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The September Curse And How It’s Preparing Bitcoin For Another Rally

Bitcoin has suffered heavy losses along with most of the crypto market following the flash crash that happened on El Salvador’s “Bitcoin Day”. The digital asset has been trying to recover from this loss since it occurred two days ago on September 7th. Part of the cause of the crash has been attributed to a “buy the rumor, sell the news” event triggered by the adoption of bitcoin by El Salvador. But the charts show another factor that led to the crash. Related Reading | Standard Chartered Takes Bullish Stand On Ethereum, Puts Price At $35,000 If anything, the official implementation of bitcoin as a legal tender in El Salvador had bad timing for the market. Historically, September has not been the best of months when it comes to cryptocurrencies. Countless analyses had pointed to an impending crash after the market had rallied in August. The month of September has always been one of low momentum and it looks like even news as big as bitcoin being accepted as a legal currency by a sovereign nation would not be enough to change this. The Curse Of September September has always shown very similar, almost identical, movements in bitcoin price. A look at bitcoin charts shows that the month has usually started out with a crash in price. Thus leading to the “September curse.” The crashes have always led to at least a 17% loss in value. Marking the start of a low momentum month as the price struggles to regain its footing in the market. There usually is a surge leading up to this crash. Ergo, the surge that happens in August. Then movement to exchanges shows a sell pressure, leading to a significant drop in price due to investors taking gains from the market. Related Reading | As Crypto Market Goes Into “Extreme Greed,” Is Bitcoin Set For New All-Time High? A look through 2017, 2018, 2019, and 2020 shows the same trends that are happening now. The crashes happen in the same September time frame. The flash crashes drag the price of bitcoin into a stretch of struggling price movement. While also acting as a setup for the next rally. Charts show similar trends in September | Twitter Crucial One-Week For Bitcoin The next seven days will prove to be the most crucial for the value of BTC following the flash crash. Previous iterations of the crash show a steady climb that leads to the development of a new line of support. This is evident in the upward corrections experienced by bitcoin for the past two days. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Bitcoin will then form support above $47K, which would lead to a retest of its highs before the crash. Putting the next retest at $53K. Movement over the next seven days will determine if the market is at the start of the next bull or the beginning of a stretched-out bear market. Although history puts it that the market is poised for another bull rally following this crash. Ending in December with a slow down that will kick start the next bear market. Currently, the price of bitcoin is trading above $45K after dropping below $43K in the crash. Trading volume is down 32.24% in the past 24 hours, with a 2.36% drop in price. BTC recovers following flash crash | Source: BTCUSD on TradingView.com Featured image from BTC Nigeria, charts from TradingView.com
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We’re Right On Track For Bitcoin At $250,000, Billionaire Tim Draper

Bitcoin has been a part of billionaire Tim Draper’s investment portfolio for a while now. Draper had first gotten into bitcoin in 2011 when Peter Vincennes had convinced him to buy the digital asset. Draper had bought $250,000 worth of BTC, which he subsequently lost after the now-defunct Mt. Gox exchange crashed, where Draper had kept his coins. Despite this, the billionaire was not deterred. So when another opportunity presented itself in the form of U.S. Marshalls auctioning off bitcoins seized from criminals, Draper took advantage of this opportunity. At the auction, Draper had bought 29,656 bitcoins at $632 apiece, which had totaled $18.74 since the coins were sold for $14 above the going rate on exchanges. Related Reading | Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1 The investor has never backed down from his belief in the future of cryptocurrencies, especially bitcoin. Even giving some very optimistic predictions regarding the price of the asset in the coming years. Draper Predicts Bitcoin At $250,000 By 2022 The first time the billionaire had made this prediction had been in 2018. Back then, the price of the digital asset was still trading below $10,000, so this did not seem as believable as it might be today. But Draper never faltered on his prediction. The driving factor behind this prediction has been that the billionaire believes bitcoin will become an accepted mode of payment everywhere. Another important factor lies in the fact that there is a limited supply of BTC. This self-induced scarcity of the digital asset has the billionaire believing that the price will keep going up, saying, “because there are only 21 million of them.” Related Reading | Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End Only one thing has differed in Draper’s price prediction for bitcoin. The billionaire had adjusted the timeline for his prediction by moving it farther to late 2022 or early 2023. But the price prediction remains unmoved at $250,000. Trends Put BTC On Track For $250,000 Venture capitalist Tim Draper was on Benzinga’s Crypto Festival to talk about the number 1 cryptocurrency. Draper noted some trends which he believes will be the driving force behind bitcoin hitting $250,000 in 2022. Widespread adoption was one of these trends. He noted that people will eventually be able to use BTC in the way they currently use fiat currency. “One that happens,” Draper said, “there’s going to be a switch thrown in people’s heads.” Related Reading | Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is “Worthless” A second trend the billionaire sees pushing bitcoin towards this price prediction is the inflation rate. Since governments have been constantly printing money, people have become worried about the future of their savings. This will push more investors into BTC as a way to hedge against the inevitable high rate of inflation that will follow limitless money printing. The rise in bitcoin uses in retail spending was set to go higher, Draper said. Noting that women do about 80% of total retail spending, Draper sees women demanding more ways to pay with bitcoin. Explaining that the number of women investing in bitcoin had grown tremendously, growing from one in 14 BTC wallets owned by women to one in three BTC wallets currently owned by women. BTC price still trading north of $47,000 | Source: BTCUSD on TradingView.com When asked when he planned to sell his coins, the billionaire replied, “Why would I want to sell the future currency for the past currency? I just can’t imagine anything more important for humanity than this.” As for Draper’s $250,000 prediction for the digital asset’s price in late 2022 or early 2023, he said, “I think we’re right on track.” Featured image from AtoZ Markets, Chart from TradingView.com
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Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is “Worthless”

“Bitcoin is a bubble” is something that has been thrown around a lot ever since the last bull run began in 2017. A lot of prominent personalities in the finance industry took this stand when the digital asset hit its then all-time high of $19K. The bear market that followed seemed to validate this for the next few years. Then the bull run of 2020 started and a lot of those sentiments were put on the back burner. But now, John Paulson has come to hit the market with the same thing. Related Reading | Here’s How Much Your $1,200 Stimulus Check Would Be Worth In Various Cryptocurrencies In 2021 Over a decade ago, billionaire John Paulson had bet against the housing market. Paulson had reportedly made his fortune from carefully placed bets against the housing market in 2007. The billionaire had used credit default swaps to bet against the housing market, which looked to be in its subprime. By 2010, Paulson himself had made $4.9 billion from his bet. The complete total Paulson made for himself and his clients from shorting the market in 2007 came out to about $20 billion, making it one of the biggest fortunes ever made in the history of Wall Street. Bitcoin Has No Intrinsic Value Paulson was on Bloomberg’s Wealth with David Rubenstein to talk about trading and financial markets. Paulson remained bullish on gold, as he has been for a number of years now, which he believed is coming into its moment. The billionaire although had nothing good to say about cryptocurrencies. Cryptos received harsh criticism from Paulson, where he stated, “I am not a believer in cryptocurrencies.” Related Reading | Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End Paulson then went on to call cryptocurrencies a “bubble.” Paulson attributed the value of cryptocurrencies to the high demand for them. One could argue that this is the way economics works. Demand always plays the biggest role in how something is valued.  Paulson also explained that there were way too many downsides to bitcoin. He added that the digital asset was just too volatile too short. Hence, the short methods “I would describe cryptocurrencies as a limited supply of nothing. There is no intrinsic value to any of the cryptocurrencies.” Although Paulson spoke critically on other investments like SPACs, he was harshest on bitcoin. The billion said that cryptocurrencies “will eventually prove to be worthless.” Gold Versus BTC Paulson’s track record after his famous 2007 short has not been noteworthy. Although his assets under management grew after the notoriety he gained from that trade, it soon dwindled down as investors pulled out their money. In 2019, Paulson went from managing $38 billion to only about $9 billion assets under management, at this point mostly managing his own money. So Paulson turned his hedge fund into a family office. BTC has surpassed gold year over year | Source: BTCUSD on TradingView.com Paulson is bullish on gold, despite the fact that bitcoin has outperformed the asset consistently over the past decade. While gold has brought consistently negative results to its investors, bitcoin has returned over 200% year over year in returns. Featured image from Bitcoinist, chart from TradingView.com
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Why Breaking $49K Is Important For Bitcoin To See Another All-Time High

Bitcoin has once again dipped back down below its $47K resistance point. This time, the price of the digital asset looks to have turned its attention downwards. While this downward correction continues, it is important to know where this correction might lead. Price dips are not a novel concept in bull markets. In fact, price dips are often expected following a rally in the price of any digital asset. Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish This drop in price is usually the market taking a bit of a step backward. Not necessarily pulling out of the asset. Bitcoin had only recently broken $50K and did not rest at this position for long. So a small downward stretch will most likely lead to a bounce-back that will push the price higher back above $50K. With a consolidation point putting the digital asset at a reasonable position above $50K. Bitcoin Setup For New All-Time High For bitcoin to hit a new all-time high as the market expects, some factors would play into this. Simply speaking, certain signals would need to be triggered for this price jump. Bulls still have majority standing currently, but it is no secret that the bears are determined to drag down the price of the asset. BTC price set to hit new ATH if bounce-back leads past $49K | Source: Twitter This has seen the price of bitcoin forming its first weekly bear after the run-up. As expected, bears are trying to straighten their hold on the market. Dragging BTC price down to test the $40K to $45K range again in the coming days. Current trends for the past 24 hours could very well put the market on track for this breakout level. Unless BTC sees a U-turn. Related Reading | Puell Multiple: The Bitcoin Metric That Says BTC Miners Aren’t Ready To Sell While below $45K is more than likely, BTC price charging back up past $49K will very well see a break away from current bear trends. Not only will this totally weaken bears’ hold but will also trigger a run-up towards $60K. Time To Buy? Despite the recent dip, market sentiments have not moved much. The Fear & Greed Index shows that the market has now moved out of “extreme greed.” But generally has remained in greed, with a current score of 75. Bitcoin’s current price is mostly a buying opportunity for investors in it for the long run. Also known as diamond hands. Losing over $3,000 in the space of 24 hours will usually see a price rebound. The weekend will most likely usher in an uptick in trading volumes that will see BTC recover above its crash point. BTC price falls below $47K | Source: BTCUSD on TradingView.com At this time of writing, BTC is trending around $46,600, with an overall market cap of $881 billion. The beginning of the week saw the price break out past $50K. Current trending patterns show the asset will usher in the weekend below $50K. Featured image from The Independent, charts from Twitter and TradingView.com
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Why An 18% Drop In Bitcoin Could Still Be Bullish

Bitcoin is currently experiencing a downward correction after the price moved past $50K on Monday. While corrections down are to be expected with such a rally, indicators point to this being a bearish scenario for bitcoin. The price looks set to drop further after this correction. This would most likely see bitcoin lost a good percentage of the gains it had made last week. Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys Even though bearish scenarios look negative for the market at large, this scenario is most likely going to play into the favor of bitcoin. Bullish indicators are much easier to spot as indicating an upward trend. But bearish indicators can do as well a job when it comes to speculating on the movement of the digital asset. This current bearish scenario puts BTC in a position to experience a significant downward drop from here on out. Bitcoin Set To Lose 18% Current trends, when compared to that of the previous bull markets, show that a bearish situation is most likely the next setup for the digital asset. This scenario would see the price of bitcoin drop 18% in the coming weeks. Leading to a price drop that would put the floor of the downtrend at $41. This meaning bitcoin would end up losing over $9K from its recent high of $50K. BTC set to witness an 18% drop | Source: Twitter While an 18% price drop is significant, this is needed to complete a setup that would most likely send bitcoin barreling up to $100K. These indicators are behind the recent ambitious price predictions of analysts across the crypto space putting the price of BTC by the end of the year at $100K. The price drop will provide an opportunity for investors to buy into the asset while the market gathers momentum. A bullish signal that would drive the price of bitcoin up 250% got triggered last week. Bitcoin hash ribbons have shown significant buy pressure in the market.  The only catch is a dip is required to complete this trigger. An 18% dip would be the perfect setup for this signal. Completely the bullish setup that saw the price of BTC move up 250% last time a setup like this was completed. Bullish setup requires dip to complete | Source: Twitter Some Bullish Indicators In The Market Other things are most likely going to play into the rebound of bitcoin after the dip. Significant buy pressure in the market will see the value of the digital asset go up. While a dip will further encourage this buying pressure by providing an opportunity for investors to buy in at a slightly lower price in wait for the next run-up. BTC price drops back down to $47K | Source: BTCUSD on TradingView.com Data also shows that holders of BTC are holding for the long term now. This is evident in the number of short-term holders hitting an all-time low. Long-term holding bitcoin addresses have increased. Diamond hands are becoming the more popular way to invest in cryptocurrencies. Hence introducing scarcity into the market as investors consolidate their coins to long-term holding addresses. Related Reading | Here’s What Bitcoin Exchange Inventory Levels Means For The Bull Rally Last but not least is market sentiment. For most of the months following the all-time high, market sentiment had gone into extreme fear. With the recent resumption of the rally, market sentiment has risen out of extreme fear and overall market sentiment has now moved into extreme greed. This plays further into the buying pressure that is currently being experienced in the market because investors, old and new alike, want a share of what bitcoin has to offer. Featured image from CNBC.ca, charts from Twitter and TradingView.com
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Number Of Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The Price

Bitcoin has been doing good lately in the market. The digital asset broke the $50K price point earlier this week, before seeing a slight retracement down to $49K. This has been driven by a number of factors in the market. Growing interest is at the top of the list. As the price rallies, a number of interesting things have been happening in the Bitcoin space, ranging from holding patterns to the duration of the hold. Recent data shows that the number of short-term bitcoin holders has declined to new lows. Most investors are now just holding their coins and not moving them out of their wallets. This is happening regardless of where the price of BTC is at any moment. A record of approximately 84% of the total bitcoin supply has not been moved in three months. This timeline coincides with the end of the last bull rally that saw the asset hit a new all-time to the present rally. Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys Investors Moving Bitcoin Out Of Exchanges A bull rally that would usually lead to an accelerated rate of sell-off is now having the opposite effect. Instead of investors clamoring to sell off their coins and take profits as the price goes up, data shows that investors are hoarding their coins. This is apparent in the inflows and outflows from cryptocurrency exchanges. Related Reading | Crypto Market Goes Into “Extreme Greed,” What This Means For Bitcoin Mounting buy pressures is now the order of the day as long-term holders have refused to move any of their bitcoin holdings. With over 80% of total supply barely moved, demand has now exceeded supply in the market, which has led to growing BTC prices. The accumulation patterns show that long-term holders are just taking shares from short-term holders to add to their stash. Short-term BTC holders are down | Source: Twitter This is leading to scarcity in the digital asset that will see buy pressures continue to go up while sell pressures drop. Outflows from crypto exchanges show that investors are accumulating and consolidating their BTC holdings for the long term. Tides Are Changing, And So Are Hands The past couple of years has seen bitcoin investors change their investment strategy in the market. Before, the predominant investing pattern was to buy the asset, hold for a period of time, then sell off during a bull rally. This has been the case for previous rallies. These patterns always plunged the market into a long bear stretch following a bull market. BTC price corrects down below $50K | Source: BTCUSD on TradingView.com But as the market has evolved, investors are evolving with it. The potential of BTC no longer is a short-term profit grab. Instead, coins are being held for the long term. Bitcoin’s growth over the years has shown that the asset is still only in its early stage of growth. So the next couple of years will most likely see the digital asset post bigger gains. The number of weak hands in crypto is decreasing by the day. More investors are turning towards holding for the long term. Bitcoin now has more diamond hands in the market than there are weak hands. Featured image from USA Today, chart from TradingView.com
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Crypto Market Goes Into “Extreme Greed,” What This Means For Bitcoin

Bitcoin is still headed for the moon even as the weekend goes on. The price of the asset has not seen much in the way of a downturn following its massive price increase from last month. Overall sentiments in the crypto market are still very positive, as evidenced in the Fear & Greed Index. The index which had spent the better part of the last two months following the market all-time high has now turned into the most coveted territory. The crypto Fear & Greed shows that the market has now gone into “extreme greed.” Continuing its upward trajectory from the last couple of weeks. The index had gradually made its way out of “extreme fear,” when the market seemed to be in its most vulnerable. Prices were crashing from both bitcoin to altcoins. This saw sentiments decline into negative. Related Reading | Do COVID-19 Cases Work As A Bitcoin Trading Signal? The first week of August brought a gush of fresh air when the market moved out of extreme fear into the fear territory. Although this was not ideal, it showed that cryptocurrencies were once again making progress. A week of continuous uptrend brought the price of the digital asset into neutral. Then what followed was a quick run-up into the “greed” territory. Bitcoin had broken $40K and there was no telling how long the run-up would go on. Investors did not want to miss out on this and so money poured back into the market. Last week saw the price of bitcoin breaking $48K for the first time in over two months after it hit its $64K all-time high. This continued growth pushed the market sentiment right into ultra-positive, with the Fear & Greed Index running into “extreme greed,” scoring 78 on the scale yesterday and 76 today. Indicating that investors were back putting money into cryptocurrencies. Crypto market moves into Extreme Greed | Source: Fear & Greed Index on Alternative.me Bitcoin Market Taking The Hint With the Fear & Greed Index in “extreme greed,” tremendous buy pressure has been on the market. Money has flooded back into the market, sending the prices of cryptocurrencies skyrocketing. Following this has been the total crypto market hitting $2 trillion again after suffering continuous lows in the preceding two months. Altcoins have seen a lot of growth with this, as has Bitcoin. BTC price trading north of $48K | Source: BTCUSD on TradingView.com Bitcoin price, while currently trading north of $48K, shows tremendous promise in hitting a new all-time high. Indicators point in the direction of this bull rally continuing. Momentum has held up all across the market. This means that even though the price might experience small dips, overall control of the price lies in the hands of the bulls, determined to drive the bullish vehicle for as long as possible. Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys Both institutional and individual investors have shown patterns of accumulation with bitcoin. Exchange inflows have fallen far below exchange outflows, indicating that investors are moving their digital assets from cryptocurrency exchanges for safekeeping in private wallets. Featured image from Finance Magnates, chart from TradingView.com
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South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys

Bitcoin holding is only as good as long as the holder does not lose their keys. It is very important when it comes to holding to make sure that one’s keys are secure. This is because once the keys are lost, there is no way to recover the lost coins. That is how secure the Bitcoin network is. This is the case of a South African man who had accidentally deleted the keys to his wallet that contained 20 BTC. A report from MyBroadband follows the story of 24-year-old Mark Michaels (name changed), an electronic engineer from Pretoria, South Africa, who had lost the key to his wallet which had 20 bitcoins in it. Michaels had mined the BTC 10 years ago when he was still a minor and at that point, BTC wasn’t worth very much. Related Reading | Do COVID-19 Cases Work As A Bitcoin Trading Signal? Coins were still easy to mine and Michaels had mined his loot using a home computer that had an Nvidia GeForce GTS 250 graphics card. Bitcoins were not as easy to sell at that point. And according to Michaels, they weren’t worth much and he had lost interest because the computer could not be used for much else while it was mining coins. How He Lost His Keys Michaels had gone back to check on his bitcoins seven years after he had first mined them when BTC had hit $1,000 per coin, this is when he realized his grave mistake. Michaels posits that he had stored his mined BTC on the original bitcoin wallet software. “I believe I used the original Bitcoin wallet software,” Michaels said. “Which required a wallet key and password to access.” Related Reading | Hot Bitcoin Summer. But Why Altcoins Are On The Rebound While the 24-year-old could not recall exactly how long he had mined the coins for, he believes he mined for a couple of weeks to a couple of months. At that point, he had managed to mine up to 20 bitcoins. The entirety of the coins was only worth about 58 South African cents when Michaels had mined it, which was not much. When he went back to get the coins seven years later, Michaels released he had made a grave mistake. The hard drive where the file holding the coins was stored had been formatted. Efforts to recover the original files from the hard drive proved futile as the drive had already been formatted and written over several times at that point. Related Reading | Here’s What Bitcoin Exchange Inventory Levels Means For The Bull Rally “I remember collecting all the hard drives, memory sticks, CDs, and DVDs, in the house and carefully going through each of them. This took around a week. I also tried running data recovery software on my main hard drive, but this was not of much use. By then, that drive had been formatted and reused multiple times.” Not Leaving Bitcoin Michaels has already made his peace with this loss. Since he never got into cryptocurrency, for him, it was more about being able to use a cool technology. Michaels still currently owns various cryptocurrencies. Although the electronic engineer does not actively invest in crypto. It is more just “playing around on the markets and seeing how things change.” According to Michaels, he still mines cryptocurrency, but not Bitcoin. His current mining activities focus on Ethereum. But only when his rig is not in use does he use it to mine for crypto. Michaels’ BTC would be approximately $900,000 in today’s price of $47,000 per BTC. Michaels’ BTC would be worth ~$900,000 in today’s prices | Source: BTCUSD on TradingView.com Current estimates put the number of lost BTC at 20% of the entire circulating supply of 18.5 million BTC. Most of this is from early adopters who had mostly forgotten about the cryptocurrency after acquiring it due to the value of the coins at the time. When they went back, they discovered that they had lost their keys to their wallets. A popular case of this is James Howells, who had thrown away a hard drive with 7,500 bitcoins on it. Chart from TradingView.com
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Bullish Signal That Resulted In A 250% Increase In Bitcoin Is Getting Triggered Again

Bitcoin signals are usually a good way for traders to know what is coming into the market. They might not always be accurate, but they help to provide information on possible movement patterns in the market. Things like bitcoin green candles will show if the asset is going into another bull market. And usually, these indicators are used to place trades in the market. On this note, the last time that this signal was triggered, the price of BTC grew 250% following it. Related Reading | Bitcoin Dominance Down As Market Hits $2 Trillion, Altcoins Are Taking Over The bitcoin hash ribbons have always been a way to show how strong buy pressure currently is in the market. And the last time the hash ribbons pointed to strong buy pressures, the price of the digital asset experienced a massive bull run. Now, the hash ribbons are beginning to point to a strong buy signal in the market. This signal was last seen towards the end of 2020, and going into 2021, we saw the massive bull run that followed, which led to the price of bitcoin hit a new all-time high at $64K. Buy Signal Shows Another Run-Up Is Coming The chart shows that the current trends of bitcoin put the market under strong buy pressure. Accumulation patterns continue to indicate that investors are now buying coins instead of selling them. Wallets stock up on BTC to add to their holding stash. BTC’s price has held steady momentum following the break of the $45K resistance point, which puts it in a unique position to continue the bull rally. BTC hash ribbons indicate strong buy signals | Source: Twitter The hash ribbons now point to a strong buy signal. If history is anything to go by, then the rally that follows this could see the price of the asset crashing above $100,000 before the end of the year. Given the already high price of the digital asset at this point. Bitcoin price would then be most likely followed by the altcoin market. Pushing the entire market into another bull market. Related Reading | By The Numbers: What $10 In Bitcoin Each Day Would Net Investors One more event remains to be seen which will trigger this rally. The appearance of a dip after the hash ribbons show a strong buy signal has also been a feature of this. A mid-September cycle low will be the last buy signal to be triggered. Then the setup will be complete for the price of the digital asset to rally. Bitcoin Market Staying Green Following the crash from the all-time high, the market was thought to have been in a bear market when bitcoin had broken down past $30,000 for the first time since January. Momentum was down for the months following the crash, which seemed to support the sentiment that the market was finally in a bear. But the last three weeks have proven this to be false. BTC price staying above $45,000 | Source: BTCUSD on TradingView.com Now, investors are pouring back into the market as bitcoin rages on in price. Fueling the bull rally even more given all of the money coming back into the market. Despite small dips, the price of bitcoin had mostly stayed up. Recording 15 green days close in the span of 22 days. Something that had never been seen in the market. As investors buy assets in wait for the next wave of rallies, traders look to the charts for guidance on how to place their bets. The bulls currently have taken over the market, which means shooters have amassed massive losses following the market. Another run-up towards December now seems to be the most likely scenario for the digital asset. Featured image from Bitpanda Blog, chart from TradingView.com
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By The Numbers: What $10 In Bitcoin Each Day Would Net Investors

A lot of new investors believe that they have missed the opportunity on bitcoin. This is simply not true. Less than 10% of the world currently know about bitcoin. That leaves over 6 billion people in the world who do not know about bitcoin. So in actuality, the investors who are getting in now who think they missed the boat are in fact, early adopters. Related Reading | Bitcoin Price Breaks $45,000 For the First Time In Over 2 Months, Is $64,000 Possible Again? That aside, dollar-cost averaging (DCA) has become an increasingly popular way for people to invest in the market. Dollar-cost averaging is simply the art of spreading the investment over a period of time instead of buying everything in one fell swoop. Simply put, say an investor has $1,000 to invest into BTC, instead of buying BTC worth $1,000 at once, they could choose to spread out the buying over a period of time. Related Reading | Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market So said investor could decide that they want to buy the BTC in the span of 10 days. Buying $100 worth of BTC every day for 10 days. Or maybe buying $10 worth of BTC over 100 days. The idea behind it remains the same; spreading the investment out so the impact of volatility is reduced on said investment. How This Would Work Out In Bitcoin Bitcoin is at least a decade old at this point, so a lot has happened in the market. Given its tremendous growth, investors wish they had invested a large sum into the asset when it was still cheap. But what if you had put $10 every day into bitcoin for the last five years? How much would you have now? Related Reading | Bitcoin AT $46K, Will The Market See $50K Before The Next Bear Market? Well, if an investor had investor $10 a day for the past five years in BTC, the total amount spent would have come out a little over $18,300. But the amount in BTC would have been over $334,000. Leading to over 1,800% gains from investment. So a $300 a month investment would have come out to over $300,000 in returns after the initial investment is subtracted. Going even farther back than five years would lead to even more gains. And going back 10 years would have seen investments grow over 100,000% in just the last decade alone. Bitcoin Price Till Date Bitcoins were literally worth nothing when they first came out; $0. They were being given away for free. One could mine with an old laptop and have hundreds of bitcoins in no time. But as people began to see the usefulness of the technology, the price of the asset began to soar. Related Reading | Bitcoin Will Break Above $100,000 In Six Months, CEO Omar Chen This lead to BTC gaining value as time went on. More people began to use the asset. But it still was not well-known until the Silk Road bust. When federal agents busted the website in which BTC was the main currency for trading, everyone wanted to know what this currency was that could not be traced. The price mostly stayed flat following this until 2017, which is when one of the most notable bull markets took place. The price of BTC went surging from below $4,000 to $19,000 between April and December 2017, setting a new all-time high. BTC price has grown over 400,000% since inception | Source: BTCUSD on TradingView.com Back then, it seemed as if BTC had peaked and would crash back to zero. But four years later, BTC is still going strong, with $30,000 being viewed as the bottom for the cryptocurrency. This just goes to show how much more bitcoin can and will grow in the coming years. Featured image from The Week, chart from TradingView.com
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Bitcoin Will Break Above $100,000 In Six Months, CEO Omar Chen

Bitcoin price predictions currently are being fueled by the present price movements in the asset. Prominent figures in the market continue to come out with optimistic price predictions for the asset. $100,000 so far seems to remain a favorite of the majority, with so many believing that the digital asset is set to break that price by year-end. Among the people who believe this prediction is ZB.com’s CEO, Omar Chen. Talking to Cryptogeek, Chen talked about the bitcoin market. The price movements of the digital asset were a major focus for the CEO as he explained that he believed that bitcoin had already seen the bottom for this year, which he placed at $30,000. According to Chen, while the digital asset could have fallen lower below $30,000, “most of the risk is priced in.” Related Reading | Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages For Chen, the fact that bitcoin is a deflationary asset and the scarcity of the asset remains the most attractive monetary attribute of the asset. The 21 million supply cap of bitcoin has always worked in the favor of the asset. As supply runs low, the demand for the asset is set to exceed the available supply, which would, in turn, lead to a surge in the price of BTC. Growing Interest In The Bitcoin Market Interest in the cryptocurrency market as a whole has continued to grow these past years. Despite the long stretch that bitcoin spent in a bear market after the 2017/2018 bull market ended, interest in the digital asset has not declined. Rather, the market has witnessed an influx of new investors into the market.  The returns on the digital asset have also helped on the adoption front, outperforming gold and other top assets in the financial market. BTC price drops 10% in 24 hours | Source: BTCUSD on TradingView.com Chen likened the adoption of bitcoin to the internet back in the ‘90s. Acceptance was sluggish at first as people discounted the impact that the internet would have on the future. Chen predicts that going by this pattern, the market will see another 100 million new users in the coming 2-3 years. Related Reading | Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market A large number of users like this would definitely see the value of bitcoin shooting up. Everyone would want to own a piece of the top cryptocurrency, leading to increased demand, but the supply will not change. In fact, supply will continue to reduce as halvings happen in the market, leading to less BTC being awarded to miners for every block that they mine. 2025 Is The Year Of Omnipresence Following Chen’s analysis of the movement of bitcoin being similar to that of the internet in the ‘90s, the CEO sees a rapid spread of the digital asset all around the world come 2025. Chen’s analysis would see the asset become more mainstream by 2023, most likely coming from adoption from both major and minor companies. Then widespread use of the digital asset around the world as it becomes more acceptable. Related Reading | Bitcoin AT $46K, Will The Market See $50K Before The Next Bear Market? Chen pointed out that the next 2-3 years will see some themes that will be at the forefront of the market. “I think in the next 2-3 years, compliance, institutionalization, and even the entry of sovereign institutions into the market will be the main theme,” said Chen. Bitcoin’s price has held up quite nicely in the market over the past couple of weeks. The bull rally saw the asset bounce around the charts before settling down, making $44,000 its new support point, despite losing over 10% in the last 24 hours. Featured image from Cryptopolitan, chart from TradingView.com
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Bitcoin Price Breaks $45,000 For the First Time In Over 2 Months, Is $64,000 Possible Again?

Bitcoin price continues to see massive gains as the price sees massive recovery in the past weeks. Prices surged this past week which saw the digital asset beating prices that had not been reached since the price crash following the all-time high. Bitcoin had spent months in a rut, as dip after dip saw the price crashing down to as low as $28,000. Speculations following the dip were strongly in favor of the market finally being in a bear market. But it seems that the bull market is not done yet. The market has now seen recoveries across top coins. With some coins posting as much as 15% recoveries in a single day. Bitcoin has now, for the first time in two months, moved past the $45K mark. Related Reading | Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst With this incredible move, it is now left to see where this price bounce will land. The daily gains being seen in the coin price shows that this run-up might continue, with indicators in the market continue to remain bullish. Breaking $45K now puts the pioneer cryptocurrency on track to break an all-time high again. Maybe set a new record while at it. New All-Time High On The Horizon? Analysts have continued to believe that the price of bitcoin remains severely undervalued. With some calling for as much as $100K price targets for the asset before the year runs out. With bullish sentiment still in full gear, the price of the digital asset is most likely going to continue to go up. Indicators like the Fear & Greed Index have moved out of extreme fear, and the last reading showed that the market has now moved out of fear territory completely. The indicator now sits at neutral for the past week. With readings for this week expected to fall into greed territory as more investors return into the market. BTC price breaks north of $45K following run-up | Source: BTCUSD on TradingView.com On-chain analysis also shows things like daily bitcoin transactions are now up a whopping 94% since daily transactions had tanked following the numerous price dips the asset had experienced. Long-term analysis points to the rally still being in its early stages following the $45K break. Another surge is most likely going to send the price of the digital asset ricocheting into the $60K territory. Investors Continue To Hoard Their Coins Instead of selling their bitcoins, investors have now taken to withdrawing their coins from exchanges in order to hold them in personal wallets, according to on-chain analysis. Accumulation patterns now show that more coins are leaving exchanges than are being sent to exchanges. The numbers show an active buy pressure in the market, which leads to the price of the coin going up as demand grows following buy pressures. News like Coinbase adding Apple Pay options to buy crypto also opens the market up to even more potential investors. Related Reading | Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages Trends show that investing in bitcoin is turning away from just making a profit in the market. Strong belief in the market and blockchain technology continues to draw staunch supporters into the market who believe cryptocurrency is the future. With this, bitcoin’s price will most likely continue to see price increases. The rally is most likely to continue given that bulls have now taken over the market. And the price is responding to this takeover. Featured image from BlockPublisher, chart from TradingView.com
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Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages

Bitcoin accumulation patterns continue to point to the fact that the recent rally might not be ending anytime soon. Investors have continued to hoard assets as the volume of bitcoins sent to exchanges to be sold off or traded falls below the accumulation rate. Outflows from exchanges have continued to exceed inflows into exchanges. Signaling accumulation patterns rather than sell patterns. Related Reading | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle Wednesday saw the price of bitcoin dropping below $38,000 to be trading in the $37,000 range. Inflows of 11.3K BTC to exchanges correlated with this drop in price. But then the next two hours following this price dip saw more outflows of bitcoins from exchanges. 19.3K BTC were removed in the next two hours following the price dip. Showing investors were accumulating their coins rather than selling. Exchange Reserve Volumes Continue to Plummet Outflows from exchanges to personal wallets for safekeeping continue to be on the rise. Bitcoin exchange reserve volumes have seen decreasing numbers following the price crash from the all-time high, and the number has continued to go down. More coins leaving the exchanges than coming in shows that there is currently no selling pressure. Thus, accumulation is the order of the day as investors try to get their hands on as many coins as they can. Related Reading | Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst Just over a week ago, a report from CryptoQuant showed that the volume of BTC currently held on exchanges dropped over 100K in just the span of two days. Numbers like these often indicate that there is significant buy pressure in the market. And buy pressures usually lead to accumulation, which in turn drives the value of the asset higher. Top exchanges continue to see large volumes of BTC leaving their exchanges on the daily. Centralized exchanges like Binance and Coinbase have seen the highest number of Bitcoins moved out of their exchange. Related Reading | Bitcoin To Surpass $120,000 In A Year, Says Pantera CEO Investors continue to see the merit in investing in cryptocurrencies like BTC. Indicators show that general market sentiment continues to buy and hold. So, these investors are going to continue to buy as many bitcoins as they can, and hold these coins in wait for bull rallies. Bitcoin Continues To Move Forward Bitcoin continues to see favorable outlooks despite the price taking hits in the market. Following El Salvador’s lead, as they make BTC a legal tender, Uruguay recently proposed a bill to also make the cryptocurrency legal tender in the country. Megabanks JP Morgan and Wells Fargo have both announced that their high-net-worth clients would have access to investment options that would provide them exposure to the crypto market. Hopefully leading to the opening of these investment options to the rest of the general public. BTC price close to testing $41K resistance point | Source: BTCUSD on TradingView.com Market analysts continue to see bullish movements in the price of the asset. With on-chain data analysis showing that daily transaction volumes are up following the recent price rally. With so many bullish indicators, it is no stretch to think that the rally might just be beginning. Bitcoin still may be able to break $50K before the year runs out if these indicators are anything to go by. Featured image from Flickr, chart from TradingView.com
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Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why

Fast Money trader Brian Kelly was on the show recently to talk about Bitcoin’s recent price surge. The surge which had happened at the end of the weekend had seen the price of Bitcoin rise over 10% to surpass $39,000, gaining over $4,000 within a day. Brian Kelly agreed with show host Melissa Lee saying that the short-covering contributed to the price surge. Kelly explained that a high number of short coverings around the asset saw the price shooting up as the weekend drew to a close. A lot of factors have been speculated to have given rise to the price spike. Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist Rumors of Amazon integrating Bitcoin on its platform had been the front-running theory behind the price spike. But Kelly explained that the rumors were only part of the reason that the digital asset had seen significant movement. Outlining other factors that contributed to the rally. Catalyst For Price Spike Brian Kelly addressed the speculations of the Amazon news being the main catalyst for Bitcoin’s price surge. Kelly explained that the Amazon news had been out in the market about a week before the momentum picked up. According to Kelly, the high amount of shorts coupled with the news of Amazon and Tether’s news led to a “big short squeeze” as the weekend drew to a close, which is when the market is usually less liquid than usual. BTC price breaks $40,000 for the first time in over a month | Source: BTCUSD on TradingView.com The short squeeze had seen over $1 trillion shorts liquidated in a matter of 24 hours as the price surged. With Bitcoin contributing over 70% of this amount, seeing over $800 million shorts liquidated in the same period of time. Following the short squeeze has been a bounce-back of the trading volume and volatility levels of Bitcoin, which had been trending at yearly lows for about a month. The digital asset has since picked up momentum and the market seems determined to ride out this wave for as long as possible. Still Bullish On Bitcoin Kelly responded to a question regarding the price of the asset bouncing back before reaching $40,000. Saying that the bounce had come as no surprise. Kelly personally remains bullish on bitcoin. “The real game here is whether or not it is going to be adopted as an institutional asset,” Kelly said. “And I don’t see anything that has changed my mind on that.” Continuing on, Kelly added the decision of the federal bank and federal reserve to keep printing money could be a determining factor. To which Kelly said, “By my score, I don’t see how they cannot continue to print.” Related Reading | Bitcoin Price Drops $1,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors The rate at which the Fed prints fiat money continues to be a concern for investors. This could lead to inflation if the amount of paper money being printed is not controlled. To this end, Bitcoin becomes an attractive asset for investors who are worried about inflation. Given the limited supply of the asset, there is simply no way for an individual or government to print or make more coins. Hence, fighting inflation. Bitcoin continues to see bullish movement. At the time of this writing, the asset price has now broken $40,000 and continues to trend upward. Featured image from NBC News, chart from TradingView.com
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Bitcoin To Reach New All-Time Highs, Market Strategist

Market strategist Michael Lee says that he sees bitcoin reaching new all-time highs. Lee was on Fox Business Monday in an interview to talk about his outlook on bitcoin. Lee is the founder of investment firm Michael Lee Strategy which offers wealth planning and investment management to clients. Michael Lee Strategy offers its services as an investment adviser representative through Compass Financial. Related Reading | Bitcoin Volume Continues To See Yearly Lows As Price Struggles To Recover The founder sees a good future ahead for bitcoin which he explains as a momentum asset class. Michael Lee who is an investor himself does not believe bitcoin will be slowing down soon, calling even new all-time highs for the digital asset as more time passes. According to Lee, he believes that the digital asset will definitely bring in as much profit or even more than any of the other digital currencies currently in the market. The Best Days Are Ahead For Cryptocurrencies Market strategist Lee said in the interview that the best days remain ahead for cryptocurrencies, and in particular, bitcoin. The strategist explained that bitcoin is a first mover in the market. Predicting the asset will do just as well as other digital assets or even better than others. BTC market cap now sits at $718 billion | Source: Market Cap BTC on TradingView.com Speaking about fed regulation for bitcoin and cryptocurrencies, Lee said, “I think it’s a long time before we see any sort of taper or any sort of restrictive policy from the Fed.” Lee continued on to say, “it’s not only like that with the Fed. It’s also like that with central banks worldwide.” Lee’s resolve in the future of the coin looks unshaken, looking positively ahead for the price performance of the coin going forward. Bitcoin High Price A Result Of Endless Money Printing Michael Lee also took time in the interview to address the current speculations in the market that connect the recent bitcoin price surge to the rumors of Amazon adding digital currencies on its platform. Talking on this, Lee said that the theory of the price surge being related to the price increase was wrong. Related Reading | Over $800 Million Bitcoin Shorts Liquidated As Price Surges 12% In 24 Hours Lee attributed the growth of the digital asset to $60,000 back in April was due to governments printing money and not limiting the amount of fiat being printed. The founder pointed out that it was hard to explain how the price movements work. But related this to trading activities being carried out in the crypto market. I think it’s hard to explain some of these moves, but it’s a very much a momentum asset class. So, as soon as you get a little bit of momentum to the upside, the follow on trades just keep coming and coming and coming. And then all of a sudden you go from $29,000 to almost $40,000 in the span of a little over a week. Featured image from Forbes, chart from TradingView.com
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Number Of Investors Holding Bitcoin Tripled In Last Three Years

A recent Gallup poll has shown that the number of investors who own bitcoin has tripled since 2018. U.S. investors are showing increasing interest in the digital asset. The number which sat at 2% back in 2018 has now tripled in 2021 as that number now sits at 6%. The investors included in the poll were investors who owned $10,000 or more worth of stocks, bonds, and or mutual bonds. Ownership among investors aged 18 to 49 had grown 10 percentage points to 13%, up 10% from just 3% back in 2018. While investors aged 50 and older, only 3% said they owned bitcoin. Compared to 1% from back in 2018, showing the number had tripled in the last three years. Risk Tolerance For Bitcoin On The Rise From 2018 until now, the number of investors who think bitcoin is “too risky” to invest has been declining steadily. The poll showed that following the 6% of investors that confirmed they already owned bitcoin now, another 2% of investors said they would most likely buy into the digital asset in the near future.  In comparison to 2018, less than 0.5% of investors had said that they would probably buy the cryptocurrency in the near future. Related Reading | SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk The number of investors who said they would never buy bitcoin had also dropped. The poll in 2018 had shown that 72% of investors said they would never consider buying into bitcoin, showing absolutely no interest in the digital asset. Now that number has dropped from 72% to 58% who say they would never consider buying into the digital asset. The survey also consisted of a section that had investors who were curious about the digital asset but did not think they would be buying into the asset anytime soon. The percentage of investors in this category was 34%, up from the 26% in 2018 who had said they were intrigued but would not be buying into the asset. Age And Sex Disparities Gallup’s poll also featured a separation of the information into age groups and sex. Bitcoin ownership was up all across the board. Interest in the digital asset was also up with investors that were surveyed in comparison to the 2018 data. Related Reading | Bitcoin Volume Continues To See Yearly Lows As Price Struggles To Recover The report showed that the percentage of women who currently own bitcoin in the U.S. is currently 3%, up from 1% in 2018. While in men, the number of investors who own the digital asset in 2021 is now 11%, up tremendously from a mere 3% back in 2018. Age disparities also showed a clear demarcation. Investors who were aged 18 to 49 were more likely to own the digital asset and investors over 50 years of age were less likely to own. Older investors who had no interest in ever buying or owning the digital asset was 80%, the highest of any group. BTC price currently trades above $32,000 | Source: BTCUSD on TradingView.com The sex disparity in investors regarding bitcoin was the same throughout the board. Male investors were more likely to own or invest in bitcoin than female investors. Sentiments towards the digital asset have moved more towards the positive in the past three years. The percentage of investors who considered the asset “very risky” in 2018 was 75%, now that number is down to 60%. 35% of investors said they still consider the asset “somewhat risky,” while 5% said they did not consider the asset “not too risky” or “not risky at all.” Featured image from NewsBTC, chart from TradingView.com
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SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk

Elon Musk has revealed that Space X, his rocket company, owns and continues to hold bitcoin. Musk was on The B Word conference to talk about bitcoin and other cryptocurrencies, alongside well-known personalities in the crypto space like Twitter CEO Jack Dorsey, and CEO of Ark Invest Cathie Wood. The trio was also joined by Steve Lee, who is the Lead for Square Crypto, which is an arm of Square dedicated to digital currencies. The panelists are all BTC investors, with Jack Dorsey and Elon Musk confirming that they both personally own the digital asset. Related Reading | Make It Rain Satoshis: Las Vegas Strip Club Starts Accepting Bitcoin Payments Cathie Wood’s Ark Invest has continued to pour more money into firms involved in the crypto space. Ark Invest was one of the first to invest in Coinbase when the crypto exchange had gone public, with approximately $1B already invested in the company by Ark Invest. Also owning about 7 million shares in the Grayscale Bitcoin Trust. Significant Bitcoin Holdings Talking further about his holdings in crypto, Musk explained that the only significant holdings he possessed besides Tesla and SpaceX happened to be bitcoin. Confirming that the rocket company SpaceX held bitcoins, Musk said that the company is not selling the digital asset anytime soon. Related Reading | Billionaire Tim Draper Is Unfazed By Market Downtrend, Doubles Down On $250,000 Bitcoin Price Target While it was public knowledge that Tesla held the digital asset after it had started receiving payments in the asset for its electric cars earlier in the year, there had been no confirmation if the billionaire’s other company SpaceX held any of the digital assets. Speculations continued in the market that SpaceX had indeed bought into the digital asset after Tesla. Now, Musk has confirmed that this is true, that the spaceship company did in fact hold the crypto on its balance sheet. Tesla Might Resume Accepting Bitcoin Payments Back in April, electric automaker, Tesla had confirmed in an SEC filing that the company had indeed bought $1.5 billion worth of bitcoin which is held on its balance sheet. Not too long after this, the automaker announced that it had started accepting payments in the digital asset for its electric vehicles. The market reaction to this news was immense as the price of the asset rose quickly in response to this announcement. But then at the beginning of March, the company retracted this payment option, citing the environmental impact of mining as being the reason it would no longer accept payments in the digital asset. Related Reading | Cathie Wood’s Ark Invest Sinks Another $10.8 Million Into Grayscale’s Bitcoin Trust Talking about this decision and if there was any chance of Tesla going back to accepting bitcoin payments, Musk explained that the company would most likely resume accepting the digital asset as a method of payment. But that a little more due diligence is required in order to confirm that the energy usage of bitcoin mining was at least 50% renewable. Although Musk has now confirmed that SpaceX holds the digital asset, the billionaire did not disclose how much of the digital asset the rocket ship company currently holds on its balance sheet. BTC currently trading at above $31,000 | Source: BTCUSD on TradingView.com
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Bitcoin Volume Continues To See Yearly Lows As Price Struggles To Recover

Bitcoin’s seven-day average trading volumes have continued to remain low, as the seven-day average trading volumes only reaching $3 billion. This comes on the heels of the digital asset seeing declining volatility in the market. The bitcoin trading market had seen a marked shift in trends as the average trading volumes remain at yearly lows. This trend follows the trend seen in trading volumes from last summer. Bitcoin volume had also remained low last summer, and this summer so far has followed the same trend. Bitcoin trading volumes had seen a small recovery after a dip in June when crypto trading volumes were down all across the board. But now, volumes have continued to plummet. Related Reading | Retail Traders Pile On Shorts, Is This The Bitcoin Bottom? Bitcoin’s daily trading volume had hit its peak towards the end of May and the beginning of June before recording a sharp decline in its trading volume in the market. Bitcoin Volatility Continues To Decline Bitcoinist had reported back in June that the digital asset’s volatility levels had declined to the lowest levels since the bull run had begun back in 2020. So far, there has not been much change since the report had been posted. Bitcoin volatility continues to follow the dipping price of the digital asset, which has continued to stagnate since the crash started after hitting a new all-time high. BTC total market cap back up above $600B | Source: Market Cap BTC on TradingView.com According to Arcane Research, volatility levels continue to decline on a seven-day basis. The seven-day average for the digital asset’s volatility reached 1.68% for the past week. Seven-day volatility levels have not been this low since October of 2020 and fall in step with volatility levels from last summer. For the past month, volatility has shown downwards movement. Speculations remain that at the end of this volatility drought is a period of extreme volatility that would come with a recovery in the price of the digital asset. But there has been no significant recovery since the report came out. Price Setup For Recovery The continuous lows of bitcoin volatility have converged toward the end of a two-month consolidation range. With this setup, a spike is imminent at this critical level for the digital asset. Bitcoin’s momentum has slowed down significantly and the bears look to have a stronger hold on the price than the bulls. The asset came close to falling to the next critical support level at $28,500 after the price crash below $30,000. Although the digital asset has since recovered and is not trading back up past $31,000. Related Reading | Bitcoin Crashes Below $30,000, Bear Market Or Bullish Setup? A bounce on current support levels could see a continuation of the $32,000 consolidation level. This would be a resistance level that traders would be keeping a close eye on. A price correction back above the $32,000 support level is imminent as the price is poised for recovery. But the market would need to see significant momentum for the digital asset to achieve this. The market cap of bitcoin has recovered to over $600 billion, as the market continues to see price corrections. Featured image from USA Today, chart from TradingView.com
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Bitcoin Crashes Below $30,000, Bear Market Or Bullish Setup?

Bitcoin has finally crashed below $30,000 for the first time in a month after the digital asset had recovered above this point following the crash to the $28,000 range in the last month. Market volatility levels have continued to remain low while the digital asset price continues to suffer. Market sentiments seem to remain in the extreme fear range as investors hold off putting more money into digital assets. Bitcoin continues to show bearish tendencies as, despite best efforts, bulls have not been able to drag the coin out of its three-month-long decline. Breaking the critical $30,000 hold that holders have tried to keep the digital asset price. Market indicators so far continue to show that the digital asset might be headed for further decline. Related Reading | Retail Traders Pile On Shorts, Is This The Bitcoin Bottom? The price of the digital asset has now hit the same price that the coin was at the beginning of the year 2021. Showing that this dip might be continuing on further down than the market anticipates. Bitcoin Market Dominance Continues To Decline Bitcoin is the first cryptocurrency and certainly the most valuable has always maintained market dominance over the other crypto assets in the market. The market dominance was well above 50% at the beginning of the year but now that number has declined to less than 50% market dominance for the coin. Bitcoin market dominance at 42% | Source: BTC Dominance Index Chart from TradingView.com The price crash in May saw the market dominance for the digital asset take a sharp decline as other crypto-assets started to step up their game and take more market share. With coins like Ethereum slowly but surely taking a much larger market share. Related Reading | Bitcoin Might Already Be In A Bear Market, Investors Just Don’t Know It Yet Bitcoin dominance saw sharp declines in 2017 when other crypto assets started gaining notoriety. In 2017 alone, the digital asset saw its market dominance go down from 95% to 52%, before recovering up to 70% as the last bear market raged on. But now, bitcoin has started losing much of that dominance, currently sitting at 46% market dominance. Bear Market More Likely Than Bullish Setup Massive FUDs in the market might point more to a bearish trend than it does to the bullish setup. There have been debates about whether events like the China crackdown on mining and crypto bans have been a good indicator for the crypto market at large and consensus seems to be that the events will help to make digital assets even more valuable. While things like this might be true in the long term, it seems so far to not be good for the long term. With the FUDs have come decreasing prices in the market and the charts continue to be in the red. Bitcoin price crashes below $30,000 | Source: BTCUSD on TradingView.com With investors still being wary of putting money in the market, the price has so far suffered. Despite institutions like Michael Saylor’s MicroStrategy continuing to be bullish on bitcoin. Bitcoin is currently trading at $29,764, with an overall market cap of approximately $557 billion. Featured image from Investment U, charts from TradingView.com
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Billionaire Tim Draper Is Unfazed By Market Downtrend, Doubles Down On $250,000 Bitcoin Price Target

Bitcoin is not new to enthusiasts setting high price targets and forecasts that seem wild. In this vein, Tim Draper, who has always been a strong bitcoin advocate has been one of those giving the digital asset a high price target. Back in 2018, the billionaire had made a price prediction that seemed to most […]
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