price breakout<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For Cointelegraph Markets analyst Micha\u00ebl van de Poppe, a pivotal price transformation for Bitcoin is becoming more and more plausible.<\/p>\n<p>In his latest <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=VYqQOBPg4Yg\">video update<\/a> on Sunday, he highlighted that several years of weekly closes below the significant resistance level of $12,000 should soon come to an end.<\/p>\n<p>Since the start of the bear market in early 2018, $12,000 has formed a rejection point for the weekly chart, but consolidation below cannot last forever, Van de Poppe argued.<\/p>\n<p>\u201cIt\u2019s very likely that we\u2019re going to make a rally towards the area of $16,000 to $17,000 as that\u2019s the obvious level and the final hurdle for Bitcoin to start breaking all-time highs,\u201d he summarized.<\/p>\n<p>Such a move would be followed by another consolidation period which could well be longer in duration than the current one. Nonetheless, if a bull market materializes, it will be Bitcoin-fuelled.<\/p>\n<p>\u201cThe main driver of the next bull market will still be Bitcoin,\u201d Van de Poppe added, recommending that viewers make an effort to accumulate BTC even in the $16,000 range.<\/p>\n<p>\u201c$11,400 is still a very cheap price per Bitcoin,\u201d he added in a <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1317920044307927041\">tweet<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"700\" alt=\"BTC\/USD 7-day price chart\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/abf766d53633803ceb2dcd259b981ae0.png\" title=\"BTC\/USD 7-day price chart\"\/><\/p>\n<p dir=\"ltr\" style=\"text-align: center;\"><em>BTC\/USD 7-day price chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/coin360.com\/coin\/bitcoin-btc\">Coin360<\/a><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Greed_is_back_on_the_menu\"><\/span>Greed is back on the menu<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In line with gradually increasing price strength comes investors sentiment, which according to one indicator is getting greedier.<\/p>\n<p>In its latest market reading, the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Crypto Fear &amp; Greed Index<\/a> is back in \u201cgreed\u201d territory, having edged up from \u201cneutral\u201d over the past week.\u00a0<\/p>\n<p>This suggests that sentiment among Bitcoin investors is anticipating a bullish advance, but there\u2019s a caveat \u2014 if price increases too fast, \u201cgreed\u201d will become \u201cextreme greed,\u201d under which circumstances the Index says a correction is much more likely.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1128\" height=\"524\" alt=\"Crypto Fear &amp; Greed Index as of Oct. 19\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/a422c31c11e67de17ceb181c718dcb29.png\" title=\"Crypto Fear &amp; Greed Index as of Oct. 19\"\/><\/p>\n<p dir=\"ltr\" style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index as of Oct. 19. Source: Alternative.me<\/em>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/record-fundamentals-and-a-12k-pump-5-bitcoin-price-tips-this-week\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Record fundamentals and a $12K pump: 5 Bitcoin price tips this week &#8221; Bitcoin (BTC) starts a new week in familiar territory as markets move into the United States\u2019 2020 elections \u2014 where could it go next? Cointelegraph takes a look at five factors that could influence BTC price action in the week ahead&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":92395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/c889cde72b36b2bbdb3b4c1ca0aa4bb2.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-92394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/92394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=92394"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/92394\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/92395"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=92394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=92394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=92394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}