Bitcoin Pull Back is Normal, eToro Analyst Predicts Bitcoin’s Next Parabolic Cycle

Bitcoin’s sudden boom from $5000 to $8000 within just the period of approximately 45 days was definitely the reminiscent scenario of 2017’s bull run. However, the latest decline from $8000 to present value $7390 is just a normal situation according to Mati Greenspan, the senior market analyst at eToro.
In an interview with Bloomberg media on May 17, 2019, eToro senior analyst, Mati Greenspan shared his views on bitcoin’s ongoing price status, Stellar run in bitcoin and next move of BTC in near future.
According to Greenspan, the recent pullback is a sign that the new parabolic cycle is just beginning. He says;
We are just getting started on the next parabolic cycle
He has begun by recalling the bull run of 2017 and says that the BTC at present is on its cyclical behavior – and as such, the coin has experienced several cycles live this before. In his words;
There’s a lot of explanations. The simples one is we’re just actually part of a larger cycle. Bitcoin has gone through several cycles before this massive Bullrun (we’re talking about 10000 to 15000% gains within a short period of time) and it has these massive retracements that can be 80% or even 90%.
However, unlike in 2017, when crypto community linked Bitcoin’s peaking value with those of Bitcoin futures by Cboe and CME, this time’s bitcoin price according to Greenspan is simply the price causing the coverage. Adding that he said, it’s not the other way around.
Also read – Bitcoin [BTC] Regression Model Suggests $4600 Low in 2019, Bullish Above $10000
Nevertheless, it is worth to note that the Bitcoin has declined from its $8k peak to $7390 at press time. Consequently, the present market cap of Bitcoin is showing a brief surge of 0.92 percent which led it to count $130,871,119,306.
Image Source – Coinmarketcap
Similarly, Bitcoin at the time of Greenspan’s interview with Bloomberg had declined – on which he said even with the drop, Bitcoin is up 100% since January.
“crypto is the best performing asset class in the world, so far this year … even with yesterday’s drop [bitcoin] is up 100% since January … the news headlines we’re seeing indicate that mass adoption is around the corner”
Image source – Bloomberg
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Source: CoinGape

Will Bitcoin [BTC] Smash $10K Before the End of May? Analysts Predict So

Bitcoin, the flagship cryptocurrency is at its crazies race to break new records. The ongoing bitcoin bull run reminiscent of late 2017 when it touched to an all-time high of nearing $20K.
At the beginning of April – Bitcoin broke $5000
On May 10 – Bitcoin smashed $6000
On May 12 – Bitcoin touched $7000
On May 14 – Bitcoin surged over $8000
Currently, Bitcoin is racing to catch $9000, on that condition, it’s really worth notice will BTC smash $1000 before the End of May.!
At press time, Bitcoin outperforms $8000 figure and gained 12.45 percent within the past 24 hours. The average market volume counts at $141,657,041,698 which resulted in the entry of BTC dominance, which is close to 60%. Nonetheless, Bitcoin boom marks a 110% rally this year and now everyone in a puzzle – ‘can the crypto comeback last.!.
Image source – coinmarketcap
 
BTC Signalizing higher – Traders and Analysts are elaborating how.!
The sudden bang of Bitcoin from around $7000 to over $8000 created FOMO around the crypto market – on contrast – few traders and analysts are suggesting the market’s constructive sentiment in the near future.
$BTC – The FOMO is real Bitcoin is currently on a tear & the next target of serious interest is $8200+ High interest remains near $6400 if BTC decides to cool off & pullback My dream area to buy would be $5500 to $5700 but there’s no promise $BTC will hit that low again
According to a trader, Josh Rager
‘BTC will not hit the low of $5500 – $5700’ again. As such, another trader; The Crypto Monk’ suggested a similar view and said ‘anything in the 6K right now is a dream entry’.
Anything in the 6k’s right now is a dream entry. All eyes on $6.8k support. It’s all about consolidating and establishing a range to leave some room for alts. $BTC.
Image source – Twitter
At What Price Do We Really See FOMO? $10000?
On the other hand, Tom Lee, a.k.a Bitcoin bull and the head of research at Fundstrat Global Advisors criticizes the level of FOMO. He rolled a poll on social media asking crypto community ‘at what price do we see FOMO’. Consequent result of the poll which amassed total 7763 votes showed $10000 as the level for FOMO.
Image source – Twitter
Possible Reasons Behind Bull Run
Nevertheless, the Crypto community expresses a few strong signals that led BTC to boost to a new high of 9 months. At present, Bitcoin stands with $140 billion market cap, letting traders and analysts predict and bet higher on its upcoming move. To note, the following are the strong signals that analysts as well as a community think – has influenced the value of Bitcoin.
Also Read – Is Bitcoin Bull Run of 2017 Back, BTC Racing Towards $8000 Range
Bitcoin Futures By Bakkt
On Monday, 13 May 2019, Bakkt, a Bitcoin Futures Exchange released a new blog post and announced the launch of its bitcoin futures product. The platform has confirmed July as the month to hit crypto market with ‘their physically bitcoin-future products developed in collaboration with major market players including ICE Futures U.S (Intercontinental Exchange’s ICE Clear US) and ICE Clear U.S. In addition, Kelly Loeffler, Bakkt CEO notes that the platform works closely with the U.S. Commodity Futures Trading Commission (CFTC).
Although Mr. Loeffler revealed Bakkt’s present status, the platform is yet to approved by CFTC but the CEO seems confident of the approval. As he said;
“…bitcoin futures will be listed on a federally regulated futures exchange in the coming months.”
Nevertheless, Bitcoin futures product by Bakkt is different than what CME and Cboe launched back in 2017. While Bakkt will deliver actual bitcoin, CME and Cboe’s futures product were defined with cash equivalent on the expiry of the contract.
To remind, BTC’s bash of $18000 in late 2017 appeared after the bitcoin futures launch announcement by CME and Cboe. At that time, the value rallied from the lowest price to all-time high nearing $20k on December 19, 2017.
Having said that, Bitcoin may probably continue its rally and will more likely perform significantly before the end of May 2019.
Concerning Bakkt’s new launch, a famous trader Peter Brandt states that;
Image source – Twitter
Consensus 2019
Yet another reason that Thomas Lee sees behind the bash of Bitcoin is ‘Consensus 2019’ conference, happening in New York. Looking closer at the market value, Consensus which is one of the largest crypto conferences began on May 13 – the same day when Bitcoin was hitting to move over $7000. Within just 10 hours of the start, Bitcoin began trading over $8000. Mr. Lee added on his Twitter profile;
Definitely think @coindesk #consensus2019 is a major factor (not only) for recent parabolic bitcoin move, especially considering higher overall quality of attendees at the largest crypto conference
Similar sentiments can be seen by turning the Consensus 2017 and 2018’s pages on the web. The price quickly bumped with the start of the event that gathers quality of the largest crypto audience.
So readers, do you think Bitcoin will smash $10k within the end of May 2019.? Let us know in the comment below. 
The post Will Bitcoin [BTC] Smash $10K Before the End of May? Analysts Predict So appeared first on Coingape.
Source: CoinGape

Is Bitcoin Bull Run of 2017 Back, BTC Racing Towards $8000 Range

Is Bitcoin repeating 2017’s bubble history again.? This flagship cryptocurrency is setting a new record every new day this year – especially, the rally counts since April 2019. At present, the value of Bitcoin is too close to $8000.
Bitcoin kick-started its bull rally on April 01, 2019 by breaking $5000 which was then followed by $6000 and then $7000. It shot $7000 on May 12 – and on May 14, the BTC is all set to break $8000 record as well. At the time of writing, on May 14, 2019, the value of Bitcoin is up by 11.95 percent within the past 24 hours.
Image source – Coinmarketcap
Such a noteworthy bull run set Bitcoin’s trading volume at $138,465,519,444 USD and its value against the US Dollar at $7823.51.
It’s worth to note that Bitcoin within just 45 days (approximately), saw a huge rally and is all set to hit a new record of 9 month high.
Besides Bitcoin, other altcoins flourishing on the coinmarketcap today are Binance Coin and Bitcoin Cash as they gained a significant trading boost to become the top gainers at the crypto market cap. The former achieved a growth of 16.70% whereas the latter saw an 11.60% growth within the past 24 hours respectively.
Image source – Coinmarketcap
Besides BNB and BCH, Bitcoin poured its blessing on all the other major altcoins such as ETH, XRP, LTC, EOS, USDT, ADA, XLM. Nevertheless, reports earlier highlights that the performance of Bitcoin in terms of recovery is far greater than the other financial products.
Concerning the similar regards, CNBC media posted the comparative status of Bitcoin v/s S&P 500 which reveals Bitcoin has succeeded at 107.34% in comparison to S&P 500 which is up with 12.06%.
Image Source: CNBC
Can Bitcoin Repeat the history, the crypto bull run of 2017?
The ongoing rally seems amazing and it rekindles the memory of 2017’s which was called ‘bubble’ by many and monumental feat for the crypto ecosystem by others.
However, many analysts such as Mike Novogratz and Fundstrat’s Tom Lee predicted positive price growth of Bitcoin in 2019, who believed Bitcoin will achieve a significantly high price in 2019. Moreover, Mr. Lee strongly pointed out that the major contribution of institutional investors/customers will be the key reason behind the bull rally of Bitcoin this year.
What’s your take on Bitcoin’s ongoing productive price figure.? Do you think the history of 2017 will repeat.? Let us know.
The post Is Bitcoin Bull Run of 2017 Back, BTC Racing Towards $8000 Range appeared first on Coingape.
Source: CoinGape

Crypto Year in Review: How Bitcoin (BTC) Performed in 2018 and What Hides in 2019?

CoinSpeaker

Crypto Year in Review: How Bitcoin (BTC) Performed in 2018 and What Hides in 2019?

On December 17th, 2017 the price of Bitcoin neared $20,000. Optimists hoped that was just the beginning. They were right: that was the beginning.. but maybe the beginning of end? Check out how BTC performed in 2018 and what is likely to hide in 2019.

Crypto Year in Review: How Bitcoin (BTC) Performed in 2018 and What Hides in 2019?

Continue reading at Coinspeaker
Source: CoinSpeaker

2019 Going to Bring Bitcoin’s Market Dominance Back: Report

2018 has been a bad year for Bitcoin and crypto market but according to experts, it is just a cycle. However, the next year is expected to be a bright one as the latest report by A.T. Kearney says, Bitcoin’s market dominance will come back as altcoins will lose their luster.
It’s Just a Cycle
Bitcoin and cryptos are tanking but experts are not fazed as billionaire investor Jim Breyer says, this is inevitable as “These cycles keep happening every decade or so.” As for its future, Breyer simply said, “You don’t want to bet against the best and brightest in the world.”
Another expert who is unfazed is Max Keiser who says “The long-term chart is fine. It’s still bullish,” as
“The Bitcoin price got way ahead of itself and we saw a typical pullback. Since I first started buying BTC in 2011 at $1, I’ve seen a few of these.”
Commenting on the relation between stock and crypto market, he shares,
“I think the market sees Bitcoin as a ‘risk on’ asset, so it moves in unison with stocks. At some point, the market will understand that Bitcoin, like gold and cash, is a ‘risk off’ asset. When the market realizes this, we’ll see ATH as safe-haven, capital flight money moves into Bitcoin.”
A Bright & Bullish Future Ahead
Max Keiser is bullish on Bitcoin’s future that according to him is “monetary black hole” that will guzzle up all the fiat as he further said,
“Only Bitcoin has the power to create a fiat-free world while simultaneously destroying all that get in the way.”
Mike Kayamori, the chief at Quoine sees a good year ahead as he said,
“Japanese regulators are starting to open up again. They are going to approve new exchanges. They are going to approve new listings. All of these things will start from the new year.”
He further added,
“The global trend is to accommodate these high-frequency traders […] There is going to be this dealers-brokers who will be offering crypto to their retail customers. And there [are] these OTC brokers who will be providing services to institutional investors.”
Moreover, according to the latest report by  A.T. Kearney, Bitcoin is expected to regain its market dominance,
“By the end of 2019, Bitcoin will reclaim nearly two-thirds of the crypto-market capitalization as altcoins lose their luster because of growing risk aversion among cryptocurrency investors.”
For one, “More broadly financial regulators will soften their stance towards the sector.”
Courtney Rickert McCaffrey, the manager of thought leadership in Global Business Policy Council of A.T. Kearney has been quoted by Forbes as explaining the complexity of altcoins,
“Our prediction that Bitcoin will regain its dominance is supported by the ever-growing complexity among altcoins, most recently demonstrated by the “hash war” that occurred in the Bitcoin Cash ecosystem.
Additional “hard forks” and the continued lack of consensus among developers about a path forward will further widen the chasm between Bitcoin as the most accessible and widely recognized cryptocurrency and the altcoin community.”
 
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Source: CoinGape