{"id":564289,"date":"2020-10-21T11:11:54","date_gmt":"2020-10-21T08:11:54","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=564289"},"modified":"2020-10-21T11:11:54","modified_gmt":"2020-10-21T08:11:54","slug":"bitcoin-addresses-in-profit-hit-new-ath-of-30-4m-as-btc-reclaims-12k","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-addresses-in-profit-hit-new-ath-of-30-4m-as-btc-reclaims-12k\/","title":{"rendered":"Bitcoin Addresses in Profit hit new ATH of 30.4M as BTC Reclaims $12k"},"content":{"rendered":"<p><strong>Summary:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin has comfortably broken the $12k ceiling<\/strong><\/li>\n<li><strong>With this move, BTC addresses in profit have hit a new all-time high of 30.4 Million<\/strong><\/li>\n<li><strong>It is still too early to comfortably declare that $12k is a new support zone for Bitcoin<\/strong><\/li>\n<li><strong>Timothy Peterson had forecasted that by November 30th, Bitcoin will be at $12k or above\u00a0<\/strong><\/li>\n<li><strong>$12k could very well be a new battlezone for Bitcoin similar to $10k in September<\/strong><\/li>\n<\/ul>\n<p>A few hours ago, <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin (BTC)<\/a> broke through the $12,000 ceiling and posted a local peak of $12,313 &#8211; Binance rate. With this move, the amount of Bitcoin addresses in profit has hit a new all-time high value of 30,403,795. This is according to data from Glassnode shared via the following tweet.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> Addresses in Profit (1d MA) just reached an ATH of 30,403,795.667<\/p>\n<p>Previous ATH of 30,374,328.292 was observed earlier today<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/xFJVXsDe7d\" rel=\"nofollow\">https:\/\/t.co\/xFJVXsDe7d<\/a> <a href=\"https:\/\/t.co\/aIIBpoQojk\" rel=\"nofollow\">pic.twitter.com\/aIIBpoQojk<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1318798070390415361?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 21, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Will Bitcoin Hold its Own Above $12k?<\/h2>\n<p>The big question now is whether Bitcoin will successfully turn the $12,000 price area into a substantial support zone.<\/p>\n<p>Bitcoin breaking $12k this year had been forecasted by Veteran crypto analyst, <a href=\"https:\/\/en.ethereumworldnews.com\/crypto-analyst-bitcoin-btc-is-2-wks-from-11k-and-2yrs-from-37k\/\" target=\"_blank\" rel=\"noopener noreferrer\">Timothy Peterson<\/a>. Mr. Peterson used his time tested Metcalfe model to predict that Bitcoin will be at this price level by November 30th. Therefore, it is highly likely that the $12,000 price area might be Bitcoin&#8217;s battlezone in the days and weeks to follow. His analysis can be found below.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">6\/10 On November 30th, 2020, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a>&#39;s price will be at or above $12,000 (90% probability). Write it down, screenshot it, whatever. I don&#39;t care if you believe me or not. <a href=\"https:\/\/t.co\/EpmDdAPu2T\" rel=\"nofollow\">pic.twitter.com\/EpmDdAPu2T<\/a><\/p>\n<p>&mdash; Timothy Peterson (@nsquaredcrypto) <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1315313700702748673?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 11, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>What the Bitcoin Chart Says<\/h2>\n<p>Many Bitcoin traders <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-could-be-pulled-down-by-weakening-stocks-and-gold\/\" target=\"_blank\" rel=\"noopener noreferrer\">had been cautiously optimistic<\/a> regarding the short term value of BTC given that the US elections are now less than two weeks away. With this mega event in mind, the daily BTC\/USDT chart below might provide additional clues as to what the future holds for Bitcoin leading up to November.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/BTCUSDT-October-21st.jpg\"><img class=\"aligncenter size-full wp-image-564290\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/BTCUSDT-October-21st.jpg\" alt=\"\" width=\"994\" height=\"502\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/BTCUSDT-October-21st.jpg 994w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/BTCUSDT-October-21st-300x152.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/BTCUSDT-October-21st-770x389.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/BTCUSDT-October-21st-500x253.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/BTCUSDT-October-21st-240x121.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/10\/BTCUSDT-October-21st-717x362.jpg 717w\" sizes=\"(max-width: 994px) 100vw, 994px\" title=\"\"><\/a><\/p>\n<p>From the above daily BTC\/USDT chart, the following can be observed.<\/p>\n<ul>\n<li>Bitcoin is in bullish territory given that its price is above the three moving averages (50-day, the 100-day and 200-day)<\/li>\n<li>Trade volume is in the green with the daily MACD confirming the bullishness<\/li>\n<li>However, both the daily MFI and RSI are pointing towards exhaustion at values of 74 and 78 respectively<\/li>\n<li>Bitcoin&#8217;s next level of resistance stands at $12,400<\/li>\n<li>Short term support lies at $12,100 and $12k<\/li>\n<li>Loss of $12k could lead to Bitcoin retesting $11,700 or even $11,500<\/li>\n<\/ul>\n<h2>Conclusion<\/h2>\n<p>Summing it up, Bitcoin has broken the important $12k ceiling in a move that has resulted in a record number of 30.4 million BTC addresses being in profit. Bitcoin&#8217;s move above $12,000 is monumental but leaves a lot of questions as to whether BTC can maintain this level with the US elections only days away.<\/p>\n<p>However, analysis by Timothy Peterson using his Metcalfe model indicates that Bitcoin should be at $12k on or before November 30th. This means that Bitcoin could very much turn this $12k region into a new battlezone heading into the month of November in the same way $10k was a battlezone in September and early October.<\/p>\n<p>The team at Bloomberg had <a href=\"https:\/\/en.ethereumworldnews.com\/report-bitcoin-btc-is-on-track-towards-100000-in-2025\/\" target=\"_blank\" rel=\"noopener noreferrer\">also predicted<\/a> that Bitcoin could very much retest its 2019 high of $14k by the end of 2020.<\/p>\n<p>Additionally, the daily BTC\/USDT confirms the bullishness with a slight caution of a possible pullback indicated by a high daily MFI and RSI.<\/p>\n<p>As with all analyses of Bitcoin, stop losses and the use of low leverage is advised when trading Bitcoin on the various derivatives platforms. Partial profit-taking might also be wise for those who went long given the uncertainty surrounding the November elections.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Bitcoin has comfortably broken the $12k ceiling With this move, BTC addresses in profit have hit a new all-time high of 30.4 Million It is still too early to comfortably declare that $12k is a new support zone for Bitcoin Timothy Peterson had forecasted that by November 30th, Bitcoin will be at $12k or above\u00a0 $12k could very well be a new battlezone for Bitcoin similar to $10k in September A few hours ago, Bitcoin (BTC) broke through the [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":57989,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6962,1233,6961,6976],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564289"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=564289"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/57989"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=564289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=564289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=564289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}