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Bitcoin (BTC) Price Finds New 2018 Low at $3,180 USD as Investors Seek for the Bottom’s Bottom

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The mathematics of market economics demains a cyclical progression. When Crypto prices hit their peak in January many were bracing for the inevitable downturn. This came and the markets settled at an unexpectedly low $6000 range. Then last month prices began dropping again, this time moving into the dangerously low $3000.

Despite the recent tumble, the flagship coin had held fast at around the $3400 value. However, that came to an end when Bitcoin (BTC) once again faltered on the 13th of December, tumbling to a new year-to-date low at $3,220.This drop has seen a cumulative effect with more than 3 percent shaved off the total market capitalization of the collective coins’ market, in just over a day of trading.

In real monitory terms that is nearly $5 billion. At the time of press, the total market valueof all circulating cryptocurrencies is just a shade under $105 billion.

While this statistic is sobering when one considers that the BTC market cap alone, in January, stood at nearly $300 billion, it is interesting to note that the 24-hour volume has not fluctuated too much. While the ongoing bear market strengthens its stranglehold, Bitcoin has been able to maintain its primacy, still leading the pack with a 55% market share.

This is only expected to get better as countries introduce more stringent regulations, ICOs and altcoins are expected to start to crumble.

Cryptos In Turmoil

After oscillating between the 3,300 and 3600 range for a couple of days, many had assumed the worst was over. Thursday shattered that illusion when the prices started another downward movement. The prices began sliding steadily and then, presumably due to sell orders, kept slipping. At one stage hitting $3,220, where the asset’s year-to-date low lies. At the time of writing, this has jumped back to $3320, though still losing over 3 percent.

As expected this sort of turmoil extended to other cryptos, small and large. While some were able to escape relatively unharmed; Ripple (XRP), for instance, losing 2.4% while Ethereum (ETH) was down by 3.6% in the last 24 hours of trading.

Some were not so lucky and suffered a fair bit; the likes of Stellar’s XLM losing -7.2%, Bitcoin SV down -8.8% and Bitcoin Cash behind by a massive -12.3% in the same period. Apart from a handful of coins, most had a similar story of loss.

Cryptocurrency: A fad or undervalued gold

As has become the norm, any time the market prices go down, pundits call it the demise of the blockchain. A recent comment on the current state of cryptos by Jani Ziedins, an analyst from CrackedMarkets, followed familiar lines.

He raised concerns about the inability of cryptros in general and BTC in particular, to break out from its price bracket. This he feels should concern investors as the longer these depressed prices are maintained; the more the asset is undersold, the less likely it is to bounce back.

He added to this by stating that “the public has largely written cryptocurrencies off as a fad,” and are putting their money elsewhere.

This is in stark contrast to the views held by Tom Lee, head of research at Wall Street’s Fundstrat. The ardent crypto supporter has been quoted saying he sees BTC as being undervalued. According to his estimates, the true value of BTC should be in the range of $13,800 to $14,800.

This he feels is due to the regularly growing number of active wallet addresses and the ever-increasing transaction counts. Thus with continuous and ever-expanding use, this price band will ultimately be reached and settled upon.

Lee is not alone, with many analysts and experts sharing his view. While it is always an outside possibility that this will all burn, the fate of this technology lies in a little faith. Whether this latest retreat halts here or continues, remains to be seen.

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BTC Could “Easily” Surpass Gold in 20 Years. Mike Novogratz Says

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Many people believe that cryptocurrencies represent a revolution of similar or superior importance to other significant events such as the appearance of the Internet. The introduction of Bitcoin (BTC) and its characteristics have enthused thousands of investors and influencers with increasing effusivity.

While some believe that cryptocurrencies will disappear due to their lack of intrinsic value, others like Mike Novogratz think that blockchain technologies, and especially Bitcoin, can surpass gold as the primary means of storing value in the world.

BTC MARKETCAP COULD EASILY HIT 8 TRILLION

In an interview with Anthony Pompliano, Mr. Novogratz explained that in a span of about 20 years, Bitcoin could “easily” increase its marketcap by 100x, if technological and legal developments continue to facilitate its adoption. This would imply that we would be talking about figures close to 8 Trillion dollars in total marketcap for Bitcoin alone in the next two decades:

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet

Novogratz has always defended the idea that Bitcoin will start a new Bull run when governments develop more specific regulations that appeal to institutional investors. In this regard, he explains that it is only a matter of time before large capital investors enter the space:

“I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.

Listen, the regulatory framework isn’t there yet on security tokens. We’re working really hard on our security token business and we’ve got, I think, some cool things in the hopper.”

BOW DOWN AND THANK SATOSHI!

Finally, in the climax of the interview, Novogratz’s enthusiasm was such that he even said that people should bow down and thank Satoshi Nakamoto for creating Bitcoin (BTC).

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Bitcoin Price Consolidation Continues, Downside Break Looks Likely

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  • Bitcoin’s current trading range of $3,920–$4,055 could be breached to the downside, as last week’s doji candle created at the key 21- week moving average resistance is signaling bullish exhaustion.
  • A downside break of the trading range, if confirmed, could yield a sell-off toward the support levels lined up at $3,775 and $3,658.
  • On the higher side, a UTC close above $4,055 is needed to put the bulls back into the driver’s seat, although that looks unlikely at press time.

Chart signals of bullish exhaustion suggest bitcoin’s (BTC) narrowing trading range could soon be breached to the downside.

The leading cryptocurrency by market value is sidelined below $4,000 for the fourth straight day, and has been restricted to the narrow range of $3,920–$4,055 since March 17, according to Bitstamp data.

More importantly, prices clocked a high and low of $4,055 and $3,920, respectively, last week before closing Sunday (UTC) largely unchanged at $3,970. The price swing formed what’s termed a doji candle on the weekly chart, which is usually taken to represent indecision in the marketplace.

The candle, however, has appeared following a 20 percent rally from lows near $3,300 seen at the end of January. So, it could be argued that the indecision, as represented by the doji, is predominantly among the buyers.

As a result, the probability of BTC ending the ongoing consolidation with a convincing break below $3,920 appears high.

As of writing, BTC is trading at $3,970 on Bitstamp, largely changed on a 24-hour basis.

On the daily chart, the short-term MA studies are now biased toward the bears, with the 5-day MA having dropped below the 10-day MA. Further, with the price well below the March 21 high of $4,055, the bearish outside-reversal candle created on that day is still valid.

So, the sideways channel seen in the 4-hour chart could be breached to the downside in the next day or two.

A range breakdown if confirmed would open the doors for a deeper drop toward $3,658 (Feb. 27 low).

A UTC close well above $4,055 would revive the short-term bullish view and could yield a rally toward $4,200, although gains may be short-lived, as the 21-week MA is still trending south.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

source:coindesk.

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What will it be for Bitcoin? $5,500 or $3,000?

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Although the world’s most popular cryptocurrency is still trading in its long-established range between $4,000 and $4,100, some analysts believe the moment of truth for Bitcoin is near. What will it be for Bitcoin? $5,500 or $3,000?

Bitcoin has been trading between the $4,000 and $4,100 range for the last 10 days, and today Bitcoin’s trading behaviour was no different. Bitcoin is currently trading at a price of $4,020 while showing a minor loss of -0.24%, according to coinmarketcap.com.

Most analysts are looking at the upper bound of BTC’s current trading range, the $4,200 price mark, which will most likely act as a level of serious resistance again.

However, a Switzerland-based cryptocurrency analyst, who goes by the Twitter handle, Crypto Krillin, recently took to Twitter to state that the moment of truth for Bitcoin is very near. According to the crypto trader, or BTC will fly straight towards the $5,500 price mark, or we will re-visit $3,000.

Read more: Bitcoin or Gold? Or both?

The Swiss cryptocurrency trader is not the only crypto analyst who seems to be convinced that Bitcoin’s upside target currently exists around the $5,500 price mark.

Just a few days ago, Chepicap reported that Galaxy, another popular cryptocurrency analyst on Twitter, explained to his nearly 50k followers that Bitcoin is pointing to a promising potential for the number one cryptocurrency, hinting to an imminent surge of 35% to $5500.

Despite many analysts reporting optimistic views on Bitcoin’s near-future upward breakout, another widely recognized cryptocurrency trader known to the Twitter community as ‘The Crypto Dog’, recently came forward stating that it is still possible for Bitcoin to drop to $3,500 in the short term, adding that the market conditions haven’t changed over the last several days.

Read more: Bitcoin can surge as high as $400,000

According to crypto technical analyst known as DonAlt, we can only conclude crypto winter is over until Bitcoin crosses the $4,600 threshold and moves towards $5,000 and $6,000.

‘Volume isn’t what will convince me that the bear market is over’, he said. ‘A bullish market structure along with a break of at least $4.6k is. It’s interesting that we’ve had so many altcoin pumps while the general market cap hasn’t really changed. That makes me think there is very little new money coming in.’

Source:chepicap

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