Bitcoin (BTC) Stuck Around 4,000, But Analysts Expect a Drop as Upwards Momentum Fizzles

The crypto markets are experiencing a relatively quiet Friday as Bitcoin continues to trade sideways in a tight trading range between $4,000 and $4,100. This stability should not fool traders, however, as analysts expect BTC to drop in the near future as its upwards momentum begins to fade.
If Bitcoin is unable to garner more buying pressure as the markets head into the weekend, it is likely that Bitcoin will drop back into the upper-$3,000 region.
Bitcoin (BTC) Stuck Below $3,900 
At the time of writing, Bitcoin is trading up less than 1% at its current price of $4,040. Throughout this week, BTC has firmly established $4,100 as a level of resistance, as it has unsuccessfully attempted on multiple occasions to break above this price level.
Importantly, however, Bitcoin has established $4,000 as a level of support, as it has bounced after touching this price. Despite this, the true test of Bitcoin’s current strength remains in its ability to advance above $4,200, which was established as a key resistance level last month.
Although the lack of upwards momentum does seem negative, Luke Martin, a popular cryptocurrency analyst on Twitter, recently noted that he is only bearish on BTC in the short-term if the crypto begins tepidly moving towards stronger resistance levels above $4,100.
“If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term. Unless you are a short term day trader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful,” he noted.

If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I'll consider being bearish short term.
Unless you are a short term daytrader flipping your outlook between 4400 and 2k after a red 30 minute candle isn't too helpful. pic.twitter.com/gAIhviwYXy
— Luke Martin (@VentureCoinist) March 21, 2019

Historically, the crypto markets have been more prone to making large price swings during weekend trading sessions, which means that traders may gain more insight into where BTC is heading next over the next couple of days.
Analyst: Bitcoin Likely to Drop Back into Upper-$3,000 Region in Near-Future
Because Bitcoin is not expressing any signs of significant technical strength at the moment, unless it is able to make a large upwards push in the near future, it may soon drop back into the upper-$3,900 region.
The Cryptomist, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, setting a target for BTC at $3,900.
“$BTC Mentioned couple days ago we will see movement for yesterday price action. We dropped and bounced of candle support as RSI support failed. We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range,” she explained.

$BTC
Mentioned couple days ago we will see movement for yesterday price actionWe dropped and bounced of candle support as RSI support failed We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range pic.twitter.com/bclvVRlZqy
— The Cryptomist (@TheCryptomist) March 22, 2019

If the crypto does drop back below $4,000, this level will likely be further solidified as a strong psychological level of resistance, which may prove to be increasingly difficult to break above.
Traders and analysts alike will be closely watching to see how the markets respond to their current price levels during the weekend.
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Report: Bitcoin and Crypto Markets More Regulated Than Widely Thought

There is a common motif within the crypto markets that the advent of “do-no-harm” regulation would allow for an influx of institutional, corporate, and public funds that will help propel Bitcoin and other cryptocurrencies higher.
Despite this, a recent report conducted by Bitwise Asset Management explains that the nascent markets are actually significantly more regulated and surveilled than widely known, while also importantly noting that the actual trading volume on many major exchanges is significantly lower than reported.
Are the Crypto Markets Actually Regulated Presently?
The report, which was published and conducted by Bitwise – a crypto asset management firm – came about after the firm submitted a Bitcoin-based ETF application to the Securities and Exchange Commission (SEC) and offers an in-depth look at many of the major topics currently surrounding the new and quickly evolving crypto industry.
In a section of the report titled “The Bitcoin Market Is More Regulated and Surveilled Than Is Commonly Understood,” Bitwise explains that the crypto markets are in fact regulated – in a certain regard.
“We are not implying that bitcoin spot exchanges are ‘regulated markets’ or that they are on an equal legal status with national securities exchanges or futures exchanges, but rather that the…exchanges highlighted earlier interface with other forms of regulation,” the report stated.
One such form of regulation that Bitwise notes exchanges are currently interfacing with is the FinCEN requirement that crypto exchanges register as Money Services Business (MSB), a requirement that has been in place since 2013. As a MSB, exchanges are subjected to a plethora of strict regulatory requirements.
Furthermore, the exchange also notes that exchanges who offer their services to users in the state of New York are required to acquire a BitLicense, which mandates that exchanges comply with a significant number of regulatory requirements that ensure safety for customers.
Report Claims that 95% of Bitcoin Trading Volume is Artificially Created
Another key portion of the report offers an interesting set of data regarding the veracity of the trading volume on major crypto exchanges.
“We will demonstrate…that approximately 95% of this…volume is fake and/or non-economic in nature, and that the real market for bitcoin is significantly smaller, more orderly, and more regulated than commonly understood,” the report explains.
Bitwise then elucidated the results of a test they applied to the top 81 exchanges by trading volume – which entailed using trade size histograms, volume spike analysis, and spread patterns – to determine the veracity of the exchange’s trading volume.
Shockingly, the conclusion is that of the top 81 exchanges, only ten of them – including Binance, Coinbase, Kraken, Bittrex, Poloniex, Bitfinex, Bitstamp, bitFlyer, Gemini, and itBit – had predominantly genuine trading volume.
When considering this data and Bitwise’s conclusion that 95% of the total Bitcoin trading volume is artificially created, it shines a light on just how much room Bitcoin, and the crypto markets as a whole, have to grow.
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Prominent Analyst: Bitcoin (BTC) is Likely to Surge to 400k, Does This Mean the Bottom is in?

Bitcoin’s price action over the past year and a half has been quite the rollercoaster, with many investors incurring nearly instant wealth in late-2017, followed by tremendous losses for those who continued to hold their Bitcoin or other crypto investments.
Despite this, those who held and are still holding are doing so either because of a fundamental belief in the technology, or at the very least a belief that the markets will eventually surge back to, or above, their previously established all-time-highs.
That being said, recent comments from a prominent analyst about the potential Bitcoin’s price has to surge significantly higher will certainly be reassuring for embattled crypto investors who have been discouraged by the recent market conditions.
Bitcoin (BTC) Drops to $4,000 as Support Level is at Risk of Being Broken
At the time of writing, Bitcoin is trading down over 1% at its current price of $4,015, just a hair above its recently established support level at $4,000.
Yesterday, Josh Rager, a popular cryptocurrency trader on Twitter, explained that the lack of buying pressure above $4,000 is likely to lead BTC’s price to $3,500, which may be reached soon if the crypto’s bulls are unable to keep Bitcoin’s price above $4,000.
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.

$BTC Weekly Chart
Gandalf is holding $BTC below the mid $4,200 level
Bitcoin shall not pass the current resistance
So my target for the next drop has an aim at previous support near mid $3,500s pic.twitter.com/BGUWMmAl4V
— Josh Rager (@Josh_Rager) March 20, 2019

Naeem Aslam, the chief markets analyst at Think Markets U.K., recently spoke about the importance of the $4,000 level, noting that it will set the trend for which direction the markets head next.
“Questions are being asked constantly when it comes to Bitcoin’s battle with the $4000 mark. The result of this battle sets the tone for a bullish or bearish trend,” he explained, further noting that this price level has become a “matter of death or life for crypto traders.”
Could Bitcoin Surge to $400,000 Next?
Although Bitcoin’s instability around its current price levels does seem to be significant in the short term, in the long term it may be very insignificant, as Aslam believes that BTC could eventually surge as high as $400k.
“I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run,” he bullishly explained.
Keeping that in mind, for traders who are waiting to buy the bottom, the risk / reward ratio simply doesn’t make sense.
Ryan Selkis, a popular figure within the crypto industry, spoke about the absurdity of trying to purchase a bottom when there is such a massive potential upside for BTC in a recent tweet.
“I’d be extremely surprised if the bottom wasn’t in for this $BTC bear market. If you’ve been on the sidelines, what are you waiting for if not now? If you’re a long-term bull, the 5 year EV is 25-50x, and you’re going to wait to time an entry that’s 20% more attractive?” He noted.

I'd be extremely surprised if the bottom wasn't in for this $BTC bear market.
If you've been on the sidelines, what are you waiting for if not now?
If you're a long-term bull, the 5 year EV is 25-50x, and you're going to wait to time an entry that's 20% more attractive?
— Ryan Selkis (@twobitidiot) March 21, 2019

As the market’s price action continues to unfold, traders and investors should keep in mind the massive potential Bitcoin and the entire markets have to surge significantly higher in the next few years.
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Report Claims Bitcoin and Altcoin Correlation Slowly Fading, Could This be a Sign of a Maturing Market?

The volatile price action in the crypto markets over the past year and a half has proved to investors that despite each major altcoin having (mostly) unique features and use-cases, their prices are still extremely influenced by the overall market price action, and especially that of Bitcoin.
Now, a recent research report conducted and published by cryptocurrency exchange Binance gives a significant amount of insight into how correlated various cryptocurrencies are with Bitcoin, other altcoins, and the US Dollar, and highlights an interesting trend developing in the first few months of 2019 and over the past year.
Altcoin to Bitcoin Correlation Slowly Fading
The report, which was released March 20th by Binance Research, takes a deep dive into the correlations between multiple time periods and multiple cryptocurrencies in terms of returns, and highlights the “elements that may influence the strength and direction of these correlations.”
Analysts and investors alike have long viewed the notoriously high correlation between nearly all cryptocurrencies as a sign of the market’s immaturity, as only seldomly do individual altcoins move on their own accord regardless of the overall market conditions.
The report importantly notes that the correlation of returns between various altcoins and Bitcoin over the past three months has been fading significantly.
“The correlation of cryptoasset returns based on BTC prices (i.e., Bitcoin-adjusted returns), highlights significantly lower correlations among cryptoassets relative to correlations among the same coins in USD returns,” the report explains.
With this in mind, it does, in fact, appear that the 2018 Bitcoin price crash – which sent virtually all cryptocurrencies spiraling downwards – has led to a lower correlation amongst cryptocurrencies – especially in terms of monetary returns – which could mean that future price cycles (including both bull runs and bear crashes) will not cause the entire markets to move as one, with individual altcoins moving on their own accord. If this trend continues to develop, then this would be a sign of a rapidly maturing market.
Furthermore, although the Bitcoin / altcoin correlation has been fading significantly over the past three months, the trend actually started last year following the crypto market crash.
“Correlations of cryptoasset returns in BTC terms in late 2018 were much lower compared to late 2017,” the report explains.
Altcoin to USD Return Correlation Increasing 
Although most cryptos are slowly beginning to move on their own merit, separate from how Bitcoin moves, their returns in terms of USD have been gradually increasing.
“Correlation between cryptoasset returns in USD terms actually increased when comparing the same two periods,” the report explains, adding that this correlation has “coincided with the rise of stablecoins pair dominance during 2018 and is in line with the overall decline in the contribution of BTC pairs to total industry trade volume.”
The entrance of a myriad of new stable coins into the crypto markets has had an obvious effect on the market dynamics, as traders are no longer forced to trade altcoins against Bitcoin.
As more exchanges offer direct USD trading pairs, and more stable coins enter the markets, it is likely that trading altcoins against Bitcoin will become increasingly rare, which will likely perpetuate the current return decorrelation trend, which could ultimately help the markets grow in maturity and reduce the magnitude of market movements.
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As Bitcoin (BTC) Nears Historic Bounce Levels, Could the Crypto Winter Be Coming to an End?

Bitcoin has now firmly established its position in the low-$4,000 region, which was previously a strong resistance level for the crypto. Although this current stability is certainly positive for investors, BTC has, on multiple occasions, spiraled downwards after long bouts of involatile trading.
One analyst is now pointing out that Bitcoin is approaching a historic bounce level, which could mean further gains in the near-future are imminent.
Bitcoin (BTC) Trades Sideways Above $4,000
At the time of writing Bitcoin is trading up nominally at its current price of $4,070 and is up slightly from its daily lows of $4,030. Ever since BTC pushed above $4,000 last Friday, the cryptocurrency’s upwards momentum has stalled, leading it to trade in an incredibly tight trading range around its current price levels.
In late-February, Bitcoin swiftly pushed up to $4,200 before incurring significant selling pressure that brought its price back down to $3,800, which validated $4,200 as a strong level of resistance.
Josh Rager, a popular cryptocurrency trader on Twitter, discussed the strength of the $4,200 resistance level in a recent tweet, explaining that he does not believe BTC will be able to break above it any time soon, which means to drop to $3,500 could be inevitable.
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.

$BTC Weekly Chart
Gandalf is holding $BTC below the mid $4,200 level
Bitcoin shall not pass the current resistance
So my target for the next drop has an aim at previous support near mid $3,500s pic.twitter.com/BGUWMmAl4V
— Josh Rager (@Josh_Rager) March 20, 2019

Bitcoin Hits a Historic Bounce Level, Could a Crypto Market Surge be Imminent?
Although Bitcoin may now be pressing up against strong resistance levels, its volume is also resting at a historic bounce level, which likely means that increased volatility is right around the corner.
Crypto Thies, a popular analyst on Twitter, discussed this, noting that he expects the crypto to continue upwards, as this bounce level is typically followed by a decent price swing. Despite this, he also notes that the one factor that is going against BTC’s bulls is the lack of any sell climax so far.
“$BTC Volume MA (on bottom) is at historic bounce levels on the 1W. Volatility incoming. Confident in continuation to upside, although positioned to be fine in event of price dump. Always prepare for best and worst case. 1 bear thought I have, is a lack of sell climax thus far,” he explained.

$BTCVolume MA (on bottom) is @ historic bounce levels on the 1W. Volatility incoming.
Confident in continuation to upside, although positioned to be fine in event of price dump. Always prepare for best and worst case.
1 bear thought I have, is a lack of sell climax thus far pic.twitter.com/hmpWojyRiN
— Crypto Thies (@KingThies) March 19, 2019

Assuming that Bitcoin is able to build a greater level of buying pressure at its current prices, than there is a high likelihood that a move upwards will occur in the near future.
As the crypto markets enter the weekend, it is likely that they will see increased levels of volatility that stems from the lower-than-average trading volume.
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JPMorgan Executives Flip Bullish on Crypto After JPM Coin Release

It’s no secret that the executives sitting at the top of JPMorgan Chase – one of the largest banks in the world – are not the biggest fans of Bitcoin and other similar cryptocurrencies.
Although the bank’s distain towards the nascent technology initially appeared to be genuine – and possibly rooted in fear – it now appears that they are, in fact, bullish on the tech – as long as they are the ones controlling it.
JPMorgan Executive: Crypto Innovators Still Have to Use Traditional Banks
Although one selling point of decentralized cryptocurrencies is that they allow individuals to side-step the traditional banking system, and therefore avoid the sheer amount of inefficiency and cost that can be associated with traditional financial systems, one JPMorgan executive is quick to point out that crypto companies still have to use traditional banks.
In a recent interview with CNBC’s Squawk Box, Ron Karpovich, the Global Head of eCommerce Solutions at JPMorgan Chase, explained that the traditional banking system is so intertwined with the world presently that there is no true way around avoiding it, further adding that payments are not the most profitable industry.
“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players,” he explained, further affirming the imperative role that big banks play in payments.
Furthermore, while responding to a question regarding how far the ecommerce industry is from using crypto to facilitate payments, Karpovich explained that he believes blockchain – the technology that underpins cryptocurrencies – will be used to facilitate payments behind the scenes, but that it won’t have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,” he noted, adding that the consumer impact will be cheaper fees and slightly quicker transactions.
What Caused JPMorgan to Flip Bullish on Crypto?
The recent news regarding the bank’s foray into the crypto industry with the introduction of their JPM Coin was quite surprising to the crypto community, as Jamie Dimon, the CEO of the bank, is notoriously anti-crypto.
One of the show’s hosts asked Karpovich about his bosses’ anti- crypto sentiment, to which he responded claiming that there is a difference between utilizing blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he explained, avoiding directly confronting Dimon’s previous comments about crypto.
Although large financial institutions entering the industry is not surprising to many crypto advocates, it is symbolic of a bigger movement of financial institutions recognizing the potential benefits that digital currencies could ultimately have on the existing financial system.
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Analyst: 4,000 is a Critical Level that Bitcoin Must Defend, Or Else Significant Losses Could be Imminent

Bitcoin (BTC) has now firmly planted itself in the low-$4,000 region and appears to be increasingly building relative levels of support at the ever-so-important psychological price of $4,000. Despite this, the cryptocurrency still faces resistance levels around $4,200, which may prove to be a difficult price level to break above.
Although $4,000 was only turned into a region of support recently, one prominent analyst is now claiming that this is a key level that BTC must hold above, as a drop below would open the gates to significantly further losses.
Bitcoin Gains Some Upwards Momentum After Trading Sideways Around $4,000
At the time of writing, Bitcoin is trading up just under 1% at its current price of $4,060. BTC has thus far been able to find some levels of stability at its current price, but earlier this month it experienced a sharp rise, followed by a plummet, that validated $4,200 as a strong level of resistance.
DonAlt, a popular cryptocurrency trader on Twitter, recent shared his thoughts on Bitcoin’s current price action, noting that he’s expecting a “big move” soon, with an upwards price target set at around $4,500, and a lower target set at $3,500.
“$BTC update: Watching paint dry is more exciting than watching this. I think we’ll be getting a pretty big move soon. If it’s to the upside I’d expect 4.5k~ If it’s to the downside I’d expect 3.5k~ I’d much rather short an up move or long a down move than trade here,” he explained.

$BTC update:
Watching paint dry is more exciting than watching this.I think we'll be getting a pretty big move soon.
If it's to the upside I'd expect 4.5k~If it's to the downside I'd expect 3.5k~
I'd much rather short an up move or long a down move than trade here. pic.twitter.com/NwhMcWXqqM
— DonAlt (@CryptoDonAlt) March 19, 2019

DonAlt further explained in a separate tweet that he sees increased tests of both resistance and support levels as equating increased weakness of those levels, which may be the reason why BTC finally broke above $4,000 – as it was pushing up against this price level for several weeks – and may also mean that it is imperative that bulls do not let BTC sit at $4,000 for too long.
“Most people become more and more confident the more often support/resistance holds. For me it’s the opposite, more tests equal increasing weakness. Buyers/Sellers can only buy/sell so much until they run out,” he explained.

Most people become more and more confident the more often support/resistance holds.For me it's the opposite, more tests equal increasing weakness.Buyers/Sellers can only buy/sell so much until they run out.
People that are certain something will happen usually end up broke.
— DonAlt (@CryptoDonAlt) March 19, 2019

Analyst: $4,000 a “Life or Death” Price Point for Bitcoin
When considering DonAlt’s comment regarding the gradual weakening of both support and resistance levels, it becomes apparent that $4,000 will likely continue to be an important price for the cryptocurrency in the long-term.
Naeem Aslam, the chief markets analyst at Think Markets U.K. recently spoke to MarketWatch about the importance of this price level, notably calling $4,000 a “life or death” price region for crypto traders.
“Since Dec. 14, 2018, there have been several battles between bulls and bears at the price level of $4K. In each. bulls have lost the war because after the first attack at the $4K level the bears have been able to gain enough strength to push the price back below this critical mark,” he said.
Traders and analysts alike will gain greater insight into how Bitcoin responds to being above this price level as the week continues to drag on.
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Could the Emerging Markets be Playing a Role in the Bitcoin (BTC) Bear Market?

As the Bitcoin (BTC) and crypto bear market persists, investors are growing increasingly keen on discovering what events could be holding the markets down, and what events could act as a catalyst for a widespread market recovery.
Now, one notable Bitcoin bull is now claiming that the 2018 bear market was the direct result of overall weakness in the emerging markets (EM), and that growing strength in the EM will lead the crypto markets to surge in the year ahead.
Bitcoin (BTC) Incurs Growing Fundamental Strength
At the time of writing, Bitcoin is trading down marginally at its current price of $4,030 and is up significantly from its weekly lows of just over $3,800.
Analysts have long claimed that $4,000 was a key level of resistance for Bitcoin, so its ability to break and hold above this price level is certainly a positive development for the cryptocurrency.
Despite this, it is important to note that earlier this month BTC surged to $4,200, where it incurred a significant amount of selling pressure that sent its price spiraling downwards. It is likely that this price level will be the next significant region of resistance that the crypto must break above.
Regardless of the less-than-ideal market conditions, there have been multiple positive developments that could have large and lasting impacts on the entire crypto industry in the years to come. Some of these include the launch of Fidelity’s cryptocurrency custody solution, as well as the Bakkt platform – which is expected to launch in the near future.
Furthermore, regulatory authorities in the United States are continuing to express a balanced and well-reasoned approach to regulating the nascent markets, with the SEC Chairman, Jay Clayton, recently offering an affirmation his colleagues’ previous stance on the non-securities status of Ethereum, and further claiming that his agency intends to take an approach to the markets that “fosters responsible innovation.”
“Overall, I believe we have taken a balanced regulatory approach that fosters responsible innovation in this area, while also protecting investors and the markets,” Chairman Clayton explained in a recent letter regarding the application of federal securities laws to digital assets.
Could the Emerging Markets Really Have an Impact on Bitcoin?
Although there is undoubtedly growing fundamental strength in the cryptocurrency markets, it remains unclear as to whether or not the persistence of the current bear market can be attributed to anything more than mere trading psychology.
Tom Lee, a notable Bitcoin bull who has infamously made some very inaccurate and sanguine price predictions about the crypto markets, is now claiming that the Emerging Markets (EM) have played a role in the 2018 crypto market downturn, and that they will now help BTC surge in the year ahead.
“Earlier this year, we noted the ‘macro’ factors such as rally in risk assets plus USD no longer surging are tailwinds 4 $BTC… Chart shows EM in 2018 pulled down $BTC. Notice especially how #bitcoin tried to diverge in late 2018 but ultimately succumbed,” he explained.

CRYPTO (1/2): earlier this year, we noted the “macro” factors such as rally in risk assets plus USD no longer surging are tailwinds 4 $BTC #bitcoin
Chart shows EM in 2018 pulled down $BTC. Notice especially how #bitcoin tried to diverge in late 2018 but ultimately succumbed. pic.twitter.com/kWoPXYctOf
— Thomas Lee (@fundstrat) March 17, 2019

Lee further claimed that if Bitcoin is able to “catch up” to the aforementioned macro factors, it will likely surge to between $10k and $20k in the year ahead.
“Natural question is how much implied upside #bitcoin to ‘catch up’ to macro. S&P 500+small-cap rally  since 12/24 is >2 std dev. 1-std dev for $BTC is +185% gain. ‘Catching up’ to equities implies $10k-$20k. NOT OUR BASE CASE. Just highlighting macro tailwind,” he noted.

CRYTPO (2/2): natural question is how much implied upside #bitcoin to “catch up” to macro.
S&P 500+small-cap rally since 12/24 is >2 std dev.
1-std dev for $BTC is +185% gain. “Catching up” to equities implies $10k-$20k.
NOT OUR BASE CASE. Just highlighting macro tailwind. pic.twitter.com/p67FDNGmI3
— Thomas Lee (@fundstrat) March 17, 2019

Although this is simply one possibility, Lee’s price prediction may actually be accurate for once if the global markets continue to express strength in 2019, and if that strength has a positive influence on nascent markets, like crypto.
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Analyst: Recent Bitcoin (BTC) Rallies Have Coincided with Fresh Bitmex Quarterly Futures

Bitcoin was recently able to surge above its previous level of strong resistance around $4,000, but BTC has not incurred any significant buying pressure since climbing above this price level. It currently remains unclear as to whether or not this former resistance level will now flip to become a level of support, which would be the best case for the cryptocurrency.
One analyst recently pointed to an interesting trend, where the start of new Bitmex quarterly futures coincide with Bitcoin price jumps, which may give traders greater insight into the reasons behind what otherwise appear to be random price movements.
Could Bitmex Quarterly Futures be Influencing Bitcoin (BTC) Price Action?
At the time of writing, Bitcoin is trading down marginally at its current price of $4,030, down from its recent highs of nearly $4,100. It appears that in the near-term, BTC is now forming a fresh trading range between $4,000 and $4,100, which may persist as the new week begins.
Although many traders look towards technical analysis to justify price movements in the crypto markets, there may be other, more subtle, events that are having a tremendous influence on the market’s price action.
Luke Martin, a popular cryptocurrency analyst, explained in a recent thread of tweets that empirically, BTC price pumps have coincided closely with the start of fresh quarterly futures contracts on popular cryptocurrency exchange Bitmex.
“$BTC move started right after new Bitmex quarterlies started trading… Identical pattern to previous two events highlighted in the thread. Mark this on your calendars going forward as it’s clearly an event the market is paying attention to. Beautiful,” he explained.

5/ $BTC move started right after new Bitmex quarterlies started trading.
Identical pattern to previous two events highlighted in the thread. Mark this on your calenders going forward as it's clearly an event the market is paying attention to.
Beautiful. pic.twitter.com/SPUE6T3Tim
— Luke Martin (@VentureCoinist) March 16, 2019

Could Bitcoin be Gearing Up for a Big Upwards Price Swing?
Although it still remains unclear as to whether or not recent price moves in the crypto markets are the result of fundamental events – like the Bitmex futures contracts – or due to technical reasons, another popular crypto analyst recently pointed to growing fundamental strength as a possible catalyst for another upwards price surge.
“BTC 3D is riding/holding above the 20MA on the [Bollinger Bands] for the first time since end of 2017 Bull Trend,” Crypto Thies noted in a recent tweet.

$BTC 3D is riding/holding above the 20MA on the ⁦@bbands⁩, for the first time since end of 2017 Bull Trend
pic.twitter.com/wL7dGBr7hG
— Crypto Thies (@KingThies) March 17, 2019

As the next week begins it is likely that traders and analysts alike will gain greater insight into whether or not growing fundamental strength will be enough to push Bitcoin’s price higher and to establish $4,000 as a new level of support.
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Analyst: Ethereum (ETH) Likely to Surge Towards 200 as Entire Crypto Markets Pump

After a bout of sideways trading in the cryptocurrency markets, Bitcoin and other major cryptos have been able to garner an influx of buying pressure that has sent them climbing today. Ethereum (ETH) is one major cryptocurrency that has been able to climb today, but it is facing growing resistance around its current price levels.
Despite this resistance, one analyst still has a target set for Ethereum around $200, which is significantly higher than its current price of $143.
Ethereum (ETH) Faces Fresh Resistance Level Around $144
At the time of writing, Ethereum is trading up over 3% at its current price of $142.5. Earlier today, ETH surged to highs of $144 before being swiftly pushed down its current price levels, signaling that this price is likely a fresh level of resistance.
Despite this, UB, a popular cryptocurrency analyst on Twitter, recently explained that it is imperative that ETH closes above $139 today in order for further gains to be possible, as a close below this price would open the gates for further losses.
“$ETH – Waiting on the daily close before taking a position… A close below ~$139 would be key for me to enter into a short position… $115 is still an area of interest for me if there’s downside,” he explained.

$ETH – Waiting on the daily close before taking a position.
A close below ~$139 would be key for me to enter into a short position.
$115 is still an area of interest for me if there's downside. #Ethereum pic.twitter.com/M9UC64ufqa
— UB (@CryptoUB) March 16, 2019

Analyst: ETH Still Likely to Target $200 in Near Future
Ethereum’s recent price action may be quite bullish from a long-term perspective, as DonAlt, another popular cryptocurrency trader on Twitter, recently explained that he is targeting $200 for ETH in the near-future.
“$ETH: When I opened my swing ETH long at $100 a month ago I targeted $200. My macro view is still the same, expecting far higher prices… I’ve been bearish for the last three weeks, that has changed with recent PA & this S/R flip. If I get stopped out I’ll try again lower,” DonAlt explained.

$ETH :
When I opened my swing ETH long at $100 a month ago I targeted $200.My macro view is still the same, expecting far higher prices.
I've been bearish for the last three weeks, that has changed with recent PA & this S/R flip.If I get stopped out I'll try again lower. pic.twitter.com/xvH8ohfjq9
— DonAlt (@CryptoDonAlt) March 15, 2019

If the crypto markets, led by Ethereum, are able to continue surging as the weekend drags on, it will likely set a positive tone for the week ahead, and could lead Ethereum to climb as high as $200, which would validate DonAlt’s technical analysis.
Traders should look towards Bitcoin for guidance as to where the markets are heading next, as it is critical that BTC is able to maintain above $4,000 in order for further gains to be possible.
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Prominent Academic: Bitcoin and Crypto Not True Currencies Until They Can Establish Stability

There’s no question that by-and-large most academics and professors aren’t the biggest fans of Bitcoin and crypto in general, but it remains unclear as to whether or not their biases will change as the nascent technologies evolve.
In a recent interview, one prominent Yale professor shared his thoughts on cryptocurrencies, and expressed some unique ideas regarding the trends surrounding ledger-based decentralized currencies and the demand for a store of value outside the traditional banking system.
Professor: There is a Demand for Currencies Outside of the Banking System, Could Bitcoin be the Solution? 
William Goetzmann, a professor at Yale and a Pulitzer Prize recipient who is an expert on the history of finance, shared his thoughts on cryptocurrencies in a recent interview, and offered an opinion on the quickly evolving technologies that is seldom seen within the high-brow academic circles.
Although Goetzmann initially expressed a cautious sentiment towards Bitcoin, noting that there are several fundamental risks currently inherent to the technology, he further expressed that there is a demand for a way of transferring or storing value outside of the global banking system.
“I suspect there is a demand for a way of transferring and storing value outside of the purview of the global banking system, but just how to figure out the fundamental value is quite a challenge,” he explained.
Crypto May be Harkening Back to Ancient Forms of Currency 
Another interesting thought expressed by Goetzmann was that some ancient forms of currency were strikingly similar to modern forms of cryptocurrency.
“In ancient times, some of the money actually resembled today’s cryptocurrency in the sense that it was all based on accounts, a ledger. There’s no physical Bitcoin; you can buy, sell, and trade Bitcoin with other people, but it’s really an accounting transaction more than anything else,” he noted.
Although there are hints of excitement in his tone, he further added that in order for Bitcoin to be a true form of currency, it must have greater levels of stability so that it can be a reliable store of value.
“There are a few basic things any currency has to fulfill. It has to be a store value. It has to be a unit of account. It has to be a method of transferring value. With Bitcoin, because it fluctuates so much, it’s not a particularly good store of value… Until it overcomes that particular feature, it’s not a great currency.”
As the crypto markets continue to evolve and garner greater levels of stability, the case against Bitcoin being a true currency will be shattered, as it will then fulfill all of the aforementioned base requirements of a currency.
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Bitcoin Grinds Higher, But BTC Faces Critical Hurdle as it Nears Key Resistance Level

Bitcoin has been able to climb somewhat higher after finding relative levels of support in the low $3,900 region. Although its ability to maintain stability is certainly positive, BTC is getting closer and closer to the ever-so important $4,000 level, which could mean that significant volatility is on its way.
Analysts are now expressing a somewhat cautiously bullish sentiment when it comes to the cryptocurrency, as it is showing some bullish signs, but must soon face an important hurdle at the $4,000 level.
Bitcoin Stable Above $3,900, May Soon See Increased Volatility
At the time of writing, Bitcoin is trading up roughly 1% at its current price of $3,960. BTC has been slowly creeping higher over the past several days and recovered the stability it recently lost after it climbed to $4,000 before swiftly dropping to $3,900 yesterday.
Mati Greenspan, the senior market analyst at eToro, recently spoke to MarketWatch about Bitcoin’s current state, explaining that the cryptocurrency’s trading volume is higher than usual, but is down from its recent highs.
“Bitcoin remains rather flat, still trying to break through the interim resistance at $4,000. The crypto rally may have lost some of its momentum, as volumes across exchanges do seem to be tapering off from their recent highs but remain elevated just under $30 billion per day,” he explained.
Chonis Trading, a popular cryptocurrency analyst on Twitter, recently pointed out that Bitcoin has been able to close above the middle of two tightening Bollinger Bands, but refrained from making any predictions.
“$BTC – another daily candle closed above the middle of a tightening BB… bitcoin dominance 51% and over $10Bill in daily volume which is higher than average.”

$BTC – another daily candle closed above the middle of a tightening BB….#bitcoin dominance 51% and over $10Bill in daily volume which is higher than average
pic.twitter.com/dUWqTFjFwi
— Chonis Trading (Crypto Mentor) (@BigChonis) March 15, 2019

Analyst: Bulls Have a Growing Chance of Gaining Control After Recent Failed Sell Signal
Because Bitcoin has garnered some bullish momentum after experiencing the aforementioned volatility yesterday, one analyst believes that BTC’s bulls may have a change of gaining control over the crypto in the near future.
Mr. Anderson, another popular cryptocurrency analyst on Twitter, discussed why the bulls may have a chance to push the crypto higher in a recent tweet, saying:
“$BTC H1 – The best Buy signals are often failed sell signals. $BTC followed it’s best “Darth Maul” impression w/ Bullish action… H1 gave a cpl “momentum before price” signals. Stoch is in the go zone currently… Supply will dictate the move as always. But, Bulls have their chance.”

$BTC H1
The best Buy signals are often failed sell signals. $BTC followed it's best "Darth Maul" impression w/ Bullish action
H1 gave a cpl "momentum before price" signals. Stoch is in the Go zone currently
Supply will dictate the move as always. But, Bulls have their chance pic.twitter.com/bc9agSeBm0
— Mr. Anderson (@TrueCrypto28) March 15, 2019

Traders and analysts alike are closely watching how Bitcoin responds to the upper-$3,900 region and the lower-$4,000 region, as these price levels have proven to be strong areas of resistance in the past and will likely continue to be unless bulls can muster up a significant amount of buying pressure in the near-future.
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Winklevoss Twins: Crypto Hype at SXSW Offers Investors a Bullish Case for the Markets

Ever since Bitcoin and the entire crypto markets went spiraling downwards in late-2017 and early-2018, investor’s sentiment has grown to be strongly linked to price action, and as such, the sentiment of most neophyte investors that have been burned by the persisting bear market remains in the gutter.
Despite this, the sheer amount of hype and excitement surrounding the nascent markets and technologies at the on-going South by Southwest (SXSW) conference in Austin, Texas, may be a signal that excitement for the markets is still flowing through the veins of investors, regardless of how well various cryptocurrencies are trading.
Winklevoss Twins: Interest in Crypto is at a Tipping Point 
Cameron and Tyler Winklevoss – the founders of the popular cryptocurrency exchange Gemini – have sat at the forefront of all noteworthy crypto-related discussions at the SXSW conference, and recently discussed the notable revelations stemming from the revered and highly publicized conference.
One of the many interesting sections of the Medium post written by the twins is titled “Interest is at a tipping point,” and explains how the packed house, combined with the level of audience engagement, signals that investors are still incredibly engaged with the technologies and the industry as a whole, regardless of whether or not the markets are offering them colossal returns.
“Look no further than the packed house we saw from the stage —the energy and excitement around crypto’s future was palpable — money has a future. Perhaps more importantly, the level of engagement and thoughtful questions posed by the audience on topics such as stablecoins, mining, financial disruption, scalability, and others, demonstrates that cryptocurrency is in fact no longer a fringe technology,” they explained.
Because the technology’s user base is growing by leaps and bounds, it does seem as though the markets may be seeing the first glimpse of true maturity, which is typically found in markets that have constant, stable growth, paired with an enthusiastic user-base.
Will the Crypto Winter Lead to Increased Innovation? 
There is a widely held belief that bear markets are actually the best market conditions to grow a business in, as it requires companies and projects to buckle down and focus on innovation, rather than simply chasing dollars at the cost of innovation.
The twins elaborated on this sentiment in the blog post, explaining that the quality of projects being developed has never been higher.
“In times like 2017, when mania overshadows discipline, everything seems like a good idea. Today, the quality of projects and entrepreneurs pursuing them has never been higher. We are all forced to make thoughtful decisions and trade-offs, which we believe will ultimately lead to better results for our industry as a whole,” the Winklevoss brothers bullishly noted.
As the industry continues to grow, and projects – like Gemini – continue to improve the ecosystem, it is likely that the markets will eventually follow suit and catch up to the industry’s developments.
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Could Bitcoin (BTC) Be Mirroring Its November 2018 Pre-Crash Price Action?

Over the past couple of weeks Bitcoin has been caught in an incredibly tight trading range between roughly $3,900 and $4,000, with strong resistance existing at the latter price point. Earlier today, BTC saw increased levels of volatility, but it has since stabilized back to the lower-$3,900 region.
One analyst is now pointing out that Bitcoin’s current price action is looking strikingly similar to that which was seen in early-November just prior to BTC’s price crash that sent it from over $6,000 to nearly $3,000.
Bitcoin Experiences Slight Levels of Volatility Before Stabilizing Above $3,900 
At the time of writing Bitcoin is trading up marginally at its current price level of $3,930 and is up from its daily lows of slightly below $3,900. Earlier today, BTC experienced some slight levels of volatility after it quickly climbed to nearly $4,000 before being swiftly rejected and falling to below $3,900. It has since stabilized back to its current price levels.
Recently, analysts have been pointing out that the cryptocurrency’s recent price action is nearly identical to that seen in early-November of 2018, where BTC traded sideways at roughly $6,400 for an extended period of time before plummeting to lows of $3,200.
Moon Overlord, a popular cryptocurrency analyst, recently pointed this out, concisely stating that the crypto’s current price action is “feeling very similar [to] before the drop from 6k.”

Bitcoin price action feeling very similar before the drop from 6k no?
— Moon Overlord (@MoonOverlord) March 14, 2019

Moon Overlord further asserted his postulation that the crypto is trading in a very similar way to how it was during last November, highlighting the similarities in the two charts.

$BTC mirror world, times almost up pic.twitter.com/F8em6QQd7E
— Moon Overlord (@MoonOverlord) March 14, 2019

Assuming that it is replicating its previous price action and a further price drop is inevitable, then BTC will likely face increased selling pressure in the very near future.
Analysts Growing Increasingly Bearish on BTC 
Other prominent analysts have recently asserted generally bearish views on Bitcoin, with would support Moon Overlord’s theory that Bitcoin may be currently gearing up for a large drop similar to that seen in late-2018.
Jani Ziedins of the CrackedMarket blog shared his thoughts on Bitcoin while speaking to MarketWatch, pointing to the strong resistance at $4,000 as one possible reason the cryptocurrency may soon see further losses.
“Bitcoin is still doing a lot of nothing as it seems stuck under $4k resistance. In the opposite move to the broad market, a trade that refuses to rebound will eventually tumble lower,” he explained.
Ziedins further asserted that one negative headline relating to the crypto industry or Bitcoin in particular could be all it takes to lead its price to plunge lower.
“Buyers are not interested in pushing BTC any higher and that means all we are doing is waiting here until the next negative headline comes along and knocks us lower. What seems low is giving every indication it wants to keep going lower.”
Assuming that Bitcoin is currently mimicking its November 2018 price action, then it is inevitable that the cryptocurrency will soon see a sudden influx of massive selling pressure – but until this occurs, the theory remains nothing more than a possibility that traders should be aware of.
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QuadrigaCX Imbroglio Takes a Turn After Widow Claims CEO Mixed Personal and Company Funds

The crypto community has been sitting at the edge of their seats watching the complex and nuanced situation surrounding the now defunct QuadrigaCX exchange unfold. Recently, news broke that Big Four Auditing Firm, Ernst & Young (EY), had discovered that the exchange’s cold storage wallets were nearly entirely empty, which came as a surprise to many hopeful victims of the exchange.
Now, however, the situation has grown in complexity after the widow of QuadrigaCX’s now deceased co-founder and CEO, Gerry Cotton, claimed that he was mixing his personal funds with company funds in an effort to make customers whole during a previous legal battle with a bank.
QuadrigaCX’s Troubles Began Far Before CEO’s Death
Although the crypto community first grew aware of QuadrigaCX’s illiquidity following Cotton’s death earlier this year, a recent statement from his wife and the executor of his estate, Jennifer Robertson, elucidates that the exchange’s troubles began long before his death.
“While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen,” Robertson explained in a recent statement to CoinDesk that was sent by law firm Stewart McKelvey.
Her statement comes just a few weeks after court-appointed auditing firm Ernst & Young discovered that the cold wallet addresses associated with the exchange were empty, which dispelled the rumor that the stem of the exchange’s problems was simply a lack of access to user’s funds.
Furthermore, as NewsBTC previously covered, an investigative report published on the Zerononcense Blog has claimed that Cotton may have been moving up to 600,000 Ethereum (ETH) from cold storage and into a plethora of exchanges.
“Based on the transaction analysis included in the report, it appears that a significant amount of Ethereum (600,000+ ETH) was transferred to these exchanges as a means of ‘storage’ during the years that QuadrigaCX was in operation and offering Ethereum on their exchange… it is very possible that QuadrigaCX, the creditors, and other entities are unaware of this discovery,” the Zerononcense Blog report explained.
Do the Exchange’s Victims Have a Chance of Recovering Their Lost Funds?
If it is true that Cotton had been transferring hundreds of thousands of ETH into accounts held at various cryptocurrency exchanges, and these funds can be tracked, then there is a possibility that the victims of QuadrigaCX’s illiquidity may be able to recover some, or all, of their lost funds.
Robertson further affirmed in her statement that her main goal is to is to give affected users the greatest chance of recovering their lost assets.
“Following my husband, Gerald (Gerry) Cotten’s sudden and unexpected death, I arranged for the CCAA process to start by providing the initial funding and agreeing to act as a director of the Companies. The goal from the outset of the CCAA proceeding was to benefit QCX and the Affected Users by giving QCX the greatest chance of recovery of its assets,” she claimed.
At the time, it still seems as though user’s best chance of recovering any funds is that the ETH Cotton reportedly transferred is still sitting, untouched, in accounts on the various exchanges.
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