Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist

A weakening Chinese Yuan (Renminbi) is helping to fuel the bullish sentiment of bitcoin, according to Taimur Baig of DBS’ Singapore unit.
The chief economist told Financial Times that the recent run-up in the bitcoin price took place after the People’s Bank of China (PBoC) forced the value of the renminbi below $0.14 for the first time since the last financial crisis. The move increased the demand for bitcoin and similar perceived safe-haven assets – such as gold – higher.
“We have seen a big rally,” said Baig. “A falling renminbi is a serious use case for crypto. From now on it is another thing for markets to watch.”
The comments received support from the data provided by Babel Finance. The Beijing-based cryptocurrency bank reported a 50 percent volume increase in the regional bitcoin market over the past ten days. The firm also stated that the cryptocurrency volumes are on their way to the upside from over a month already.

What's driving bitcoin lower at the moment?
Could it be Yuan devaluation, trouble in Argentina, central banks, or other factors?
I have no idea, but here's a discussion I had today with @BLOCKTVnews that I hope you find helpful.https://t.co/r238UsTGtB
— Mati Greenspan (@MatiGreenspan) August 14, 2019

Bitcoin: Destination or Tunnel?
Chinese financial regulators have banned the trading of bitcoin and similar crypto-assets, leading to the shutting down of several cryptocurrency exchanges. But that has not deterred investors in China from speculating on bitcoin. They continue to trade the cryptocurrency either by offshore accounts in Hong Kong and Singapore.
Investors’ reason to hedge their capital into bitcoin remains unclear. Many believe they want to circumvent the state-imposed capital control by using bitcoin, a non-sovereign asset, as a tunnel to convert a weaker yuan into a relatively stronger US dollar. At the same time, others think investors are long-term bullish on bitcoin, believing it is going to become the leading gold-alternative in terms of store-of-value.
Bitcoin is Up More than 200% in 2019 | Image Credits: TradingView.com
Bitcoin has been given a boost this year by a string of strong monetary policies. In addition to the US-China trade war, a dovish stance of the US Federal Reserve, as well as the European Central Bank’s plans of quantitative easing, is turning investors away from weakening national currencies.
“Bitcoin as a hedge against runaway fiscal and monetary policy has – sort of – becoming the dominant paradigm,” Matt Hougan, global head of research at Bitwise Investment, told Barron’s. “I do think it is acting in that way.”
On the other hand, some analysts believe bitcoin’s growing correlation with the mainstream financial markets is false-talk. Peter Schiff, CEO of Euro Pacific Capital, said last week that Chinese are not buying cryptocurrencies as a measure against a weakening market outlook. The American stockbroker added that the speculators were manipulating the bitcoin prices to fit the macroeconomic narrative.

CNBC is trying its best to dupe its audience into buying Bitcoin. Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin. The Chinese aren't buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!
— Peter Schiff (@PeterSchiff) August 5, 2019

At press time, the bitcoin price is heading downwards below the $10,500 level after establishing its August high towards $12,325 on San Francisco-based Coinbase exchange. The move downward appeared amidst the Donald Trump government’s plans to delay imposing tariffs on some of the Chinese goods, including laptops, cellphones, and video game consoles.
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Bitcoin Looks Up to August to Decide its Yearly Bias

The month of August sets the bias in the bitcoin market for the remainder of the year, Timothy Peterson of Cane Island Alternative Advisors found.
The founder & portfolio manager studied the cryptocurrency’s performances in the said month throughout its trading history. He noted that August acted like a needle for bitcoin. If the month saw the cryptocurrency trending in positive territory, then it remained bullish for the rest of the year. Similarly, if the month returned negative returns, then the cryptocurrency remained in a bearish bias, at least until the year’s close.
“Historically, $BTC returns in August have set the tone for the rest of the year,” tweeted Peterson. “If August is [positive], then #bitcoin for Aug – Dec is very strong. If August is [negative], August-December is lackluster. This relationship doesn’t seem to exist for other months.”
Cosmic Patterns
Data provided by BitStamp exchange confirmed Peterson’s analysis. In 2011, bitcoin closed August after dropping by more than 26 percent – a negative yield. The cryptocurrency ended the same year on an overall 57.98 percent loss, calculated from August’s open of $10.9 to 2011 close of $4.58.
The next years also noted a similar pattern. The August of 2012 returned 9.48 percent gains; the year, meanwhile, closed 139 percent higher from the open rate. Likewise, the very recent August of 2018 saw bitcoin dropping by more than 9.1 percent. The remained of the year carried the bearish torch, closing at a loss of 73.3 percent.
Bitcoin Post August Performances Throughout It’s Trading History | Image Credits: Timothy F. Peterson
Between 2011 and 2018, every time, August acted as a decider of bitcoin’s yearly bias. It leaves traders under a spell of the month’s cosmic powers, especially when its – cough – just five days away.
Opinion: August 2019 Looks Bearish for Bitcoin
As of 11:00 UTC, bitcoin was 163.4 percent up on a year-to-date basis. The impressive upside, nevertheless, has hit a wall lately, with price correcting by as much as 34.80 percent upon establishing a year top near $13,880. Leading analysts believe bitcoin could correct even lower than where it is now, eyeing targets as down as $7,500.
Bitcoin Price in Bearish Correction Cycle | Image Credits: TradingView.com
Bitcoin may fall towards those downside levels in a week from now. It is also plausible that the cryptocurrency would take an entire month to test them. In either way, August is the month that would – logically, not cosmically – decide the interim bias of bitcoin.
That means a close in the positive territory, even if it’s by a mere 1 percent, could prompt bitcoin to pursue an uptrend at least until December 2019 — or a vice versa could happen. The analogy, despite its historical accuracy, as noted by Peterson, remains idiosyncratic.
The reason is an expected buying sentiment near the $7,000ish range. Analysts consider the next year’s halvening event, institutional adoption, gloomy macroeconomic outlook, and more clarity over crypto regulations as some of the significant factors that would drive investors to bitcoin.
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Indian Bureaucrat Who Favored Bitcoin Regulation Quits Finance Ministry

The bureaucrat who favored the creation of a bitcoin regulatory framework in India quitted the Ministry of Finance on Wednesday.
IAS Subhash Chandra Garg, who served as the Economic Affairs Secretary and Finance Secretary of India, accepted transfer order to the Ministry of Power. A day later, Garg applied for voluntary retirement from service with effect from October 31.

Handed over charge of Economic Affairs today. Learnt so much in the Finance Ministry and Economic Affairs Dept. Will take charge in Power Ministry tomorrow. Have also applied for Voluntary Retirement from the IAS with effect from 31st October. Last tweet from this handle.
— Subhash Chandra Garg (@SecretaryDEA) July 25, 2019

Garg’s transfer came days after Business Standard reported that he was in favor of regulating bitcoin in India. The bureaucrat considered the cryptocurrency as an “economical phenomenon,” and believed its regulation would yield great results for the Indian technology and finance sector.
His views, nevertheless, did not sit well with the Reserve Bank of India (RBI). The Indian central bank had earlier imposed a banking ban on regional cryptocurrency firms, including exchanges and blockchain companies. The minutes of the meeting between the Garg-led interministerial panel and RBI showed the latter demanding an outright ban on cryptocurrencies.

The central government was initially in favor of "regulating" cryptocurrencies instead of imposing a Ban. DEA Secy Garg pressed for accepting virtual currencies as an economic phenomenon. According to Business Standard @someshjha7 #BitcoinSahiHai #IndiaWantsCrypto pic.twitter.com/QmmQWk53hS
— Sohail Merchant (@inkparadox) July 23, 2019

Last week, the panel released a draft bill recommending a prohibition on holding and trading of bitcoin, which followed by a message from Garg on his official Twitter handle.
“Committee is very receptive and supportive of distributed ledger technologies and recommends its widespread use in delivering financial services,” he wrote, adding:
“It also opens up door for a possible official digital rupee. Private crypto currencies are of no real value. Rightly banned.”
Lower Profile
Garg’s transfer and subsequent announcement of retirement also followed the approval of Prime Minister Narendra Modi’s maiden union budget for 2019-2020. The finance secretary reportedly assisted the government in developing the annual bill, in addition to preparing the proposal of bitcoin ban in India.
The Economic Times reported that the Indian Power Ministry is a lower profile for a bureaucrat as experienced as Garg. Nevertheless, the agency also mentioned that the former Economic Secretary was just a year short of his retirement age, which could have influenced him to consider a mildly-pressured ministry and an early bid-adieu, especially after a tiring budgeting process.
The major bureaucratic reshuffle saw Atanu Chakraborty, Department of Investment and Public Asset Management (DIPAM) Secretary, replacing Garg as the new Economic Affairs Secretary. Chakraborty’s stance on bitcoin and other decentralized cryptocurrencies remains unclear as of this time of writing.
Bitcoin Hearing Delayed, Meanwhile
On the sidelines of Garg’s transfer, the so-called Crypto vs. RBI case remained pending in the Supreme Court of India. India-based crypto news source Crypto Kanoon reported that the hearing got postponed due to other listed matters. The court may hear the affair tomorrow, which would see RBI defending its decision to bar bitcoin firms from accessing banking services and the crypto sector questioning the judgment as unconstitutional and biased.
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Bitcoin Above $10,000 But Downside Risks Remain: Analyst

Bitcoin has close above the $10,000-level in its interim upside correction, but that does not guarantee an explosive price rally.
Noted market analyst Josh Rager said on Thursday that bitcoin could continue trending upwards until it hits $10,854. The level, as he pointed, is acting as a resistance on the daily timeframe graph. The trader also illustrated it with a chart showing how the $10,854 level earlier halted the upside attempts in the bitcoin market.
Bitcoin Eyes Pullback from Two Strict Resistance Levels | Image Credits: Josh Rager
The statement followed bitcoin’s double-digit recovery from the session low of $9,071, established mid-last week. The BTC/USD instrument since then had surged by 12.28 percent, recorded until the 11:18 UTC today. But if once narrow down the timeframe, the price also appeared 8.34 percent lower from its session top –  or swing high, as termed by Rager.
The reversal from the top made the area around it a wall bitcoin needs to jump across to establish a stronger bullish bias. Rager noted that the probability of a reversal is higher, nevertheless. He also introduced a new barrier in $10,586, a level which coincides with bitcoin’s week open rate.
“A break,” he explained, “above would likely lead to a retest of the weekly open followed daily resistance ($10,854). Failure to break above would lead to restest of support and likely a lower-low. Point being, there are multiple levels to watch but this is certainly helpful when you zoom out to see price react accordingly to these levels on higher time frames.”
Low Volume
The latest surge didn’t have adequate volume, which makes a weaker upside attempt according to textbook definitions of chart-reading.
Another prominent market analyst, Crypto Michaël, believed the vast disparity between a price uptrend and a volume trend increased the probability of sharp reversals. Contrary to Rager, Michaël said bitcoin would not even breach above the $10,300 level.
“I’m still sticking behind the thoughts that we’ve got to make some more movements downwards. Move upwards didn’t have much volume and I don’t think we’ll break $10,300 area,” Michaël said on Thursday, adding:
“If we do and flip support + break downtrend [then] I’m bull.”

I'm still sticking behind the thoughts that we've got to make some more movements downwards.
Move upwards didn't have much volume and I don't think we'll break $10,300 area.
If we do and flip support + break downtrend -> I'm bull. pic.twitter.com/nPyFryOHaM
— Crypto Michaël (@CryptoMichNL) July 25, 2019

The Next Uptrend
A majority of analysts see bitcoin to retest old/flipped supports before it continues its uptrend in the long-term. Given the cryptocurrency’s 175 percent returns this year, the bias is typically bullish, and the quest now is to find the most attractive accumulation area for investors.
The support targets vary. Rager believes $8,975 could attract buyers to the bitcoin market. Michaël, on the other hand, thinks it would happen at $9,289. Some also see the bitcoin spot rate to fill a gap left open by CME Bitcoin Futures. That level coincides with circa $7,200.
Deeper targets are also surfacing due to the US Treasury Steven Mnuchin’s mind games with the bitcoin industry in the US. Nonetheless, they remain unexclusive.
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Kraken CEO Sees Bitcoin Price at $100K-$1M as Bears Cry Correction

The price of bitcoin on Wednesday came close to hitting the $13,000 level for the first time since January 2018. While the cryptocurrency could be on its way to reclaim its all-time high of $20,000, its wild bull run is also increasing the probability of an equally primitive bear correction.
But that does not concern Jesse Powell of US-based cryptocurrency exchange, Kraken. The chief executive officer said today that he is not anchoring his thoughts on an imminent bitcoin correction. Instead, he is looking at a big picture, wherein the cryptocurrency value could reach anywhere between $100,000 and $1 million.
“When I hear people talking about a bitcoin “correction” I’m thinking $100k, maybe $1m. That’s what’s correct,” said Powell.

When I hear people talking about a bitcoin "correction" I'm thinking $100k, maybe $1m. That's what's correct.
— Jesse Powell (@jespow) June 26, 2019

Powell’s bullish sentiment towards bitcoin appears in tandem with a general market viewpoint towards the cryptocurrency’s future. This week, Anthony “Pomp” Pompliano of  Morgan Creek Digital also predicted that bitcoin would reach $100,000 a piece ahead of the 2021 close. The founding partner said that there could be correction periods of 20-30 percent whenever bitcoin hits a new high, but the asset would continue rising, nevertheless.
“These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time,” explained Pomp.
Paper Gains
But not all financial players are big fans of a decentralized cryptocurrency. Prominent US stockbroker Peter Schiff, who was among the few ones to predict the 2007-2008 financial crisis, called the bitcoin’s ongoing parabolic move a “sucker’s rally,” stating that speculators are driving the cryptocurrency’s rate higher without understanding the underlying dangers posed by its lack of intrinsic value.
“It doesn’t matter how high the price of Bitcoin rises unless you sell. Every buyer must eventually sell to realize any benefit from the rise,” said Schiff. “But therein lies the problem. Once HODLERS decide to cash out, the price collapses, wiping out paper gains before they can be realized!”

Bitcoin bugs claim the only reason I am pro gold is that I have a gold company or that one of the mutual funds I manage is a gold fund. Yet they ignore the greater bias of those shilling for Bitcoin, who own huge personal stakes, manage crypto funds, or own crypto businesses!
— Peter Schiff (@PeterSchiff) June 22, 2019

Then, there is Will Harborne, the founder of Ethfinex, a London-based cryptocurrency exchange, who believes the fresh supply of 600,000 tethers (USDT) — stablecoins pegged to the US dollar on a one-to-one basis — is behind the bitcoin price rally. Harborne said in an interview to Decrypt that the over-the-counter exchanges are the biggest buyers of USDT. He explained that a typical OTC handles large-scale bitcoin orders, which sometimes require it to fill the bids with USDT for smooth liquidity.
“An OTC desk might do a large deal selling BTC to a large buyer in the US, and then will convert the dollars to Tether in order to spread the other side of the order across Bitfinex and Binance where there is more liquidity,” he said.
Tether has been a controversial stablecoin for allegedly lacking the US dollar reserves that should back its net USDT supply. In April, the New York Attorney General (NYAG), Letitia James, accused Tether and its associate-exchange BitFinex of hiding an $850 million loss, so to artificially maintain the USDT-USD peg.
Bitcoin Bullish Factors
On the other hand, the bullish sentiment of both Powell and Pomp relies on bitcoin’s scarce economic model. The cryptocurrency’s protocol is set to reduce its supply by half in May next year. At the same time, the demand for bitcoin is allegedly increasing in the wake of an impending geopolitical crisis in the Middle East, and other weak macroeconomic outlooks.
“These,” wrote Pomp, “include large scale institutional adoption, multiple ETF and retail product approvals, increased global instability, lack of performanace in traditional markets, and the continued manipulation of markets, economies, and currencies by governments around the world.”
Bitcoin Price Closing in On the $13,000 Level | Image Credits: TradingView.com
The bitcoin price was trading at $12,583 at the time of this writing.
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Bitcoin Rise May Appeal to Investors amidst Intensifying Geopolitical Risks

The bitcoin price has soared this week on the prospects of Fed rate cut, the Facebook coin, and uncertainty due to the US-China trade war.
The world’s leading cryptocurrency rallied on Saturday, with its price flying past the $10,000 level for the first time since March 8 last year. Investors allegedly bid up bitcoin in expectations of more US dollar flowing into the markets. On Wednesday, Jerome Powell, the chairman of Federal Reserve, indicated that the US central bank would cut interest rates next month, prompting investors to take their money out of the US Treasuries.
From the day of announcement until 1000 UTC today, bitcoin has surged by more than 20 percent to $10,949.

probably one of the most interesting charts out there: Bitcoin vs. UST10Y inverted pic.twitter.com/qEuFqD6JJ9
— Alastair Williamson (@StockBoardAsset) June 21, 2019

The US-Iran Issue
Tensions in the Gulf of Oman touched peak after Iran said it shot down an “intruding” US drone after it entered into the country’s skies. The territory was already under the lens after the US officials blamed Iran for attacking oil tankers last week, with President Donald Trump himself accusing Iran on national TV.
“It was them that did it,” Trump told Fox News.

The benchmark S&P 500 dropped for the first time in an otherwise bullish weak on the news. The Dow Jones, too, closed in red after briefly surpassing its October 3 peak.
David Donabedian, the chief investment officer at CIBC Private Wealth Management, told Bloomberg that the US market had turned its impressive performance this week to an outright flat action owing to the “news coming out of Iran.”
“It’s a testament to how important monetary policy is and how much the market is hanging its hat on the Fed here in the second half of the year.”
Haven Assets in Demand
Anxieties concerning a potential US-Iran military lockdown — coupled with Fed’s dovish stance on the US economy — proved bullish for the leading haven asset gold. The precious metal’s spot price surged above $1,400 for the first time in six years. It could see more upsides, according to Market.com’s chief market analyst, Neil Wilson. Excerpts from his statements to Business Insider:
“The opportunity cost of holding gold is significantly lower as real yields fall, while the rather dubious and risky outlook for the global economy, US-China trade and geopolitical tensions in the Middle East mean there is plenty of reason to be seeking shelter in gold.”
Mainstream investors could also explore alternative hedging opportunities in Bitcoin, whose current market capitalization is 3,746 percent lower than that of gold but, on a year-to-date scale alone, has returned 20 times more gains than the precious metal.
Venture capitalist Barry Silbert believes bitcoin’s higher returns is a sign of new capital inflow. He told CNBC:
“Whatever money is in gold is not going to stay in gold. That gets handed down to millennials — I’m highly confident a lot of that will go into bitcoin.”
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Donald Trump and Fed Chairman Distrust is Bullish for Bitcoin: Billionaire Investor

Bitcoin is going to benefit from the growing distrust between the US President Donald Trump and Federal Reserve Chairman Jerome Powell, believes Mr. Michael Novogratz of Galaxy Digital, LLC.
The billionaire founder said on Wednesday that he is becoming “more bullish” on bitcoin after President Trump reportedly threatened to demote Mr. Powell if he decides against lowering interest rates. The Federal Reserve is set to announce its take on the said matter today at 1400 Eastern Time upon concluding a two-day meeting.

Makes me more bullish $BTC https://t.co/oePdtMT1GD
— Michael Novogratz (@novogratz) June 18, 2019

Bitcoin against Rate Cuts
Economists believe the Fed is not likely to cut interest rate in June despite May’s weak job data and softer consumer price inflation. But, the central bank’s likelihood of decreasing the rates after July 30-31 meeting is higher.
Meanwhile, with an 80 percent approval of a rate cut by traders, the sentiment in the US stock market has turned bullish for the near-term. The June session so far has witnessed the S&P 500 Index, Dow Jones Industrial Average, and Nasdaq Composite posting more than 6 percent profits each through Tuesday’s close.
On the other hand, bitcoin’s month-to-date gains are lower than that of the US benchmark markets — at 3.69 percent by Tuesday’s close. The cryptocurrency’s uptrend went silent on Tuesday after the announcement of Facebook’s token Libra. Nevertheless, bitcoin’s broader bias remains bullish owing to market catalysts like the Hong Kong protests, the US-China trade war, and news related to its potential adoption by mainstream institutions (Fidelity, TD Ameritrade, etc.).
Bitcoin Price has Surged More than 150% in 2019 | Image Credits: TradingView.com
Hand in Hand
The two diverse markets now meet at the crossroad constructed by the Federal Reserve. Investors who have both the US stocks and bitcoin in their portfolios are looking at rate cuts as a hedge against a potential economic slowdown. According to Barclays, the US benchmark markets could witness a surge of as much as 21 percent following the next rate cut. The same theory stands true for bitcoin, which could see an increase in buying sentiment if US dollar borrowing becomes cheaper.
But the interim sentiment holds if only Mr. Powell decides to cut interest rates. An opposite scenario, meanwhile, could hit the bitcoin market in the wrong way — at least according to Robert Leshner, the founder of Compound Finances.
“We’re finally starting to enter an environment of rising interest rates which crypto has never seen before and it’s going to be potentially challenging to the price of a lot of crypto assets just like it will be for a lot of assets in general, including equities.”
Long-Term Sentiment
The following rate cut scenario does not guarantee a soft landing for the US economy, according to Ryan Detrick of LPL Financial.
The senior market strategist noted that the Fed is going to cut interests at a time when a potential recession is looming around. He said the previous two times the Fed slashed the rates were in 2001 and 2017, which eventually cut the stocks cut by half.
“But the reality is if you go back further in time, you can also see explosive rallies after that first cut,” Mr. Detrick said.
Meanwhile, data collected by Barclays shows the S&P 500 records a loss of approx 17 percent when the Fed cuts rates ahead of an impending recession.
Bitcoin’s impressive performance in May against the backdrop of the US-China trade war has proved that investors would likely consider it a hedge under challenging times. US-based Grayscale Investments found plenty of evidence that showed the bitcoin price rising against a string of regional economic tensions, ranging from China’s capital control to the Greece debt crisis. The firm wrote in its report:
“While it is still very early in Bitcoin’s life cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations.”
That somewhat raises hopes of bitcoin behaving as a perfect hedge for handling a global economic crisis.
No wonder Mr. Novogratz is more bullish on the cryptocurrency.
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Bitcoin Price Jumps Above $8,700 following Binance US Closure

Bitcoin is becoming a hedging instrument even against the rest of the cryptocurrency market.
The largest cryptocurrency profited as much as 6 percent on Friday to close above $8,700. At the same time, other leading cryptocurrencies, such as Ethereum, Litecoin, and EOS, trended in negative territory. The massive contrast between the bitcoin and the rest of the cryptocurrency market indicated a capital flight. Traders suggestively exchanged a bulk of altcoins for bitcoin as a safety measure against the latest Binance announcement.
The Malta-based cryptocurrency exchange, which accounted for the highest global cryptocurrency volume, announced on Friday that it is barring US customers from accessing its services. The announcement indicated that Binance would lose about 15 percent of its net monthly traffic, amounting to over 40 million customers. The firm’s sudden shutting down reportedly prompted the US customers to withdraw a large number of altcoins, which included Binance’s very own native token BNB coin.
Binance Coin (BNB) Dropped Close to 18% on Friday | Image Credits: TradingView.com
The BNB price dropped by as much as 17 percent against the BTC on Friday.
Bitcoin against Altcoin Liquidity Crisis
Alex Krüger, a prominent market analyst, said today that Binance’s issues with its US customers are bullish for bitcoin. He cited Tether, the company behind the controversial stablecoin USDT, to explain the correlation of bitcoin with the rest of the altcoin market. In April 2019, the New York Attorney General’s office on April 25 announced that it had obtained a court order against Tether and its associate firm BitFinex for allegedly hiding $850 million loss from USDT investors.
“Upcoming Binance’s issues with US residents = Bullish for BTC,” wrote Krüger. “This was even clearer than with April’s Tether “FUD.” Speculators are supposed to act on meaningful news, not just theorize about it.”

Upcomimg Binance's issues with US residents = Bullish for $BTC. This was even clearer than with April's Tether "FUD". Speculators are supposed to act on meaningful news, not just theorize about it. https://t.co/7bAfEOiXTW
— Alex Krüger (@krugermacro) June 14, 2019

Also, in October 2018, USDT dropped its dollar-peg to fall to its 18-month low of $0.92. The slide in the stablecoin pushed bitcoin $600 higher on BitFinex.
What’s Now for Bitcoin
The bitcoin market’s intraday arrangements point to a small downside correction, according to its overbought Relative Strength Indicator on Coinbase daily chart. Nevertheless, market analyst Josh Rager suggest that the cryptocurrency has fuel to retest $8,750, given it manages to float above $8,000.
“Break and close above $8,948 is bullish,” he added.

Nice break up out of that rising wedge, big players painted it perfect on the chart to trap many into shorting followed by liquidations
Would like to see a pullback to $8500s before another retest to break above $8750
Break & close above $8948 is bullish pic.twitter.com/bAlkGNFxz2
— Josh Rager (@Josh_Rager) June 15, 2019

Pseudonymous analyst BitBit believes bitcoin is due for a much larger upside move than what is suggested by Rager. He measured the cryptocurrency based on monthly performance, stating that it could continue its bull run to touch the five-figure status.
“I’m saying above 10k by the end of the month, might even touch 11k,” said BitBit.
The bitcoin price was trading at $8,645 at the time of this writing.
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Despite Warnings of Analyst For Fall to $6,100, Bitcoin Surges Above $8k

The bitcoin price has dropped by as much as 18 percent from its 2019 high of $9,090. And it could lose more value in the coming 20 days, according to an analysis provided by a cryptocurrency analyst.
Mr. Teddy Cleps of Crypto Freak Network said on Monday that the bitcoin price historically contacted its 21-weekly exponential moving average (EMA) in every 70-to-90 days.
On the 70th day since the last contact, bitcoin was trending almost a thousand dollar above the EMA in concern, which means the cryptocurrency has approximately 20 more days to plunge and retest it. Meanwhile, the EMA (represented via a green curve) has adjusted somewhere near $6,100, as shown in the chart below.
Bitcoin Price Eyes an Extended Downside Run Towards its 21-Weekly EMA | Image Credits: Teddy Cleps
“Any trend regardless of the bias has to retrace and confirm the direction by bouncing off a key moving average ( 21ema here) – very healthy for the trend,” said Cleps. “It has been 70 days since the last contact – historically it ranges between 70 and 90.”
The statement came hours ahead of the latest bitcoin price push above $8,000. At 1200 UTC today, the BTC/USD rate settled a session high towards $8,090, only to correct to the downside later. At the press time, bitcoin was trading at $7944, awaiting a push to sight bull targets above $8,300.
Parallel Theories
In May, bitcoin jumped by about 60 percent, marking its best monthly performance since December 2017. Ahead of the month’s close, the cryptocurrency surged to $9,090 but fell more than 11-percent in a matter of minutes. The super volatile move quickly transformed into an intense selling action, that brought the bitcoin price as low as $7,427 on Coinbase on June 4.
Tuur Demeester, the founding partner of Adamant Capital, noted that the cryptocurrency had not found concrete support to start a new rally. The analyst wrote in his latest blog that bitcoin is initially looking to retrace by as much as 44 percent from its session top of $9,000. He backed his prediction by a Relative Unrealized Profits & Losses indicator, which compared bitcoin investors’ total profit and losses with the asset’s price action, as shown in the chart below.
Comparing Bitcoin Price with Investor Sentiment | Image Credits: Tuur Demeester
“Should $9,000 prove the top (which is not a given) and if then we’d see a 2012-style correction repeated, we would expect after an initial crash to see bitcoin trade in a range between $6,800 and $7,680 (27–44% retrace of the rally),” wrote Demeester.
Would Bitcoin Upside Continue?
While the technicals have their ways to explain a bitcoin plunge, the fundamentally-driven bitcoin bulls believe that the cryptocurrency would touch a six-figure valuation this year.
Brian Kelly, the chief executive of digital currency investment firm BKCM LLC, told CNBC that bitcoin is at the beginning of a broader price rally. He said that miners are preferring to hoard more bitcoins instead of passing it down to the market for circulation.
The reason why the global mining community has become so bullish is an event that would reduce the supply of bitcoins by half next year. According to Kelly, a reduction in stock against a rising demand is simple economics to prove that the asset rate would grow higher.

After a more than 50% rally in the last month, Bitcoin is stuck at $8,000. Here's what @BKBrianKelly says could drive it higher. pic.twitter.com/Smxy7v2Pgw
— CNBC's Fast Money (@CNBCFastMoney) May 21, 2019

“Every time the supply of bitcoin cut in half, you have a rally that goes into it, and a rally that goes out of it. We’re just at the beginning of that stage,” said Kelly.
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Uber Angel Investor Predicts Bitcoin Price will Fall to $500

The bitcoin price will likely fall anywhere between $0 and $500 in the future, according to Jason Calacanis.
The prominent venture capitalist said on Wednesday that the world’s largest cryptocurrency operates in a manipulated market. He further discussed the possibility of [a] new, emerging technology replacing bitcoin that would eventually hurt its long-term fundamentals as an asset.
“It’s possible [bitcoin] is built to last, but not probable, so keep your position to an amount you’re willing to [lose],” suggested Calacanis. “For most, that’s 1-5% of net worth.”

My position remains the same. #Bitcoin will likely be replaced by a new technology & it’s manipulated
It’s possible it’s built to last, but not probable, so keep your position to an amount you’re willing to loose
For most, that’s 1-5% of net worth
It will likely go to 0-$500. https://t.co/8Bs4PGmiN5
— (@Jason) May 27, 2019

The statement appeared in the wake of growing buying sentiment noted lately in the bitcoin spot market. The asset, which had slipped more than 70 percent last year after establishing a historic high at circa $20,000, made one of the most significant comebacks ever seen in both nascent and traditional markets.
Bitcoin’s rate in the US dollar markets posted a maximum rebound of 186 percent in just 163 days — as of May 27, 01:00 UTC. In comparison, Nasdaq and S&P 500, which also published their worst performance in a decade in 2018, rebounded by a dwarfed 23 and 25.94 percent from their lows, respectively.
Calacanis argued much of the bitcoin bullish bias that sent prices skyrocketing, predicting that early holders would exit their positions at suitable peak formations while leaving the new bagholders behind.
“It’s possible that the early holders will clear their positions to a new group of global refugee seekers, making it built to last,” said Calacanis. “I put that at [more than] 30 percent right now.
“Energy consumption, hacking, regulation & a better version are likely negative scenarios — I bundle those at 70 percent.”
Bitcoin Community Reacts
The bearish outlook presented by Calacanis met criticism from the bitcoin community, with many arguing that the prediction relied on a fictional phenomenon. John Carvalho, the chief operating officer of BitRefill, a Stockholm-based crypto startup, found Calacanis’ argument unconvincing. He asked:
“Why do you think replacement is likely? What evidence or relevance does manipulation have on BTC persistence? Have you done the math on what size the market would be if 1-5% of all investment-ready wealth [were] stored in Bitcoin?”
Meanwhile, prominent cryptocurrency analyst Parabolic Trav said bitcoin’s scarcity and resilience as an asset is adequately strong to sustain its dominance in the crypto market.
“Unless a “new technology” will achieve perfect scarcity a la free market, any goofy features don’t matter and will do nothing for dethroning BTC,” Parabolic Trav wrote in response to Calacanis’ prediction.

Unless a “new technology” will achieve perfect scarcity a la fee market, any goofy features don’t matter and will do nothing for dethroning BTC.
BTC is going to be perfect scarcity and perfect resilience. Everything else is irrelevant. LLB.
— ParabolicTrav (@parabolictrav) May 27, 2019

Other feedbacks included requests to Calacanis to look more deeply into the bitcoin technology for its non-confiscatable and censorship-resistant features.
Fundamentals Support Bitcoin
While one cannot predict where the bitcoin price would eventually land, the majority of fundamental factors appears on the bullish side. The cryptocurrency witnessed a renewed wave of buying sentiment, particularly after major US financial firms like Fidelity Investments and TD Ameritrade announced that they would launch bitcoin trading services.
On the other hand, bitcoin’s supply will be going to get reduced by half in May 2020, which has further improvised the asset’s bullish bias in the long-term.
Bitcoin was trading at $8,733.91 at the time of this writing.
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Fund Manager Discusses Three Factors that Will Trigger Next Bitcoin Rally

The bitcoin price has slipped by almost 5.5 percent from its yearly high at $8,388 and could be in for a massive downside correction. But that has not deterred a prominent fund manager from projecting a bullish case for the world’s largest cryptocurrency.
Brian Kelly, the founder of BKCM, LLC, a New York-based digital currency investment firm, said in an interview that bitcoin is ready for another breakout action owing to three three core fundamentals: institutional adoption, retail anticipation, and supply cut. He explained that people were bullish because big financial firms are entering the bitcoin market, retail-level trading applications are looking to be rolled out, and the Bitcoin protocol was about a year away from cutting bitcoin supply in half.

After a more than 50% rally in the last month, Bitcoin is stuck at $8,000. Here's what @BKBrianKelly says could drive it higher. pic.twitter.com/Smxy7v2Pgw
— CNBC's Fast Money (@CNBCFastMoney) May 21, 2019

Factor 1: Fidelity and Wall Street
Bitcoin’s jump above the psychological level of $6,000 took place on May 9, almost over a week after Fidelity Investments announced that it would offer a bitcoin trading service to its institutional clients. The Boston-based asset management firm, which had $2.6 trillion worth of assets under management as of March 2018, expects to pump bitcoin’s demand among the so-called Wall Street investors.
Incidentally, a similar anecdote helped bitcoin sustain its price above $6,000. Garry Tan, a prominent seed investor, said in October 2018 that big investors assumed $6,000-level as an opportunity to purchase bitcoin cheaper. He cited David Swensen and Yale’s Warren Buffet, who had invested an undisclosed sum into two crypto-funds.

Galaxy Digital’s billionaire CEO, Mike Novogratz, called $6,000 the bitcoin-bottom in September 2018, again citing institutions’ interest in purchasing the cryptocurrency around the level.
“I think institutions are moving towards investing. It’s shocking how much has happened,” said Mr. Novogratz.
But bitcoin broke below $6,000 in November 2018 and stayed there until May 9. Mr. Kelly believed that the move above the level is prompting people to revisit the 2018’s institutions-pumping-bitcoin narratives.
“You are starting to get that long-waited-for institutional adoption,” said Mr. Kelly. “Fidelity is rolling out institutional custody – they are getting customers from the mainstream and people are buying the institutional [narrative].”
Factor 2: TD Ameritrade and Retail Investors
TD Ameritrade, one of the significant US-based electronic trading platforms, invested an undisclosed sum in ErisX, an upcoming cryptocurrency spot and futures contracts exchange. The announcement followed a TD’s anticipation of launching a bitcoin trading service for retail-based investors, which, as Mr. Kelly noted, was also one of the significant factors behind the ongoing bitcoin price boom. He said:
“We softened TD Ameritrade and they invested. They will now start offering Bitcoin trading to their retail customers over the coming months – perhaps, three to four months.”
Factor 3: The Bitcoin Halving Event
The supply rate of bitcoin will reduce by half in May 2020, according to the cryptocurrency’s underlying protocol that reduces the bitcoin mining reward by 50 percent in every four years. Historical evidence shows that the bitcoin price has always surged following a “halving event.” The first supply cut, which took place in November 2012, pushed the BTC/USD rate from $11 to above $1,000. The next halving in 2016 saw the price later establishing an all-time high towards $20,000.
Bitcoin and Its History of Halving | Source: Reddit
Mr. Kelly called the next halving a “big picture” for bitcoin bulls. The analyst expected that the price would rally before the next bitcoin supply cut, and would continue its uptrend even after it.
“So you got this competition of a lot of demand coming in, and we’re heading into a period where the supply will cut,” he said. “That is generally very bullish.”
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Here’s Why Gold Bull Peter Schiff is Blessing in Disguise for Bitcoin

The economic atmosphere in the United States has changed drastically over the last six months. Ahead of last year’s close, the stock market tanked, consumer spending experienced a sharp decline, and prominent economists predicted that a recession was around the corner.
And now, in May, the US economy is working smoothly and steadily without any sudden changes. Nevertheless, the pessimism and uncertainty about the future are higher than they have been since the last economic crisis. Business confidence underwent a terrible shock earlier this year due to the US government shutdown and further dipped owing to escalating economic tensions between the US and China. The risk: an economy which appears stable but is working on a life support system provided by the Federal Reserve.
The Federal Reserve Bluff
American stockbroker Peter Schiff explained the market’s overwrought conditions aptly in his latest analytical article, titled ‘Nope!, Nothing to See Here.’ The 56-year old financial commentator, who heads Euro Pacific Capital Inc, a broker-dealer firm based in Connecticut, discussed how the Federal Reserve was attempting to assure market players with everything-is-fine rhetoric based on Jereme Powell’s speech from May 20.
The Federal Reserve chairman talked about the high quantity of corporate debt, recognizing that it has reached “a level that should give businesses and investors reason to pause and reflect.” Nevertheless, he added that corporate leverage reaching record levels is not really “too big a cause for concern.”
“As of now, business debt does not present the kind of elevated risks to the stability of the financial system that would lead to broad harm,” Powell said.
Schiff believed that Powell’s reassurances meant nothing, now that the Federal Reserve was clueless after pumping the economy artificially over the last decade. It was a die-and-die situation for the US central bank, as the world looked upon it to decide on interest rates.
Reuters reported that the Fed was reluctant to cut the interest rates because the move would lead to another sharp increase in corporate debts. On the other hand, as Peter Schiff noted, the Fed could not even raise the rates, fearing that the move would “jack up the cost of servicing” of corporate debt.
“And,” the analyst added, “since the economy is built on all of the borrowings the central bank encouraged over the last decade, how can the boom keep going without more borrowing?”
Schiff believed that a recession was an unavoidable phenomenon. The Federal Reserve’s response to the 2008 economic crisis did not help the economy stabilize but pushed it further into a rabbit hole with zero interest rates, quantitative easing (QE) and money printing. And now, the market had no choice but to pop the bubble.
Back to Gold vs. Bitcoin Debate
The exciting thing about Peter Schiff’s argument is its similarity with the financial experts in the bitcoin industry. The cryptocurrency community has consistently spoken against the control of a central bank over its national economy – and it has long envisioned a recession, just like Schiff.
The only thing that separates Schiff with the rest of the cryptocurrency community is his belief in gold. The analyst positions the precious metal as a safe asset for investors should the worst come. But, at the same time, he rejects bitcoin, which is considered as ‘digital gold’ by its fans.

Schiff on Monday appeared in a Gold vs. Bitcoin debate with Saifeadean Ammous, the author of the Bitcoin Standard, where he explained why central banks and investors would never choose bitcoin over gold as a haven asset.
“When Nixon took us off the Gold standard in the 1970s, he said it was temporary. His decision did not just take the US but the entire world off the Gold standard because at that time the world was on the dollar standard and the dollar was backed by gold. The world trusted us to keep our promise, but we basically scr***d everybody.
“We’re going to have a monetary crisis, and then the world will go back to the Gold standard, one way or another.”

Huge props to @PeterSchiff for being the only gold bug willing to publicly defend gold and engage in the bitcoin vs gold debate
Amazing to me that a $8 trillion asset class has so few public advocates. The bench of informed bitcoin proponents is super deep and growing#DropGold
— Barry Silbert (@barrysilbert) May 22, 2019

Schiff added that bitcoin has no value – it’s all based on what people want to pay for it. In his response, Ammous argued that people would want to move to a non-confiscable, decentralized, and easily transferrable asset like bitcoin, which is what gave value to bitcoin.
Gold and Bitcoin Can Coexist
Austrian economist Ron Paul said in July last year that gold and bitcoin could co-exist as haven assets, stating that the marketplace has space for both cryptocurrencies and precious metals.
“The biggest challenge will be to get the government out of the way to allow this choice,” he wrote in his paper ‘The Dollar Dilemma.’ “It’s conceivable that cryptocurrencies, using blockchain technology, and a gold standard could exist together, rather than posing an either-or choice — Different currencies may be used for certain transactions for efficiency reasons.”
That said, with Schiff making the argument for the next economic crisis in public – just like he did ahead of the 2008 crash – the gold bull is more likely to help bitcoin than damage its prospects before the potential investors.

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Hedge Fund Execs Predict Bitcoin Price will Close 2019 at $9,659

The bitcoin price has surged a little above 114 percent in 2019 so far. But, according to a new poll, the cryptocurrency has extra fuel to sustain its upside action further.
US comparison website Finder surveyed ten FinTech capitalists, including executives from hedge funds Arca and BitBull Capital, on Friday. The portal found that a majority of them expected that bitcoin would pullback from its recently tested $8,000-level. However, they forecasted a strong rebound in June, which would push the cryptocurrency’s rate to as high as $9,659 by the end of this year.
Why So Bullish
Prices of bitcoin rose impressively in 2019 following an 85 percent depreciation the previous year. The April and May trading session alone saw a 50 percent appreciation in the bitcoin rate, having risen from $4,000 to above $8,000. At the same time, mainstream financial markets underperformed owing to escalating economic tensions between the US and China.

The surge in $BTC continues as the mounting fear about war with China drives US investors to look for safety, The only asset to outperform is the non correlated #Bitcoin, proving again that all $USD denominated assets such as stoc…https://t.co/j3Y1wz9hsc https://t.co/evkI9yIozO
— Alex Mashinsky (@Mashinsky) May 15, 2019

The Finder survey participants were quick to notice the inverse relationship between the two events. Almost half of them said mainstream investors diverted their capital from interim bearish equities to bitcoin as a sign of risk management.
Mark Pimentel, the founder, and one of the chief executives at Kronos, a high-frequency crypto trading company, admitted that they have been using bitcoin as a haven against the bearish mainstream markets, stating they were able to make substantial gains out of bitcoin’s volatile price swings.
“The cryptocurrency market is swayed by news and attention, so as bitcoin begins to rise in price again, more traders enter the market. It is much more likely for these entrants to buy bitcoin than sell. So this predictably creates price appreciation,” Pimentel said, adding that the bitcoin price could retest $20,000 in 2019.
Meanwhile, there were also who credited mainstream institutions, which have been lately building new services around the bitcoin market, as one of the main drivers behind the latest bitcoin price rally.
“Eight out of 10 panelists think the price of bitcoin increased due to cryptocurrency-related announcements made at Consensus 2019 in New York City,” said Finder.
The bitcoin price surged by as much as 77 percent upon the conclusion of the Consensus event.
Broader Adoption
David Wills, chief operating officer at Kinetic Capital, a cryptocurrency trading firm, said the bitcoin price is due for gains because of its potential for broader adoption as a currency. The Hong Kong-based executive cited Whole Foods, an Amazon-backed retailer, and Nordstrom, a North American chain of luxury department stores, for making his case. Both the retail stores accept cryptocurrencies as payments.
“Last year, the bear market was in part caused by the fallout from many loss-making, unsuccessful initial coin offerings, and the participation by [a number of] questionable players that attracted regulatory scrutiny in cryptocurrencies,” Wills told the South China Morning Post, adding that the bitcoin industry has become more mature than before.
The bitcoin price was trading at $7,960 at the time of this writing, up 152 percent since its cycle low.
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South Korean Bitcoin Exchanges Post Highest Fiat Influx

An average bitcoin investor in South Korea has dumped more fiat money than the one in other countries, reveals CryptoCompare.
The London-based data analytics firm found that cryptocurrency exchange BitHumb has received over $16 billion worth of fiat money in April 2019. The firm further noted that Upbit, a BitHumb-rival, posted the second-best influx of fiat-based capital at around $7.5 billion in the same month. At the same time, US-based exchanges Coinbase, Gemini, and Kraken paled in comparison, posting capital injections between $1-5 billion each.
South Korean Crypto Market Attracting Most Fiat Influx | Image Credits: Crypto Compare
The fiat statistics were similar if not the same in months before the bitcoin price boom.
Both BitHumb and Upbit topped the monthly fiat-to-crypto volume in February and March this year, revealing that the South Korean investors were accumulating cryptocurrencies better than others ahead of April 2, the date on which the bitcoin price popped through a rigorous resistance area. Nevertheless, crypto-to-fiat volumes on BitHumb dropped in April despite a favorable buying sentiment. The statistics, however, remained higher compared to the rest of the cryptocurrency exchanges, including Upbit, whose own crypto-to-fiat trading activity went up in April.
“Malta-registered exchanges represented the majority of trading volume, followed by those legally registered in Hong Kong and South Korea,” wrote CryptoCompare. “Monthly trading volume from Malta-registered exchanges increased 56% since February, while that of Hong Kong and South Korea-registered exchanges increased by 54% and 21% respectively.”
More Crypto Account Registrations
Hank Yung reported on Friday that more South Korean investors were lining up to register at the local cryptocurrency exchanges. The news service cited an individual who works for NH Bank, the institution which handles banking for BitHumb. He complained about working past office hours due to a rise in applications for virtual currency accounts. Excerpts (translated from Korean):
“As bitcoin price has surged to more than 10 million won, the demand for issuing password exchange accounts for investment has also increased.”

An employee at NH, a major bank in South Korea that handles banking for Bithumb, says new registrations for crypto trading is up substantially this week.
Seems like the rapid recovery of bitcoin has gotten the interest of retail investors.https://t.co/fPe08LC02p
— Joseph Young (@iamjosephyoung) May 18, 2019

Mati Greenspan, a senior market analyst at eToro, believes the crypto trend is South Korea exists beyond the spot exchanges and their banking partners. The analyst said on Monday that LocalBitcoins posted its highest bitcoin trading volume day on May 18, 201 against the South Korean Won.
“It’s not a lot,” said Greenspan. “Just about $165k. Still, it’s a good indication that the wave is growing again in one of the most enthusiastic crypto trading nations.”

SK also just reported their highest volumes ever @LocalBitcoins.
It's not a lot. Just about $165k. Still, it's a good indication that the wave is growing again in one of the most enthusiastic cryptotrading nations. pic.twitter.com/OcLsPWw6fE
— Mati Greenspan (@MatiGreenspan) May 20, 2019

US Dollar Dumped More than Won

In April, 60% of all #Bitcoin trading into fiat was made up of the US Dollar@CryptoCompare pic.twitter.com/1ibrFm1ZW1
— Unfolded (@cryptounfolded) May 20, 2019

Despite South Korea’s regional influence, the bitcoin market continues to attract the most substantial capital from the US market. CryptoCompare reports that bitcoin-to-dollar trading comprised 60 percent of the total fiat-enabled volume in April, followed by Euro, Japanese Yen, and South Korean Won. It loosely means that the South Korean exchanges attracted most of the fiat influx in the dollar.
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Bitcoin Price Crosses $7,500 to Establish Fresh 2019 High

The bitcoin price has jumped above $7,500 to discover its fresh yearly high.
The world’s largest cryptocurrency established $7,568.32 as its new session peak, bringing its year-to-date net rebound up to 140 percent on San Francisco-based Coinbase exchange. The broader cryptocurrency market tailed bitcoin’s uptrend, with a majority of top assets posting double-digit gains, including Bitcoin Cash, Litecoin, EOS, and Ethereum. Even Bitcoin SV, which lately faced trading ban at several cryptocurrency exchanges, saw a 10 percent appreciation in the last 24 hours.
What’s Driving Bitcoin Bulls
Bitcoin Establishes New 2019 Highs above $7,500 | Image Credits: TradingView.com
Bitcoin’s continuous climb to $7,500 came in the wake of improving buying sentiment and technical forecasts. Fidelity Investments, a Boston-based asset management firm with a vast Wall Street clientele, announced last week that it would add bitcoin trading to its list of institutional investment services. At the same time, online investment service TD Ameritrade started offering stimulated bitcoin trading through Nasdaq, raising hopes that a full-fledged bitcoin adoption was underway.
Meanwhile, technical data continued to identify the end of bitcoin’s most prolonged bearish phases after the asset formed a low in $3,100-3,200 range on December 15, 2018. Momentum indicator Stochastic RSI, for instance, rebounded from its oversold territory for the first time since February 2018 on monthly charts. The move identified a trend shift, meaning that the market was eyeing an extended bitcoin price recovery in the future.

$BTC Stoch RSI currently at 2015 pre bull run level (33) and should enter "overbought" territory in about 1 or 2 months.
Last time it lasted 2 years from $300 to $19K. #bitcoin pic.twitter.com/mhezb6YL85
— Galaxy (@galaxyBTC) May 10, 2019

At the same time, bullish analysts continued to strengthen their long-term upside targets following the Golden Cross formation. The technical chart pattern held a historical significance in the bitcoin market for shooting the price from $300 to $20,000 in 14 months. The latest Golden Cross formation too prompted a bitcoin uptrend which, as bulls believed, would lead the price beyond $20,000 by the end of this year.
A significant investment firm was also studying bitcoin’s old price behavior to understand its next move. Vancouver-based Canaccord Genuity found that bitcoin could continue its bull trend over the next 24 months. The firm expected the cryptocurrency to retest $20,000 due to next year’s Halving event, which would reduce the current bitcoin supply by half.
“Now four months into 2019, we note for the third time the striking similarity in bitcoin’s price action between 2011-2015 and 2015-2019,” Canaccord said in a note. “While this simple pattern recognition has a little fundamental basis, we note that bitcoin does operate on a four-year cycle of sorts, as the halving of bitcoin’s mining reward occurs approximately every four years.”
Near Term Targets
The bitcoin price was now eyeing the $7,785-8,602 range as its next potential bull target. The said area had adequate reversal sentiment, given its ability to cap small uptrends between April and July 2018. A pullback at any given level could push the bitcoin price violently towards interim supports, the nearest one being at $7,000.
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