Bitcoin Traders Eye $5,600 As BTC Suddenly Ticks Higher: Can The Rally Continue?

Over the past few hours, Bitcoin (BTC) and its altcoin brethren have begun to quietly rally. As of the time of writing, BTC is up 3.5% in the past 24 hours, finding itself trading for $5,240 apiece, according to data compiled by Coin Market Cap.
This move isn’t as notable as early-April’s 15% daily gain, which saw retail and institutional trading activity ignite as BTC rallied past two key resistance levels, $4,200 and $4,600. However, the recent influx of buying pressure comes after cryptocurrencies experienced a rapid 10% sell-off during the weekend, ensuring that bears don’t get a chance to follow through.
Related Reading: Bitcoin Beats a Retreat Below $5k, Has The Final Capitulation Started?
If Bitcoin Breaches $5,600, $6,000 May Be In Store
Per a recent chart from Credible Crypto, with Tuesday’s move, BTC is poised to soon break out of a triangle pattern, which has depressed the asset and slowed trading activity over recent days. If the upper bound of the triangle breaks as Credible expects, Bitcoin could rally past its year-to-date high at $5,500, moving to and beyond $5,600 as a local resistance level is broken.

Took a closer look at the $BTC chart after some of my followers mentioned the possibility of this being a triangle. I tend to agree after checking out the charts. This is perfect as it fits in with our Wave 4 count, and it would explain all the 3 legged waves we have been getting
— Credible Crypto (@CredibleCrypto) April 16, 2019

While a move past notable $5,600 doesn’t seem notable, especially considering that Bitcoin’s monthly high is just $100 below that, analysts argue that a foray above the mid $5,000s will be monumental for bulls. In fact, as a popular trader, The Crypto Dog, depicted in a chart posted hours ago, not only would a rally to $5,600 break a flat top triangle, but it would put BTC in an area of low liquidity.
Any semblance of buying pressure seen in that region could catapult Bitcoin to $6,000. As the analyst writes: “$5,600 is the only thing standing between us and $6,000.”

Haven't been/don't follow $crypto Twitter too closely for $BTC analysis? This chart is a fair summary.$BTC $BTCUSD #Bitcoin $crypto
— The Crypto Dog (@TheCryptoDog) April 16, 2019

Charts Looking Bullish
Sure, $5,600 could be rejected, but a multitude of chartists are adamant that from a macro perspective, BTC is still looking hot. As trader B.Biddles remarked, Bitcoin’s one-week chart from August to now impeccably resembles a “bump-and-run reversal bottom” (BARR Bottom) shown in a notable technical analysis book.
If the BARR Bottom trend plays out as the textbook’s author, Thomas Bulkowski, explains, BTC will soon see an “uphill run” that will catapult cryptocurrencies into their next bull run.

$BTC. Literally a textbook BARR bottom. Hint: This means bears are fucked.
— B.Biddles (@thalamu_) April 14, 2019

Fundamental factors, too, are giving BTC and other digital assets a green light to head higher. As Cumberland, a crypto-friendly arm of DRW, noted on Twitter, as central banks have delayed interest rate hates, risk assets, like Bitcoin, have rallied. With institutions like the Federal Reserve and European Central Bank looking to continue this trend, this “risk-on” rally could easily continue.

Desk Update: Risk assets (along with $BTC) have rallied dramatically this year, as shown in the chart, while central banks delay interest rate hikes.
— Cumberland (@CumberlandSays) April 16, 2019

Should Declining Crypto Trading Activity Be A Worry?
Analysts are leaning bullish en-masse, but over recent trading sessions, the level of trading activity has begun to wane. In fact, the 24-hour volume registered by Coin Market Cap has fallen to $42 billion, which is nearly half that registered on April 3rd to 7th, the aftermath of April 2nd’s bullish breakout.
It is important to note that this data provider’s figures are widely deemed inflated, but Bitwise’s Bitcoin volume index, which takes only regulated exchanges into account, has accentuated that trading is on the decline.
Should this be a worry for bulls though?
In the eyes of some chartists, yes. But if we take Biddles’ analysis into account, declining volumes could indicate bullishness. Odd, huh. As the Bitcoin trader explains, “declining volume is bullish in this pattern (ascending triangle),” and signals that a rapid move higher is likely in BTC’s cards.

Declining volume is bullish in this pattern, per Bulkowski.
"Volume is usually low just before the breakout."
— B.Biddles (@thalamu_) April 16, 2019

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Do the Recent Trading Volume Highs Mark an End to the Bitcoin Bear Market?

Identifying the end of the current cryptocurrency’s bear market is a challenge many are attempting to handle.
Major industry proponents have called the bottom on multiple occasions, only for the market to plunge further afterward. However, it does seem that the situation may have changed.
On April 2nd, Bitcoin entered into a long-forgotten positive rally, jumping from around $4,150 to around $5,000 in hours. The run continued throughout the rest of the week, as the cryptocurrency is currently sitting comfortably above $5,100. Naturally, this drove the entire market up, with almost all major altcoins marking serious gains as well.
One thing that has to be noted, however, is that the latest Bitcoin rally was also backed by serious volume. In fact, Binance, the world’s leading cryptocurrency exchange, saw Bitcoin volumes surging past its all-time high. The volume also surged on other platforms, including Bitcoin margin exchanges such as BitMEX.
Is Increased Volume Signaling the End of Bear Market?
Typically, increased buying volume for Bitcoin is considered to be a bullish sign. It suggests that more people are getting into the market, interested to buy the digital currency. Moreover, however, it needs to be sustainable. Large volume can also be caused by whales buying in, but if it is spread over time and it is consistent it could signal that more people are getting involved.
On the other hand, it’s important to look at other market factors which might signal that the bear market has come to an end.
Another important factor to consider is the so-called market breadth. It’s a prominent indicator which takes into account the overall condition of the market. In the sense of cryptocurrencies, market breadth would also indicate how many of the other digital currencies are noting gains.
A positive market breadth occurs when more cryptocurrencies are advancing than declining. During the last rally, almost all of the top 100 digital currencies were trading in the green. While this is oftentimes the case when Bitcoin is rallying, it’s still an important consideration nonetheless.
Halving is Incoming
Yet another thing to be positive about when it comes to the cryptocurrency market is that Bitcoin halving is approaching. The event which will slash miners’ block rewards in half is scheduled for May 2020.
This will reduce the supply of Bitcoin on the market and if the demand remains the same or it gets higher, the price should in theory, increase.
Additionally, certain analysts have also outlined that Bitcoin typically starts to increase in value “around 1 year on average before its halving date,” which is particularly close.
Image: Pixabay
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Industry Exec: Bitcoin To Be The “Escape Hatch” In Impending Global Recession

In the eyes of many across the globe, including anti-establishment figures, credited and established economists, and consumers, the macroeconomy could be on the verge of collapse. In fact, in a recent Bloomberg op-ed, Narayana Kocherlakota, the former president of the Federal Reserve’s Minneapolis arm, advised his old employer to prepare for a crisis. But Bitcoin may be a way out — “an escape hatch,” as put by ShapeShift chief executive and crypto entrepreneur Erik Voorhees.

There has never been a global recession since Bitcoin was created. Next time it happens, there is an escape hatch.
— Erik Voorhees (@ErikVoorhees) April 16, 2019

The Case For A Recession
While the economy seems to be doing better than ever, certain fiscal and economic indicators aren’t looking all too hot. For instance, the U.S. Treasury bond yield curve recently saw a negative spread between the three and ten-year notes, which is a sign that has historically predicted recessions (1970s’ oil crisis, Dotcom, Great Recession).
Debt across the board, especially sovereign debt, is surmounting all-time highs on a daily basis. In fact, since 2008’s fiscal debacle, the nominal value of all forms of debt has increased by dozens of trillions of dollars, as central banks across the globe bolster their balance sheets, firms borrow more to promote their growth, and consumers spend more than ever, all while lenders are seemingly becoming more lenient with each passing day.
According to Trace Mayer, a long-time Bitcoiner and a zealous anti-centralization thinker, society has accumulated $87 trillion more debt as humanity’s relentless lust for growth continues, accentuating that governments and society at large haven’t learned from past mistakes.
The U.S. alone has seen its national debt breach $22 trillion mere weeks ago, up from ~$8 trillion when the recent Recession peaked. In response to this swelling statistic, the Peterson Foundation, an American financial services group that is focused on amending the nation’s economic issues, claimed that the fiscal situation is “not only unsustainable but accelerating.” As Ikigai head Travis Kling recently explained:
“The increasingly erratic U.S. president is yelling at an irresponsible central bank to act even more irresponsibly with its monetary policy, while running a $1 trillion deficit for the second year in a row.”
Related Reading: Economist’s Belief That Stocks Are Overvalued Has Bitcoin Enthusiasts Enthused
The economy’s outlook is so harrowing that Ray Dalio, the co-founder of the world’s largest hedge fund, Bridgewater Associates, recently drew eerie parallels between today and the Great Depression. In a comment made at Davos, the world-renowned investor, who has become a market pessimist as of late, explained that from 1929 to 1932, there was a lot of “printing of money, and purchases of financial assets,” much like today.
Even BitMEX’s research division has chimed in on the matter of the case for a recession. As reported by NewsBTC previously, the team of researchers and analysts noted that the current financial system is currently unstable and fragile, backing their claim by drawing attention to the dichotomy between the overall lack of volatility and sudden spikes in the VIX. They noted that this instability has only been underscored by low-interest rates and a tumultuous political climate (think Brexit, Trump/China, and the Yellow Vests), making it all the more likely that a crisis is brewing under the surface.
Why Bitcoin Is The Answer
So what’s a way to opt-out of a crisis?
According to many pundits, that’s Bitcoin, as the asset isn’t centrally controlled, has a deflationary supply issuance schedule, and is a non-correlated asset that exists independently of any traditional system, save for the Internet. As Kling, a Wall Streeter turned anti-establishment thinker, explains, the cryptocurrency’s value proposition as a non-sovereign, hard-capped supply, global, immutable, decentralized, digital money could be just what modern consumers are looking for in a market rife with uncertainty — a way out of this ongoing fiscal experiment that many argue benefits the wealthy before the underprivileged. The Ikigai C-suite head adds that “central banks and governments are proving the profound need” for such a digital asset, not discrediting it.
In other words, if any government takes on heavy debt and defaults, Bitcoin benefits. If hyperinflation makes U.S. dollars nothing more than glorified toilet paper, Bitcoin benefits — you get the point.
With the U.S.’ interest expenses on track to surpass the tax receipts themselves by 2022, meaning that America will be paying more in interest on its debt than the tax it receives, creating a negative, likely never-ending feedback loop, only one option will be left: print, print, print the debt away. And by then, Bitcoin would have likely won.
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Was it The ‘Wright’ Decision? Crypto Community and Markets React to BSV Delisting

When Bitcoin SV forked from Bitcoin Cash in November 2018 the resultant hash war was blamed by many as the catalyst for the final dump of crypto markets down to their lowest levels for 18 months. Five months later Bitcoin SV is still causing chaos for the community and crypto markets.
Did Binance Make The Right Call?
The world’s largest cryptocurrency exchange by adjusted volume delisted the controversial Bitcoin SV yesterday. The imbroglio all stems from BSV creator Craig Wright’s repeated threats to organizations and media outlets who refute his claims to be Satoshi Nakamoto.
The call to digital arms by Binance boss Changpeng Zhao encouraged others exchanges to do the same and some already have. Binance claims that BSV no longer meets its standards but the real reason goes much deeper than that. Many, such as Shapeshift, have already followed suit as has;

Read more on our decision to discontinue support for #BSV by May 15th in our latest blog post:
— Blockchain (@blockchain) April 15, 2019

The crypto community, which uses Twitter as a primary means of communication, is a largely polarized group vehemently protective of their own favorites in the industry. The reaction, as expected, has been quite vocal. Major exchanges charge a fair whack to list a new crypto asset and as economist and crypto analyst Alex Krüger pointed out;
“Once every exchange is done delisting BSV, why stop there? Why don’t exchanges delist all sh*tcoins? Ah, that’s right, the more coins exchanges have, the more money they make.”
Others acknowledged the potential of insider trading if people know about CZ’s decision before he made it. It appears BSV was being shorted before the announcement since it slid 16% in during the previous week when markets were generally performing well.
Not all posts were supportive of the decision and saw it as detrimental for the industry in general;

Am I the only one who thinks Binance just shot themselves in the foot?
How do they go about discussing anything serious with a regulator after delisting a crypto because someone was mean to them?
— iang (@iang_fc) April 15, 2019

Cardano’s Charles Hoskinson did stick up for Binance and it is clear that Wright has wound up a lot of people in the industry;

I'm really proud of CZ and binance. They stood up for the entire commun ity against bullying and fraud. I hope more exchanges follow and we can end this dark chapter in Crypto's history
— Charles Hoskinson (@IOHK_Charles) April 15, 2019

He followed up with “The precedent is don’t claim you’re Satoshi, patent everything that you can get your hands on, insult the people of Rwanda and then sue people who deny your claims” before adding “The investors should solely be angry at Craig for his conduct. He does not own our space. He is not entitled to behave like a petulant child and sue people who very rightly ask for evidence of his claims. If you invested in this man, then what do you expect?”
Crypto Markets React
A BSV dump was expected and it has done just that shedding 25% on the day down to $54. The majority of that outflow has been channeled into the coin that spawned it, Bitcoin Cash which spiked 12% at the time to $332. Markets in general are down today with Bitcoin falling back to just above $5,000 and $6 billion leaving the space overnight.
The bottom line, as this incident has highlighted, is that Binance is a profit driven corporation that is highly centralized and has an overreaching level of control over the wider industry. While all intentions may have been righteous, too much leverage by any one entity is the antithesis of what decentralized peer to peer currencies are all about.
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Vitalik Buterin Remains Confident About Ethereum 2.0 Development Amid Concerns

As put by countless stakeholders and commentators on Twitter and Reddit, crypto assets are much like sports teams. In other words, investors will stop and nothing to see their favorite projects succeed, whether it be Bitcoin (BTC), Ethereum (ETH), XRP, or what have you.
Interestingly, over recent weeks and months, the Ethereum camp has come under pressure across the board. The “World Computer’s” cynics claim that the blockchain’s development is falling well behind schedule. But is this really the case?
Related Reading: Crypto Research Claims Ethereum PoS Unsustainable, Vitalik Hits Back
Ethereum Losing Dominance?
In a recent episode of Laura Shin’s “Unchained” podcast, Vitalik Buterin was surprisingly candid about Ethereum, his brainchild. As reported by NewsBTC previously, the Canadian-Russian programmer affirmed that it isn’t out of the realm of possibility that the Ethereum Blockchain sees its traction slip in the years to come.
In response to an inquiry on the subject matter, Buterin claimed that “it’s kind of inevitable and unavoidable” that the project sees its hegemony in the smart contracting space slowly dwindle away, specifically as a result of time and development. Buterin is far from the first to have made this claim.
Earlier this year, Fred Wilson, the co-founder of crypto-friendly Union Square Ventures, took to his world-renowned blog to claim that he expects to see Ethereum’s space in this ecosystem challenged by new competitors in 2019. This quip was followed by a near-identical comment from Kyle Samani, a partner at industry investment group Multicoin Capital, shortly thereafter. Samani specifically stated that the percentage of total developers work shift from Ethereum to newer platforms, such as Cosmos and Polkadot.
Most recently, Tetras Capital’s Alex Sunnarborg took to Forbes to continue this narrative, claiming that the layoffs at ConsenSys, lack of users on Ethereum-based applications like Augur, and the overvaluation of certain ICOs are signs that the project is losing momentum and steam.
And this is the thesis that the project’s critics have latched onto, leading to a large influx about the cohesiveness of the Ethereum team. This was only recently cemented by a series of developer debacles. One, in particular, saw prominent Parity developer Afri Schoeden leave his stint to create a project known as Dothereum.
Creator Vitalik Buterin Keeps Head High
In a recent Reddit thread, however, Buterin finally spoke out against “FUD.” The cryptocurrency entrepreneur claimed that the Prysmatic, Lighthouse, Ethereum 2.0 (Serenity), and so on and so forth are “still continuing work right on schedule.” He added that the recent governance concerns and shakeups have had no effect on Ethereum 2.0, not “by even a single day.” Buterin concluded:
“State channel and Plasma and ZK rollup devs are similarly steadily moving forward, as are the 1.x rent proposals. The existing 1.0 clients are being tirelessly upgraded to better handle the load of the current chain, with a huge victory a few months ago in dropping uncle rates as well as constant improvements in block propagation. When you’re making a bet on the ethereum ecosystem, it’s those silent armies you are betting on.”
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Why Bitcoin Isn’t In The Clear Yet, Despite BTC Rally Past $4,600

It would be hard to deny that the past two weeks have been integral for the long-term prospects of Bitcoin (BTC). It staved off collapsing below the long-term trendline, and moved above key resistances, especially the 200-day moving average, with monumental levels of volume to match.
Related Reading: Analysts Convinced Bitcoin Bottom Is Finally In, New Highs Inevitable
While all this seems to signify that a crypto bull rally is on the horizon, this may not exactly be the case. In fact, citing a key trend indicator, a chartist opined that it is a bit too early to be bullish just yet.
Bitcoin Isn’t Home Free Just Yet
Cold Blooded Shiller, a cryptocurrency analyst, recently drew attention to the one-week Guppy, a collection of moving averages that aims to predict trends, resistances, and supports, for Bitcoin. And it wasn’t exactly all too pretty.
While BTC’s 25% rally from $4,150 to $5,450 over the past two weeks allowed the asset to break out of the green band of the Guppy, the top (key resistance/trend reversal level) of the red band was rejected.

Beautiful bearish retest of the weekly $BTC guppy. Why we bullish?
— Cold Blooded Shiller (@ColdBloodShill) April 13, 2019

In fact, the wick to $5,450, in the eyes of Cold Blooded anyway, was a “beautiful bearish retest” in that it cements that BTC isn’t out of choppy waters just yet. Considering that the red band of the one-week Guppy acted as key support for Bitcoin in 2017’s rally, if BTC fails to break and hold past the red band, it may be that much harder to call for a bull run.
Interestingly, while the weekly Guppy is still depressing BTC, the daily is an entirely different story. As covered by NewsBTC on a previous date, the Super Guppy on Bitcoin’s one-day chart recently flipped bullish for the first time in 16 months, cementing that at a minimum, the medium-term bear trend has been mostly reversed.
Maybe Consolidation Is Inbound
So if Bitcoin isn’t home free just yet, what’s next for the asset and its altcoin brethren?
Per a chart posted by trader SalsaTekila, consolidation and short-term range trading may just be in the cards. He chalks this call up to the fact that right now, BTC is entering the region of a “broken price floor” that has pertained to over one year of price action. As such, it may be very difficult to break out above that level, which sits at $5,800, without a proper catalyst.

$BTC is re-testing a 1 year+ broken price floor. My current best case scenario is a couple weeks of consolidation / chop between 4700$-5500$.
— SalsaTekila (JUL) (@SalsaTekila) April 14, 2019

Thus, Salsa concluded that in his eyes, the best case scenario would be for BTC to consolidate and chop between $4,700 and $5,500, the respective low and high of the past two weeks’ price action, for a number of weeks. Salsa isn’t alone in his expectation that cryptocurrencies will take a brief chill pill, so to speak.
CryptoHamster, an analyst known for his use of fractals and historical trends, recently claimed that if BTC follows historical precedent, it will more than likely trade around $5,000 for weeks, even months, before the eventual breakout.
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Slowing Macroeconomy Could Be A Boon For Bitcoin & FAANG Stocks: Researchers

Since 2018’s bear market came to life, investors have tried to determine what will revive Bitcoin (BTC) once again. According to industry researcher boutique Delphi Digital, the strength (or lack thereof) of the macroeconomy could be a boon for the cryptocurrency market moving forward, in spite of the fact that many pundits see digital assets as independent of traditional systems.
Bitcoin Could Catch Investors Looking For “Significant Price Appreciation” 
Per an excerpt from the New York-based group’s most recent report, a potential rise in growth investing strategies (throwing money at firms with strong growth upside to maximize capital gains) could aid Bitcoin in the coming months and years. Delphi’s analysts explain that growth-centric investors’ most popular choices include the stocks that consist of FAANG along with other hot Silicon Valley firms.

3/ Given the outlook of slower economic growth and subdued earnings forecasts, the backdrop appears favorable for growth to outperform. If so, #bitcoin may be poised to catch a bid as investors reach for riskier assets with significant price appreciation potential. $BTC
— Delphi Digital (@Delphi_Digital) April 12, 2019

The reason why this is significant is that in periods of slow economic growth and subdued earnings, which economists are calling for, growth stocks, meaning Bitcoin in turn (correlation), often outperform their peers. Thus, Delphi concluded:
“Given the outlook of slower economic growth and subdued earnings forecasts, the backdrop appears favorable for growth to outperform. If so, bitcoin may be poised to catch a bid as investors reach for riskier assets with significant price appreciation potential.”
Perfect Storm For Bitcoin Is Approaching
Delphi’s talented researchers aren’t the first to have claimed that factors in the macroeconomy could boost Bitcoin over the coming months. As reported by NewsBTC previously, Brendan Bernstein, the founding partner of Tetras Capital, an industry investment firm whose partners seem skeptical of Ethereum, recently laid out why he believes BTC’s long-term prospects are healthy.
He remarked that the U.S. Federal Reserve’s decision over the past decade to enlist quantitative easing (QE) strategies could aid BTC. Here’s why.
While QE, which is a fiscal policy that sees central banks purchase assets to boost the economy, has arguably been a positive catalyst for cryptocurrencies for the better part of a decade, some fear that the economy might get dicey (asset inflation, fiscal instability, etc.). Anti-establishment figures, presumably like Bernstein and Ikigai’s Travis Kling, are wary that with the overutilization of QE, the economy could be put in a bad place, potentially giving BTC a chance to rally as a non-correlated store of value.
Bernstein continued on the theme that macroeconomic and political factors may give a decentralized, digital currency a chance to outperform by drawing attention to democratic socialism, modern monetary theory, a growing retired yet financially stunted population, and the rapidly swelling amount of U.S. sovereign debt. He claimed that all this, coupled with QE, is why there is a “perfect storm for BTC right now.”
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#Metahash Community Has Been Growing… Don’t Miss Out!

Blockchain technologies and applications are very much alive and kicking, depending on whose side you are looking. For a bit of history, the #Metahash trial period which ran through Q2 2018, leveraging more than 200 temporary servers throughout the world, are now replaced by token owner nodes after the network became fully functional. From that trial, #MetaHash validated its goal of 60,000 – 80,000 Transactions Per Second and now they have almost 500 server nodes established by the community
#MetaGate, the network’s decentralized browser, has changed significantly – from a quite bold interface with “test” icons back in 2018, it flourished into a bunch of first Dapps from community, original #MetaHash services and tools like #MetaHash Pay, its own messenger, and #MetaApps, with more to go live in the coming months.
#MetaHash client will go mobile quite soon, so managing #MHC will become available also on iOS and Android, while #MetaWallet will start processing BTC and ETH. Both PC and mobile wallets will be integrated with web API so as to make crypto payments as easy as one click and expand the usage of #MetaHashCoin throughout everyday online payments.
As announced recently, the further development of #MetaContracts, the new non ERC-20 smart contracts which are much faster, cheaper, and easier than anything else in blockchain now, is in full swing. Soon the option of releasing stablecoins and tokens on #MetaHash network will become available.
And finally – #MetaHashCoin is pushing forward. After listing on the first two exchanges the organic growth of #MetaHash’ capitalization hit at 300% in less than a month according to CoinMarketCap. The coin will be listed on more exchanges including fiat ones and the team will proceed to support the conditions for the further stable growth.
The #Metahash community has been growing after newcomers are oriented about how the #Metahash network is structured and how it develops. The #MetaHash system depends on forging provided by nodes and #MHC delegating. You can find more information about how to forge in tutorials here and here.
Network’s performance and its further improvement look quite optimistic as well. According to statistics the hardware which #MetaHash community uses is more advanced than ones been used for tests by the dev team which means that the initially declared 50k+ may significantly increase
“…active wallets will grow several times and reach about 1 million.”
#MetaHash team has calculated that by the end of this year, the number of active wallets will grow several times and reach about 1 million.  The community is growing faster than the load on the system: today the network is less than 20% loaded, so commissions are not yet taken into account.
Transactional commissions in the #MetaHash project will be at least 10 times cheaper than in other blockchain projects. But even such a commission will significantly increase the size of reward and give bigger remuneration than from the current daily forging.
This will become mainstream in the future. I’m sure of this, too. It is not surprising that this project has already gathered so many like-minded people and supporters ready to support you and be part of such a strong and confident team.
#MetaHash welcomes all crypto enthusiasts, developers, and technology partners to join this exciting race – the moon is not the limit anymore!
Image: Pixabay
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Analysts Convinced Bitcoin Bottom Is Finally In, New Highs Inevitable

Bottom this, bottom that. At long last, prominent crypto analysts across the board are convinced that Bitcoin (BTC) has finally bottomed in this cycle, and will not see fresh lows for years, if at all.
While this may sound like wanton wishless thinking, a strong case has been made for this theory. In fact, the “bottom is in” theory has garnered so much traction that some of the industry’s biggest names have subscribed.
Related Reading: Prominent Analyst: Bitcoin (BTC) is Likely to Surge to 400k, Does This Mean the Bottom is in?
Bitcoin Bottom Might Just Be In
A well-followed trader going by “Mr. TA” on Twitter, the founder of a cryptocurrency education group, recently explained why he believes that Bitcoin has already put in its lows for this cycle.
He explains that historically, BTC has found a price bottom about one year out from its quad-annual block reward reductions — what many refer to as “halvings” or “halvenings.” It is important to know that this is a known fact, as made apparent by an array of NewsBTC’s previous reports on the matter.

Why I believe the Bitcoin bottom is in – looking at Bitcoin halving events
As you can see, around 1 year before the halving, a bottom forms
A big move up is seen leading to the one year away date, then a drop to form the ultimate bottom, before this price isn't seen again
— Mr. TA (@technical_anal) April 10, 2019

What makes Mr. TA’s analysis interesting is that he points out that around 15 months prior to 2015’s halving, there was a strong rally in which Bitcoin showed signs of going parabolic, a short period of stagnation, then a slowdown. Sound familiar? Well, that’s because the same is effectively going on now.
If the current cycle plays out like that seen in 2015, Bitcoin may rally slightly further (potentially to $6,000), stagnate for weeks, before falling back under the $4,000 in a final bearish shakeout. But, in spite of all this, BTC will now establish new lows, meaning that a long-term price floor could be set in stone already.
As aforementioned. Mr. TA isn’t the only one convinced that a bottom is in. Per reports published just days ago, Dave The Wave, a long-term trend chartist, claimed that Bitcoin’s recent push past $5,000 isn’t a sign that parabolic price action is on the horizon. Instead, this uptick signifies that the bottom is in, explaining that now, the chances of a higher high followed by “further higher lows” are practically 100%. For those who missed Technical Analysis 101, this is a simple sign that a bearish trend has bitten the dust.

The significance of the breakout was not new all time highs tomorrow, but a confirmation of the bottom – a higher high, no doubt to be followed by further higher lows.
— dave the wave (@davthewave) April 8, 2019

Travis Kling echoed this analysis to a tee in a recent Twitter comment. In response to an inquiry from The Crypto Dog, the former Wall Streeter noted that “in the seven weeks leading up to April 1st,” the chances that BTC would retest the low it established in December at $3,150, “diminished significantly.” He added that the price action experienced in April so far, which catapulted BTC to and well past $5,000 and altcoins to fresh year-to-date highs, is “the (effective) nail in the coffin for new lows.” In other words, put short and sweet by Kling, “a retest is now highly unlikely.”
What’s Next For BTC?
Well sure, the bottom is in, but what’s next for BTC in this market? Answers to this pressing question span the entire spectrum of bulls and bears, but by and large, most prominent traders seem to be leaning somewhat bullish. Here’s why, and here’s what they see.
Short-term, traders are extremely bullish. CryptoHamster, a subscriber to fractal analysis and how that applies to cryptocurrency, recently posted the chart below on Twitter, accentuating the similarities between Bitcoin’s price action on Wednesday and that seen last Wednesday. Barring that the trend shifts, Hamster is hinting that BTC could rally to $5,600 in the coming days.

#bitcoin $BTC $BTCUSD
— CryptoHamster (@CryptoHamsterIO) April 11, 2019

Long-term, analysts are also convinced that bears are in their death throes. The Super Guppy, a measure that weighs support and resistance levels to predict trends and their respective reversals, has flipped bullish on BTC’s one-day chart. The last time the Guppy was green was in early-2018, which was when cryptocurrencies began to unwind from 2017’s bubble-esque activity.
But where does this leave Bitcoin for the long haul? As a recent poll revealed, $100,000 and beyond, that’s where. But as to when BTC will reach that quixotic price target, no one is all too sure.
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Source: New

What Justin Sun Thinks Will Boost Tron (TRX) Near The Top Of Crypto

As much as crypto stakeholders bash Tron (TRX) for its questionable practices, marketing-centric policies, and its propensity to spark communal discourse, there is no doubt the blockchain project has done its utmost to stay afloat in this Bitcoin bear market.
Whether it be releasing a Tron-based version of Tether’s USDT, running a controversial yet lavish $20 million and Tesla giveaway, buying out BitTorrent to implement blockchain, or an act of a similar sort and caliber, the project has kept its nose to the proverbial grindstone. And this perpetual grind might not be stopping anytime soon.
Related Reading: Exclusive: Why The Hell Is Tron CEO Sun Giving Away $20 Million?
Tron’s Justin Sun is looking to continue this thread of wins with a technological advancement called the Sun Network, named after, well, the cryptocurrency entrepreneur himself.
Meet The Sun Network
Justin Sun recently took to Twitter to cheerily announce the establishment of the Sun Network venture, a second layer solution for the smart contract-centric Tron blockchain. According to the Ripple alumnus, who attended Jack Ma’s Hupan University, the Sun Network solution could allow Tron’s transactional throughput to increase by 100 times.

#TRON will release the detail of #Sun Network soon! #SUNNetwork is our layer 2 solution to achieve 100X scalability. #TRON’s dapp usage is poised to scale from the current millions to hundreds of millions after launch. GO #TRX and #BTT! #BitTorrent #BTT #TRX
— Justin Sun (@justinsuntron) April 3, 2019

This ambition may seem rather quixotic, especially considering Tron’s purportedly already sufficient processing capabilities, but Sun seems entirely serious. In fact, the San Francisco-based Tron Foundation, which Sun heads, just released a one-pager briefly outlining the logistics and technicals of this layer two innovation.
Per the Foundation’s document, the Sun Network isn’t exactly a simple, single-faceted layer two advancement. Instead, this “network” will consist of “DApp sidechains,” cross-chain infrastructures to promote interoperability, and “some other expansion projects.”
The cumulative effect of these innovations will, as per the Tron Foundation, increase the “overall TPS and smart contract efficiency of Tron.” The DApp sidechains themselves will purportedly allow Tron to run smart contracts with “extremely low energy consumption, high security, and efficiency.” Funnily enough, the potential improvements weren’t explicitly quantified, leaving it anyone’s guess as to how the Sun Network will benefit Tron over the long haul.
But, we will soon see how the Sun Network plays out, as Tron intends to launch a test-stage DAppchain by May 30th, a fully-fledged DAppchain by August 10th, and an upgraded version just 40 days later.
Justin Sun Has High Hopes For Tron 
As explained earlier, it is currently anyone’s guess as to how Sun’s latest passion project will aid Tron. Sun himself, though, is absolutely convinced that the Sun Network will have a decidedly positive effect on his brainchild.
In a recent interview with NewsBTC at Hong Kong’s Token2049, Sun remarked that he expects for the Sun Network, the launch of a Tron-based USDT, the growth of DApp use on the platform (Sun predicts 2,000 active application by year’s end), the launch of ZK-snarks, among other advancements to propel TRX to new heights. In fact, Sun overtly claimed that if all pans out, TRX could easily be the fourth most valuable cryptocurrency by the end of 2019, placing it below Bitcoin, Ethereum, and XRP.
For some perspective, the market capitalization of Tron would need to rally by 170% at current levels, barring that its competitors remain flat, to reach that fourth seat.

A Shameless Copy Of Ethereum 2.0?
Considering the timing and speed of this move, some are wondering about Sun’s true intentions. Is Tron trying to get a leg up over Ethereum? Is the Sun Network a ploy to steal attention from the similar Ethereum Serenity or the speed-centric Lightning Network? you may be asking.
If you look at Sun’s recent Twitter quips at Ethereum creator Vitalik Buterin, especially about avocados and Twitter followers, you might think this is the case. But, considering a number of the Tron chief executive’s recent interviews, he may be looking to help join hands with the competing project.
As reported by NewsBTC previously, during a recent episode of TheCryptoChick’s podcast, Sun remarked that he expects for this year to see Tron “officially collaborate” with Ethereum. This, interestingly, enough comes after Sun claimed that he would “immortalize”  Buterin and Ethereum’s crowd after Tron succeeds, and after Buterin joked that he would lose faith in humanity if Tron wins the blockchain game.
Regardless, the Sun Network likely isn’t a copy of Ethereum’s Serenity roadmap or the Bitcoin Lightning Network for that matter. However, with this move, the minds behind Tron are likely trying to take some thunder away from the crypto market’s biggest names, as the project looks to usurp cryptocurrencies like EOS, Stellar Lumens, Cardano, and even Binance Coin, from where they sit now.
But will Justin Sun & Co. succeed? That’s the question that will have to be answered with real products, not just marketing and hype.

LMAO Justin really named the Tron network after himself?
— Crypto Bobby (@crypto_bobby) April 8, 2019

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Source: New

HTC’s Blockchain Lead: Bitcoin is to Facebook Coin, JPM Coin as The Internet is to Intranets

Token2049, a recent crypto conference in Hong Kong, saw some of the biggest names in Bitcoin and blockchain congregate. NewsBTC was lucky enough to snag Phil Chen, a world-renowned technologist and the head of HTC’s blockchain division, for a quick interview.
We discussed his team’s phone, the Exodus One, and his thoughts on recent developments in the cryptocurrency space.
What’s Up With HTC Exodus’ Blockchain-Friendly Phone?
NewsBTC: Can you tell the NewsBTC audience about what HTC Exodus is doing?
Phil: The HTC Exodus is one of the first blockchain phones. But, I think it is the only phone that empowers users to own their private keys — which I think is a foundational principle of the decentralized web. If everyone owns their private keys, then you own your Bitcoin. If you don’t, well, you don’t. The Exodus is built on that foundation, as we give users that same architecture to own their digital identity, personal data.
NewsBTC: Is there a thirty-second pitch for why people (common consumers) should own an Exodus over, let’s say, an Apple iPhone or Android?
Phil: People that don’t care about their privacy?
NewsBTC: Yeah, I guess there’s been a surge in people trading in their personal data and rights for convenience.
Phil: If you’re starting from where people don’t care about their privacy, just convenience, I would argue that they would care about it if they knew how their data was being used, and how it was being sold. There’s a very moral movement around this. When you don’t own your crypto assets or data or identity, there is something fundamentally wrong about that. If there’s a sovereign identity that is you — things that you’ve created, attributes or characteristics that describe you —  that you don’t own, there’s something entirely wrong, especially because we are this far into the information age, and there’s no concept of digital property — what is yours, what is mine.
So the way we are trading these small conveniences in exchange for these micro invasions of privacy, and what is your digital property has major ramifications to many things, even to democracy. So there’s no quick answer to this, unfortunately, if you were to not care about privacy. In that case, that wouldn’t be my target audience for the Exodus. My audience would be those who are concerned about this or are concerned about what is being collected, what is sold, and who it is sold to. These people would have likely read the book 1984 to understand the issues with all this.
Related Reading: Why Crypto Is So Important For Privacy With HTC Exodus’ Phil Chen
NewsBTC: How has this so-called “crypto winter” been treating the Exodus team? Has it been hard for your blockchain team to innovate in these conditions?
Phil: It’s actually a lot better, to be honest. There are many facets and reasons why people come to crypto. You, for example, found out about Bitcoin by buying digital goods. And I would say that most people in crypto are interested in speculation in tokens. But there’s another class, which I am in, this being those who are generally interested in the technology and how it will fundamentally rearchitect the internet. From this speculation and token side, it’s a winter. But because of that, I don’t need to answer those questions about the price of this or that coin. To be frank, prices have nothing to do with what we are doing.
NewsBTC: Crypto is all about skin in the game. And when I checked your website (Exodus then only accepted Bitcoin, Litecoin, Ethereum, and Binance Coin) during the December Bitcoin drop, your phones were selling for the equivalent $400. How have those low prices affected your business?
Phil: At $400, everyone was buying these phones. At the end of the day, this is a top of the line HTC smartphone. It’s premium. It has the best specs you would find in any other 2018 model, so at that price, it was selling quickly.

Sooooo…. is anybody going to tell @HTC about how cheap they're selling their Exodus 'blockchain- and crypto-friendly' phones at now? They were listed at a flat rate of 0.15 $BTC and 4.78 $ETH – ~$900 at the time. Now that's a mere $400-500… #justbearmarketthings
— Nick (@_Nick_Chong) December 7, 2018

NewsBTC: What is the endgame for the Exodus team? Do you envision a world where blockchain technologies and applications are the norms, or?
Phil: The endgame is to get every person with a smartphone to start owning their identity on their phone, all the data they use on their phone, and empowering them to connect to all the crypto networks.
Bitcoin Adoption In The Mainstream
NewsBTC: What do you think of the whole Samsung S10 “Blockchain Keystore” product?
Phil: First of all, I think that bigger manufacturers coming in[to crypto] is a good thing. To me, it isn’t clear if they’re really empowering the users to own their key. It sounds to me like they aren’t doing that. It sounds to me that they’re more like a custody solution rather than a system that allows people to really own their keys. Then the other surprising fact that I don’t like is that they don’t natively support Bitcoin. I don’t really understand that. I think that the Samsung S10 should be irrelevant for the Bitcoin crowd. But not supporting Bitcoin is a huge statement, it was definitely intentional.
NewsBTC: The weird thing about this is that their marketing material showed images of Bitcoin. So why have that, right?
Phil: It must have been intentional. To me, whether you are a Bitcoin maximalist or not, Bitcoin is so fundamental to this movement. Bitcoin represents being open, censorship-resistant, neutral, what have you. To me, that are the fundamentals of crypto networks. And we pride ourselves with that. One of the Exodus’ wallpapers is a Genesis Block and the Exodus Phone. We definitely see ourselves as an extension of the Bitcoin movement, and that’s why we have many homages to it in our design. I think it is a fundamental part of what we are doing here.
NewsBTC: In the same realm of mainstream adoption, what do you think of the rumors that Starbucks is looking into Bitcoin? And what do you think of the Lightning Network?
Phil: I’m super excited about Lightning. I’m super excited about layer two solutions on Bitcoin. Elizabeth Stark of Lightning Labs is an advisor to Exodus. It’s a hard technology and problem to solve, but we are working to make that a reality. More and more merchants accepting crypto as payment will make this industry much more interesting, and allow it to grow much faster.

NewsBTC: What are your thoughts on centralized, non-blockchain-based cryptocurrencies, like JPM Coin, Facebook Coin? Changpeng Zhao from Binance argues that it will be instrumental in driving adoption, do you agree with that?
Phil: I liken it to intranets. So companies used to have an intranet, which means a surveyed, permissioned, secure internet. That’s how I see these coins. When you issue a private coin, it’s the intranet compared to the internet. Which one is more interesting? So, I’m not too excited about that. We would all agree that in the future, we will move into a world where there is a cashless society, meaning everything becomes digital, crypto, coins. The problem is if you believe the Bitcoin peer-to-peer way of digitizing transactions and money or the centralized version. This will happen. It is already happening in China with WeChat Pay and things of that nature. But we’re going into a digital, cashless payment future, and which route are we going to take? JPMs are one centralized, permissioned way, and Bitcoin and other cryptocurrencies with similar characteristics are the other.
NewsBTC: So there is no room for both types?
Phil: No, there is room for both. But the problem is that these projects are fundamentally surveyed capitalism, and Bitcoin is neutral, borderless, censorship-resistant. These are fundamentally antithetical to each other. But can they both exist at the same time? Probably, and they probably will. But can they exist meshed together? Probably not. But there could be a world in which people pay with privacy coins, like Monero, ZCash, etc., Bitcoin, and centralized assets, like JPM Coin, Facebook Coin. But in the end, they are all antithetical.
NewsBTC: Do you see institutional involvement in this sector as against Bitcoin’s decentralized nature? You have Fidelity with their custody product, do you like that?
Phil: I do like that. I do want to see more and more institutions also have custody solutions like that. Again, it’s fundamentally antithetical to what Exodus stands for though, as we want everybody to hold custody of their own keys, data, and crypto. So if you set it up where institutions are holding custody, I like it right now because it’s better than having corporations that own having our data do that. Fidelity doing custody is good. Telecom operators, yes. But Facebook, no, no.
NewsBTC: What is the primary thing holding back crypto & blockchain adoption right now?
Phil: One is key management — making it simple for people to manage their own keys. If it’s one single thing, it would be key management. But payments is another one, making it easy for payments. There need to be more peer-to-peer apps. There are many infrastructural problems that need to be solved, in that the networks themselves are simply not ready, whether it be consensus or governance issues that haven’t been figured out just yet.
Related Reading: Exclusive: What Litecoin Founder Charlie Lee Thinks Will Drive Crypto Adoption
NewsBTC: What do you think of the statement ‘Long Bitcoin, short the bankers’?
Phil: Long Bitcoin, short the bankers? I believe that. That’s why we are doing this, that’s why I’m building the Exodus, and that’s why we are in this industry. Having the Genesis Block on the Exodus phone is perfect for that statement.
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Source: New

Ambisafe Issues On-Chain Shares of a Fund Tracking Economic Interest in SpaceX

Many investors are already engaged in private equity investing – shares of companies that are not publicly traded on the stock exchanges. However, the acquisition of giant companies’ shares in the secondary market is associated with a number of obstacles that make the stock market closed. Ambisafe, blockchain infrastructure provider, in partnership with US Capital Global, has allowed retail investors to own economic interest in Elon Musk’s SpaceX with its $31 billion valuation.
Since the company’s shares are not traded on the public exchanges like NYSE or NASDAQ, those who want to acquire them have to wait for the next round of investment or buy shares from their current owners by spending several hundred thousand dollars and a lot of time for paperwork.
There is also an option to wait until the company becomes public and its securities are available on the mainstream exchanges. Making the company public, though, may not be ever planned by Elon Musk. The owner of Tesla expressed regret that he had made the company public and even thought about making it private again. There are several reasons for this: the complexity of management and communication with a large number of investors, as well as increasing speculation with participants reselling securities at a higher price.
The seemingly obvious option to let large investors resell their shares, even with a significant surcharge, also associates with legislative restrictions and the complexity of administration. In the US, only qualified investors declaring a monthly income of $200,000 or owing assets starting at $1 million are allowed to acquire company securities. The EU’s laws also imply a number of similar restrictions. Additionally, in a situation with thousands of small investors, the complexity of administering, tracking documentation and maintaining transactions outweigh the profits of stakeholders.
Ambisafe, a company that specializes in asset tokenization and conducted more than 30 token sales for blockchain startups, together with the US Capital Global investment bank and Zegelman Law Group specializing in securities and blockchain technology, came up with an idea of token which represents an economic interest in pre-IPO companies like SpaceX.
They created a fund named Unicorn Equities to acquire SpaceX shares and distribute rights to receive income from them through the issue of tokens on the Ethereum blockchain. USPX tokens represent a share in the fund and can be sold by the holder when SpaceX’s value increases.
As Ambisafe states, administration and legality of the process are supported by a blockchain, a specially designed Regulatory Aware Protocol (RAP) and the decentralized Orderbook platform on which tokens will be distributed. This allows the fund to comply with legislation in various jurisdictions and fix the price of the token so that SpaceX does not need to worry about speculators, Ambisafe adds.  
“We believe shares on the blockchain is the best option to allow retail investors globally to own economic interest in SpaceX,” Andrew Zamovsky, CEO Ambisafe says.
The model is so simple that it opens the secondary market even for those who are ready to invest as little as $100 which is the entry threshold declared by the token issuer.
The democratization of access to SpaceX shares is only the first step, the authors of the idea say. Next, they plan to tokenize the shares of other pre-IPO companies.
More information about the token and the upcoming token sale can be found on the website
Image: Pixabay
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Source: New

Chinese Crypto Investors Return Strongly In Bitcoin: Did They Cause BTC Surge?

For much of the history of Bitcoin (BTC), traders from Asia, specifically China and Japan, dominated this embryonic market. China, of course, is the spiritual and actual home of Bitmain, one of the industry’s highest valued startups, and of key crypto asset projects, like NEO and Tron. But, the nation’s bans and restrictions on this market threw many for a loop.
As reported by NewsBTC previously, the Central Bank of China proudly proclaimed its series of stringent regulations, which included bans on foreign crypto exchanges, events, and certain trade publications, a resounding success.
Related Reading: China Banned Everything Bitcoin, Video Games Seem To Be Next
But, somehow, Bitcoin trading interest from Chinese investors has returned. Don’t ask us how, but locals are “FOMOing” in so hard that they’re skirting local regulations to get their hands on BTC. And many sure this influx of buying pressure from our friends across the pond is due to Bitcoin’s rally above $5,000, coupled with the monumental performance of Asian capital markets.
Chinese Investors Catapult Money At Bitcoin
When BTC began to show faint hints of bullish behavior in mid-March, pushing past $4,000 on the back of, well, nothing, investors tried to speculate what exactly was going on. Anton Pagi, a cryptocurrency researcher, revealed that the move was preceded (or caused) an uptick in exchanges known to have played host to a Chinese audience. To further illustrate his point, Pagi draws attention to a chart from data analytics provider CoinLib, which accentuated that there was a larger than normal influx of Chinese fiat into Bitcoin and other cryptocurrencies.
Pressure subsided from this subset of investors in the days that followed the aforementioned move, however. But now, with Bitcoin’s recent foray above $5,000, Chinese investors seem to be back in full force. In fact, over the course of the past week, the search term “Bitcoin” has skyrocketed to the top of Baidu’s trending searches, showing that locals sure are interested.
Per a recent tweet from CnLedger, a local industry insider, over-the-counter (OTC) desks that cater to an Asian audience have begun to show signs of an influx of buy-side orders.

1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.
— cnLedger (@cnLedger) April 8, 2019

Huobi’s and OkEX’s individual OTC portals, for instance, are purportedly registering trades of Chinese Yuan-to-Tether (USDT) at a rate of 7.0, rather than the market rate of 6.7 —  a casual premium of 4.4%.
All this has occurred as bitCNY, a stablecoin pegged to the Chinese Yuan based on the Bitshares protocol, has seen its 24-hour volume move higher by ten times since its lows in February.
While this isn’t a definitive sign that investors in the Asian nation are flocking to purchase Bitcoin en-masse, the South China Morning Post (SCMP) once revealed that Chinese traders have expressed a clear propensity to use stablecoins to bypass governmental firewalls. The outlet’s investigation revealed that a local trader’s common practice was to use VPNs, purchase USDT (or a similar token) through fiat portals, then transacting on foreign, presumably non-KYC-enabled platforms.
What’s The Deal? 
Why is this happening? you may ask. According to trader and analyst Light Crypto, China’s newfangled enamorment with Bitcoin and cryptocurrencies has much to do with macroeconomic factors.
The trader recently explained that with the Hang Seng Index rallying 20% since the end of 2018, Chinese investors are looking to park their gains in other assets, like the non-sovereign Bitcoin. Alternatively, traders, with their strong portfolios in their back market, may be looking to add risk to their portfolio, through cryptocurrencies and other alternative asset classes.

/1 We are witnessing a resurgence in Chinese demand for cryptocurrencies. This trend in the making comes after more than a year of relative quiet, a reminder of the time when Chinese volumes were king.
— Light (@LightCrypto) April 8, 2019

Tom Lee, Fundstrat’s in-house crypto permabull, recently touch on this factor, too. In a recent Bloomberg Television segment, the cryptocurrency diehard, who has stopped at nothing to get his bullish point across, remarked that growth in emerging markets, like China, will be a clear tailwind for BTC moving forward.
Did China Push The Crypto Market To The Moon?
This may have led some to ask if China in and of itself was behind the recent uptick. The answer: no, likely not. But, the region’s recent influx of interest in Bitcoin has likely played a positive role in BTC’s day-to-day valuation.
Although many common Joes and Jills have come to the conclusion that OTC trades have no effect on the spot price of Bitcoin, this isn’t the case. BTC sourced through such platforms have an origin, whether it be an exchange, flat-out mining, or other deals. Thus, if there is more buying liquidity on OTC desks (as seen with China as of late), suppliers will pick up as much cryptocurrency as they can, thereby propping up the price or decreasing natural selling pressure from mining operations.
It would be near-impossible to gauge how much BTC and other digital assets are transacted through OTC desks, and what effect its plays on the underlying market, but China’s quiet yet triumphant return to Bitcoin likely isn’t a bad sign for cryptocurrency.
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Source: New

Could The Influx Of Bitcoin Trading Push Crypto Higher?

After months of proverbial CPR, Bitcoin came back to life early last week in a move that came straight out of left field. On Tuesday morning, BTC suddenly rallied, pushing $4,200, $4,400, and $4,800 in rapid succession. Other crypto assets followed close behind the market leader.
Throughout all this, volumes started to surge, as exchanges across the board, whether fraudulent or otherwise, registered trading activity highs. Some see this uptick, which signals an underlying return of interest in cryptocurrencies, as a clear bullish catalyst.
Bitcoin Volumes Boom
In March, Bitwise Asset Management released a scathing report about the state of Bitcoin markets, claiming that 95% of trading activity could be fake. While many saw this as a bearish sign, the firm’s newfangled statistics have allowed traders and investors to gauge conditions with more accuracy.
Bitwise’s Spot Volume Index, which disregards exchanges speculated to be facilitating/taking part in wash trading, in fact, registered a monumental four-hour volume candle on the day it rallied past $4,200. In fact, the candle, which amounted to 154,726 BTC, was the highest since September 15th, 2017. This influx of buying pressure comes, of course, amid a brutal bear market, in which retail investors have all but bitten the dust.

Largest 4H volume candle on the Bitwise Spot Volume Index…
SINCE September 15'th 2017!
It was the bounce candle after CHINA FUD.#Bitcoin
— Bitcoin 𝕵ack (@BTC_JackSparrow) April 7, 2019

Volumes registered on the Chicago Mercantile Exchange (CME)’s Bitcoin futures contract, too, has seen a colossal uptick on the day of the aforementioned rally. According to data from the exchange itself, April 4th’s session saw 22,500 contracts, equivalent to 112,700 (paper) BTC, change hands. This is just under double the previous trading activity record, set on February 19th.

CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing previous record of over 18.3K (64.3K equivalent bitcoin) on February 19. More #Bitcoin futures. $BTC_F
— CMEGroup (@CMEGroup) April 5, 2019

These two statistics show that Bitcoin’s recent move, which sparked an influx of mainstream media coverage (both negative and positive), has revived investor interest in this asset class. But can it really be sustained?
Related Reading: CME Bitcoin Futures See Record Volumes, Crucial Signal For Rising Institutional Demand
Bears Still In Control Of Crypto?
While monumental volume readings do pose a potential case for further highs in this rally, some are convinced that bears aren’t done playing with Bitcoin just yet. In fact, a multitude of traders has made it clear that investors would be remiss not to expect BTC to establish a fresh low under $3,000, despite analyses stating otherwise.
Jonathan, a forex and crypto asset trader, recently explained that it would be unfair to assume that the bear market is over. Through the medium of a Twitter post, he seemed to hint that proclaiming a bear trend over is irresponsible.

There's a lot of self-congratulating/circle-jerking that "I"/"we" called the bear-market-over bottom & start of the new bull market. Pretty sure this happened w every $BTC rally since Jan 2018. Most of them made that same call, multiple times, in 2018. Should be the same outcome.
— Jonathan (@jcho710) April 6, 2019

Jonathan remarks that this same cycle of optimists calling for an end to the bear after a short-term, emotion-inducing spike always ended in disaster, looking to Bitcoin’s inability to not maintain upward price action throughout 2018. Technicals have also not painted the more cheery picture.
Nunya Bizniz recently wrote on Twitter that the last time Bitcoin’s one-week Guppy, a technical indicator that weighs moving averages to predict price trends, looked as it is now, BTC rallied into the top of its range, before falling dramatically. Thus, if history repeats, BTC will move to as high as $5,600 in the coming weeks, prior to a rapid sell-off that brings the asset under $3,000.
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Source: New

Why Bitcoin Holding $4,950 Readies BTC For A Push To $6,000

Bitcoin (BTC) has continued its bullish assault late into the weekend. After rallying to and past $4,200 on Tuesday, the cryptocurrency continued higher throughout the week, currently sitting at a $5,150 valuation.
While some analysts have been adamant that this is where Bitcoin’s winning streak ends, as what some call “Bloody Monday” approaches, others have made a somewhat convincing case that further highs could be in store.
Related Reading: Analyst: Bitcoin (BTC) May Be Stuck in Accumulation Phase for Several More Months
Bitcoin Push To $6,000 Still In Play
Late last month, NewsBTC reported that Filb Filb, a leading industry researcher, posted two charts in a bid to show that BTC could easily rally to $6,000 by the end of April.
The first was Bitcoin’s price action from July to late-December, but inverted. The second was the asset’s recent price action following December’s downturn, which has been, let’s say, lackluster. Although these two charts may sound nothing alike, Filb depicts eerie similarities both in the structure of moves and the timing, specifically in a bid to show that Bitcoin could see a massive wick to the upside.

Many first cast his call aside, deeming it a mere coincidence that the charts share such similarities. But, with Bitcoin’s recent foray above $5,000, the lines that can be drawn between chart one and two have begun to mount. And as seen below, the structure of the recent move is still resembling that seen following the devastating Bitcoin Cash hard fork.
If this move, which could bring BTC to $6,000, is to play out in full, however, the cryptocurrency trader makes it clear that the Bitcoin price needs to hold above $4,950 in the coming days. If it doesn’t, the inverse fractal pattern is annulled.

Fascinating to watch the Similarities.
Bulls need to maintain $4950.
— fil₿fil₿ (@filbfilb) April 6, 2019
Further Crypto Rally Might Not Be Possible
The stage may be set for a further move higher, but some have taken issue with the timing of this ongoing rally. Cryptocurrency advisor Josh Rager recently noted that Bitcoin’s ongoing move, if sustained, would totally destroy the theory that the asset follows set, multi-year trends. Of course, past performance is not indicative of future action, but some are convinced that BTC’s long-term price action can be charted many years in advance.
Another trader going by the moniker “throwaway” also recently made a similar point. He/she drew attention to the fact that Bitcoin has historically followed a logarithmic trendline, depicted in black below, effectively to a tee. But with the recent rally, the asset has moved well away from the “magnet”-esque trendline, meaning that a sell-off may actually be more likely than a rally higher.

The recent breakout if sustained would be one of the largest deviations from long-term trend.
Look to Nov. dump for an example of deviance. That black line is a magnet. @kenoshaking @MustStopMurad @woonomic
— throwaway (@throwaway82738) April 6, 2019

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Source: New