• Bitcoin leaps several hundred dollars to record a new high so far at USD 7,995
  • John McAfee has admitted his body-consuming bet on a million-dollar Bitcoin was only a ruse
  • A centuries-old major bull signal could be on the cards for Bitcoin, according to the Wyckoff Method

 

Bitcoin continues to flex its financial muscle today, picking up from where it left off yesterday just below USD 7,600 to record a new high so far at USD 7,995 as buyers in Europe look to testing USD 8,000 (CoinDesk) resistance in the next few hours.

The Americas responded rather well to yesterday’s beckonings, as did Asia earlier today in maintaining momentum, with a new support level looking to form up at USD 7,500. However, optimism will likely still be held in check, at least until current prices hold strong for at least a week.

Despite the short term outlook improving, and with Bitcoin halving due to come in May, not all Bitcoin bulls are convinced that their former price predictions will come true. We wrote yesterday about the Twitter war going on between Civic CEO Vinny Lingham and crypto influencer Ronnie Moas, over the latter’s failure to keep his side of a USD 28,000 Bitcoin bet that didn’t materialize.

It would appear that the reputations of crypto influencers are going down the gutter, though, as the most famous bet of them all now looks set to be nothing more than a “ruse”.

US Presidential candidate and self-exiled crypto pundit John McAfee, who famously bet that Bitcoin would be worth half a million US dollars by the end of 2019, in fact doubled down on his bet during the bull run of 2017, saying instead that Bitcoin would be worth a full million dollars. The promise then was that he would eat his private parts on national television if his prediction failed to materialize.

Unfortunately for those waiting for such a spectacle, McAfee appears to have reneged on his bet a full year before its expiry, saying on Twitter:

“Eat my d*ck in 12 months? A ruse to onboard new users. It worked.”

Predictably, the responses on his Tweet haven’t taken too kindly, with most early comments pointing out the poor attitude of the influencer in ethical conduct. Naturally, quite in line with McAfee’s own tendency to shill paying projects, many others took to shilling their own altcoins, promising all kinds of purported advantages over Bitcoin.

One user, joeldo, notes:

“Bitcoin is value reserve. It doesn’t need to be modern. Value lies upon antiquity. Trustworthiness comes from your past, not your future. A new infrastructure that connects bitcoin value to real world apps needs to be built and then btc will skyrocket. That’s what I’m doing now.”

Meanwhile, no need to wait too long for Bitcoin to skyrocket, apparently, as a very old traditional market signal suggests that the world’s largest digital asset could be about to start a path to major recovery.

A former analyst at Goldman Sachs, Murad Mahmudov, Tweeted an analysis of the market, basing his work heavily on that of Richard Wyckoff. All this comes on the back of Bitcoin surging past what was meant to be a key resistance at USD 7,600, taking most traders by surprise to post over 5% gains today.

Dubbed by some to be the father of modern price analysis, Wyckoff came up with the Wyckoff Method which looks for a bottom to build up to a “Sign of Strength” or SOS in those terms. For Bitcoin, Mahmudov believes that today’s spike close to USD 8,000 is precisely the SOS signal that immediately comes after a rebound event at a price bottom.

If this does turn out to be the SOS, we should experience a minor retracement or a “back up” in the Wyckoff model, before further gains are posted. Perhaps it is important to note, however, that the poster himself does not formally advocate for the model, although his previous statements imply that he does belief that the bottom is at least near, if not already past.

Mahmudov has been a keenly optimistic commentator for Bitcoin price, and, as early as August last year, already said that this current phase of Wyckoff — accumulation — had been well underway. He stated:

“Don’t try to outsmart yourself on short timeframes, zoom out and think big. In my view, BTC is going to $100K per orangecoin.”

8k by the end of the day, anyone?

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