Crypto trader and analyst, going by the Twitter handle, CryptoKea,explains why he thinks Bitcoin might have already bottomed at the $3,100 price mark.
Plenty of crypto analysts have stated that as long as Bitcoin stays above the present support, the world’s number one cryptocurrency will not crash again.
According to Crypto Kea, the Mayer Multiple measure developed by diehard Bitcoin investor and evangelist Trace Mayer, is at the moment indicating that BTC might have reached its bottom at $3,100.
The crypto analyst shows in his Twitter thread that the Mayer Multiple, which is a simple ratio that takes the Bitcoin price and divides it by the 200 day moving average price, recently passed 1.0 after falling to 0.51 on December 14th.
Kea tweets that this move back above 1.0 might have been the indication of the bottom of this bear market, just as it successfully indicated the two prior bear market bottoms.
The @TraceMayer Mayer Multiple and its move back above 1.0 might have just indicated the bottom of this bear market, just as it successfully indicated the two prior bear market bottoms.#BTC #Bitcoin #Crypto
— CryptoKea (@CryptoKea) April 13, 2019
Read more: Analysts believe a pullback might be in store for Bitcoin; $4180 next?
The analyst points out that in previous market cycles, whenever the Mayer Multiple surpassed 1.0 after a capitulation event, the bottom was in.
So, if history plays out, Bitcoin may begin to continue its upward rally, and most likely, BTC won’t see a lower low in this cycle.
However, not everybody agrees.
Yesterday Chepicap reported that another crypto hedge fund trader, going by the Twitter handle, Jonathan, took to Twitter to claim that Bitcoin will crash to $2,000, which would be followed by HODLers screaming outloud.
Despite the widespread crypto euphoria, the Korea-based trader thinks that Bitcoin’s recent rally past $5,000 is ‘bulls**t’ and he doesn’t believe Bitcoin’s upthick can be sustained for an extended period of time, making a BTC dump to $2,000 very possible.
1/I've referenced the move to $5k as bullsh*t. Yes it happened, obviously, but the way it happened made it bullsh*t–non-sustainable. It seems people did not understand the expl why it is, so will reexplain soon. Meantime, coming crash to $1.9k to $2k will be met w HODLer screams
— Jonathan (@jcho710) April 12, 2019
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.