Prominent Analyst Identifies Bitcoin Buy and Accumulate Zones

Bitcoin price predictions have been coming thick and fast over the past couple of months as analysts and investors attempt to foresee when the bottom will be in. This serves as the best buying opportunity but very few traders get it exactly right so getting close should be good enough.
No Return For Bulls Until Trendline is Broken
Bitcoin has failed twice so far this year to break key resistance levels, the first at $4,000 and then again at $3,600. As resistance zones keep falling, the down trend line from the top gets repeatedly tested and rejected indicating that more pain is imminent.
The new resistance level for Bitcoin for the week has been $3,500. It has hit this twice in the past seven days and instantly bounced off it, settling at $3,460 or thereabouts. The signals are still looking bearish and according to some technical indicators Bitcoin will be at or below $3,000 by April.
Prominent analyst Murad Mahmudov has identified clear buying and accumulating zones if this down trend line remains intact. Only when it has been broken will the Bitcoin bulls return; “Break that trendline before we can even think about having bullish discussions.”

The only chart you need.My rough view on what I believe is going to happen.Break that trendline before we can even think about having bullish discussions.Patience is Virtue. pic.twitter.com/mb5y3Xh3cK
— Murad Mahmudov (@MustStopMurad) February 6, 2019

This chart has been used to predict future movements based on past ones which serves as the basis for most technical analysis. A return to ‘Bitcoin Hell’ puts it between $1,800 and $3,000 between April and October this year. Only when the down trend gets broken, which Murad claims will be around September or October, will and real and measured reversal take place.
The buy zone is from June to August when Bitcoin is predicted to be around the $2,400 level. Accumulation can continue until it breaks above $3,000 again later in the year, this will be the depth of crypto winter which is likely to see all other altcoins in even worse shape.
According to Murad, institutions will not enter the market until there is a clear trend reversal a stronger buy signals such as the breaking of the MA50. Neither are expected for another nine months or so if this chart action plays out.
Using the same chart Murad has also foreseen a final capitulation with one wick extending down to $1,800 before Bitcoin returns to consolidate around $2,400 for the best part of the year. This is a figure that has been echoed using fractal pattern analysis. The longer this plays out the more accurate this prediction becomes as it takes guidance from the previous bear market of 2014 and 2015.
Predictions are just that, educated guesses, but the strong probability of further losses before new gains cannot be ignored.
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Crypto Trader Adamant That Bitcoin Bear Market “Cannot Last Forever”

Since Bitcoin (BTC) began to stumble in early-2018, posting losses that would even make gamblers cringe, many skeptics of digital assets have claimed that the cryptocurrency is on a path of failure. In fact, cries that Bitcoin is in the midst of its death throes even sparked a scathing op-ed ‘exposé’ from MarketWatch, in which the author stated that Satoshi Nakamoto’s creation would enter a so-called “death spiral” to fall to $0.
While Andreas Antonopoulos, along with some of the crypto sector’s other fervent crusaders, debunked this so-called FUD (fear, uncertainty, and doubt), some cynics are adamant in their belief that BTC and its altcoin brethren will plunge to zilch. In fact, at Davos’ recent World Economic Forum convention, blockchain venture investor Jeff Schumacher noted that the flagship cryptocurrency would likely fall to null, especially as its value is “based on nothing.”
Related Reading: Why Does Mainstream Media Spread So Much Crypto FUD?
Yet, a leading crypto trader recently made it abundantly clear that this bone-crushing bear season won’t last forever.
Current Bitcoin Bear Season Now Longest Ever
A mere week ago, NewsBTC reported that Galaxy, a leading, well-followed crypto trader, took to Twitter to let his/her followers know that BTC was approaching the 420-day milestone of its current bear market. For those who missed the memo, the 2014/2015 downturn amounted to 420 days. And as such, Galaxy concluded that if history was to rhyme, BTC could move higher to start a bull rally in mid to late-2019.
Yet, in a tweet posted Friday, Galaxy divulged that history has just been created, as BTC entered its [421st] day in the current bear season — “the longest since Bitcoin was born.”

Today, we're creating history with 411 days of bear market and the longest since #Bitcoin was born. No one can tell us exactly when is going to end, but it is important to remaining focused on the long-term and remember that it cannot last forever. pic.twitter.com/IkDFwnnRN5
— Galaxy (@galaxybtc) February 1, 2019

This newfangled, disconcerting industry trend was only underscored by the fact that according to Bloomberg, BTC posted six months of consecutive losses for the first time… ever. Per a report from the outlet, according to data from Dow Jones, which dates back to July 2010, BTC started a renewed collapse in August and hasn’t stopped falling (from a monthly candle perspective) since.
While history was seemingly made on Friday, Galaxy made it clear that while he can’t predict when this downturn will end, he is sure that it cannot last forever. Galaxy even added that it would be wise to focus on the long-term, rather than day-to-day price action.
Galaxy isn’t the only industry insider to hold the belief that BTC won’t eternally be trapped in a death spiral or trend of similar caliber. According to previous reports from this news outlet, Alex Pack, the managing partner at Dragonfly Capital Partners, explained that while prices may not reflect his sentiment, the cryptocurrency achieved a major milestone in 2018.
Pack explained that while BTC could fall to $2,000 or even $1,000, it would be preposterous to assume that the asset could collapse to $0, as the cryptocurrency has developed a material value proposition. The investor, who heads the aforementioned crypto-centric venture capital group, added that this non-zero chance that Bitcoin will always have value is a “milestone.”
The Dragonfly managing partner noted that Bitcoin, a “landmark in the history of money,” has become a “dependable store of value.”
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How Bitcoin Could Plunge To $1,700 In June: Prominent Crypto Analyst

Just as the hype surrounding the next Bitcoin block reward halving has heated up, sparking claims that a bull reversal is inbound, a leading crypto analyst has come to play whack-a-mole with optimists. Bulls may be preparing to run, but bears may have one last hurrah, as they savagely draw blood before their eventual bout of hibernation.
Related Reading: Why Investment Advisors Expect Bitcoin To Reach $17,570 By 2023
Bitcoin Could Bottom At $1,700 In Coming Months
In a recent Twitter thread, Murad Mahmudov, a Princeton graduate turned diehard crypto trader and hedge fund head hopeful, broke down why the “famous 200-week moving average (MA) support” for Bitcoin will break in coming months.
Drawing attention to the crypto market’s historical cycles, three of which have been fleshed out so far, Mahmudov noted that the key MA25, MA50, MA100, and MA200 were shifted “‘one level’ back with each cycle.” In fact, as depicted in the chart below (courtesy of Mahmudov), each multi-year market cycle, the importance of each MA level decreases, as averages pertaining to longer time frames takes their place.
And as such, Mahmudov remarked that just as the 200-week moving average was a level of utmost importance for BTC from 2015 to 2018, MA300 (and potentially MA400 too) will be integral lines to watch in the coming months.

Using his theory that the cryptocurrency market rhymes, not repeats, Mahmudov subsequently drew up an investment thesis for BTC in the coming months, citing historical trends, technical levels, and underlying fundamentals. As depicted above, the trader concluded that he expects that Bitcoin’s “steady support” will be found at an MA300 of around ~$2,400. However, he made it clear that Bitcoin could “wick down” to as low as MA350~400 in the $1,700 range, “due to past patterns and how particularly overstretched the 2017 bubble was.”
300 MA… What?
Although Mahmudov presumably had the best intentions in mind, the analyst’s use of the 300 moving average quickly made him take flak from his peers. In response to Placeholder partner Chris Burniske’s quip on Mahmudov’s harrowing thread, Alex Krüger, a New York-based macro markets researcher, remarked, “300 MA, what a joke, only in crypto.” Four Aces echoed Krüger’s comment, noting that the 300 MA doesn’t have as much inherent importance as the 200 MA does.
Others cast Mahmudov’s use of obscure moving averages aside to note that the call for lower lows in and of itself could have holes, citing market psychology and traders’ inability to be right 100% of the time. Armin Van Bitcoin, a skeptic of much in the crypto industry, noted that the monumental run-up of 2017 saw Parabolic Trav, who capitulated, become a popular figure. By the same token, he noted that the bear market of 2018/2019 had Mahmudov, rhetorically asking the analyst when he would end his enamorment with issuing predictions.
While Mahmudov use of lesser-known technical levels was quickly lambasted, the bearish forecaster’s previous comments on this market may give his sub-$2,000 forecast a tad more credence. Per previous reports from NewsBTC, the trader recently confirmed that a long-term downtrend line for the aggregate value of all cryptocurrencies was hit for the eighth time in a row.
In even earlier tweets, Mahmudov established that “titanium level resistance” levels at $4,000 will disallow Bitcoin from breaking out convincingly, and could thus be stuck under $3,000 for months on end, potentially fall to as low as $1,800 before a trend reversal.
All this aside, Mahmudov seems bullish, even overly so, from a long-term point of view. In an interview with Tone Vays, one of Mahmudov’s fellow fervent crypto traders known for their (somewhat) inflammatory calls, Mahmudov remarked that he’s so bullish, that he wouldn’t spend the cryptocurrency for at least ten years, as the asset’s potential upside and asymmetric risk profile makes it nonsensical to use BTC at current rates.
The Tone Vays guest added that not only are cryptocurrencies like the Dotcom industry in 1994 — quite minuscule, but a potential for dramatic upside — but that there are trillions of dollars worth of equities that can flow into blockchain-based tokens over time.
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Crypto VC: Bitcoin And S&P 500 Trading At Near-Zero Correlation

The crypto market‘s lack of correlation with traditional equities, like American stocks, bonds, and real estate, has always been an integral part of the tantalizing, entrancing nature of Bitcoin. And while the broader cryptocurrency space has matured drastically over yesteryear, data indicates that the legacy financial system and the realm of blockchain-based assets have aren’t two peas in the same markets pod.
Related Reading: Bitcoin: If History Repeats Itself, BTC May Not Reach Previous All-Time-Highs Until 2021
Bitcoin And U.S. Stocks Remain Non-Correlated
In late-December, mere days after Christmas, legendary American financial journalist Andrew Sorkin questioned the belief that cryptocurrencies aren’t correlated with notable U.S. stock indices. Speaking with Anthony “Pomp” Pompliano on CNBC’s “Squawk Box,” Sorkin explained that a majority of crypto holders “have a lot of money in technology stocks,” and thus simultaneously pushed FAANG stocks and BTC lower in December’s downturn.
However, Pompliano, a founder of Morgan Creek Digital known for his anti-bank, pro-Bitcoin rhetoric, begged to differ. In the CNBC interview, the former Facebook employee noted that the correlation between BTC and the S&P 500 (SPX) is practically non-existent near-zero, adding that this is much of the same with the U.S. dollar index.
And while both cryptocurrencies and equities have moved drastically since Pompliano’s interview, recently-compiled data indicates that this non-correlated nature is as prominent ever. Per Su Zhu, the chief executive and investment officer at Three Arrows Capital, the two aforementioned benchmarks have continued in a non-related matter, even through periods of high and low volatility. Zhu elaborated on the matter, writing:

“Through high prices and low prices, high volatility and low volatility, correlation between $BTC and $SPX continues to be near-zero.”

Zhu added that when U.S. stocks were nearing their lows, it was “very popular to [postulate that]” when a high level of correlation between the SPX and BTC was achieved, the cryptocurrency should be sold. By that logic, the Three Arrows C-suiter remarked that subscribers to that theory should buy BTC to be “logically consistent.”
Crypto’s Non-Correlated Nature 
While BTC’s non-correlated nature with the traditional financial world has been practically 100% verified by data, what does this characteristic mean for the crypto space? Well, as explained by Pompliano in a December installment of Off The Chain, the investor’s crypto publication side-hustle, Bitcoin could (and should) become a mainstay in the portfolio of pension funds across the globe. And with that, the adoption level of cryptocurrencies could see a hike, as pensions endorse this budding class of assets.
Per reports from NewsBTC, after breaking down the current financial gun barrel that pensions, such as California Public Employees’ Retirement System, are facing down, Pomp noted that BTC could be a perfect, but lesser-known answer.
The prominent industry commentator explained that a “potential solution” to solve this multi-billion dollar pension crisis, which may leave millions of Baby Boomers without adequate financial security, is to simply buy Bitcoin, “seriously.”
BTC, for one, is a non-correlated asset, with Pomp even dubbing the cryptocurrency “the holy grail of any portfolio.” Pomp isn’t alone in touting such sentiment regarding the asset’s novel characteristics. Delphi Digital, a New York-headquartered research/analytics unit, confirmed that having a small allocation into Bitcoin is better than none at all. More specifically, Delphi determined that allocating 3% of investable capital towards the flagship cryptocurrency produces the most optimal Sharpe Ratio, a preeminent metric used by investors looking for balanced portfolios.
Pomp isn’t the only Morgan Creek representative to have lauded Bitcoin’s inability to stand out in a crowd of often mundane, correlated assets. Mark Yusko, the founder of the overarching Morgan Creek brand and a crypto zealot himself, claimed that he expects for U.S. equities, namely publicly-tradable stocks, to post “basically no returns” in the months and years to come. On the other hand, Yusko added that he reckons that cryptocurrencies, such as Bitcoin, will post “great returns,” especially from a decade-long investment horizon.
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Bold Price Predictions For Stellar (XLM) and Cardano (ADA) in 2019

Crypto predictions are always taken with a pinch of salt. They are essentially just guesswork based on a few fundamentals and snapshots of the market at any given time. There is no doubt though that predictions for future prices of crypto assets are incredibly popular, and the latest from Finder have made some bold assertions.
Stellar and Cardano up, Litecoin and Neo down
Using a panel of industry insiders Finder has set out to publish an updated list of insights for various cryptocurrencies each month. For this, their first month, the panel of six have analyzed and will predict movements of eleven crypto assets with a predicted change in price between now and the end of the month and one for the end of 2019. Panelists include Ben Ritchie COO of Digital Capital Management, Fred Schebesta, CEO and Cofounder, of Finder.com, and technologist Joseph Raczynski.
In the short term most altcoins are predicted to drop further by the end of January with the exception of Stellar and Cardano which they expect to climb by 84% and 43% respectively by February 1st. The caveat, however, is that there is no fundamental reasoning to back up these bold predictions, the article just posts the figures.
All of the other altcoins examined are predicted to fall in the next two weeks with Tron predicted to dump the most at 52%. This one is bizarre considering TRX has been one of the better recovering crypto assets during the bear market. Over the past month alone it has recovered 78%. The inclusion of Dogecoin is also a little strange as is the exclusion of IOTA or DASH but it is there and has been predicted to lose 47% by February first.
The longer term predictions are more interesting with dollar and percentage gains guessed for the end of December 2019. According to the panelists Stellar Lumens is expected to surge 260% ending the year at $0.41. Big gains have also been predicted for Cardano which will end the year at $0.08, 91% higher.
Bitcoin will end the year up 84% at $6,947 according to the team and EOS up 77% to $4.68. Ethereum is only expected to make 55% back by the end of 2019 taking it over $200 again but only just with a market capitalization of just over $20 billion. XRP is not expected to do that well either in 2019 with a 44% gain to $0.52 predicted.
A few altcoins have been predicted to end the year even lower than they are now, with DOGE losing the most dumping a prophesied 75%.  According to the panel 2019 will be a bad year for Litecoin and NEO also with losses of 23% and 26% respectively.
Price predictions are just that, a stab in the dark. It would be interested to see how many of these panelists have put their money where their predictions are. XLM would be the prime bet for all of them it seems.

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Analysts Bullish On Crypto As Bitcoin Rallies Past $4,000

On Sunday, the crypto market saw its first notable bout of price action in 2019, which comes after a multi-day lull following Xmas. Per previous reports from NewsBTC, the Bitcoin (BTC) price popped over $4,000 for the first time since Christmas Eve, as buying pressure quickly pushed the asset higher in a seeming “flash flood.” Since the industry event, which quickly became the talk of the town on Twitter, the auspicious $4,000 level has held strong, giving analysts and personalities ample time to comment on this unexpected micro-rally.
Bitcoin Pushes Past $4,000, Catalyzing Twitter Storm
Since BTC fell after Christmas Eve’s “Santa Claus” rally, leading other crypto assets down with it, this market has struggled to post significant gains (or losses for that matter). Some have blamed the non-action on the holiday season, while others chalked up the week-long respite to the unpredictability of this industry. So, when Sunday’s surge finally came to fruition, a number of this industry’s leading participants were caught aback, but in a somewhat positive light.
Changpeng “CZ” Zhao, the industry golden child behind Binance, noted that his “wish finally came true,” as volatility actually pushed cryptocurrency higher. Zhao’s innocuous comment comes after market volatility pushed down BTC by upwards of 40% in the past two months. The Binance chief didn’t give any solid predictions, but considering the set of comments CZ conveyed to Bloomberg, it is likely he’s still optimistic for this nascent sector.

Finally, wish came true, volatility in the right direction.
— CZ Binance (@cz_binance) January 7, 2019

The so-called “Crypto Dog,” a leading analyst that sports over 100,000 followers on his Twitter account, explained that there’s a chance this move isn’t “incredibly bullish” for BTC just yet. However, the preeminent analyst explained that all things considered, “alt setups” have been making him feel “more and more bullish [overall].” And when altcoins run, so does Bitcoin.

There's been no conclusive move to be incredibly bullish on $BTC just yet, but the $ALT set ups have me starting to feel more and more bullish.
— The Crypto Dog (@TheCryptoDog) January 7, 2019

Bitlord, an Australian crypto commentator and media personality, echoed the sentiment that “altcoins,” namely Ethereum, Litecoin, and Tron, have been interesting to watch, especially in terms of their correlation with BTC.
Related Reading: Analyst: Ethereum Constantinople Is “Decidedly Bullish” Over Long Run
Considering the jaw-dropping performance posted by the aforementioned crypto assets, Bitlord noted that he fully expects for Bitcoin to break higher in the days to come, adding that he put his money where his mouth is, so to speak. Like his fellow commentators, Bitlord didn’t provide a concrete price target.
Trader Tommy Mustache took this opportune surge to claim that BTC is unlikely to fall below $3,000, as once stipulated by Morgan Creek Digital Assets founder Anthony Pompliano, who infamously claimed that lower lows are inbound.

Many analyst keeps on calling for Bitcoin sub $3k. IMO I just don’t see it.
85% down from ATH is the magic floor number through numerous bubble pops in the past.
$3,180 on Dec 14th is 84% down from ATH. That was probably the low. https://t.co/ECEQgo6QjG
— Tommy Mustache (@tommyp408) January 6, 2019

Mustache noted that throughout this market’s history, the “magic floor” for bear markets has been when BTC is valued at 15% of its previous all-time high. So, considering the fact that BTC fell to $3,180 — 16% of its late-December high at $20,000 — in mid-December, the diehard noted that he believes a long-term bottom has been established.
Bitcoin May Hit Lower Lows Before Long-Term Rebound
However, while the aforementioned crypto personalities seem to be “over the moon” about Bitcoin’s recent recovery, some aren’t convinced this market is in the clear from a long-term outlook. Moon Overlord, a leading crypto trader, noted there’s a fleeting chance that BTC has another “substantial draw-down” ahead of itself, citing historical data from 2014/2015’s bear season. As the harrowing, yet also optimistic adage goes, “history does not repeat itself, but it rhymes.”
So, if historical trends prove to be an accurate indicator, the flagship cryptocurrency could fall to as low as $1,700 before another “knock your socks off” rally.

What if #bitcoin has another substantial draw-down ahead? pic.twitter.com/yPK1Upq5bg
— Moon Overlord (@MoonOverlord) January 7, 2019

Murad Mahmudov echoed this bit of analysis in a recent debate-esque discussion with Tone Vays, one of his peers in the Bitcoin analysis realm. Mahmudov, a Princeton graduate with a burning intent to launch a crypto-centric hedge fund, noted that the world’s first cryptocurrency is most likely to bottom within the $1,800 to $2,400 range. The analyst explained that a number of altcoins, like Ether (ETH), EOS, XRP, along with their brethren, are still drastically overextended, especially considering their often misconstrued value propositions.
However, in spite of his short-term bearish forecast, the trader exclaimed that he’s so bullish on Bitcoin, that he wouldn’t spend BTC for at least a decade from now. Mahmudov explained that the asset’s potential upside, asymmetric risk profile, and inherent supply cap makes it nonsensical to spend BTC at current rates.
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Litecoin [LTC] overtakes Steller Lumens [XLM]; hikes by 9%

Litecoin, once, the top seventh cryptocurrency in the world, by market cap, has now become the sixth largest cryptocurrency. It seems to be doing well for itself as its prices have been lit green all day long, while other cryptocurrencies, including Bitcoin [BTC], are trying hard to stay afloat.
The prices for LTC were in for a crazy roller-coaster ride with much-needed volatility in the crypto-markets. The 24-hour time frame shows a maximum price change of about 11%, with current prices at $38.
Source: CoinMarketCap
LTC chart for the one-day time frame shows a lot of volatility with a short spike in prices proceeded by a quick correction. From the one-day chart, the prices started trading at $34 and peaked at $36.14. The prices tried breaking the resistance at this level multiple times but failed, hence the prices stuck to a sideways trend for quite some time.
The prices, however, dipped as low as $35 on January 6, 2019, UTC, after which, LTC prices propelled as high as $38.5, at which point, the 24-hour change was at the highest, i.e., ~11%.
The market cap has reached a whopping $2.45 billion mark, which is a feat in this current bear dominant cryptocurrency space. The constant rally by Litecoin has caused it to overtake Stellar Lumens [XLM] and become the sixth largest cryptocurrency in the world.
In a longer time frame of 7-days, the cryptocurrency [Litecoin] has been soaring by a massive 18% amidst the bear market. In comparison, Bitcoin in 24-hour time frame shows a negative outlook, so does XRP, Bitcoin Cash [BCH], and Stellar Lumens.
The 24-hour trading volume of Litecoin has reached a humungous $815 million and a majority of the volume is coming in from the OKEx exchange via the trading pair LTC/BTC but contributes another $66 million via LTC/USDT pair.
The exchange contributes a total of $82 million. OKEx is followed by Bit-Z exchange that contributes close to $72 million via the same trading pair.
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Source: AMB Crypto

Litecoin [LTC] prices bloom by 7% amidst the sideways and brutal bear controlled market

Litecoin, the silver to Bitcoin’s gold sees massive rallies as the rest of the cryptocurrencies collapse and show no signs of recovery. The price of Litecoin is currently by up a massive 7% in the 24-hour time frame as per the data obtained from CoinMarketCap.
LTC trading at $32 on January 4, 2019, UTC took a downturn and fell as low as $31. The prices didn’t stay there but rose up in a short-term rally causing the prices to increase back to the prior level.
Source: CoinMarketCap
The prices corrected themselves at this point and started another rally but this time by only $0.51. The next rally was substantial as the prices reached $33.33 mark. The market cap at this point was scratching the $2 billion line. After this point, the prices went into a sideways movement more than seven hours and reached $33.06.
The prices went on a final rally to reach a price point of $34.52, while market cap reached $2.06 billion. In the 7-day time frame, the prices of Litecoin have seen almost the same amount of increase, which is about 7%.
The seventh largest cryptocurrency has seen massive adoption in the past year, especially the recent one, where Litecoin became the first cryptocurrency ever to sponsor UFC 232. The Litecoin logo appeared on the canvas of the octagon, which is a massive step in the right direction for Litecoin’s adoption.
Apart from the above, Twitter users shared their excitement about the recent rally of Litecoin. A user ‘Thought about it’ commented:
“Litecoin is experiencing an ongoing UFC bounce in terms of crypto community confidence Viva la Litecoin!”
Another user Litecoin Master tweeted:
“Buy #LTC
1. It’s undervalued 37x less market cap than bitcoin
2. It’s on same path as bitcoin 7 yrs vs 10 yrs
3. #Litecoin halving is Aug 2019, inflation drops from 9 to 4%
4. Litecoin will add privacy
5. Litecoin on network
6. UFC partnership
@mrilirgashi @johnkim77”
Another user, Edin Jusupovic commented:
“When Litecoin hits $1000, assuming a 70M LTC circulation, that’s only a small $70B market cap. Apple single-handedly wiped out $64 billion in just a matter of hours after revising revenue projections.
Litecoin is sound money for the world, and it’s worth 10x more than Apple.”
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Source: AMB Crypto

EOS skyrockets to the 4th position on the back of 21% hike; community speculates prolonged bull run

The cryptocurrency market has seen a rapid shift in the sentiment as most of the coins on the charts are seeing a bullish rise. This includes popular cryptocurrencies like Bitcoin [BTC], XRP and EOS. The star of the sudden bullish rise that occurred today, December 17 is EOS, which has been the biggest gainer among the top ten cryptocurrency club. The price hike also saw the cryptocurrency climb to the fourth position on the charts, overtaking both Stellar Lumens [XLM] and Tether [USDT].

At the time of writing, EOS was growing by a staggering 21.33% on the 24-hour chart and 7.46% on the one hour chart. The cryptocurrency was trading for $2.36 with a total market cap of $2.137 billion. A majority of the cryptocurrency’s $855.539 million market volume was held by OKEx, which controlled 11.68% of the total EOS trade. OKEx was closely followed by DOBI trade, with the Chinese exchange holding almost $76.222 million worth of EOS.

EOS has been a consistent gainer over the past one week, with the cryptocurrency making it to the list of biggest gainers almost every single time. EOS’ sudden growth started when the coin’s price was moving sideways at $1.98, after which it saw a rapid increase to $2.4.
EOS was last in the news for updates when Coinbase had announced that EOS would be included in the list of 30 cryptocurrencies coming to the platform. Coinbase had stated:
“As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
The assets which are to be listed on Coinbase is planned to be evaluated against their Digital Asset Framework to check if the assets fall under the regulatory framework. Coinbase’s blog further said:
“Our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.Finally, as per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, which allows us to add assets efficiently and responsibly.”
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Source: AMB Crypto

Bitcoin Price & Technical Analysis: BTC Looking for New Lows

CoinSpeaker

Bitcoin Price & Technical Analysis: BTC Looking for New Lows

Bitcoin is again under pressure on Thursday, Dec 13, trading at $3,463, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Bitcoin Price & Technical Analysis: BTC Looking for New Lows

Continue reading at Coinspeaker
Source: CoinSpeaker

EOS becomes biggest gainer among top-10 club; news comes on the back of Coinbase announcement

The cryptocurrency market’s confused state of mind has witnessed some coins ride the bullish wave while others are still under the paws of the bear. EOS, which had earlier been thumped by the bear, has risen from the ashes by growing in double-digit numbers.
At the time of writing, EOS was going up by 10.02% with a total market cap of $1.763 billion. The cryptocurrency was trading for $1.95 with a 24-hour market volume of $861.220 million. A majority of EOS’s trade volume was held by OKEx, which had a grasp on $104.145 million of the total trade.
EOS 24-hour chart | Source: CoinMarketCap
OKEx was closely followed by DOBI trade, which controlled $7.87$ of all EOS transactions. What makes EOS’s rise so significant is the fact that just a few days back, the cryptocurrency was the biggest loser among the top-10 cryptocurrencies, sliding by a massive 20%.
EOS was also given a boost recently when the cryptocurrency was decided to be one of the coins that will be listed on Coinbase. The world’s largest cryptocurrency exchange had announced:
“As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
Other top-ten cryptocurrencies that were listed by Coinbase include Stellar Lumens [XLM] and Cardano [ADA]. Coinbase further stated:
“Our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. Finally, as per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, which allows us to add assets efficiently and responsibly.”
 
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Source: AMB Crypto

Bloomberg: Bitcoin Price “Fading”, $1,500 Possible

After MarketWatch got lambasted for publishing a questionable op-ed regarding a Bitcoin mining “death spiral,” the financial media continued their bearish cryptocurrency coverage on Wednesday. More specifically, Bloomberg News, which covers the crypto industry round the clock, recently had its in-house analysts tout a $1,500 per BTC prediction — far below what many traders deem “logical.”
Bloomberg Analyst Bearish, Expects Bitcoin To Fall To $1,500
While selling pressure has begun to abate, with 24-hour volumes in the cryptocurrency market falling to $14 billion, BTC continued its seemingly endless downtrend on Wednesday. The asset, which ranged primarily between $3,900 and $4,200 for a week, fell under the former price level in recent hours. During one point on Wednesday, the foremost cryptocurrency suddenly fell to $3,668, nearing its one-year low around $3,500, originally established in November.
Related Reading: November Has Been Bitcoin’s Worst Month for Seven Years
But since its initial sell-off, BTC has found itself amid a veneer of stability, finding a short-term foothold at in the mid-3700s, as bears presumably catch their breath. Yesterday’s move clearly exhibits the sentiment that volatility has likely returned to cryptocurrency markets, after the aforementioned multi-day lull.
And, according to Bloomberg, this bearish volatility is likely to continue into 2019, contradicting sentiment that both the cryptocurrency and equities markets would undergo a “Santa Claus rally.”
The financial market resource recently noted that the Directional Movement Index (DMI) indicates that after BTC fell under $6,600 in July, the asset has been “caught in a strong selling trend.” While a single indicator isn’t enough to signal a downtrend, Bloomberg also drew attention to the Average Directional Index (ADX), which is nearing 50 — a purportedly bearish sign.
In a note relayed through Bloomberg News, coupled with a subsequent interview, Mike McGlone, an analyst at the outlet, has made it clear that the aforementioned indicators point to lower lows for Bitcoin. McGlone, who hasn’t been afraid to tout his doomsday sentiment in the past, explained that BTC could fall another ~60% to $1,500, with altcoins likely falling close behind the cryptocurrency godfather.
Interestingly, while Bitcoin Cash’s hard fork has come and passed, the analyst drew attention to the contentious event, along with year-end tax selling, as purported catalysts for Bitcoin’s move to $1,500. Elaborating, while also touching on market cycles, McGlone noted:
“We’re at a classic psychological stage where the market is reversing the 2017 frenzy… The hard fork was a key trigger that signaled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ’It might be best if we stay away from this for a while.’”
Crypto Industry Savants Still See Long-Term Potential
Although McGlone painted a dismal picture for crypto’s prospects, which were already beaten and bruised to hell and back, a number of industry insiders have maintained their abiding faith in this revolutionary innovation.
Roger Ver, the infamous chief executive of Bitcoin.com, recently told the aforementioned outlet that the future is brighter than ever for cryptocurrencies. Speaking to Bloomberg on the streets of Tokyo, the zealous decentralist and anti-government crusader drew attention to a number of fundamental factors, including the Japanese FSA’s recent approval of a self-regulating crypto consortium, growing awareness of this innovation, and ramping adoption.
Keeping all this in mind, coupled with the fact that hackers and scammers continue to target the industry, Ver mused that he is still “incredibly bullish on the entire crypto-coin ecosystem.”
Mike Kayamori, chief executive at Quoine, also expressed a similar thought process. Kayamori, who heads the Japanese blockchain-centric startup, noted that while “nobody knows” where Bitcoin will bottom, taking historical trends into account, a reversal may be inbound. The Japanese crypto proponent added that by the end of 2019, he expects for BTC to surpass the all-time high it established in the wee hours of 2017.
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Flash crash: Ethereum [ETH] spews blood as bear attack destroys the $99 support

The bear market has shown no mercy on the cryptocurrency markets as several coins saw support breaks and price spirals. Some cryptocurrencies were more affected by the bear attack, some more than others, with Ethereum [ETH] being a prime example. Ethereum, which had earlier fallen below the $100 mark, has done it again, but this time around, the Vitalik Buterin co-founded cryptocurrency has gone even lower.
At the time of writing, Ethereum was sliding by 7.12 % and was trading for $98.87. The cryptocurrency held a total market cap of $10.455 billion and a 24-hour market volume of $2.176 million. Ethereum bear woes came into the limelight a few weeks back when XRP, replaced Ethereum as the second largest cryptocurrency on the charts. The disparity between the market caps has also increased, with the current difference being close to $4 billion.

A majority of Ethereum’s trading volume was coming from Coinbit, with Ethereum transactions worth $176.672 million being conducted on the cryptocurrency exchange. Coinbit was closely followed by OEX, which had a hold on 6.31% of the total ETH trade.
The price slide has seen a significant part of the Ethereum user base panic, especially with attacks coming in from all quarters. Justin Sun, the Founder of the Tron Foundation and its CEO, has stated multiple times that users need to shift from the Ethereum network to the Tron network.
This statement has always been followed by the Tron official giving out numbers that show that Tron has started surpassing the daily transactions of Ethereum, and sometimes Ethereum and Bitcoin combined.
One of Ethereum’s Co-Founders, Joseph Lubin, had commented on the cryptocurrency market as well as blockchain technology recently, with him stating:
“I believe in #blockchain technology because of the people behind it. The developers, engineers, and technologists who #BUIDL The smart contract experts who audit and secure the code The designers who care deeply about user experience The marketers who tell the story of Web3″
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Source: AMB Crypto

Crypto Bear Market Strikes: Ethereum Classic (ETC) Development Group Folds

While crypto’s unbridled optimists have done their best to keep this market afloat, incessantly imploring Bitcoin investors to “HODL” and “BUIDL,” their cries haven’t stopped a key Ethereum Classic development group from unfortunately capitulating.
Ethereum Classic Ecosystem Loses Key Player Amid Market Tumult
After a multi-month downturn in the cryptocurrency world, which has seen $700 billion evaporate from this industry’s market value, ETCDEV, an essential player in the Ethereum Classic ecosystem, has announced its closure on December 3rd, 2018. For those who aren’t in the loop, ETCDEV is an Ethereum-centric development group launched two and a half years ago, whose creation was catalyzed by the DAO debacle of 2016.
Since the organization came into being, it rapidly became the face of the Ethereum Classic development community, lauded for its penchant for technological revolution and its ability to innovate.  But now, as aforementioned, the organization has had to fold, purportedly due to funding constraints.
Through a tweet, Igor Artamonov, the founder and chief technology officer of ETVDEV, wrote:

Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities pic.twitter.com/N6xWnpBNJJ
— ETCDEV (@etcdev) December 3, 2018

Although the ETCDEV executive cited a lack of sustainable financing, this message comes just days after Artamonov released a Medium article lambasting one of his peers for being a “Trojan Horse” for another team. Regardless, the fact of the matter is that Ethereum Classic remains heavily wounded after this occurrence, as the project lost its primary development team.
Since the disheartening announcement from the experienced development consortium, ETC has fallen by 9.40% to $4.61 a pop, under-performing BTC by 5.7%.
Upon the advent of the rapid sell-off, deemed irrational by some, yet backed by $190 million in 24-hour volumes, the official Twitter page of the Ethereum predecessor quickly took to its brainchild’s side. Through a message of support, evidently issued to calm the nerves of perturbed ETC investors, the team made it apparent that ETCDEV isn’t the entire project. Instead, it was noted that Ethereum Classic is a consortium of like-minded innovators and teams, such as IOHK, ETC Co-op, “and a litany of volunteers.”
Aggregating its underlying bullish sentiment into a single statement, the show-runners behind the @eth_classic handle simply wrote, “keep calm, and build on.”
Crypto Bear Market Qualms
This recent announcement comes just days after Steemit, the company behind the (somewhat) decentralized social media platform that shares its name, revealed it was undergoing a business reorganization, purging 70% of its employees.
Related Reading: Steemit Announces Structural Reorganization, Laying off 70% of Employees
Ned Scott, CEO of Steemit, said on the matter:
“While we were building up our team over the last months, we had been relying on projections of basically a higher bottom for the market… Since that’s no longer there we’ve been forced to lay off more than 70% of our organization.”
He explained that as Steemit’s top brass met, amid worsening market conditions, it became logical that a staff restructuring at the private startup was necessary. Interestingly, Scott failed to divulge an exact headcount pre- and post-purge, making it difficult to discern how many were affected.
SpankChain, an adult entertainment platform centered around blockchain, recently saw its CEO take to Reddit to announce that it, as well as Steemit, had downsized drastically. The project head noted that the SpankChain project hired eight individuals, and has reduced its burn rate from $200,000 to $80,000 per month.
However, it isn’t all doom and gloom, as not all crypto-related organizations and startups have been subject to the financial pressure caused by the unpredictable cryptocurrency market.
As reported by BreakerMag, Ethereum pioneer Joseph Lubin, who can be likened to the Sergey Brin (Google co-founder) of the blockchain industry, recently distributed an uplifting note to all employees at ConsenSys, often defined as the Google of this innovative sector. In the letter, authored by the passionate Canadian technology entrepreneur, it was noted that in spite of the market sell-off, ConsenSys remains poised to “succeed wildly,” with a potential to usurp the traditional facets of society. Lubin wrote:
“[Blockchain is] a technology and an ethos that many of us believe will profoundly reshape human society over time… We now find ourselves occupying a very competitive universe, [and have the ability to] succeed wildly. [But,] we must recognize that what got us here will probably not get us there, wherever ‘there’ is.”
In a testament to Lubin’s undying belief in this decade-old technology, ConsenSys itself, primarily consisting of a handful of distributed subsidiaries, has reportedly hired upwards of 550 employees. BreakerMag has divulged that the startup’s rapid expansion can be primarily attributed to Lubin’s Ether coffers, which are reported to hold millions upon millions of ETH. And despite the downturn, it appears his stash isn’t even close to depletion.
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Prominent Crypto Analyst: Bitcoin over $4,400 May Catalyze 10% Rally

As Bitcoin continues to toss and turn day-to-day, failing to establish a solid footing at a single support level, the crypto market’s preeminent analysts have assumed the mantle of forecasting where prices could head next.
While some commentators are often lambasted for their dubious and baseless predictions, there remain voices of reason, who analyze crypto with caution and finesse, even in the direst of straits.
Bitcoin at $4,900 Could Be Possible, Important Short-Term Level
Since November 14th, the eve of Bitcoin Cash’s contentious network upgrade, the crypto market has been endowed with a renewed sense of panic, catalyzing sell-off after sell-off in recent weeks.
In a matter of two weeks, Bitcoin fell from $6,200, where it held throughout the summer, to a year-to-date low of $3,500, the asset’s lowest value since China clamped down on crypto in September 2017.
Related Reading:Investor: China Has a “Love-Hate” Relationship with Crypto and Blockchain
However, since Bitcoin fell under $4,000 on two recent occasions, which came alongside the aggregate value of crypto assets foraying below $130 billion, bears have scaled back on their apparent crusade. In the past 72 hours alone, Bitcoin has moved from $3,700 to a weekly high of $4,375, an 18% move that didn’t go unnoticed.
Alex Kruger, a well-respected markets analyst, recently took to his expansive Twitter following to divulge his most recent analysis. Kruger noted that if the aforementioned digital asset makes a convincing move above $4,400, $4,800 to $4,900 could be in Bitcoin’s cards.

Looking for 4800-4900 if 4400 gets breached. That's the base of Nov/19 and right above 20EMA. Starting with 4800 interested in shorts. This was initially 4400, changed plan. Below 3700 exit longs. Too soon to short the lows again, would like prior consolidation for that. $BTC pic.twitter.com/hVQ5bGnTIc
— Alex Krüger (@Crypto_Macro) November 29, 2018

Elaborating on the significance of this specific target, Kruger, a New York-based crypto backer, noted that not only is $4,900 slightly above the 20-day exponential moving average (EMA), but also the base of Bitcoin on November 19th.
Although the importance the analyst places on the 2o-day EMA indicator is self-explanatory, Kruger’s use of the November 19th’s base is rather astute, as that day preceded the thirdhand sell-off that sent Bitcoin under $4,800, a supposed key level.
Keeping this data in mind, Kruger then noted that he changed his short position order to $4,800, rather than $4,400. This, of course, indicates that for now, Bitcoin could undergo a hefty 10% move in the coming days.
Not All Crypto Analysts Are Expecting a Reversal Just Yet
Although Kruger, known for his cautious optimism, now holds a bullish-leaning short-term outlook for the cryptocurrency realm, not all of his peers, other industry insiders, are in his boat, so to speak.
As reported by NewsBTC previously, Vinny Lingham, CEO of Civic, recently noted that Bitcoin will likely remain range-bound between $3,000 and $5,000 “for a while.” Giving his claim more specificity, Lingham explained that trading within the aforementioned $2,000-wide range is likely to continue for a minimum of three to six months, a common timeline referenced by crypto bears.
Interestingly, the savant noted that as there are boatloads of buying pressure at $3,000, as it stands, that specific support level has a high possibility of holding its ground successfully. Still, the entrepreneur added that if a convincing breakout isn’t established by the end of Bitcoin’s six-month range, a foray under $3,000 wouldn’t be out of the realm of possibility.
Murad Mahmudov, an astute cryptocurrency analyst formerly of Princeton University, issued similar sentiment, drawing attention to an in-depth chart of his creation that highlighted a year-long descending triangle for Bitcoin.

Keeping the trepid chart in mind, Mahmudov claimed that Bitcoin could be poised to bottom in the ~$3,000 range by the turn of the year.
And interestingly, Kruger himself, responding to his short-term analysis, claimed that this is a “static/base game plan” for traders, not for investors. He added that due to the macro landscape, likely referencing the drawdown in traditional equities markets, the long-term bottom for cryptocurrencies may still be a distant speck on the horizon, not a looming obstacle.
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