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Bitcoin [BTC] has different use cases depending on where the user is; Venezuela is a good example, says Shapeshift’s Eric Voorhees

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Proponents in the cryptocurrency industry have always made the effort to inform users and holders of coins about what is going on around them, in terms of use cases as well as regulations. The latest person to speak about the industry, more specifically Bitcoin [BTC], was Eric Voorhees, CEO of Shapeshift, a popular cryptocurrency exchange.

In discussion with Bloomberg, Voorhees stated that BTC’s price fluctuations and bubbles pave the path for establishing itself as a legitimate form of transaction. Voorhees was also asked whether Bitcoin will always rem

ain a speculative asset or will it be used for actual purposes. To this, the Shapeshift CEO replied,“The usage of Bitcoin actually depends on where the user is. In Venezuela, people are using it to escape inflation while in other countries people have started using in actual transactions. I agree that a majority of the use cases are still speculative but that will change as soon as people fully embrace it.”

Voorhees admitted that it has been a rough year for Shapeshift because of the addition of the Know Your Customer [KYC] feature on its wallets. He stated,

“We wanted a model that was supposed to be frictionless and aimed to increase the user’s privacy. All of us at Shapeshift wanted to build something that was useful but with the advent of KYC, it has become difficult. I have been a believer in Bitcoin since 2011 because as soon as I saw its application in terms of cross border transactions, I was hooked.”

The CEO opined that the legitimacy of cryptocurrency does not increase due to comments by groups of people, but rather from usage. He even commented on the entry of institutions into crypto by saying that established companies will hold a minority position for the foreseeable future.

Eric Voorhees was in the news recently after claiming that Bitcoin’s success rate was really minor in its early days, when compared to recent times. He had said,“… the first bubble I was in, early-mid 2011, was bigger in terms of percentage gain but the industry was small back then, the people talked in terms of hundreds of thousands of dollars not multi-billion dollars. This is a big industry at this point and when this whole industry rises by a 100x in 2017 and then collapses back down by 90x, it has a big effect”

Bitcoin

What’s Next For Bitcoin’s Price? Analyst Who Predicted 35% Crash Says This

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Earlier this year, in late-September, prominent Bitcoin analyst Filb Filb posted this chart below, showing that he expects for BTC to jump by dozens of percent to near $10,000, then collapse by 35% to the low-$6,000s to interact with the “miners bottom range.”

While some laughed this off as pure bearish sentiment at the time, Filb Filb’s prediction was proven to be nearly 100% accurate, with Bitcoin surging past $10,000 in a temporary vertical relief rally, then crashing the mid-$6,000s just earlier this month.

He managed to predict Bitcoin’s trajectory months in advance, something quite difficult for any trader due this market’s volatility.

The same analyst is back again, issuing his latest forecast for the leading cryptocurrency.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

Bitcoin to Hit $9,555 Soon

Filb Filb recently noted that Bitcoin is preparing to make a raid on the previous resistance level of $9,555, noting that this is where the price of the cryptocurrency topped in October and early-November in the wake of the now-infamous 40% “China pump.”

BTC reaching this level, which would satisfy textbook market trends of assets visiting support and resistance levels multiple times before establishing a direction, would require it to rally by 7% from the current price of $8,850.

Not the Only Bull

Filb Filb isn’t the only prominent analyst who is bullish on Bitcoin.

Aside from Filb Filb, there are few traders that have been as accurate on

BTC as Dave the Wave. In the middle of 2019, he claimed that he expects for BTC to drop by dozens of percent to bottom in the mid-$6,000s, which it did months later. Mind you, he made this harrowing prediction when investors were high on life, claiming that $20,000 and beyond was imminent.

Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion

Dave recently issued his next prediction, saying that BTC is preparing to break higher than it already has, drawing attention to the below chart which shows BTC is trading in a clear uptrend. Per his analysis, the cryptocurrency’s price will likely surge another 32 percent to $11,500 by the middle of February—just four weeks away.

Backing this prediction, Dave looked to a confluence of factors:

  1. Bitcoin recently broke above a descending channel that has constrained price action for more than six months, marking a large win for bulls.
  2. BTC rallying to $11,500 would satisfy a historical chart pattern.
  3. The weekly Moving Average Convergence Divergence (MACD) is starting to trend higher once again, which was a signal seen in 2015/2016 as BTC moved from a bear market to bull.
Related Reading: Bitcoin Price Signal That Preceded 4,000% Rally Forms Again, and It’s Huge for BTC



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Bitcoin Price Analysis: BTC/USD failure to break $9,000 resistance could open the Pandora box

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  • Bitcoin Friday’s recovery stalls at $9,000, allowing for correction.
  • Bitcoin buyers must defend the short term support at $8,800 in order to avoid further dips to $8,500.

Following an event-filled week, Bitcoin alongside other digital assets is in a correction. On Friday, Bitcoin resurfaced above $8,900, further cementing the bulls’ position on the market. They pulled the price higher, where Bitcoin came into contact with the $9,000 psychological level. However, the momentum lost steam allowing the bears to make an entrance pushing Bitcoin below the short term support at $8,900.

At the time of writing,

Bitcoin is trading $8,836 in the wake of a subtle -0.67% correction on the day. The ongoing downward momentum is likely to test the immediate support at $8,800. Similarly, the Relative Strength Index (RSI) suggests that the bears are taking over. If the RSI continues to dive, Bitcoin could retest the recent support at $8,500.

The long term picture hints hard times ahead for Bitcoin, especially with the formation of a rising wedge pattern. If the pattern’s support fails to hold, energized reversal could push Bitcoin back into the $7,000 range. For now, the best the buyers can do is to sustain the price above $8,800 and ensure they don’t lose focus of the resistance at $9,000.

BTC/USD 4-hour chart

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Bitcoin volume, volatility finally find momentum after December lows

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Bitcoin is remembering to be volatile again!

The real trading volume for Bitcoin is back up to its November 2019 levels after its price broke out of the lows seen during the holiday season. Thanks, in good measure, to the volatile few weeks the cryptocurrency is having.

According to the latest report by Arcane Research, Bitcoin, earlier this week, recorded its highest 7-day average trading volume for the past 3 months. The average trading volume for the past week was in the range of $800 million – $900 million, a significant high considering the fact that December’s trading volume went below $500 million due to Bitcoin’s relatively stable price.

Source: Bitcoin Real Volume, Arcane Research

On 14 January, Tuesday, as Bitcoin began the day with a 4 percent pump in under two hours, breaking $8,500 for the first time since mid-November, the real trading volume notched an unprecedented $1.7 billion.

Here, it should be noted that the report measures real trading volume, according to Bitwise real 10. In March 2019, Bitwise Asset Management had released a report where it categorized 10 exchanges that reported “real volume.” The exchanges were Binance, Coinbase, Gemini, Poloniex, Bittrex, Bitstamp,

bitFlyer, Bitfinex, Bitfinex, and itBit. In this report, however, itBit’s data has been excluded.

When volume spurts, volatility is not far behind.

Source: Bitcoin 30-day Volatility, Arcane Research

Bitcoin’s 30-day volatility is back up to November levels, according to the report. Now hovering at around 3.5 percent, the volatility has been steadily increasing since the beginning of the month.

After Bitcoin’s massive 10 percent single-day gain on 19 December, a surge that took it from $6,600 to over $7,200, the volatility had been in a slump. During the Christmas-New Year period, Bitcoin’s price was locked in and stayed around $7,500, pulling the volatility to as low as 2 percent.

Both volume and volatility have now turned around, making massive gains as the price continues to test the $9,000 ceiling. The Bitcoin market is, however, fickle and sensitive to various elements. For instance, Bitcoin’s biggest daily gain of 2019 came a day after it entered its Death Cross, a trading term meant to signal a bearish period. Hence, this increase in volatility and volume should be taken with a pinch of salt.

Arcane is not quite pessimistic. The report stated that “this time is different,” adding that the increasing volume and volatility are collectively an “upwards trend.”

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