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Bitcoin Price Rallies On Latest Trump Volley, Analysts Expect Further Upside

Donald Trump is upping the pressure on China, and analysts say this is bullish for Bitcoin.

For those who missed the memo, on Friday morning, the American President unleashed his latest volley at China (and the Federal Reserve) in a series of tweets. “For many years China has been taking advantage of the United States”, Trump wrote, adding that China has cost America “HUNDREDS OF BILLIONS OF DOLLARS” each and every year.

To achieve “balance” in the trade equation, Trump went on to assert that the “remaining 300 BILLION DOLLARS” of good and products sourced from China will be taxed at a tariff rate of 15%, not the previously-imposed 10%.

At the same time, he also asserted that the Federal Reserve, whose leaders are currently convening in Jackson Hole with the world’s central bankers, should cut rates. Hard.

Related Reading: Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear

Of course, the market reacted. Immediately. Stocks tanked, the Chinese Yuan lost relative value against the U.S. Dollar, and safe havens surged — Bitcoin included. As pro-cryptocurrency economist Alex Krüger noted on Twitter, “today was the first time BTC reacted sharply in *real-time* to a Trade War breaking headline or USD/CNY [daily] fix.”

Bitcoin Could Continue to Surge Off Tariffs

Indeed, Bitcoin has seemingly benefited from Trump’s latest move against China. As of the time of writing this, the cryptocurrency is trading up 3% today at $10,400. Altcoins have posted similar gains.

This correlation between the publishing of Trump’s tweets and the rally in the price of both gold and Bitcoin seem to have convinced analysts yet again that Bitcoin is a safe haven play, which has been a contested narrative over recent weeks.

Analyst Luke Martin recently suggested that with the Chinese Yuan looking to become even weaker, Bitcoin “looks like it wants to catch up.” This is implying that should the Chinese Yuan continue to shed value, Bitcoin could rally, potentially to fresh year-to-date highs beyond $14,000.

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Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

Cryptocurrency Bitcoin (BTC/USD) is trading at 9746. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

As part of the Bitcoin exchange rate forecast, a test of the level of 9910 is expected. Where can we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 9180. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at the level of 10300.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020

Cancellation of the option to continue the depreciation of Bitcoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​10320. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on February 22, 2020 implies a test level of 9910. Further, it is expected to continue falling to the area below the level of 9180. The conservative sales area is near the area of ​​10300. The breakdown of the cryptocurrency fall option will be the breakdown of the level of 10320. In this case, we should expect further growth.

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Analyst Claims Whales Are Driving BTC Price Swings

Bitcoin has been experiencing heightened volatility over the past few weeks, and it’s likely due to the reemergence of whales according to one source.

The Whales Are Back in the Picture

Bitcoin whales are individuals who house several million dollars-worth of cryptocurrencies in their digital wallets. Often, they possess so much in a single account that the slightest maneuver of money could potentially cause the entire industry to suffer a shift of some kind. Usually, the cryptocurrency industry experiences heavy dips or meteoric rises. It all depends greatly on what gets moved and where.

Bitcoin, for the most part, has been relatively volatile since early January. The currency initially started out below the $7,000 mark, but ultimately spiked thanks to rising geopolitical tension between the United States and Iran, CME Group’s introduction of bitcoin futures options, and rising fears of the coronavirus in China.

However, bitcoin’s primary moments of volatility for 2020 have been mostly noticeable during the past week. The currency rose beyond the $10,000 mark, eventually hitting the $10,400 figure. It has since fallen by more than $900, with a few heavy spikes and drops interspersed in the middle (i.e. it was trading at $10,100 again roughly two days ago).

Some analysts are blaming whales yet again, and say they’ve increased their activity over the last seven days to ultimately cause bitcoin to move about like a vast ship during stormy weather.

Right now, we’ve witnessed a repeat of what allegedly occurred during the final four months of last year. Between September and December of 2019, the number of active whales in the crypto space rose from approximately 2,000 to about 2,030.

This was during what Ashish Singhal – co-founder and CEO of CRUX Pay and CoinSwitch.co – calls an accumulation phase, in which whales are no longer sitting around watching the crypto space with eagle eyes, but rather taking an active part in the industry and getting their hands on digital funds.

Singhal explains:

During the accumulation phase, whales eat into market liquidity. That affects the supply-demand ratio and causes volatility to re-enter the market.

The accumulation phase isn’t necessarily a problem all by itself. Analysts like Connor Abendschein – a crypto researcher at Digital Assets Data – claim the main issue is that it’s very hard to predict how long such a period will last, which tends to lead to heavy uncertainty within the industry.

How Long Is This Going to Last?

He explains:Th

e problem is that it is difficult to predict how long these periods of accumulation for HODLers will last… If the whales shift to accumulating bitcoin while HODLers are still within their current phase, it suggests an additional increase in demand for BTC at near the same as the mining supply is scheduled to be cut in half in early May.

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Early Tesla and Bitcoin Investor Placing Huge Bet on Cryptocurrency That Surged 154% So Far This Year

A venture capitalist and early investor in Tesla, SpaceX, Twitter and Bitcoin (BTC) just invested $1 million in a crypto project designed to give anyone the ability to create and manage a decentralized organization.

Tim Draper says he’s purchased 1 million ANT tokens – the currency powering the Ethereum-based platform Aragon.

The team at Aragon says its goal is to simplify the process of running an organization on the blockchain.

The platform includes Aragon court, a borderless and secure dispute resolution protocol for the Internet era. According to Aragon, the platform is designed to handle subjective disputes that can’t be resolved by smart contracts. Human jurors, motivated by financial rewards, are drafted to review disputes. The system also issues penalties if the jurors do not perform and allows people to rule on proposal agreements that affect the future of an organization. No intermediaries are involved.

In a statement, Draper says he thinks Aragon could one day have a significant impact on the way organizations handle disputes and issues of governance.

“You don’t get to create a new jurisdiction every day. After Aragon, the governing of the world will never be the same.”

Draper’s purchase of 1 million ANT tokens gives him control of 2.52% of the total supply. ANT has surged 154% this year, rising from $0.4003 to $1.02, according to the latest data from CoinMarketCap. The crypto asset remains a far cry from its all-time high of $7.76 on January 7, 2018 – which happened during the height of the previous crypto market bull run.

So far, Aragan has attracted over 1,000 organizations that have registered to use its technology. In the long run, Aragon plans to break away from the Ethereum network and launch its own chain

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