Bitcoin Price Increase Turns Long-Term Bear Bullish

Bitcoin Price Increase Turns Long-Term Bear Bullish
фото показано с : bitcoinist.com

2018-7-20 21:00

Staunch Bitcoin bear Boris Schlossberg, Managing Director of FX strategy at BK Asset Management, has expressed positive sentiment on key matters surrounding the world’s largest cryptocurrency’s recent rally.

TA Driving Breach of Resistance Levels

Speaking to CNBC’s “Trading Nation,” Schlossberg noted a few important points about Bitcoin’s 00 recent price surge. He said:

After consolidating for months around the $6,000 level, bitcoin had a burst of activity over the past few days, rising by nearly 16 percent since Monday alone; much of that gain came from a sudden 11 percent rally on Tuesday as it appeared several technical levels were broken.

Bitcoin saw an unprecedented rise in its price on July 17. The cryptocurrency gained nearly $700 in a little less than 45 minutes, once again grabbing everyone’s attention.

Schlossberg noted earlier this year that should Bitcoin ever fall below $5,000 it will trigger “forced liquidation from all ends.”

However, he is now taking the same bullish stance on the matter as prominent permabulls Tom Lee and Barry Silbert — all of whom attributed the increase to favorable technical analysis and a wave of good news. Much like Lee and Silbert, Schlossberg noted:

As bitcoin appears to rally mostly on technical drivers, for the moment, it could easily squeeze above $8,000. That level is where much more serious resistance lies on the charts.

He also outlined the report regarding BlackRock’s interest towards the field and the news that Steven Cohen was exploring cryptocurrencies as positive catalysts for the spike.

What’s Next?

More interestingly, Schlossberg acknowledged Bitcoin’s potential, stating:

If blockchain technology becomes increasingly entrenched in the mainstream financial industry, and shows a clear business-use case, bitcoin could be seen as a legitimate store of value going forward.

This fully confirms that the long-time Bitcoin bear gives merit to the cryptocurrency’s latest surge and considers it substantiated rather than just a short squeeze — an observation entirely shared by Digital Currency Group’s Barry Silbert, who said:

When the chair of the Fed says negative things about Bitcoin, and Howard Marks says negative things about Bitcoin, and Ken Griffin says negative things about Bitcoin and Bitcoin doesn’t move, I think that’s a really bullish sign.

Do you think that Schlossberg’s opinion is a strong bullish signal for Bitcoin’s price? Don’t hesitate to let us know in the comments below! 

Images courtesy of Shutterstock, CoinMarketCap.com.

The post Bitcoin Price Increase Turns Long-Term Bear Bullish appeared first on Bitcoinist.com.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 71264.63 (+0.15%)
Объем 24H $56.034b
Изменеия 24h: 6.49 %, 7d: 15.25 %
Cегодня L: $68995.48 - H: $71441.63
Капитализация $1404.081b Rank 1
Цена в час новости $ 7376.74 (866.07%)

bitcoin bear price schlossberg bullish increase turns

bitcoin bear → Результатов: 95


Bitcoin Bear Flag Could Cause Crypto Asset To Retest February 2018 Lows

As the 2019 parabolic rally came to a close, Bitcoin began to trade within a large, multi-month descending triangle pattern that only just recently broke down after extensive consolidation. According to a popular crypto analyst, the breakdown resulted in Bitcoin forming a bear flag, and it likely signals further continuation to the downside, potentially as.

2019-10-16 02:00


Litecoin Founder Remains Optimistic Despite Recent Bithumb Hack

Charlie Lee, the developer behind the world’s sixth-largest cryptocurrency, Litecoin, believes the price of Bitcoin and other cryptocurrencies will recover “fairly soon”. Lee shared his thoughts on the current bear market, what developments in the industry excite him the most, and the recent hack on Bithumb, the South Korean crypto exchange. The hack does not […]

2018-6-24 21:00


Фото:

Bitcoin is once more facing a drop to (or below) $6,000, with both short- and long-duration charts being aligned in favor of the bears.

Bitcoin (BTC) is once more facing a drop to (or below) $6,000, with both short- and long-duration charts being aligned in favor of the bears. Further, while a fall to $6,000 following a bear flag breakdown on Friday seemed likely, losses were unexpectedly cut short at $6,300, signaling bearish exhaustion. Yet, the leading cryptocurrency did

2018-6-18 16:44


Billionaire Bitcoin bull Tim Draper is Still buying more during bear run

Tim Draper is a billionaire investor.  He was an early investor in Hotmail, Skype, and Tesla and is credited with inventing viral marketing.  Tim Draper also buys the dips. A lot of attention was brought to the world of cryptocurrency when Draper purchased thousands of Bitcoins that were seized from the infamous dark web marketplace […] The post Billionaire Bitcoin bull Tim Draper is Still buying more during bear run appeared first on ZyCrypto.

2018-6-14 19:58