Joseph Young is a financial analyst based in South Korea. He has covered Bitcoin and the crypto market since 2013. He regularly contributes to the BTC Times, Forbes, and Cointelegraph.
The third quarter of 2020 officially closed as the second-best quarter in Bitcoin history, with the September candle at $10,776 recording a 17.9% quarterly gain.
Historical quarterly closing prices for Bitcoin. Source: Skew
The only time Bitcoin achieved a higher quarterly close was the fourth quarter of 2017,
According to Philip Swift, a Bitcoin analyst and the creator of LookIntoBitcoin.com, sufficient technical and fundamental evidence hint Bitcoin is at an early stage of a bull market.
Swift cited the Spent Output Profit Ratio (SOPR) indicator of Glassnode to suggest a bullish trend might soon materialize.
The Bitcoin
The difficulty of mining Bitcoin hit a new all-time high on September 20th, continuing its uptrend since the halving in May this year. PlanB, the creator of the stock-to-flow (S2F) model, commented on the numbers, suggesting Bitcoin is en route to $100,000 with mining difficulty rising "like clockwork.
According to a civil forfeiture complaint filed by the U.S. Department of Justice (DoJ), North Korean hackers allegedly stole around $28.7 million worth of cryptocurrencies in two separate hacking attacks, first on July 1st of 2019, and second on September 25th of 2019.
The DoJ was able to
Dennis Lockhart, who served as the president of the Atlanta Federal Reserve for a decade, believes the U.S. economy may experience a “double-dip.” Considering the Fed’s new policy which targets a 2% average inflation rate, Bitcoin could stand to benefit.
If the “Pessimistic” Double-Dip Scenario Happens, Bitcoin Could
Global Macro Investor CEO Raoul Pal believes Bitcoin could outperform gold over the long term, arguing that while both stores of value benefit from inflation, Bitcoin has a significantly higher potential upside than the precious metal.
At the Jackson Hole Symposium on Thursday, Federal Reserve chair Jerome Powell announced the
The U.S. Federal Reserve chair Jerome Powell gave the much anticipated Jackson Hole speech on August 27th. As strategists expected, Powell addressed inflation and the Fed’s intent to adjust its monetary policy.
Theoretically, the speech should have buoyed the sentiment around Bitcoin and gold. The Fed said it
The Bitcoin price has been testing the $11,400 support area since August 26th. In the near term, two key on-chain metrics could raise the probability of an extended consolidation phase.
The last time Bitcoin repeatedly tested the $11,400 support level was August 12th. At the time, Bitcoin rebounded
