Analyst Who Predicted Bitcoin’s $3,000 2018 Bottom Says This is Next

At the start of 2018, everyone thought Bitcoin was going to the moon, so to speak. 2017 saw the price of BTC surge by thousands of percent, boosted by retail inflows which itself was caused by the hype around altcoins like Ethereum. Thus, when Bitcoin began to rapidly tumble in the months that followed January 2018, analysts began to worry. By around April, it became clear the cryptocurrency market had reentered a bearish state. But the following question remained: how far would digital assets drop? Of course, everyone had their speculations — some said $1,000, others said $8,000. One cryptocurrency trader, SmartContracter, wrote in June 2018 that he is “calling a bottom at exactly $3,200, with a $200 leeway on either side.” In December of that same year, he was proven right, with Bitcoin falling to that level to only bounce, a move that eventually led the cryptocurrency back to a bull market. SmartContracter is back, issuing a prediction via Twitter. Bitcoin To Explode Above $10,000, and Fast: Eerily Accurate Analyst Says In a tweet published Friday, the eerily accurate Bitcoin trader issued a look at his macro point of view for the leading cryptocurrency. The chart attached to the tweet indicated that Bitcoin is currently forming a five-wave rise from the $6,000s, thus “breaking [a] key downtrend.” He added that considering the rally from the 2018 bottom at $3,150 — which he called — was also five waves, he expects for this bull run to continue into 2020. took a much needed couple days off to clear the head. from a macro POV we can see a very clear 5 wave rise from the 6k lows breaking key down trend. considering the rise from the 2018 lows was also 5 waves we would expect this next bull run to at minimum break the 14k highs pic.twitter.com/KtadWBqBoX — Benjamin Blunts (@SmartContracter) January 31, 2020 His Elliot Wave analysis suggests that Bitcoin has a high likelihood of breaking $14,000 — 48% above the current price point of $9,400 — by the middle of 2020, likely around or just after the time of the block reward reduction in May 2020. SmartContracter is open to seeing the price of Bitcoin surge towards the previous all-time high of $20,000 if the cryptocurrency breaks and retests $14,000 as support. The positive wave analysis isn’t the only bullish sign for the leading cryptocurrency. The Fisher Transform on the weekly chart is pushing above the 0 line, pushing above its bands, for the first time since $4,200 — in early 2019. Once the signal was confirmed last time around, the price of the cryptocurrency rallied to $14,000, marking a 230% surge from the $4,200 price where the signal confirmed. Not to mention, the weekly Moving Average Convergence Divergence (MACD) indicator just printed a bullish crossover, with the MACD line just crossing over the signal line. Featured Image from Shutterstock The post appeared first on NewsBTC.

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Simple Textbook Analysis Show XRP Price Could Rally 100% Against Bitcoin

There’s no doubt XRP saw poor performance in 2019. During that year, the price of the asset against the U.S. dollar fell by 50%, managing to underperform a swath of traditional asset classes, from stocks and bonds to precious metals and commodities. Because Bitcoin saw a strong 2019, rallying by over 90%, the XRP/BTC pair fell dramatically, even more so than the altcoin’s pair against the dollar and other fiat currencies. One XRP, in fact, is now valued at under 3,000 satoshis — far below all-time highs. But, a number of analysts recently explained in charts that the cryptocurrency may soon mount a strong comeback against the market leader. XRP Against Bitcoin Pair May Soon Burst Higher Prominent cryptocurrency trader TraderXO recently noted that the past year of performance for XRP against BTC has been trading in a manner similar to a chart pattern or schematic described by legendary chartist Richard Wyckoff. The schematic is the Wyckoff Accumulation pattern. It is marked by a steep decline into a range, a number of retests of the range’s resistance and support, then a strong breakout of a similar magnitude of the crash that led into the range. $XRP – Once in a while you gotta stop and look around…. you could miss it Spring it! pic.twitter.com/45VcIwt7xZ — TraderXO (@TraderX0X0) February 1, 2020 The textbook schematic indicates that XRP is currently in Phase C of accumulation, which correlates with a strong surge in prices back to the range high, which is at 3,600 satoshis, 44% higher than the current XRP price against Bitcoin of around 2,500 satoshis. Should the Wyckoff schematic play out in full, the price of the altcoin will surge towards 5,000 satoshis, and maybe beyond, the schematic indicates. Although the accuracy of Wyckoff analysis hasn’t been determined for altcoins, it has worked for Bitcoin many times on previous occasions. Earlier this month, Financial Survivalism used Wyckoff analysis to predict Bitcoin would rally to $9,000 by mid-January. The price of BTC did just that, just as the schematic depicted. Flurry of Other Factors Suggest Strength This comes shortly after prominent Bitcoin trader Smokey noted that while XRP’s Ichimoku Cloud is not yet bullish, other major altcoins are “going strong,” meaning that XRP should have a propensity to increase against BTC in the coming weeks. He added that the asset remains above weekly support, boding well for bulls. Longed XRP on Mex Going against Ichimoku here, but majors are going strong. Can't really see all the majors popping off and XRP not. It's sitting on weekly support here. So let's get this bread. pic.twitter.com/tMiXFEiImG — TraderSmokey (@SmokeyXBT) January 30, 2020 Michael Van De Poppe, trader at the Amsterdam Stock Exchange, noted in a TradingView analysis that the current price action in the XRP/BTC pair is looking very similar to a historical bottom. Not to mention, Ripple recently revealed that it is selling much less XRP than it was a year earlier, which should aid price appreciation. Related Reading: Bitcoin to Be One of the 2020s’ Top Investments: Ex-Goldman Sachs Exec Says Why Featured Image from Shutterstock The post appeared first on NewsBTC.

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Bitcoin to Be One of the 2020s’ Top Investments: Ex-Goldman Sachs Exec Says Why

Bitcoin had an amazing past decade by every definition of the word. The price of the cryptocurrency surged by literal millions of percent since its birth in 2009, some of the world’s most important people — Elon Musk included(!) — gave a nod to the cryptocurrency, and the broader industry began a mainstream technological trend. Related Reading: Tesla is the Greatest Performing Asset In 2020. It Even Surpassed Bitcoin Bitcoin’s clear outperformance against all other assets in existence has left many wondering if the cryptocurrency can keep its macro uptrend intact for the coming decade. According to Raoul Pal — a former Goldman Sachs executive who now is the CEO of finance media company Real Vision — BTC may do just that. He argued that the cryptocurrency would be his choice if he could only own one asset for the next 10 years. Bitcoin, the Best Asset of the 2020s? On Friday, the Wall Streeter turned markets researcher and media magnate explained why the asset he is most optimistic about for the 2020s is Bitcoin. In a to-the-point Twitter comment, Pal said that he thinks Bitcoin is the perfect asset for him to hold for the next decade because it “encapsulates all of larger macro views,” referencing previous statements he made suggesting the world will turn to an alternative system of finance that will be digital. (Previously, the Real Vision executive said that Bitcoin is basically an option on the future of finance.) If I could only own one asset for the next 10 years, it would be bitcoin $BTC It encapsulates all of my larger macro views and feels like the point on the far horizon we are headed to, in some shape or form. Yes, like gold too and many other things but BTC risk/reward beats all. — Raoul Pal (@RaoulGMI) January 31, 2020 He added that from a pure risk-reward analysis perspective, Bitcoin “beats all.” Indeed, per previous reports from NewsBTC, Pal told prominent BTC podcaster Stephan Livera that all popular asset classes are extremely expensive (meaning overvalued), save for BTC. Equities, he explained, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential. Related Reading: Bitcoin, the Best Performing Asset Ever, is “Still Very Cheap”: Prominent Investor Bonds aren’t much better, Pal opines, drawing attention to the “virtually zero yields” — and negative yields in some cases — that debt deemed safe provides. Even real estate isn’t attractive, with the prominent investor calling this asset class “unaffordable”, adding that it makes even less sense to purchase homes because they’re trading near all-time highs. Hence, Bitcoin. Others Agree With Cyclical Crypto Play Others agree that the following decade for Bitcoin will be formative. More formative than the last. Deutsche Bank in a report published in December said that it thinks that crypto assets have the potential to take over fiat currencies as a whole: “The forces that have held the current fiat system together now look fragile and they could unravel in the 2020s. If so, that will start to lead to a backlash against fiat money and demand for alternative currencies, such as gold or crypto could soar.” Related Reading: Andrew Yang Just Mentioned Crypto, Again. He Says Bitcoin Can’t be Stopped Featured Image from Shutterstock The post appeared first on NewsBTC.

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Ethereum Could Be in The Early Stages of Its Next Journey to All-Time Highs

Ethereum has seen some incredibly strong price action over the past several days and weeks, with ETH’s massive 2020 rally coming against the backdrop of immense bullishness within the aggregated cryptocurrency markets. Ethereum’s bulls have even been able to maintain its newfound position within the $180, in spite of the drop seen today by Bitcoin and other cryptocurrencies. Analysts are now noting that the macro situation for Ethereum is becoming incredibly bullish, and that the rally seen over the past few weeks could mark the start of its journey to fresh all-time highs. Ethereum Holds Above $180 as Analysts Eye Significant Near-Term Upside At the time of writing, Ethereum is trading down just over 2% at its current price of $180.50, and it is currently trading down from 24-hour highs of just under $186 that were set earlier this week. It is important to note that the cryptocurrency has been able to bounce from daily lows of $176 that were set in tandem with Bitcoin’s drop to lows of $9,200, and the aggregated market does appear to be entering another consolidation phase. Analysts are currently eyeing significant short-term upside for the cryptocurrency, as Galaxy, a prominent crypto analyst on Twitter, explained in a recent tweet that he is buying ETH at $180, with at $350 short-term sell target. “Buying $ETH here at $180 and looking to sell at $350,” he explained. Buying $ETH here at $180 and looking to sell at $350. pic.twitter.com/4shX2yruVV — Galaxy (@galaxyBTC) January 31, 2020 While looking at the chart he references above, it appears that this major upside could be catalyzed by the crypto breaking a multi-year descending resistance level it is currently caught beneath. Could ETH Be Kicking Off Its Next Journey to All-Time Highs? Satoshi Flipper – another prominent cryptocurrency analyst on Twitter – explained in a recent tweet that the crypto’s weekly chart shows just how far it could run in the future, further adding that he does believe it will set fresh all-time highs in the future. “Need to look at the ETH WEEKLY to fully appreciate where we are in the cycle. Ethereum will have another ATH in the future and riding this all the way back up can be life changing money. I’m betting on it,” he said. Need to look at the $ETH WEEKLY to fully appreciate where we are in the cycle.#Ethereum will have another ATH in the future and riding this all the way back up can be life changing money. I'm betting on it. pic.twitter.com/FsnLag9dVz — Satoshi Flipper (@SatoshiFlipper) January 31, 2020 If Ethereum does garner the type of short-term momentum that Galaxy is anticipating it to see, then it truly could be in the early stages of the next parabolic uptrend that sends it to fresh all-time highs. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Litecoin Closing Above This Key Level Will Make it a “Screaming Buy”

Litecoin has seen some incredibly bullish price action over the past week, with the cryptocurrency rallying from seven-day lows of $53 to highs of $70. Although LTC faced some resistance at this level, its market structure is clearly growing increasingly bullish. After setting these fresh 2020 highs of $70 yesterday, the cryptocurrency has only retraced slightly, which comes as the aggregated crypto markets are facing a steep ongoing selloff. In the near-term, it does appear that Litecoin is on the cusp of closing above a key technical level that could catalyze its next major bull movement, which means the coming few days could elucidate its mid-term trend. Litecoin Hovers Just Below Year-to-Date Highs as Crypto Markets Face Steep Selloff  At the time of writing, Litecoin is trading up nearly 5% at its current price of $67, which marks a climb from daily lows of $63, and a slight decline from highs of just under $70. Currently, LTC is one of the only major altcoins that is trading up over a 24-hour period, signaling that it currently has greater technical strength than many alternative digital assets. In the near-term, it does appear that the cryptocurrency could be on the cusp of going on a short-term parabolic rally, as it is currently attempting to confirm a bullish Ichimoku and a daily close above its 200-day moving average. TraderSmokey – a well-respected crypto trader on Twitter – spoke about the importance of these aforementioned technical formations in a recent tweet, while referencing a chart showing that this confluence of bullish technical factors has historically allowed LTC to incur parabolic rallies. “Litecoin Daily: Criteria: Bullish Ichimoku + Daily Close above 200MA,” he explained while referencing the chart seen below. $LTC Litecoin Daily Criteria: Bullish Ichimoku + Daily Close above 200MA pic.twitter.com/c9zhlUB0td — TraderSmokey (@SmokeyXBT) January 31, 2020 LTC is a “Screaming Buy” If It Holds Above This Key Level Because Litecoin’s bulls do appear to be particularly strong at the moment, it is possible that they will catalyze enough near-term buying pressure to propel it past its year-to-date highs of $70. It is also important to note that LTC could soon close above 0.0069 BTC, as today’s Bitcoin drop led LTC’s BTC trading pair to rocket up to 0.0072. Ledger Status – another prominent technical analyst – noted in a tweet from yesterday that a sustained close above 0.0069 BTC would make Litecoin a “screaming buy.” “Litecoin is an absolutely screaming buy above .0069 daily close.” Litecoin is an absolutely screaming buy above .0069 daily close. $ltc pic.twitter.com/PS2vnGDudU — Ledger Status (@ledgerstatus) January 30, 2020 If the cryptocurrency is able to stabilize around its current price levels or even inch higher today, it could soon see a massive upwards swing that allows its uptrend to turn parabolic. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Cardano Up 47% in 2020, But Does Blockchain’s Usage Warrant it?

Like many crypto assets, the price of Cardano (ADA) has increased over the opening month of 2020. Starting the year at around $0.033, the digital currrency now trades at more than $0.054. Although the same could be said about many of the thousands of other digital currencies, the gains do not appear to be based on actual usage. In fact, a look at the Cardano blockchain shows that very few people are using the cryptocurrency at all. Cardano Clearly a Long Way from Mass Adoption According to data taken from its blockchain, hardly anyone is using Cardano. The tenth most popular crypto asset in terms of market capitalisation routinely sees blocks that are completely empty. When they’re not empty, they contain just a handful of transactions. Pointing this out is software developer Joshua Henslee. Henslee tweeted the following yesterday: #Cardano has more 'blocks' than transactions….https://t.co/TG7TmplCNt — Joshua Henslee (@cryptoAcorns) January 30, 2020 A look at Cardano’s blockchain, via Blockchair.com, confirms the lack of network use. At the time of writing, 66 of the last 100 blocks contained no transactions whatsoever. Other blocks contain only one or two transactions. None of the previous 100 blocks NewsBTC looked at on the network’s official explorer contained more than 10 transactions. This has resulted in a situation where those mining ADA have added more blocks than the total number of transactions. At press time, there had been only 3,057 transactions over a total of 4,320 blocks. Evidently, actual use of Cardano is incredibly low. Will Upgrades and Partnerships Help Promote Adoption? Although the number of transactions occurring on the Cardano network is cause for concern, upcoming developments for the network may promote greater use going forward. As NewsBTC reported days ago, Cardano founder Charles Hoskinson just announced a major partnership with accountancy giant PwC. The partnership is part of a marketing drive by those behind the cryptocurrency. The aim is to promote the blockchain system as one suitable for deployment by commercial interests. Related to this are upgrades in the works to move the network to a proof-of-stake system and to add smart contract functionality. These updates, along with efforts to consolidate operations with the help of PwC, may indeed see the network experience greater use than it does at present. Clearly, the price action for Cardano so far in 2020 is based entirely off speculation for what the system might achieve in the future. The on-chain data above shows that the network is seeing very little actual use that might drive price right now. Whilst the markets of most cryptocurrencies are heavily based on speculation, most top ten digital assets do actually see some use. Bitcoin, for example, is emerging as a store of value for billions of dollars, Ethereum has a rapidly expanding DeFi ecosystem, and even Bitcoin SV has that weather application its proponents are so impressed by.   Related Reading: Last Year’s Top Crypto Market Performers Are Lagging Behind Altcoins in 2020 Featured Image from Shutterstock. The post appeared first on NewsBTC.

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This Eerily Accurate Fractal Suggests Bitcoin Will Soon Explode to $12,000

After facing a constant stream of buying pressure that led Bitcoin’s price to climb as high as $9,550, BTC faced a large influx of overnight selling pressure that sent it reeling down to lows of $9,200 before it found some support. The sharp decline from $9,550 does make this 2020 high look like a local top for the cryptocurrency, and it is a strong possibility that the crypto sees some further short-term downside. In spite of this, one eerily accurate fractal pattern formed between May and June of 2019 that BTC has been closely following is suggesting that BTC may now enter a consolidation phase before moving up towards $12,000 in an explosive movement. Bitcoin’s Rally Stalls After Firm Rejection at $9,550 At the time of writing, Bitcoin is trading down over 1% at its current price of $9,275, which marks a notable rejection from its daily highs of $9,550 that were set at the peak of yesterday’s rally. The overnight decline from these levels led the crypto to erase all the gains that came about in the later part of this week, when BTC raced from lows of $9,200 on Wednesday to its recent highs of $9,550. Although this latest pullback hasn’t been too deep when the magnitude of Bitcoin’s recent gains is kept in perspective, it is important to note that it marked a break of the crypto’s bull trend on its 4-hour chart. Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, while pointing to a chart showing the key EMA levels that Bitcoin just broke below. $BTC #Bitcoin 4 hour – Trend break https://t.co/SfWIxU5RAF pic.twitter.com/0v6kYiVCUD — Big Cheds (@BigCheds) January 31, 2020 This Fractal Suggests BTC Could Soon Rally to $12,000 One factor that investors should keep in mind is that BTC has been closely tracking the price action seen in May-June of 2019, with the eerily similar price action suggesting that the crypto could now see a short bout of consolidation before moving up towards $12,000 in an explosive movement. Galaxy, another popular crypto analyst, spoke about this fractal in a recent tweet, noting that BTC could soon break the $10,000 barrier and move to $12,000 after a short period of trading sideways. “Today & May-June ’19 similarities are interesting to watch. By looking at this fractal, we are now in a consolidation before entering the next bull move & break the $10K barrier. RSI also bounced in the exact same area as it did back then,” he explained. Today & May-June '19 similarities are interesting to watch. By looking at this fractal, we are now in a consolidation before entering the next bull move & break the $10K barrier. RSI also bounced in the exact same area as it did back then.$BTC pic.twitter.com/q9dT4xm5NP — Galaxy (@galaxyBTC) January 31, 2020 If this fractal continues playing out, then Bitcoin may soon see a rapid – albeit potentially brief – parabolic surge into the five-figure price region. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Craig Wright Talks Bitcoin SV with Senior UK Politicians, Says nChain Exec

Rumours are circulating that the main Bitcoin SV (BSV) proponent Craig Wright has been in private talks with members of the UK’s House of Lords. An nChain executive said Wright spoke for the senior British politicians yesterday. Osmin Callis claims that Wright used the opportunity to explain Bitcoin SV’s benefits to the senior legislative house. Those in attendance were reportedly welcoming of his ideas. Did Craig Wright Really Just Shill Bitcoin SV to UK Politicians? Craig Wright is perhaps the cryptocurrency industry’s most controversial character. Whether rightly or wrongly, most in the industry know him firstly as the man who lied about creating Bitcoin. There are many doubters to Wright’s version of events. Those who have studied his claims in detail have discovered various inconsistencies within the story. An overwhelming majority of those interested in cryptocurrency, therefore, refuse to believe Wright could have been integral to the creation of Bitcoin. Wright claims BSV, a hard fork of Bitcoin Cash (itself a hard fork of Bitcoin), is closer to the original vision of Bitcoin than what he calls Bitcoin Core (BTC). His company, nChain, has spent the last few years patenting various ideas relating to blockchain technology. Wright recently claimed in an interview reported by NewsBTC that central banks wanting to create their own digital currencies might benefit from either adopting Bitcoin SV or consulting with nChain. Memorable evening at the House of Lords watching Craig give a rousing speech to a private audience, explaining the benefits of bitcoin to government and society. Great intro from @SebPloetzeneder.They were really warm and welcoming to him and his ideas. When you know, you know. — Osmin Callis (@CallisOsmin) January 30, 2020 If recent rumours are true, it looks like Wright is already talking Bitcoin SV with some pretty powerful people. Business developement manager at nChain, Osmin Callis, claims Wright spoke at the House of Lords last night to private audience. Osmin says that Wright explained the benefits of the cryptocurrency to the unknown audience. The wording of the above tweet strongly hints that those in attendance are members of the UK government. Wright/House of Lords Meeting Still Very Much a Rumour Unfortunately, NewsBTC was unable to find anything in the way of documentation to support Callis’s claims. However, lending some credence to claim is the fact that Wright’s right hand man and fellow Bitcoin SV advocate Calvin Ayre retweeted the above post today. Callis doesn’t give much detail about what supposedly went on at the meeting. She claims Wright spoke to a “private audience” and he explained “the benefits of bitcoin to government and society” to them. She does not, however, elaborate as to who exactly was present. The only other details we have at present are that nChain’s business education and communications manager Sebastian Plötzeneder introduced Wright and that the Lords were “welcoming” to both Wright himself and his ideas. Little more than a rumour at present, NewsBTC will bring further updates on this story as it continues to develop.   Related Reading: This Billionaire Bitcoin Investor Gives 3 Catalysts That Could Send Price Flying Featured Image from Shutterstock. The post appeared first on NewsBTC.

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Last Year’s Top Crypto Market Performers Are Lagging Behind Altcoins in 2020

Last year’s most successful investments in the crypto market are strangely lagging behind the year’s top-performing altcoins thus far. Is this a sign of things to come, or are oversold assets simply correcting more powerfully than assets that have had less overall drawdown? Bitcoin and Exchange Tokens Lag Behind Altcoins in 2020 2019 was the year of the exchange token, led primarily by the native cryptocurrency token of the leading crypto exchange by trading volume, Binance. Binance Coin has among the most utility in the crypto market, offering holders of the asset discounts on trading fees, access to voting privileges, and the ability to buy into new altcoin projects via initial exchange offerings. Related Reading | Exchange-Related Tokens Dominate Crypto ROI Last Year  IEO coins like Matic, BitTorrent Token, and others, went on to be some of the most hyped altcoins of 2019. IEOs, however, have since been demonized, being called “unregulated crypto-casino fundraising mutations” by a former SEC chief, causing them to lose much of the luster they had throughout 2019. The success of Binance Coin has prompted other crypto platforms to launch native utility tokens of their own. The year closed out with Bitfinex’s UNUS SED LEO and Huobi’s token leading the charge as some of the top-performing altcoins of the year last year. But this year, exchange tokens have been underperforming collectively. Bitcoin was also a top performer during 2019, rising in dominance substantially and cannibalizing the altcoins space in its wake. In 2019, a year in which Bitcoin outperformed the majority of alts, exchange tokens were a bright spot, with most returning gains vs. $BTC. In 2020, a year that (so far), has numerous alts outperforming bitcoin, exchange tokens have underperformed (ex. $BNB). pic.twitter.com/VmMhW8FL5r — Ceteris Paribus (@ceterispar1bus) January 31, 2020 Crypto Comeback: Why Alts Are Overperforming the Rest of the Market Come 2020, though, despite Bitcoin rising as much as 30% since the start of the year, it has been underperforming other assets like Ethereum, Litecoin, EOS, and many others in the top ten cryptocurrencies by market cap. Bitcoin and exchange tokens may have crushed altcoins in 2019, but in 2020, it appears that the altcoin market is prepared to make up for lost ground, and will leave Bitcoin and exchange tokens in their dust. The increased performance is likely due to just how oversold and illiquid altcoin markets are currently after two full years of a bear market and drawdown. Altcoins have fallen by as much as 99% in value, so very little buy power can send altcoin prices flying. Still, many alts remain relatively stagnant, including XRP and Stellar. XRP has underperformed the rest of the crypto market top 10, and Stellar’s performance surely hasn’t lived up to the altcoin’s namesake. Related Reading | Ravencoin, HoloChain, and Binance IEO Altcoins Expected To Skyrocket Next Bull Run  The early rise in altcoins could lead to a full-blown alt season where altcoins vastly outperform Bitcoin for a period of time, resulting in massive rallies not only in USD value but BTC value as well. Featured image from Shutterstock The post appeared first on NewsBTC.

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Bitcoin SV Plunges as Founder Admits to Whale Involvement

That Bitcoin SV (BSV) price rally is appearing to hit an end. The fifth-largest cryptocurrency by market capitalization suffered huge losses during the Friday trade as its rate plunged by up to 12.36 percent. The move downhill led Bitcoin SV to establish an intraday low of $261.29. At its monthly best, it was trading at $458.74. Bitcoin SV this Friday was down by up to 43.04 percent from its monthly top | Source: TradingView.com, BitFinex The weak intraday performance was accompanied by a lower daily volume. That itself raised concerns about the absence of trades in order-books that eventually executed the 43 percent crash on Friday. Nevertheless, the price fell towards the support line of what appears to be a newly-forming bull flag (in green). Shooting Your Own Foot The plunge did not appear as a surprise for a cryptocurrency whose price earlier this month had exploded by 374 percent. So it appears, the BSV-to-dollar exchange rate met profit-takers on its way up, which caused to correct rather aggressively. Now, with some gains still left on the table, there is a likelihood that the pair would continue its downside momentum. Part of the reason why it could happen is the possibility of whale-induced manipulation – a scenario wherein traders holding larger-than-expected capital can move an illiquid market in either direction. And, it is not a theory anymore. The reason is Bitcoin SV founder and self-proclaimed Satoshi Nakamoto, Craig Wright, himself. The former Australian pastor admitted in an interview with BlockTV that he knew who exactly pumped the BSV price in January. While he appeared confident about having the knowledge, he forgot that he was somewhat acknowledging how the Bitcoin SV market was under the control of fewer entities. That overall made BSV prone to price manipulation. Coupled with its thin order books and lackluster volume, the factor now serves as a bearish signal to long-term Bitcoin SV investors. More Warning Signals Concerns over a potential Bitcoin SV price manipulation raised further when Timothy Peterson, the author of Metcalfe’s Law as a Model for Bitcoin’s Value, brought focus towards the huge gap between the cryptocurrency’s median transaction value and its retail price. (1/2) The median (middle) transaction value for $BSV is less than 1/10 of one cent. This is an economically meaningless value. Txns have soared to 700k/day, meaning there are hundreds of thousands of fractional cent txns being processed daily…. pic.twitter.com/URIEYZBWSz — Timothy Peterson (@nsquaredcrypto) January 31, 2020 “The only explanation is automated wash trades to inflate $BSV stats and pump price,” he added. “This is what price manipulation looks like.” The post appeared first on NewsBTC.

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Bitcoin’s System is The Only Way to Build Cryptocurrency: Investment Firm Exec

Founder of Morgan Creek Capital, Mark Yusko, believes Bitcoin’s Proof of Work (PoW) consensus is the only viable protocol on which to build a digital asset. In an interview, he discussed why the coin is a “beautiful use case of blockchain,” and why 99% of other coins will eventually go to zero. Proof of Work Only Viable Consensus Mark Yusko – a longtime Bitcoin bull – sung Bitcoin’s praises on the latest episode of RT’s Keiser Report, calling the coin a “beautiful use case” of blockchain. He outlined how the leading cryptocurrency, with its Proof of Work (PoW) consensus, is one of about a dozen coins with real world value and application. Bitcoin aside, Yusko name-dropped Ethereum, Dash, and Monero. Other coins, he said, don’t fit into the same category. While Bitcoin is tried and tested, the majority of the rest are what he calls “crowdsourced venture capital, pre-seed and seed stage deals” with technology that may not work. 99% of these, Yusko said, may go to zero. Bitcoin is better, Yusko – a true maximalist – argued, because of its protocol: decentralized, an increasing hashrate, and a community of miners and users that translate to the coin being a true store of value and medium of exchange. Mark Yusko on Max Keiser’s show discussing bitcoin (source: RT Youtube) Bitcoin Lets You Own a Piece of The Protocol Some traditional fund managers still view Bitcoin as some kind of scam, noted Yusko, as opposed to what he says is truly an evolution of technology. With an increasingly digitized world, Bitcoin will continue to play a fundamental role as a base layer blockchain protocol for “decades and centuries,” he said. But while both Yusko and Keiser Report host Max Keiser agreed that most cryptocurrencies will fail, Bitcoin and about a dozen other PoW cryptocurrencies look to provide an opportunity that’s similar to (but different from) dot-com era tech stocks. “The protocol is the application,” said Keiser, comparing it to the opportunity of buying shares in the concept of email in the 1990s. “With Bitcoin, you have that opportunity. You’re owning a piece of the protocol that’s dominating,”  Yusko replied. Yusko also brought up Berkshire Hathaway vice chairman Charlie Munger, known in the cryptosphere as the person who claimed that Bitcoin trading is like trading in harvested baby brains. Munger’s comments were not particularly a surprise, as Bitcoin is set to have a big impact Munger’s bread and butter: 47% of Berkshire Hathaway’s is in financial services which are being disrupted by these PoW protocols and associated blockchain technology. Yusko concluded the interview by pointing out that investing in technology and innovation has always been the path to long-term alpha:  “Look at the best investors in the world. They overweight innovation and get alpha,” he said. The post appeared first on NewsBTC.

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Telsa Showing Similarities to 2017 Bitcoin, What Happens Next?

Tesla is among the top-performing assets of 2020 so far, and one of the few financial assets that has outperformed Bitcoin and the rest of the cryptocurrency market. Tesla is even showing similarities to that of the 2017 Bitcoin bull run, however, what does this mean for the price per share of the futuristic automaker if it continues to follow the same path? Is Tesla Following The Path of 2017 Bitcoin? Since the moment markets opened in 2020, Tesla has been on an absolute tear, rising from a share price of roughly $421 to a high of $651. Tesla has earned investors who bought at the start of the new year with over 54% return on investment. Related Reading | Tesla is the Greatest Performing Asset In 2020. It Even Surpassed Bitcoin  It is among the few assets that have outperformed Bitcoin for the month, which is up over 30% since the start of the year. The rise in Telsa is being compared to the meteoric rise in Bitcoin, which back in 2017 rose from under $1,000 to as much as $20,000 at the peak. When reviewing the chart, however, the largest similarity is in the fact both assets went parabolic. Data suggests that when a parabolic advance is eventually broken, it often results in a powerful retracement. Retracements reach as much as 80%, as Bitcoin did after the crypto bubble pop. $TSLA feels like Bitcoin in early Dec 17. How would you have played that if you could go back in time? — BambouClub (@BambouClub) January 30, 2020 Better Comparison To Be Made to 2019 Crypto Rally If what happened with the crypto market after Bitcoin’s parabolic advance was broken, Tesla could be looking at a major correction soon enough. But while the similarities between 2017 Bitcoin and current Tesla end at the asset going parabolic. A better comparison could be made to the 2019 parabolic rally Bitcoin made back in April, which took the price of the cryptocurrency from bear market lows around $3,000 to as high as $14,000 at the peak. Both assets can be seen forming an ascending triangle at their “bottoms” then going on a parabolic rally with three phases of mark up. What could come next could end up being the short-term top for Tesla, forcing the hot-to-trot asset to cool its jets for a bit. Bitcoin spent the next six months in a downtrend it is only now potentially breaking free from but is ready to head back into an uptrend according to indicators. Related Reading | Elon Musk Just Dropped the Bitcoin Bomb On Twitter, Again If Tesla drops a similar amount as Bitcoin did in 2019 – a total of 53% from top to bottom of the current cycle – Tesla would fall from the high of $651 back to around $310 per share. This support level also coincides with where the first major mark up phase occurred, which would be a logical place for reaccumulation to occur before the next major uptrend. Featured image from Shutterstock The post appeared first on NewsBTC.

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Extreme Volatility Inbound: Why Today Is Critical For the Crypto Market

Thus far, 2020 has been a stellar year for the crypto market, adding over $70 billion to the total market cap since the clock struck midnight into the new year, thanks to short-term uptrends in Bitcoin, Ethereum, XRP, and the rest of the altcoin market. Bitcoin and the rest of the altcoin market may be gearing up for some extreme volatility starting today, suggesting that today may be the crypto market’s most critical day yet. Big Day for Bitcoin: CME Expiration, Monthly Close, and More Bitcoin is the clear market leader, dominating the rest of the thousands of altcoins across the market by over 65%. As the market leader, it often dictates the direction and performance of other altcoin assets like Ethereum, XRP, Litecoin, and many others. Related Reading | Bitcoin Futures Expiration, Soaring Open Interest Could Signal Major Move Ahead An explosion in volatility is expected in part due to Bitcoin CME Futures contracts expiring today. CME Futures’ expirations in the past have led to large increases in volatility in the days leading up to and following. The first expiration of the year happens today, so extreme levels of volatility are expected. BitMEX Open Interest also continues to rise – another metric that often results in massive price surges in either direction when certain levels are reached. Definitely expecting some fuckery that I won't be able to trade, but will keep a close eye on it. This would be the occasion for majors to retrace a bit too and confirm levels/resistances broken on the way up as support. This would be a real sign of strength and continuation. — Pierre (@pierre_crypt0) January 31, 2020 Ethereum, XRP, and More: All Eyes on Crypto Market Monthly Close Beyond just Bitcoin, the total market and each individual altcoin asset will close the January monthly candle tonight. Bitcoin must close above $9,160 to set a higher on monthly timeframes, so that level will be a key level to watch heading into tonight’s close. The close in other major altcoins such as Ethereum and XRP are also at important resistance levels, and a close above them would signal a return to a bull market for much of the crypto space. This level very well could act as a local top, with the crypto market failing to get above resistance. But even then, after over 40% gains in less than a month, the crypto market could use to cool off, correct, and confirm support at former resistance levels. A retest of support that holds and leads to a retest of this week’s highs would likely give bulls the confidence necessary to finally breach resistance and signal that bulls are back in charge. This entire series of events hinges on tonight’s daily close across the crypto market. Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun  To say that tonight’s close is anything but critical would be an understatement, and whatever happens, could influence the trend for the rest of the quarter. And given a plethora of bullish signals on monthly timeframes, even if the crypto market pulls back, it may be over for bears for quite some time. Featured image by Shutterstock The post appeared first on NewsBTC.

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Miners Accumulating Ethereum at a Rapid Rate May Take ETH to Record High

The Ethereum  (ETH) price could explode to record highs on the backs of an optimistic accumulation behavior. Data provided by cryptocurrency market analysts at Santiment shows that miners are now holding more ETH rewards than they did three months back. At 1.69 million ETH, which roughly equals about $300 million, the cumulative balance of all Ethereum mining pools is now sitting atop a new all-time high. Miners’ ETH holdings are reaching its all-time high | Source: Santiment Maksim Balashevich, the founder of Santiment, wrote in a note that miners’ accumulative strategy tends to show their high confidence level in the project, adding that their hoarding of the token is likely to continue heading into February. He also noted that a price drop could prompt miners to offload their existing holdings onto the spot market. Excerpts: “Major miner sell-offs have often been followed by quick and significant price corrections historically. The last time the network’s miners held on to this much ETH was back in late October of 2019 when a drop below $170 prompted some to offload their holdings. Barring major market volatility this time around, we’re likely to breach this milestone within the next few days.” Ethereum Locking on the Rise Holding Ethereum shows that miners want to speculate on its price rise in the coming sessions. The sentiment follows a boost in the so-called ETH Locking behavior among retail users, caused by the booming “Decentralized Finance” sector – also known as DeFi. In retrospect, investors looking to earn high yields bought Ethereum tokens and locked them inside a third-party app’s reserve for further lending. The DeFi craze picked steam in 2019, with the amount of dollar-denominated funds locked inside a lending wallet increasing from $240 million to $856 million in just a year. Meanwhile, Mr. Balashevich referred to Ethereum’s Mean Age – a barometer to study the cryptocurrency’s inactivity over a timeframe while sitting in a wallet. The analyst found that the number of inactive ETH tokens fell from 54.6 percent to 39.6 percent in just 12 months ending January 2020. “Both data points highlight the same trend – ‘old’ coins remain relatively unutilized, and the share of active coins continues to decrease,” added Mr. Balashevich. “With the explosive growth of ‘ETH locking’ mechanisms and DeFi solutions, this is likely to become the norm in years to come.” Inactivity is Bullish Experts believe that the ongoing DeFi craze is bullish for Ethereum. Noted pseudonymous analyst Crypto Wolf said in a tweet that the ETH price would follow the growth of DeFi projects. ETH locked in DeFi going parabolic. Price will follow, i'm accumulating AF. pic.twitter.com/JjgetnovqN — CryptoWolf (@IamCryptoWolf) January 8, 2020 While it is too early to tell whether or not DeFi will be a success, the Ethereum’s community holding behaviour alone testifies that they are bullish. That includes miners. The post appeared first on NewsBTC.

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Bitcoin Investors Be Aware: Kraken Finds Way to Hack Into Trezor Hardware Wallets

The security research team at Kraken has found a way to hack into the popular Trezor bitcoin hardware wallet. In merely 15 minutes with physical access to the device, the team extracted seeds from the wallet. Only works if hacker has physical access to the wallet According to Kraken Security Labs, breaking into a Trezor wallet is possible through the usage of cheap equipment. By conducting a voltage glitch-based attack, hackers can extract keys from the wallet and therefore withdraw funds from it. “This attack relies on voltage glitching to extract an encrypted seed. This initial research required some know-how and several hundred dollars of equipment, but we estimate that we (or criminals) could mass produce a consumer-friendly glitching device that could be sold for about $75,” the team explained. For a hacker to carry out such an attack, it requires the right equipment and knowledge to break into a hardware wallet. Still, when a hardware wallet is lost, if the private keys stored within the wallet can be extracted, it leaves the wallet vulnerable to theft. Glitching set-up Kraken used to hack into Trezor bitcoin hardware wallet (source: kraken.com) Can it be fixed? The part of the wallet that is triggering this vulnerability is the hardware side. The structure the chip, which according to Kraken is not designed to securely hold data, makes the wallet open to the voltage glitching attack. Kraken Security Labs said: “The attack takes advantage of inherent flaws within the microcontroller used in the Trezor wallets. This unfortunately means that it is difficult for the Trezor team to do anything about this vulnerability without a hardware redesign.” For Trezor, other than integrating redesigned chips in new bitcoin hardware wallets to prevent the attack from happening, there is little the company can do to existing models. There is a way to prevent the attack In an extensive blog post, the Trezor team noted that the entire attack can be mitigated if the user has a strong passphrase. Simply put, by using the passphrase feature on a Trezor device, the hardware wallet can be protected from potential voltage glitch attacks. “It’s important to note that this attack is viable only if the Passphrase feature does not protect the device. A strong passphrase fully mitigates the possibilities of a successful attack,” the Trezor team explained. Bitcoin security is still difficult Security experts encourage cryptocurrency investors to hold onto their private keys through non-custodial wallets and hardware wallets. That way, no one else has access to the funds but the investor. But, individuals that lack basic knowledge around bitcoin and cryptocurrencies in general may not be aware of potential vulnerabilities or consequences of losing private keys. And as such, securely storing bitcoin independently remains a challenging task for newcomers. Kraken also previously published its successful attempt at breaking into a KeepKey device, another popular hardware wallet. The post appeared first on NewsBTC.

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Bitcoin Will Be $8 Trillion Economy by 2030, Top Wealth Manager Explains Why

Bitcoin could become an $8 trillion asset by 2030, according to Andy Edstrom of California-based WESCAP Group. The wealth manager said the cryptocurrency could take away a part of capitalization from all the leading markets. They include gold, shares, fiat, offshore assets, or demonetized store of values like real estates. He added that investors would explore bitcoin also because of its new use-cases as its technology grows in the next decade. Excerpts: “Whether it’s micropayments or similar things enabled by [the] Lightning [Network] or it’s Abra or similar systems whereby you can get synthetic exposure to any asset in the world just by holding bitcoin as collateral. So there’s a lot of upsides.” Bitcoin FOMO 2.0 The statements came after a series of global media coverages called out bitcoin for being the best investment of the decade ending 2019. The period saw the cryptocurrency’s rate journeying from a few cents to $7,100, wherein it’s market valuation even surpassed that of US investment banking giant Goldman Sachs. Entering 2020, bitcoin was among the leading gainers even so mounting global geopolitical and macroeconomic risks kept risk-on sentiments at bay. The cryptocurrency’s move uphill prompted analysts to call it a new form of safe-asset, which investors treated as insurance assets against gloomy macro conditions. Bitcoin lifetime performance | TradingView.com, Coinbase Nevertheless, Mr. Edstrom noted that bitcoin’s major upside in the last decade came on the back of FOMO – a backronym for Fear of Missing Out. The former hedge fund investor cited it as “hyper-bitcoinization” caused by the notorious initial coin offering boom in late 2017, adding that FOMO could happen even in the next bullish cycle. Also, a more researched class of investors could measure bitcoin against expansionary fiscal policies undertaken by governments and central banks around the world. “Either way, the investment thesis of bitcoin is good,” said Mr. Edstrom. Contradictory Analysis The upside sentiments in the bitcoin market have encountered resistance from traditional financial experts. Many of them still see bitcoin as a speculative asset having no underlying value. Jeff Schumacher of BCG Digital Ventures, for instance, said the cryptocurrency’s price might even go down to zero. “I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything,” the top financial analyst said at the sidelines of recently-held World Economic Forum in Davos, Switzerland. Other financial analysts that see bitcoin’s so-called bubble popping in the next decade include legendary investor Warren Buffett, perma-bear economist Nouriel Roubini, and gold bull Peter Schiff. The post appeared first on NewsBTC.

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Bitcoin Actually Declines Off of Political Uncertainty, Bombshell Study Finds

It might not be a good idea to purchase bitcoin as an insurance asset against this year’s nailbiting US presidential election. That is according to a new study that doubts bitcoin’s credential as a safe-haven asset against a mounting political uncertainty. Author Tobias Burggraf, a research assistant at WHU Otto Beisheim School of Management, found that the cryptocurrency’s price goes down whenever governmental risks are high. The report used two class of variables: One that concerned returns of bitcoin over a specific period of time, and the other that measured global political uncertainty (GPU) based on binaries 0 and 1. ‘One’ indicated high uncertainty when they fall within a period of six, three, or one month prior to a federal election. ‘Zero,’ on the other hand, showed low risks. “The correlation between Bitcoin and political uncertainty is negative for all three variables GPU6M, GPU3M, and GPU1M (−0.220, −0.276, and −0.152, respectively), which gives us a first indication of the directional relationship. When political uncertainty goes up, Bitcoin’s return goes down,” – wrote Mr. Burggraf. Anomalies Data that served as the basis to understand bitcoin’s return and GPU came from CoinMarketCap.com and the US Federal Election Commission, respectively. However, the study focused on prices and election data recorded between April 28, 2013, and October 31, 2019. Up until 2018, bitcoin’s volatility was much higher and was subject to a higher degree of price manipulation. It was only after April 2019 that the cryptocurrency started responding actively to global events (the US-China trade war is a prime example). While Mr. Burggraf’s quantile regression didn’t agree with bitcoin’s status as a safe-haven asset, a separate Bloomberg study in August 2019 said otherwise. The global financial news provider found that the cryptocurrency’s correlation with Gold, a traditional hedging asset, reached its highest between April 2019 and July 2019. Bitcoin’s Latest Safe-Haven Act The correlation efficiency between gold and bitcoin touched its four-year high in January 2020. Both climbed almost in tandem after a US-sponsored airstrike killed a top Iranian military commander and led the Middle East on the brink of a serious geopolitical conflict. Prominent market analyst Alex Kruger spotted the growing proximity between the two assets. He saw it as a sign of bitcoin becoming a more macro asset. Excerpts: “Bitcoin is in the process of becoming a macro asset as the market matures. In the meantime bitcoin is also a hedge against the TAIL-RISK of fiat systems collapsing, i.e. a put option on central banks without expiry.” 13/ This is how bitcoin traded the Iran events. Notice the lag. Lag = Opportunity pic.twitter.com/bSK7DxlhRz — Alex Krüger (@krugermacro) January 28, 2020 Mr. Burggrat, though, asserted that historical data did not favor bitcoin as a safety guard against market downturns caused by geopolitical mess-ups. He wrote: “Investors are advised to look for alternatives investments when it comes to hedging against market downturns induced by political risk.” The post appeared first on NewsBTC.

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This Billionaire Bitcoin Investor Gives 3 Catalysts That Could Send Price Flying

Bitcoin has undoubtedly been on a tear over the past 45 or so days. Since hitting $6,400 in December, BTC has surged by almost 50%, hitting a local high of $9,550 on Thursday. According to Mike Novogratz — a Wall Street name who used to be a partner at Goldman Sachs and now heads crypto fund Galaxy Digital — there is a confluence of reasons why Bitcoin will continue higher in the months to come. He conveyed these reasons, or catalysts, in a recent interview with Bloomberg, though he was hesitant to give a BTC price prediction on air. These Things Could Send Bitcoin Price Soaring In 2020 On January 30th, Mike Novogratz, a Wall Streeter-turned-Bitcoin bull, sat down with Bloomberg to talk Tesla, stocks, and BTC. Unsurprisingly, he was bullish on the leading cryptocurrency. His optimism wasn’t unwarranted, though, as he cited an array of reasons why he expects Bitcoin to see price appreciation in the coming months and years. These reasons are as follows. The debasement of fiat money: Novogratz mentioned that the copious amount of liquidity in capital markets, encouraged by low interest rates the world over, and the seeming debasement of fiat money should help Bitcoin, gold too. The idea here is that the potential inflation caused by lax central banks should prove the value of scarce assets, like Bitcoin, whose inflation rate will be cut in half in a few months’ time.  Becoming digital gold: Novogratz suggested that Bitcoin’s maturing into a form of digital gold, a digital store of value investment, could support prices moving forward. He specifically cited the asset’s performance amidst the brief Iran-US war fears and the ongoing coronavirus outbreak. The Galaxy Digital CEO is suggesting that BTC is showing it has investment potential, which could help draw in investors with time. Increasing levels of infrastructure: The investor said that the increasing level of infrastructure in the crypto industry, which he dubbed the “plumbing” of the industry, could help boost Bitcoin. Indeed, there has long been a need for more robust crypto onramps. With the introduction of Fidelity Investments, Bakkt, and other service providers, BTC could see more investment inflows, correlating with higher prices. Related Reading: Tesla is the Greatest Performing Asset In 2020. It Even Surpassed Bitcoin Technical Factors Supportive of BTC, Too It isn’t only the aforementioned fundamentals that may support Bitcoin bulls in the near future. Over the past few weeks, NewsBTC has been chronicling Bitcoin price analyses from prominent commentators. Interestingly, the majority of the accurate commentators are bullish, citing technical factors that back the sentiment that an uptrend is rapidly forming. Fundstrat Global Advisors — a market research firm that has fallen down the crypto rabbit hole — noted in a recent note that the leading cryptocurrency has crossed above the 200-day moving average of its price. This, they claim, is an extremely bullish sign indicating Bitcoin has entered back into a bull phase, for crossing above this technical level gives the cryptocurrency an 80% six-month forward win rate. Bitcoin moved back above its 200-day moving average on 1/27… positive milestone and reinforcing 2020 shaping up to be great year for $BTC #bitcoin – whenever BTC >200D, win-rate (6M forward) jumps to 80% and essentially "re-entering" bull market (>200D)#BTD #bestasset2020 pic.twitter.com/YbpQYHpLaj — Thomas Lee (@fundstrat) January 29, 2020 Also, eerily accurate trader Financial Survivalism said in a recent analysis that BTC recently printed a chart pattern suggesting its price will reach over $11,500 in the coming two or so weeks. Related Reading: Andrew Yang Just Mentioned Crypto, Again. He Says Bitcoin Can’t be Stopped Featured Image from Shutterstock The post appeared first on NewsBTC.

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Are Bitcoin Bulls Finally Giving Up? BTC Shows First Signs of a Big Correction

Bitcoin spiked above $9,400 and $9,500 against the US Dollar. BTC traded to a new yearly high at $9,569 and it is currently showing signs of a downside correction. Bitcoin price is likely forming a short term top near the $9,570 level against the US Dollar. The bulls seem to be losing control, but there are still many supports near $9,260 and $9,150. This week’s crucial bullish trend line was breached with support near $9,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). There could be a substantial correction if the price breaks the $9,260 and $9,150 support levels. Bitcoin Bulls Need To Be Careful Yesterday, bitcoin remained well bid above the $9,200 support against the US Dollar. As a result, BTC extended its upward move above the $9,400 resistance area. The price even spiked above the $9,500 resistance and traded to a new 2020 high at $9,569. However, the bulls fails to remain in action above the $9,500 level. It corrected lower below the $9,500 level, plus the 23.3% Fib retracement level of the recent move from the $9,167 swing low to $9,569 high. More importantly, this week’s crucial bullish trend line was breached with support near $9,420 on the hourly chart of the BTC/USD pair. Therefore, it seems like bitcoin price is preparing to start a downside correction below $9,400. Bitcoin Price An immediate support is near the $9,360 level. It coincides with the 50% Fib retracement level of the recent move from the $9,167 swing low to $9,569 high. The first key support is near the $9,260 level, below which the bears are likely to eye a test of the $9,150 support area. The bulls need to be careful if bitcoin slides further below the $9,150 support. In the mentioned case, there is a risk of a large downside correction below the $9,000 support area. Can BTC Bulls Protect Decline? The recent downside break below the trend line and $9,400 could be false. To restart the current uptrend, the bulls need to push the price back above the $9,480 and $9,500 level. A successful daily close above the $9,500 resistance level will most likely open the doors for a run towards the main $10,000 resistance area. An intermediate resistance might be near $9,850. Technical indicators: Hourly MACD – The MACD is now back into the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is now below the 50 level. Major Support Levels – $9,260 followed by $9,150. Major Resistance Levels – $9,500, $9,850 and $10,000. The post appeared first on NewsBTC.

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Ripple (XRP) Gearing For Lift-Off to $0.30: Bulls Are Not Done Yet

Ripple is slowly rising and it recently climbed above the $0.2400 resistance against the US Dollar. XRP price remains in a steady uptrend and it is likely to continue higher towards $0.3000. Ripple price is trading in an uptrend above $0.2200 and it is likely to hit $0.3000 against the US dollar. The bulls managed to push the price above the $0.2400 resistance area. There is a connecting bullish trend line forming with support near $0.2405 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is well supported on dips near $0.2400 and $0.2320 in the near term. Ripple Price Likely To Continue Higher After testing the $0.2320 support, ripple started a fresh increase. XRP price gained strength and broke the $0.2350 resistance area, while bitcoin fails to continue above the $9,500 resistance area. The recent upward move was such that the price broke the $0.2400 resistance and settled well above the 100 hourly simple moving average. Besides, there was a break above the $0.2410 level and the price traded to a new intraday high at $0.2465. It is currently correcting lower below the $0.2440 level. Ripple is testing the 23.6% Fib retracement level of the recent upward move from the $0.2293 low to $0.2464 high. However, the $0.2400 area is now acting as a strong support. More importantly, there is a connecting bullish trend line forming with support near $0.2405 on the hourly chart of the XRP/USD pair. Ripple Price On the upside, the price is facing a small hurdle near the $0.2450 and $0.2460 levels. The first main hurdle is near the $0.2500 level, above which the price might continue to rise towards the $0.2650 and $0.2720 levels. The main target for the bulls in the coming days could be $0.3000. Chances Of A Downside Correction The previous resistance for ripple near $0.2400 is likely to act as a support. If there is a downside break below $0.2400 and the trend line, the price might extend its decline. The next support is near the $0.2380 level. It coincides with the 50% Fib retracement level of the recent upward move from the $0.2293 low to $0.2464 high. The key support is near the $0.2320 level, below which the price might struggle to remain in a positive zone in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level, with positive signs. Major Support Levels – $0.2400, $0.2380 and $0.2320. Major Resistance Levels – $0.2450, $0.2500 and $0.2550. The post appeared first on NewsBTC.

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Ethereum Smashes $180 To Open Doors For $200: Key Levels To Watch

Ethereum price surged more than 5% and broke the key $180 resistance area against the US Dollar. ETH traded as high as $187 and it is currently correcting gains. Ethereum is showing a lot of positive signs and it recently climbed above $180 against the US Dollar. The price remained well bid above the $170 support and the 100 hourly simple moving average. There is a new bullish trend line forming with support near $182 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is still facing a strong resistance near the $9,500 level. Ethereum Price Targets $200 Yesterday, we discussed the importance of the 100 hourly simple moving average and $170 for Ethereum against the US Dollar. ETH price remained well bid above the $170 support and the 100 hourly simple moving average. As a result, there was a fresh increase above the $175 resistance area. Moreover, there was a break above a connecting bearish trend line with resistance at $174 on the hourly chart of ETH/USD. Ethereum Price Finally, the bulls pumped the price above the $178 and $180 resistance levels. Overall, Ethereum gained more than 5%, while bitcoin price is still facing a strong resistance near the $9,500 level. A new yearly high was formed near $187 and ETH is currently correcting gains. It is testing the 23.6% Fib retracement level of the recent rally from the $170 swing low to $187 high. On the upside, an initial resistance is near the $185 and $188 levels. A clear break above the $188 level could set the momentum for a test of the main $200 resistance area. ETH Dips Supported On the downside, there are many supports for Ethereum forming near the $178 and $180 levels. There is also a new bullish trend line forming with support near $182 on the same chart. Furthermore, the 50% Fib retracement level of the recent rally from the $170 swing low to $187 high is also near the $178 level. Therefore, the price remains well supported on the downside near the $180 and $178 levels. If the bulls fail to defend the $178 support level, there is a risk of a larger downside correction below $175. The main support for the current trend is now near the $170 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level, with a bearish angle. Major Support Level – $178 Major Resistance Level – $188 The post appeared first on NewsBTC.

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Bitcoin May Look Like a “Rocket Ship,” But Investor Euphoria Remains a Problem

Bitcoin (BTC) has been caught within the throes of immense bull-favoring volatility over the past several weeks, which has allowed the cryptocurrency to put significant distance between its recent lows of $6,400 and its current price of $9,500. This upwards momentum has led the crypto’s market structure to grow increasingly bullish, which is leading some analysts and investors to grow euphoric, and even to define the crypto’s macro technical situation as that of a “rocket ship.” It is important to note that this euphoria, however, has led other analysts to grow weary on the cryptocurrency, as times of great optimism amongst investors have been historically followed by notable downside. Bitcoin Sets Fresh 2020 Highs as Investors Eye a Move into the Five-Figure Region  At the time of writing, Bitcoin is trading up over 2% at its current price of $9,500, which marks a notable climb from daily lows of just over $9,000 that were briefly tapped earlier today when the crypto incurred immense volatility. This sharp intraday selloff proved to be fleeting, however, as it was followed by a significant influx of buying pressure that catalyzed the upwards movement that allowed BTC to set fresh 2020 highs today at $9,550. Because the crypto has not yet faced any sharp decline from these recently established highs and is just one day away from its monthly close, its January candle is looking like a “rocket ship” – in the words of popular crypto analyst MoonOverlord. “Daily BTC candle looks like a literal rocketship.” Daily $BTC candle looks like a literal rocketship — moon (@MoonOverlord) January 30, 2020 Will Investor Euphoria Catalyze a Massive Downwards Movement?  Bitcoin is still trading significantly below its 2019 highs of $13,800, and plenty of analysts have noted that there is still a strong possibility that the crypto sees some further downside before it gains a firm foothold within the coveted five figure price region. Teddy – a well-respected crypto analyst on Twitter – explained that the euphoria amongst BTC investors at the present moment could spell trouble for where it trends next. “My only concern here is euphoria, I hate euphoria… Historically when people are: – Over the moon – Making too much money – Predicting insane targets… Sentiment gets murdered with a nasty huge red candle, making everyone contemplate their own existence and IQ,” he cautiously noted. My only concern here is euphoria, I hate euphoria Historically when people are: – Over the moon– Making too much money– Predicting insane targets Sentiment gets murdered with a nasty huge red candle, making everyone contemplate their own existence and IQ$BTC pic.twitter.com/Qrdiv5ywhQ — Teddy (@TeddyCleps) January 30, 2020 How the markets trend in the coming few days and weeks should provide some insight into just how significant the 2020 Bitcoin rally will be for the crypto’s future price action. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Ethereum Has Yet to Post a Strong Bottom; Are Fresh Lows Imminent?

Ethereum (ETH) has been moving in tandem with Bitcoin as of late, with BTC’s bullishness allowing the cryptocurrency to put significant distance between its 2020 lows and its current price levels. It is important to note that although ETH appears to have gained a solid foothold within the $170 region, the cryptocurrency has been struggling over a multi-year period to establish any type of long-term bottom. Because of this, one analyst is noting that he believes Ethereum could soon see further downside that potentially leads it to set an even lower-low. Ethereum Moves Towards $180 as Bitcoin Hovers Just Below 2020 Highs  At the time of writing, Ethereum is trading up just under 1% at its current price of $177, which marks a notable climb from its daily lows of $172 that were set yesterday morning. The gradual climb seen by ETH over the past day has allowed it to slightly outperform Bitcoin, and it does appear to be attempting to set a fresh 2020 high. Over a one-week period, Ethereum’s firm and unwavering uptrend has grown increasingly clear, as the crypto has been able to put significant distance between its recent lows of $155 that were set last Thursday. In the near-term, analysts are noting that ETH is likely to rally up towards $180, with its short-term momentum being bolstered by significant support that exists between $160 and $170. HornHairs, a prominent cryptocurrency analyst on Twitter, spoke about these levels in a recent tweet, explaining that he does believe ETH will soon test its recently established yearly highs. “ETH update: Didn’t manage to snag $172, caught the first S/R flip on the bounce though after seeing the beauty of a setup BTC painted last night. Targeted equal highs here on ETH as well,” he said while pointing to the targets seen on the below chart. $ETH update: Didn't manage to snag $172, caught the first S/R flip on the bounce though after seeing the beauty of a setup BTC painted last night. Targeted equal highs here on ETH as well. pic.twitter.com/r5GPQjV0lT — HornHairs (@CryptoHornHairs) January 30, 2020 Has ETH Yet to Establish a Long-Term Bottom?  DonAlt – another popular cryptocurrency analyst on Twitter – explained in a recent tweet that ETH’s macro lows may not be established yet, as the cryptocurrency’s bottom attempts over a multi-year time period have grown increasingly weak. “ETH: Somehow the ETH bottom attempts are getting weaker, not stronger. There is a chance this is the bottom but I think it’s pretty minuscule. Reclaim the ‘not bad’ trading range and I’ll change my tune. Hard to ignore that this isn’t a bullish chart, not yet anyway,” he explained while pointing to the below chart. $ETH Somehow the ETH bottom attempts are getting weaker, not stronger.There is a chance this is the bottom but I think it's pretty minuscule.Reclaim the "not bad" trading range and I'll change my tune. Hard to ignore that this isn't a bullish chart, not yet anyway. pic.twitter.com/L14Xf7AexR — DonAlt (@CryptoDonAlt) January 30, 2020 Although Ethereum may see some tempered gains in the near-term, its mid-to-long term outlook still appears to be bleak as it struggles to establish a macro bottom. Featured image from Shutterstock. The post appeared first on NewsBTC.

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These Factors May Push Bitcoin Halving Forward by Weeks

In the cryptocurrency industry at least, it’s pretty widely understood that the Bitcoin halving is due to take place in May 2020. However, that might not actually be the case. Surging hash rate and recent mining difficulty adjustments mean that miners will solve remaining blocks quicker than expected. Some analysts are now eyeing the end of April for the big day. Bitcoin Halving Already Way Ahead of Schedule Satoshi Nakamoto designed the Bitcoin network to add new blocks around every 10 minutes. However, they knew that as more miners deployed hardware on the network, the time taken to find new blocks would decrease. To ensure that more powerful hardware could not simply speed the process up, Nakamoto added automatic adjustments, making it more difficult to guess a hash when miner competition is high on the network. When the network has a small amount of computing power deployed on it, blocks are relatively easy to find. As more hashing power works the network, the difficulty increases. Miners are currently adding so much hashing power to the Bitcoin network that the difficulty adjustments are struggling to keep pace. This means new blocks of transactions join the blockchain faster than every 10 minutes. The halvings take place around every four years – based on this 10 minutes per block idea. More accurately, they take place every 210,000 blocks. Many halving countdowns and estimations put the date at some point in mid- to late-May. However, the rate with which miners are adding new blocks has already pushed this forward. Crypto asset exchange Binance has its own countdown to the halving. It forms its an estimate using on-chain data, resulting in higher accuracy. At the time of writing, Binance estimates the halving will take place in just over 93 days. That places the event on May 3 – considerably earlier than previously estimated. Will the Halving Actually Arrive Even Earlier? The Bitcoin hash rate hit another all-time high today. With miners continuing to add new hardware to the network, some analysts believe the halving will actually take place even before Binance’s estimate. Prominent cryptocurrency proponent Armin van Bitcoin is amongst them. In the following tweet, he estimates that the event will actually take place in April. At the rate we are going with difficulty increasing 5% and hashpower reaching new ATH, #bitcoin halving might just happend end of April. — A v B (@ArminVanBitcoin) January 30, 2020 Others have held this view for even longer. Twitter user Hodlonaut observed that the rapidly increasing hash rate would likely make for an early halving back in September. The way hashrate is accelerating, the halving will happen in April 2020, not May. — hodlonaut (@hodlonaut) September 10, 2019 As NewsBTC has reported many times before, numerous cryptocurrency observers expect the halving to have a positive impact on price. In fact, one popular theory, by cryptocurrency analyst Plan B, estimates that the post-halving period could see Bitcoin reach highs about $400,000 each. Judging by the rate miners are finding new blocks, we’ll find the 2020 Bitcoin halving’s impact a little sooner previously thought.   Related Reading: Bitcoin Gains in 2020 Beat S&P 500’s in 2019, But Bulls Don’t Look Done Featured Image from Shutterstock. The post appeared first on NewsBTC.

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This Overlooked Factor Suggests Bitcoin May Soon See an Insane Crash

Bitcoin and the aggregated crypto markets are currently entering a bout of sideways trading that comes just days after the massive rally that sent BTC to highs of $9,500 occurred. The market structure that has developed as a result of the consistent gains seen by Bitcoin throughout 2020 highly favors bulls and has led many analysts to believe that the crypto could soon see significantly further upwards momentum. In spite of this widespread optimism, there is one largely overlooked factor that could spell trouble for where Bitcoin trends next. Bitcoin Begins Consolidating as Open Interest Balloons At the time of writing, Bitcoin is trading up marginally at its current price of $9,350, which marks a slight decline from its recent highs of $9,500 that were set at the peak of the recent rally. It is important to note that although BTC is currently trading down slightly from its recently established 2020 highs, the crypto has been able to maintain above its previous year-to-date highs of $9,250 over the past 48 hours. Holding above this level is certainly a bullish sign, and it does appear that traders are anticipating the markets to see further volatility in the near-term, which is elucidated while looking at BTC’s rapidly growing open interest. “Mex OI at $1B,” Hsaka – a popular cryptocurrency analyst on Twitter – said while referencing the Bitmex OI chart seen below. Mex OI at $1B.$BTC pic.twitter.com/A80CyPqEH0 — Hsaka (@HsakaTrades) January 30, 2020 Open interest refers to the amount of outstanding unsettled positions on a specific asset, with rapid climbs in OI typically being associated with traders anticipating intense volatility. Could BTC’s OI Signal That Massive Losses Are Inbound?  Historically, massive growth in Bitcoin’s open interest has not been a bull-favoring event, with the majority of OI growth to over $1 billion resulting in major selloffs for Bitcoin. Jacob Canfield, another prominent cryptocurrency analyst on Twitter, spoke about this in a tweet from earlier this week, telling his followers that movements past the $1 billion threshold have historically been followed by big selloffs. “Open interest on #bitcoin is currently at $943 million. Every time we’ve hit $1 billion we’ve seen a pretty big sell off. Let’s see if this time will be different,” he explained. Open interest on #bitcoin is currently at $943 million. Every time we’ve hit $1 billion we’ve seen a pretty big sell off. Let’s see if this time will be different. — Jacob Canfield (@JacobCanfield) January 28, 2020 It is still too early to tell whether or not Bitcoin’s massive climb in OI will be the catalyst that sparks the next selloff, but it is one factor that should be closely watched by investors in the near-term as it may have a notable impact on BTC’s price action. Featured image from Shutterstock. The post appeared first on NewsBTC.

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Bitcoin Gains in 2020 Beat S&P 500’s in 2019, But Bulls Don’t Look Done

Bitcoin (BTC) has started 2020 in fine style. Based on a numerous different factors, analysts believe these gains will continue too. The leading crypto asset by market capitalisation traded at around $7,250 at the start of the year. Just 30 days later, a single Bitcoin costs more than $9,300. Bitcoin Trumps S&P 500’s 2019 Gains in Just 30 Days After being crowned the most profitable investment of last decade, Bitcoin has continued to please investors going into 2020. The market capitalisation of the digital asset has increased by around 30 percent in last 30 days alone. To put that into perspective, the S&P 500 achieved 29 percent gains over all of 2019. According to a report in the New York Times, last year was also one of the best ever years for the US stock market. Cryptocurrency podcaster and partner at Morgan Creek Digital Assets Anthony Pompliano pointed out the comparable gains of the two markets over the vastly different time periods: The S&P 500 was up 29% in 2019, which marked one of the best years ever for the stock market. Bitcoin is already up more than that just in the month of January. — Pomp (@APompliano) January 30, 2020 Can BTC Gains Continue? With Bitcoin posting such impressive numbers to start the year, a sense of bullishness has returned to the crypto asset industry. Discourse has largely shifted from “finding bottoms” to “high how can this thing go”. Much of the excitement revolves around the upcoming Bitcoin halving. The supply of new coins hitting the market will drop from 12.5 to 6.25 this May. Many industry analysts are looking at the upcoming halving as a driver for higher prices. Previous Bitcoin halving events have indeed seen dramatic price gains. As NewsBTC has reported previously, gains have typically occurred both before and after the event itself. A popularly-cited study into the impact of halving on scarcity and price puts the next bull cycle’s top as high as $400,000 per Bitcoin. Analyst Plan B bases these findings on previous price action surrounding past halvings. Various metrics appear to be lining up that suggest its more than just those on Twitter that are bullish. Google searches for the terms “buy Bitcoin” and “Bitcoin halving” are spiking. This has typically occurred during previous large bull markets too. DATA: Could Bitcoin be about to go parabolic? “Buy Bitcoin” just reached a 7 month high, a score of 9 on Google searches. Last time it reached this score: Nov 2013 – Bull TopMay 2017 – Parabolic Run UpJune 2019 – Medium Term Top Could there be a parabolic run-up next month? pic.twitter.com/zc47mLaZXH — Bloqport (@bloqport) January 24, 2020 Similarly, corporations are investing heavily in mining infrastructure. The Bitcoin hash rate, a measure of computing power supporting the network, reached a new all-time high today. With mining equipment being expensive to buy, operate, and maintain, the deployment of such hashing power shows clear optimism from the mining industry. The #Bitcoin hash rate JUST HIT a new ALL-TIME-HIGH! A whopping 123,011,832 TH/s!!! The $BTC fundamentals are screaming for a huge bull run leading into the halving! BULLISH!! pic.twitter.com/HB6JLSy6V0 — The Moon (@themooncarl) January 30, 2020 Perhaps most bullish of all is the fact that BTC holders seem more numerous and stronger than ever. NewsBTC recently reported on the fact that more than 12 million of the total Bitcoin supply has not moved in more than a year. Huge numbers of investors held their Bitcoin through the summer price run up and down again to around $6,600. This suggests that Bitcoin price has a large and committed support base of believers. With huge numbers of the total supply hoarded away and the new supply hitting the market due to drop dramatically, the perfect storm for another Bitcoin bull market might well be brewing.   Related Reading: Craig Wright Interview Has All Warnings of a Full Bitcoin SV Breakdown Featured Image from Shutterstock. The post appeared first on NewsBTC.

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Why Tomorrow’s Monthly Close In Bitcoin Could Be Its Most Critical Yet

In financial markets, high timeframes are the most important when it comes to technical analysis and influence on the overall trend. The same is true for Bitcoin, and all eyes are on tomorrow’s January monthly candle close. Depending on how and at what price point tomorrow’s candle closes, it could determine Bitcoin’s trend for the next year or more, suggesting that tomorrow night’s daily and monthly close could be the crypto asset’s most significant yet. Bitcoin Monthly Close Is Most Critical Yet Bitcoin may have bottomed in late December 2019 at a low of $6,400. It started the new year and January 2020 off with another test of $6,800 but has since rallied over 40% to over $9,500 at the current local high. Related Reading | Bitcoin Price Just Surged Past $9,500 as Traders Predict a Supercharged Rally However, more upside appears to be ahead, especially if bulls can close tomorrow night’s monthly candle above $9,158, according to prominent crypto analysts FilbFilb. A close above that level would be a new higher high on monthly timeframes, the first box checked that a new uptrend is forming. The second requirement is a higher low, which has yet to be put in yet following a higher high. Bitcoin closes the Month tomorrow. A close above $9158 prints a higher high on the monthly close for the first time since June 2019. There is also a bullish cross on the MACD above zero. Difficult to have a bearish argument tbh. pic.twitter.com/At3D0tDWmk — fil₿fil₿ (@filbfilb) January 30, 2020 But that’s not the only bullish factor to consider, according to the analyst. The MACD is crossing over the zero line suggesting that an uptrend is forming and picking up in strength. Additional Factors Suggest Bull Run is Beginning The analyst is among the most respected across the crypto industry, famously calling the price level of Bitcoin’s bottom based on miner cost of production, and recently called the local bottom at $6,400 based on this same metric. However, there are even more bullish factors beyond what the analyst is pointing out. In addition to the MACD turning upwards, Stochastic, another trend measuring indicator, is also beginning to turn upward on monthly timeframes, as is the Relative Strenght Index. Bitcoin is also holding above the mid-Bollinger Band, which could result in a retest of the upper band currently at $11,500. If Bitcoin closes above even $8,500, it would be a confirmation of a morning star pattern based on Japanese candlestick formations, which is a powerfully bullish reversal structure. Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun All of these signs suggest that a new bull run is about to begin, but it all hinges on tomorrow night’s monthly candle close. To say that the close is critical is an understatement, as it could be the deciding factor between a new bull market in 2020 or yet another year of bear market. All eyes will be on Bitcoin price charts tomorrow night. Will the cryptocurrency close above $9,200 and signal a higher high on monthly timeframes? Let us know in the comments below. The post appeared first on NewsBTC.

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“USA to Lead” Innovation in Crypto and Blockchain: CFTC Chairman

Heath Tarbert, U.S. Commodities Futures Trading Commission (CFTC) chairman, wants the U.S to lead the world in crypto assets and blockchain innovation. The cryptocurrency advocate also expects his agency to oversee ETH futures within six months to a year. CFTC All in on Crypto In an interview with Bloomberg, Tarbert discussed the current state of the crypto asset industry from his perspective as a top financial watchdog. He said he wants the U.S. to take the lead when it comes to crypto assets and blockchain, and encourages innovation in the nascent industry: “I want the United States of America to lead in this.” This echoes comments made in December, where Tarbert stressed that whoever takes the lead is going to “end up writing the rules of the game.” Ethereum Futures on the Way, What About XRP? Tarbert also discussed the regulatory future of Ethereum, saying that futures for the second-largest crypto are in the pipeline: “Certainly, we’ve seen Bitcoin futures, cash-settled as well as physically-delivered. My guess is that we are going to see ETH futures as well.” As reported by NewsBTC , Tarbert said to expect these ETH futures to come to market “in the next six months to a year.” Under Tarbert’s leadership, the CFTC is aiming create a regulated crypto futures market that investors will be able to “rely on” for better “price discovery, hedging and risk management.” This potential addition of ETH to the current Bitcoin futures offerings will not only attract market players who are interested in crypto but want an alternative to buying and holding the coins directly – it’s also likely to help bring in institutional investors wary of the hysteria surrounding volatility in the crypto market. When it comes to XRP, the third-largest cryptocurrency, it’s unclear what role the CFTC might play with regards to regulation and/or derivative offerings. Tarbert said the coin could be classified as a security by the Securities and Exchange Commission (SEC). However, he added that situation is still not clear, and that the crypto asset could be still considered a commodity, thereby in the CFTC’s jurisdiction: “Part of the issue is our jurisdiction we share with the SEC. If it’s a security, it falls under their jurisdiction. If it’s a commodity, it falls under ours. So we’ve been working closely with the SEC over the last year or so to really think about which falls in what box.” Although some enthusiasts believe that regulation goes against the decentralized philosophy cryptocurrencies are built on, Tarbert thinks that proper regulation of crypto derivatives will help bring legitimacy and “create a [larger] market for digital assets.” The post appeared first on NewsBTC.

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Bitcoin Price Just Surged Past $9,500 as Traders Predict a Supercharged Rally

Bitcoin price just smashed through resistance at $9,400 that has served as a top for the last few days and surged past $9,500 briefly on the cryptocurrency exchange Binance. With crypto investors expecting a supercharged rally to follow a break of the key resistance level, Bitcoin is expected to push higher from here. Will bulls fully reclaim $9,500 and hold it as support? Or is this level too strong for bulls to overcome? Bitcoin Price Surges Above $9,500, Can Bulls Hold Above Key Level? Bitcoin price just surged above $9,500 briefly on Binance, a price not visited since the first week of November 2019. The resistance level dates back to late September when Bitcoin price broke down from a descending triangle, pushing the price further into a multi-month downtrend and toward a low of $6,400. Related Reading | Historical Data Shows Bitcoin’s Low For 2020 is Already In At $6,800 After $6,400 was reached, and held as support, Bitcoin has rallied as much as over 40% in more around 40 days of an uptrend. The rally also isn’t showing any signs of stopping, and tomorrow night’s monthly close could result in a full-blown reversal if a new higher high is set on monthly timeframes. This all hinges on a monthly close above $9,200 – a level that Bitcoin price is now sitting well above. Multiple rejections from $9,400 couldn’t push the price per BTC lower than $9,200 showing that bull shave been fully in charge. But as soon as Coinbase Pro went down for maintenance this afternoon starting at Noon EST, bulls stepped in even harder, driving Bitcoin up past $9,500 where it is currently struggling to get above. Levels to Watch for Bullish Breakout in Crypto Market A break back above $9,500 will surely result in a retest of $10,000, and a break above there could spell the end of four-digit Bitcoin forevermore and signal that the new bull market is here. Above that, Bitcoin will need to reclaim $14,000 where it was rejected in late June, resulting in the recent downtrend. Beyond that level, Bitcoin price could retest its former all-time high set back in 2017 at $20,000, and above that sky is the limit. While influencers like John McAfee may be backtracking on bold predictions that BTC could reach a million dollars apiece, other models suggest that this number is very attainable for the cryptocurrency. Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun  The top of the next bull market is projected to be as high as $100,000 per BTC, but only time will tell if such targets are reached. But first, $9,500, and $10,000 must be breached for bulls to have a chance to break free from the tight grasp bears have had over crypto for the last two years. Featured image from Shutterstock The post appeared first on NewsBTC.

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Ethereum Pattern Points To Further Underperformance, Despite Bitcoin Rally

The altcoin market recently caught fire after its total market cap and individual crypto assets like Ethereum, Dash, and Litecoin began popping off and breaking through their downtrend resistance lines. It resulted in over 50% returns in just over a month, however, according to the ETH/BTC trading pair, Ethereum may be poised for continued underperformance against Bitcoin. And with Ethereum often being a leading indicator for the rest of the altcoin market, Bitcoin dominance may continue to rise further causing altcoins to continue to bleed out. Ethereum to Underperform Against Bitcoin For Foreseeable Future Following Bitcoin and Ethereum’s side-by-side meteoric rise into stardom, both assets corrected significantly, resulting in an over 80% drawdown for Bitcoin and a 90% decline for Ethereum– along with a two-year-long bear market. As the two assets dropped, Ethereum fell harder than the first-ever cryptocurrency, wiping out a larger percentage of value from its market cap from all-time high prices. Related Reading | This Surprising Cryptocurrency May Hold Clues to Bitcoin and Ethereum’s Final Bottom As the crypto market began to rebound in early 2019, Ethereum and the rest of the altcoin market continued to underperform against the leading cryptocurrency by market cap. That underperformance looks to continue into 2020, according to one crypto analyst, who sees very little probability in Ethereum’s bottom being in on the ETH/BTC trading pair. $ETH Somehow the ETH bottom attempts are getting weaker, not stronger.There is a chance this is the bottom but I think it's pretty minuscule.Reclaim the "not bad" trading range and I'll change my tune. Hard to ignore that this isn't a bullish chart, not yet anyway. pic.twitter.com/L14Xf7AexR — DonAlt (@CryptoDonAlt) January 30, 2020 According to the analyst, each bottom attempt ETH makes against BTC has gotten weaker and weaker, not stronger, suggesting that more downside may be ahead. Has ETH/BTC Bottomed, or Is More Downside Ahead for Altcoins? While the analyst doesn’t rule out that the bottom could be in, he believes the chance is “pretty minuscule.” The only thing that would get the analyst to consider a bullish alternative, is Ethereum reclaiming the “not bad” trading zone between 0.43 and 0.25 on the ratio. While Bitcoin had fallen from $20,000 to $3,000, Ethereum had also fallen from $1,400 to $80. But at the same time, Ethereum had been trading at 0.125 on the ratio against Bitcoin but has fallen significantly to just 0.016 at the low. Altcoins like Ethereum and many others have continued to bleed out against Bitcoin, but BTC dominance has been showing signs of potentially reversing, suggesting that altcoins could soon recover. Related Reading | Ethereum, XRP Set For More Devastation According to BTC Dominance  But with Ethereum often leading the charge for altcoins alongside other big ten cryptos like Litecoin and XRP, its chart showing weakness against Bitcoin could indicate that alts have more to suffer before they catch up to their crypto big brother. Has the number two cryptocurrency by market cap bottomed against Bitcoin? And is the crypto market ready for a new bull run? Let us know in the comments below. Featured image from Shutterstock The post appeared first on NewsBTC.

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10 Factors Confirm a New Crypto Bull Market Has Officially Begun

Disbelief may be keeping crypto investors from realizing what’s going on right under their noses: Confirmation that a new bull market has begun. Here are a total of ten exceptionally bullish factors that indicate a new crypto bull run has begun. A New Crypto Bull Market Is Officially Here Two full years of a bear market has left crypto investors scorn and beaten down, which has mentally conditioned the market to expect more downside regardless of where their long term beliefs toward Bitcoin and altcoins may lie. When markets experience a full cycle, bull markets turn from irrational exuberance and hope to bear markets where fear and anger dominate. As things turn bullish once again, investors are often left in disbelief, assuming that any upside is merely a sucker’s rally waiting to get swatted back down by bears. It occasionally causes them to miss out on the bull market forming right under their noses and miss out on the greatest possible financial opportunity. That may be happening in recent weeks, according to ten factors that are now confirming the existence of a new bull market on monthly timeframes across the crypto market. 10 Factors Confirming Bulls Are Back in Charge When looking at the total crypto market, as calculated by TradingView, there are ten, clear bullish factors confirming a new bull market. Click for a full-sized version The crypto market cap is setting a higher-high on monthly timeframes. A higher-high is confirmation of an uptrend when combined with a higher-low. A higher-low is all that’s needed next to confirm the uptrend. The monthly closing at current levels confirms a morning star candlestick pattern. This pattern is commonly a reversal pattern in Japanese candlesticks. Certain analysts believed that geometry and time were major factors influencing price. W.D. Gann was one of these traders and developed tools to help analysts make predictions where support and resistance may lie. The entire downtrend was locked below the red, highest angle Gann fan zone, however, price has now pushed above this line. The breakout of Gann fan resistance also was accompanied by a break of the downtrend line formed from the top point where the market was rejected at $390 billion. Parabolic SAR, an indicator created by technical analysis pioneer J. Welles Wilder, was never breached to the downside during the downtrend, suggesting that the uptrend from the lows of $3,000 was never invalidated. The market has also reclaimed the mid-Bollinger Band line, a bullish signal. The crypto market broke above it in June 2019, but failed to hold initially, falling below it in November 2019. But the bottom put in around December 2019 has caused the market to rebound back above the mid-BB. Holding above the line is extremely bullish and should result in a retest of the upper Bollinger Band. Other indicators are also pointing to a bull market. The Relative Strength Index, a trend measuring tool, has started to point upwards again. The MACD on monthly timeframes is also beginning to turn up. When the blue line crosses above orange, the strength of the uptrend will increase significantly. Even the MACD histogram passing above the zero line supports the theory that the crypto market has bottomed and is officially about to start the next bull market. Finally, Stochastic is also beginning to turn upward, indicating the trend is picking up in strength. Like the MACD, when the blue line crosses above the orange line, bullish momentum will increase and carry the crypto market to new all-time highs. The post appeared first on NewsBTC.

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