Advertisements

As Bitcoin Struggles, This Minor Cryptocurrency Is Up Almost 500% Over The Past 12 Months

bitcoin, bitcoin price, chainlink, link, cryptocurrency, image

Bitcoin has had a mixed start to the new year. The price has climbed, most likely for potentially controversial reasons—but, meanwhile, at least one minor cryptocurrency is going from strength to strength.

The bitcoin price has climbed over the first few days of 2020 but has failed to make meaningful gains and breakout of its long-running malaise, leaving many cryptocurrency traders and investors disappointed.

However, chainlink, a top 20 cryptocurrency traded under the name link boasting an $800 million market capitalization, has risen 25% already in 2020—bringing its year-on-year rise close to a staggering 500%.

The chainlink price reached its highest in late June of 2019, hitting $4.55 and up over 1800% from the start of 2019.

The massive rally was caused by interest in chainlink from China, the world’s largest bitcoin and cryptocurrency exchange by volume, Binance, working with chainlink developers so-called decentralized finance products, and search giant Google using chainlink’s blockchain to bridge legacy databases.

“As with most blockchain projects in their infancy given the low liquidity initially, any surge in demand is likely to cause significant impact on price,” said Simon Peters, bitcoin and crypto analyst at investment platform eToro.

Related imageThe chainlink price has fallen back somewhat from its all-time high but has broken the broader cryptocurrency downward trend—with almost all so-called altcoins failing to recover after the brutal crypto winter of late 2018 and early 2019.

“With chainlink developers working with the likes of Swift to help connect banks to smart contracts, as well as major companies like Google, naturally this has caused excitement around the potential of the platform going forward,” Peters added.

“This has subsequently encouraged investors to buy the link token, speculating on the project’s future success. With link prices increasing over the last year, this was further compounded by the ‘fear of missing out’ phenomenon.”

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: https://www.forbes.com

Related image

Advertisements

Bitcoin Suddenly Dives Below $7,000 As Crypto Markets Lose Billions

Bitcoin and cryptocurrency markets were suddenly sold off today, with the bitcoin price losing around $200 per bitcoin in minutes and dipping under the psychological $7,000 mark once againcontinuing a period of relative volatility for digital tokens.

Bitcoin-rivals ethereum, Ripple’s XRP, bitcoin cash, litecoin, EOS and binance coin were also heavily sold off, wiping billions of dollars from the combined cryptocurrency market capitalization.

The cause of the sudden sell-off was not immediately clear, however, analysts have noted a drop in crypto market trading volume recently.

“All is quiet on the crypto front. Perhaps, a little too quiet,” Mati Greenspan, the founder of bitcoin and crypto research outlet Quantum Economics wrote in a note ahead of the bitcoin sell-off today, adding the dominance of the world’s biggest stablecoin, tether, “seems to be waning.”

Bitcoin was earlier trading at $6,880, down by 3.5% over the last 24-hour trading period, according to prices from U.S.-based crypto exchange Coinbase, with ethereum, Ripple’s XRP, litecoin, and bitcoin cash all off by between 5% and 8%.

EOS, a dectralized app token similar to ethereum, led the bitcoin and crypto market lower.

Earlier this year, bitcoin and cryptocurrency price watchers warned that “dismal” bitcoin volumes could mean the market was headed for a perfect storm.

In periods of low trading volume, crypto prices are more vulnerable to so-called whales moving the market by placing massive buy or sell orders at a little above or below current market rates. These can trigger trading algorithms that then send prices sharply higher or lower and can be a sign of market manipulation.

Meanwhile, research out earlier today suggested the bitcoin price might struggle over the short term due to the $2 billion PlusToken scandal—one of the biggest ever cryptocurrency scams.

“That’s certainly something to consider when you are thinking about where the price is going, at least in the short term,” Kim Grauer, senior economist at blockchain analysis company Chainalysis told financial newswire Bloomberg. “It could be, according to our research, continued downward pressure.”

PlusToken scammers are thought to have sold some 25,000 bitcoin, according to Chainalysis data, with a further 20,000 still to be dumped back onto the market.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Bitcoin Suddenly Dives Below $7,000 As Crypto Markets Lose Billions

93.8K subscribers
#Bitcoin pumps to fill $7.8k futures gap, then immediately slides. Why #BTC might be “stuck” in the Chasm Phase, 43,564 $BTC whale move, $MATIC continues explosive run, market sentiment analyzed, crypto news, and more! 🔶 Join ByBit Exchange 👉 http://bybit.kdub.co *Get up to $90 FREE BONUS by using link above* 📺 ByBit Tutorial: https://youtu.be/W6-VCxNUD0g 🔥 Ledger Hardware Wallets 👉 http://ledger.kdub.co 📺 Ledger Nano X Tutorial: https://youtu.be/zShw2X5lRhs 💥 Unstoppable Domains 👉 http://unstoppabledomains.kdub.co 🔺Brave Browser ►► https://brave.com/cry542 🤖 3Commas Auto Trader 👉 http://3commas.kdub.co 👑 Krown’s Crypto Academy 👉 http://krown.kdub.co 🚀 LVL Exchange (NO trading fees) 👉 https://lvl.co/zombie 🧟‍♂️ “Crypto Zombies” Telegram ►► https://t.me/joinchat/E67b8w-hQrMsZeb… 📈 Trading View Charts ►► https://tradingview.go2cloud.org/SH3vw 💡 MINDS.com 👉 http://www.minds.kdub.co Intro Credit: https://www.reddit.com/r/cryptocurren… 2:28 Markets 〽️ 2:57 Bitcoin analysis: https://twitter.com/JacobCanfield/sta… 4:45 Bitcoin whale move: https://beincrypto.com/bitcoin-whale-… 7:41 BTC halving: https://twitter.com/100trillionUSD/st… 8:45 MATIC network: https://youtu.be/363xAkk1_wE 11:18 📺 BitBoy Crypto: https://youtu.be/-0XmfujTkVs 14:32 Bakkt lied: https://twitter.com/krugermacro/statu… 15:47 Bitcoin “Chasm” phase: https://medium.com/@ssaurel/bitcoins-… 21:01 MATIC battle racers: https://twitter.com/maticnetwork/stat… 🐦 @TheCryptoZombie ►► http://twitter.com/TheCryptoZombie 🔹Buy BTC on Coinbase ►►http://Coinbase.kdub.co Trade Cryptos on Huobi ►► http://Huobi.kdub.co Trade Cryptos on Bibox ►► http://Bibox.kdub.co Trade Cryptos on KuCoin ►► http://KuCoin.kdub.co Follow me on Twitter ►► http://twitter.com/TheCryptoZombie Join The Telegram ►► https://t.me/joinchat/E67b8w-hQrMsZeb… DISCLAIMER: I am not a financial advisor. This is not financial advice. This is just my opinion. Always do your own research before investing. I am not responsible for your trades… BITCOIN: The Last Time THIS Happened BTC PUMPED 4,500%! It’s About to Happen Again… https://youtu.be/w_Zg2lvxC8E Watch this video again because it’s awesome: https://youtu.be/tN0u7_VEyNA #cryptocurrency #altcoins #blockchain #cryptozombie #crypto #btc #bch #bsv #ethereum #eth #ripple #xrp $BTC $ETH $XRP

Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It

Crypto markets are not reeling this week because China is “cracking down on Blockchain.” Tokens have been getting slammed since the summer because most of them are unnecessary, and because the need for coins that may offer some utility is not as imminent as buyers thought it would be. This is most obvious with King Crypto, bitcoin, whose purported use-case as a store of value is not looking very compelling.

The risk-reward in bitcoin has always been an extreme one, which is why its biggest proponents/salespeople assigned astronomic price targets to it. Widespread adoption is an extremely low-probability event with an enormous payoff if the stars align. And let’s be clear: the things that need to happen for the world to turn to bitcoin – complete central bank impotence, widespread currency debasement, falling equity markets and the abandonment of traditional gold – means betting on bitcoin is essentially betting against the house. Hence the “short bankers, long bitcoin” meme. To say bitcoin will offer a 100x return yet also say it’s a highly probabilistic event is inherently contradictory and hugely dishonest.

The market is now realizing this. As the global economic slowdown of the last nine months shows signs of stabilization and the Federal Reserve sees no need for more interest-rate cuts, the case for bitcoin is taking body blows. None of the stories about adoption are turning out, big tech giants from Facebook to Google are doing everything possible to dominate electronic pay and finance, and projects designed to make bitcoin a means of exchange are either slow, fruitless, or both.

In short, the house does not look like it’s in a losing position just yet. And so bitcoin is getting killed. Sure, the U.S. and China could have a major fallout, get into a currency war, and Chinese citizens could rush to crypto as a way to get money out of the system. That’s why bitcoin will never be worthless, and why every investor should watch its price action, but that scenario is looking way, way further away from reality than the cryptoknights had so many believe.

Today In: Money

Bitcoin’s violent moves are a factor of the speculative nature described above. Because its probability of success is low, it is closer to a roulette wheel than any traditional asset class. Average people were lured into the bitcoin sales pitch in 2017 when the economy was tearing hot, cash flow was heavy, stocks were churning out huge gains, and people could afford to take a gamble. Why not roll the dice?

Now those buyers are losing faith in their chances of winning, and are using this year’s rally to get out. As the fundamental reason for owning bitcoin as a store of value also loses luster amid a stabilizing economic situation, the true believers may start bailing out too. If it continues, it should be a warning sign to more traditional investors who made a similar bet in gold, and maybe even those who ran to Treasury bonds as a hedge against chaos, too.

I am the Lead Anchor at TD Ameritrade Network, and the host of Morning Trade Live and Market On Close. I co-anchored Bloomberg BusinessWeek on TV and contributed to Bloomberg Markets and What’d You Miss while I was with Bloomberg beginning in June 2014. I also covered U.S. stocks and equity derivatives for Bloomberg News. Prior to that, I was a reporter at The Bond Buyer, primarily covering the sell side of the municipal bond industry, writing stories about bond insurers, underwriters, ratings services, bond counsel and general market trends. Early in my career I covered metropolitan news for the New York Post. I have a bachelor’s degree in materials science and engineering from Cornell University.

Source: Bitcoin Isn’t Down Because of China, It’s Down Because You Don’t Need It

3.38K subscribers
Blockchain is currently not suitable for large communities as it’s not scalable. In this video, the CVO of Dagcoin, Kris Ress, explains why the technology behind Dagcoin is perfect for small, big and very big communities. See more from the video!

Here’s The Case For A $100,000 Bitcoin Price By The End Of 2021

The Bitcoin price has been on a tremendous run in 2019, roughly tripling its price in U.S. dollars since the start of the year. That said, Morgan Creek Digital co-founder

Anthony Pompliano thinks the party is just getting started.Pompliano has predicted that the Bitcoin price will reach $100,000 by the end of 2021, and he was recently asked to explain his point of view during an interview with CNN’s Julia Chatterley.

Digital Gold and Loose Monetary Policy

In the past, Pompliano has described the trend towards loose monetary policy combined with Bitcoin’s upcoming halving event as the “perfect storm” for the rise of the digital asset. Pompliano explained this theory during his CNN interview.

“Whenever we get to a recessive period or kind of slowing growth, central banks have kind of two tools: They can cut interest rates, which they did yesterday, and they can print money (quantitative easing). And so, when they do both of those things, it usually takes anywhere between 6 to 18 months to feel the effect of those tools, and what it’s going to do is it’s going to coincide with the Bitcoin halving,” said Pompliano.

A halving event in Bitcoin is when the amount of Bitcoin that are generated by miners every ten minutes is cut in half. Bitcoin’s monetary policy was “set in stone” when the network went live back in 2009, and the scheduled issuance of new Bitcoin is halved roughly every four years.

Originally, 50 Bitcoin were created every ten minutes. Next year, the number of new Bitcoin created in each new block will drop from 12.5 to 6.25.

While gold has historically been viewed as a safe haven asset in times of monetary easing, Pompliano covered a couple of the benefits of Bitcoin over gold during his CNN interview.

“The difference is, between Bitcoin and gold, with Bitcoin, we know exactly how many is getting created, so 1,800 Bitcoin are going to be created today. The second thing is we know the total supply available, which is 21 million. So, it’s not: Hey I wonder how much is in the ground. We know exactly how much it is, and we can actually go and audit or verify the software code of the system,” said Pompliano.

Pompliano is Not Alone

It should be noted that, back in 2017, Pompliano also predicted a $100,000 Bitcoin price by 2019. However, he’s not exactly alone with his latest forecast for 2021.

Pantera CEO Dan Morehead has said there’s a “good shot” the Bitcoin price will hit $42,000 by the end of 2019, and the data used as the basis for his prediction is even more bullish than Pompliano’s $100,000 price point.

Additionally, Tetras Capital’s Brendan Bernstein gave an in-depth presentation on the macroeconomic factors that could lead to a higher Bitcoin price in the coming years at the Bitcoin 2019 conference, and just last week, digital asset research firm Delphi Digital released a report covering Bitcoin’s utility as “digital gold” in the context of more dovish monetary policies from central banks and the possibility of an upcoming recission.

In addition to the macroeconomic trends that could help Bitcoin thrive, some members of the Bitcoin industry have pointed out that Facebook’s Libra cryptocurrency project could benefit Bitcoin in a roundabout way. President Trump has also inadvertently illustrated the utility of a permissionless, apolitical money like Bitcoin.

On top of all that, members of Congress are realizing they wouldn’t be able to ban Bitcoin in a situation where they wanted to implement such a policy.

Follow me on Twitter. Check out my website.

I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space — from being editor-in-chief at Inside Bitcoins to contributing to Bitcoin Magazine on a regular basis. My work has also been featured in Business Insider, VICE Motherboard, and many other financial and tech media outlets. I’m mostly interested in the use of Bitcoin for transactions that would be censored by the traditional financial system (think darknet markets and ransomware) in addition to the use of bitcoin as an unseizable, digital store of value. Altcoins, appcoins, and ICOs don’t make much sense to me. Find all of my work at kyletorpey.com. Disclosure: I hold some bitcoin.

Source: Here’s The Case For A $100,000 Bitcoin Price By The End Of 2021

Pantera CEO: $42,000 Bitcoin Price By The End Of 2019 ‘A Good Shot’

A historical Bitcoin price chart on a logarithmic scale.

A historical Bitcoin price chart on a logarithmic scale.

Coin Metrics

In a recent episode of her Unchained podcast, Laura Shin interviewed Dan Morehead and Joey Krug of Pantera Capital, which is a cryptocurrency and blockchain-focused investment fund that was founded in 2013.

During the interview, Morehead commented on the potential future trajectory of the bitcoin price in response to a question related to where the blockchain and cryptocurrency industry is today in its overall life cycle. In his reply, Morehead pointed to a potential price move to $356,000 within three years based on past trends of Bitcoin’s price movements on a logarithmic scale.

Morehead’s math also indicated that a $42,000 bitcoin price by the end of 2019 is in the cards. It should be noted that crypto prime dealer SFOX also recently released a research note that could indicate a bullish move for Bitcoin during the holiday season later this year. Additionally, digital asset research firm Delphi digital recently released a report that showed how retail investor enthusiasm around Bitcoin has returned in 2019.

Bitcoin’s Neverending Hype Cycles

When asked about the current stage of development for the cryptocurrency space as a whole, Morehead first pointed to the Gartner Hype Cycle, which is a method of interpreting the wide-ranging levels of hype that can occur around new technologies.

“A small kernel of something very important gets people to be crazed about [Bitcoin] and then the trough of disillusionment [occurs]. And we’ve already gone through two of those cycles in the six years that we’ve been investing in it,” said Morehead.

Morehead added that it’s important to remember that, in his view, Bitcoin and the technologies around it are a project that will take two decades to unfold, and we’re only ten years into it at this point.

“We still have another solid ten years to go before this is fully fleshed out,” said Morehead.

Although he doesn’t believe the Bitcoin price is a great proxy for the development of the blockchain technology space as a whole, Morehead did point out that the price always tends to be going up when one zooms out more than a year.

“If you ever go back and zoom out your lens more than a year, Bitcoin as a proxy for the industry is always going up,” said Morehead.

According to Morehead, Pantera’s fund has only had one down year in its six years of existence and there has only been one year where Bitcoin’s annual low was lower than the previous year’s low.

“We’re always trying to look three to five years out and be thinking about where the industry will be then rather than worrying about these kind of manic phases of bubbles and then the crypto winters where everyone thinks it’s never going to work,” added Morehead.

Where Does the Bitcoin Price Go from Here?

When asked where the blockchain and cryptocurrency industry is today in terms of these various hype cycles, Morehead pointed out that the Bitcoin price chart is relatively consistent when graphed on a logarithmic scale. However, price bubbles, such as the ones in 2013 and 2017, are also clearly visible on the chart.

On a logarithmic price chart, price movements are tracked in terms of percentage changes rather than simple, nominal price increases and decreases.

Earlier in the year, when Bitcoin was still near the bottom of its current market cycle, Pantera graphed out what the Bitcoin price may look like if it spent the next twelve months returning to its previous trend line and the continued along that trend line for the next couple of years after that. According to Morehead, that previous trend line indicated a compounded annual growth rate of 235%.

This methodology from Pantera pointed to a $42,000 price by the end of 2019, a $122,000 price by the end of 2020, and a $365,000 price by the end of 2021.

“I know [that] sounds crazy, but essentially, we’re half way back there. It’s right on the trend line, and I think it’s a good shot that by the end of the year we hit that,” said Morehead.

Obviously, it should be mentioned that past trends are not indicative of future results. Although it was on a much shorter time scale, there were many people in various cryptocurrency forums touting the LINK altcoin due to its more than 800% rise against the U.S. dollar earlier this year. Since then, the altcoin has dropped 33% against the dollar.

In terms of what has caused the Bitcoin price to move back in a positive direction this year, theories have ranged from manipulation via the Tether stablecoin, normal activity by a store of value asset, and some indirect help from Facebook’s Libra cryptocurrency project.

Additionally, another report from Delphi Digital earlier in the year pointed to a bottoming out of the Bitcoin price based on blockchain analysis.

“[With] our first research piece that we wrote on Bitcoin, we predicted it would go to $5,000, and when it was at $100 everyone thought that was totally nuts. But these numbers in two or three years, people look back and go, ‘Oh yeah, that makes sense.’” Morehead later added during his interview with Shin.

I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space

Source: Pantera CEO: $42,000 Bitcoin Price By The End Of 2019 ‘A Good Shot’

Impressive Bitcoin Price Smashes Through $6,000 as Crypto Stars Align – DailyCryptoTimes

The bulls are back. After a prolonged period in a sideways range, the bitcoin price has finally established a powerful uptrend. As BTC  breaks the $6,000 level, enthusiasm is returning in waves to the cryptocurrency industry. Even the Binance hack has failed to put a dampener on a buoyant BTC/USD.

Bitcoin has broken critical resistance at $6,000. | Source: CoinMarketCap

Bulls Are Unstoppable As BTC/USD Clears $6,000 Hurdle

Why all the enthusiasm about the bitcoin price breaking $6,000? This level has been closely watched for some time. A bounce through this technically significant price point has been long-awaited, and there are several bulls desperate to dive into the marketplace. Speaking to Forbes, Tim Enneking of Digital Capital Management is hugely confident that a clear break will lead to further gains in the original digital currency. He said:

“6k will probably [be] a tough nut to crack, but once it definitively falls, there will almost certainly be a strong surge higher.”

It’s not hard to find analysts who think this rally has legs. Here is TradeBlock’s director of digital currency John Todaro outlining once again how strong the momentum is in bitcoin:

“The market over the past 1-2 months has seen significant upward momentum and has brushed off numerous negative headlines within the space. If we break above the $6,000 level, we could continue to trade higher as momentum builds and negative news reports have a limited downward impact.”

Bitcoin Ignores Binance Hack

Binance is the world’s largest cryptocurrency exchange. Because of this, it seems safe to assume that the recent hack of 7,000 BTC should have been disastrous for the BTC/USD price. So far this has not been the case at all. Bullish trends look their most potent when they ignore headwinds and keep surging. This is precisely the characteristic that bitcoin is displaying as it keeps breaking out to fresh yearly highs.

Novogratz Sees Bitcoin at $20,000 in 18 Monthsf

In an interview on Fox Business, Bitcoin perma-bull Mike Novogratz was spreading his usual brand of positivity. As you can see in the following video, he doesn’t have much time for Warren Buffett’s negativity. Novogratz expects BTC/USD to be back to its historic highs of $20,000 within 18 months.

Whether you look at fundamental or technical analysis, it’s hard to come up with a reason to bet against BTC’s bounce through $6,000. Crypto adoption is picking up pacesearch interest is returning, and the dip buying is back.

The main threat looks to be overbought conditions, but shorting bitcoin when it’s in this kind of mood has historically been like trying to hold back the tide.

Source: Impressive Bitcoin Price Smashes Through $6,000 as Crypto Stars Align – DailyCryptoTimes

Bitcoin Price Rages to New 2019 High Beyond $5,900 with Fuming Bulls Ahead

By CCN.com: Within three hours, the bitcoin price surged from $5,682 to $5,910 on Coinbase, a leading regulated crypto exchange that operates in the U.S. market, reaching a new 2019 high.

In the past week, the bitcoin price has soared by more than 11 percent, allowing the rest of the crypto market to add $20 billion to its market capitalization.

The valuation of the crypto market is up more thn $20 billion in the past week (source: coinmarketcap.com)

In consideration of the recent performance of bitcoin and the projections of industry experts, prominent crypto researcher Willy Woo has said he is 95 percent certain the low $3,000 region was the bottom for bitcoin.

WHAT WOULD IT TAKE TO CONFIRM BITCOIN BULL MARKET?

In November 2018, Woo predicted bitcoin to reach a bottom in the second quarter of 2019 based on an indicator called NVTS, which evaluates fundamental data such as transaction volume among other types of data pertaining to the blockchain to analyze the long-term trend of bitcoin.

At the time, Woo said that all blockchain indicators point toward a bearish trend. Weeks later, the bitcoin price plunged from more than $6,000 ultimately to $3,150, as projected by the researcher.

“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary,” Woo said last year.

The accurate analysis of the macro trend of bitcoin by Woo can be primarily attributed to his consideration of fundamental factors as well as technical factors to better evaluate market conditions.

On May 7, Woo said that based on the Bitcoin Network Momentum and the 200-day moving average (MA)–a technical indicator typically used to project the long-term trend of an asset–bitcoin likely hit its bottom at $3,150 and is in the process of forming a bull market.Woo explained:

To summarise my view of the market in one spot instead of various webcasts and tweets. I’m 95% certain the market has bottomed, that’s to say we are unlikely to break below past lows.

The bull market (upward and onwards) has not formally confirmed just yet. We need to successfully retest the 200 day MA & Realised Cap (both ~$4,400 right now), or without retest we need to stay above them for a sizeable time, say another month.

Willy Woo@woonomic

The bull market (upward and onwards) has not formally confirmed just yet. We need to successfully retest the 200 day MA & Realised Cap (both ~$4400 right now), or without retest we need to stay above them for a sizeable time, say another month.

View image on Twitter

Willy Woo@woonomic

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. (I personally think the April 1st break above $4300 will be remembered years ahead as the start of the 2019 bull market). pic.twitter.com/NzzGkvcT8t

View image on Twitter

In the upcoming weeks, many analysts generally expect bitcoin to undergo a consolidation period, demonstrating stability at the current price level.

While some traders anticipate the dominant cryptocurrency to retest some support levels below $5,000, as long as BTC remains above $4,400, Woo noted that the momentum of the asset can be sustained.

FIDELITY IS COMING

The noticeable increase in the interest in bitcoin, as shown in the surge in the real spot volume of bitcoin which hovers at around $550 million–up nearly two-fold from $270 million in March–comes after Bloomberg reported Fidelity will launch a crypto trading service in weeks.

“We currently have a select set of clients we’re supporting on our platform. We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin,” Fidelity spokesperson Arlene Roberts told Bloomberg.

Apart from various technical indicators pointing toward upward momentum for bitcoin, the strengthening of the infrastructure supporting crypto assets may be rekindling the confidence of investors in the asset class, as it would enable investors who were previously unable to commit to the crypto market to reconsider their stance on the market.

Joseph Young

Tags:

Source: Bitcoin Price Rages to New 2019 High Beyond $5,900 with Fuming Bulls Ahead

7 Reasons Bitcoin Price Will Smash Record Highs in 2020: Tom Lee

Bitcoin permabull and Fundstrat Global co-founder, Tom Lee says the worst is over for bitcoin.

In an interview with CNBC, Lee said the bitcoin price will likely see a new all-time high in 2020, eclipsing the previous $20,000 mark. Lee is famous for inflated bitcoin price predictions, but he backed up the latest forecast with seven key indicators.

1. The bitcoin halving is coming

Every four years, the bitcoin block reward is cut in half to maintain the strict 21 million supply. It gives bitcoin an artificial scarcity and inherent value.

bitcoin halving

The next bitcoin halving takes place in 390 days. Historically, the bitcoin price starts climbing a year before.

The next bitcoin “halving” is scheduled to take place on May 23rd 2020. Historically, the bitcoin price has begun to climb a year before the halving takes place. Tom Lee predicts the shrinking supply and upcoming halving will add fuel to the bitcoin rally.

2. Trading volumes back near record highs

As CCN previously reported, bitcoin trading volumes are back near record highs. Lee points to a key moment in January 2019 when year-on-year trading volumes turned positive

3. Bitcoin smashes past its 200 day moving average

Earlier in the month, bitcoin closed above its 200 day moving average in a technically strong bullish sign. The last time it happened was October 2015 and bitcoin went on to kickstart a two-year bull-run.

4. Fundstrat’s Bitcoin Misery Index turns positive

The bitcoin misery index (BMI) measures investor sentiment using a composite of bitcoin volatility, price, and trading activity. In April it hit its highest point since mid-2016.

Lee sees this as a sign that a bull market is forming since a high reading only occurs during bull markets. However, he also acknowledged that bitcoin famously took a 25 percent fall last time the BMI hit this point.

 

5. 60% – 70% increase in bitcoin OTC trading

According to a Fundstrat survey, institutional investors are pouring into bitcoin through over-the-counter (OTC) markets. OTC markets exist outside the main reported exchanges and reportedly account for half of all bitcoin trading volume.

Lee claims OTC trading activity is up 60% – 70% which is a sure sign that “big money” is coming to crypto. As he explains, OTC markets are:

“Really important in terms of how institutional investors trade crypto.”

6. Consensus that the “bottom is in”

Lee points to a handful of “original” bitcoin bulls who believe we have seen the lowest prices in this bitcoin rout. He repeatedly claims that bitcoin whales, who pulled money out of the market in early 2018 are now beginning to put their money back into bitcoin.

7. Bitcoin’s golden cross

Lastly, Lee points to the “golden cross” technical indicator. The golden cross is another hugely positive indicator that traditionally confirms a bullish breakout.

Bitcoin price will shatter its all-time-high of $20,000 in 2020, according to Tom Lee. | Source: Shutterstock

7 Reasons Bitcoin Price Will Smash Record Highs in 2020: Perma-Bull Tom Lee

By CCN.com: Bitcoin permabull and Fundstrat Global co-founder, Tom Lee says the worst is over for bitcoin.

In an interview with CNBC, Lee said the bitcoin price will likely see a new all-time high in 2020, eclipsing the previous $20,000 mark. Lee is famous for inflated bitcoin price predictions, but he backed up the latest forecast with seven key indicators.

1. The bitcoin halving is coming

Every four years, the bitcoin block reward is cut in half to maintain the strict 21 million supply. It gives bitcoin an artificial scarcity and inherent value.

bitcoin halving

The next bitcoin halving takes place in 390 days. Historically, the bitcoin price starts climbing a year before.

The next bitcoin “halving” is scheduled to take place on May 23rd 2020. Historically, the bitcoin price has begun to climb a year before the halving takes place. Tom Lee predicts the shrinking supply and upcoming halving will add fuel to the bitcoin rally.

2. Trading volumes back near record highs

As CCN previously reported, bitcoin trading volumes are back near record highs. Lee points to a key moment in January 2019 when year-on-year trading volumes turned positive.

Lee cites increased bitcoin adoption in Venezuela and Turkey for the increasing volume:

“Just taking those two countries, they’re close to 30% of the increase in on-chain activity, so it’s meaningful. “People are saying, ‘Look, I don’t trust using these local currencies. I don’t trust the banks. I’m going to start using bitcoin.’ And that’s what’s causing on-chain volume to really take off.”

3. Bitcoin smashes past its 200 day moving average

Earlier in the month, bitcoin closed above its 200 day moving average in a technically strong bullish sign. The last time it happened was October 2015 and bitcoin went on to kickstart a two-year bull-run.

4. Fundstrat’s Bitcoin Misery Index turns positive

The bitcoin misery index (BMI) measures investor sentiment using a composite of bitcoin volatility, price, and trading activity. In April it hit its highest point since mid-2016.

Lee sees this as a sign that a bull market is forming since a high reading only occurs during bull markets. However, he also acknowledged that bitcoin famously took a 25 percent fall last time the BMI hit this point.

5. 60% – 70% increase in bitcoin OTC trading

According to a Fundstrat survey, institutional investors are pouring into bitcoin through over-the-counter (OTC) markets. OTC markets exist outside the main reported exchanges and reportedly account for half of all bitcoin trading volume.

Lee claims OTC trading activity is up 60% – 70% which is a sure sign that “big money” is coming to crypto. As he explains, OTC markets are:

“Really important in terms of how institutional investors trade crypto.”

6. Consensus that the “bottom is in”

Lee points to a handful of “original” bitcoin bulls who believe we have seen the lowest prices in this bitcoin rout. He repeatedly claims that bitcoin whales, who pulled money out of the market in early 2018 are now beginning to put their money back into bitcoin.

7. Bitcoin’s golden cross

Lastly, Lee points to the “golden cross” technical indicator. The golden cross is another hugely positive indicator that traditionally confirms a bullish breakout.

Tom Lee polled his Twitter followers, 43 percent of whom believed the golden cross was a good sign.

Bitcoin to $25,000?

Tom Lee has long-held a positive view of bitcoin’s price but his forecasts aren’t always accurate. He predicted bitcoin would end 2018 at $25,000, a call that fell significantly short. Let’s see if this latest bullish prediction is more accurate.

Source: 7 Reasons Bitcoin Price Will Smash Record Highs in 2020: Tom Lee

%d bloggers like this:
Skip to toolbar