Bitcoin went through the greatest bear market of all time last year but recent trends show that this hiatus has been good for the crypto. The past year gave way to bitcoin to improve its infrastructure and lead to the recent stable bullish trend.
Barry Silbert, founder and chief executive officer for the Digital Currency Group, is of the view that this ‘price rally’ of bitcoin is different than the previous ones. He explained that bitcoin has grown its infrastructure progressively and has stood the test of both time and the greatest bear market ever. Furthermore, the investors are now more willing to invest in bitcoin rather than sticking to gold, which is the best thing to happen to bitcoin.
Backing this up, Anthony Pompliano, co-founder and partner at Morgan Creek Digital, produced extraordinary humour out of the situation. He hit back on to the critics who thought bitcoin will not make it out of the bear market at all.
RIP to those who said Bitcoin was going to $0 in the bear market.
People Like to Stick with Improved Bitcoin Infrastructure
Silbert mainly talked about underlying factors that have made this bitcoin bull run distinct. First off, he pointed out that the most recent bubble is different from the one in 2017 as bitcoin has now evolved so much regarding its infrastructure. Maximized inclusion of the custodians have immensely influenced this bull run. Custodians are the entities that hold user securities preventing any access from third parties.
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In case of cryptos and obviously, bitcoin, these are trading platforms that store securities in digital form. Custodial wallets are trustworthy and separate funds managers from the physical securities, thus creating a protective layer in the system. As Silbert states, this is one of the reasons why bitcoin has become stronger.
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Nevertheless, there are several examples of custodial bitcoin wallets like Blockchain.Info and Wallie, from the Dutch bank, ABN AMRO. The later has been pulled off before it could be completed as the bank decided that the crypto market is unregulated and that they do not want to jump aboard such a market. This has been the case with several projects as major institutions keep pulling back just because the crypto market is too much of a risk for them.
Gold No Longer the Prime Valued Asset
The generation that took gold as a major valued asset has now shifted the charge on to the next generation and fortunately for bitcoin, the new generation doesn’t place gold at the top of the list. The boomers were the ones who took shelter under the grand set value of gold but that chain has broken eventually.
READ ALSO: ‘Millennials Love Bitcoin’ But They Should Learn About Gold ‘Love Trade’
The current generation of investors do not hesitate in investing in cryptos and bitcoin is their top priority. Mass adoption would now be easier to trigger too, which has always been considered to be the best deal for the entire crypto market. This is the second reason, as per Silbert, that will carry bitcoin on and on through the ‘rally’.
These days banks are the major entities that buy gold, not the regular investors, indicating the fact that investors are less interested in gold now. Grayscale recently came out with an ad campaign that pondered over dropping gold as the prime asset. The marketing campaign was named ‘Drop Gold‘ and has drawn the attention of many.
READ ALSO: After $10k Bitcoin (BTC) Price, ‘FOMO’ Will Make it the Biggest ‘Crypto Bull Run’
People are starting to realize that government reforms might not be enough to push bitcoin. It needs to stabilize itself through rigorous testing, to a level where such reforms would mean great changes. Silbert believes that the testing has completed and investors might start working on further projects to score government regulations.
The Van-Eck ETF proposal was supposed to get approved soon. Hester Peirce, SEC commissioner, aka the ‘Crypto Mom‘, is of the view that the ETF might just get approved by August this year. Nevertheless, SEC had previously set the date of the verdict to be May 21.
READ ALSO: Reasons Behind May 2019 Bitcoin (BTC) Price Surge
Institutional Investments Keeping Bitcoin Stronger
Institutions have started investing in the bitcoin market. The Grayscale Investment formed a major part of Silbert’s talk with Bloomberg. Statistics show that the Asset Under Management investment has reached to about 1.1 billion USD which is obviously gigantic. This is a great for cryptos as 70% of the investment was institutional, out of which 90% has been for bitcoin.
Silbert stated that there is a solid chance that we are going to see this bitcoin bull run for a much longer time owing to the aforementioned three major reasons. The bitcoin market is stronger now than ever, as per Silbert, and can stand the hits more efficiently and effectively than before. This is a great milestone for bitcoin as a digital asset.
Bitcoin Cash market overview: BCH/USD lethargic bullish momentum stalls at 61.8% Fib level
- Bitcoin Cash remains bulls despite the confrontation at $330 resistance.
- Several support areas are ready to prevent declines from paralyzing the bulls.
Bitcoin Cash failure to break above $360 during the trading sessions last week. This left a gap that the bears wasted no time exploring. BCH/USD bearish action trimmed the gains first below the moving averages. The tentative support around the 38.2% Fib retracement level taken between the last drop from a high of $358.16 to a low of $267.35 close to $300.
The negative volatility surged sending Bitcoin Cash briefly under $270. A low established at $267.35 allowed the rebound above $300. The battle to break the resistance at $330 is yet to be won. Instead, Bitcoin Cash is trading sideways in a narrow range between the confluence created by the 50% Fib level and the 50 Simple Moving Average (SMA) and $330 hurdle.
Several support areas are ready to prevent declines from paralyzing the bulls. They start from the above-mentioned confluence, $310, $300 and $290.
The trend is still inclined to the positive despite the inability to break above $330. The full stochastic oscillator brushed shoulders with 70. However, a possible retreat is likely to signal a reversal.
BCH/USD 1-hour chart
Bitcoin Cash Price Analysis: BCH Records 9% Downtrend in 7 days Trading Below $310
- BCH may go bullish to climb upto $350 again in the next 2 weeks
- BCH may close today at $310 or above
The last 7 days have been a bumpy ride for the BCH token holders especially when the coin slumped steeply from $357 to $276. But, this may change soon and it may rise upto $350 again in the next 2 weeks of this month. The current market statistics also indicate a surging trend ahead when the coin may also cross $350 value for a brief moment.
BCH to USD Price Statistics:
In the last 7 days, BCH token has recorded a downtrend of over 9% dipping from $336.42 to its current value at $306.08 as on August 18, 2019, at 08:27:09 UTC. The coin started climbing up in the beginning and surged up to $357.49, but then it dropped almost steeply to reach as low as $276.22 around August 15. BCH has picked up some pace since then and may cross $310 soon.
- The price of BCH token is now $306.08 and 0.03015062 BTC
- The market cap has reached $5,495,593,966
- The ROI of the coin stands at -44.94%
- The circulating supply is now 17,953,788 BCH
The lowest recorded value of BCH token yesterday was $301 and it is already much above this value today. The coin seems to be headed in an upward direction and may take its traders on a sudden upward surge by climbing up to $310 soon.
Bitcoin Cash Price Prediction:
The highest recorded value of Bitcoin Cash in the last 90-days was $522 and in the last 30 days, it was $353. The coin may cross $350 by the end of this month and may start trading between $350 and $500 in the next 2 months. It is only a matter of time for BCH token to gain mass adoption, which may further push this crypto towards rising trends.
This can be regarded as a good phase to plan long term bulk investments in the BCH token and save for future benefits.
Bitcoin Cash (BCHUSD) weekly forecast on August 19 — 25, 2019
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 317. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.
Bitcoin Cash (BCHUSD) weekly forecast on August 19 — 25, 2019
As part of the Bitcoin Cash forecast, a test of level 345 is expected. Where can we expect an attempt to continue the fall of BCH/USD and the further development of a downward trend. The purpose of this movement is the area near the level of 220. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at 355.
The cancellation of the option to continue the depreciation of Bitcoin Cash will be a breakdown of the area of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of 420. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Bitcoin Cash (BCHUSD) weekly forecast on August 19 — 25, 2019 implies a test level of 345. Further, it is expected to continue falling to the area below the level of 220. The conservative area for selling Bitcoin Cash is located area of 355. Canceling the option of falling cryptocurrency will be a breakdown of the level of 420. In this case, we can expect continuation growth.