Data Shows Bitcoin Price Poised for Gargantuan Move; Analysts Push BTC Bull Thesis

In June, Bitcoin (BTC) had hit its stride once again, seeing +5% days on top of +5% days.
At the time, many traders thought this sort of price action would continue. And could you blame them?
After 2018’s brutal bear market collapse, traders were thirsty to see green in their portfolios, even craving said green like a drug. So funnily enough, the strong move higher in the Bitcoin price observed from April to June was exactly what they needed.
However, this ended late that month when the cryptocurrency topped out at $14,000 and proceeded to collapse. Since then, Bitcoin has entered a drawn-out lull, with there being a clearly tightening trade range that has resulted in Bitcoin’s realized volatility falling into a range that precedes gargantuan moves.

Bitcoin realized volatility back at year lows – moved on average 1.2% over the last ten days pic.twitter.com/3tFqBsbHNB
— skew (@skew_markets) September 19, 2019

Not only is volatility decreasing but so are volumes. Skew pointed out that CME’s Bitcoin futures saw their lowest volumes in four months, implying indirection in this market.

CME this week – lowest volumes in 4 months pic.twitter.com/wgtfJqCbhC
— skew (@skew_markets) September 19, 2019

This declining volume in the CME Bitcoin futures market has been echoed over in the spot market.
According to CoinMarketCap, cryptocurrency exchanges in aggregate have processed $51 billion worth of trades over the past 24 hours, which is a far cry from the $120+ billion seen during late-June and early-July of this very year. Sure, the data site is known not to be 100% accurate, but the decline in registered crypto volume accentuates the consolidatory period that Bitcoin is in.
Related Reading: Next Bitcoin Bull Market Could Take Years, So How Long To Next Peak?
A big move is clearly coming, by simply logic of market consolidation. But in which direction will Bitcoin head next?
Bitcoin Price to Resolve Higher, Analysts Say
Analysts are currently leaning for an upward breakout due to a number of factors.
Analyst Crypto Welson noted that Bitcoin is currently testing the bottom band of a long-term channel on BTC’s logarithmic chart that stretches back at least three years. In 2016/2017’s macro bull trend, BTC bounced off the lower band of this channel on multiple occasions, never breaking under it. The cryptocurrency is likely to bounce if historical price action is of any current relevance.

#Bitcoin's logarithmic charts show that we're currently at support.
Each chance we're below 10K is a great buying opportunity for everyone looking to ride the next pump to new yearly highs this October!
October is very bullish. Lots of positive news… pic.twitter.com/PJk0q8ilKT
— Crypto Welson (@CryptoWelson) September 21, 2019

Also, Crypto Hamster has noted that per his analysis of Bitcoin’s one-day Stochastic RSI, the leading cryptocurrency is poised to enter a phase where it will likely see limited price appreciation.

$BTC, 1D, Stochastic RSI.Blue – major pump and dump.Green – temporal recovery.Pink – second dump.See the Stochastic RSI confluence.At least a temporal rise could be expected soon. And the next blue period could lead to a new high above 14k.#bitcoin $BTCUSD pic.twitter.com/ji6wUHLbWA
— CryptoHamster (@CryptoHamsterIO) September 22, 2019

Technicals aren’t the only thing implying that Bitcoin will resolve higher.
Per previous reports from NewsBTC, consumer traders themselves believe that the BTC price has a higher chance of heading higher than lower. In a poll conducted by prominent analyst Josh Rager, which surveyed some 5,000 Crypto Twitter users, a majority believe that Bitcoin’s descending triangle consolidation pattern will end with BTC entering another uptrend.
Related Reading: On-Chain Metrics May Point to Underlying Bullishness for Bitcoin
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Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.
As of the time of writing this, the Bitcoin price has fallen to $9,900, leaving the cryptocurrency below the key $10,000 support for the umpteenth time in a matter of a few weeks.

This may be a precursor to a larger move that will take place in the coming days, as this nascent market has exhibited uncharacteristic non-volatility over recent trading sessions.
Related Reading: Bitcoin Investor: We’ll Never See $10K Again After Next Cycle Low
Bitcoin Looking Weak
According to a number of analysts, Bitcoin looks poised to drop further. As prominent trader Scott “The Wolf of All Streets” recently pointed out, BTC’s four-hour chart looks absolutely horrendous, sporting over seven red candles in a row, each of which have massive wicks on the downside, implying downward pressure.

My parting gift before I exit on this Saturday night – a ridiculous 4 hour chart, where every single candle has a down wick. $BTC pic.twitter.com/EG6GpFDbrV
— The Wolf Of All Streets (@scottmelker) September 22, 2019

That’s not all. Chonis noted that Bitcoin’s daily chart has just exhibited an array of bearish technical indicators: a 50-day moving average and 100-day moving average bear cross, a bearish expansion between two short-term moving averages, and a potential loss of the lower Bollinger Band.
To make things worse, Bitcoin is currently in the midst of a giant bear fractal.

#BTC $BTC #BTCUSDI know some of you won't gonna like this one, let me say first that I'm still bullish on #Bitcoin, but this doesn't mean I can't post a bearisch chart.
Just something to keep in mind. pic.twitter.com/FlJOHPCzdK
— 𝓥𝓮𝓵𝓿𝓮𝓽 (@888Velvet) September 20, 2019

Per previous reports from NewsBTC, an analyst depicted that BTC lost the support of the upward trendline of a long-term head and shoulders pattern, exactly like it did in 2018.
History repeating would see Bitcoin approach the quickly-receding trendline, which currently sits around $11,000, before being rejected. Should this rejection occur, Bitcoin could take a strong tumble, potentially to reenter the $8,000 region and below.
Have No Fear, Bakkt is Here
While the charts may be seen as harrowing, it is important to note that the fundamental backdrop is entirely different for Bitcoin compared to then and now. Not only is the macroeconomic stage favoring alternative assets like Bitcoin but an institutional investment catalyst is right on the horizon.
On Monday, Bakkt will be launching its physically-deliverable Bitcoin (BTC) futures contracts. In a recent tweet, Fundstrat Global Advisors’s Tom Lee said that he is “positive on Bakkt” and the exchange’s ability to “improve trust with institutions to crypto”.
Related Reading: Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May
Indeed, with the backing of one of the most prominent and important financial institutions and legendary corporations (Microsoft, Starbucks, etc.), Bakkt is likely to draw in firms previously hesitant to down the cryptocurrency-flavored red pill.
Whether or not Bakkt will be able to help Bitcoin violate the fractal or cast aside the bearish technicals isn’t clear. But, it should, at the very least, lead to the long-term growth of this market.
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Ethereum Price Surges 6% to Top $210: FOMO in Full Swing

Ethereum bulls are back in full swing. As of the time of writing this, ETH’s price has just topped $210, pushing up by some 6% over the past 24 hours.
Related Reading: Low Volatility Bitcoin Price Action: Decision Time Is Near, Powerful Move Incoming
This strong move higher marks the end of a massive downtrend for Ethereum, in terms of its USD and Bitcoin pair. And analysts say this upward price action may not end any time soon.

Ethereum Price Surges Amid Fundamental Boom
For the first time in a blue moon, Ethereum is showing some brawn.
Over most of 2018, the cryptocurrency had a horrible showing, collapsing from an all-time high of $1,400 to double digits, representing a nearly 95% drawdown. Simultaneously, the ETH/BTC pair tumbled to pre-ICO bubble levels, hinting that there was little fundamental demand for the project.
But, over the past few weeks, this has started to change. After bottoming at $170 and around 0.016 BTC, Ethereum has started to rally for both of the pairs.
Traders are saying that this move will likely set the stage for further gains. Rand recently stated that if ETH consolidates above $200, which has acted as an important line of support over the past year, a move to $250-$300 is entirely possible.

$ETH is looking pretty strong here:
If consolidates over $200 we can get $250-$300 easily. pic.twitter.com/xfxaLzhWYK
— Crypto Rand (@crypto_rand) September 16, 2019

This move comes as Ethereum’s fundamentals have turned decidedly bullish.
Last week, Spanish banking giant Santander revealed on Thursday that it had settled a $20 million bond through ERC-20 tokens, which represented custodied cash, on the public iteration of the Ethereum blockchain.
This comes as the DeFi ecosystem has continued to gain steam, with DeFi Pulse stating that there the amount of ETH locked in Ethereum finance applications is reaching an all-time high. Simultaneously, the number of transactions made with Tether’s USDT stablecoin has continued to surge.
Also, BitPay has announced plans to integrate Ethereum into its leading payments processor, while a startup his announced plans to tokenize assets worth $100 million on the blockchain.
All this has amalgamated in dramatically increased usage of the Ethereum blockchain.
Bitcoin Dominance to Fall; Altcoins to Surge
Ethereum’s price action isn’t an isolated trend. Altcoins across the board have all showed strength over recent days, managing to outpace the market leader for the first time in about forever.
Just look to the chart from Coin360 below, which shows that leading altcoins are experiencing daily gains that are reminiscent of 2017’s bull rally.

This may continue, however. Crypto Thies, a prominent analyst, recently noted that his proprietary indicator for Bitcoin’s dominance chart recently printed a sell signal, suggesting a “potential change in trend” from a BTC-centric market to one that is led by crypto assets.
Also, Thies notes that the altcoin market capitalization has seen a higher low, implying bears are losing steam.

$BTC.D – #Bitcoin Market Dominance
– 1W Sell Signal from @MarketGodx, suggesting potential change in trend
– Higher Low on #TOTAL2 (AltCap)
– Rate of Change on $TOTAL now below ROC on #TOTAL2
Translation …
ᴀʟᴛꜱ ᴀʀᴇ ʙᴀᴄᴋ#TisTheSzn pic.twitter.com/wnKrHWXSTW
— 𝗖𝗿𝘆𝗽𝘁𝗼𝗧𝗵𝗶𝗲𝘀 (@KingThies) September 17, 2019

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Bitcoin Plunge Through $9,600 Liquidates $144 Million in BitMEX Longs

The victors of the latest tussle between bulls and bears have been decided. In the past hour, the Bitcoin (BTC) price has plunged, with the cryptocurrency losing key support at $10,000 and $9,800 within a few minutes’ time.
Related Reading: The Mysterious $120 Million Bitcoin Buy Wall And What it Could Mean
As of the time of writing this piece, BTC is trading at just a smidgen under $9,700, having lost 4% in the past 24 hours.

According to data from Skew Markets, a crypto market analytics service, this collapse has resulted in a massive liquidation event. In fact, the 4% collapse in the Bitcoin price wiped out $150 million worth of long positions on the platform. Shorts have been mostly unaffected by this move, as Bitcoin has yet to bounce.
This massive event implies that a majority of crypto traders were leaning long on higher leverages, and thus lost their shirts when Bitcoin shed hundreds in mere minutes.

$150 million worth of Longs just got Liquidated at BitMEX#bitcoin pic.twitter.com/RweaP9KoS3
— Boxmining (@boxmining) August 28, 2019

Due to the fact that this move occurred under one hour ago, the crypto analysts on Twitter are still struggling to pick up the pieces.
Importantly, Bitcoin’s move to $9,600 might have violated a call made by Murad Mahmudov of Adaptive Capital. As NewsBTC reported previously, the prominent analyst wrote on Twitter that Bitcoin is most likely to test $9,750 — the 0.618 Fibonacci Retracement of this whole cycle — in the following month in a bout of sideways price action, then “continue steadily upwards” to around $20,000 by year’s end.
If Bitcoin manages to bounce from here, Mahmudov’s prediction may not be validated, however.
What Dumped Bitcoin?
According to analysis from The Crypto Monk, this sell-off may stem from a suspicious trade that occurred a number of hours ago. He wrote that the suspicious $120 million BitMEX buy wall that appeared on Wednesday morning was likely a way for a large seller to “sustain the price while unloading.”

A few hours ago, there was a $120M buy wall on Bitmex. Obviously someone trying to unload some corn. Don't get caught with your pants down.
— The Crypto Monk (@thecryptomonk) August 28, 2019

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Bitcoin Unlikely to Plummet By Another 30%, Declares Analyst

As Bitcoin bulls have failed to maintain the momentum seen from April to late-June, fear has started to grip the cryptocurrency market.
Related Reading: Bitcoin Price Rallies On Latest Trump Volley, Analysts Expect Further Upside
Analysts are starting to suspect that BTC has further downside, despite the fact that it has already collapsed 35% from its year-to-date high of $14,000.
Dave The Wave, for instance, has eyed $6,500 — which the popular analyst claims is a price point that is much more healthy and sustainable for Bitcoin.
This may not be possible, however.
Bitcoin to See Smaller Correction: Analyst
According to Crypto Michaël, a full-time trader at the Amsterdam Stock Exchange, Bitcoin is unlikely to drop to “$6,000 or so” — some 40% from the current price point of $10,000.
He claimed that instead of such a move, he is currently eyeing a “minor” correction that will bring Bitcoin to hit the 100-week moving average to confirm a long-term bullish uptrend, trade sideways for a number of months, and then continue to fresh highs around the halving.
Such a correction, should it occur, will most likely happen in the $8,000 price range and in the “coming weeks/September”.

$BTC #BITCOIN
History repeats almost every time in marketcycles due to the human psychology.
Normally I don't see a drop happening to $6,000 or so, just a minor one to hit the 100 weekly MA for confirmation bullish uptrend + sideways months.$BTC needs to lose 100MA on daily. pic.twitter.com/L6oKbOxsdA
— Crypto Michaël (@CryptoMichNL) August 24, 2019

 
Michaël pointed out in his tweet that during 2015/2016’s bear market recovery, the cryptocurrency also gave its 100-week moving average a love tap, prior to surging higher in the famous bull run that brought Bitcoin to $20,000.
He isn’t the only analyst expecting for Bitcoin to soon resume its foray to new heights. As reported by NewsBTC previously, Adaptive Capital’s Murad Mahmudov believes that Bitcoin is most likely to test $9,750 — the 0.618 Fibonacci Retracement of this whole cycle — in the following month in a bout of sideways price action, then “continue steadily upwards.

Contrarian view: 9080 was the bottom, ~one more month of sideways then we continue steadily upwards.
Don’t fight a once-in-a-millenium, civilization-changing phenomenon to try to snag a potential 8% off of a local short.
Don’t fight the trend.Submit to it.Embrace it. pic.twitter.com/bq7TsK4xZ4
— Murad Mahmudov (@MustStopMurad) August 23, 2019

He backed his prediction by looking to August 2016, when BTC was in a similar situation then as it is now: BTC had just rallied out of a bear market, but bears wanted one last hurrah. Then, Bitcoin tested its 0.618 Fibonacci Retracement prior to skyrocketing higher.
Also back in 2016, trend indicators, like historical volatility and the Relative Strength Index (RSI), hit certain levels that they are trending to at this moment.
And, to put a cherry on the cryptocurrency cake, the analyst added that the Fishnet indicator (similar to the Guppy) is tightening as BTC has entered a wedge. This pattern was last seen in 2012 and in 2015/2016, back when Bitcoin was breaking out of bear markets.
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Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly approaching bullish event, however, the cryptocurrency market has stagnated, establishing a trading range.
Related Reading: Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC
But a model from PlanB suggests that should history repeat itself, the Bitcoin price has lots of room to rally ahead of the halving. In fact, the statistician’s chart hints that BTC will be up 100% by May next year.
$20,000 Bitcoin in Due Time
The Bitcoin halving is now nine months away. In May 2020, the number of BTC issued each block will get cut in half, resulting in a positive supply shock.
A chart from PlanB, a prominent industry analyst who claims to be followed by mainstream investors, can be extrapolated to reveal that by May, BTC will be trading at $20,000 — some 100% higher than current levels.

#bitcoin halving chart update: 9 months to go!
2012 halving: t-9 BTC $5 -> t=0 $122016 halving: t-9 BTC $314 -> t=0 $6272020 halving: t-9 BTC $10,100 -> t=0 $… pic.twitter.com/E1LKwAk4hE
— PlanB (@100trillionUSD) August 24, 2019

You see, Bitcoin went into halvings at around double the price it was nine months out from the halving. More specifically, nine months prior to 2012’s halving, BTC traded at $5; during the halving, it was at $12. It was much of the same for 2016’s halving.
While this may seem irrational, there are analysts currently eyeing $20,000.
Tom Lee of Fundstrat recently made an appearance on Fox Business to talk about his $20,000 price prediction. He claimed that as the cryptocurrency is a safe haven, which is a narrative supported by the fact that BC is trading at a premium in markets like Hong Kong and Argentina.
With this in mind, Lee concluded by stating that Bitcoin is likely to end the year a lot higher than it is now, potentially at its all-time high of $20,000 or at a fresh high.
Related Reading: Bitcoin Bottomed at $9,080, BTC to Rally Into End of 2019
The Fundstrat analyst has previously mentioned factors that may be a boon for Bitcoin. These include the unveiling of Libra, which he believes will bring attention to the cryptocurrency space; the impassioned anti-crypto tweet thread from Donald Trump; and macroeconomic turmoil.
Also, Murad Mahmudov suggested that Bitcoin is most likely to test $9,750 — the 0.618 Fibonacci Retracement of this whole cycle — in the following month in a bout of sideways price action, then “continue steadily upwards” to $20,000 and fresh highs over the following year.
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Analysts: Bitcoin to Post More Losses After BTC Flash Crash to $11,200

Youch. On Saturday, Bitcoin (BTC) was subject to the umpteenth flash crash in the past few weeks. Within a few minutes’ time, the cryptocurrency had shed $500 — around 4.5% — to lose the key support of $11,800.
Related Reading: Crypto Tidbits: Bitcoin Mining by Blockstream, Ripple Investment Plans, Binance US Unveils Altcoin Lineup
Bitcoin has since found some stability, ranging between $11,100 and $11,450. Altcoins have, surprisingly, outpaced BTC for the first time in a number of days, with some crypto assets managing to post slight gains on the day.
Analysts Leaning Bearish on Bitcoin
Despite the stability and minor resurgence in altcoins, analysts are still leaning bearish on Bitcoin. You see, the sudden drop lower was not followed by a bullish rebound, as BTC remained trapped under a number of pivot points.
So with it understood that Bitcoin isn’t doing all too well, where are Crypto Twitter’s top analysts and investors expecting for BTC to head?
Adaptive Capital’s Murad Mahmudov, one of the most respected cryptocurrency traders on Twitter, recently explained that he is looking for a dip to occur — but one that won’t be that severe.

Two blue circles are buy the dip areas of interest for me with the higher one being more likely imo pic.twitter.com/Ei8dAM8Jag
— Murad Mahmudov (@MustStopMurad) August 10, 2019

As he outlined in the chart above, there are two levels that are currently piquing his interest — $10,900 and $10,000. Those two price points coincide with two technical levels: one being a moving average, the other being an uptrend that BTC has bounced off of at least three times during its recent rally.
Related Reading: Bitcoin & Tether Trading at a Discount in China: What Safe Haven Narrative?
Mahmudov claims that he believes Bitcoin is more likely to stay above $10,900 than to fall to $10,000. But, should a move lower occur, he won’t mind accumulating some coin at $10,000.
The Adaptive Capital chief investment officer isn’t the only that expects for BTC to enter into the $10,000 range. Up-and-coming chartist Crypto Hamster recently explained that Bitcoin is likely to find support at prices lower than current trading levels.
While he didn’t have an exact price target, he/she did note that there is a mass confluence of technical levels and trends in the $10,000 range.
For instance, the 50-day moving average is currently at $10,930, and the low of the trading range is just $80 lower. Also, there are some key lines, like a rising support trend and Bollinger Band base, in the low-$10,000s, right above where Mahmudov’s secondary target is.

Bearish short term scenario.Long entry zone is shown in green. Aggressive entry at 11020$. Safer entry at 10250$.$BTC $BTCUSD #bitcoin pic.twitter.com/rUveOOAKdP
— CryptoHamster (@CryptoHamsterIO) August 10, 2019

In other words, if selling pressure is to persist and bulls fail to step in, Bitcoin is likely to find some reprieve around $10,000. But whether or not that to-be-had bounce has momentum remains to be seen.
Trend Still Bullish
It is important to note that the overall trend for Bitcoin is still bullish. As reported by NewsBTC previously, the Moving Average Convergence Divergence (MACD), a trend indicator, recently crossed into the positive — green — for Bitcoin’s one-day chart.
The last time this technical signal was observed, BTC saw two massive rallies in the coming weeks. Should history repeat, the cryptocurrency still has a good 40% or so.
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Litecoin Surges 14% in Post-Halving Spike, Next One in 2023

All eyes have been on Bitcoin today as the king of crypto cranked ten percent to tap $11,800 during earlier Asian trading. The altcoins have been slow to react as usual but they are starting to wake up now with Litecoin leading the way in a post-halving pump.
Litecoin Spikes 14 Percent
Usually price pumps happen before halving events but Litecoin has started spiking a few hours ago. From an intraday low of around $92 LTC surged through the psychological $100 barrier to top out at $107 an hour or so ago according to Tradingview. The move has added 14 percent to Litecoin prices over the past 24 hours.
LTC price one hour chart – Tradingview.com
Initially the momentum was driven by Bitcoin’s blast as Chinese buyers started loading up earlier this morning. A weakening local currency has driven them into offshore assets such as BTC as Trump’s trade war escalates. Often seen as silver to Bitcoin’s gold, Litecoin may also be viewed as a solid investment at less than 9 percent of the price of BTC.
Litecoin has now halved with the next one due in 2023, 1458 days away according to the block half counter. Around 75 percent of all Litecoins have already been mined with 63 million in circulation out of a total of 84 million. The halving has also decreased annual inflation to 4.26 percent which has the effect of potentially increasing value while appearing to decrease the supply.
Founder Charlie Lee has noted that blocks are being created much faster than the expected 2.5 minutes which is a good sign of network health.
“Since the halving, 12 blocks have been found in 17 minutes.
Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.
Litecoin network is healthy!”

Since the halving, 12 blocks have been found in 17 minutes.
Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.
Litecoin network is healthy! pic.twitter.com/xvgefqIPtP
— Charlie Lee [LTC] (@SatoshiLite) August 5, 2019

LTC price is also pretty healthy, even after its 40 percent pullback. So far this year Litecoin has outperformed Bitcoin with an increase of 240 percent from around $30 on New Year’s Day to current prices just below $105. Today’s pump has enable LTC to flip BCH for fourth place with a market capitalization of $6.4 billion.
Altcoins Gaining Momentum
Litecoin is not the only crypto asset getting a boost this Monday. Ethereum has added around 7 percent on the day to reach $235 and XRP has made a rare 5 percent move to get to $0.33. Bitcoin Cash and EOS have both added over 5 percent and BSV is getting a 6 percent gain.
Further down the list, Monero, Dash, NEO, Ethereum Classic and NEM are all moving well gaining 6-7 percent on the day. Total crypto market cap is now at $310 billion following a $23 billion cash influx during the Asian trading session.
Image from Shutterstock
 
 
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Bitcoin Could Hit a New High This Week, Factors And Trends  

Weekend trading for Bitcoin has been bullish but things really started to take off during Asian trading this morning. As BTC tapped a twenty four day high, it is now only $2k away from its 2019 peak and reaching it this week is not out of the question.
BTC Taps $11,800
Bitcoin has not looked back since it passed the psychological $10k barrier late last week. Over the weekend it hovered just below $11k but during Asian trading this morning BTC surged almost 10 percent powering up to a high of $11,800. The move has sent prices to a 24 day high as volume surged 50 percent to over $21 billion.
BTC price 24 hours – Coinmarketcap.com
Total crypto market capitalization has climbed back above $300 billion again but as usual, the altcoins are not sharing the love. There is now only $2,000 to go before a new 2019 high is made and BTC could be on track to do that this week.
Bitcoin is currently at resistance with the next being at $12,400. After that it could surge to $13k and then on to surpass its previous peak. It is also the seventh day in a row that BTC has registered a green candle which is a strong indication that the correction is over and a new uptrend has formed.
Factors and Trends
The fundamentals appear to be originating in Asia at the moment. China’s central bank has devalued its currency by setting its daily reference rate for the Yuan/Dollar at 6.92 this morning. The move has been part of ongoing efforts to counter renewed trade tariffs imposed by the Trump administration.
The escalating trade war clearly has the People’s Bank of China rattled and its response was clear today. As a result the Yuan hit a ten year low against the greenback which appears to have driven an exodus into Bitcoin.
Even though crypto trading is technically banned in China, investors can still access OTC and peer-to-peer platforms to load up on Bitcoin and other crypto assets. With decades of oppression and internet censorship, the people are quite used to circumventing state controls to access what is freely available elsewhere, crypto included.
Protests in Hong Kong are also escalating which could be another factor driving BTC price at the moment. Gold investor Peter Schiff has turned bullish on Bitcoin and tweeted on what could be driving the current momentum.
“If you aren’t paying attention to what’s going on with China’s banks and currency, Hong Kong’s imminent takeover, Japan’s central bank albatross, the ECB’s downhill slide, and our domestic pressures to print money and cut rates, this is your wakeup call.”

If you aren't paying attention to what's going on with China's banks and currency, Hong Kong's imminent takeover, Japan's central bank albatross, the ECB's downhill slide, and our domestic pressures to print money and cut rates, this is your wakeup call. Buy some fucking bitcoin.
— Relevant Peter Schiff (@RelevantPeter) August 5, 2019

If this momentum continues, which is likely at the moment, BTC could revisit its 2019 before the week is out, and even surpass it.
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Bitcoin Price Crosses Under $10,000, What are Analysts Expecting Next?

Bitcoin has continued to crack under pressure. As of the time of writing this, BTC has dipped under the auspicious $10,000 price point, falling to four digits for the umpteenth time in a matter of weeks.
Related Reading: Analyst: Bakkt Could be a Huge Catalyst for Bitcoin; Is a Price Surge Inbound?
With this move lower, altcoins have surprisingly kept pace with the market leader. Ethereum, XRP, and other large-cap cryptocurrencies are trading pretty much in tandem with Bitcoin, losing close to the same value in terms of percentage.
Analysts suggest that if Bitcoin closes a daily or weekly candle under $10,000, which acted as a clear resistance level in May and June, BTC could fall further.
But where to exactly?
Bitcoin Could See Another 20% Loss
According to most analysts, a further correction from current levels will see Bitcoin stumble to at least $8,500. Per previous reports from this outlet, Chonis Trading, a popular cryptocurrency analyst, suggested that BTC could fill the CME futures gap at $8,500.
You see, the exchange does not open its futures market during weekends, so there are often large gaps in price action, especially if Bitcoin spikes or collapses significantly on Saturday or Sunday. Over the course of the past 10-odd weeks, the CME futures have been subject to many of these gaps, a good majority of which were filled two or three weeks later.
Some have been a tad more bearish, however. Crypto Kea, an analyst that focuses on the Mayer Multiple (price over 200-day moving average), wrote last week that should BTC follow in the footsteps of the last bull market’s first leg higher, it could find support anywhere from $7,148 to $8,700. This corresponds to 1.20 times to 1.46 times of the 200-day moving average, which then sat at $5,957.
Most likely, however, Kea notes that the “most probable target” as per the use of the Mayer Multiple will be $7,505 — another 25% drop from the current Bitcoin price of $9,900.
Basic technicals also suggest that Bitcoin is currently trading bearish. Per Bloomberg, the GTI Vera Band Indicator, which tracks upward and downward trends, is showing that BTC is trending in a “selling pattern”.
Related Reading: Bullish For Bitcoin? Trump Turns Up Pressure on Federal Reserve to Cut Interest Rates
Not All Hope is Lost
Bitcoin may have some saving graces, however. Case in point, the New York Stock Exchange-backed Bakkt has begun testing its Bitcoin (BTC) futures contract.
While this has been marketed as a seemingly mundane “user acceptance testing” phase, this launch has been met with much hurrah from every corner of the cryptocurrency community.
This contract is physically deliverable, meaning that the purchasing of a future contract grants the purchaser access to actual coins. Unlike the futures product from the CME, which pays out its holders in cash, owners of Bakkt’s product actually get the “physical” BTC. This means that the futures market will have a more tangible effect on the spot price of Bitcoin.
With buy-side volume for the CME’s BTC futures contracts only hitting record highs month-over-month, it can be assumed that institutions are leaning long on Bitcoin.
Should the Bakkt contract see similar demand, BTC will be taken off the spot market and held in custody for contract holders, which should theoretically lead to price appreciation.
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A Week of Bitcoin Volatility Expected as BTC Consolidation Prolongs

With a neutrally closing weekly candle traders and analysts are expecting this week to be a little livelier for Bitcoin. The weekend saw a little action but gains could not be maintained as BTC and altcoins fell back into their channels.
No Progress Over $11k For Bitcoin
Late Saturday/early Sunday saw BTC rise back to tap $11,000 but it only remained there for a couple of hours before sliding back to an intraday low of just below $10,400. Daily volume has tailed off quite a bit over the weekend, however, and is now down to $16 billion as markets remain range bound.
BTC is back at the same price it was this time last month and analysts are expecting a little more volatility this week after some lengthy consolidation. The longer Bitcoin consolidates the bigger the next move usually is. This was observed by ‘Chonis Trading’ on crypto twitter earlier.
“The Longer #bitcoin takes to consolidate the Bigger the next move becomes … $BTC is the same price it was exactly a month ago… the next break should happen quicker and larger than the last…”

The Longer #bitcoin takes to consolidate the Bigger the next move becomes … $BTC is the same price it was exactly a month ago… the next break should happen quicker and larger than the last… pic.twitter.com/fJXC9mG3Rp
— Chonis Trading- (@BigChonis) July 22, 2019

Boomerang Capital Inc expects a move to the downside for Bitcoin following the rejection of $11,000 over the weekend.
“#BTC bulls attempted to push back this week. As of now have yet to produce anything serious. We expect price could drop lower after being rejected at the critical junction at 11k. Long term spot buyers, get your fiat ready for buys in the mid 8000s down to the mid 7000s.”
From a technical standpoint the Bollinger bands are starting to squeeze as trader and analyst Josh Rager pointed out after the close of the weekly candle.
“Weekly/daily close was neutral. Closed in the range between primary support/resistance levels. But volatility expected to happen this week, BBands starting to pinch on 4 hour. Hopefully we get some live action on the charts to start the week”

$BTC (mobile view)
Weekly/daily close was neutral
Closed in the range between primary support/resistance levels
But volatility expected to happen this week, BBands starting to pinch on 4 hour
Hopefully we get some live action on the charts to start the week pic.twitter.com/ZUdBIdLElg
— Josh Rager (@Josh_Rager) July 22, 2019

Analysts are generally mixed as to the next direction. With the regulatory pressure off for now, and Bitcoin just having cycled a 33 percent correction from $13,800 to $9,200, some are expecting a move to the upside.
Last week’s congress hearings were generally considered as bullish for Bitcoin as their angst was largely focused on Facebook and its global domination plans. The CFTC investigation of BitMEX was bad news for them but BTC did not blip on the news.
Over the past seven days total crypto market capitalization has ranged between $260 and $290 billion. As we begin another trading week it is towards the top of that range with all eyes on Bitcoin for its next big move.
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Analysts Believe Bitcoin Likely to Move Towards $6,000 as Bearish Narrative Unfolds

Almost as quickly as bullish euphoria recently gripped the market, the Bitcoin bears have returned. An air of uncertainly, brought about by the prime-time attention cryptocurrencies are receiving of late, has seen the price fall once again below the $10,000 level.
Notable trading Twitter accounts are calling for a much more severe pullback, even from today’s prices. Some believe that a price as low as $6,000 is now likely in the short-to-mid-term.
A Return to $6,000 Bitcoin “Quite Likely”?
According to cryptocurrency market analysts, there is a greater-than-even chance that Bitcoin prices will return to the $6,000 area in the coming weeks or months. Recently-returned optimism in the industry appears to have been snuffed out as fast as it arrived.
The change of sentiment appears to have coincided with President Trump’s recent anti-cryptocurrency Twitter outburst, as well as Treasury Secretary Steven Mnuchin calling Bitcoin and other digital assets a “national emergency”. Despite many Bitcoin proponents reasoning that there is nothing to worry about and that all publicity is good publicity for the digital asset space, the wider market seems to have shifted bearish once again.
Whilst many Twitter trading accounts and technical analysts observing the shift in sentiment are now pessimistic about the short-term Bitcoin price, some are calling for even greater moves to the downside. In the following Tweets, Twitter crypto analyst Dave the Wave demonstrates his reasoning behind his own calls for much lower prices:

pic.twitter.com/B2toGeDvxL
— dave the wave (@davthewave) July 16, 2019

In the responses, one of Dave the Wave’s followers asks the trader how likely he believes a return to $6,000 is. He replies simply: “”Quite likely”.
Dave The Wave isn’t alone in his belief that Bitcoin is heading down hard again either. Popular YouTube technical analyst Tone Vays also claims that a massive correction is not only likely but is needed. He believes that a sharp drop that all but crushes every ounce of hope for Bitcoin whilst completely decimating the altcoin space is what it will take for the number one digital asset by market capitalisation to return to a long-term upwards trajectory.
In a recent edition of his trading Bitcoin YouTube show, Vays states that Bitcoin price has been trading within a “no trade zone” of late, essentially meaning that he could not tell whether it would break to the upside or downside. Speaking before the price recently broke $10,000 earlier today, Vays states:
“I would be bearish on Bitcoin if we come back down and break below the $10,000 zone… If I had to guess at what would happen at $11,000, we would get a rejection, go back to $10,000, break $10,000 and go lower.”

He adds that since he sees no resistance in the $9,000 area, he expects the price to fall even further down. Of course, the Bitcoin price has since breached the $10,000 support level and is thus heading down for Vays.
 
Related Reading: Bitcoin Bears Start to Stir as BTC Falls Closer to $10k
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Bitcoin and Bitcoin Cash post significant gains as tensions over Facebook’s Libra continue to simmer

Bitcoin was moving north of its critical $10,300 mark, following prolonged losses that were speculated to be attributed to Facebook’s controversy-riddled, Libra, a project that has been at the receiving end of a lot of criticism recently. The latest drop below the psychological level of $10k came a day after US President Donald Trump’s critique on […]
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Source: AMB Crypto

Bitcoin Continues to Correct as Crypto Markets Bleed Billions

Yesterday’s Bitcoin pullback has extended into Friday as further losses are mounting. The selloff has slowed however as BTC searches for its short term bottom and traders seek buying opportunities. The overall trend for the past few weeks however has been sideways.
Bitcoin Slides 14% in Two Days
From a touch of $13,000 on Wednesday BTC has hit a low of $11,200 a couple of hours ago during Asian trading. The initial dump was triggered late on Wednesday and continued into Thursday after Bitcoin hit the bottom.
BTC price 24 hours. Coinmarketcap.com
From there it managed to creep back up to resistance at $11,700 but could not hold that and continued to decline today. Daily volume has fallen back to $26 billion and market capitalization is in danger of dropping below $200 billion once again.
As usual crypto traders and analysts are eyeing the charts looking for areas of support and resistance as Bitcoin starts to form a longer term channel of consolidation. Josh Rager has noted support just below $11k and predicts further consolidation:
“$BTC weak buying today with mostly ranging in the mid to low $11ks. Daily support at $10,979 has been the bottom & a breakdown could be likely but expect consolidation before the next major move. Flat/neutral atm”

$BTC weak buying today with mostly ranging in the mid to low $11ks
Daily support at $10,979 has been the bottom & a breakdown could be likely but expect consolidation before the next major move
Flat/neutral atm
Boring market, no wonder everyone is talking Trump pic.twitter.com/NhnExIdny6
— Josh Rager (@Josh_Rager) July 12, 2019

The one day support lies at around $11k and the range bound channel is between current prices at $11,300 and $11,700. The predictions are starting to flow again and the double top pattern is an indicator of further losses. Chart guru ‘dave the wave’ added: “If the pattern holds, two days of sideways then down to 10K,” with a comparison of s similar pattern from 2017.

A comparison of the 2017 top to the possible top here. pic.twitter.com/dcJjvyC4Ln
— dave the wave (@davthewave) July 12, 2019

Trump’s comments are the talk of the crypto town today however as markets continue to cool off.
Altcoins Axed Again
Total crypto market capitalization has declined by over $45 billion since the recent market peak of $357 billion. Currently hovering around $310 billion, daily volume has also dumped back to $80 billion but compared to the depths of crypto winter six months ago, that is still sky high.
As usual it has been the altcoins that have borne the brunt of Bitcoin’s retreat. Market dominance is still over 65 percent as the rest of the crypto assets get pounded.
In two days Ethereum has dumped over 14 percent plunging ETH prices back down to $270. XRP has collapsed 20 percent as it slides back to a monthly low of below $0.33. Litecoin halving fomo seems to have completely dried up as LTC falls back towards $100 and Bitcoin Cash has crashed to below $350 again.
Bitcoin may be correcting but altcoins are clearly hemorrhaging once again.
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Bitcoin (BTC) Ending 2019 Under $40,000 Would Be an “Anomaly”: Why?

Over the past four days, Bitcoin (BTC) has been through it all. After rallying to surpass $13,000 for the second time this year, the cryptocurrency paused, took a breath, then decisively lost steam as bulls failed to maintain momentum.
As of the time of writing this, BTC sits at $11,300, down almost 13% in the past 24 hours. Altcoins are doing worse, with Ethereum, XRP, Litecoin, and other large-cap crypto assets slipping by more than 15%.
Related Reading: Bitcoin Hashrate Grows at Fastest Rate Ever; Will BTC’s Price Follow?
Despite this rapid decline, which effectively confirms that BTC isn’t ready for new year-to-date highs just yet, some analysts are still bullish. In fact, one new model suggests that Bitcoin will rally by at least another 200% this year, no holds barred.
Bitcoin to Hit $50,000 in 2019?
Timothy Peterson, a Texas-based crypto fund manager and Bitcoin pioneer, recently laid out the model below which plots how BTC’s performance in the first half of any given year relates to the second half’s performance.
Interestingly, the model, which can be defined as the positive slope y = 1.1409x + 0.5151, fits the trend to 90%, implying that it should be fairly accurate. Alright, so now that we have established the model, what does it predict.

Wow! Just did a quick look at $BTC momentum 1st 6 mos vs. 2nd 6 mos. 180% YTD means another +250% (give or take) over the next 6 months for #bitcoin. Anything substantially less would be a true anomaly. $50k entirely realistic under this model. I'm shocked. pic.twitter.com/xUqDHFy9Wi
— Timothy Peterson (@nsquaredcrypto) July 11, 2019

Well, according to Peterson, Bitcoin gaining 180% year-to-date (effectively the 2019’s first half) implies that it has another 250% (“give or take”) left to run by the end of the year.
A 250% gain from current levels would mean Bitcoin ends the year at $40,000 — practically double BTC’s 2017 all-time high of just around $20,000. According to Peterson, even $50,000 is realistic.
Considering that BTC just plunged by nearly $2,000, this may seem somewhat unrealistic, and maybe even impossible-sounding. But, there is another model that indicates that BTC does have lots of room to run, even in 2019.
Does This Prediction Hold Its Water? 
As you are likely aware of, May 2020 will see the next Bitcoin block reward reduction, during which the amount of BTC put into circulation around every 10 minutes is cut in half.
While this may not sound notable, a model from analyst PlanB, also known as 100 Trillion Dollars, suggests that the so-called “halving” event will be a massive boon for the value of BTC. A boon that may give it the potential to move past $20,000 and beyond.
As reported by NewsBTC previously, PlanB uses what is called the stock-to-flow (SF) ratio to back his target. For those unaware, the “stock” is the amount of said asset, usually a commodity, in circulation; the “flow” is basically the inflation rate, or how much of the commodity was added to the total stock in a year.
Right now, Bitcoin sports an SF ratio of 25, implying an inflation rate of 4% per annum. Gold has an SF ratio of just above 50, coming in at around 55. PlanB postulates that there is a correlation between the market capitalization of a scarce asset and its SF ratio.
Related Reading: Analyst: Bitcoin May Consolidate for Several Months, But Six-Figure Price Surge is Still Imminent
With the halving, Bitcoin’s SF ratio will reach 50, meaning that it will near that of gold. If we follow the line of best fit for the model, it predicts that by May 2020, the “fair” stock to flow value for BTC will be around $55,000 per coin.
While May 2020 is obviously not the end of 2019, some analysts expect for investors to “front run” this key event, which is something that should result in Bitcoin price appreciation towards $55,000.
This isn’t the only model or indicator signaling that Bitcoin could soon hit $40,000. Per a recent CNBC interview with Fundstrat’s Tom Lee, Bitcoin will soon see fresh all-time highs. In that interview, Lee didn’t tip his hand as to why comes after “new all-time highs”, but speaking to Binance’s CFO, he did.
He stated that once $10,000 is breached, FOMO will result in a “fast and furious” move to $20,000, then a six-month appreciation to potentially $40,000. 
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