Over the past month, Bitcoin (BTC) has absolutely exploded higher. In fact, the cryptocurrency is up around 40% since the low of $6,400 put in during December of last year.
While many analysts have said that this jaw-dropping rally constitutes a macro reversal that will thrust BTC back into a decisively bullish phase, some aren’t so sure. In fact, a number of commentators have suggested that the crypto market’s current price action is eerily reminiscent to that of the middle of July of 2018, which saw Bitcoin see a false bear market breakout to only crash by 50% months later.
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But, per a tweet from a prominent cryptocurrency trader that went industry-viral, there are three reasons why he thinks Bitcoin is entirely bullish on a macro basis, despite the abovementioned fractal.
3 Reasons Why Bitcoin is Macro Bullish & Could Soon Go Parabolic
Trader Satoshi Wolf recently noted that per his analysis of Bitcoin’s one-month candle chart over the past three years, there are at least three bullish technical analysis and fundamental signs that can be seen:
Firstly, the recent price decline that Bitcoin has seen from $14,000 to a low of $6,400 has been marked by decreasing volume, which he claims is “bullish.” Indeed, falling volumes in a downtrend would indicate that the sellers are gradually losing control.
Secondly, BTC in December decidedly bounced off the key $6,400 macro support level, which has been a level of utmost importance since early-2018, in December on high buying volumes.
And lastly, the block reward reduction for Bitcoin, which will decrease the inflation rate of the cryptocurrency by half, is on the horizon (May 2020). This event has been found to be correlated with upswings in the market.
A good mate asked for my take on $BTC
The monthly chart says it all:
1. Price decline + volume decline = Bullish2. Volume backed bounce off strong support = Bullish3. Halving = Bullish
Until something changes I am Bullish on #Bitcoin and will do everything to get more. pic.twitter.com/XGWxLUpCJF
— Satoshi Wolf (@SatoshiWolf) January 22, 2020
This confluence of factors suggests Bitcoin may in the coming months explode past $10,000 and maybe even higher.
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JP Morgan is Bearish On Bitcoin, Unfortunately
While there is a macro bullish case, as laid out above, not everyone is convinced the Bitcoin ball is in the court of bulls.
Bloomberg on January 10th released an article outlining a research note penned by strategists at JP Morgan. Per the note, one of JP Morgan’s managing director, Nikolaos Panigirtzoglou, noted that the cryptocurrency has some downside risk
Panigirtzoglou looked to the fact that Bitcoin’s intrinsic value, calculated by the Wall Street giant by looking at the marginal cost of production of a single coin by weighing the price of computational power (via ASICs) and electricity costs, which shows that the fair price of BTC is still around $5,000:
“The market price has declined by nearly 40% from its peak while the intrinsic value has risen by around 10%… The gap has not yet fully closed, suggesting some downside risk remains.”
It is unclear how these potentially bearish negative mining dynamics will tie in with the upcoming halving, specifically its potentially bullish effects on Bitcoin.
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Bitcoin's uptrend was ongoing, as profit-taking volume declined.
BTC has gained over the past day by 1.76%.
Over the past 48 hours, Bitcoin [BTC] has experienced a strong upswing oThe post Bitcoin: Will BTC's 6-day bullish streak push it past $100K? appeared first on AMBCrypto.
The Bitcoin (BTC) price has been consistently declining over the past two weeks, consequently putting the flagship cryptocurrency in the undervalued zone. BTC dipped by 3.2% in the past 24 hours and is trading at $62,300 at the time of…
One word can describe the recent bout of Bitcoin (BTC) price action: wow. In the past 24 hours, the cryptocurrency market has experienced a rally seemingly not seen since late-2017, when hype drove prices to new.
Over the past 48 hours for some reason or another, Bitcoin (BTC) bulls have begun to return en-masse. As of the time of writing this, BTC is currently trading at $5,590, finding itself up by around 6% in the past 24 hours.
At long last, Bitcoin (BTC) bulls have begun to rear their ugly heads. While cryptocurrency investors have invited this influx of buy-side pressure with outstretched arms, no one has pinned this rally, which pushed BTC past $4,000, to anything in particular.
Bitcoin perma-bull Tom Lee of Fundstrat tried to buttress his recent projection that the bitcoin price is due for a major rally soon. On March 17, Lee tweeted that the “tailwinds” that had dragged bitcoin down during the current Crypto Winter are easing.
It isn’t a secret that over the past few weeks, community sentiment has begun to shift. Taking a brief look at Crypto Twitter, more analysts seem to be bullish on Bitcoin (BTC) than ever before in this bear market.
Current Bitcoin Price Action: Sellers Exhausted at $4,000, “Cautiously Bullish” Finally, Bitcoin (BTC) jumped $4,000 mark yesterday and the market turned green. Since then, the market has turned slightly red with XRP, EOS, Binance Coin, Stellar, and Tron down less than 1 percent in the past 24-hours. While Ethereum is in the red by 1.24 […]
The tides have seemingly begun to turn in the favor of Bitcoin (BTC). Volumes have surged across the board, all while the flagship cryptocurrency has slowly moved to and past the auspicious $4,000 price point.
Bitcoin Technical Analysis Bitcoin is close to closing its fourth gain on the weekly chart. An increase over the past 24 hours has brought the price of bitcoin back above $4000 but the market leader now faces pivotal resistance points.
Just two days after Cboe announced that it was going to delist bitcoin futures, the cryptocurrency’s spot market turned near-term bullish. The BTC/USD exchange rate surged 3. 30-percent in the past 24 hours to establish a session high towards 4069.
The Litecoin (LTC) price continues to surge following an impressive run over the past month — but is it ripe for a pullback? Let’s take a look. Fibonacci Retracement If we take a look at the Fibonacci retracement tool and draw a simple line from the all-time high to its most recent bottom, we can see that the price of Litecoin (LTC) against Bitcoin (BTC) has largely respected each channel while stair-stepping upwards.
Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row. While macro support has been tested three times recently, we have yet to test the overhanging macro resistance:Figure 1: BTC-USD, Daily Candles, Narrow RangeThe blue zone outlined above shows a very strong zone of support that, over the last few weeks, has seen three strong tests and has led to a slowly upward-drifting market consolidation.
Bitcoin spiked strongly in both directions over the past few hours as volatility ticked higher but failed to put price in a clear course. It is still trading within the symmetrical triangle consolidation previously highlighted.
Over the past couple of weeks Bitcoin has been caught in an incredibly tight trading range between roughly $3,900 and $4,000, with strong resistance existing at the latter price point. Earlier today, BTC saw increased levels of volatility, but it has since stabilized back to the lower-$3,900 region.
Bitcoin (BTC) has been firmly planted within the $3,000 region for the past several months and has failed to reach any price point that allows it to experience a sustainable price surge fueled by increased buying pressure.
Bitcoin continues to coil tightly within its range-bound market as the bulls and bears fight it out to see which is most dominant. On the lower time frames (TF), bitcoin is managing to find support:Figure 1: BTC-USD, 2-Hour Candles, Low TF SupportThe zone outlined by the green line in Figure 1 represents local support that has kept the market afloat for the last week and a half.
The number of transactions per day has continued to show a sustained and significant rise over the past few months, which can mainly be attributed to VeriBlock, a mechanism for securing other blockchains using the BTC blockchain.
This past week’s action has seen most leading markets produce little volatility, with the cryptocurrency meta-trend appearing to comprise consolidation while traders wait to see whether BTC can break above $4,000 for the third time in 2019.
Bitcoin has been able to maintain relative levels of stability over the past weekend, despite an unfolding trend where BTC incurs larger levels of volatility during weekend trading sessions. Although Bitcoin is currently stable above $3,900, many analysts are still weary of its current price action, and one analyst believes a drop below BTC’s 2018.
In the past 3 months, the Bitcoin price has been relatively stable, performing strongly against the U. S. dollar with solid volume across major markets in the likes of the U. S. and Japan. Since December 16, within a 3-month span, the Bitcoin price has increased from its yearly low at $3,122 to $3,943, testing the $4,000 resistance level.
Bitcoin (BTC) has kicked off the weekend trading up slightly but has still been unable to decisively move above $4,000, which has proven to be a key psychological resistance level for the cryptocurrency.
Prospects for the crypto space remain bright. Over the past week, Wall Street giant Fidelity Investments has soft-launched its digital asset branch, Starbucks is purportedly looking to accept Bitcoin, and Twitter CEO Jack Dorsey has only doubled-down on his support for BTC and its respective ecosystem.
After days and days of consolidation, bitcoin finally managed to break a new high for the first time in almost two weeks. This new high, so far, has been short lived, however, as it was almost immediately sold into by eager bears:Figure 1: BTC-USD, 4-Hour Candles, New HighOur current 4-hour candle is seeing a relatively easy retracement after days and days of an upward grind.
Throughout the past several days, Bitcoin has remained relatively stable at $3,900. The stability of BTC has led crypto tokens to record massive spikes in the range of 10 to 100 percent. Enjin Coin, for instance, the native cryptocurrency of a gaming-focused blockchain network called Enjin, surged by 100 percent at its daily peak following its partnership with Samsung.
While investors are still reeling in pain due to 2018’s downturn, Bitcoin (BTC) remains drastically higher than it was two years ago. In fact, in the past 24 months, BTC has moved from $1,200 to $3,900 — a rally of 3.
Bitcoin has firmly planted itself within the upper-$3,000 region over the past several weeks and has continued struggling to break above the low-$4,000 region. Because BTC has failed to garner any significant buying pressure over the past several weeks, some analysts believe that a drop back to its 2018 lows of $3,200 is inevitable.
Litecoin (LTC) underwent something of a rally during the past month, gaining 20 percent in value over the last 48 hours alone. The two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have also seen significant (but smaller) gains in the past two days.
At long last, CNBC’s “Fast Money” segment has covered the cryptocurrency space again. Interestingly, the show’s contributors expressed optimism, even as many pundits have concluded that Bitcoin (BTC) and other digital assets remain embroiled in a battle with bears.
The total crypto market cap gained $3. 8 billion of its value for the past seven-day period and rose to $134. 1. By the time of writing, bitcoin (BTC) is trading at $3,965, while ether (ETH) stands at $141.
Litecoin Boom Could Set Precedent For Bitcoin Rally Litecoin (LTC) has recently embarked on a monumental rally. In the past month, the OG Bitcoin fork has moved from $33. 2 from $55. 4 — a gain of.
Following an abrupt short-term dip from $132 billion to $126 billion, the crypto market has almost fully recovered as Bitcoin bounced back to $3,800 and assets like EOS and Litecoin recorded 10 to 13 percent gains.
Leading into the London open, bitcoin broke through its local support level in a move that seems to be hinting toward a downward continuation:Figure 1: BTC-USD, Daily Candles, Broken Local SupportSo far, our daily candle has yet to close, but it is currently on schedule to close below local support.
As is clear for everyone to see, over the past couple of years, digital assets have gained mainstream acceptance across the globe — especially in a number of Asian and European nations. As a result of this, a plethora of well-known individuals from the world of finance, digital tech, and R&D have started to support […]
Bitcoin, Facebook Coin and JPM Coin could together usher in a crypto default for value transfer. And to help see why, there is a crypto adoption lesson from America’s utopian past. Be it the internet.
The U. S. Government missed out on a more than half a billion dollar opportunity. Figures released by the website Bitcoin Seized suggests that had Uncle Sam decided to hodl onto all the Bitcoin (BTC) it had seized over the past four years, it would have made a very good markup indeed.
Analysts are starting to take notice of the recent outperformance of Binance Coin in relation to other top cryptocurrencies. $BNB ready to flippen the world apparently pic. twitter. com/FHopA630Xh — Josh Olszewicz (@CarpeNoctom) March 1, 2019 Data from Messari shows the price of Binance increasing 81.
Most cyberattacks in the crypto space involve hackers finding a way around the security of crypto exchange platforms and gaining access to users’ funds. Last year saw the entry of a new breed of cyber extortionists that seems to be gaining ground, so much so that they were able to steal over $300,000 in bitcoin (BTC) tokens in 2018.
Shortly after falling from its test of the low $4,000s, bitcoin managed to find support in the mid $3,500s. This has proven to be a relevant level over the last few months, and finding support here would be a sign of relatively strong demand:Figure 1: BTC-USD, Daily Candles, Local SupportThe high candle spread rejection following our test of the low $4,000s was an indication that we had strong levels of supply left in the market, but for the time being we are holding support.
After trading sideways since experiencing some volatility over this past weekend, Bitcoin (BTC) has now established a fresh trading range between approximately $3,800 and $3,900, finding relative levels of support at the former price and resistance at the latter price.
Bitcoin Trading Volume In The United Kingdom Hits $65 Million Average A London-based analytics company called Skew has recently reported that the United Kingdom has become a strong Bitcoin trading point in the last few months.
The Lightning Network has been getting a lot of attention in the past few weeks, partly because of the…
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The total crypto market cap lost more than $5 billion of its value for the past seven-day period and declined to $131. 3. By the time of writing bitcoin (BTC) is trading at $3,827, while ether (ETH) stands at $136.
Following Bitcoin’s relatively large levels of volatility over this past weekend, the cryptocurrency has been experiencing a bout of choppy trading but has been able to find some levels of stability above $3,800.
Bitcoin price (BTC) has fallen over 80% from its all-time high of $20,000 over the past 14 months, and has struggled to regain any bullish momentum it once had. While many expected Bitcoin to bottom at the seemingly unbreakable support at $6,000, the leading cryptocurrency by market cap fell through to find its local bottom.
A single decade can be a lot of time, or hardly any, depending on the situation. In the case of Bitcoin (BTC), the first and largest cryptocurrency currently on the market, these past ten years represent its entire existence.
The 100 largest wallets (holding 10,000-100,000 BTC) excluding exchanges accumulated over 150,000 bitcoin in the past two months. Do the Bart In all the woe and misery of the crypto-winter, we can often find some meagre warmth from a positive story.
The past 14 months have been arduous for Bitcoin and the cryptocurrency markets in general, and investors that have held through the market crash are increasingly wondering as to when, and if, their crypto investments will ever be able to surge back towards their previously established all-time-highs.
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Over $1.2 billion left US Bitcoin ETFs this week as Bitcoin tumbled below $104K, but on-chain data shows long-term holders are staying firm.
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