Weekly Thots On Bitcoin Week 38 2020 with Trevor Balthrop cryptocurrency advocate

Weekly Thots on Bitcoin! - Week 40, 2020

By TrevorBalthrop | Trevor Balthrop | 27 Sep 2020


Welcome to another week of Bitcoin! 


Every Sunday a new post is published to Publish0x here to discuss current thoughts regarding Bitcoin & Crypto News. 

Each discussion looks at Bitcoin historically, currently, and futuristically. 

Ooo neat! 

Past, Present, and Future will be used every week to represent thoughts on Bitcoin. 

These are 100% opinions meant to inspire and educate. 

That Hodl Over There = T.H.O.T. = Thought 


This week's thoughts about Bitcoin! 


Bitcoin's Past 

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Bitcoin Yesterday 

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Bitcoin battled it out for $10,800 yesterday but continued to stay hovering around $10,700 USD.

We've observed recently that Whales love to make moves around these areas.

Confidently, we can expect something significant to happen soon leading into Monday here.

 

Bitcoin Last Week 

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During Week 39 of Bitcoin shenanigans we opened at about $11,090 USD. 

Ended up closing the week off at $10,750 USD marking a Red week for the record books. 

The high came to be $11,095 USD which happened right at the start of things for the week.

The low last week was $10,185 USD for Bitcoin which might have shaken out some weak hands.


Bitcoin Last Month

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September so far has still been significantly bloody but the sauce is being mopped up quick. 

In August last month, we began with a price of $11,300 USD which already felt high for the time.

The price didn't stop there continuing to rally up in the $11.8k to $12.4k area for a majority of the month.

By the end of August the price for Bitcoin settled at $11.6k before getting in one last pump the first week of September.

Roughly 3 weeks ago a Whale hodling 9,000 BTC for nearly 2 years finally pulled out while Bitcoin's price was at $12,000. 

 

Bitcoin Last Year

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In 2019 around this time the price was fluctuating between $8k to $10k per BTC.

Compared to a year ago we are not really that far above that range.

Last year Bitcoin was also having a hard time staying above $10,000 before eventually dropping off quite a bit.

This doesn't necessarily mean Bitcoin will do the same this year but it is something to keep in mind as it could easily end up being very similar.

For now Bitcoin is still outperforming itself and it likely could still outperform itself even after another good drop downward. before the end of year.

The only question now is, from where will it drop? We shall see!


Bitcoin's Present

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Bitcoin Right Now

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BTC is currently sitting at about $10,750.00 USD as of the time of this final writing at 4:30 PM MST.

This could be drastically since it could already be 5pm by the time you're reading this.


Bitcoin Today

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The day here September 27th started out pretty similar to yesterday.

The price opened at about $10.7k and is still sitting just under resistance lines around $10.8k.

Throughout the day the price has stuck between these areas for now.


Bitcoin This Week

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Now that it is officially the start of Week 40 there are some things we can anticipate more likely than others.

This week we opened at $10,700 USD which is pretty much in between $11k and $10k. 

Just like we said last week, if the CME Gap doesn't get filled this week again.

A really good push up is likely going to happen again soon which might be good news for many!

This week we might just continue to see Bitcoin try to break or successfully break the $10.8k USD point.

Which would be good news for those hoping to sell at $11k because that would happen shortly after.

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On the other hand!

With Friday being the 1st, options expiring last Friday, and October looking dim.

We could see a pretty big drop to as low as $9,000 potentially even $8,800 support.

Worst case scenario we start seeing signs of another Coronavirus dump.

Yes I hate to admit it, but whether we want to accept it or not.

There is still a chance for another big scare with so many 2nd wave talks flaring up again.


Bitcoin This Month

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Thirteen days into September the High for the month of $12,045.00 USD might go unchanged.

The month Low of $9,900.00 USD is still the price to beat.

Sentiment this month went from bearish to split pretty quickly.

This is likely because of the CME Gap Fill theory getting argued about a ton more.

This month still looks like it will fill that gap but at the same time also looks like it could retest $11k at some point. 

Toward the middle of the month on or the other is bound to happen and if not then we might be in for a pretty boring month.

This month just remember to be prepared for all scenarios!


Bitcoin This Year

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The year 2020 has been a testy one for Bitcoin and the beautiful cryptocurrency has held its own.

It has proven itself worth of a global pandemic that has come just in the nick of time likely saving tons of those that found it useful.

However!

This year we have not seen the price of Bitcoin break last year's record high.

That's not a bad thing though and in Bitcoin's defense Covid-19 really made that reality a dream really quickly for us this summer.

The year is most certainly not over yet and with more months to come we are destined to see some pretty historic movements to the upside still.

Basically speaking, this year we should still be watching out for breaking last year's high.

Never rule out the potential for some downside again as we could potentially see something catastrophic.

In the event something catastrophic happens the furthest I see it going down is $6k.


Bitcoin's Future

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Bitcoin Tonight

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The price tonight will probably continue to try and knock on $10.8k's front door.

This a very active area for Whales to do their trading since these price points are historically significant. 

Gearing up for Monday and the Start of October, a bunch of transfers will take place & settle.

So while there may not be a lot of movement in the price tonight, there will definitely be a lot of movement of actual funds from wallets.

 

Bitcoin Tomorrow

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After tonight's numbers come in we will see Monday come in with the S&P 500.

Futures in the S&P 500 and Gold look a little bit rocky so it could be sad week for markets again.

If that does happen it could send Bitcoin down or it could keep the price right where it is at in the $10.6k to 10.8k range.

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Tomorrow will be important to watch to see what ends up happening since it will help give us a better idea of how October might start.

So while recently a bad day in the markets meant a bad day for Bitcoin.

For the first time in a little while we might actually see less correlation than normal.

Which use to not be normal but hey! That's Bitcoin for us!

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Oddly enough, a good day in the more dominant markets would put Bitcoin back in sync with an upwards correlation.

We would easily see a break through in resistance that we are currently seeing and $10.8k

If even a slight breakthrough flips $10.8k to support without us seeing $11k.

It would change positions in Futures drastically!

 

Bitcoin Next Week

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Next week is going to be a potentially heart-breaking week for Crypto.

By this time, next week it will be October 4th and there is plenty of time for corrections to happen.

Bitcoin won't stay between $10.6k and 10.8k all week long so I would count on seeing a much different price range during Week 41.

The price range for next week will probably be more volatile as well and have a less tight range.

That would end up not being true if the price breaks $11k though.

The price range would be tight still but it would be difficult to judge by how much without seeing the results first of course.

 

Bitcoin Next Month

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In the event a 2nd Corona dump happens

Now we  can confidently predict where Bitcoin's price would move if that did happen.

The absolute lowest it would go during a 2nd Corona dump would be about $6,800.

At those prices it would definitely not be there for any longer than a minute.

Don't rule out a 2nd Corona dump but in all honesty. Don't bet on it happening to this extreme if at all.

This might be a stretch to admit but we are more likely to hit $20k before the end of the year than for that big of a dump to occur.

We were lucky to have seen it once and survived to tell the tale!

 

Bitcoin Next Year

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As 2020 continues to reach the final stretch in the coming months here.

The price for Bitcoin next year is already shaping up really REALLY nicely.

Historically Bitcoin and other similar assets perform a certain way according to what they have already done in the past.

When that happens the price of Bitcoin & other assets like Ethereum will jump very promisingly.

The halving in 2020 will be full past us.

The Covid-19 situation will be mostly past us.

The US Election will be past us.

The markets will have a lot more confidence and certainty.

Economies around the globe should be a hell of a lot better.

These things and so many other factors will lead to another era of Cryptocurrency adoption.

New investors flood the scene who saw their friends become successful.

Then next year 2021 will be an exciting time for Bitcoin and the Cryptocurrency world!

 


Thank you for reading!
https://www.trevorbalthrop.com

 


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TrevorBalthrop
TrevorBalthrop

Official Website: https://www.trevorbalthrop.com | Bitcoin ₿ | Blockchain | Author on Urban Dictionary | CEO of www.DrinkingGames.beer | Worked for Google at 14 and 19 years old | Big Tech Whistleblower |


Trevor Balthrop
Trevor Balthrop

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