Connect with us

Bitcoin

Dow Dips, Bitcoin Clings to Gains as Tuesday Promises Volatility

Published

on

In the last 24 hours, the cryptocurrency market recovered by $4 billion as the Bitcoin price rebounded above $3,700.

Several major crypto assets in the likes of Ethereum and TRON have recorded large gains on the day, rising by more than three percent against Bitcoin.

Even if the price of Bitcoin and other crypto assets continue to decline substantially in the first two quarters of 2019, one trader sees the market massively recovering by the end of 2019.

How Can Bitcoin Initiate a Big Rally by the End of This Year?

bitcoin price
Could the Bitcoin price make a major recovery this year? One analyst thinks so.

Generally, analysts in the cryptocurrency space expect the correction of the asset class to be extended throughout the first half of this year.

Since November 2017, Bitcoin has shown a lack of momentum, struggling to break out of key resistance levels in the $5,000 to $6,000 range.

The lack of strength in the short-term trend of the dominant cryptocurrency has led other digital assets, especially cryptocurrencies with low market caps and volumes, to perform poorly against the U.S. dollar.

History Suggests Recovery in Near Future

Still, in the latter half of 2019, one cryptocurrency technical analyst with an online alias “Galaxy” said that based on the historical price movement of Bitcoin, the asset could demonstrate large gains in 10 to 12 months.

The analyst said:

‘The future lies in the study of the past’ We’re approaching the 420 day mark which ended the 2015 bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019.

Historically, Bitcoin had taken on average 62 weeks to recover from an 85 percent correction throughout the past nine years. 15 months since the start of the bear market in January would be March of this year.

Willy Woo Eyes Q2 as Crypto Market Bottom

Some analysts believe that the cryptocurrencies are in the last phase of the bear market and could begin showing signs of recovery by the second quarter of 2019.

Willy Woo, a prominent cryptocurrency researcher and the founder of Woobull.com, said prior to the large drop in the Bitcoin price in late November:

Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards.

Market Moves by Cycle

bitcoin price crypto market cycle
Investors should remember that the cryptocurrency market moves in cycles.

The cryptocurrency market is rarely affected by emerging events or news. Rather, the market primarily moves based on sentiment.

For Bitcoin and other crypto assets to rebound and engage in an accumulation phase, the market has to become revitalized once again.

Similar to the movement of Bitcoin in 2017, some analysts see a boring year ahead for crypto assets in 2019 but are not dismissing the potential of digital assets experiencing an abrupt surge in value approaching the end of the year.

Currently, the volume of Bitcoin remains high at $5.7 billion, and the trading activity in the cryptocurrency market has increased by a relatively large margin, suggesting that bulls are demonstrating some resistance in a low price range.

Advertisement

Bitcoin

Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019

Published

on

Cryptocurrency Bitcoin (BTC/USD) is trading at 3587. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend for Bitcoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.

Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019

As part of the Bitcoin exchange rate forecast, the test level of 3820 is expected. Where should we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 2700. The conservative area for selling Bitcoin is located near the upper border of the Bollinger Bands indicator at the level of 3850.

Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019

Cancellation of the option to continue the decline in Bitcoin will be the breakdown of the area of ​​the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​4250. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.

Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019 implies a test level of 3820. Further, it is expected to continue falling to the area below the level of 2700. The conservative area for selling Bitcoin is located area of ​​3850. Canceling the option of falling cryptocurrency will break the level of 4250. In this case, we should expect continued growth.

News Source:

Continue Reading

Bitcoin

BTCUSD Analysis: Bitcoin still trading in a bearish consolidation [Video]

Published

on

 

Any upside moves are classified as corrective ahead of what could be the next downside extension and bearish continuation. It would take a break back above 4,380 at a minimum to take the immediate pressure off the downside. Next critical support comes in the form of the July and September 2017 lows, around 2,000 and 2,975 respectively.

In this analysis, we take a look at Bitcoin each day, highlighting all of the need to knows for anyone looking to extract up to date information about major levels and relevant trends, both short term and longer-term. The analysis is designed for the trader, investor and even those simply holding the crypto asset, looking for an idea of where they may want to consider making that next conversion.

The cryptocurrency update is new each day and is presented with an added layer of animation, in an effort to make the analysis as engaging as possible, while also communicating the message with respect to key trends and levels in an easy to understand, seamless manner with great value add to all.

News Source: fxstreet

Continue Reading

Bitcoin

Are Central Bank Digital Currencies (CBDCs) Net Positive Or Negative For Bitcoin And Crypto Assets?

Published

on

Central Bank Digital Currencies (CBDCs) have been analyzed by several banking institutions around the world, specifically by several central banks in different countries. However, they are different than virtual currencies such as Bitcoin (BTC). How would the issuance of CBDCs affect Bitcoin and the whole crypto market?

There are some important differences between Bitcoin and CBDCs. For example, Bitcoin is permissionless, decentralized and censorship-resistant while CBDCs are permission, centralized and censorable. Thus, they are almost contrary to Bitcoin. While the most popular cryptocurrency provides freedom to users, CBDCs allow governments to have larger control over their populations.

A few days ago, the popular investment bank JP Morgan unveiled a stablecoin called JPM Coin that would be used to make transfers between customers in just a few seconds. Although JP Morgan’s CEO Jamie Dimon has been against virtual currencies, it seems that the bank will be using blockchain technology to power their virtual currency.

There were several individuals in the market claiming that the new JP Morgan digital coin killed Bitcoin, or at least, it is going to kill the most popular cryptocurrency in the market. However, it is important to understand that these coins will never be similar and work in a completely different way. CBDCs and stablecoins issued by financial institutions such as JP Morgan work in a centralized and controlled way.

Indeed, these new digital assets do not seem to present a threat to cryptocurrencies such as Bitcoin. SWIFT could be affected by these new coins. SWIFT is the mainstream and most popular system to perform cross-border payments. This system has proven to be slow and costly for many financial institutions and banks all over the world. Indeed, Ripple’s services could also be affected by the growth of new CBDCs.

CBDCs legitimize that virtual currencies are the future of money. Because of this, it might be possible for Bitcoin to distance itself from drugs and criminals. At the same time, with CBDCs individuals will discover that there are several advantages of using digital assets.

Individuals will clearly have their funds frozen at any moment using CBDCs if the financial institution regulating the asset decides so. Moreover, their accounts can be suspended and users would not be able to use these funds anymore.

There are some crypto experts that believe that CBDCs could be very harmful to societies. For example, China is currently trying to control its population with new surveillance systems related to how individuals use their funds.

With CBDCs, people will realize that there is no more freedom and that the government is ultimately controlling everything. This is why Bitcoin could grow as a safe haven where users can feel free to use their funds as they want without being controlled by governments.

That does not mean that Bitcoin will be used to perform illegal things. It means that users will protect their privacy and what they do with their funds.

Source.bitcoinexchangeguide

Continue Reading
Advertisement
Advertisement
Open

Close