Even with the volatility of Bitcoin continuing to decrease, the flagship crypto-asset has been trading sideways around the $3,900 mark for more than a few weeks now. While this relative stability might be welcomed by some, there are those who believe that the digital asset will face negative price action sometime in the near future.
In this regard, a couple of analysts believe that if Bitcoin is not able to break past its key $4k resistance threshold, it might drop to around the mid-$2,000 region soon.
A Closer Look at the Matter
At press time, Bitcoin is trading for a price point of around $3,844. However, what has been alarming for a fair few crypto experts is the fact that the currency has been caught in this price region for more than 15 days.
Additionally, SFOX’s Danny Kim, recently spoke with Forbes about the premier alt-currency’s declining volatility rates. Kim stated that prior to mid-November 2018, BTC had not witnessed such low volatility since May 2017.
He then went on to add:
“Over the past months, we’ve generally observed tight range-bound trading with very short spikes in both volatility and price to both the upside and downside… While crypto-asset prices remain, as a whole, highly volatile and difficult to predict, the BTC/USD pair’s volatility is currently at its lowest point since mid-November 2018… Before that time, its volatility hadn’t been this low since mid-May 2017,”
At this point in the article, it is also worth adding that after an extended
Also, in regards to BTC’s current support levels, Kim as well as many other experts are of the opinion that $3,800 is not a reliable support zone. They also believe that the currency’s key support levels currently lie around $3,500 and $3,000 respectively.
Bitcoin Plunge Seems Inevitable
As mentioned earlier, Bitcoin’s ongoing stability is quite deceptive since many crypto analysts believe that if the altcoin is not able to break past the $4k mark soon, it will most likely dop to around the upper-$2,000 region.
In regards to the subject, a crypto analyst by the name of SalsaTekila recently stated that BTC was bound to slide in the near future. However, in his opinion the “the mid-to-upper $2,000 range” is a great place for investors to once again start buying BTC.
1) 4400$-4500$ area is where I intend to hedge if we go up.
2) If break down, keep an eye for absorption below 3330$ (HTF liquidity pool).
3) Green box 2500-2850$ area is where I start buying spot if no absorption and we break-down to new lows. pic.twitter.com/qDt4wZ8qco
— SalsaTekila (JUL) (@SalsaTekila) March 12, 2019
In closing out this piece, it is worth remembering that as and when the crypto marketbegins to witness an increasing level of volatility once again, traders and analysts will be able to gain better insights as to which direction the industry seems to be heading in.
Crypto News Roundup and Interviews for Jan. 23, 2020
In addition to our news roundup, for the next few episodes we’ll also be highlighting select interviews from the CoinDesk crew reporting inside the world economic forum in Davos, Switzerland. Today we’ll hear from former CFTC Chair Christopher Giancarlo on his proposed Digital Dollar push. We’ll end the show by taking a walk with a modern cypherpunk and senior reporter Leigh Cuen.
- Bitcoin finally breaking out of a range where it’s held over the past week, but it’s bad news for the bulls
- During an 18-hour deposition, Telegram CEO Pavel Durov pushed back against a U.S. Securities and Exchange Commission
- In a separate case tying together two recent scandals, former QuadrigaCX users want information about the recently indicted ‘Shadow Bank’ Crypto Capital
- US Exchange Gemini completes accounting firm Deloitte’s
- In Virginia, a lawmaker is pushing the state government to study how blockchain might be used to secure elections and how it might impact the economy moving forward.
- In Nevada, a former beauty queen turned bitcoin-friendly entrepreneur is running as a Republican for a U.S. congressional seat
- Amun, a Swiss digital-asset issuer has launched a new vehicle for traders who want to bet on a drop in bitcoin’s price
- In Tokyo, two men have been accused of stealing 78 million yen (roughly $712,000) from blockchain project VIPSTAR
- GreekReporter.com said Thursday that Greece’s Council of State approved Alexander Vinnik’s extradition to France where he will face charges of money laundering.
- Ex-CFTC Chair Christopher Giancarlo on why he launched Digital Dollar Project
- Why is a Cypherphunk in Davos?
Law Firm Representing Quadriga’s Ex-Users Want Info About ‘Shadow Bank’ Crypto Capital
Miller Thomson, the court-appointed legal counsel for former users of the QuadrigaCX cryptocurrency exchange, is asking for help identifying any records related to Crypto Capital, which may be holding some of the exchange’s funds.
In a letter emailed to the exchange’s former customers and posted to its website, Miller Thomson wrote that Crypto Capital Corp., a “shadow bank” registered in Panama, “may have been a payment processor” for the exchange and is asking any customers who have emails or other documents which might be related to Crypto Capital to forward the communications to the legal firm.
“Representative Counsel has been investigating, since its appointment, whether any Quadriga funds were potentially retained by Crypto Capital,” Wednesday’s letter said.
An archived snapshot of Crypto Capital’s website lists QuadrigaCX as a client.
The letter referenced the ongoing court case between the U.S. Department of Justice and Crypto Capital, noting that the shadow bank’s operators are currently under indictment. Reginald Fowler, one of the alleged operators of the company, is in court
Fowler intended to plead guilty to one charge of operating an unlicensed money transmitter, but negotiations between his attorneys and the prosecutors have yet to be concluded. He is now scheduled to appear in a New York courthouse in late April.
Wednesday’s letter also referenced the fact that Bitfinex, another crypto exchange, has claimed to be defrauded by Crypto Capital and is seeking information and rights to seized assets in the shadow bank’s possession in the U.S., Portugal and the U.K., three jurisdictions which have reportedly frozen Crypto Capital’s assets.
“As you are aware, Ernst & Young Inc. (the ‘Trustee’) has been unable to locate QuadrigaCX’s basic corporate records or accounting records. As a result, Representative Counsel is asking Affected Users for assistance on this matter to uncover whether Crypto Capital held Quadriga funds,” the letter said.
TOP 3 Price Prediction: BTC, ETH, XRP — Uncertainty in Market Continues
TOP 3 Price Prediction: BTC, ETH, XRP — Uncertainty in Market Continues
The cryptocurrency market has partially restored its position. Meanwhile, the altcoin market today is mixed. Some of the top 10 coins are located in the green zone, while others are in the red.
The key data below for Bitcoin (BTC), Ethereum (ETH), and XRP indicate what’s to come.
|Name||Ticker||Market Cap||Price||Volume (24h)||Change (24h)|
|Bitcoin||BTC||$157 602 979 990||$8 671,44||$24 584 873 246||0,23%|
|Ethereum||ETH||$18 419 910 476||$168,40||$9 910 073 669||0,11%|
|XRP||XRP||$10 305 414 349||$0,235952||$1 623 122 240||-0,19%|
The technical picture of Bitcoin (BTC) has not changed much since Monday. For a moment, there was an attempt to break the $8,550 level.
However, the downward movement under pressure from the bears fit into the framework of the current volatility and it was bought back quickly enough.MUST READBitcoin (BTC) Price Skyrocketed to $14,000 Last Time This Indicator Turned Green –
Over the past three days, local consolidation has formed. All in all, the strategy does not change, since for a longer time period, the trend has persisted and the line of least resistance is still directing upwards.
Bitcoin is trading at $8,649 at press time.
Ethereum (ETH) quotes remain trading
On the hourly chart, the chief altcoin is likely to decline in the short-term. The line of the RSI indicator is going down, confirming the ongoing dominance of buyers. Regarding the nearest price forecast, traders might expect the coin to be located at around the $165.50 level.
Ethereum is trading at $166.96 at press time.
XRP is trading without significant changes. After a rebound from the support level, quotes have remained sideways.
Even though XRP has continued a sideways trading trend for a few days, it will face a decline shortly. The rate of the coin has decreased by almost 2% over the last day. What is more, the MACD indicator has just switched to a bearish trend. Summing up, the more likely scenario is a drop to the closest support of $0.23.