Poll: More Than Half of Bitcoin Investors Expect Triangle Breakout

Bitcoin price has for months now been locked inside what many crypto analysts believe to be a triangle pattern. However, they are torn as to the type of triangle the pattern is – descending or symmetrical.
Crypto investors themselves who are also watching the pattern are also torn, not by the shape of the formation, but on which direction it may resolve. However, the largest portion of crypto investors and traders are expecting the chart pattern to break to the upside, which could potentially cause Bitcoin price to retest its former all-time high at $20,000.
Poll: Nearly 60% of Crypto Traders Expect Bitcoin Formation to Break Up
There’s much confusion across the crypto market currently. Bitcoin price has been said to be starting its next bull run, yet the first-ever crypto asset is currently consolidating in a tight trading range, suggesting there is indecision in the market, and that bears may be once again taking control.
Related Reading | Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand
The result is a triangle forming on higher timeframes on Bitcoin price charts. Analysts are torn as to if the formation is a descending triangle or symmetrical triangle – with some even saying that it’s a bull flag and not a triangle at all.
Just as conflicted are crypto investors and traders themselves, according to a recent poll shared by crypto analyst Josh Rager. The poll reveals that as much as 59% of crypto investors and traders are expecting the triangle pattern to resolve to the upside, while the remaining 41% expect the formation to breakdown, and lower prices to be reached.

The ultimate question :
Bitcoin breaks out of this large compressed pattern (triangle)
— Josh Rager (@Josh_Rager) September 13, 2019

According to Bulkowksi, known for being the definitive expert when it comes to identifying chart patterns, symmetrical triangles are continuation patterns that typically resolve to the upside. This would suggest that if Bitcoin price is indeed in a symmetrical triangle, it’ll do as crypto traders are expecting and break upwards.
However, Bitcoin could also be in a descending triangle pattern. Most believe that descending triangles are bearish structures due to the 2018 bear market being a massive descending triangle that broke down, taking Bitcoin price to its final bottom in December, but Bulkowski’s data shows that even descending triangles break upward as much as 53% of the time – which gives a higher probability the current trading range breaking to the upside, as the poll respondents believe.
Related Reading | Crypto Analyst: Bitcoin Price Forming Symmetrical Triangle, 60% Chance of Continuation
Should Bitcoin price break down, the structure would likely be confirmed as a descending triangle much like what was seen during the 2018 bear market, and it would make the contrarian group of crypto traders profitable, given how much of the market is currently expecting bullish continuation from Bitcoin.
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Majority of Crypto Investors Never Experienced Bear to Bull Transition

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

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

According to the poll, which received a staggering over 40,000 votes, more than half of crypto investors who responded bought their first cryptocurrency in 2017. A grand total of 58% of respondents voted this way, with the remaining 42% split across those who got in after 2017 in 2018 and 2019, as well as those who got in in “2016 or earlier.”
This means that only 20% of all respondents ever experienced a bear market cycling into a bull market, which could explain why most crypto investors are experience such disbelief, and are confused as to where the market will move to next.
The remaining 80% of investors entered the space in the second half of the last bull run, only to experience what it’s like for a bubble to pop and the majority of the assets traded across the crypto market feel as much as 99% from their all-time high amidst the hype.
Related Reading | Next Bitcoin Bull Run Will Be First Cycle Supported By Established Financial Firms
While the poll does demonstrates how “green” crypto investors are, it also clearly highlights just how early it is as an asset class and emerging financial technology.
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Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200

At the start of April, Bitcoin rallied over $1,000 in the matter of an hour, giving crypto investors their first taste of bullish momentum since the start of 2019. The rally was enough to cause traders and analysts alike to call the bottom as “in” and claim that a new uptrend was confirmed.
However, breaking news last week that the New York Attorney General’s office is accusing Bitfinex of using Tether reserves to hid a loss of $850 million has caused much panic across the crypto space. The same traders that were once calling for Bitcoin to test resistance at $6,000, are now also calling for a retest of resistance turned support at $4,200, back where the early April rally began. And according to a new poll, crypto investors are now equally split as to where Bitcoin might head next: $6,000 or $4,200.
Poll Results Reveal That Bitcoin Traders Are Equally Split on Bitcoin Price Targets
Read any crypto community forum, group, or social channel and there is no shortage of crypto traders genuinely confused about the current price action, and which direction Bitcoin will go next.
After the longest bear market on record, recent Bitcoin and crypto investors have taken a beating, and have been conditioned to anticipate a fall in price following a rally. The market sentiment is normal following a bubble burst, and confirms the market is in what’s called the “disbelief” phase.
Related Reading | Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation
The uncertainty surrounding Tether and Bitfinex, which could have have significant impact on the overall market integrity should the parent company of both becomes insolvent or is shut down the by New York AG’s office. The fears have stopped Bitcoin’s April rally in its tracks, and now crypto traders who were once bullish and calling for $6,000 are now suggesting that Bitcoin will need to retest resistance turned support at $4,200 before healthy upward movement can continue.
While most of the market was bullish, the market is now equally divided as to where Bitcoin price will go next. The sentiment can be visualized using a Twitter poll shared by crypto trader Bagsy, who asked the crypto Twitter community which of the two prices would come first: $4,200 or $6,000.

Which comes first for $BTC ?
— Bagsy (@imBagsy) April 28, 2019

Surprisingly, even with over 6,000 votes on the poll, respondents were equally split down the middle, with 50% voting on each option. With crypto traders so torn on price direction, one side of the argument is bound to be in for quite a shock when the price of the leading cryptocurrency goes counter to the direction of their choosing.
Related Reading | Next Big Move For Bitcoin Price: Will The Infamous Golden Cross Fakeout Strike Again?
The sentiment could also be viewed as positive, as prior to the recent Bitcoin rally, most bears were calling for sub-$3K prices as the Bitcoin bottom, but now even the most bearish of traders are warming up to the idea that the bear market has ended.
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Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation

This week, the New York Attorney General’s office accused Bitfinex of covering up an $850 million loss at the hands of its payments processing partner Crypto Capital, by syphoning money from Tether reserves. The news was enough to send the prices of Bitcoin and other crypto tumbling as much as 7 or more percent on the day, and nearly erased the bullish sentiment the market had been experiencing since the start of April.
Despite the widespread fears and general unease surrounding Tether and Bitfinex, Bitcoin and crypto investors are divided as to if they should plan an exit from the exchange, according to the results of a new Twitter poll shared by a crypto analyst.
Bitfinex Users Are Divided: Half Are Fleeing, Half Are “Not Worried”
As could be clearly seen via confirmed blockchain transaction data, crypto investors began fleeing Bitfinex en masse following the news that the New York Attorney General’s office had accused the exchange of covering up an $850 million loss.
Fears ran amok last week as crypto market participants worried about the structural integrity of the market, concerned it may be artificially propped up by Tether. The FUD was enough to cause the price of Bitcoin, which has had a powerfully bullish April, to fall 7% in a matter of minutes before consolidating further under previous support turned resistance.
Related Reading | Tether Turmoil Twist: Stolen Reserves Proves Crypto Stablecoin Was Once Backed
Despite the fears, crypto investors appear to be divided on if getting their funds off of Bitfinex is a wise idea or not, according to data from a new Twitter poll shared by TradingView top author MagicPoopCannon.

To everyone who has funds on Bitfinex, have you withdrawn or will you withdraw (if you can) all of your funds?
— MAGIC (@MagicPoopCannon) April 28, 2019

In the poll, the active trader asked if users with funds on Bitfinex would get their funds off the exchange as soon as possible, or which of those were “not worried” at all about the potential risk. Of the respondents, only 56% said they’d be “leaving Bitfinex” while the remaining 44% said there wasn’t anything to worry about.
Current Price Action Doesn’t Matter If Bitcoin Reaches Investor’s Lofty Expectations
MagicPoopCannon in the past has shared other Twitter polls, including one where the trader asked where crypto investors see the price of Bitcoin in the future, long-term. The results suggest that the current price action in Bitcoin price charts matters very little in the grand scheme of things – that is if Bitcoin lives up to the expectations of market speculators.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
According to the poll results, most crypto and Bitcoin traders expect the price per BTC to reach over $100,000 to “millions” in the long-term, suggesting that Bitcoin will easily beat its previous all-time high of $20,000.
Bitcoin’s potential isn’t fully understood or yet realized. Some day, Bitcoin given its scarce supply, if it ever becomes a mainstream currency, could reach those somewhat unbelievable price targets.
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Altcoin Aversion: Poll Shows That Two-Thirds of Crypto Investors Are Bitcoin Maximalists

The crypto community is an opinionated bunch. Everyone has their favorite coin, be it Bitcoin or an altcoin, and investors love to share and defend their opinions with other crypto enthusiasts.
They also like to vote, and in a recent poll, it was revealed that the majority of crypto investors are predominantly Bitcoin maximalists, despite thousands of altcoins being available in the crypto market.
68% of Crypto Investors Prefer Bitcoin, Altcoins Are an Afterthought and a Risk
A recent poll was shared on Twitter by crypto analyst Dave the Wave, whose recent analysis includes looking at the weekly MACD in order to conclude if the bottom of the Bitcoin bear market is in. In the poll, the long-term chartist asks if a “newbie” were to have capital to invest in crypto for the next four years, how the portfolio allocation should break down.

So say a newbie has a sum of money to invest for the next 4 years in Crypto. What would you suggest?
— dave the wave (@davthewave) March 10, 2019

Of the options available for respondents to choose from was “all in BTC,” “all in alts” such as Litecoin or EOS, “30% in BTC, 70% in alts,” or “70% BTC, 30% alts.”
The overwhelming majority voted that leaning heavily toward Bitcoin allocation in one’s portfolio, while having at least some exposure to alts is the best way to invest in cryptocurrencies. A whopping 42% of respondents voted this way.
Related Reading | Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
Following behind with a little more than a quarter of all votes at 26%, is the recommendation to be all in Bitcoin. With Bitcoin being the first ever cryptocurrency, the crypto with the most mainstream adoption, brand power, development, and regulatory framework, it shouldn’t be surprising to see Bitcoin being recommended as the bulk of one’s crypto investment portfolio. 
Next up, with 22% of the votes is the recommendation to invest in 30% Bitcoin, and the remaining 70% in altcoins such as Litecoin, XRP, Ethereum, and others. These investors see the possibility of more returns by investing in altcoins, however, realize that Bitcoin should be included in any sound crypto investment strategy.
Related Reading | Crypto Comeback: One Simple Chart Proves Altcoin Season Is Upon Us
The least recommended of the options, was going all in on alts. Cryptocurrencies are a risky asset class in general. Add in thousands upon thousands of altcoins with little to no use case currently, and there’s a recipe for disaster for the uninformed investor. Most altcoins have only been on the market for half of Bitcoin’s existence, many less, and have had less time to develop a working product or gain recognition in the industry.
The grand total of Bitcoin maximalists responding to the poll clocks in at 68% of all 1700 voters, leaving the remaining less than one-third either only or primarily focused on altcoins. While Bitcoin is clearly the best for a long term investment strategy, an altcoin season may be upon us which would result in the smallest percentage of investors realizing the most short-term gains.
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Ron Paul Poll: 50% in Favor of Bitcoin as Long-Term Investment

Former U.S. House Representative Ron Paul recently polled his Twitter followers on which long-term investment vehicle they’d prefer if given a $10,000 gift and the choice of what to invest in. The overwhelming majority selected Bitcoin as their choice for a 10-year hold.
Ron Paul Twitter Poll Shows Preference for Bitcoin
Ex-Texas Congressmen and thrice-failed Presidential candidate Ron Paul took to his Twitter soapbox this week.
He was seeking an answer to what his followers would choose if given a gift of $10,000 and the option of which investment instrument to put the cash into for the long-term. The only catch was the investment of choice needed to be held for 10 years.
The poll offered up the choice between Federal Reserve notes, United States 10-Year Treasury Bonds, gold, and digital gold: Bitcoin – which has recently reached new one-year lows after 11-months of an ongoing bear market.
Bitcoin received the highest number of votes at 50% of all respondents. Federal Reserve Notes, 10-year Treasury Bonds, and gold all received 2, 11, and 37 percent of the vote, respectively.
Considering the return alone of each asset type over the last decade, it shouldn’t come as a surprise that Bitcoin received the overwhelming majority of votes, even despite it being a relatively new, often misunderstood, and even demonized asset for its use in criminal activities, conspiracy around price manipulation, contributions to energy consumption, unrivaled price volatility, and more.
Related Reading: Survey: 72% of Institutional Investors Believe Crypto Prices Would Rise in a Recession
10-Year Investments: A Comparison Against Bitcoin
Federal Reserve Notes is just another term for USD paper currency, meaning the $10,000 would be held directly in cash for 10 years. Given the fact cash isn’t technically an investment vehicle and can actually lose value over the course of 10 years due to inflation, it’s not shocking to see this option receive the least amount of the votes.
U.S. 10-year Treasury Bonds have offered investors return rates that have fluctuated between 2-3% over the last 10 years. Treasury Bonds are considered among the safest investment types as there is virtually no default risk, given the fact the government can just print more money to pay off its debts.
Over the last 10 years, gold has provided investors with a 65.7% return, all while providing peace of mind. Gold is often considered a safe-haven asset during times of uncertainty. And with many financial and economic analysts predicting a global market crash and subsequent recession on the horizon, gold is a sound 10-year investment.
Bitcoin however, over the 10 years since inception has gone from being virtually worthless, to being worth $20,000. Even at Bitcoin’s currently traded price of around $5,000 – the digital gold equivalent, as its pegged – has brought investors over 166 million percent gains over the last 10 years.
There’s a saying in cryptocurrency investing suggesting to “never invest more than you can afford to lose” that does put Bitcoin in a category by itself in terms of risk, but since the $10,000 was a gift in the first place investors are even more willing to put their investment at risk for a chance of substantial wealth.
Considering the exponential gain outlined above stacked against extremely moderate returns by comparison, it’s almost more surprising that Bitcoin didn’t receive an even larger number of the votes.
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