Notifications

BTC – Bitcoin  

Page 2 / 3

Max
Posts: 38
 Max
(@max)
Eminent Member
Joined: 3 months ago

Bitcoin Price Stalls Under $8,700: Channel Support To Give Way Back to $9,000

by John Isige 

 
 
  • Bitcoin price continues in consolidation above $8,600 support.
  • The channel support has been tested twice and is likely to be the stepping to for Bitcoin’s ascend to $9,000.

Bitcoin is showing strength and determination to sustain the shallow recovery made from the support on Monday at $8,500. Unfortunately, not much of recovery movements are being observed at the momentum, following Bitcoin stalling at $8,700. The 4-hour chart clearly shows the bulls on a mission to defend the short term support at $8,600.

The immediate upside is capped by the 50 Moving Average (MA). The resistance at $8,700 is still in place and it appears that Bitcoin will take a while before breaking past this level unless a catalyst comes Bitcoin’s way unexpectedly.

For now, the immediate downside is supported by the ascending channel (lower trendline). The support has been tested three times since the beginning of January and all those times, Bitcoin has emerged very bullishly. Therefore, as long the channel support holds, I expect Bitcoin to bounce back towards $9,000 in due time, probably before the end of this week.

10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure! 

BTC/USD 4-hour chart

Bitcoin price chart
In a scenario where the channel support surrenders to the selling pressure, Bitcoin will resort to Monday’s support at $8,500. If further declines ensue, $8,400 should come in handy but if push comes to shove, the bulls will seek balance at $8,250 and $8,000 respectively.

According to technical indicators such as the Relative Strength Index (RSI), Bitcoin could push the current sideways trading a while longer. This also gives the bulls time to recuperate and get ready for the assault towards $9,000.

Bitcoin Key Levels

Spot rate: $8,655

Relative change: +26.67

Percentage change: +0.31%

Key support: $8,600, $8,500 and $8,250.

Main resistance: $8,700 and $9,000.

RSI: Ranging trend hints further sideways trading.

 
Reply
Max
Posts: 38
 Max
(@max)
Eminent Member
Joined: 3 months ago

Bitcoin Price Tightens as Traders Prepare for a Second Shot at $9.2K

 

After a strong two week performance that saw Bitcoin (BTC) price rise from $7,700 to $9,200, the top crypto asset appears to be consolidating before making another attempt at $9,200. As this process takes place and Bitcoin’s dominance rate dropped slightly, many altcoins rallied with double-digit gains which brought many to test or even push above their 2-year long descending trendlines. 

Most notably, the ETH/BTC pair pushed above its long-term downtrend, an occurrence covered in great detail by Cointelegraph contributor  Michaël van de Poppe. 

Cryptocurrency market weekly overview

Cryptocurrency market weekly overview. Source: Coin360

The strong rejection at $9,200 on Jan. 18 and following drop from the ascending wedge pattern briefly flipped traders’ sentiment to bearish and calls for a revisit to $8,000 and below the 200-day moving average (200) surfaced. Fortunately, for bulls, traders have done a good job defending the support zone at $8,470 and the shorter timeframe charts currently show Bitcoin attempting to press above the moving average of the Bollinger Band indicator.   

BTC USD daily chart

BTC USD daily chart. Source: TradingView

Since Jan. 19 the price has dropped to test $8,475 five times and each time traders have bought into the dip in defense of the support which suggests traders believe Bitcoin’s current set up supports the possibility of another run to $9,000 over the short term. 

At the moment, the price rides along with the moving average of the Bollinger Band indicator and the 4-hour moving average convergence divergence (MACD) and relative strength index (RSI) suggest that the bulls will attempt to push Bitcoin price to the upper Bollinger Band arm which is located at $8,983 and also lined up with the ascending trendline which BTC fell below on the Jan. 18 pullback. 

Bitcoin’s trading volume also has tapered off, an occurrence that is typical before a sharp shift in price and the MACD has converged with the signal line of the 4-hour timeframe which is a bullish signal. 

Even if a high volume spike sends Bitcoin price back to $9,000, a more desirable move would be see the price push through $9,113 and hold for a 4-hour close. Setting a daily higher high above $9,200 would also restore momentum and show Bitcoin is ready for continuation to $9,600. 

Bearish scenario

BTC USD daily chart

BTC USD daily chart. Source: TradingView

In the event that Bitcoin falls below $8,470, traders expect the price to drop to the 200-DMA at $8,200. Below this level, a bounce off the main trendline of the former descending channel at $8,124 and the 50-DMA at $8,000 is predicted. Below the 50-DMA traders will look for support at $7,600, and after this investors will clench their jaws and rub their sweaty palms as the price approaches $7,200. 

Currently, the volume profile visible range (VPVR) shows buying interest at all of the levels mentioned above, including $8,470. Furthermore, trader’s recent behavior of buying into the pullbacks of the last three days suggests that a retest of lower supports will produce even strong bounces as buyers who missed the strong rally of the past two weeks may see any price below $8,200 as an opportunity to open long positions.

Bullish scenario

As discussed earlier, a bullish outcome would involve Bitcoin price bolting above $9,133 and flipping $9,200 to support. Doing so would open the door for the digital asset to take out $9,600 and begin the push toward $10,000. $9,800 is likely to present significant resistance and traders will be tempted to take profits at this point, possibly resulting in a sharp pullback.

It is also worth remembering that the price has just broken out of a 7-month long downtrend and the weekly MACD is in the midst of a bull cross. 

Thus, regardless of a strong rejection at $9,500 or $9,800 the current trend change is strong and many traders are targeting $11,500 as a target supported by the current market structure. 

For the short-term, let’s observe to see if an inverse head and shoulders pattern shapes up with Bitcoin pushing above $9,200 to set a daily higher high. 

Reply
FxPro
Posts: 81
(@fxpro)
Trusted Member
Joined: 3 months ago

Bitcoin follow the markets on autopilot, but may decouple

The Bitcoin greed and fear index has been in the “neutral” zone for a long time, which may indicate investors’ preference for a “wait-and-see” approach at the moment. From the technical point of view, on the daily chart Bitcoin forms a second red candle after closing the day below the 200-day average, which may indicate the potential for a further decline in the coming days. The apparent trend in the market is the algorithmic trading and institutions that focus on technical indicators, adjusting their bots accordingly.

At the same time, it is worth distinguishing between the reaction of the market when it moves in autopilot mode and the response of investors to big shocks. Bitcoin is one of the assets on which investors are trying to get a return “above the market” by riding a growth wave or leading a decline at the moment of local drops.

However, it is worth remembering that the idea of Bitcoin appeared during the global financial crisis. And this idea may well turn out to be attractive to investors again, in case of a prolonged correction in stocks.

Globally, the media are increasingly expressing serious concerns that the stock market, reserve currencies, debt market and other invariable attributes of the traditional financial market have become hostages of populist politicians. More and more often, there are reports that stock market valuations inflated, and the debt burden is off the charts. But while stocks are growing, nobody wants to look at this uncomfortable truth.

Such concerns contribute to the portfolio’s diversification towards cryptocurrency. These shifts may be behind a recent upward trend.

At the same time, it is challenging to call cryptocurrencies the solution to all problems. Most likely, the main safe-heavens are far away from the crypto, but at the background of rising concerns around a new global crisis, this asset class should also attract investors’ attention.

Reply
Max
Posts: 38
 Max
(@max)
Eminent Member
Joined: 3 months ago

Bitcoin Price Analysis: Bitcoin Holds The Crucial Support Line, Preparing For a Huge Move This Week

After touching the significant 200-days moving average line at $9,060, Bitcoin quickly got rejected down to $8400. From there, the cryptocurrency had a three-day consolidation around $8600; however, after breaking it down, the bearish momentum had recorded $8200 as the weekly low.

Coincidence? When looking at the following 4-hour chart, we can see that the past month’s price move is reflected on the marked ascending channel accurately, whereas the $8200 is the lower boundary of the channel.

Bitcoin found support there, along with the 38.2% Fibonacci retracement level from the daily chart (~$8300). As of writing these lines, Bitcoin is slightly making its pace above, currently dealing with the support turned resistance level of $8400 – $8460 (as a reminder the last was the low of the past week, which was tested four times before got broken down).

Keep in mind that it’s still the weekend, and it’s also the Chinese New Year. As we mentioned before, the holiday tends to be bearish for Bitcoin.

With some caution, as mentioned here in the latest price analysis, the correction is so far healthy, as long as Bitcoin respects the marked ascending channel.

Total Market Cap: $231.7 billion

Bitcoin Market Cap: $153.2 billion

BTC Dominance Index: 66.0%

*Data by CoinGecko

Key Levels To Watch & Next Targets

– Support/Resistance levels: As mentioned above, Bitcoin is retesting the $8400 – $8450, but now as resistance.

In case of a break-up, then the next target for Bitcoin is likely to be the $8600 price area, which also contains the 4-hour MA-50 (the pink white line). Further above lies $8800 and $8900, which includes the significant 200-days moving average line (marked by the light green line on the following daily chart).

From below, the first level of support is the Fib level of $8300, along with the lower descending trend-line, which builds-up the ascending channel. Further down lies the weekly low at $8200, before reaching to the $8000 area, which contains the 100-days moving average line (white line).

– The RSI Indicator: As mentioned here in our previous analysis, the momentum indicator found support above the 54-55 RSI level.

A bullish sign might be coming on behalf of the Stochastic RSI oscillator. The last is about to go through a cross-over at the oversold territory.

– Trading volume: The volume is relatively low over the past days, this can be explained by the Chinese Holidays.

BTC/USD BitStamp 4-Hour Chart

BTC/USD BitStamp 1-Day Chart

Reply
FxPro
Posts: 81
(@fxpro)
Trusted Member
Joined: 3 months ago

Bitcoin: not gold yet, but glitters now

Bitcoin decided to make its holders happy at the beginning of the new work week. The benchmark cryptocurrency adds more than 2% and changes hands for $8,600. Thus, we see that Bitcoin still attracts support in the $8,300 area, while the correction rollback after the new year rally did not develop into a full-scale drop. Altcoins supported the strengthening of the first cryptocurrency and are in the green zone. All bitcoin forks, including Bitcoin Cash (+15%), Bitcoin SV (+8%), Bitcoin Gold (+14%) and Bitcoin Diamond (+11%) showed impressive growth on Monday morning.

There are growing assumptions in the crypto community that the new growth momentum linked to the China virus spreading. The conclusions щare drawn by analogy with geopolitics and the threat of a new world war after the sharp increase in tension between the U.S. and Iran earlier this year.

Given that Bitcoin is often referred to as protective assets like gold in the crypto community, a shift from war threats to fears of an epidemic may play a role. Still, more often than not, positive or negative dynamics are now linked to more obvious reasons, such as increased trading volumes in futures and the triggering of trading bot orders.

On the one hand, the Chinese virus does hurt the traditional market for obvious reasons. For example, oil is declining due to the prospect of lower demand. Stock indices react to worsening sentiment and chances of supply chain disruptions, possible bankruptcies.

On the other hand, the positive impact of the epidemic on the Bitcoin can be questioned, as so far, the scale does not allow to assume panic demand for an alternative possibility to move capital.

This option is possible if the epidemic turns into a national catastrophe with the prospect of disabling mining farms, disruptions in the supply of mining equipment, restrictions on capital flows from the country and other dire consequences. It is possible to assume a decline in Chinese demand for Bitcoin due to the long holidays until February 2.

Most likely, investors who own stocks and other risky assets, which are now declining, also own bitcoin. Some diversification has affected the cryptocurrencies, but it is more likely a rebound from support levels and routine (adjusted for increased crypto volatility) fluctuations in prices due to bots reacting to technical indicators.

The current reaction of the crypto market doesn’t look like panic buying. At the end of last week, there was a market decline. We all remember how massive the growth was in response to Xi Jinping’s statements about the country’s course to the blockchain. Thus, it will be possible to link the epidemic, and the Bitcoin dynamics in case of volatility spike and double digits percentage markets moves.

Reply
hodler
Posts: 29
(@hodler)
Eminent Member
Joined: 3 months ago

Bitcoin Is a ‘Super Commodity’ That Should Be Worth $1-10 Million, Says Kraken Executive Dan Held

In a new blog post published on Medium, Kraken’s director of business development, Dan Held, lays out a thesis for Bitcoin as a “super commodity”.

The crypto exchange exec debunks the notion that Bitcoin’s use of energy is “wasteful” and argues that the cryptocurrency’s energy intensive proof-of-work (PoW) mechanism, which relies on cheap electricity to power its network of transactions, is part of a global cycle that has linked everything to energy and the consumption of energy.

Writes Held,

“All things in our lives are closely linked to the price of energy. Purifying water requires energy. Transporting products requires energy. Manufacturing products requires energy. Cooking requires energy. Refrigerators and freezers require energy. In a free market, the cost of any good largely reflects the energy used in producing that good. Because free markets encourage the lowest priced goods, the energy used in producing any good is minimized. Money, which is the representation of the work required to generate goods and services, can also be viewed as stored energy.”

Held breaks down the energy consumption of traditional systems that power fiat, calling the cherry picking of one usage of energy over another, while everything requires energy, subjective.
  • Annual cost versus gigajoules (GJ) used
  • Gold mining – $105 billion / 475 million GJ
  • Gold recycling – $40 billion / 25 million GJ
  • Paper currency and minting – $28 billion / 39 million GJ
  • Banking system $1,870 billion / 2,340 million GJ
  • Governments $27,600 billion / 5,861 million GJ
  • Bitcoin mining $4.5 billion / 183 million GJ

Held also believes that as Bitcoin and the current markets remain obscure, operating with no widespread grasp of how they function, the price of BTC remains dramatically suppressed. He estimates that BTC, which is currently trading around $8,700, would shoot to $1 million –  all the way up to $10 million – if everyone understood it.

Bitcoin critics, such as billionaire investor Mark Cuban, continue to point out that it’s too difficult for mainstream users to grasp, with examples of people unable to access their crypto due to lost private keys or confusion about passwords.

But developers, powered by startups as well as major players such as Jack Dorsey’s Square Crypto, are targeting real-world solutions for failing memories, scalability issues and privacy concerns, describing the industry as being in its infancy. They claim that Bitcoin has much more headroom to grow and that novel infrastructure will solve the biggest challenges, making it a ubiquitous medium of exchange that is easy to use.

Adds Held,

“PoW is about physics, not code. Bitcoin is a super commodity, minted from energy, the fundamental commodity of the universe. PoW transmutes electricity into digital gold.”

Reply
hodler
Posts: 29
(@hodler)
Eminent Member
Joined: 3 months ago

Bitcoin to Repeat 2017 Bull Run Based on This Key Metric: Analyst

Bitcoin bulls have a lot of reasons to be excited. On Wednesday, the top cryptocurrency posted a fresh 2020 high of $9,443.96. It’s also up over 30% year-to-date and it continues to show signs of strength.

The top cryptocurrency is close to breaching the resistance of a key metric. I’m talking about the number of entities entering bitcoin on a daily basis. The growth of entities strongly suggests that more people are using the cryptocurrency. This metric is relevant because the last time adoption grew, the cryptocurrency launched a bull market.

Getting the actual number of bitcoin holders or users is a herculean task. To get a good gauge of widespread adoption, blockchain intelligence firm Glassnodes mapped the number of entities controlling multiple addresses. For now, this is the closest you can get to approximating the number of bitcoin holders.

With that in mind, Glassnodes charted the daily net growth of entities. Again, this is a metric that more closely measures how many users are using bitcoin. That’s because it’s mapping multiple addresses to a single entity. In addition, this metric takes into consideration entities with zero BTC balance but had a non-zero BTC balance before. It’s not surprising to see that bitcoin’s price rose while the daily net growth of entities increased.

For instance, bitcoin ignited its parabolic run in October 2017. This coincided with more new users creating their bitcoin addresses. Then from April 2019 to June 2019, bitcoin skyrocketed from $5,000 to nearly $14,000 which also coincided with the rise in new users. I believe that the prevailing bullish sentiment will foster the growth of new entities. If history is any indication, bitcoin’s price could be poised for a breakout.

Reply
hodler
Posts: 29
(@hodler)
Eminent Member
Joined: 3 months ago

Bitcoin Heads Into Historically Positive February on a Bullish Note

View

  • Bitcoin’s January surge has put the bulls into the driver’s seat, opening the doors for a continued rally into five figures.
  • A minor pullback to $9,000 could be seen in the next 24 hours or so, with intraday indicators are flashing bearish signals.
  • The overall bull bias will remain intact as long as prices are holding above recent lows near $8,200.

Bitcoin is holding its bullish trend while heading into the historically strong month of February

The top cryptocurrency picked up a bid below $7,000 on Jan. 3 and has been on an upward trajectory ever since, rising to three-month highs near $9,570 on Thursday

At the current price of $9,350, bitcoin is up 30 percent on a month-to-date basis – its best January performance since 2013.

Additionally, the cryptocurrency is on track to register a double-digit monthly gain for the first time since June 2019, when prices had rallied by 26 percent. And January’s 30 percent rally is its best monthly performance since May 2019.

This month’s rally marks a sharp reversal higher from a six-month downturn that saw prices collapse from $13,880 to $6,425. With the bulls still leading the price action, February may again turn out to be a good month for the cryptocurrency.

  • Bitcoin has eked out gains in February for the last five years.
  • February saw losses in just two of the last eight years.

The popular narrative for February’s good record is that Chinese investors tend to liquidate their crypto holdings ahead of the New Year holidays in January and reinvest in February, causing prices to rise.

This time, however, the supposed post-holiday reinvestments may be delayed due to coronavirus outbreak, leading to a weakening of the bullish momentum.

That said, the bitcoin market is currently showing no signs of bull fatigue. “It’s difficult to have a bearish argument,” popular trader and analyst @filbfilb tweeted on Thursday.

https://twitter.com/filbfilb/status/1222858833091055616

The analyst is drawing attention to the monthly chart, where the MACD histogram has crossed above zero, confirming a bearish-to-bullish trend change.

The bullish bias will strengthen if prices print a monthly close (Friday, UTC) above $9,158, establishing a higher high.

The shorter duration charts are also reporting a strong bullish bias.

Weekly chart

Bitcoin has broken out of a falling channel, indicating a resumption of the rally from lows near $4,100 observed in early April 2019.

The breakout is backed by bullish readings on both the MACD histogram and the relative strength index.

The weekly chart is aligned in favor of a rally toward $10,350 (October high).

Daily chart

While the daily candle is red, the losses may be reversed later today as the odds are stacked in favor of the bulls.

Bitcoin defended the former resistance-turned-support of $9,188 on Thursday with a bullish engulfing candle. That solidified the preceding day’s breakout above that level and signaled a continuation of the rally from $8,213 (Jan. 24 low).

Momentum is still strong, as suggested by the ascending 5- and 10-day averages.

The cryptocurrency could test and possibly break above resistance at $9,586 (Nov. 4 high) and rise toward $10,000 over the next few days.

4-hour chart

The RSI has produced lower highs or bearish divergence on the 4-hour chart. As a result, a quick pullback to $9,000 cannot be ruled out before the move into five figures suggested by the daily and weekly charts.

The bias will remain bullish as long as prices are holding above $8,213. The odds of bitcoin falling all the way back to levels below $8,000 are quite low, according to renowned analyst Josh Rager.

 

 

 

Reply
bitcoiner
Posts: 19
(@bitcoiner)
Active Member
Joined: 2 months ago

5 ways Bitcoin’s price is looking up

These five factors suggest that Bitcoin’s price might have broken out of its downtrend, and could be heading in a new direction.

The Bitcoin bulls are cautiously back in town. Even though Bitcoin’s price saw a big decline in the latter half of 2019, there are a few reasons why this trend may not continue into 2020.

According to data provided by Arcane Research and collated by Luno, here are five reasons why Bitcoin’s price might have turned a corner.

Prices are going up

One of the surest signs of a bull market is also one the simplest—prices going up. Most major cryptocurrencies have seen dramatic gains recently, with Bitcoin (BTC), Ethereum (ETH) and XRP all gaining around 30-40% in the last month.

chart showing crypto prices

Crypto prices have jumped in recent weeks. Image: Luno.

Likewise, a handful of cryptocurrencies have racked up even more impressive gains in this time, with both ICON and IOTA gaining well over 100% in the last month.

However, short term price rises are not necessarily confirmation of a new market direction; volatile cryptocurrencies can have big gains even during a market downturn.

Bitcoin price breakout confirmed

A clearer sign that the Bitcoin market isn’t nosediving any further is that it broke out of its downward path.

Chart showing bitcoin price breakout

Bitcoin price breaking out of its downwards channel. Image: Luno

From August to November 2019, Bitcoin was heading down in a clear channel. However, Bitcoin’s recent price gains pushed it outside of this channel. This sparked its recent bullish momentum.

Crypto analysts have used this to argue that it might suggest Bitcoin is heading in a new direction. When the breakout started to occur, Peter Brandt questioned whether this was the beginning of a new bull market. Now that the price of Bitcoin has cleanly broken out of the downward channel, his theory has more evidence to go on.

Market sentiment is bullish

Traders are now feeling more positive about the Bitcoin price, according to a sentiment tracker. Alternative.me’s crypto Fear & Greed Index now sits at 57—on a scale from one to 100—its highest levels since last August. This shows that traders are more bullish than they have been in the last six months, possibly riding on the back of Bitcoin’s price breakout.

 

sentiment of crypto traders

Traders are feeling more bullish about Bitcoin. Image: Luno

In fact, traders are as confident in the market as they were back in August, when the price went as high as $12,500. Currently the Bitcoin price is just $9,100, having failed to crack the $9,500 mark. But other indicators suggest Bitcoin’s bullish momentum is on the rise.

Bitcoin volume is growing

Bitcoin trading volume has picked back up. This is a sign that traders are getting more active in the market again.

Bitcoin's volume is on the rise

Bitcoin’s volume is starting to grow again. Image: Luno

According to the data provided by Luno, Bitcoin volume dipped significantly by the end of 2019, before picking up again in January 2020.

While the current volumes are lower than the spikes seen throughout 2019, they are starting to grow again, suggesting there could be further volumes rises on the cards.

Bitcoin volatility is growing

Bitcoin’s volatility is also trending upwards. In the last 30 days, Bitcoin’s volatility has gradually increased since the beginning of the year.

Bitcoin sees more wild price action

Bitcoin’s volatility is starting to rise again. Image: Luno

For Bitcoin’s price to rise—and fall—volatility is obviously a factor. Again, while Bitcoin is still less volatile than it was last year, it is becoming increasingly volatile, suggesting that greater price shifts are on the way. But will the bullish momentum continue or will crypto winter set in once again?

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Reply
Max
Posts: 38
 Max
(@max)
Eminent Member
Joined: 3 months ago

History Suggests Bitcoin Could Rally Another 100% After Flying Past $10,100

After hovering beneath the key resistance that previously existed at $10,000, Bitcoin’s bulls were able to propel the cryptocurrency past this level, subsequently catalyzing intense upwards momentum that has allowed BTC to move into the $10,100 region.

This rally has marked a massive extension of the momentum that the crypto has seen throughout 2020, with this uptrend allowing it to form an incredibly bullish market structure.

Now, analysts are noting that Bitcoin is on the cusp of seeing significantly further upside, as history shows that movements above $10,000 are typically followed by gains ranging between 14% and 100%.

Bitcoin’s Break Above $10,000 Suggests Further Momentum is Imminent 

At the time of writing, Bitcoin is trading up 2% at its current price of just over $10,100, which marks a notable climb from daily lows of $9,700 that were set last night.

It is important to note that buyer’s ability to absorb the intense selling pressure that bears attempted to catalyze during this selloff was a bullish sign, with the underlying strength elucidated by the defense of this level being further confirmed when the crypto pushed past $9,800.

10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

One factor that should be considered in the near-term is that Bitcoin’s rallies historically don’t end at $10,000, with all breaches of this level leading to upside extensions that have been as large as 100%.

Hsaka, a prominent cryptocurrency analyst on Twitter, spoke about this in a recent tweet, pointing to a chart showing that BTC’s breaks above $10,000 over the past few years have led to further rallies of 99%, 14%, and 26% respectively.

“BTC breaks $10,000. Prior instances of breaking it after a substantial retrace,” he noted.

https://twitter.com/HsakaTrades/status/1226350300212019201

BTC is About to Post a Highly Bullish Weekly Close 

One other factor that could allow the cryptocurrency to continue climbing higher in the near-term is the fact that it is about to post a highly bullish weekly close, but it is imperative that bulls hold the crypto above $9,556 before tomorrow’s close.

Josh Rager, a prominent cryptocurrency analyst on Twitter, spoke about the importance of this level in a recent tweet, explaining that Bitcoin will still be bullish even if it sees a slight decline from its current levels.

“Regardless if BTC experiences a pullback after hitting $10k a weekly close above $9556 would be absolutely bullish,” Rager noted.

https://twitter.com/Josh_Rager/status/1226351893821169665

One certainty in the near-term is that Bitcoin’s recent break above $10,000 will lead to some extreme volatility, with historical precedent and the crypto’s current market structure both suggesting that this volatility will overwhelmingly favor BTC buyers.

by Cole Petersen
Reply
cryptolegend
Posts: 99
(@cryptolegend)
Trusted Member
Joined: 3 months ago

Bitcoin Whales Start New Phase Of Accumulation, Kraken Foresees High Volatility

Crypto investors holding between 100-1000 Bitcoin Units have started a new phase of the digital asset accumulation. According to a report by Kraken, a US-based cryptocurrency exchange, the Bitcoin whales have started piling up more Bitcoins into their wallets.

Details of Kraken’s Report

In the report analysis was a graph showing the relationship between Bitcoin Address Balances (1,000-10,000) against Annualized Volatility from June 3, 2018, up to January 16, 2020. From the chart, it shows that every time there was high volatility in Bitcoin’s market price, it was preceded by a “wait and see” pattern from huge investors.

Bitcoin Whales Start New Phase Of Accumulation, Kraken Foresees High Volatility
Source Via Kraken

Prior to that, there was another phase of Bitcoin accumulation from the big-time investors, who in essence just held the crypto asset to wait for the price to rally up and bag profits from it. 

The report also noted that there was a steady growth in the number of Bitcoin addresses holding a large number of crypto assets as of January 3, 2020. According to Kraken’s data, the recent crypto bull rally has progressed to Bitcoin investors holding between 100-1,000 BTC.

Kraken is anticipating a huge collection of Bitcoin to diminish in the coming weeks or months, which will result in the re-emergence of high volatility in the market. The report continued to explain that the phenomenon of “accumulation pending volatility” is due to the absorption of market liquidity which then reciprocates to a tight supply to demand ratio imbalance.

In Conclusion

Kraken noted in the report that the high accumulation might be the leading factor in Bitcoin’s recent bull rally. With the accumulation increasing and the halving event coming close, the demand for BTC is bound to skyrocket in the near future and therefore result in Bitcoin hitting a new all-time high.

From the report, Kraken deduced that the recent social and economic crisis has been a major contributing factor to Bitcoin hitting $10,000 and showing the tenacity to surpass the all-time high.

Events like the China coronavirus outbreak that has ravaged the social fabric of the Chinese welfare, to the Chinese Central Bank injecting more than $170 billion into the market as a measure to counter the failing economy have all contributed to the crypto bull rally.

With such fundamental aspects, Bitcoin traders and investors can make an informed decision that is not based on sentiments.

Reply
Max
Posts: 38
 Max
(@max)
Eminent Member
Joined: 3 months ago

Bitcoin Price Bullrun May Last 1000 Days as 2020 Now Best Average Year

 

Data uploaded to Twitter by fund partner James Todaro on Feb. 21 reveals that in terms of volume-weighted average price, 2020 is Bitcoin’s best year ever.

BTC volume-weighted average: 2020 biggest year

The volume-weighted average calculates the Bitcoin price over a certain period as a ratio on the basis of trading. 

For 2020, the average for BTC/USD is $9,120, according to Todaro’s calculations. This is higher than even 2017 when the pair reached its current all-time high of $20,000. For that year, the volume-weighted average was $6,125.

Curiously, the metric actually produces a higher value for 2018, despite this being the year that Bitcoin spent in a near-constant bear market bottoming out at $3,100. 2018’s average was $7,657.

On the surface, 2019 was much more successful in terms of spot price, but Bitcoin’s volume-weighted average for last year was a shade lower than in 2018. 

Bitcoin volume-weighted average price

Bitcoin volume-weighted average price. Source: James Todaro/ Twitter

“It strongly suggests that most of the money that moved into bitcoin in previous years would have profited in USD if they held bitcoin to present date,” Todaro commented on the findings. 

Model forecasts 570 more bullish days

Looking ahead, data from previous Bitcoin bull runs likewise paints an encouraging picture for the next year-and-a-half. 

Analyzing Bitcoin bull cycles, the investor and trader known as CryptoKea claimed that their length suggests Bitcoin will keep growing for around 570 days. 

In spite of markets dropping 8% last week, 2020 has been characterized by Bitcoin’s strength. Year to date, BTC/USD has gained almost 35%.

Bitcoin bull cycle durations

Bitcoin bull cycle durations. Source: CryptoKea/ Twitter

“During the last two #Bitcoin bull cycles, price bottoms and tops fluctuated around halving dates in an almost equal ratio,” CryptoKea explained. 

“If this relationship were to hold true, we still have more than 570 days of bull market ahead of us, with a cycle top coming in around Sep 2021.”

That deadline is similar to predictions from the increasingly popular stock-to-flow Bitcoin price model, which calls for an average $100,000 price between 2021 and 2024.

Reply
bitcoiner
Posts: 19
(@bitcoiner)
Active Member
Joined: 2 months ago

Bitcoin Billionaire Tim Draper doubles down on his $250,000 bitcoin prediction

 

In a recent interview with CNBC Squawk Alley, bitcoin billionaire Tim Draper doubled down on his bitcoin prediction. He had earlier called that bitcoin would reach $250,000 within three years. He also noted that by that time, bitcoin would be the preferred currency because of its attractive qualities. 

 

Tim Draper is highly bullish on bitcoin.

Tim Draper has always been a vocaladvocatefor the leading cryptocurrency bitcoin. During the interview, Tim Draper said that he still stands by his prediction, and bitcoin will be at $250,000 by the end of 2022 or at the beginning of 2023. He went on to say that bitcoin will be the choice of currency as people will realize the potential of bitcoin and how it independent of political force. 

 

The billionaire has “a lot” of his net worth in bitcoin.

Tim Draper, when asked about how much of his network is stored in bitcoin, did not reply by giving a specific number, but he mentioned that a lot of it is in bitcoins. He also remarked that bitcoin is a kind of safe heaven now as the traditional market continues to slump down. Bitcoin is currently trading just above $9,600 as it slumped down from above $10,000 mark earlier this month. So far, 2020 has been a pretty good year for the leading cryptocurrency. 

https://twitter.com/cz_binance/status/1232104637454528512

Reply
cryptolegend
Posts: 99
(@cryptolegend)
Trusted Member
Joined: 3 months ago

Veteran Trader Who Predicted Bitcoin (BTC) Rise to $100,000 Issues Painful Update to Cryptocurrency Investors

 

A veteran technical trader who was immortalized in the world of crypto for calling the top of Bitcoin’s last parabolic cycle is updating his views on the leading cryptocurrency.

In June of last year, Peter BrandtsaidBTC appeared to be at the start of a fourth parabolic phase, taking aim at $100,000.

“Bitcoin takes aim at $100,000 target. BTC/USD is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”

As its price continued to rise in February, hesaidBitcoin’s strong start to the year suggested an even larger moonshot could play out through 2021.

Since then, BTC has aggressively retraced from a high of $10,421 on February 12th to its current price of $8,669 at time of publishing. Amid the downturn, Brandt says he still has a positive outlook on BTC – but the significant correction shows the painful truth: Bitcoin has yet to prove it’s on a parabolic path.

https://twitter.com/spunkit777/status/1233426153345572867

 

 

In September, Brandt posteda chart showing what it would look like if Bitcoin has, in fact, started a new rally that mirrors its previous parabolic bull runs.

According to that chart, BTC will have to rise 67% and hit around $14,500 this summer to stay in line with previous rallies.

Source: Peter Brandt/Twitter

Brandt says traders should always keep an open mind, prepare to be nimble and show a willingness to change course to make it in the markets.

“I receive a ton of criticism, sarcasm and trolling because I change my mind on markets. Just to let you trolls know, I take my willingness and ability to change my mind quickly as a point of survival and pride as a trader.”

Reply
FxPro
Posts: 81
(@fxpro)
Trusted Member
Joined: 3 months ago

Bit-comment: Bitcoin struck near $8800, risking to sink lower

Over the last 24 hours, Bitcoin shows virtually zero dynamics and trades around $8,800. During the week, the benchmark cryptocurrency fluctuates somewhat near the current levels.

Usually, side trends turn out to be a bad sign for the crypto market, where the rule “what doesn’t grow, dies” worked well recently.

In this case, a lot may depend on the situation in the traditional financial market.

The easing of the epidemic and the growing demand for risk assets may well contribute to strengthening purchases of Bitcoin, which will pull up the rest of the crypto market. The Crypto Fear & Greed Index has grown by several points over the last 24 hours, indicating a slight relief. The RSI index on the daily chart is in a neutral position. All market participants are waiting for new triggers, and now Bitcoin is highly dependent on the development of the situation in traditional risk markets.

Reply
FxPro
Posts: 81
(@fxpro)
Trusted Member
Joined: 3 months ago

Moment of glory for Bitcoin? Not so fast

Over the past 24 hours, Bitcoin has shown high volatility. The first cryptocurrency bounced to a local high of $7,900, slipped to $7,000 amid the European session, and then faced a massive dip, collapsing to $5,600. It was like a flash crash on the background of algorithmic trading. So, at the moment, we are witnessing the outcome of institutional investors’ participation in the pricing of cryptocurrencies. The total capitalization of coins collapsed by $55 billion over the past 25 hours.

The RSI index found itself in the oversold zone below 30 for the first time since December 17, 2019. Last time it was there before the rally started, but now it isn’t easy to predict such an outcome. The Crypto Fear & Greed Index is in the zone of “extreme fear”, fully reflecting what is happening in the market. Alternative cryptocurrencies are showing an even more significant decline. The top 10 cryptocurrencies are falling by 30-36%. Against this background, the Bitcoin Dominance Index has risen by 1.83 percentage points to 65.9% over the last 24 hours.

Bitcoin was conceived as a counterbalance to the traditional financial system. Gaining on this idea, the collapse of the stock market, policy easing, sharp fluctuations in national currencies, destruction of supply chains and other problems should lead to increased demand for Bitcoin.

It is likely that over the next few months, we may see what status Bitcoin has in the market — the approaching of halving overshadowed by coronavirus and turbulence in the markets. However, one should not write off purely crypto events that may also have an impact on the sector’s prospects. Now the question is, can the leading digital currency surprise market participants with something new?

Reply
Max
Posts: 38
 Max
(@max)
Eminent Member
Joined: 3 months ago

Don’t Panic: This Previously Impervious Support Could Save Bitcoin

Crypto investors are feeling more fear than they ever have before, but now is the time to be logical according to one crypto analyst, who claims that a remaining line of defense that’s held up in the past could be the support that saves Bitcoin from total failure.

Only This Moving Average Can Save Bitcoin From The Coronavirus Chaos

Bitcoin’s long-term logarithmic growth curve has been violated and a trend line dating back seven years of a secular bull markethas now been breached.

Bitcoinis back below $6,000 in a shocking move fresh on the heels of the latest developments surrounding the deadly coronavirus outbreak, includingthe virus hitting Hollywood, the world of sports, and causing a complete shutdown of International travel.

The stock market responded by collapsing overnight, and Bitcoin followed the crowd sentiment in a panic-induced selloff.

After support at $7,500 failed, 30 minutes laterBitcoinwas below $6,000.

And although the breakdown occurred at crypto analyst Jacob Canfield’s first level of support, a previously impervious support still remains.

https://twitter.com/JacobCanfield/status/1237801138805772291

The analyst says that investors shouldn’t panic and instead should think logically and build a plan to act on.

That plan should include considering taking a position in Bitcoin if and when it reaches the 200-week moving average.

The long-term moving average acted as Bitcoin’s final bottom in early 2019, just before it bounced all the way to $14,000.

Another touch of the moving average could have a similar effect, causing Bitcoin to rocket once again to new local highs.

What Happens if the Cryptocurrency Loses This Final Support?

The situation may look grave at the moment, with Bitcoin plummeting to the lowest price it’s been in nearly a year, but given how strong this moving average is, it very well could save Bitcoin from falling to its doom.

A fall below the line, however, would be telling. The longest term moving averages are a critical indicator for long term investors, who would view the health and longevity of the asset as being in danger if it falls below such an important level.

Such a move could spell the end for Bitcoin, and cause many to chalk the cryptocurrency up to being little more than a failed experiment that had potential – potential that proved to be not enough for the coronavirus and another recession.

Reply
Max
Posts: 38
 Max
(@max)
Eminent Member
Joined: 3 months ago

Cryptocurrencies rise $23.8 billion in 24 hours as bitcoin jumps near 16%

Major cryptocurrencies saw big rallies. At around 8:30 a.m. Singapore time, Bitcoin had surged nearly 16% in the past 24 hours to $6,243.55, according to Coindesk data. Ethereum was trading 17.5% higher at $139.63, while XRP rallied over 12%. They later pared some of those gains.

The rebound in prices followed two major bouts of violent selling earlier this month. On March 8, the cryptocurrency market saw over $26 billion wiped off its value following a huge drop in oil prices. Then an even worse round of selling last week saw the value of the entire cryptocurrency market plummet around $93.5 billion within 24 hours. Bitcoin saw its price plunge around 48% wiping out all its gains for the year. As the selling continued into the next day, bitcoin hit a one-year low of $3,867.09.

Despite Friday’s bounce, bitcoin is still trading lower than where it was at the start of the year. Over the past few years, some investors have likened bitcoin to “digital gold,” arguing it can function as a safe haven asset when markets are facing turmoil. However, the cryptocurrency has behaved more like a risk asset and sold off as equity markets dropped. Stocks have faced huge drops amid an uncertain economic future as the world battles the coronavirus outbreak.

Reply
bitcoiner
Posts: 19
(@bitcoiner)
Active Member
Joined: 2 months ago

Bitcoin [BTC] at $5,000 Was an Incredible Opportunity to Buy: Crypto Analyst

Bailouts in the US a case for Bitcoin
Image Courtesy of Reuters/Lindsey Wasson/
Buying and adding to longs at $5,000 was an incredible opportunity to accumulate Bitcoin (BTC). This is the opinion of one trader and HODLer.
 

His comments is when the most valuable asset seems to turn around the corner after falling to lows of $3,800 mid last week.

It is also when governments and central banks are aggressive in their plans to save their respective economy through damaging but inevitable QE programs and bailouts.

Bailouts and Unemployment in the United States

In the United States, the government plans to bailoutairlineswho may be bankrupted in the face of COVID-19 crisis but remains one of the largest employers in the country despite backlash from commentators.

These corporations, they argue, were involved in stock buybacks where they spent hundreds of millions of dollars instead of funneling them to salary increment and other self-preservative programs.
 
 

With coronavirus crisis on their face, Senators Marco Rubio, Republican of Florida, who doubles up as the chairman of the committee on small businesses, and Susan Collins, Republican of Maine, are nonetheless adamant that this is necessary.

“There is broad general agreement that small businesses in this country will not be able to survive unless there is extraordinary assistance. The goal is to keep employees connected to their employers, so that people aren’t just having to stay home and aren’t just feeling the stress of being laid off, but the uncertainty of whether they’ll even have a job to go back to.”

A Strong Bullish Case for Bitcoin

Combined with expected unemployment in coming days, high inflation, and financial difficulties by retailers as they lose jobs or exhaust their savings, odds are, value retaining assets—despite their high volatility, will rally.

Therefore, when prices dipped to $3,800 causing billions in liquidations, an opportunity was presented for savvy traders planning to hold for at least 1 year:

 
 
Reply
FxPro
Posts: 81
(@fxpro)
Trusted Member
Joined: 3 months ago

Bit-comment: Bitcoin trying to step above $7000

Bitcoin price spiked 9% in the last 24 hours to levels near $6,500. The bulls are trying to push the cryptocurrency above $7K. Passing this level may open doors for further growth and pulled up the whole altcoin market. TOP-10 coins are growing by 3-9%. However, the prices remain far from being able to offset the market crash. The Crypto Fear & Greed Index has grown by several points since yesterday, but so far remains in the zone of “extreme fear”.

No one wants to buy back the “dead cat bounce”, but consistent attempts to get back to growth will increasingly convince market participants that they can return to at least the levels before the collapse. At the moment, futures on major U.S. indices are showing growth, which coincides with the benchmark cryptocurrency direction. Besides, if a reversal of the crypto market coincides with similar events on the stock market, this will be another confirmation of the growing influence of institutional investors on the crypto market.

Reply
Page 2 / 3
Share: