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Bitcoin Rally and More Weekly Crypto Rundown – 11th November

This week we cover:

  • Why Bitcoin’s rally will slow down Altseason
  • Trump vs Biden? Bitcoin effects
  • How to make money with Bitcoin?
  • Fear, Greed & Mentality

Why a Bitcoin rally will slow down Ethereum & Altseason 

This week has seen many communities/traders expressing their thoughts on the future of altcoins on the back of the recent Bitcoin rally up. BTC absorbing the volume from the entire cryptocurrency market and Altcoins being liquidated to ride the BTC rally has inevitably resulted in a decline in alts across the board, which has seen higher selling pressure and lower buyer demand for altcoins.
Historically, during bull markets when there is a nice Bitcoin rally, Alts tend to follow suit. We are very much of the notion that alts will start to recover early 2021 after bitcoin stabilizes its current rally. However, there are many cryptocurrency enthusiasts, ‘Altseason’ not returning for at least a few months. 

When can we expect altcoins to return?

In the below example, you will see Mining Store Co-Founder Will Wright express his views on what he predicts is next for Ethereum and altcoins in the savvy investment community hosted by Mining Store:

“I think there is going to be a really nice potential buy on ETH coming up here. I will write out what I am seeing below.

1. We have had a huge rally in Bitcoin over the past 2 weeks. This has sucked money and value out of alts as investors have been liquidating and looking to ride the BTC rally.

2. Usually we tend to see ETH follow after BTC has a nice rally, then next we see an alt coin rally. 

3. ETH is trading just under a very major support/resistance line. It is also trading just above the 100/200 MA and just below the 50/20 ma line. 

4. ETH is also trading above a short term upward trend and below and short term downtrend line which is forming a triangle pattern. 

5. Finally ETH is also trading inside a pitchfork formation and it looks like we are going to fight to continue trading within the lower trend line of that pitch fork. 

Essentially the trade set up we are looking for here in order to place a long (buy) position on ETH is as follows. 

We want to first of all wait for the US election to see how this affects global markets and global sentiment. 

After the election, we are looking for ETH to break above the major support/resistance line at $400 USD. We also want to see this level broken with strong volume and the daily and weekly candles to close in the green. I will be entering my longs at around $405 USD if it looks like the break through is going to be sustainable. After that my stop loss will sit at $360 USD and I will be looking to hold my position until we hit around $480 USD. (this would have ETH trading along the mid term regression line on my pitch fork). 

Also, the other risk event for this trade will be the launch of ETH 2.0, further delays or upsets will be bad news for the trade, any further advancements or successful roll out of 2.0 will be very bullish” What are your predictions for Alt coins in 2021?

Trump vs Biden? Bitcoin effects 

04/11/2020 kicked off a major event within the world we live in today, the US election. This highly anticipated presidential election has caused stirs all over the world and has also been a significant story within the future of cryptocurrency, specifically Bitcoin.

Let’s look at some interesting facts on how this event has affected Bitcoin so far.

As the polls were starting to close on 03/11/2020, Bitcoin had a sudden 2% surge in just 2 hours to briefly top $14,000

Price in BTC has risen tremendously over the 2 US elections that it’s been around for. In November 2012, one BTC was valued at around $12, 2016 around $700 and now reaching a high of $14,309 which represents an impressive rise of 1,900% in 4 years, or roughly 140,000% in eight years. 

Many have predicted high volatility during the hours of election, but we are yet to see anything other than Bitcoins price lingering under the crucial resistance of $14,000. This action is very much in alignment of what we saw back in 2016. Very little volatility happening during the election, but lots happening in the hours/days post election when the decision was made. An example of the volatility back in 2016, saw the US Dollar Currency Index, dropping substantially causing a Bitcoin rally of more than 20% ($600 – $740).

In conclusion, price action like this could be likely to occur in 2020’s election. Based on what you now know, what do you think is next for the price of Bitcoin post election?

How to make money with Bitcoin? 

Back in 2017 the question “How to make money with Bitcoin” was searched on the internet by hundreds of thousands of people on a daily basis. The answer to the question was pretty simple at the time, usually consistent with a basic “buy and hold”, or HODL, strategy as cryptocurrency enthusiasts would say. Since 2017, the cryptocurrency market and Bitcoin have come a long way. The general public’s understanding of cryptocurrency and Bitcoin has increased substantially. Today people recognise the cryptocurrency market as an alternative financial system, rather than a short term fad investment opportunity.

But how can you make money out of Bitcoin in 2020? 

  1. The same way, you buy and hold

The different purchasing strategies and holding strategies:

  1. Your first strategy could be buying the Bitcoin dips – For example: Let’s say you decided that everytime Bitcoin drops 15%-20% you will put $1000 into your investment.
  1. Dollar cost average with a % of salary on a monthly or fortnightly basis. This is one of the most popular and simple ways of investing in Bitcoin. You will simply take a percentage of what you earn per month/week and you will continue to consistently put that percentage into Bitcoin no matter what. 
  1. Trade Bitcoin more actively 

We believe learning to trade is a very important skill to learn in life. It can be transferred over many areas and can not only help you earn money, but equip you with a range of insight on what is happening with the markets across the world on a daily basis. Learning by yourself can often be a daunting task but to get the most out of anything you learn, surrounding yourself with other passionate individuals is a key recipe for success. Being part of our Mining Store professional investment community can really help you gain a tremendous amount of knowledge by actually trading alongside other people to help you gain more experience and insight 10x faster than doing it by yourself. 

I invite you to take up the challenge of bettering your skills as a cryptocurrency trader byt joining our 7 day free trial:


  1. Mine Bitcoin 
  1. To mine Bitcoin directly you will need to set yourself up with a high operating Bitcoin miner. You can purchase ASIC miners from Mining Store and you can even have them hosted to eradicate any issue of maintenance, noise, heat & lastly you will take advantage of some of the lowest electric rates in the world.
  1. Another strategy can actually be to Indirectly mine Bitcoin through FPGA mining. You do this by targeting the smaller cap coins for higher potential daily value, and exchanging your alts over to BTC to increase your holding. 
  1. To find out more on mining strategies, I invite you to speak with one of our experts in mining to give you a full breakdown of how mining works and how it can potentially help you achieve your crypto goals. 


Fear Greed & Mentality

With Bitcoin continuing it’s lucrative bull run, we are now seeing extreme greed on the ‘fear & greed’ index. This comes as no surprise as fomo continues to grip the market and crypto wallets are being created at an extreme rate.

Fear Greed & Mentality Chart


Author: Henry Wright
Read the final Weekly recap here

Not financial or investment advice, always do your own research.

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