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Is it a Bear Market or Just Back to Reality for Bitcoin

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Bitcoin has slipped below $7,000 to hover in the mid-six thousand range again this week with growing speculation that it may fall below six as investors get panicky and sell. Maybe the question to ask is, is this the start of a new bear market or just a return to normalcy?

Maybe it’s Not a Bear Market

The six-month meteoric rise of cryptocurrency prices and popularity from July 2017 through to January 2018 made a lot of people rich and brought a lot of attention to the space but it may also have caused a lot of damage to the long-term growth and development of the technology.

When the rush was on buying Bitcoin became a get rich fast scheme for many and that in turn brought in the scammers which got the attention of the worlds regulatory bodies who, without really knowing how to classify digital monies, have created an environment of doubt and fear around them. For those who bought in late 2017 when Bitcoin was at record highs, the recent price marks feel like massive drops in value but step back a bit to look at Bitcoin over a two year period and the term bear market does not apply.

It’s true that Bitcoin fell in value this week losing 4.6% alone on Tuesday and that it is down over 50% so far this year but look back a year ago to June 2017 to see that it was trading at around $2,000 then. Travel back another year and it was selling for about $750 per coin. Perhaps what we are seeing is a return to a realistic valuation of the coin after it experienced an unprecedented 1,400% surge in price over six months in 2017.

Lower prices May be a Good Thing

Commenting on reasons for the recent downturn Kyle Samani, managing partner at Austin, Texas-based crypto hedge fund Multicoin Capital told MSN Money “I don’t think this is driven on any particular news, just the general downtrend after the 2017 run,” before adding;

“A lot of people who bought at $9,000 in April are realizing that they’re not going to break even anytime soon, and are instead trying to get out.”

This bursting bubble, bear market or return to realistic valuations may be good for the space and the future of the technology in the long run. Without the possibility of overnight riches, the scammers and pitchmen should fall away, the shitcoins disappear, regulatory agencies can take a breath and finally present some clarity and those who truly believe in crypto will be left to continue developing the technology.

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Bitcoin

Bitcoin could hit $62k by end of October, claims trader

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As Bitcoin (BTC) is testing new resistance levels above $9000, one trader has pointed out that the momentum could be even stronger than it looks. If a pattern from 2017 is anything to go by, the top crypto could rise well above its all-time high.

Crypto trader Galaxy (@GalaxyBTC) pointed out that the week preceding today has seen a similar candle set-up to one that occurred back in 2017, when the last big bull run was building up steam.  

After that week’s price action, BTC then saw a price increase of 570 percent. This happened over the course of 147 days, just under 5 months. If this pattern happens again in the same way, BTC will be trading at around $62,000 by the end of October. 

Opinions about this prediction on Twitter were divided. Some agreed with the assessment, with one observer pointed out that they made a similarly bullish claim not long ago. Others questioned the analysis, and suggested that the user was just making outlandish predictions to get followers.

Source.chepicap

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Bitcoin

Bitcoin: Third coming of the green Super Guppy buoys bulls as price consolidates over $9,000

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Bitcoin broke out of its sluggish blues by breaking the $9,000 mark for the first time in 13 months, earlier this week. With several analysts pegging the rise of Bitcoin to be a consequence of the Facebook Libra pump, a more wholesome look at the charts indicates a more consolidated rally, rather than a myopic push.

A recent piece of analysis by Josh Rager, a cryptocurrency analyst and advisor for Token Bacon and Level Invest, revealed that the Bitcoin market was primed for an upswing that will mirror previous bullish rallies of 2012 and 2016. Facebook might have been the catalyst to push the market out of the June slump, but Libra cannot prolong the high, and by the looks of it, the market is likely to march forward on its own.

The Super Guppy indicator which indicates trader behavior based on sets of moving averages, has flipped from red to green on the weekly Bitcoin chart, indicating a sustained bullish swing to the market. As mentioned previously, this is the third coming of the green-switch on the weekly BTC chart; the first two saw the price of the cryptocurrency surge to $1,000 and then to nearly $20,000.

Source: Twitter

Rager posited the historical price movements of the cryptocurrency based on the first two occasions of the Super Guppy indicator flipping green. With reference to the recent flip, he stated that the market is likely to be “bountiful,” for “the next few years,” given the manifestation of the “flip,” in the month of June 2019.

His full tweet read,

It’s finally here…

The Bitcoin Super Guppy has flipped green on the 1-week chart

2012: 400-day uptrend followed a flip green

2016: 700-day uptrend followed a flip green

2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years pic.twitter.com/6zAn1qgtBy

— Josh Rager  (@Josh_Rager) June 18, 2019

The price of the top cryptocurrency in the market has been on a rollercoaster ride since the beginning of April 2019. With the breach of the 200-day Moving Average on April 2, Bitcoin’s price took a turn for the better, which according to Fundstrat’s Thomas Lee, was the key trigger to the bullish market. Further, the king coin’s “Golden Cross” was realized in April, something that had previously taken the coin to an unprecedented high in December 2017, before switching to a “Death Cross” last year.

At a time when the likes of Fidelity, Facebook, and JP Morgan are veering towards the cryptocurrency market on the big-name side and at time when Bitcoin is trading within the Golden Cross and its Super Guppy has flipped green, the price can only consolidate from this point on and move higher.

Source :ambcrypto

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Bitcoin (BTC/USD) forecast and analysis on June 18, 2019

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Cryptocurrency Bitcoin (BTC/USD) is trading at 9096. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.

Bitcoin (BTC/USD) forecast and analysis on June 18, 2019

As part of the Bitcoin exchange rate forecast, the test level of 8950 is expected. Where should we expect an attempt to continue BTC/USD growth and further development of the upward trend. The purpose of this movement is the area near the level of 9820. The conservative area for buying of Bitcoin is located near the lower border of the Bollinger Bands indicator bars at the level of 8050.

Bitcoin (BTC/USD) forecast and analysis on June 18, 2019

Cancellation of the option to continue the growth rate of Bitcoin will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair below the 8020 area. This will indicate a change in the current trend in favor of a bearish for BTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on June 18, 2019 implies a test level of 8950. Further growth is expected to continue to the area above the level of 9820. The conservative area for buying Bitcoin is located area of 8050. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 8020. In this case, we can expect further the fall.

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