Crypto Analyst: April Is the Last Month to Buy Cheap BTC, Bitcoin Price Never Again $3K

As Bitcoin’s current trading range tightens and price consolidates ahead of the next major trend-defining move, the entire crypto community is speculating on whether or not Bitcoin price may have bottomed or if there is more pain to come for BTC investors.
One prominent crypto trader and analyst is confident that Bitcoin price will never again trade in the $3K range, and that April will be the last month to buy “cheap BTC.”
Bitcoin Price Bottoming Pattern Suggests Cheap BTC Ends This April
Volatility has all but disappeared in Bitcoin price charts. When this happens, it typically indicates that an extremely violent move is incoming that could set the trend tone for weeks and even months to come.
The last time Bitcoin price went through an extended period of stability, was right before the powerful break of critical support at $6K that brought us to our current trading range. If the touch of the current bear market low of $3,150 was indeed the bottom, the next major movement could be up and send the first ever crypto back on a course of bullish expansion. But if price continues to trend downward, another 50% drop isn’t out of the question.

Although prices may appear to be random (to some), they actually create repeating patterns and trends.
Observing this pattern makes April the last month of cheap $BTC.
And now, of course it will be cheap multiple times in the future, but never $3K cheap. $BTC
— Galaxy (@galaxyBTC) March 13, 2019

One prominent cryptocurrency analyst, GalaxyBTC, however, expects the current trading range to expire starting in April 2019. The analyst’s chart demonstrates the price structure of the previous Bitcoin bear market making three touches of a downtrend line that were violently rejected. After the third touch, BTC breaks through with gusto and reignites the next bull market with a slow, yet steady ascent.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
Comparing the current bear market BTC price structure, the trader believes there will be a final rejection when Bitcoin touches the downtrend line once again in the coming days, followed by a final swing up that breaks through the downtrend resistance and restores confidence in the market.
The first touch of the downtrend was created when Bitcoin’s parabolic advance was broken in late December 2017, and the most recent touch was when Bitcoin exploded below $6K. The third and final touch before breakout is expected any day according to GalaxyBTC’s charts.
Bitcoin Price: BTC Never Again Below $3K
Not only does the trader expect the end of “cheap BTC: to come to an end in April, which is only a mere month away at this point, the crypto analyst also believes that this marks the last time Bitcoin will ever trade in the $3K range.
He further clarifies that while Bitcoin will occasionally reach other price points that can be perceived as “cheap,” the price per BTC will never again be “$3K cheap.”
Related Reading | Crypto Comeback: One Simple Chart Proves Altcoin Season Is Upon Us
Bitcoin’s current bear market bottom reached $3,150 and made a quick bounce. Since then, the price hasn’t retested what appears to be the ultimate low, suggesting that those who missed out on buying that low will be forever waiting for their opportunity to buy the elusive BTC price bottom.
Featured image from Shutterstock
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Source: New

Bitcoin In Longest Uptrend of Current Bear Market, But Analysts Expect New Lows

Ever since Bitcoin fell to its most recent local bottom of $3,400 back on February 6, 2019, the leading cryptocurrency by market cap has been in the longest stretch of uptrend since reaching its all-time high of $20,000.
But as bullish momentum struggles with key resistance at $3,900, crypto analysts are calling for a break to new lows and trading zone before the bear market is truly over.
Analyst: Bitcoin in Longest Uptrend of Entire 2018-2019 “Correction”
Since Bitcoin’s parabolic advance was broken in December 2017, there have been numerous peaks and troughs in Bitcoin’s price charts, however, no other uptrend thought the 2018-2019 bear market has been as long as the one the market is currently in.

The longest uptrend in this correction so far… and counting.
— dave the wave (@davthewave) March 11, 2019

As was pointed out by crypto chartist and analyst Dave the Wave, who is known for watching longer-term indicators such as the weekly MACD, Bitcoin has been trending upward ever since the cryptocurrency bounced off the local low of $3,400 on February 6, 2019.
The current uptrend has lasted 33 days, where as four out of five uptrends during the 2018-2019 bear market didn’t even last 30 days. Only one uptrend, if you can call it that, lasted over 30 days and that was the final 32-day-long uptrend that ended with a break of critical support at $6,000 that took us into the current trading range.
Related Reading | How Rising Bitcoin Holdings of May Push BTC Price Up Significantly
It’s worth noting that Dave the Wave refuses to call Bitcoin’s price action over the last 14 months a “bear market,” and instead suggests that the first-ever cryptocurrency is only in a “correction.”
Dave the Wave’s previous analysis of the weekly MACD suggests that Bitcoin never fell below the indicator’s center point into bearish territory and has since started to point up. However, a contrarian stance might fear that the lack of crossing over could mean that the current “correction” could further deepen.
Does the Bear Market Have Another Leg Down? Here’s What It’ll Look Like
As for what a deeper decline might look like, crypto analyst Sir Bitlord has shared a chart that compares the final drop of the 2014-2015 Bitcoin bear market, helping to paint a picture of where the market might take us next.

Happy Sunday folks $BTC
— Sir ฿itlord (@Crypto_Bitlord) March 10, 2019

During the 2014-2015 bear market, Bitcoin attempted to make a move up, but couldn’t break overhead resistance, causing the crypto asset to fall further into its final trading range. If the same fractal plays out in the current bear market, the recent rejection at $4,200 may result in a steep selloff to $2,370, according to the analyst.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
After Bitcoin reached its final trading range, it was stuck there for nearly nine months before another attempt at breaking up was finally successful, and bow was put on the previous bear market.
Featured Image from Shutterstock
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Source: New

Crypto Market Wrap: Could Cooling Off Lead to a Weekend Dump?

Crypto markets cooling as we end the week; EOS drops to fifth, IOTA and NEO still buoyant, surges.
Market Wrap
There have been no further gains on crypto markets over the past 24 hours and they appear to be starting a pullback as we round out the week. Total market capitalization has remained over $130 billion but red is starting to infiltrate the charts indicating that this run at least could be over for now.
Bitcoin hit $3,940 again but that was as high as it got and heavy resistance forced it back down again. Generally there has been very little movement in BTC prices over the past day and it has dropped back a little to $3,915 where it currently trades.
Ethereum has also started to break down over the past day as it drops almost 2% back to $137. ETH prices are back to where they were this time last Friday after a Monday dump to below $130. XRP has been even weaker as the market cap gap expands again to $1.4 billion. The Ripple token as dropped another 1.5% taking it back to $0.314.
Every crypto asset in the top ten is red during today’s Asian trading session. EOS, Bitcoin Cash and Tron are dropping the most at almost 3% each. Litecoin has retaken fourth spot as it remains relatively stable on the day, however the gap between LTC and EOS is only $50 million so a reflippening could occur soon.
There are a couple of beacons of green in the top twenty at the time of writing. IOTA is making a rare move upwards with almost 3% added and Bitcoin SV and NEO are close behind with a 2% gain on the day. Ontology is still bullish with a 5% climb today but the rest are falling back marginally.
FOMO: Chain Climbing
CRO is getting a big pump today as it surges 44% to $0.020. Daily volume has over doubled to $600 million as the new Chain token gathers momentum with crypto powered Visa cards. The firm has just hired Rovio Executive, Kasim Zorlu, to the leadership team as SVP Head of Growth to drive customer acquisition.
Enjin Coin is also spiking at the moment with 40% on the day as the gaming platform continues to expand. Aurora is not far behind with a 32% fomo pump. There are no double digit dumps going on at the moment in the top one hundred but ABBC Coin is cooling off after its epic surge as it drops 8%.
Total market cap 24 hours.
Total crypto market capitalization has remained the same as these low cap coins do not really impact the market as a whole. A slight decline has dropped cap back to $133 billion but daily volume has remained high at $30 billion. Could this cooling lead to another dump over the weekend? Resistance remains strong so it is very possible.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Source: New

Bitcoin Miners Capitulated in Dec 2018 and it Could Signal the End of Bear Market

The biggest discussion point around Bitcoin currently, is whether or not the first-ever cryptocurrency has bottomed or not, and if the bear market will soon be ending or if a lot more pain is ahead for crypto investors.
While many crypto traders and analysts are feverishly reviewing price charts and other important indicators searching for a sign, one particular analyst suggests looking at Bitcoin mining difficulty levels and potential capitulation by crypto miners as the signal the bear market has ended.
Bear Market Grand Finale: Break of $6K Caused Miners to Capitulate
Like any good fireworks display, the grand finale is a spectacle worth waiting for. As was the case throughout the crypto bear market, where powerful price swings over the course of 2018 ended with an explosive move below critical support and into the current trading range Bitcoin price is currently in.
The move below $6K was exceptionally violent due to a large number of stop loss orders being placed directly below the seemingly unbreakable support level. Buyers and bulls felt confident that the price would hold, but prepared for the worst by placing stop orders just below this level.
Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy 
When the worst-case scenario became a reality, the stop orders executed further propelling the price per BTC downward. But it wasn’t just investors, hedge funds, and other bulls that capitulated during the violent move.
Bitcoin miners were also forced to sell off their holdings or risk having the price per BTC fall too low and remove any chance for maintaining profitability. The fallout experienced by Bitcoin miners may have signaled the end of the crypto bear market of 2018 and 2019, according to one crypto analyst.

ICYMI: the biggest #bitcoin sellers, miners, have already capitulated in Nov/Dec 2018. Miners have switched off old mining hardware because of low prices and difficulty has adjusted downwards. In 2011 and 2015 downward difficulty adjustment signaled the end of the bear market ..
— planB (@100trillionUSD) March 3, 2019

According to Plan B, Bitcoin miners, the “biggest Bitcoin sellers,” have “already capitulated.” He further explains that due to the price being so low compared to the cost of mining a BTC, miners have “switched off old mining hardware” and “difficulty has adjusted downwards.”
Most chartists look to past Bitcoin bubbles to get an idea of how the aftermath of the most recent bubble pop may play out. Rather than look at the MACD, RSI, or other price-related statistics, Plan B’s chart depicts spikes downward in BTC mining difficult adjustments. When comparing the most recent capitulation event against previous bear market bottoms, the downward movement in this key metric could be the signal everyone is looking for that suggests the current bear market bottom is in.
Halving: More Evidence That the Bear Market Tides Are Turning for Bitcoin
Data shows that Bitcoin miners are clearly tied to Bitcoin price in a variety of ways. Not only could miner capitulation signal the bear market has ended, but the block reward miners receive could be the key to unlocking the next bull run.
Another chart shared by Plan B shows in different shades of color the proximity to Bitcoin’s “halving” date. The closer price gets to this halving date, the higher the price per BTC begins to trend upward.

#bitcoin chart update: 14 months to halving. Note that 2011 bottom was at 12 months, and 2015 bottom at 10 months before halving ..
— planB (@100trillionUSD) March 3, 2019

According to the chart, the 2011 bear market bottom was at 12 months out from halving, and in 2015 the bottom was 10 months away from halving. When comparing the amount of time in proximity to past bear and bull cycles, Bitcoin may be anywhere from 2- to 4-months away from slowly returning to a bull market.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term 
Each halving reduces the BTC reward miners receive for validating each new block. In the coming halving, the 12.5 BTC reward will be cut in half to 6.25 BTC. The lowered Bitcoin supply stream flowing into miner’s wallets helps to reduce sell pressure on the market, and demand eventually takes over supply and the price grows exponentially. When this begins to happen again, FOMO should return to the market in a massive way, potentially taking Bitcoin to $100,000 to “millions” per BTC, investors believe.
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Weekly MACD Histogram Most Bullish It’s Been Since Bitcoin Price Was Over $13K

The moving average convergence divergence (MACD) is a lagging indicator many analysts use to track longer-term trend changes in assets across a variety of markets. In Bitcoin, the histogram of this key indicator had been bearish throughout most of 2018 and into 2019, and only recently just rose into bullish territory during last week’s rally where Bitcoin price topped out at $4,200.
Although the rally has run out of steam and since retraced, bullish momentum may not be gone completely, as the weekly MACD histogram has now reached its highest reading in well over a year. The histogram is now showing a the most bullish reading Bitcoin has had since Bitcoin price was over $13,000 back in December of 2017.
Bitcoin Bulls Are Back? Weekly MACD Histogram Highest Since December 2017
Prominent crypto analyst Dave the Wave has been using the weekly MACD indicator to look for data that supports that the bottom of the current bear market is in. In fact, the analyst refuses to even entertain the idea that Bitcoin has been in a bear market at all, due to the monthly MACD never dipping below the center point of the chart.

Why do we do TA?
To block out the daily noise. Highest MACD histogram reading on the weekly chart in over a year.
— dave the wave (@davthewave) March 4, 2019

In his most recent charts, the analyst draws comparisons to the 2014-2015 bear market to get a better idea as to when Bitcoin’s declining price woes may turnaround for the longer-term. A new chart shared this week on Twitter, shows the weekly MACD histogram reaching its highest levels since December 2017.
The last time the weekly MACD histogram was this high, Bitcoin’s price was ranging from $13,000 to the $20,000 peak. Once January 2018 hit, the weekly MACD fell deep into bearish territory.
Related Reading | Crypto Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During “Correction”
Following the July 2018 inverse head and shoulders completion, the weekly MACD started to show signs that the bulls were putting up a fight. However, bears eventually won, sending both the price of Bitcoin and the weekly MACD plummeting starting in November 2018.
Now, as the world watches to see if Bitcoin’s bottom is in, the weekly MACD histogram is showing the most strength its shown in well over a year.
Crypto Analyst: Bitcoin Is In a Bull Market That’s Currently Correcting
Due to the MACD generally being a lagging indicator, the recent signs of strength and the fact the indicator never truly fell into the bearish zone on the monthly chart could mean two difference scenarios may be ahead – both of which will only be confirmed in hindsight.

Just to put this 'bear market' in perspective – the MACD on the monthly chart may not even go into bear territory on this correction.
— dave the wave (@davthewave) February 21, 2019

As Dave the Wave points out, the monthly MACD on Bitcoin charts have never fallen bearish at all, and are starting to turn up. Usually, he says, once it turns up, the momentum can be unstoppable. If the lagging indicator did indeed call the bottom, the 2018-2019 bear market low is somewhere in the $3,150 area, and is already far behind us.
Related Reading | Poll: Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
However, should the lagging indicator turn back down and instead continue below the center point of the chart into bearish territory, the already torturous bear market will have a lot more to go.
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Source: New

Crypto Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During “Correction”

To call the current bear market a simple “correction” is quite a bold statement and one that would be met with counterpoints from numerous scorn crypto investors who bought in at the top of the recent Bitcoin (BTC) bubble. However, according to one crypto analyst, Bitcoin is still in a “ongoing bull market” and that the leading crypto by market cap is in nothing more than a correction, and that investors should accumulate at current prices.
The analyst also supplies his rationale behind the hypothesis, which is based heavily on the monthly Moving Average Convergence Divergence oscillator (MACD) – a trend-following momentum indicator that’s used by traders to signal important trend changes.
Crypto Analyst: What Bear Market? Bitcoin’s in a “Secular Bull” Market
Popular cryptocurrency analyst Dave the Wave has been heavily focusing his analysis on the Monthly MACD. His previous analysis suggested that the monthly MACD was signaling the bottom of the current bear market, and even correctly called Bitcoin’s recent “bounce” off the 200-week moving average – yet another indicator traders use to predict price fluctuations in various assets.
Related Reading | Crypto Analyst Expects Multi-Year Bear Market, Current Bitcoin (BTC) Range Isn’t Accumulation
In his most recent charts, the analyst again is looking to the monthly MACD to gain invaluable insight into where we are in the current bear market, to determine when a bottom is in, and when Bitcoin price may rally to new highs once again.

Just to put this 'bear market' in perspective – the MACD on the monthly chart may not even go into bear territory on this correction.
— dave the wave (@davthewave) February 21, 2019

The analyst’s take on the monthly MACD is that it has never even reached “bear territory,” by falling below the center line of the chart. During the 2014 to 2015 BTC bear market, the monthly MACD only briefly dipped below the center line and immediately bounced upward, forming a V-shaped bottom on the chart.

To clarify – technically something is bullish when the MACD is above the center line, and bearish when below the center line.
— dave the wave (@davthewave) February 21, 2019

While this could also signal that the current downtrend still has much more room to fall into bearish territory, Dave the Wave believes that while the momentum itself is “bearish on the monthly,” the MACD “is still in bull territory” and that BTC is simply in a “correction.”
Crypto Analyst: Bitcoin’s Bearish Correction Could Be “Turning” Back to Bull
He further suggests that the monthly MACD’s histogram could possibly “turn around” and if it does, it “could very well signify the end of the correction” Bitcoin is currently experiencing. Dave the Wave further explains that the lagging indicator is like a “massive supertanker” and once the momentum turns, there’s “no stopping it,” it’s all “one way.”
Related Reading | Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom
When pressed by his Twitter followers on what his interpretation of the analysis means, he discouraged shorting this “correction,” and says that investors “want to be accumulating” for when the correction ends and the bullish trend we’re currently in resumes.

That BTC is in a secular bull, that this is just a correction, that you do not want to be shorting it, and that you want to be accumulating.
— dave the wave (@davthewave) February 21, 2019

Of course, he could be wrong about the monthly MACD, and the bearish momentum could drag Bitcoin price down further. Either way, the monthly MACD is a valuable tool for any traders hoping to profit off of trend changes and could help predict the elusive Bitcoin price bottom. 
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Source: New

Bitcoin [BTC] Gonna Crash Below $2k before it Reaches $90k (Min): Crypto Analyst

Bitcoin is currently trading at $3,618 with 24-hours loss of 0.16 percent. Meanwhile, the flagship cryptocurrency is managing the daily trading volume of $6 billion. In the past 7 days, the Bitcoin price has been trading between the range of $3,690 and $3,610.

Bitcoin price 7-days chart, Source: Coinmarketcap
In the short-term, some Bitcoin analysts and traders have been expecting an upward trend while the long-term view remains unchanged though the numbers to peak vary.
According to Crypt analyst Willy Woo, Bitcoin can see the bottom at below $2k which many experts are expecting to occur in the first quarter of this year. Woo shared a series of charts covering various Bitcoin valuation metrics.

With Bitcoin hitting its bottom at some point below $2k, it could be the time for people to start investing in and accumulate Bitcoin as Woo further notes,
“RV says it’s an exciting time for long term investors looking to enter… on average investors are underwater, and we can see BTC is not underwater very often. Note RV is inaccurate in the early years due to missing pre-Gox price data, this will be fixed in the next update.”
Though the dark days are ahead in the short term, Willy Woo also shared about the next top which he says at a minimum could be $90k but not before he cautions that it’s “very experimental.”

The history might not repeat but it rhymes and with Bitcoin halving coming in 2020 experts are nothing but sure that another all-time high is coming, but not sooner than 2022. Recently, market analyst, Josh Rager had also shared,
“This “could be” the last time the general population can afford to buy an entire BTC. After 2021 – Bitcoin could move to a market price where most will only buy fractions. Global income per household is debatable, regardless, BTC speculative value could be out of reach for most.”
The post Bitcoin [BTC] Gonna Crash Below $2k before it Reaches $90k (Min): Crypto Analyst appeared first on Coingape.
Source: CoinGape

Binance still Running a Profitable Business Despite Bear Market, Crypto Exchange CFO

The largest cryptocurrency exchange by trading volume, Binance is running a profitable business “even in this bear market,” stated CFO Wei Zhou.
Profitable Even in This bear Market
Crypto market has lost over $700 billion since its peak as the majority of the cryptocurrencies are down 80 to 90 percent from their all-time highs. However, despite the prolonged bear market, the largest cryptocurrency exchange of the world by trading volume, Binance is still profitable, according to its chief financial officer.
In an interview with CNBC, Binance CFO Wei Zhou stated,
“To date, even in this bear market, we still run a profitable business.”
In July last year, Binance CEO, Changpeng Zhao told Bloomberg that the exchange was targeting a net profit of between the rage of $500 million and $1 billion in 2018.
The company doesn’t disclose its financials publicly, told Wei Zhou. However, recently, on the basis of amount spend by Binance on buying back its own BNB tokens using 20 percent of its net profits, The Block estimated the profits to be around $446 million last year.
Established in July 2017, Binance raised $15 million in its initial coin offering (ICO). It has been just about one year and a half since the exchange came into existence. But in this short amount of period, it has become the largest cryptocurrency exchange with the daily trading volume of $476 million, as per the data provided by Coinmarketcap.
Always on the Lookout for High-Quality Products
Though in 2019 the trading volume has dropped down significantly since late 2017’s rally, it is still managing its first position in the crypto space.
Wei Zhao further shared that Binance has “no plans” in the short term to seek a stock market listing. The firm had hired Zhou in September 2018, to handle its finances who previously had been serving in CFO roles at Chinese jobs site and TV ad company.
Binance is currently working on its expansion as it is soon going to launch its Binance Chain, a decentralized exchange for public testing and recently launched for its European clients. Just last year, the company had bought crypto wallet maker Trust Wallet for an undisclosed amount and invested $2.5 million in TravelBit an Australian start-up that lets users book flights with cryptocurrency.
“We’re always on the lookout for high-quality products,” he said on the subject of potential mergers and acquisitions.
The post Binance still Running a Profitable Business Despite Bear Market, Crypto Exchange CFO appeared first on Coingape.
Source: CoinGape

Crypto Analyst: Bitcoin Investors Are Underwater, But BTC Bounces Back Quickly

Bitcoin’s highly publicized meteoric rise to its all-time high of $20,000 in December 2017 was a classic bubble cycle at its peak. The media attention and hype from individuals talking about the crypto on social media and in social circles sparked FOMO (fear of missing out) in retail investors who eventually got burned when the price of BTC collapsed starting in January 2018.
Throughout the current bear market, due to early investors getting in long before Bitcoin went parabolic, collectively, investors were able to stay above water. But once support at $6K broke and capitulation set in, Bitcoin investors became deep underwater and are still drowning in losses since. However, according to data shared by a prominent crypto analyst, Bitcoin is “seldom underwater” and it could signal that investors could be seeing gains again in the future.
Bitcoin Investors Have Only Been Underwater for Under 2 Out of 10 Years
Bitcoin has been rightfully lauded for the asset’s ability to produce substantial gains not seen in traditional financial assets or investments. Even at current prices of roughly $3,600, from the first ever recorded BTC price of $0.003 represents a 120 million percent increase – gains that are typically unheard of in other markets.
Due to the first ever cryptocurrency’s rise from practically worthless, to nearly $20,000, there have been many opportunities for investors to become profitable in their journey alongside Bitcoin and rarely are investors underwater on their BTC holdings.
Related Reading | Bitcoin Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC 
According to a price chart from CoinMetrics that approximates the price paid for all circulating coins – as was shared by prominent crypto analyst Willy Woo – Bitcoin investors are underwater for only the third time in the technological and financial breakthrough’s ten years in existence.

What I like about @coinmetrics’ Real Cap is that it approximates what was paid for all the coins in circulation. Right now, as an aggregate, investors are underwater. For savvy long term investors this is an exciting time. BTC is seldom underwater.
— Willy Woo (@woonomic) February 13, 2019

Only two times before the current dive have investors went underwater.
At the tail end of 2011, Bitcoin took a three-month dip into the water starting around September when price fell from nearly $8 in late August, all the way down to roughly $2 in November of the same year. It wasn’t until December when BTC made a recovery and came up for a breath of air.
During the dreaded 2014-2015 bear market following the Mt. Gox disaster, Bitcoin again fell deep underwater in January 2015 and stayed there until early November of the same year.
In total, Bitcoin has spent only around 18 months out of the ten years since the Genesis Block with investors of the asset underwater. Given Bitcoin’s resiliency and ability to bounce back, the market may be closer to establishing the ever elusive bottom.

Bye-Bye BTC Bear Market? Not So Fast
While the data does show that Bitcoin investors falling underwater could indicate a bottom is in or at least near, the same data could also be a sad signal for bulls.
Should Bitcoin’s price follow a similar path and trajectory as the 2014-2015 bear market, and it has done so eerily closely thus far, investors in the asset may be stuck spending another 7-9 months underwater before a bull trend resumes.
Related Reading | Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom 
The previous time Bitcoin went underwater, it stayed there for 11 months before a relief rally occurred that wasn’t immediately batted down by overhead by bearish resistance. The current bear market only dove underwater following the break of critical support at $6,000 back in November of last year, which could suggest that the bear market has a lot longer to go before the end of crypto winter is here.
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Source: New

Crypto Bear Market is Prime Entry Point For Tech Giants

The yearlong plunge in cryptocurrency markets has resulted in downsizing for many tech startups but for the big players it could provide the perfect entry point.
Big Players Looking Towards Blockchain
Many blockchain projects have faced the squeeze in recent months and been forced to let staff go and downsize operations. The NEM Foundation has been the latest in the growing list of those battered by the bears as it faces a complete restructuring. This could be good news for bigger players looking to scoop up tech talent for their own crypto ambitions.
Facebook has been the latest example as the social media giant recently acquired the team from a small London based blockchain outfit called Chainspace. According to RBC internet analyst Zachary Schwartzman crypto and blockchain could be seen as a huge threat to the likes of Facebook as computing moves to public blockchains in what he described as the “embryonic stages of a potential massive paradigm shift”.
“On the surface, it may appear that Facebook purposefully hired the technical team related to DECODE. But we don’t believe this was the case. Our view is that this was simply an acqui-hire to expand Facebook’s internal crypto team’s expertise,” Schwartzman told CNBC.
The report goes on to note that other tech and finance giants are also keenly eyeing the space which looks far more lucrative today than it did at the height of the hype a year ago. IBM, Amazon, Microsoft and JP Morgan are all venturing into blockchain for its increased security and transparency over existing systems.
Venture capital was on a roll in 2018 as over $2.6 billion was spent on deals for more than 300 companies, according to researchers. This was more than triple the figure for 2017 despite the plunge in prices. The investment environment has cooled off a little since then however as some companies still didn’t have products on the table at the time of their fund raising. EOS has been the prime example here with $4 billion raised, mostly in Ethereum, and no product at the time. EOS has dumped 88% since its all-time high in April last year along with the rest of the cryptocurrencies.
The plunge in Ethereum, which many used to raise funds, has added to the woes of these startups which have flooded the market with it further adding to the bearish overall sentiment. Analysts have predicted a big shakeout whereby those that failed to meet deadlines and keep up with product updates will fall away while those still focusing on building the technology will ultimately survive.
The tech and internet monopolies are definitely paying attention and are circling like sharks in a digital pool that is filling up with fresh talent as the crypto winter continues.
Image from Shutterstock
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Source: New

Crypto Market Wrap: Maker Moving as Markets Consolidate

Market Wrap
Crypto markets consolidating again; Binance Coin, Dash and Maker are moving, the rest slipping slowly.
As widely predicted the crypto market pump was just that as things are starting to dump again today. The movements have been minor but the majority are in the red at the moment as market capitalization slips back to $120 billion.
Bitcoin did not get close to $3,700 today so new resistance levels are forming lower again. Around $3,650 seems to be its stability point for the time being but dips are not being supported and Bitcoin could drop lower, it is currently down half a percent on the day.
Ethereum has held on to second place by not moving over the past 24 hours. Still trading at $120 ETH could get some momentum from the Constantinople hard fork which has been delayed until the end of the month. XRP has lost a little more ground today and the gap between the two is currently just over $200 million.
Most of the top ten are falling back during the Asian trading session today. Tron has dropped the most despite the BTT airdrop today as TRX loses 3.5%. Bitcoin Cash is not far behind with a 3% slide. Only Binance Coin is making progress today adding another 2.5% as it closes the gap on Stellar in ninth which has dumped another 2%.

There are two big movers in the top twenty at the moment. Dash and Maker have added a further 7% on the day trading at $83 and $495 respectively. The Maker dev fund was moved to a new multisig wallet two days ago which caused the CMC market cap spike and the flipping of ETC and NEM. NEO and Zcash have also added 3.5% each to their prices over the past 24 hours but IOTA and NEM continue to slide.
There are no major pumps occurring in the top one hundred at the time of writing. Huobi Token is the best performer adding 15% followed by MOAC with a 12% rise. Getting bashed is yesterday’s pump; Quant followed by Revain both shedding 10% in predictable dumps.
Total market capitalization has not really moved overnight and is still at $120 billion. No further gains for the big cap coins look likely so further consolidation is expected in this channel for the time being. Volume is still at $20 billion and markets are still 6% higher than they were this time last week.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
The post Crypto Market Wrap: Maker Moving as Markets Consolidate appeared first on NewsBTC.
Source: New

From $20K to $3K and Back: How Bitcoin Price Counters Sentiment in the Crypto Market

During Bitcoin’s widely publicized bull run of 2017 which sucked up retail investors into its massively inflated bubble, the price of the first ever crypto reached a peak of $20,000. Now that the bubble has popped and the market has entered a state of anger and despair, more people than ever are writing obituaries for Bitcoin and calling for extreme lows – the exact opposite of the sentiment witnessed at its all-time high.
While most traders follow technical analysis or look to fundamentals to determine which way Bitcoin price may move next, trading crypto counter to the market’s sentiment may be the best indicator yet for profitable trades.
Crypto Market Sentiment Can Be a Contrarian Indicator
Billionaire investor and finance magnate Warren Buffett has an often cited quote, “Be fearful when others are greedy and be greedy when others are fearful.” The quote is the perfect example of how contrarian trading works, especially when it comes to speculative assets that easily set the stage for bubble-like market cycles.
Sentiment just before Bitcoin’s all-time high was at the peak of the hype and irrational exuberance phase of a market bubble cycle. It wasn’t uncommon to see comments in Reddit’s r/BitcoinMarkets’ daily discussion thread read “no way it doesn’t break $20,000 soon. Very soon.”

Others were calling for astronomical figures such as $100,000, and some simply talked about how the current bull trend couldn’t possibly come to an end. “Every time we’ve consolidated right below/around ath the past year it’s broken up….just saying the trend is still very much up,” one Redditor adorned with a “2013 Veteran flair” added.
Related Reading | Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels
Another self-proclaimed Bitcoin maximalist even suggested those turning bearish where blind to “what is right in front of them” for entering what are now incredibly profitable short positions.
Even industry figures such as Fundstrat’s Tom Lee had called for Bitcoin to reach $25K, and the eccentric John McAfee even offered to eat his own penis if Bitcoin didn’t reach $1 million per BTC by the year 2020 – a prediction he then called “conservative” yet now seems impossible.
Crypto Bear Market Bottom is Hard to Spot During Depression and Anger Phase
Predicting the bottom price of an asset is extremely difficult, and its only further complicated by the emotional state of the market’s participants.
Following Bitcoin’s hype phase, was denial. $6K was repeatedly defended and sentiment swayed back and forth between each Bitcoin price peak and trough. Until support at $6K broke and even permabulls finally turned bearish.
Related Reading | Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom
Sentiment has only suffered further since then, as the market clearly entered the depression and anger stage – the complete opposite of the sentiment found in Reddit comments around the December 2017 top.
“Does look like it’s running out of steam and about ready to fall,” one Redditor commented. “Short it. Itz about to double top – or whatever the TA term is for the second peak peaking short and plumitting beyond the first peak’s inception slope to inverted Middle Earth,” exaggerated another.
Extreme Bitcoin price calls claiming $1,000 is around the corner, or that $3K would break in the same manner $6K did, were great examples of how trading contrary to sentiment can work in one’s favor.
Following these dramatic and depression-driven calls for the death of Bitcoin, came a nearly 10% rally from Bitcoin’s local low of $3350, and could spark a reversal if overhead resistance can continue to be taken out.
From here, where Bitcoin price goes is anyone’s guess. But investors should keep in mind Warren Buffet’s famous quote and watch closely for opportunities to trade counter to market sentiment.
Images from Shutterstock
The post From $20K to $3K and Back: How Bitcoin Price Counters Sentiment in the Crypto Market appeared first on NewsBTC.
Source: New

Bitcoin [BTC] and other cryptocurrencies will push new lows as the bear market continues, says Fundstrat

The world’s first and largest cryptocurrency, Bitcoin is struggling to get out of the bear market’s grip. In fact, Bitcoin is now in its longest ever spiral downwards. However, the prediction by Fundstrat which suggests that Bitcoin will be testing new lows may just push the coin down even further.
The cryptocurrency which, at the time of press, stands valued at $3,414 with a market cap of $59.8 billion, hasn’t posted a significant gain or loss over its previous day’s price. Its present valuation is a far cry from its highs of 2017 when it touched $19,000. However, according to Fundstrat, the cryptocurrency may be testing new lows soon. In fact, a note written by Fundstrat’s Robert Sluymer stated:
“The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.”
Sluymer has further stated in his note that the prices to look out for are $4,200 and $3,100. According to him and Fundstrat’s technical analysts, if the cryptocurrency hits the $4,200 level, it would mark a 25% increase over today’s prevailing prices. On the other hand, Sluymer warns, if the technical fundamentals of Bitcoin remain weak and it breaches the $3,100 mark then, it is likely that the coin will go as down as $2,270 on the back of such a bearish decline.
Fundstrat’s note has bad news for other cryptocurrencies in the market too. Using its advance/decline indicator, Fundstrat has suggested that 250 small-cap coins are at particular risk and are especially vulnerable to market shocks that may push their value well below their present ones.
This isn’t the first time Fundstrat and Bitcoin have made news together, however. Back in January 2018, the firm’s co-founder Tom Lee had bullishly projected BTC to overhaul its $19,000 all-time high by the summer and breach the $125,000 mark by the year 2022. Lee has also been very confident about the growth and mainstream adoption of the cryptocurrency across the world post the launch of Bakkt, with him stating in an interview:
“Bitcoin should be able to easily break higher ground once people realize its fundamental benefits and use cases.”
The post Bitcoin [BTC] and other cryptocurrencies will push new lows as the bear market continues, says Fundstrat appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom

Members of the crypto community, analysts, investors, and traders alike are all consumed with analyzing charts, both current and historic, hoping to find early signals that the bottom of Bitcoin’s now longest ever bear market is in.
One particular prominent chartist and trader, believes that Bitcoin is due for a powerful bounce soon, and further suggest that the monthly MACD has started to signal that the bottom of the 2018-2019 bear market may be in, if patterns witnessed in previous bull-bear cycles are repeated.
Bitcoin Ready to Bounce? Traders Watch the 200-Day Moving Average
Bitcoin has been stuck in a phase of stability typically not seen in the extremely volatile asset. Tightening trading ranges and dwindling volume often suggest that price consolidation is occurring, and traders are sitting by the wayside in anticipation of the next major move.
The last time Bitcoin experienced this stable of a trading range and price consolidation, price eventually fell through important and repeatedly tested support at $6K, and declined nearly another 50% toward a low of roughly $3,150. At the low, Bitcoin bounced off the 200-day moving average (200MA), but general weakness by bulls have caused the price of the number 1 crypto by market cap to drift back toward the critical support indicator.

Ready for the b b b b bounce?
— dave the wave (@davthewave) February 6, 2019

While many analysts are claiming the 200MA won’t hold a second test, bearish volume is diminishing and Bitcoin is in contained in a bullish price pattern: the falling wedge.
Related Reading | Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels 
Prominent crypto trader and chartist Dave the Wave is expecting a major bounce the closer Bitcoin gets to the 200MA, and points to the 2014-2015 bear market’s multiple bounces off the widely used trading indicator.
Looking at historical charts, Bitcoin bounced numerous times it touched the important moving average. If history repeats, a strong bounce should occur within the coming days.

Keep it rational contra the sentiment.
— dave the wave (@davthewave) February 6, 2019

Monthly MACD Could Indicate Bitcoin Bottom Is In
By looking closely at the past, oftentimes patterns can be discovered that can help traders to better anticipate upcoming movements. The 200MA is an indicator traders are currently watching closely due the current price’s proximity to it. However, there are dozens of other indicators that traders can use to help determine what the market might do next.

Where have all the contrarians gone?
Here's the monthly MACD, probably the scariest indicator for the bulls… and yet it's signaling the bottom insofar as the two corrections are to be compared.
— dave the wave (@davthewave) February 6, 2019

And while sentiment is at extreme lows and many are calling for Bitcoin’s price to reach the $2K range, the monthly MACD has entered a zone that has previously indicated the bottom of the last bear market. It doesn’t quite suggest a new bull run is right around the corner, as the bottoming process can take weeks to months. However, if history were to repeat itself, Bitcoin will have already begun that process and bulls can breath a sigh of relief.
The post Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom appeared first on NewsBTC.
Source: New

Crypto Market Wrap: Bitcoin SV Spike Not Enough to Re-enter Top Ten

Market Wrap
Crypto markets have remained flat on the day; Binance Coin, Bitcoin Cash, SV and BAT still moving.
There has been a very minor bounce for crypto markets following their $2 billion dump yesterday. It is still an insignificant move though since markets are weakened and total capitalization is still below $112 billion.
Bitcoin seems to have found a new daily resistance level which appears to be $3,430. This has been hit twice since yesterday’s dump but twice Bitcoin has retreated back and is currently trading at just over $3,400, down a fraction of a percent on the day.
Ethereum has recovered one percent on the day but it is trading at $105 and still dangerously close to dumping below that psychological $100 barrier. No movement in XRP has decreased the market cap gap back to $1 billion where it is likely to remain as long as Ethereum stays weakened.
The top ten altcoins are a mixed bunch during today’s Asian trading session. Binance Coin has cemented its tenth position with a further couple of percent added today and Bitcoin Cash is having a rare gain, but just 3% on the day. Stellar continues to slide and is in danger of dropping out of the top ten all together if it keeps heading south.
The top twenty is mostly green at the moment but gains are marginal and most altcoins are still very weak. Bitcoin SV has enjoyed an 8% spike but it has not been enough to get back into the top ten as BNB keeps gaining and is still $50,000 ahead in market cap. NEM has clawed back 5% following a week of losses and IOTA has pulled 2% back. The rest are plus or minus a percent at the time of writing.
BAT is taking the fomo at the moment following Coinbase’s Earn venture supporting the Brave browser. The advertising based token has jumped 15% on the day. Quant has made an entry to the top one hundred with a big pump and Veritaseum is climbing well right now. ICON is also up there with an 8% gain on the day. There are no major dumps going on but Holo is at the end of things losing 7% at the time of writing.

Total market cap is still at the same place it was yesterday, but with a tiny gain to just creep over $112 billion. Daily volume has dropped to $15 billion and momentum is lacking across all crypto assets right now. Since last Thursday crypto markets have shrunk by 3.5% and further losses are looking likely.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
The post Crypto Market Wrap: Bitcoin SV Spike Not Enough to Re-enter Top Ten appeared first on NewsBTC.
Source: New