After registering a surge of 7 percent before the weekend, Bitcoin price yet again goes sluggish. The leading cryptocurrency has yet to move past $3,700 as it remains around $3,650.
But it’s isn’t keeping the Bitcoin enthusiasts, traders, and analysts to claim a great new height. Recently, Jonny Moe, a cryptocurrency trader has called out Bitcoin to be
“in the Zone.”
In a recent podcast, a leading cryptocurrency “OG” has claimed that the leading cryptocurrency would eventually not only rise but will touch a new all-time high. Mark Jeffery that authored “Bitcoin Explained Simply” shared his optimism while speaking to Mark Pesce’s “The Next Billion seconds.”
Though he says cryptos are much like the Dotcom space, the crypto sector is compressed time-wise and development is about five times faster than that. This means the rallies and crashes in this space is amplified.“I think this is very much like the dot com boom and bust cycle that we saw in the late nineties, early 2000s. So in the dot com boom and bust cycle, it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.”
But it in no way means the end of Bitcoin and crypto market rather the ongoing bear market is just a byproduct of market cycles and the “middle part”. In fact, the “third act” which he linked with the “return of the Jedi” of Bitcoin is just around the corner.“The third act is coming. And if it’s anything like the Dotcom boom and bust, we saw a little hump, then a dead period, and then an actual value ascension with Amazon, Google, Facebook, and LinkedIn and on. I think we’re going to see that same thing with cryptocurrencies.”
In light of this, Jeffery doubled-down on his price prediction for Bitcoin at $250,000. However, he didn’t provide a timeline to this which could be years or maybe a decade.
According to Crypto Trader, Moon Overlord, Bitcoin will be going even higher than this number as he gives $300,000 per Bitcoin that too with a timeline i.e 2022.
This number is line with his earlier analysis about Bitcoin starting to pump around 1 year on average before its halving date. With Bitcoin halving coming in May 2020, it is expected to spur a new bull market that would take Bitcoin prices to a new all-time high just like the last time.
These are not the only analysts that are going for the moon. In December, Venture Capitalist, Tim Draper said $250,000 per Bitcoin is a possibility. At that time he said that Bitcoin’s hitting its lowest in the year has been just a byproduct of the market cycle. He further shared that a disruptor of any business often moves with high volatility.
Bitcoin price prediction: BTC/USD confluence detector shows lack of resistance and support levels
- The daily confluence detector shows one healthy support level at $10,075.
- BTC/USD has gone down from $10,110 to $10,092.
The hourly BTC/USD price chart shows us that the price dropped from $10,130 to $9,815 this Thursday. The bulls then gathered momentum before it picked up to $10,190, meeting resistance. Since then, BTC/USD has been on a continuous downtrend and is currently trending around $10,092.
BTC/USD daily confluence detector
The daily confluence detector shows only one prominent resistance and support level. The $10,500 resistance level has the 5-day simple moving average (SMA 5) curve. The $10,075 support level has the 1-month 23.6% Fibonacci retracement level, SMA 10, 1-hour Bollinger band middle curve and 4-hour previous low.
Bloomberg Says Bitcoin Could be Finding Support at $10,000 as Altcoins Rebound
Yesterday, Bitcoin (BTC) suddenly slipped. After tapping $11,000 just days earlier, the cryptocurrency cratered, falling under $10,000 as bulls failed to step in.
This move was so dramatic that according to the Bitcoin Fear and Greed Index, this sudden reversal has resulted in a reading of five — the index’s lowest value in its history. This is crazy, especially considering that BTC is trading over 300% higher than its bottom price of $3,150.
While the index’s reading may seem entirely arbitrary — just look at the bullish momentum Bitcoin has experienced in the first half of 2019 — the index is backed by data.
The website that hosts the index claims it analyses a fair mix of volatility, market momentum and volume, social media trends, surveys, dominance, and Google Trends to get the gist of how cryptocurrency investors are faring.
Bitcoin Bounces Back
But, the Bitcoin price has managed to bounce back. After remaining under $10,000 for a number of hours, the cryptocurrency managed to reclaim five digits.
Per Bloomberg, the cryptocurrency “appears to be gaining momentum for a push higher”. The analyst recently claimed that as BTC recently dropped “below the lower limit of its GTI Vera Band Indicator, which measures up and down trends”, a spike to the upside may be ahead. The last four times the bottom band was breached, “it managed to quickly rally back into the range”.
According to Mike McGlone, an analyst at Bloomberg Intelligence, Bitcoin is currently setting itself up for a recovery. He explained in a note that its “unique attributes” (likely a reference to its classification as a digital store of value/digital version of gold) and tumult on the macroeconomic stage could help boost the value of Bitcoin. Indeed, many say that if trade wars continue to rage and if central banks continue to enlist unorthodox monetary policy, the need for a form of money that is decentralized, scarce, borderless, and public will only swell.
While McGlone is bullish for the medium term, he told Bloomberg TV in a recent interview that his short and long-term prospects on the cryptocurrency are mixed.
Per previous reports from Ethereum World News, McGlone argued that with there being key support at $8,000 and heavy resistance at $20,000, the cryptocurrency could be stuck in that range “endlessly”. He added that on-chain fundamentals — active addresses, number of daily transactions, fees, and so on and so forth — have begun to taper off like they did to trigger 2018’s bear market.
Altcoins Finally Gain Some Steam
Interestingly, throughout this short-term recovery, altcoins have bounced, actually outperforming Bitcoin for once.
According to CoinMarketCap, Bitcoin dominance has fallen to 68.5% from nearly 70%. Ethereum is up 3.5% on the day, while BTC is up a relatively mere 0.2%. It’s a similar story across the cryptocurrency rankings.
Bitcoin Vs. Ripple: Amidst the Bearish Trend, The Coins Gave Some Brief Moment of Trading
There is a close link between the movement of Bitcoin and Ripple. Both of them are strong coins with a dedicated community of users. At present, they are facing some negative sentiments, but this will wash off soon.
Current Statistics (On August 22 at UTC 08:38):
|Parameters||Ripple (XRP)||Bitcoin (BTC)|
|Market Cap||11,339,553,299 USD||178,409,831,940 USD|
|24-Hour Volume||1,033,612,299 USD||18,408,249,735 USD|
|Circulating Supply||42,890,708,341 XRP||17,890,087 BTC|
|Price in BTC||0.00002654||NA|
BTC Vs. XRP Price Analysis:
Both Bitcoin and Ripple started on a declining note. In the first hours of the day, Bitcoin price has declined by 6.15% and fell to the level of 10,125.86 USD. Similarly, Ripple declined by 4.15% and landed at $0.2628. After that, the declining trend has slowed a bit, and coins kept fluctuating up and down in the range of around 2%. However, during the early minutes of the second half, on the other day, came yet another dip where BTC price declined by 2.21% and Ethereum by 0.96%.
After the second intraday breakdown, the digital coins have shown some strengthening for the next couple of hours. In that period, BTC hiked by 1.75% and XRP by 1.5%. The next plunge that came in around midnight dragged Bitcoin price by 2.91% and took it below $10k mark again. Similarly, XRP declined by 2.02% and landed at the level of 0.26 USD. Lately, the cryptos have been hovering at those levels and showed some bounce back, which helped then to move toward their current position.
BTC vs XRP Prediction & Conclusion:
Making any prediction in this swinging market is a rigorous task. However, for now, Ripple faces immediate resistance at $0.274454 and support at $0.259335. For Bitcoin, the immediate resistance is at 10,636.95 USD and support level at $9,800.93.
The Ripple team has done a recent assessment of the blockchain and assured that they will work toward the narrowing of the skill gap. Further, they added that in order to address the issue, the team would seek the help of experts including academia, governments, and private organizations.