Market

  • Here’s Why Analysts Expect Price to Explode Further

    Over the past two hours, Bitcoin (BTC) has started to break out of a consolidation pattern that has trapped the price of the cryptocurrency in the high-$8,000s for some two days. In fact, just minutes ago as of the time of writing this article, the leading crypto asset tapped $9,120, surging higher as the weekly candle’s close approaches, boding well for bulls. While Bitcoin has retraced slightly since then, returning to settle around $9,000, analysts say that this breakout, which has allowed BTC’s price to reach a multi-month high, is a precursor to even more gains in the coming days. Bullish On Bitcoin: Analysts Expect Further Upside Firstly, CryptoDude earlier Saturday noted that $9,080 is a “critical level” from a high time frame perspective for Bitcoin. If BTC manages to hold above this key resistance on a weekly basis when the candle closes on Sunday night, it will indicate that there is a macro reversal on the horizon, one that will bring BTC back to the $14,000 high seen last year and potentially beyond, especially with the upcoming halving. $BTC…

    Jan 19, 2020
  • Will Bitcoin and Crypto Markets do a 2017 in 2020?

    Since the massive bitcoin and crypto surge in late 2017 and resultant crash in 2018 everyone has been waiting for a return to those giddy heights. In reality, it may just take a little longer as it did after the dotcom bubble burst. Bitcoin’s Slow Build Looking at previous years may give us an indication of what 2020 will hold for bitcoin prices. Granted, the scene is very different now with futures products available which allow deep-pocketed investors to short the asset. Booms and busts from previous years could be used for future predictions if history is to rhyme for BTC. Full-time trader ‘Crypto Michaël’ has been comparing the years; $BTC #BITCOIN The year 2013 was similar to 2017. The year 2014 was similar to 2018. The year 2015 was similar to 2019 with the parabolic move. The years 2019-onwards will normally be similar to 2016-2017. Let’s rock & roll together. — Crypto Michaël (@CryptoMichNL) January 3, 2020 The year 2016 was very similar to 2019 with a slow start, then a mid-year high followed by a correction towards the…

    Jan 7, 2020
  • Bitcoin (BTC) Bulls Targeting Key Resistance At $7,800 USD. Time For Entry?

    Bitcoin is on a sharp rise in 2020 with price breaching $7,500 USD. Bulls are regaining strength in the market with a third straight green candle on the daily charts setting bullish indicators that signal a possible test of the $7,800 resistance level. A call for entry? Bitcoin (BTC) is finally taking shape as price shortly spiked above $7,500 USD in the past 24 hours. Following the $400 spike on Jan. 2, from $6,900 to over $7,300 USD (a spike heavily associated with the Iran-US tensions), BTC is showing prospects  of a possible bullish momentum as price set higher lows. After starting the year on a bearish trend that saw the price dip to $6,800s key support levels, BTC/USD hiked to over $7,300 USD in the past 48 hours signaling a possible bottom of the pair. Currently trading at $7,457 USD, a slight retraction from the $7,500 level, BTC bulls are pushing the top cryptocurrency to higher lows with the key resistance level at $7,800 USD, firmly on sight. $BTC Waiting to see the reaction at ~$7,700 area. If we…

    Jan 6, 2020
  • Bitcoin saw a 330% surge in 2019, what about 2020?

    Bitcoin, undeniably the most popular cryptocurrency out there has had a somewhat volatile year.

    Dec 27, 2019
  • Cryptocurrency Is Still the World’s Best Performing Asset Class This Year

    As the year and decade come to an end, cryptocurrencies once again outperform other major asset classes. Despite trading significantly down from their record highs of late December 2017, large-cap cryptocurrencies had a phenomenal year and remain one of the greatest investment success stories of the decade. Cementing themselves as the world’s leading asset class for yearly performance, cryptocurrencies have risen well above annualized returns of the U.S. equities, commodities and bond markets for 2019. Ryan Alfred, President and co-founder of Digital Assets Data said large-cap crypto assets possess significantly higher returns versus traditional markets for this year. Alfred said: “Looking back at the performance of the top ten large-caps (Bitwise 10) in comparison to other major asset classes, we can see their special signature.” Crypto versus traditional assets As seen in the chart above, research provided by Digital Assets Data shows how this year’s performance of the top 10 cryptos by market capitalization fared against other major asset classes such as gold, oil and equities. Of course, 2019 didn’t start out that way. Back in February, the top 10…

    Dec 13, 2019
  • Gold and Bitcoin (BTC) prices register highest annual correlation ever!

    Bitcoin (BTC) and gold enthusiasts have been at it against each other on which is the better long term store of value for the past decade or so. Since the emergence of the ‘digital gold’, debates across investors, fund managers and other specialist has arisen on which asset offers investors better store of value with BTC seeing its price spike to $19,800 USD in a matter of years. The constant wrangles between gold’s low volatility and BTC appreciation in price is a never ending debate but as per data collected through the year the prices of the two assets are starting to gel as BTC recorded its highest correlation with gold prices in a year. Gold-BTC correlation at its highest point ever! While the correlation of Bitcoin and gold has been on the rise for the better part of the year in 2019, Dec. 2 marks the highest point in positive correlation the two asset have reached at 0.3. Since June 2018, the price of an ounce of gold spiked from 0.15 BTC to over 0.39 BTC in Feb 2019…

    Dec 4, 2019
  • European Investment Fund (EIF) 400 million EURO for Blockchain and AI

    The European Commission and the European Investment Fund (EIF) have set up a new Blockchain and Artificial Intelligence (AI) Innovation Fund, the EIF announced. According to the announcement, the new fund was created to prevent the EU from falling behind countries like the US and China. He also wants to strengthen Europe’s position as a site for the development of Blockchain and AI. Under the new investment plan, EUR 100 million will be made available to venture capital funds or other investors who support “AI and Blockchain-based products and services”. The EIF also stated that this is only “laying the cornerstone” and is expected to generate an additional € 300 million from private investors. As the scheme also offers national promotional banks, from next year, the opportunity to co-invest, the estimated total amount of the Fund could continue to increase. The EIF said in the blog post:     “Investing in a portfolio of innovative AI and blockchain companies will help build a dynamic EU-wide investment community for AI and Blockchain. By involving national promotional banks, we can increase the investment volume at…

    Nov 25, 2019
  • The Cryptocurrency Market Suffers from Shockingly Low Levels of Liquidity

    CoinMarketCap’s new metric shows low levels of liquidity in the crypto market. A renowned analyst explains that less than 1% of all cryptos are liquid. Prominent figures in the industry agree that 99% of all cryptos will not prevail. CoinMarketCap, the leading cryptocurrency data tracking services platform, recently rolled out a new metric, dubbed Liquidity. Its primary purpose is to provide the “real trading activity” of most of the cryptocurrencies and crypto exchanges in the industry. An early glimpse shows a lack of institutional investment, adding credibility to the belief that 99% of all cryptos are worthless. CoinMarketCap’s Liquidity According to the chief strategy officer at CoinMarketCap, Carylyne Chan, the methodology to rank cryptocurrencies and crypto exchanges by daily volume lost its value and is now an obsolete metric in the industry. The firm is now moving into a new system that “highlights what matters most to investors and traders, [which is] liquidity.” With the lack of transparency in the crypto market, it is easy for people to inflate trading volumes. According to Chan, individuals can insert orders into order book where…

    Nov 14, 2019
  • Ethereum (ETH) Could Break Higher After Long Consolidation

    Ethereum price seems to be consolidating for quite some time above $180 against the US Dollar. The price could start a strong upward move above $190 as long as it is above $180. There is a short term ascending channel forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin is still capped by the $8,880 and $8,960 resistance levels. Ethereum price is trading in a broad range versus the US Dollar and bitcoin. ETH price remains well bid above the $178 support and it could soon make an upward move. Ethereum Price Analysis In the past few days, Ethereum consolidated in a broad range above the $180 support against the US Dollar. ETH bears made a few attempts to push the price below the $180 and $178 support levels, but they failed. Similarly, there was no upside break above the $188 and $190 resistance. Recently, the price revisited the $182 support area and started a fresh increase. It broke the $185 resistance and the 100 hourly simple moving average. Moreover, there was a…

    Nov 14, 2019
  • How to read a Bitcoin price prediction in 2020?

    Cryptocurrency trading, in its essence, is not much different than conventional stock trading, and that’s Bitcoin basics. Most Bitcoin price prediction is based on market movements, serving a necessary purpose, to provide information, and live. On the other hand, Bitcoin price predictions also contribute to the overall market sentiment. These sentiments allow the analysts and traders to examine the pattern based on the real-world information and use it to their advantage. Recently, Bitcoin traders have had enough of Bitcoin price predictions, and cries were heard in different corners of the cryptosphere. Most people were sick of different predictions that would enable them to cover their losses, taken as a utopian cry for hope since the Bitcoin price line was dodging most predicted patterns. Bitcoin price predictions and basic trading psychology Traders were feeling insecure; therefore, the market kept going into a head and shoulder pattern loop one after another. The loop started on the 6th of October and lasted almost 20 days ending on the 23rd of October. Bitcoin price chart by Trading View The trend started with a short…

    Nov 8, 2019
  • Will Bitcoin Follow Gold Prices Down as Trade Tensions Ease?

    Trade tensions between the US and China appear to be easing as the two powerhouses come to agreement. The lifting of tariffs is good for economic stimulus but safe have assets such as gold are now starting to cool off, will Bitcoin follow suit? US China Trade War Over? Officials from both sides stated yesterday that tariffs could be rolled back as part of the first phase of a wider deal. Reuters reported that a timetable has yet to be set but both China and the US are in agreement that a trade deal can be made. Experts have warned that there is still a lot of work to be done and the situation is fragile and can fall apart quickly. Optimism has returned to markets on the development as global stocks were boosted yesterday. Not all assets have benefited from the easing of trade tensions however. Gold, after hitting a six year high in September has retreated. The safe haven narrative only appears to apply when economic pressures are escalated. Gold prices have retreated 5.3% since this year’s peak…

    Nov 8, 2019
  • Bitcoin Forms Uptrend EMA Support as Case for Bulls Strengthens

    Bitcoin’s price has been slowly inching higher after briefly visiting its range lows around $9,000 this past weekend, but in order for bulls to maintain their growing strength, it is imperative that they push BTC past its range high resistance level at $9,500. Analysts are now noting that the bull case for Bitcoin may be growing stronger, as the crypto has begun finding strong support at a key technical level and has been incurring increasing on-chain volume – factors that could help push the crypto higher in the near-term. Bitcoin Inches Higher as Trading Volume Climbs At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,375, which marks a slight climb from its daily lows of just under $9,300. Bitcoin’s slow and steady climb over the past few days was first sparked when BTC fell towards $9,100 this past weekend, and it has been slowly climbing back towards its range highs at $9,500 in the time since. How Bitcoin responds to its range highs in the near $9,500 in the near-term will…

    Nov 7, 2019
  • 50% of Total Bitcoin Options Open Interest To Drop In December- Will Bitcoin Price Rise?

    A recent tweet by Skew Markets claims that 50% of total bitcoin options open interest is set for a drop-off in December. A big expiry is ahead! Bitcoin Price Slated To Rise Post Stabilization of Open Interest In case previous scenarios are considered, one or two weeks prior to the expiry, new quarterly contracts will be rolled out. Subsequently, open interest will decrease in December and then increase again in March. CME futures will expire in December and this would lead to a decrease in the open interest. Source- Skew Markets With that being said, when both price and open interest decline it gives rise to liquidation by discouraged traders with long positions. If the trend continues it leads to a price decline. Once open interest stabilizes, prices began to rally again. Further, if the open interest numbers show minimal oscillation, it is followed by a price rise and also a rise in open interest.  CME Futures Expiry Led to A Rally in March 2019 During the expiry of CME futures in 2018, the price of Bitcoin dropped from $3,850…

    Nov 7, 2019
  • Ripple (XRP) Price Rips and Dips, Bulls Protecting Support

    Ripple price surged recently above the $0.3040 and $0.3120 resistances against the US dollar. The price is currently trimming gains and trading near the $0.3000 support area. Yesterday’s major bullish trend line is active with support near $0.2990 on the hourly chart of the XRP/USD pair (data source from Kraken). The main support is near the $0.2980 level, below which the price could accelerate losses. Ripple price is swinging both ways against the US Dollar and bitcoin. XRP price must stay above the $0.2980 support area to start a fresh upward move. Ripple Price Analysis Yesterday, we saw bullish moves in ripple above the $0.2980 support area against the US Dollar. Recently, XRP rallied sharply above the $0.3040 and $0.3120 resistance levels. However, the price faced a strong selling interest near the $0.3150 area. A new weekly high was formed near $0.3149 and the price is currently declining sharply. It tumbled below the $0.3040 and $0.3000 levels. A swing low was formed near $0.2952 and the price is now back above $0.3000. Moreover, the price seems to be holding the…

    Nov 7, 2019
  • Why Investors Are Almost Certain For The End-Year Rally to $13,000

    Bitcoin embarks on trading a lower high patter following the rejection from recent highs at $10,534. The range resistance at $9,600 and the 100 MA resistance must be broken down for correction to $10,000. Bitcoin has proved on numerous occasions its ability to rise from the ‘ashes.’ The latest example being the recent recovery from $7,300 to highs around $10,534 (on coinstats). Although there was an immediate reversal that rested levels slightly under $9,000, Bitcoin swung towards $10,000. Meanwhile, Bitcoin is trading within a wide range with an upward limit at $9,600 and a lower limit at $9,000. An attempt to clear the range resistance on Tuesday failed to yield. For now, Bitcoin is teetering at $9,390 while the upside is capped by the 100-day MA. BTC/USD daily chart BTC/USD price chart by Tradingview, Coinbase It is becoming apparent that Bitcoin bulls must gather the strength to clear the resistance at the 100-day MA and $9,600 to be able to launch an attack on $10,000 and higher levels towards $13,000. The descending channel resistance is another hurdle that if broken,…

    Nov 7, 2019
  • Binance CEO CZ Says 1.4 Billion People are Behind the Price of Bitcoin, but Who are They?

    Binance’s CEO, Changpeng Zhao (CZ) believes bitcoin will hit $16,000 very “soon-ish.” A 4chan anonymous user who accurately predicted bitcoin’s trajectory earlier this year turned out to be wrong in October. CZ claims 1.4 billion people are behind bitcoin. Changpeng Zhao (CZ), the CEO of Binance, recently stated that 1.4 billion people are working on getting bitcoin to $16,000. And, this upswing is currently in the works. Putting a Price on Bitcoin The CEO of the largest cryptocurrency exchange in the world, CZ, believes that a price of $16,000 per bitcoin will happen “soon-ish.” Zhao maintains that there are currently 1.4 billion people working towards getting this cryptocurrency to reach higher highs. He added: “Price predictions are easy. It’s just hard to be right about the timing.” The comments come after the predictions an anonymous 4chan users had for bitcoin turned out to be wrong. On Jan. 21, the 4chan user said that bitcoin had bottomed out and revealed several bullish targets. By April, the individual expected bitcoin to hit $5,300, which indeed occurred. Bitcoin then surged over $9,200, validating…

    Nov 6, 2019

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