Bitcoin Historical Monthly Performance Could Shed Light on What’s Next for Crypto

Everyone has heard that history often repeats itself, and learning from the past is among the best ways to prepare for the future. The same goes for Bitcoin and crypto, and analysts often look at past bear and bull cycles to gain insight into how future price action may unfold.
According to historical Bitcoin monthly performance, and general market sentiment, the first-ever crypto is at a critical crossroads, and depending on how August performs, it could set the stage for the greatest bull run the world has ever seen, or it could send Bitcoin back down to the depths of the bear market once again.
August Will Confirm BTC Bull Market or Bear Trend Change
According to Wikipedia, the concept of “eternal recurrence” is the “idea that with infinite time and a finite number of events, events will recur again and again infinitely.” It was popularized by philosopher Friedrich Nietzsche who promoted the belief that accepting these recurrences, or “fate” was the key to happiness.
Throughout history, this belief that history repeats itself is present in everything from economic crashes, market cycles, and more. This is why even crypto analysts and Bitcoin investors often look at past market cycles to help predict the price action in future market cycles. Patterns are visible in all things and can help indicate subtle changes to a trend.
Related Reading | Daily Activities Like Grocery Shopping May Hold the Key to Crypto Adoption 
New data provided by a prominent crypto analyst outlining Bitcoin’s historical monthly performance could provide clues to where Bitcoin may go next, however, the like the market sentiment currently, the data appears to be torn, and shows that even the historical data seems to suggest that Bitcoin is at an impasse, or critical junction in its lifecycle and August may be the deciding factor if the next bull run begins, or if Bitcoin retests bear market lows – or something in between.
Crypto at a Critical Crossroads, Shows Bitcoin Historical Monthly Performance
According to the data, August is the third-worst performing month for Bitcoin in its history, behind only December and January where the repetition of December tops leading to the following month wiping out much of the previous month’s gains skews things.

Ever wondered how $BTC performs during a certain months? Here is the historical monthly performance since 2012.
Lowest returning month: Jan. at -0.18% on average with 3 green & 5 red months.
Highest returning month: Nov. at 75.58% on average with 6 green & 1 red month. pic.twitter.com/nVNq9PkDGk
— ₿itDealer (@Bitdealer_) July 25, 2019

Interestingly, Bitcoin’s recent bull rally to $13,800 saw four green monthly closes in a row. The last time this occurred, was during April through August 2017. After that Bitcoin took a short pause and reached a new all-time high in the months that came after. The only other times Bitcoin had more than four monthly consecutive green closes, was during 2012 and 2013, when the crypto asset was still relatively worthless and unknown by today’s standards.
Out of seven Augusts recorded in the data, Bitcoin saw 3 green months, and 4 red. Should August close red it could mean two things: Bitcoin’s bull run is taking a short pause before reaching an all-time high, just like it did in 2017, or it could take on the performance after the most recent August close in 2018.
Related Reading | Bitcoin Price at $10,000 is in Danger As Bulls Begin to Lose Support 
In 2018, after a green July, August closed red and was the start of six consecutive red monthly closes, the longest stretch of red in Bitcoin’s history. Bitcoin also wasn’t facing regulatory pressure and such criticism from the United States at that time.
Regardless of what happens next, Bitcoin is at an important moment in its history, and this month might indicate the trend for the remainder of the year, possibly beyond.
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Majority of Crypto Investors Never Experienced Bear to Bull Transition

Bitcoin has now been in existence for over a decade, and the larger crypto market has now been through a few market cycles despite being a relatively new financial asset and emerging technology.
It wasn’t until Bitcoin’s media-fueled meteoric rise and the ICO explosion that put crypto on the radars of the mainstream public during the 2017 bull market. With so many crypto investors being pulled into the 2017 crypto bubble, the majority of crypto investors in the market have never witnessed a market cycle transition from bear, to bull, and have never experienced the beginning stages of a bull market.
80% of Crypto and Bitcoin Investors Bought In Around 2017 or Later
Markets cycle the same way across all any asset class. After peak exuberance and hype comes a crash that brings on anger, despair, and depression. And as was the case with the crypto market as Bitcoin rallied out of lows to over 100% gains in the matter of two months, as a bear market ends, investors are left in disbelief, are hesitant to pull the trigger, and still suffering from the crypto bear market version of post-traumatic stress disorder.
Related Reading | $10,000 Bitcoin Price Key Level To Trigger Widespread Public FOMO
Such is the case with the majority of crypto investors, as a new poll from leading exchange Binance via their Twitter account, where they polled users as to when they first entered the crypto market. The account cheekily pushes investors to “be honest,” making light of the influx of retail investors who bought the top of the bubble and were forced to “hodl” through a long, arduous bear market.

When did you buy your first #Cryptocurrency? (Be honest )
— Binance (@binance) June 9, 2019

According to the poll, which received a staggering over 40,000 votes, more than half of crypto investors who responded bought their first cryptocurrency in 2017. A grand total of 58% of respondents voted this way, with the remaining 42% split across those who got in after 2017 in 2018 and 2019, as well as those who got in in “2016 or earlier.”
This means that only 20% of all respondents ever experienced a bear market cycling into a bull market, which could explain why most crypto investors are experience such disbelief, and are confused as to where the market will move to next.
The remaining 80% of investors entered the space in the second half of the last bull run, only to experience what it’s like for a bubble to pop and the majority of the assets traded across the crypto market feel as much as 99% from their all-time high amidst the hype.
Related Reading | Next Bitcoin Bull Run Will Be First Cycle Supported By Established Financial Firms
While the poll does demonstrates how “green” crypto investors are, it also clearly highlights just how early it is as an asset class and emerging financial technology.
Featured image from Shutterstock
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Crypto Analyst Reminds Traders That It’s Buy The Dip Season in Bitcoin

Since the start of April 2019, there have been many changes occurring across the crypto market as Bitcoin surges once again. The bearish sentiment of the year prior turned into disbelief and soon after, into hope that another bull run has started to emerge out of the depths of the bear market lows.
As the market cycles from bear to bull trends, how traders and investors approach taking positions too should change, and one prominent crypto analyst and trader is taking the opportunity to reminder crypto investors that when it comes to Bitcoin, it’s “buy the dip” season, and that shorting any bounces is a “risky” strategy to take.
Retracement, Not Reversal: Crypto Analyst Highlights Market Sentiment Shift
Now that Bitcoin’s parabolic rally has started to pull back, the sentiment across the crypto market has once again flipped from bullish to bearish in short order. But before the bears go ahead and put in that short order, they may want to reconsider, according to one prominent crypto analyst.
Related Reading | Only 3 Months Exist Where Buying Bitcoin Resulted in Losses 
Crypto analyst GalaxyBTC, tweeted a public service announcement reminding crypto traders and investors that the market has changed, and so should trading strategies.

Surprised on how bearish the sentiment is on this correction of a strong uptrend
People are actually waiting to short the bounce
Extremely risky play and the price could turn to the upside any moment, strong and fast, as it did before
This is a retracement not a reversal$BTC
— Galaxy (@galaxyBTC) June 5, 2019

According to the analyst, those that are looking to short any bounces occurring in Bitcoin price charts at support levels, are making an “extremely risky play.” Given how powerful Bitcoin can rally during bull markets, the trader reminds investors that the price “could turn to the upside any moment, strong and fast, as it did before.”
During bear markets, traders are encouraged to short every bounce at support, and sell into resistance. The opposite is true for bull markets, where “buying the dip” is the recommended strategy.
Many traders that got into the crypto market following the 2017 hype bubble have only known bear market, and may struggle to shake their bearish trading strategies. As the market cycle begins to change from bear to bull, traders should take a second look at the strategies they have become familiar with over the course of the last two years.
Bull markets move fast and violently, and most typical corrections in Bitcoin during a bull market have resulted in corrections of up to 30%, before propelling further upward once the previous level has been reclaimed.
Related Reading | Buy Bitcoin: Why Dollar Cost Averaging Is the Crypto Investor’s Best Bet 
At the time of this writing, Bitcoin’s parabolic curve has yet to be violated, which could result in further upward momentum before finally providing traders with a 30% or more correction for dip-buying. The current correction only sits at around 20% decline, and past bull market results suggest we could have further to fall before Bitcoin resumes its climb higher. Whichever way Bitcoin goes next, investors are advised to buy the dip, whenever that finally occurs.
Featured image from Shutterstock
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Whales Holding Large Amounts of Bitcoin are Responsible for Bull Market

Although Bitcoin whales have mostly been seen in a bad light, they could be useful in driving important events in the industry. According to Diar, Bitcoin whales who own at least 1000 BTC are responsible for bringing back the bull market that Bitcoin is currently enjoying.
Bitcoin price rise coincides with the accumulation
According to an analysis by Diar, there has been a steady increase in BTC being acquired by Bitcoin whales holding 1000 BTC or more. Those wallets currently hold 26% of the total Bitcoin circulating supply. Comparing the amount of Bitcoin amassed by these wallets in August 2018 when Bitcoin was also at $8,000 to the current amount, Diar said the addresses held under 20% of the circulating supply which has increased to 26% in less than a year.
Bitcoin held by Wallets with 1000-10,000 BTC
The number of Bitcoins held by these addresses significantly increased by December of 2018 when the cryptocurrency bottomed. This could be due to a major buy-in of the bottom for storage ahead of a possible bull market like the one Bitcoin is experiencing now. The increase in the number of Bitcoin held amounts to $6 billion more than what was held in August 2018.
In addition, 40% of mined Bitcoins in 2019 have been claimed by these wallets while retail wallets holding 0 to 100 BTC have also received an additional 126,000 BTC this year and the number of wallet addresses under this category has been on the increase as well. Retail wallets currently hold 38% of Bitcoin’s total circulating supply but are not responsible for the current price rally because they are quite stable, the report said.
Also read: Bitcoin [BTC] Reverses at $8550, Rejects First Attempt at a Pullback: Analyst
Interestingly though, on-chain transaction data suggests that there is a restricted supply of Bitcoins on exchanges which happen to own most of the major addresses. This is evident by the reduction in the amount of Bitcoin they hold which has declined from 21% of the total circulation to the current 16%.   So far, they have collectively lost 300,000 BTC since the start of 2018.
Source: Diar Research
BTC accumulation causes a price spike
The increase of 7% in the amount of BTC held by the major whales holding between 1000 and 10,000 BTC is responsible for the price surge, based on Diar’s data. This is a possibility as those BTC are nor lost but have been in the wallets and they have been quite active according to the report. If the holding of BTC has raised the price, what will be the implication of selling the accumulated BTC on the price? Is the market in danger of losing if the whales decide to sell?
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Source: CoinGape

Bitcoin [BTC] Reverses at $8550, Rejects First Attempt at a Pullback: Analyst

Bitcoin [BTC] broke above $8700 on 26th May with a surprising bullish move. The parabolic rise of Bitcoin [BTC] recorded a 110%, after which, consolidation began near the $8000 level.
Bitcoin had started to built support at around $8000 levels. While Bitcoin’s momentum has been nothing but bullish since the past few weeks, a break above $8500 was unlikely.
Furthermore, the break-out has been supported by a further increase in demand as Bitcoin [BTC] has held the parabolic gains. Bitcoin has risen unprecedentedly without any significant pullback. It has only taken temporary stops to consolidate and then records another leg-up.
Also Read: Bitcoin [BTC] Price Analysis: Consolidation Above $8700 Continues; $9700 Bullish Target
Failed Pullback Price Action
Bitcoin price attempted a brief pullback attempt on 28th May 2019 as it fell by 2.38% on the four-hour chart to test $8550. However, the move was backed by instant buy volume as the market recovered above $8700.
The price of Bitcoin [BTC] at 16 Hours UTC is $8710. It is trading at par with yesterday’s price at this time.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Mati Greenspan, Senior Market Analyst at eToro, tweeted about the pullback event on Bitcoin
“Failed Bart pattern. First attempt at a pullback was rejected. This market has no fear!!”
Failed Pullback Attempt
Also Read: Bitcoin Bear Market Is Definitively Over, But Bart Simpsons Pattern Still Looms: Analyst
Furthermore, for any asset, even in a bull market, a pullback is necessary for its sustainable increase. It forms higher highs and higher lows. However, building lows is also essential to the rise as well.
Tone Vays, crypto-trader and chart analyst noted,
“if this bull run continues closer to the halving hype then there may not be a significant pullback and the halving hype can drive Bitcoin into yet another bubble.”
The traders are expecting a significant pullback in Bitcoin [BTC] anytime as the rise can lead to unstable economic impacts in and around the cryptocurrency markets. Nevertheless, Bitcoin has been relentless as it continues to hold its gains.
However, a break above $10000-$11000 is also on the cards with the new-found vigor with institutional and retail investors.
Do you think Bitcoin [BTC] will move past $10000 before a pullback? Please share your views with us. 
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Source: CoinGape

Bitcoin to Break $10,000 and $11,500 Resistances Before the Smooth Sail – Analyst

Bitcoin has experienced a swift jump to a 12-month high of over $8,700. This has drawn a lot of interest and many analysts are certain the coin is on its way to a higher price. However, a cryptocurrency trader and analyst, DonAlt believe Bitcoin will still have to conquer resistances at $10,000 and $11,500 before soaring freely to the expected highs.
Bulls in control
DonAlt shares the belief that the bulls are clearly in control of the market, but he believes the free surge that Bitcoin is to experience will come after the resistances of $10,000 and $11,500. He even expects the asset to dip to around $8,200 to $8,400 within the week before the resistances will be encountered. Bitcoin, however, has brought down a good number of resistances so far.
Source: Twitter
Chat Source: TradingView
The leading cryptocurrency started the year below $4,000 and was to face a critical resistance at $4,200. It later rose above $4,000 in January but did not record any significant surge until the early April market surge which brought it up to above $4,200 easily. From there, the next critical resistance according to analysts was $6,000 which although Bitcoin took some time, eventually smashed through, even easier than expected. Since then, Bitcoin grew to above $8,000 before correcting a bit under $8,000 for a number of days. The next resistance from then was expected at $8,600 which Bitcoin surpassed to hist a new year high of over $8,700 yesterday.
What is next?
Bitcoin rising to a new year high seem to have enormous implications on where the market is headed. Analysts have predicted several prices for Bitcoin since then, including Max Keiser looking at $28,000 in the short term while he maintains his expectation of $100,000 in 2020. The market is still green and the price is still above $8,800. Are we heading to $9,000 shortly or we will dip to DonAlt’s $8,200?
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Source: CoinGape

Bitcoin [BTC] has Entered ‘Re-Accumulation Phase’ Between $5800-$9700: Analyst

Several market indicators and factors affect the price movements (bullish or bearish), in which traders and miners manage their positions accordingly. However, one thing which the miners have to account for perpetually is the mining rewards.
Since it is decreased by half every four years, the miners must decide on how to run their set-up profitably in the future. This accounts for the supply of the system. Moreover, inflation is Bitcoin [BTC] will also reduce considerably as the production decreases. Currently, the inflation on Bitcoin is above 3.5%. All of this, in turn, affect the price greatly.
Bitcoin Price Analysis: ‘Halving’ Timelines on a Logarithmic Scale
The reduction in mining rewards is a periodic process designed by default in Bitcoin [BTC]. These are facts and principals that miners and traders all have knowledge of, and the market sentiments are guided by similar reasons every four years. Tuur Demister, the Co-founder of Adamant Capital, has established an analogy between the price action and halving timelines.
This analogy is slightly different from the ‘bull and bear cycle‘ which is estimated on a linear price scale as opposed to this one. Furthermore, the analysis is performed on a logarithmic scale.
Tuur Demeester’s Price Analysis Based on Halving Sentiments (Source Tweet)
The next Bitcoin halving is a year away, scheduled at some time on 22nd May 2019. Hence, this period, according to him, marks the re-accumulation period as the price broke above resistance and support from the previous bull cycle at around $5800-$6000 levels.
BTC/USD Price Analysis from Halving Sentiments (TradingView)
According to his analysis, $5820-$5850 was the resistance and support level that markets the accumulation period with the bottom. It also marks the resistance to the beginning of the re-accumulation period. Furthermore, the re-accumulation can be expected to extend for another year below the $9650-$9700.
Also Read: Bitcoin [BTC] Going Above $7,950 will Start Another Breakout – Analyst
However, the price had broken above the re-accumulation band in the previous cycle before the halving, which marked the beginning of the bull market. Moreover, the accumulation period was reduced significantly than the last time. Hence, if the sentiments were to continue, we could expect the beginning of a new bull run before the end of the next 12 months. The price is expected the trade in the re-accumulation zone until then.
Do you agree with the analysis or have viewpoints of your own? Please share your analysis with us. 
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Source: CoinGape

Log Scale Monthly Bitcoin Price Chart Suggests Bear Market Was an Uptrend Pullback

Bitcoin price has recently found the bottom of its bear cycle, and has since shown a strong reversal back into a bull market that has taken many by surprise as to how much the price of the first ever cryptocurrency has risen in such a short time following what will go down in history books as the longest bear market on record.
One reason for such a fast and powerful rebound into bullish price action, according to the log scale monthly Bitcoin price chart, is because the entire bear market was nothing more than a “pullback in an uptrend” and much needed consolidation before the digital asset could resume its parabolic climb.
Bitcoin Bear Market Never Happened, Healthy Pullback in Bullish Uptrend
Bitcoin price trajectory is often described as parabolic. During the height of the 2017 bull run, the price of the leading crypto by market cap went media-fueled parabolic tear that took the price of the asset to its all-time high of $20,000.
After that parabolic ascent was broken, an 85% decline followed, but as soon as the target was hit, Bitcoin was back off to the races, ready to restart a new bull run. The moment bearish sell pressure waned, Bitcoin again went parabolic, taking the price of the cryptocurrency from $4,200 to a recent high of nearly $8,400.
Related Reading | Crypto Technical Indicator Gives 5th Ever Parabolic Signal
Price action suggests more upside movement is ahead, but how fast the crypto asset has risen from the depths of the bear market has left most investors in shock and disbelief. But the fast resumption of bullish momentum could suggest more is at play.
Front-running the upcoming halving is one theory, as is an increase in buying over US and China trade war fears. However, it could be explained by looking at monthly Bitcoin price charts on the log scale, which according to crypto trader Desperately Seeking Dusan, shows that Bitcoin has never left an uptrend, and instead is simply experiencing consolidation before another movement upward.

All a matter of perspective… if we look at this log monthly chart, it's simply been a pullback in an uptrend… on a daily basis, some consolidation was needed, nothing can go parabolic without stopping (or crashing badly again which is worse) pic.twitter.com/dIOjRS883P
— Desperately Seeking Dusan (@SeekingDusan) May 22, 2019

The trader adds that “nothing can go parabolic without stopping” or “crashing badly,” which Bitcoin in fact did in early 2018. Now that the asset has experienced healthy consolidation, the upward trajectory is expected to resume, taking the price of the digital asset to a new all-time high in the coming months.
Related Reading | Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During “Correction”
This isn’t the first time a crypto analyst has called the brutal bear market of 2018 nothing more than a “correction” in a bull trend. Long-term chartist Dave the Wave claims that the MACD never fell below the zero line, suggesting a dip into bear territory was never achieved.
As Desperately Seeking Dusan points out, it’s “all a matter of perspective.” When looking at Bitcoin, it’s wise to look at the long-term potential of the asset, which could eventually reach a value of $100,000 to millions in the future.
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Inverse Chart Demonstrates Bitcoin Price Following Bear Bottom To Bull Market Fractal

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

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

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

Mati Greenspan, the Senior Market Analyst at eToro, recently in an interview reaffirmed his bullish position in the recent interview that Bitcoin bear market, popularly known dubbed as ‘Crypto-Winter‘, is “definitely over.”
Furthermore, about the price indicators that would signal the next bull run, he said,
“It is more of a question about seasons. You can’t really point to a chart and say this is where Bull market has begun.. Its [Bull market] an enviroment where prices go up consistently over time and are expected to continue growing in the future… But we really won’t know once we get there.”
Bearish Signal: Bart Simpsons Pattern
Moreover, Mati Greenspan also noted that Bitcoin might follow the Bart Simpsons pattern which is characterized by a bullish candle followed by days of uncertainty, and then a bearish correction.
Possible Bitcoin Bearish Signal
Hence, there is a possibility that the impending bull market has yet to begin, but the “jury is still out on that.”
Bullish Signals: Fundamentals and Market Indicators
On other Technical Signals, he mentioned that Bitcoin is holding above the $5000 mark and 200-Day Moving Average (at $4300 currently) on a Daily Scale which is good “consolidation signals.”
Moreover, he also emphasized the importance of the 200-Day Moving Average,
“It is acting as support and resitance for the past two years.. so quite significant”
For Bullish indicators, Greenspan noted in the interview that we need to “look past technical analysis.” A strong indicator of a bullish move in recent times in the increased institutional interest and development of custody arrangements for investors. Furthermore, the market has risen continually since its low in December 2018 at around $3000 mark.
“Just recently we saw a huge headline that Andreessen Horowitz which one of the well-known Venture Capital firms is getting ready to make a billion dollar investment into crypto… This to me is a clear signal that the crypto-winter is over and we’re seeing people getting excited about investing in Blockchain again.”
Also read: Bitcoin [BTC] Approaching Break-Out As Hodlers Remain Stoically Poised to Bitfinex Case
According to the Greenspan, there is consistent growth in the cryptocurrency markets. He also drew an analogy from the infamous dot-com bubble. He said that one significant take back from the drop is in prices were that “it did not affect the functioning of top firms like Amazon.” They continued to develop and grow and the price drop was used as a mechanism to raise capital. He noted:
“So even though athe price may be giving a false indicator, we see an industry (Cryptocurrency) that is growing very rapidly”
Last but not least, on the recent Bitfinex Saga, he mentioned that its better for the market the impending suspicions on tether “are out in the open now.” Moreover, he also mentioned that Bitcoin is practically unharmed in this situation and hence, even if the case is decided against Bitfinex and Tether “money would move from Tether to Bitcoin.. which is a good signal.”
Do you think that the price correctly reflects the actual supply and demand at the moment? Please share your analysis with us. 
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Source: CoinGape

Bitcoin [BTC] Approaching Break-Out As Hodlers Remain Stoically Poised to Bitfinex Case

Bitcoin [BTC] has been quite resilient to all the negative news and speculations of a bear market as it continues to trade above the $5000-5200 support level. As the Bitfinex news created an air of uncertainty and fear around the traders, the HODLers seems to be more committed than ever.
The price of Bitcoin [BTC] at 12: 30 Hours UTC on 30th April 2019 is $5286. It is trading almost at par with the price yesterday. Moreover, it also marked the end of four weeks after the bullish move on 2nd April 2019. As the bull and bear were in a struggle after the sudden movement, the price action suggests consolidation is still in progress.
According to Willy Woo‘s famous Bitcoin Network Momentum analysis, Bitcoin is in a bullish mode. He suggested that:
“…the on-chain volume fractal looks like its setting up for a jump, this would bring us into a healthy volume level to support a bull market in the second half of 2019. (On-chain volume closely tracks investor activity)”
WIlly Woo’s TA: Bitcoin Network Momentum
Bitcoin’s Resilience To Negative News
The Bitfinex Premium has also reduced by half since yesterday, currently at $113. Furthermore, Bitfinex is apparently unmoved as well; while the traders and investors are looking forward to the next court hearing between Attorney General of New York Vs. Bitfinex, Bitfinex is already making the news for releasing its Exchange Token and plans to raise $1 billion.
B.Biddles who was bearish and uncertain because of the Bitfinex news noted in a tweet today:
“Blown away by $USDT recovery. When it gets back to $1 does $BTC moon? Almost makes me think the next Tether release will have minor effects if any at all, or they’ll be even more short lived. Market is resilient af right now. That is bullish af.”
However, according to another popular analyst Tone Vays,
“while the monthly chart is slightly bullish… weekly chart suggest saying we’re in a bull trap, we’ve been held by the (200-Day) moving average; which means that the bear market is still intact. “
BTC/USD Weekly chart Analysis (Tone Vays)
Also Read: Bitcoin [BTC] Enters Resistance Zone As Tussle Between the Bull and Bear Continues
Furthermore, the 1-Day chart is forming a symmetrical triangle which can probably make a break towards either side. Hence, as Bitcoin is looking to move past the tussle between the bear and the bull; the resistance to the bear is more evident from recent events.
Will Bitcoin break the $6k resistance or give in to bearish pressure? Please share your views with us. 
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Source: CoinGape

Thomas Lee Predicts Bitcoin Bull Run By Explaining Crypto Winter is Over

Although the market isn’t performing the all-time high figures, famous analyst, Thomas Lee believes this is the end of crypto winter. Nevertheless, he thinks ‘Bitcoin is back’ and predicts the next Bull Run by next year, 2020.
Crypto Winter is Over
In the latest talk with CNBC, Lee, who is the managing partner and head of research at Fundstart Global advisors reports that the BTC value going higher and assume that it is already in a bull market. He says;
“Last year was a terrible year for crypto, a massive bear market, and we published a piece this week just highlighting … 11 signs that historically only take place in a bull market. So I think the evidence is mounting that there’s a bull market,”
Nevertheless, in an earlier response to Barry Silbert’s tweet of Grayscale highest week fund, Lee says that the year 2019 is way better than 2018. He thinks that more and more institutional investors are hitting the crypto space which is yet another sign to bid higher on Bitcoin this year as compared to the bearish crypto sentiments in the past year.
Source: Twitter
He moreover hints to what he calls ’11 signs’ as the evidence to end of Crypto winter. Lee calculates it with the relation of bitcoin with blockchain, technical indicators, and trading volumes.
Bull to Begin Soon
January  – Lee present increasing trading volumes on the blockchain among countries like Venezuela and Turkey – in addition, their own cryptocurrencies being used as an alternative to bitcoin as first evidence. Adding that these two countries are somewhat closer to 30% of the increase in on-chain activity, he says ‘it is meaningful’. He goes on stating;
“People are saying, ‘Look, I don’t trust using these local currencies. I don’t trust the banks. I’m going to start using bitcoin.’ And that’s what’s causing the on-chain volume to really take off.”
April – He sees April as the second sign towards bull market – to note, this is the month when bitcoin kick-started wit $5000 figure again (consistently). He said that, in April, Bitcoin’s technical indicator showed it was closed above its 200 –day moving average and which is also uptick the rally.
Also Read: Jaguar Land Rover Implements IOTA Cryptocurrency in its Cars; MIOTA Surges by 17%
And the final sign that Lee says ‘Over-the-counter brokers’ wherein the involvement of more institutional investors in the crypto market can be seen. These people are generally the holders and not necessarily those traders who buy, sell and trade the assets. According to Lee’s Team survey,
“I think you’re seeing signs that fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto holders,”
Adding other signs to his bitcoin bullish book, Lee says that bitcoin will climb even higher and thus the sign denotes the end of crypto winter. Moreover, talking about the S&P 500 in relation to Bitcoin, Lee believes the cryptocurrency’s standards deviation from the S&P 500. Meantime, he also highlights what could possibly be this time is ‘S&P 500’s big move influence the big move in Crypto’. In his words;
“One thing to keep in mind is whenever the S&P has made a big move, … it’s almost always led to a big move in crypto later in the year,” Lee said. “So I think … a 2.5 standard deviation move for bitcoin would take it to $14,000. I’m not saying that’s where it’s going to go, but that’s the magnitude of move that would be a catch-up.”
Do you agree with Lee’s prediction on Bitcoin.? Let us know in the comment below.
The post Thomas Lee Predicts Bitcoin Bull Run By Explaining Crypto Winter is Over appeared first on Coingape.
Source: CoinGape

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. pic.twitter.com/qgVlu1f2UN
— 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. 
The post Crypto Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During “Correction” appeared first on NewsBTC.
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Bitcoin’s Improving Fundamentals Indicate a New Bull Market is in the Making, Weiss Ratings

Martin D. Weiss of Weiss Ratings says Bitcoin shares resemblance with Gold and with gold already bottomed and on its new bull cycle, Bitcoin is not far behind with its fundamentals strong. Meanwhile, he also talks about the upcoming bears in the stock market and if it will affect the “risk-on asset” crypto as well.
Bitcoin Shares Similarities with Gold
In its newest blog, Weiss Ratings’ Martin D. Weiss talks about Bitcoin bull market in the making and its resemblance with Gold.
Weiss talks about how Bitcoin’s primary use case is becoming a store of value that has earned it the title of “digital gold” and “gold 2.0.”
“Like gold, Bitcoin and other cryptocurrencies could become a haven for investors who flee from fiat currency devaluations. In fact, in one key aspect, it may be even better than gold: It cannot be confiscated by any government.”
Over the years, Bitcoin market movement shares resemblance to gold as at major highs, both make sharp U-turns called “pinpoint tops” and at major lows, both form long bottoming patterns called “rounded bottoms.”
Talking about gold hitting its bottom in August of last year, Weiss says gold is currently in a new 3-year cycle with its upswing in early stages. Gold is further expected to make new five year highs by surging through $1,400-per-ounce zone that means a new peak could be in order.
“Bitcoin is not far behind. The charts tell us it’s currently still in a bear market, but improving fundamentals tell us a new bull market is in the making”
First, while the market is falling, more advanced and newer cryptos like EOS and TRON have enjoyed a surge in usage. Another point presented is altcoins with a large market cap like Ethereum and XRP have “shown signs of escaping the bear” and halt its decline. The important point according to Weiss is that “Distributed Ledger Technology continues to advance by leaps and bounds.”
But Stock Market Bears are Coming, Will Crypto Drop More
With bear signalling an incoming for US stock market that could begin to decline in April, will it affect the cryptos as well?
For the starters, history gives us no context as S&P 500 has been in its nine-year-long bull market right from the day Bitcoin began trading.
“Whether looking at the daily, weekly or monthly fluctuations, there’s virtually zero statistical correlation between stocks and crypto.”
However, the biggest concern is Cryptos are a risk-on asset like stocks and speculative real estate. So, will investors rush to sell anything they associate with risk such as cryptos if their stock portfolios sink in a bear market? The answer Weiss says is “Sure” and it could put downward pressure on crypto prices.
However, he says, “We can’t imagine too many investors waking up one morning and saying: “Oops! Big losses in my stocks! I’ll sell my crypto to raise the cash.” And we doubt this factor will be the primary driver of Bitcoin prices.”
He concludes by advising not to let bear market in stock distract you from crypto investment and until, “Bitcoin signals its own bear market is over, prudence dictates caution.”
The post Bitcoin’s Improving Fundamentals Indicate a New Bull Market is in the Making, Weiss Ratings appeared first on Coingape.
Source: CoinGape

History May Signal That Bitcoin is Nearing a New Bull Cycle

Since early-2018, Bitcoin and cryptocurrency investors alike have been caught in what seems to be a large sea full of endless waves comprised of price drops, fake news, accounts of fraud, and countless other examples of occurrences that have shaken out the weak speculators. This has left behind a community of investors who either ardently believe in the technology, or suspect that another wave of speculators will drive the markets back to, or above, their previously established all-time-highs.
Although the persisting bear market has been incredibly tough for neophyte investors, an analysis of historical trends may signal that another bull market is imminent.
Analyst: The Future of Bitcoin Lies in the Study of the Past
Recently, a theory regarding the future of Bitcoin – which will undoubtedly lead the direction of the entire cryptocurrency markets – has surfaced on various social media platforms that uses historical trends to predict the future of market movements.
Galaxy, a popular cryptocurrency analyst on Twitter, recently discussed the possibility of an imminent bull run based on Bitcoin’s historical trends, telling his nearly 50,000 followers that the “future lies in the study of the past.”
“We’re approaching the 420 day mark which ended the 2015 bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019,” he noted while referencing a chart that shows the 2014 bear market which lasted until 2015.
Although the 2018 bear market has not yet lasted quite that long, the patterns between the two markets do appear to be strikingly similar, which could mean, as Galaxy noted, that Bitcoin will enter into an accumulation period that will be proceeded by another parabolic bull market.
Technical Indicator May Support This Theory Regarding an Imminent Bitcoin Bull Run 
Recently, a widely used technical indicator gave traders a rare signal that Bitcoin could be on the brink of making a massive price move that could mean that Bitcoin will see significant buying pressure in the future.
A recent report noted that the GTI VERA Bands Indicator, which uses trend data over large time frames to give traders insight into future price movements, flashed a rare signal that the cryptocurrency is nearing an inflection point that could lead to a major price movement.
This was also supported by another widely used technical indicator, called the Directional Movement Index (DMI), which recently flipped positive for Bitcoin for the first time in several months, signaling that the digital asset is seeing growing buying pressure despite its relatively sideways movement over the past several weeks.
While speaking about the validity of the DMI’s trading signal, Mati Greenspan, the senior market analyst at eToro, said that Bitcoin has a long way to go before talk of a bull market can be validated, further noting that there remain multiple strong levels of resistance that the cryptocurrency must break through.
“In technical analysis this makes these levels very strong. But I think only once we see a strong break above 5,000, 6,000, if we get above 7,500, that’s when people start to turn really bullish,” Greenspan explained.
Although the validity of the aforementioned technical indicators and the theory regarding an imminent bull run remains to be seen, they do offer battered investors a glimmer of hope that a price rally could be on its way.
Featured image from Shutterstock.
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