Analysts Predicts Correction on Bitcoin [BTC] Below $10k – Here’s Their Short-Term Outlook

Bitcoin [BTC] has continued to trade above the $11,000 with considerable attention and progress around the world. The long term ‘hodlers‘ seemed rooted in the cause at the moment. However, the short term traders are uncertain of the Bitcoin’s next move.
Murad Mahmudov, the Chief Information Officer at the adaptive fund and a prominent crypto-analyst, recently, reiterated this long term bullish stand. He confirmed that Bitcoin would eventually by 100k apiece. However, it can see significant ups and downs from these levels. He said,
Don’t try to outsmart yourself on short timeframes, zoom out & think big. In my view, BTC is going to $100K per orangecoin.
Nevertheless, in the short-term to the medium term, he is looking for a correction down possibly to 10,850 to $9350. According to him, the RSI – Relative Strength Index, which is a momentum indicator is currently in the neutral range inclined towards the over-sold region. He predicts that it will touch the bottom of the channel – 30 before the next bullish action resumes. He said,
Locally a derisked long would be a 4H RSI reset & a breakout of the black diagonal, which pretty much aligns with the wedge breakout.
200MA/EMA/RSIbands+Weekly support all point to 10.8 but you may get a wick at most given the orderbook support across exchanges.
The Relative Strength Index on the 4-Hour Chart (TadingView)
The Relative Strength is currency pointing at 34. Hence, a reset can be achieved sooner than one expects. On the daily chart, On the weekly chart, Bitcoin has formed a bullish flag with a target at $20,000. Richard Heart, angel investor and analyst tweeted,
#Bitcoin Bull flags Next stop $20,000
BTC/USD Chart by TradingView
However, Tone Vays and Sawcruhteez‘s outlook on the weekly scale was mostly neutral. They would look for a confirmation for a bullish trade while looking out for bears.
Furthermore, on the daily scale, Tone Vays is still looking for a short-term correction from the sequential, which could possibly correct to $9000 levels. Moreover, the partial 1-4 correction on the daily according to sequential could reverse bullish to break above $11,700 again or could continue a bearish trend for the next few days.
Mahmudov’s suggestion among all this is, “I would be patiently and slowly adding at every key support.”
Do you think that Bitcoin would break All-Time Highs in 2019? Please share your views with us. 
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Source: CoinGape

Bitcoin [BTC] Builds a Strong Case as ‘Store of Value’; XRP ‘Golden Cross’ On the Horizon

The price of Bitcoin [BTC] at Hours UTC on 27th May is $8887. It is trading 10.75% higher on a daily scale. According to trading principles, $8950 qualifies as reaching to $9000 levels. The parabolic rise in Bitcoin [BTC] recorded another leg-up as Bitcoin [BTC] is looking to break past $10000 psychological level.
The ‘On-chain transaction volume’ in USD on Bitcoin is still lowe can one expects in a bullish market. In the previous bull run at these price levels, the on-chain volume on Bitcoin was more significant than $20 billion. However, it is only near $5 billion currently.
Bitcoin On-Chain transaction Volume Vs. price (Source: Coinmetrics) 
Nevertheless, Bitcoin’s [BTC] evolution a store of value is possibly increasing the number of hodlers rather than the number of transactions or exchanges executed on the chain. It also draws an important conclusion regarding the scalability and transaction fees debate over Bitcoin [BTC]. Willy Woo, an analyst tweeted about the gradual growth of Bitcoin as an asset from Murad Mahmudov’s model. He said,
In order for BTC to be a currency it first must be a SoV borg.
Bitcoin’s Growth Model as an Asset (Muard Mahmudov)
Charlie Shrem reiterated this fact on Twitter, he said,
“Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.
Therefore, according to the above analysis, even if the rise in the number of transactions is not considerable due to the high transaction fees and scalability issue, the increase in price can still be justified.
XRP Golden Cross on a Daily Scale
XRP is one of the least performing coins during the year as it maintained more stability around its price than other cryptocurrencies. However, the unprecedented bullish run in Bitcoin [BTC] has benefited the altcoins as well.
XRP/USD 1-Day Chart on Bitstamp (TradingView)
From TA, the daily chart on XRP/USD is looking highly bullish with the golden cross on the horizon.XRP ‘golden cross’ is on the horizon as the 200-Day Moving average is looking to break past 50-Day Moving Average.
The RSI and MACD on the daily and weekly scale are placed at a neutral zone, and a break-out can be expected towards both directions. A bullish move could push the price past $0.45. However, the support above $0.365 must be maintained.
The price of XRP at 16: 20 Hours UTC on 27th May 2019 is $0.0.428. It is testing yearly highs. It is trading 11.71% higher on a daily scale.
Do you think that the bull run in the cryptocurrency market will break All-Time High? Please share your views with us.
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Source: CoinGape

Bitcoin [BTC] On-Chain Transaction Volume [USD] Must ‘Moon’ To Confirm ‘Bull Run’: Analysts

A ‘bull market’ is described when the momentum is inclined only towards the positive side. Bitcoin [BTC] rose about 5700% during the bull market of 2016-2017. It was characterized by a phase of continuous rise forming higher highs and higher lows.
The Bitcoin markets have been on the rise since March 2019 as it broke above the $4000 support level on 2nd April 2019. Furthermore, while many traders have confirmed that Bitcoin would not go below the December 2018 lows of $3000, the decision between a bull run or an accumulation phase is still unclear.
On-Chain Volume Must Rise Before the Bull Run?
The on-chain transaction volume is measured in billions USD, it is the volume of USD of all the transactions on the Bitcoin ledger during the day. Bitcoin On-Chain transaction volume has been on the rise since April 2019.
Moreover, the daily on-chain transaction volume was also on the rise during the bull phase of 2016-2017. It was evident during the bull run of 2012-13 as well.
Bitcoin On-Chain Transaction Volume (CoinMetrics)
Prior to the previous 2017 bull run, the on-chain volume on Bitcoin was below 500 million USD. Nevertheless, it rose from below 1 billion USD to about 40 billion USD in daily on-chain volume which coincided with the peak of the bull run as well.
Also Read: The Bearish and the Bullish Scenarios for Bitcoin [BTC] from Here: Analysts
Hence, according to this analysis compiled by Willy Woo, David Puell and Murad Mahmudov suggest that the on-chain transaction volume must figuratively “moon” to confirm yet another market indicator for a bull run; suggesting at least a three-fold increase in On-chain volume. The current On-chain volume is around $4.2 billion USD.  He recently reiterated this fact in a tweet,
“We also need price to be validated with on-chain volume mooning from here. We’ll likely get that confirmation soon in the next 4-8 wks.”

Correlation between Bitcoin Bull Market and On-Chain Volume (Source)
On other technical aspects, Woo suggested that that the 200-Day Moving Average and the realized capitalization of Bitcoin [BTC] could both be retested before the bull run. The 200-Day Moving Average on the daily chart on Bitcoin is currently at $4409. However, also reaffirmed his earlier stand on the “Bottom being in” He added in the tweets:
“I’m 95% certain the market has bottomed, that’s to say we are unlikely to break below past lows.”
BTC/USD 1-Day Chart on Coinbase (TradingView)
Furthermore, as Mati Greenspan had also noted in his interview earlier that the bull market cannot be predicted to accuracy; it can only be experienced when we’re in it. Willy Woo seemed to reiterate the sentiments as well. He added in his tweets,
“(I personally think the April 1st break above $4300 will be remembered years ahead as the start of the 2019 bull market).”
Do you think that on-chain volume “mooning” is required for the next bull run? Please share your analysis with us. 
The post Bitcoin [BTC] On-Chain Transaction Volume [USD] Must ‘Moon’ To Confirm ‘Bull Run’: Analysts appeared first on Coingape.
Source: CoinGape

The Bearish and the Bullish Scenarios for Bitcoin [BTC] from Here: Analysts

Bitcoin [BTC] continued its impressive break out over the weekend as well as it broke above the $5700 mark reaching this year’s high. The price of Bitcoin at 5: 45 Hours UTC on 5th May 2019 is $5799.
A leading trade analyst, Murad Mahmudov, has created a long thread of analysis of Bitcoin from here. According to him, $5400 is a critical support level for Bitcoin which it must hold above for further continuation of the bull run.
Nevertheless, while he was mostly bullish on Bitcoin, he cited a few negative signals as well. The most striking amongst them was Willy Woo’s NVTS signal.
Bullish Signs
Mahmudov was mostly bullish on Bitcoin [BTC] from these price levels. He gave numerous perspective analysis to stand his case. On the 4-Hour Chart, he suggested that Bitcoin price has been forming an upward consolidation pattern and has turned $5400 from resistance to support. He tweeted:
Resistance flipped support on this order book. 4 Higher Highs. 3 Higher Lows. As the urban legend goes, consolidation patterns that break out upwards.
BTC/USD 4-Hour Chart Analysis (Tweet)
From the weekly chart, he pointed to a Bitcoin-specific analysis from the Relative Strength (RSI). Traditionally, an asset is considered overbought when the RSI crosses above 70. However, Bitcoin is a new asset class which is significantly affected rather positively due to the fresh influx of volume regularly. Hence, Mahmudov identified a long-term S/R line on the weekly RSI at 60.
Also read: Bitcoin [BTC] Enters Critical ‘Support and Resistance’ Zone of $5700-$6200
BTC/USD Weekly RSI (TradingView) 
On the daily chart, he tweeted,
This is speculative on my part, but if the above is right, we could see something crazy like this:
Furthermore, he suggested that the daily RSI also broke above the bearish trendline. From the Bollinger bands, he suggested that Bitcoin has found support near the half-way Moving Average 20 line, which is a bullish signal.
Parabolic Trend on the daily chart of Bitcoin (Tweet)
Bearish Signals
The Bitfinex Premium has been a concern for the traders as even after a week the arbitragers haven’t diluted the difference in the price of Bitcoin between Bitfinex and other Exchanges. Bifinex Premium w.r.t. Coinbase at 5: 45 Hours UTC on 5th May 2019 is $343.
Also read: Bitfinex Premium on Bitcoin Reminiscent of Mt. Gox’s “Good Old Days”: Vinny Lingham
Willy Woo’s famous Network Value to Transactions Ratio (NVT) signal was also brought into the light, however, this time on the bearish side. In the past, an intersection between the NVTS line with the price has usually been identified as a bottom.
Bitcoin NVTS and Price Analysis (Source)
Moreover, this comes an update the earlier version which had reported an intersection which suggested that ‘bottom is in.’ However, if a cue is retaken from this signal, it indicates that the bottom is close but not achieved yet. He noted two other “market indicators” pointing towards a pullback: trendline conspiracy theory and tensorcharts resistance.
According to him, bearish action might resume temporarily. However, he was bullish on it in the long term.
“Then, if we go below 5400 then it’s more consolidation before the next sharp movement.”
Do you agree with the analysis shared? Please share your analysis with us as well. 
The post The Bearish and the Bullish Scenarios for Bitcoin [BTC] from Here: Analysts appeared first on Coingape.
Source: CoinGape

‘2018 Bitcoin Bear Market was Compressed for Very Specific Reasons’: Leading Trade Analyst

The relentless rise on Bitcoin which started on April 2nd, 2019 has continued for almost a week as Bitcoin maintained its value above $5000. The price of Bitcoin (BTC) at 3: 00 Hours UTC on 8th April 2019 is $5302. It is trading 3.85% higher on the daily scale.
On-Chain Volume of Bitcoin is on the Rise
In a recent tweet, Willy Woo published an analysis conjointly conducted by Murad Mahmudov, David Puell and himself. They have painted a positive outline on Bitcoin after months of bearish calls.
In their analysis, ‘On-chain’ Daily Volume on Bitcoin was compared with the bear flags in the past. According to their findings, the bottom on Bitcoin price has been formed, and it has entered an accumulation phase.
The ‘On-Chain Volume’ refers to those transactions which occur on the Blockchain in a specified period. The Bitcoins which are held in wallets or the transactions performed off-chain (Lightning Network transactions) are not included in the parameter.
Bitcoin [BTC] 1-Day On-Chain Volume and BTC/USD price on a Log ScaleAccording to their analysis, the on-chain volume on Bitcoin has entered an accumulation phase as pointed out in the grey circles. It is identified by an area in the graph when the price continues the downtrend. However, the ‘on-chain volume’ reverses its momentum towards the positive side.
He confirmed in the same thread that:
In fact, 1d HODL “volume” pointed to the bottom being in for quite some time. The accumulation band having already formed.
The analysts have procured On-Chain 1-Day Volume Data from various sources to reduce variance and bias in their data. The patterns have revealed similar characteristics from all sources.
Bitcoin [BTC] 1-Day On-Chain Volume and BTC/USD price on a Log Scale (Combined from Different Sources)The dotted line around the Bitcoin price (in yellow) is the 200-Day Moving Average line of Bitcoin. Notice how the cross-over between the two lines has taken place towards the end of the graph.
Murad Mahmudov had earlier suggested that the bear market is still in action and Bitcoin might go down to $2000-2500 by mid-September in 2019 at the #token2049 conference in Hong Kong. Therefore, their views and price are both shifting towards the bullish side as Bitcoin continues its uptrend.
Willy Woo Mentioned in a tweet that:
“the 2018 bear market was compressed for very specific reasons, each bear and each bull have each had very different structures unique to themselves.”
The question remains if the market sentiments would continue to comply with the same in short to medium term as well.
The post ‘2018 Bitcoin Bear Market was Compressed for Very Specific Reasons’: Leading Trade Analyst appeared first on Coingape.
Source: CoinGape

Bitcoin Can Hit $1300 and ‘Ethereum is Over-priced’: Leading Analysts

As the Spring arrived, the cryptocurrency sentiments also blossomed; fears of a new bottom in Bitcoin were diminishing considerably as the market revived above the $130 billion capitalizations. However, some soothsayers are still predicting worse tidings.
A leading panel of cryptocurrency market analysis at the #Token2049 in Hong Kong called out new and heart-breaking bottoms for any cryptocurrency trader.
The panelists included leading derivatives and cryptoanalyst, Tone Vays, ‘fundamentals’ analyst from Princeton University, Murah Mahmudov, and Arjun Balaji, an independent Blockchain Researcher and Investor. Experts from both, the fundamentals and technical point of view suggested ominous tidings.
Crypto-Winter to Get Even Worse?
Mahumudov and Balaji called out Bitcoin bottoms at $2000-$2500 range by the end of summer 2019. While Tone Vays suggested a bottom at $1300 per BTC, however, he did not call out a specific timeline for the issue.
At $3000, Bitcoin had already lost 84.8% from its All-Time High of $19783.  If rhetoric is made with the 2014-2015 bear cycle, it had also lost around 84% before finally bottoming at $165 from $1051 per BTC. Nevertheless, a bottom near $1300 would signify price correction of 93% from its ATH.
The panel unanimously also indicated that Ethereum is over-priced at $130, as it is still going through a transition phase. The scalability and transaction fees issue haunts the platform capabilities presently, and corrections are in order in the mid-term. Ethereum, which is holding on to 60% gains from its yearly low of $83.3 in December 2018, may see further downside to its price.
Last but not least, the panel only called out a short term persistence of the ‘crypto winter.’ They reaffirmed long-term bullish trends in Bitcoin in 2020.

#Crypto Price #Predictions– #bitcoin @ToneVays: Can hit USD1.3K in 2019 @MustStopMurad & @arjunblj: Can hit USD2K-2.5K by end of summer 2019. Both are bullish in 2020. #Ethereum is overpriced & is going through a transition as they rebuild it for future #scalability #Token2049 pic.twitter.com/KHpEm56ouo
— WHub 🚀 (@whub_io) March 14, 2019

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Source: CoinGape

Bitcoin Price to Tank to $1,165, Crypto Analyst Bets on it

There are no short of Bitcoin price predictions with as high as $250,000, however, before Bitcoin hit another all-time high, it is to crash to the bottom which is expected in somewhere around quarter first of this year.
Back in January 2019, popular crypto trader, Murad Mahmudov took to Twitter to share with the community some insights into the Bitcoin Bottom. He said,
“If the above dynamics are correct and history does indeed rhyme – which is a big if — We can expect a 1700-2200 bottom in the Spring (most likely April).”
Well, now another crypto Analyst that goes with Financial Survivalism has made a bet with Murad as he says Bitcoin price is going to tank even lower before it could go $10k.

However, he is sure of the next bull run as he stated, “Bitcoin will create a new all-time high before 2023.” He further shares, “Can’t both be wrong in regards to the bet. If this level holds then we will hit $10,200 before $1,165.”
Bitcoin Cycles Elongating
Just recently, we reported the analysis done by the crypto trader, Willy Woo where he talks about Bitcoin bottom at below $2k mark, “This is NVT Caps on the price domain. Targeting low $2k mark and dropping.” As for the new peak, he stated, $90k as a minimum number but again he said, it’s “very experimental.”
David Puell further elaborated on Willy Woo’s recently-introduced Bitcoin Valuations live chart. Delta Capitalization, the new view of BTC long-term valuation, Puell says is a hybrid of sorts, being half fundamental and half technical. The delta cap “provides an excellent framework for catching global bottoms — or at the very least bottoms near the floor of the bear cycle.”

Though he does cautions that the lack of enough bottom samples for certainty, if this pattern continues, the good news is, “people will have lots of time to buy up.” However, the bad news according to Puell is that “This bear-to-sideways market may last for an unprecedented while, going as far as projecting a post-accumulation breakout as late as Q2, 2020,” and long-term investors need to stay prepared for this delay.
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Source: CoinGape