Inverse Chart Demonstrates Bitcoin Price Following Bear Bottom To Bull Market Fractal

The leading cryptocurrency by market cap has only been around for just over a decade. Due to this, there isn’t much history in Bitcoin price charts to attempt to discover historical repeating patterns that can be used to help determine future movements.
The best example of a previous bear into bull market cycle playing out, can be found in the charts of the 2014-2015 bear market bottom, where the price of Bitcoin bounced hard into a new bull market after the final capitulation candle occurred. According to an inverse Bitcoin price chart, the current bear market bottom transforming into a bull market pattern is closely following a fractal from the 2014-2015 bear market, and it could help crypto analysts predict the upcoming price action as bullish momentum picks up steam.
Last Bear Cycle Fractal Shows Bitcoin Price Has More Runway Ahead
When there’s an air of bias across the market, either due to extreme FUD or FOMO, many crypto analysts and traders will flip a price chart upside down, in order to remove any preconceived bias from their analysis. These inverse price charts can often lead to the discover of new patterns.
In a pair of inverse Bitcoin price charts shared by crypto analyst FilbFilb, the two images compare the last bear market bottoming into a bull market transition cycle, and how it stacks up against what’s currently happening across the crypto market. The two charts are eerily similar, and show a parabolic rise coming out of a bottoming structure.

While i know i have said that there could be a $btc bull trap then lower to $5k, i need to share this.
If you think that we will do the latter part of the chart dont gamble entirely on $5k coming along and gifting you the accumulation.. Think longer term and dont be greedy. pic.twitter.com/D2CHRMjIoU
— fil₿fil₿ (@filbfilb) May 17, 2019

At the height of the parabolic rise is a long wick, showing that the price reversed and fell sharply from the local high, much like what happened overnight last night, as Bitcoin fell from near $8,000 to $6,600 in the matter of a few minutes.
After that, the price of the first-ever crypto asset took a pause for consolidation, then went back on a parabolic tear, causing Bitcoin price to grow more than 1,000% from the cryptocurrency’s bottom over the next nine months.
Should a similar spike occur, and the price per BTC grow 1,000% from the Bitcoin price bottom of the recent bear trend, it would take the asset 50% above its previous all-time high of $20,000 and set a new record for the cryptocurrency at above $30,000.
Fractals are patterns that repeat on the charts of a financial instrument, like Bitcoin and other cryptocurrencies. These fractals are usually a result of how humans emotions repeatedly play out, or are due to trading bots and their algorithms executing repeating trading strategies that are effective.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 
Whatever the reason behind the fractal, if it plays out, Bitcoin will reach a new all-time high this year, and help take the crypto market to new, unimaginable heights.
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Crypto Analyst: Bitcoin Price Now Above Ideal Buying Zone, Shortest Duration Yet

The parabolic rise in Bitcoin price over recent weeks has shocked the entire crypto market, as the leading cryptocurrency by market cap revives memories of its media-fueled meteoric rise to its all time high price of $20,000 in late December 2017.
Following the break of that famous parabolic advance, Bitcoin price ping ponged between decreasingly lower resistance levels and support at $6,000, until that support broke in November 2018. Once the crypto asset broke below $6,000 it reached what one crypto analyst calls the “ideal buying zone” – a zone the price per BTC has now left, making it the shortest time the cryptocurrency has ever spent in accumulation before resuming a bull cycle.
Bitcoin Says Bye-Bye to Ideal Buying Zone, Spends Its Shortest Visit Yet
After Bitcoin broke below the repeatedly tested support at $6,000, the market panicked and a violent selloff ensued. The price per BTC was taken low enough to reach what prominent crypto analyst Dave the Wave calls the “ideal buying zone” in Bitcoin price charts.

BTC outside the ideal buying zone. pic.twitter.com/LmJLAqMW9Q
— dave the wave (@davthewave) May 14, 2019

During the previous bear and bull market cycle of 2014-2015, crypto analyst’s best chance at discovering repeating patterns, Bitcoin spent two full years in the buy zone. Bitcoin also had a one-year stint in this zone from 2012 to 2013.
Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience
But because Bitcoin left the 2018-2019 bear market lows so quickly, the leading crypto asset by market cap spent its shortest time ever in the “ideal buying zone” outlined by the long-term chartist. This time around, BTC barely spent over six months in the zone highlighted for its ability to bring long-term investors the best returns.
The relative ease and speed that Bitcoin has left the depths and doldrums of the bear market has shocked just about everyone paying close enough attention to the emerging financial asset. After the severity of the longest bear market on record and the violent selloffs that led Bitcoin to its eventual bottom at $3150, any uptrend was bound to be met with disbelief from scorn investors who have become accustomed to falling crypto prices. But a rally that took Bitcoin from $4,200 to over $8,000 in a little more than a month was unlike anyone ever expected.
Related Reading | $10,000 Bitcoin Price Key Level To Trigger Widespread Public FOMO 
Bitcoin continues to take out each new resistance level and at its current rate, could test $10,000 in the coming days. The bullish momentum driven by increase institutional interest and sidelined money re-entering the market has sparked widespread FOMO across the market not seen since the 2017 crypto hype bubble. With such exuberance back in the crypto market, Bitcoin potentially reaching a new all-time high before the close of the year, is now a very real possibility that’s back on the table.
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Bitcoin Bulls Are Back: 40 Days of Uptrend Erases Nearly 8 Months of Bear Market

As the bullish Bitcoin rally continues and shows no signs of slowing, the entire crypto market has erupted with charts, thoughts, and speculation.
The powerfully bullish price momentum has caused much FOMO across the space and has helped carry the price of the leading cryptocurrency by market cap upwards towards $8,000, after breaking through $6,000 – resistance that was expected to be incredibly difficult to break – and $7,500 like a hot knife through butter. The parabolic uptrend that reenergized the crypto market has now in just 40 days of bullish price action, erased all of the damage done in nearly 8 months of bear market.
“Mental” Large Scale Bitcoin Price Recovery Undoes 8 Months of Bear
According to prominent cryptocurrency analysts GalaxyBTC, the last 40 days of bull market – if we are indeed in the midst of a bull market – has been enough to completely erase full 235 days of bear market, or nearly eight full months of bearish sell pressure deleted in just over a month of buying.

The large-scale price recovery is mental.
235 days of bear market already erased in the last 40 days of bull.
And this time without massive media coverage, ico craze or heavy dumb money flowing in.
Just pure fundamentals. #bitcoin pic.twitter.com/shv4fRPHIS
— Galaxy (@galaxyBTC) May 12, 2019

The early April rally that sent the price of Bitcoin climbing $1,000 within an hour took a short pit stop between $5,000 and $5,800 before breaking through $6,000 and swiftly climbing higher to just under $8,000 – the next resistance level Bitcoin is currently flirting with.
Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience
The rally from $4,200 to current levels, undid nearly eight months worth of bear market, dating back as far as August 2018.
The analyst points out, what makes this rally more interesting is the lack of media frenzy, ICO craze, or “dumb money” flowing into the crypto market, driving up prices, as was seen at the end fo the 2017 hype bubble that led Bitcoin to its all-time high of $20,000 per BTC. Much of the buying is said to be the result of institutional interest increasing, and systematic buying from “smart money” and other major players who have been accumulating Bitcoin since yearly lows were set.
Since the yearly low was set back in December 2018, the price of Bitcoin has more than doubled in value, suggesting that the bottom has indeed been set, and that Bitcoin has exited accumulation into the next bull run and market cycle.
Related Reading | Crypto Analyst: Bitcoin MACD Histogram More Extended Than During Previous Bull Cycle
Most didn’t expect Bitcoin to reach current heights so soon after printing yearly lows and after the longest bear market on record. What started as a disbelief rally has gone full parabolic, and already has many revisiting past price targets well above Bitcoin’s last all-time high of $20,000, with many suggesting a new all-time high could be set before the end of the year given the FOMO felt across the global crypto market.
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$10,000 Bitcoin Price Key Level To Trigger Widespread Public FOMO

Bitcoin and its recent parabolic run has everyone across the crypto market in shock and awe as the first ever cryptocurrency smashes through each powerful psychological resistance level with relative ease.
It’s clear there’s FOMO – the fear of missing out – in the air, as crypto traders and investors who were waiting to buy Bitcoin back lower than $3,150 are coming to the difficult realization that they missed their chance and are stuck buying Bitcoin back at increasingly higher prices. But it’s at the important psychological price level of $10,000 when the FOMO will spread into the public who watched the cryptocurrency bubble pop and who have since written Bitcoin off as a fad or dead.
$10,000 Bitcoin Is Catalyst for Widespread Public FOMO
An early April rally that sent the price of Bitcoin skyrocketing over $1,000 in nearly an hour was the initial spark that signaled the end of the bear market and that the bottom was now in. As more and more crypto traders and investors who were once sidelined awaiting even lower prices to accumulate at, they’re now having to face the hard truth that they missed their chance to buy Bitcoin cheaper, and are now forced to buy Bitcoin above $7,000 as the price of the cryptocurrency is currently flirting with $7,800.
After the break of $4,200, many had been waiting the expected pullback or retest, but a significant retracement has still yet to happen. Even after the worst Tether FUD to hit the crypto community and a hack of the world’s most popular cryptocurrency exchange, Bitcoin has barely backed up to take a breather, let alone face any substantial downside.
Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience
As the market wakes up and realizes that the bull run could be back, a strong sense of FOMO has spread across the cryptosphere. But what has been seen so far will pale in comparison to a break of $10,000, which some believe is the important psychological price point that’ll cause the rest of the world outside of the crypto market to take notice of the leading cryptocurrency by market cap once again.

At what price will see FOMO from those who gloated about 90% crash in $BTC?
Military term, SWAG (scientific wild-assed guess).
My SWAG is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever.
POLL: At what price do we see FOMO?
— Thomas Lee (@fundstrat) May 12, 2019

Fundstrat co-founder Tom Lee also believes that $10,000 is the price point at which we will see “FOMO” from those who “gloated” about Bitcoin’s near 90% crash from all-time high and those who pronounced the cryptocurrency “dead forever.” At the break of $10,000, the public will fear that Bitcoin will rise to $20,000 yet again leaving behind those who acted too late to invest in the emerging asset.
Related Reading | Is The Bottom In? Bitcoin Price (BTC) Has More Than Doubled Since Bear Market Low
An accompanying Twitter poll also shows that most of Twitter agrees that $10,000 is the real FOMO trigger for the general public.
The last time Bitcoin broke $10,000 was around Thanksgiving 2017, and within a month, the price of Bitcoin doubled to its all-time high at around $20,000. After the break of the parabolic advance, Bitcoin fell over 85% to its eventual bottom at $3,150, before rallying to current prices.
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Time To Short? Recent Bitcoin Price Parabola Broken Despite Continued Climb

The current ongoing Bitcoin rally has bulls and bears alike in complete disbelief, due to the crypto market leader not only continuing to climb in the face of negative news, and even though it is facing extremely powerful overhead resistance that is the result of the price level playing support throughout the bear market.
Since the early April surge that kicked off the bullish rally, Bitcoin price has once again gone parabolic. According to crypto analysts, that parabola has now been broken, and a pullback is long overdue.
Bitcoin Price Goes Parabolic Once Again, Where Does The Break Take Us?
Starting with the break of resistance at $4,200 that took the price per BTC upward by nearly $1,000 in an hour, the asset has gone full blown parabolic and has most ready to believe the early stages of a bull market have begun.
Bitcoin has since nearly doubled from its December 2018 bottom, and has rallied from $5,000 to $6,400 without any significant retracement, even in the face of the worst Tether FUD yet, and a hack of the world’s largest exchange by trading volume, Binance.
Related Reading | Crypto Analyst: Bitcoin MACD Histogram More Extended Than During Previous Bull Cycle 
But parabolic advances cannot last forever, as the height of the December 2017 hype bubble has shown us, which took the price of Bitcoin skyrocketing towards $20,000. Like $20,000, Bitcoin’s parabolic trend line that has been supporting the advance thus far, has now been broken.

$BTC
Parabola brokenLooking for short-term shorts once we lose the last "base"
I'll keep you updated. pic.twitter.com/dhZo7eSARg
— Livercoin (@livercoin) May 10, 2019

The break hasn’t caused any significant downside, but then again, nothing has been able to stop Bitcoin’s recent bullish momentum.
Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience
Still, analysts across the crypto market are expecting the price of Bitcoin to be rejected eventually, causing the price of the crypto asset to go tumbling back toward $5,800 or lower to retest support. Previously, a retest of resistance turned support at $4,200 was being called for, but has all been forgotten as Bitcoin set new 2019 high after high.

The dying moves of a parabolic trend pic.twitter.com/Nw6ptZ48g0
— Bitcoin 𝕵ack (@BTC_JackSparrow) May 10, 2019

While most traders are targeting $6,000, $5,800, $5,500, or lower for Bitcoin’s pullback targets, according to professional career trader Peter Brandt, assets that have gone parabolic, once broken, often retrace as much as 80% of the initial advance.
His prediction turned out to be chillingly accurate, as once Bitcoin’s all-time high of $20,000 was set, it eventually bottomed out at $3,150 – is an 84.25% decrease in value.
An 80% decrease from here, would put the price of each Bitcoin at a mere $1,280 – further than even the most bearish bears are calling for. Given the recent price action, an 80% drop is highly unlikely, however, what goes up must come down eventually, and Bitcoin’s uptrend is far overdue for a correction or at least consolidation. But Bitcoin has continued to shock and awe in recent weeks, and could continue to do so as the disbelief phase rages on.
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Analyst: Inverse Bitcoin Price Chart Points To Bitcoin Reaching “At Least” $6,130

The entire crypto community of traders, analysts, and investors alike are all watching Bitcoin closely, as the digital asset reaches an important inflection point in its life as a financial instrument. As traders seek to predict not only the direction of Bitcoin price, but the price target itself, oftentimes a chart will be turned upside-down to gain an unbiased and unfiltered look at support and resistance levels, as well as any patterns that may be playing out.
One particular analyst has flipped a high-timeframe Bitcoin price chart on its head, hoping to glean additional insight from it. According to the “support” levels, which are actually resistance levels, the trader says Bitcoin “is heading to at least $6,130.”
Analyst: Bitcoin Price Is Headed to $6130, Can’t Convince Me Otherwise
Bitcoin is close to putting the final nail in the bear market coffin, and is potentially entering either an accumulation phase or the beginning stages of a new bull trend. With fear and panic still felt throughout the market, crypto investors are in disbelief.
The gain more confidence, traders take to charts in order to help to determine and predict price movements. Occasionally, more advanced chartists will turn a price chart upside-down to try and remove any existing bias from the new perspective.
Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May 
Prominent crypto analyst Josh Rager has shared such an inverse chart via Twitter, and on it clearly demonstrates powerful “support” at roughly $6,137. The trader claims that from the looks of it, Bitcoin price is headed to “at least $6,130,” and that it would be hard to convince him otherwise.

$BTC – Inverted Chart to $6k+
On high time-frame, looks like Bitcoin is heading to at least $6130 and hard to convince me otherwise
From there, a pullback to $4100 would set up some nice opportunities pic.twitter.com/THxyYAPbLG
— Josh Rager (@Josh_Rager) May 6, 2019

At that level, the analyst expects Bitcoin to bounce at “support” around $6,000. He further predicts that a pullback to $4,100 – the last level of powerful resistance Bitcoin broke through to spark a massive $1,000 early April rally – is possible if Bitcoin makes a correction before moving up further.
At that level, he says “you know what to do,” suggesting that it is now time to start buying dips, further hinting that a bull run could be beginning.
Both areas on the chart posted by Rager show high volume nodes at each key price level, suggesting that this is where there is much liquidity to be tapped into for traders.
Related Reading | Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%
Resistance at $6,000 will be difficult to break through, as Bitcoin bounced off the price level as support multiple times throughout the bear market. It wasn’t until that support broke in November 2018, when Bitcoin fell to its ultimate bear market bottom at $3,150.
Bitcoin is now valued at nearly double in price from its bear market low, causing most of the cryptoshere to consider the bear market over.
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Crypto Analyst: Bitcoin May Monthly Candle Close Confirms Bull Market or Accumulation

As Bitcoin price nears closer to important resistance at $6,000, it’s clear that the leading cryptocurrency by market cap is at an inflection point, and where it goes next could set the tone for the following months to years.
An early April rally made the month an easy green close for Bitcoin, as the price of the crypto asset rose over $1,000 in the matter of an hour, breaking through resistance and kickstarting a bullish rally. Bulls rejoiced over April’s close, the third consecutive green monthly close in a row. How Bitcoin closes in May, according to one crypto analyst, will determine if the cryptocurrency is locked in an accumulation phase or if a full-blown bull market is back.
Red May Close Suggests Bitcoin Accumulation, Green Close Says Bulls Are Back
While Bitcoin indeed closed green for the third monthly candle in a row, and is in the process of painting a fourth in the green as the price of the leading crypto by market cap continues to climb, all eyes are on the May monthly close.
Related Reading | Crypto Bulls Rejoice As Bitcoin (BTC) Monthly Candle Closes Above Resistance 
Prior to the first of the three green months, starting in February 2019, Bitcoin closed a record-breaking six consecutive monthly candles in red. The brutal beating inflicted by bears was enough to cause such panic in the crypto market, most investors missed buying the bottom of Bitcoin price charts, due to fear or greed – wanting to buy in at lower prices.
If Bitcoin closes the month red, prominent crypto analyst Bob Loukas claims that Bitcoin will have entered its accumulation phase following the bear market, and before a bull market resumes. However, if Bitcoin closes May in green, it could signal that a full blown bull market is back in effect, as the trader states that the asset has only closed four consecutive green candles or more during a bull phase.

#bitcoin working on 4th straight Green Monthly candle. That only occurs in the heart of a bull market.
3 green candles are locked in. We've never seen that in a bear market.
I bet we close May red, and that would tell me we're in accumulation phase of the next bull. $BTC pic.twitter.com/fW1TAAV2AU
— Bob Loukas (@BobLoukas) May 6, 2019

Analyst: The Bear Market Is Over, Long Live the Bulls
The trader also claims that the third consecutive monthly green candle close signals that the bear market is over. Throughout Bitcoin’s history, it has never closed three monthly green candles in a row during a bear trend.
Most crypto analysts look to the 2014-2015 bear market to attempt and glean insights from Bitcoin price history. After the bottom was set on the last bear market, Bitcoin entered a long accumulation phase, as can be seen with the alternating red and green candles.
Related Reading | Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%
It wasn’t until late 2016 when Bitcoin began its bullish ascent once again, taking the price of the crypto asset from $1,000 to $20,000 at its December 2017 peak. A clean break of $6,000 and a monthly close above it would be the best proof yet that bulls are back in control of crypto markets.
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Crypto Analyst: Bitcoin Price (BTC) RSI Breaks Into Bull Market Territory

The first ever cryptocurrency has struggled to recapture the enthusiasm and exuberance prior to the 2017 hype bubble pop. Since then Bitcoin price has declined over 85% to its eventual bottom, and a brutal and hard-fought bear market has caused investors to question the long-term validity of BTC and its altcoin cousins.
But on long-term price charts, signs that the momentum has turned are evident. On the 1-week RSI, the important momentum indicator has broken into bull market territory for the first time since the start of 2018 when the crypto market first began to collapse.
RSI: Bitcoin Bull Market is Back
Long-term chartist and crypto analyst, Dave the Wave, known for his analysis of the MACD indicator and moving averages for Bitcoin price prediction, has shared a new chart with the message “self explanatory.”

Self-explanatory~ pic.twitter.com/OxlozdqgGr
— dave the wave (@davthewave) May 6, 2019

The chart shows the MACD – the Moving Average Convergence Divergence – and RSI – the Relative Strength Index – stacked upon one another, with the RSI demonstrating clear resistance that Bitcoin has now broken through on the one week timeframe.
Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May 
The resistance is drawn all the way back to the 2014-2015 bear market finale, when Bitcoin finally flipped bullish – a bull run that took the price of the leading cryptocurrency by market cap from $1,000 to $20,000 and made Bitcoin a household name in just a couple short years.
Once the resistance level was broken on the RSI following the last bear market close, the price stayed above the resistance turned support all the way through until the end of 2017 when the crypto bubble popped and the market crashed.
The RSI isn’t the only indicator to suggest the initial stages of a Bitcoin bull run have begun. The SuperGuppy, an indicator based on a variety of moving averages, has turned bullish for the first time in over a year, suggesting that a new uptrend has been confirmed.
Related Reading | Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K
According to analysts, Bitcoin formed a “text book” bump-and-run-reversal bottom which caused the price of the leading crypto by market cap to rally over $1,000 over the course of an hour, setting off a full-blown April rally and a green monthly candle close that had bulls everywhere rejoicing.
Bitcoin is struggling with resistance above $5,800 – a zone that played important support during the first stages of the bear market. Bitcoin will have layers of strong resistance above it ranging from $5,800 to $6,400. But once those levels are taken out by buyers, the price of Bitcoin – given its scarcity – could skyrocket as new investors consider the emerging asset class and billions of sidelined money re-enters the market.
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Two Shockingly Similar Price Charts From Other Markets Hint At What’s Next for Bitcoin

The crypto market, and more specifically Bitcoin, is at an important inflection point in its existence. Having become a household nearly overnight thanks to the late-2017 media blitz that fueled the cryptocurrency’s meteoric ascent to its all-time high price of $20,000, and the resulting bubble pop that led to the longest bear market on record, Bitcoin needs to once again prove itself in the eyes of investors that its here to stay.
As Bitcoin nears closer to the powerful support turned resistance at $6,000, a clean break of the former springboard and close above resistance could show investors and traders that it’s off to the races for a new bull market. Two separate charts from other financial markets appear to look eerily similar to the path Bitcoin took throughout the bear market until this important turning point, and could hint at what might happen next in Bitcoin price charts.
Turkish New Lira Chart Provides The Bullish Take on Bitcoin Price
In a recent tweet by prominent crypto trader CryptoWolf, the analyst shared a chart with shockingly similar peaks and troughs matching Bitcoin’s 2018-2019 bear markets, and could serve as a bullish prediction for Bitcoin’s path from here.

At that time this was pure hopium. pic.twitter.com/ywU2ggBIn5
— CryptoWolf (@IamCryptoWolf) May 3, 2019

The forex market chart shows the price action of the USD/TRY trading pair. As can be clearly seen, the chart showing the United States dollar paired against the Turkish New Lira very closely resembles each swing high and low of the Bitcoin bear market.
There’s even a V-shaped low following a blow-off top, that developed into what eventually became a failed Adam and Eve bottom. Later, an inverse head-and-shoulders much like the late June, early July bottom in Bitcoin, played out, but failed to reinvigorate bulls enough to end the bearish decline.
After that, support broke, painting a new low that quickly rebounded, revisiting previous highs within a matter of a couple months once candles closed back above the support turned resistance.
Related Reading | Bitcoin Trader: Big Money is Net Long, Re-Accumulation Expected at $10K 
Bitcoin is currently at that same support turned resistance that once broken, resulting in a trip back to the peak of the blow-off top. Should the same occur in Bitcoin, the price of the crypto asset could hit $20,000 by July if the chart plays out the same. But similar to the analyst saying that “at the time this was pure hopium,” any bulls thinking $20K is around the corner is relying solely on that “hopium.”
Silver Shows the Bearish Version for BTC
Of course, there are similarities to be found in many charts, as markets tend to cycle similarly. In the price chart for silver, which “posted 1000%+ parabolic gains,” then crashed, shows a similar trajectory as Bitcoin.

#Bitcoin vs $Silver$Silver posted 1000%+ parabolic gains/crashed$BTC too posted parabolic gains/drop$Silver found support at 200 Month MA$BTC found support at 200 Week MA$Silver found resistance at 50 Month MA$BTC struggling against 50 Week MA
(Comparison for Fun only) pic.twitter.com/aV5Xo9wlAn
— Trading Room (@tradingroomapp) April 30, 2019

Following the break of the parabolic advance, which chartists like Peter Brandt claim can cause the price of an asset to decline over 80% on average, silver found support at the 200-month moving average. Bitcoin on the other hand, found support on the 200-week moving average.
Silver then rallied from the support, eventually running head first into the 50-month moving average. Bitcoin is currently flirting with the 50-week moving average.
Related Reading | Tech Stocks, Gold, Oil, and S&P 500: Bitcoin ROI Beats Them All
Silver was unable to break through resistance caused by the 50-month MA, causing the asset to fall once again, this time breaking the 200-month moving average that had previously played support.
If Bitcoin were to fall from here, the 200-week moving average currently rests at roughly $3,450 and a break below it would likely lead to panic and new lows for the leading cryptocurrency by market cap.
As noted, Bitcoin is at an important point in its lifecycle and what happens next could impact its longevity as a financial technology.
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Is The Bottom In? Bitcoin Price (BTC) Has Nearly Doubled Since Bear Market Low

The current price action across the crypto market, especially when it comes to Bitcoin, has both bears and bulls alike in disbelief. Following the longest and among the most painful bear markets yet, both sides have become accustomed to rallies being swatted down the moment any confidence in the market has returned.
But in recent days, shorts have piled on, while the price has only increased. Bears are being taken by surprise as Bitcoin inches closer to the $6,000 resistance level that once played important support during the first half of the bear market. The current Bitcoin price is trading up nearly double from its 2018 low of $3,150 – does such growth suggest the bear market bottom is actually behind us?
Bitcoin Price Has Nearly Doubled Since $3,150 Bear Market Low
Overnight last night, Bitcoin climbed higher to above $5,700 following an early April rally that sent the price of the leading crypto by market cap up by over $1,000 in the course of an hour.
Most traders and analysts had been expecting a pullback due to overbought indicators, bear divs, and the cryptocurrency being overdue for some consolidation after such a powerful upward movement. Fears and uncertainty surrounding Tether and Bitfinex drama had only added to the bearish sentiment.
Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May 
But regardless of the confusion and disbelief across the market, the rally continues on. Some crypto analysts attribute the buy pressure to investors fleeing the once safe-haven stablecoin Tether, selling the asset into Bitcoin and other cryptocurrencies to send them off of Bitfinex, and away from potential risk.
Whatever the reasoning is for the continued bullish momentum in Bitcoin price charts, it’s becoming more and more probably that the bear market bottom is behind us, and that a new bull market may be in the beginning stages.
If The Bottom Is Behind Us, Most Crypto Investors Missed Buying It
If the bottom of the longest ever Bitcoin bear market is now in the past, most investors missed their chance to buy it.

$BTC – Volume at Recent Market Bottom
Buyers had major hesitation under $3400 as volume at these levels were the lowest at market bottom
Showing that the majority don't catch the bottom typically due to fear or waiting for lower prices to buy pic.twitter.com/w2xiUxIHni
— Josh Rager (@Josh_Rager) May 2, 2019

According to volume analysis below $3,400 in Bitcoin price charts, volume data shows that buyers were hesitant to buy at the extreme lows. Crypto analyst Josh Rager speculates that most traders missed the bottom either due to fear, or because the most bearish traders were waiting for lower prices – lower prices that never materialized.
Related Reading | Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%
While there are still a select few calling for sub-$3K prices in Bitcoin, much of the market has shed their bearish bias, and have since started to consider that a new bull market could be around the corner. With a convincing break of $6,000, Bitcoin can achieve 100% gains in a matter of six months following the final bear market bottom – if it is indeed it – which should signal that bull market type gains are returning to the cryptosphere once again.
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Square Cash App “Absorbing” 10% of Bitcoin Supply Daily, 200% Projected By 2020

One of the most interesting and advantageous design aspects that pseudonymous creator Satoshi Nakamoto built into Bitcoin, was the “halving” – a pre-programmed point in time in which miners receive a reduced block reward of BTC for confirming transactions on the network. Each halving event has been preceded by a major price surge in anticipation of the asset’s balance of supply and demand being thrown off. Some economists even believe that it’s the reason why Bitcoin is the fastest rising valued asset of all-time.
A new earnings report from payments processing app Square Cash, which rolled out Bitcoin buying to their uses at the end of 2017 and into the start of 2018, suggests that the company is now responsible for “absorbing” as much as 10% of the current BTC supply mined each day. Furthermore, the growth trajectory of the company’s Bitcoin sales could bring the app’s impact on the BTC supply to new heights, responsible for users buying double the daily supply mined of Bitcoin by the next halving, or 200%.
Square Cash Takes 10% of Mined BTC Supply, On Track for 200% By Next Halving
Jack Dorsey, founder of the social media platform Twitter and Square, Inc. – the payments processing company behind the cash app – is among Bitcoin’s biggest bulls. The entrepreneur believes that the first every cryptocurrency has a strong chance of becoming the world’s global currency for the internet, and is doing all he can to support the leading crypto by market cap on its journey toward realizing its full potential.
Related Reading | Economist: Bitcoin Is The Fastest And Highest Rising Value Asset Ever
The Bitcoin supporter launched sales of the digital asset to users of the Square Cash app at the close of 2017, and further rolled it out to more users at the start of 2018. Since then, the app has grown Bitcoin-related revenues month-over-month, and is now responsible for “absorbing” 10% of the daily BTC supply mined by miners across the globe.

It looks like @Square is now absorbing more than 10% of all BTC mining supply on a daily basis. That is damn impressive, and shows how much people #stackingsats can add up! https://t.co/yoy2GROJnN
— Ben Davenport (@bendavenport) May 1, 2019

Square Cash Impacting Supply: Is This Jack Dorsey’s Plan to Help Bitcoin Succeed?
With one single app offering Bitcoin as an afterthought having such an impact on the BTC supply, it highlights the scarcity of the digital asset and gives a glimpse into what the next halving could mean for that supply and its balance with demand. Each halving diminishes the BTC supply by 50%, which would automatically bring Square Cash’s impact on the BTC supply to 20% without any further growth.

If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2020), roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined. pic.twitter.com/GPxXhaGK15
— Yassine Elmandjra (@yassineARK) May 1, 2019

But Square Cash shows no signs of slowing its growth, and Bitcoin awareness has only increased since the hype bubble in 2017 popped. If Square Cash maintains its current growth trajectory of Bitcoin sales, the app is set to syphon as much as 200% of the Bitcoin supply generated by miners each day by the next halving, which is currently scheduled for May 2020.
Related Reading | Jack Dorsey Wants to Help Get Bitcoin Adopted as a Global Means of Payment
With double the Bitcoin being sold to Square Cash app users alone than is unlocked by Bitcoin miners, the demand of Bitcoin will begin to greatly outweigh supply, and cause the value of the asset to set new all-time highs.
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Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200

At the start of April, Bitcoin rallied over $1,000 in the matter of an hour, giving crypto investors their first taste of bullish momentum since the start of 2019. The rally was enough to cause traders and analysts alike to call the bottom as “in” and claim that a new uptrend was confirmed.
However, breaking news last week that the New York Attorney General’s office is accusing Bitfinex of using Tether reserves to hid a loss of $850 million has caused much panic across the crypto space. The same traders that were once calling for Bitcoin to test resistance at $6,000, are now also calling for a retest of resistance turned support at $4,200, back where the early April rally began. And according to a new poll, crypto investors are now equally split as to where Bitcoin might head next: $6,000 or $4,200.
Poll Results Reveal That Bitcoin Traders Are Equally Split on Bitcoin Price Targets
Read any crypto community forum, group, or social channel and there is no shortage of crypto traders genuinely confused about the current price action, and which direction Bitcoin will go next.
After the longest bear market on record, recent Bitcoin and crypto investors have taken a beating, and have been conditioned to anticipate a fall in price following a rally. The market sentiment is normal following a bubble burst, and confirms the market is in what’s called the “disbelief” phase.
Related Reading | Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation
The uncertainty surrounding Tether and Bitfinex, which could have have significant impact on the overall market integrity should the parent company of both becomes insolvent or is shut down the by New York AG’s office. The fears have stopped Bitcoin’s April rally in its tracks, and now crypto traders who were once bullish and calling for $6,000 are now suggesting that Bitcoin will need to retest resistance turned support at $4,200 before healthy upward movement can continue.
While most of the market was bullish, the market is now equally divided as to where Bitcoin price will go next. The sentiment can be visualized using a Twitter poll shared by crypto trader Bagsy, who asked the crypto Twitter community which of the two prices would come first: $4,200 or $6,000.

Which comes first for $BTC ?
— Bagsy (@imBagsy) April 28, 2019

Surprisingly, even with over 6,000 votes on the poll, respondents were equally split down the middle, with 50% voting on each option. With crypto traders so torn on price direction, one side of the argument is bound to be in for quite a shock when the price of the leading cryptocurrency goes counter to the direction of their choosing.
Related Reading | Next Big Move For Bitcoin Price: Will The Infamous Golden Cross Fakeout Strike Again?
The sentiment could also be viewed as positive, as prior to the recent Bitcoin rally, most bears were calling for sub-$3K prices as the Bitcoin bottom, but now even the most bearish of traders are warming up to the idea that the bear market has ended.
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Technical Indicator Suggests Tether Trouble Has Put an End to Bitcoin Rally

This week, a scandal involving Bitfinex and Tether parent company iFinex being accused by the New York Attorney General’s office of misappropriating funds has shaken up the cryptocurrency market.
Bitcoin and other cryptocurrencies have rallied in recent months, however, the latest negative news surrounding the leading stablecoin on the market has been enough to cut Bitcoin’s bullish rally short, and a technical indicator now suggests that further downside momentum is in the cards.
Bullish Bitcoin Gets Interrupted By Bitfinex and Tether Drama, Indicator Spits Sell Signal
According to Bloomberg, the GTI Vera Convergence Divergence indicator used to signal important trend reversals, has called for the first “sell” in Bitcoin price charts since halfway through March.
Back in mid-March, the previous sell signal was short lived, closing only a couple daily candles before the same GTI Vera Convergence Divergence indicator spit out a buy signal. It was days later when Bitcoin rallied nearly $1,000 over the course of an hour, breaking through key resistance and reaching its current trading range above $5,000.
Related Reading | Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation
This latest sell signals comes just as news has broke regarding Bitfinex being accessed by the NY AG’s office for potentially hiding a loss of $850 million. The attorney general’s office also says that Bitfinex used Tether reserves to hide the lost funds, shaking up crypto investors in the process.

Bitfinex and Tether again. Wall street journal is covering.https://t.co/0r5mIxv7y0
— Wüsten (@KriegTonderoga) April 25, 2019

Cryptocurrency investors often sell their Bitcoin and other cryptocurrencies into the stablecoin Tether in order to prevent losses from falling volatile crypto assets. Investors have become worried about the overall integrity of the market, fearing that much of the value of cryptocurrencies is overblown due to Tether artificially inflating numbers.
The fears sent the price of Bitcoin plummeting on Thursday night, but bears have still been unable to break below $5,000 with conviction.
The price of Bitcoin is currently trading at around $5,150 and has been locked to a range since the downward spike. However if the GTI Vera Convergence Divergence indicator is to be believed, further downside movement may be imminent.
There’s no need to panic yet, as the previous time the GTI Vera spit out a sell signal, it almost immediately gave a buy signal right after. Indicators giving false or conflicting information is why technical crypto analysts use a variety of indicators on price charts to base their predictions on.
Related Reading | Crypto Analyst: Higher High In Bitcoin Price Confirms Bear Market Bottom Is In 
Before Bitcoin’s bullish rally was interrupted by the Bitfienx drama, many analysts had believed that the bottom was indeed in, a new bull trend had emerged, and that the price of Bitcoin would soon reach over $6,000 – the price of Bitcoin prior to November 2018’s plunge through the critical support that is now acting as just as strong resistance.
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Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation

This week, the New York Attorney General’s office accused Bitfinex of covering up an $850 million loss at the hands of its payments processing partner Crypto Capital, by syphoning money from Tether reserves. The news was enough to send the prices of Bitcoin and other crypto tumbling as much as 7 or more percent on the day, and nearly erased the bullish sentiment the market had been experiencing since the start of April.
Despite the widespread fears and general unease surrounding Tether and Bitfinex, Bitcoin and crypto investors are divided as to if they should plan an exit from the exchange, according to the results of a new Twitter poll shared by a crypto analyst.
Bitfinex Users Are Divided: Half Are Fleeing, Half Are “Not Worried”
As could be clearly seen via confirmed blockchain transaction data, crypto investors began fleeing Bitfinex en masse following the news that the New York Attorney General’s office had accused the exchange of covering up an $850 million loss.
Fears ran amok last week as crypto market participants worried about the structural integrity of the market, concerned it may be artificially propped up by Tether. The FUD was enough to cause the price of Bitcoin, which has had a powerfully bullish April, to fall 7% in a matter of minutes before consolidating further under previous support turned resistance.
Related Reading | Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed
Despite the fears, crypto investors appear to be divided on if getting their funds off of Bitfinex is a wise idea or not, according to data from a new Twitter poll shared by TradingView top author MagicPoopCannon.

To everyone who has funds on Bitfinex, have you withdrawn or will you withdraw (if you can) all of your funds?
— MAGIC (@MagicPoopCannon) April 28, 2019

In the poll, the active trader asked if users with funds on Bitfinex would get their funds off the exchange as soon as possible, or which of those were “not worried” at all about the potential risk. Of the respondents, only 56% said they’d be “leaving Bitfinex” while the remaining 44% said there wasn’t anything to worry about.
Current Price Action Doesn’t Matter If Bitcoin Reaches Investor’s Lofty Expectations
MagicPoopCannon in the past has shared other Twitter polls, including one where the trader asked where crypto investors see the price of Bitcoin in the future, long-term. The results suggest that the current price action in Bitcoin price charts matters very little in the grand scheme of things – that is if Bitcoin lives up to the expectations of market speculators.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
According to the poll results, most crypto and Bitcoin traders expect the price per BTC to reach over $100,000 to “millions” in the long-term, suggesting that Bitcoin will easily beat its previous all-time high of $20,000.
Bitcoin’s potential isn’t fully understood or yet realized. Some day, Bitcoin given its scarce supply, if it ever becomes a mainstream currency, could reach those somewhat unbelievable price targets.
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Bitfinex and Tether Exodus Leads to 7th Most Confirmed Bitcoin Transactions in a Day

Yesterday’s news of Bitfinex being accused by the New York Attorney General’s office of potentially covering up the loss of $850 million using Tether reserves has caused Bitcoin and the crypto market to plummet and investors to panic, not only about the diminishing value of their holdings, but over the entire integrity of the crypto market structure due to its over reliance on the controversial stablecoin.
The flight of capital from Bitfinex to other exchanges has resulted in the seventh most Bitcoin confirmed transactions in a single day, according to blockchain transaction data, as investors seek safer havens.
Bitfinex Blowout Results In Bitcoin Investors Fleeing Exchange En Masse
Following yesterday’s news – which many are saying could be crypto’s black swan event, sending the market to new lows – panicked crypto investors rushed to sell their Tether holdings back into Bitcoin and other crypto assets following fears that Tether was no longer backed due to Bitfinex borrowing from its reserve as it stands accused. The rush to flee from the Hong Kong-headquartered cryptocurrency exchange resulted in the seventh most Bitcoin transactions confirmed in a single day.
Related Reading | Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed 
According to blockchain data reviewed by technology investor Kevin Rooke, April 25, 2019 saw 404,116 confirmed transactions, putting the total in seventh place for the most in one day. The rest of the days placing ahead of yesterday’s fallout, all occurred between December 1, 2017 and January 4, 2018, when crypto investors began sending Bitcoin to foreign exchanges seeking to find the next Bitcoin and load up on altcoins, which had been skyrocketing at the time.

404,116 Bitcoin transactions were confirmed yesterday.
Only 7 days in Bitcoin history have seen more transactions in a single day.
pic.twitter.com/ZaKOsy91ay
— Kevin Rooke (@kerooke) April 25, 2019

Following the surge, the market collapsed into a deep bear market, and another day hadn’t creeped its way into the top ten days with the most confirmed Bitcoin transactions until April 11, 2019. Upon further review of Bitcoin price charts, the day didn’t show any significance outside of it being close to a continuation of the early April rally, and could represent bullish momentum picking up steam.
The early April rally resulted in Bitcoin climbing from $4,200 to over $5,000 in a matter of an hour. However, the recent Bitfinex and Tether “FUD” has caused Bitcoin to retrace back to $5,000 after breaking through to another high at $5,650.
Related Reading | Next Big Move For Bitcoin Price: Will The Infamous Golden Cross Fakeout Strike Again? 
This week, Tether also printed another $300 million of the stablecoin. Charts indicate a magnetic-like effect on the market whenever Tether was added or removed from the market, suggesting the minting of more Tether may precede another major Bitcoin move, however, the FUD interrupted those plans, and caused the crypto market to shed over $10 billion in a matter of just a few minutes.

Bitfinex Respond to New York Attorney General's Actions https://t.co/snxHU2yeb5
— Bitfinex (@bitfinex) April 26, 2019

Bitfinex responded to the actuations today, saying that the New York AG’s office was overstepping their reach.
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