After Bitcoin briefly breached $20,000 in December of 2017, the cryptocurrency began a precipitous decline, with its price plummeting from the heights of five digits to $3,150 within 12 months’ time, representing an 80% decline.
Related Reading: Capitulation In Crypto Market Hasn’t Occurred Yet, Data Shows
Since the decline began, crypto investors across the board have been wondering when Bitcoin will find itself above $20,000 again, or more specifically, they’ve been wondering when BTC will put in a new all-time high.
According to a prominent trader — one who called Bitcoin’s decline to the $6,000s literal months ago — this high is likely to come in around the start of 2021, just 12 to 15 months away from now.
Bitcoin To Hit $25k In 2021: Elliot Wave
Dave the Wave, a popular cryptocurrency trader, recently noted that Bitcoin may see some bearish price action in the near term, but will soon restart its long-term bull trend that will bring it to $25,000 — 270% higher than current prices — by the start of 2021.
He specifically cited a five-wave Elliot Wave bull run, which will see Bitcoin bottom in the next few weeks before a surge to $25,000, see a brief correction, then finish the bullish run above $100,000.
Still looking for this to play out… https://t.co/pi9iksurUP
— dave the wave (@davthewave) January 3, 2020
So what are Dave’s credentials? Why should we listen to a Twitter analyst whose avatar is the famous Japanese painting of a tsunami?
Well, this trader is the one that called for rationality to return to the crypto markets when BTC was trading above $10,000, claiming the move was a clear overextension of BTC’s long-term growth curve and standards. He went as far as to say that Bitcoin was poised to return to $6,700 — this was months ago.
Related Reading: Bitcoin Price Poised to Jump 40% Towards $10,000; Here’s Why
To add to his accolades, Dave has been relatively accurate in calling the short-term price action, further giving credence to his optimistic Bitcoin prediction.
Others Agree With Lofty Sentiment
Even if you don’t agree with Dave’s assessment that Bitcoin will put in a fresh high at the start of 2021, two prominent investment fund managers in the crypto industry agree with his analysis. The fund managers, Travis Kling, current CIO of Ikigai Asset Management and former Point 72 portfolio manager, and Mike Novogratz of Galaxy Digital.
Both of these prominent Bitcoin analysts have asserted in recent interviews that they believe that the leading cryptocurrency will top $20,000 and hit a new all-time high by the early-2021 region.
Speaking to CNN’s Julia Chatterley in a recent segment for “First Move” in October, the former Wall Streeter turned cryptocurrency fund manager and investor, Novogratz said that he expects for Bitcoin to hit $20,000 in 18 months’ time. This would represent a 180% move from current levels if it plays out.
This came shortly after Kling said that by late-2020 or early-2021 — around 18 months from now — the Bitcoin price is likely to have surmounted its previous all-time high to establish a new one.
Related Reading: Ethereum Price About to Go Parabolic? Here’s Why It’s Possible
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Will Bitcoin’s slow decline be the most dangerous yet?
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Macro headwinds are starting to weigThe post Bitcoin’s decline isn’t chaos; it’s a calculated reset - Assessing why... appeared first on AMBCrypto.
Bitcoin started another decline from the $19,500 resistance against the US Dollar. BTC is at risk of a sharp decline below the $18,500 and $18,000 levels. Bitcoin started another decline after the fed increased rates to 3.
Bitcoin extended decline and traded below $29,000 against the US Dollar. BTC must stay above the $28,500 level to avoid a sharp decline in the near term. Bitcoin started a fresh decline from the $30,500 resistance zone.
Bitcoin started a fresh decline below $40,000 against the US Dollar. BTC is gaining bearish momentum and could even drop to the $35,000 support. Bitcoin started a fresh decline below the $40,000 and $39,000 levels.
Bitcoin started a fresh decline from the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline below the $46,000 support zone. Bitcoin started a fresh decline after it failed to clear the $48,000 resistance level.
Bitcoin started a fresh decline below the $50,000 support against the US Dollar. BTC remains at a risk of a larger decline below $47,500 in the near term. Bitcoin started a fresh decline below the $50,000 and $49,500 support levels.
Bitcoin price extended its decline below the $33,000 support zone against the US Dollar. BTC is currently recovering and it must stay above $30,000 to avoid a larger decline. Bitcoin extended its decline below the $33,500 and $33,000 support levels.
Bitcoin price extended its decline and tested the $53,000 zone against the US Dollar. BTC is correcting higher, but it is facing a lot of hurdles near $55,000 and $56,000. Bitcoin remained in a short-term bearish zone and it extended its decline to $53,000.
Bitcoin failed to surpass the $11,000 resistance and started a fresh decline against the US Dollar. BTC is now well below the 100 SMA (H4) and it could decline further towards $10,000. Bitcoin failed once again to clear the $10,950 and $11,000 resistance levels.
The United States is in turmoil, and the dollar is weakening slowly, but steadily. But an economist is warning that the decline may soon kick into warp speed. If it does, what might that mean for Bitcoin? Warp Speed Dollar Decline Could Lead Bitcoin To Take The Throne The United States has long enjoyed its […]
The multi-year bear market Bitcoin has been caught within in the time following its decline from highs of nearly $20,000 has shown few signs of ending anytime soon, as BTC has struggled to gain any solid footing within the five-figure price region.
Bitcoin May Reach First 7-Month Consecutive Decline In History Alex Kruger, known for his work as a crypto trading analyst, has observed some bad news for Bitcoin. With the present trend of decline, a new milestone may be met, and it is not a good one. If February proves to be the same as the […]
Despite a lack of bitcoin-negative news, the bears have won over the bulls this week, which has resulted in a week-on-week decline in the price of bitcoin by over three percent. The re-application of CBOE and VanEck for a cryptocurrency ETF failed to boost the price of bitcoin, despite the move potentially opening the doorRead MoreRead More.
Bitcoin has come closer to establishing its longest-running bear market, alarmed Alex Kruger. The famous cryptocurrency trading analyst said Monday that it was the first time bitcoin had entered a long period of selling sentiment in its 10-year history.
At the time of press, Ripple’s XRP is trading at ~$0. 302 according to CoinMarketCap. The greater price narrative, however, is the record-breaking bitcoin bear market. February 2, 2019, marked the 411th consecutive day of price decline for bitcoin.
BSV/USD Long-term Trend – Ranging Distribution territories: $90, $100, $110 Accumulation territories: $50, $40, $30 A decline that occurred on January 28 in the market valuation of BSV/USD has only made it to seeing lower lows and lower highs until now.
The crypto market, which was booming in 2017, has seen a major decline since then. BTC, the top crypto coin made many believe in the idea of decentralizing currency. Many tech enthusiasts flocked to the technology with a lot of hope.
In the last 24 hours, the crypto market has slightly declined by $2 billion in valuation as the Bitcoin price fell by one percent. The decline in the value of major crypto assets in the likes of Ripple (XRP) and Ethereum (ETH) which recorded drops in the range of three to five percent prevented the market from continue recovering.
The first month of 2019 has seen a slight decline in 30-day trading volume across many leading markets. Bucking the trend, however, were ETH, LTC, MKR, TRX, and ZEC, all of which saw a significant spike in trade activity.
Litecoin started the week with a decline along with the rest of the cryptocurrency market but has since been meeting support at the $30 which is a key psychological point for traders. If Fibonacci retracements are drawn from the December low to the January high, we can see that the price of Litecoin at the […]
Litecoin Price Action: Doji Forming for LTC After Price Meets Support was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
Bitcoin’s price decline doesn’t seem to be coming to an end yet. The world’s largest digital currency dropped yet again to land at $3340 on Tuesday. Other cryptocurrencies in the market have also fallen sharply as January draws to a close.
Bitcoin price extended its decline and traded below the $3,440 support level against the US Dollar. There is a major bearish trend line formed with resistance at $3,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin price failed to stay above the $3,520 and $3,480 support levels against the US Dollar. There is a strong resistance formed near $3,500 and a bearish trend line on the hourly chart of the BTC/USD pair (data feed from Kraken).
Even though it has been a relatively good week for the Electroneum price, all good things come to an end eventually. As Bitcoin is showing uber bearish signals once again, all other markets follow in very quick succession.
It seems as if the coming weekend will not necessarily yield any profits for the top markets after all. Especially where the XRP price is concerned, things are not looking great, but not terrible either.
The CEO of JP Morgan Chase has once again spoken about Bitcoin (BTC). Jamie Dimon, who once called the digital currency a “fraud” and later backtracked on his comments has now said that he takes no pleasure in seeing prices take a short-term crash as he stated they would.
The total market cap is flat since January 21, 2019, and stands at $120 billion at time of press. There were no significant price changes for bitcoin and ether within the same time period. BTC/USD Bitcoin closed the January 16 trading session at $3,675 with a little more than a $20 price increase and protected further decline below $3,600.
Bitcoin (BTC) is currently coming off of an incredibly volatile weekend where it surged to highs of $3,750 on Saturday before retracing to lows of $3,550 on Sunday. Although nothing fundamental drove this volatility, it is now becoming increasingly common to see volatility over the weekends, which is primarily due to the decline in trading.
At press time the bears have the upper hand in the cryptocurrency market. With red lights indicating price decline for almost all the top 100 cryptocurrencies, traders will find it difficult to make trading choices while weighing in on whether or not the market will continue in a downtrend or modify itself on the long […]
The post Crypto Market Watch: Bitcoin Plunges Further, Altcoins Dwindle in Losses appeared first on ZyCrypto.
As Bitcoin closed the week on another ‘Bloody Sunday’ candle, which dropped to new 2019 lows, making yet another painful yet somewhat predictable reversal, we take a look at the price action and try to establish what we should be looking for with the week ahead.
What’s exactly the correlation between Bitcoin and the stock market and gold? Martin D. Weiss of Weiss Ratings talks about just that in his latest blog. Weiss discusses the scenario of a decline in the stock market to be expected to begin in April and its effect on the crypto market. Cryptos Are A Risk-On […]
The major cryptocurrencies are in green for the last 24 hours as market capitalization still holds above $122 billion at the time of press. BTC/USD Bitcoin closed the January 16 trading session with a little more than a $20 price increase and did not allow further decline below $3,600.
Blockchain payment platform BitPay has announced that 2018 has been their most profitable year, having “processed over a $1 Billion again in payments and set a new record for transaction fee revenue.
Bitcoin price failed to recover above the $3,650 resistance and declined recently against the US Dollar. There was a break below a major contracting triangle with support at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
After the sharp decline for Bitcoin price yesterday retesting the low $3,500s we take a closer look at whats going on with the market. Bitcoin Price: 4-Hour Bitcoin Chart Bitcoin price has failed to regain the critical $3750 point of control so far this week and is still consolidating under it after being rejected by the $4k handle and scuppering the short term hopes of an inverse head and shoulders bottom.
CoinSpeaker
2019 Will Be Even Worse for Cryptos, Believes Famous Californian Professor
While some remains optimistic about the current market decline, crypto-naysayers take this occasion to sentence Bitcoin and the rest of crypto-waggon to death.
Everyday, thousands of investors search “BTC trend analysis”, expecting its recovery to the bullish market and to make great profit. But a year has passed, Bitcoin market as well as the whole cryptocurrency market are still under a bearish run without any signal to rebounce back to the rally.
Over the last year, cryptocurrency prices have dropped significantly and mainstream attention has been waning in recent months. However, according to recent data, the digital currency and blockchain conference circuit did not see a steady decline during the last six months of 2018.
Will Bitcoin Fall Below $3,000? In December 2017, bitcoin reached a high of $10,000 and once the market entered the new year of 2018, a decline kicked in until the value of bitcoin stayed at around $6,400 for some months.
Bitcoin’s rise above $4,000 was shortlived this time with its price declining sharply below it on Thursday night by 9%. The move erased the gain that it had experienced over the past few days. Ethereum and XRP, the next two largest cryptocurrencies also experienced 15% and 9% price drops overnight.
Litecoin price declined heavily from well above $40. 00. The recent decline in bitcoin, Ethereum, EOS and tron impacted LTC’s market sentiment towards $30. 00. Key Talking Points Litecoin price declined more than 20% from well above the $40.
Despite the prolonged bear market of 2018, the year has seen a steady increase in the number of confirmed Bitcoin transactions. They are currently at their highest point since mid-January 2018. Real Adoption Regardless of the sharp decline in Bitcoin price in 2018, the cryptocurrency has seen a steady increase in the number of transactions throughout the entire year.
The Bitcoin, which is the most valued cryptocurrency by market capitalization has received a massive decline from its ever apogee of about $20,000 in 2017 to the present value of $4,000, though it has gone below the mark of $4,000 in recent time.
Bitcoin bulls have been ardently defending the $4,000 price level over the past several days, although they have not gained enough upwards momentum to propel Bitcoin’s price any higher. Despite not maintaining any significant upwards momentum, it is important to note that short positions for the cryptocurrency have been on the decline, which may mean.
Steemit.com blocks hackers for violating its terms of service, Coin Metrics research shows a significant decline among major Bitcoin mining pools, and the Status desktop alpha is out in the wild.
The total market cap for all cryptocurrencies at the end of Q4 stood at ~US$130 billion. The middle and end of Q4 was marked with a violent drop in all cryptocurrencies. Bitcoin dominance, which can be used as a market wide confidence index, held steady at around 50% throughout most of the quarter.
The Bitcoin landscape is no stranger to debates and predictions. Two dominant theories are currently at the forefront: the 4-Year Cycle and the Elliot Impulse Wave. However, a comprehensive analysis by the esteemed crypto analyst CryptoCon, suggests a fascinating intersection of these two theories.
