Since the start of 2019, Bitcoin’s [BTC] valuation has witnessed a number of surges, each of which has resulted in the virtual asset breaching the $8000 mark, while also recording no major price corrections. The situation has left the crypto-community with a sense of optimism and new-found trust, since various crypto-analysts are hopeful about the future of virtual assets.
However, doubts were recently raised when Bitcoin’s [BTC] Lightning Network, designed to solve the long-term scalability issues of Bitcoin, embarked on a decline over the last month.
However, Samson Mow, CSO at Blockstream, indicated that transaction speed has never been a major issue for the Bitcoin network.
In a recent interview with Max Keiser on the Keiser Report, Mow stated that Bitcoin was “never meant to be fast” in the first place. He clarified that Bitcoin was meant to act as a store-of-value, a medium for wealth transfers among peers and most importantly, it needed to be reliable.
Mow agreed with the argument that the relatively longer duration taken by Bitcoin [BTC] was supposed to be a feature, and a not a bug.
He added,“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”
Samson Mow’s comment was quickly picked up by @Bitcoin, an account controlled by BCH proponent Roger Ver. The account responded,
The account continued to shed light on Samson Mow, picking on his previous comments, including one where Mow had said, “Bitcoin [BTC] is a horrible, horrible payments system,” and statements like “Bitcoin [BTC] isn’t good for people that live on less than $2 per day.”
Mow responded back and tweeted,“$BCH was one of the greatest transfers of wealth from stupid people to smart people.”
tag Samson Mow, Max Keiser, Bitcoin, and your wish
Bitcoin in bull mode: bullish action with $10K and $12K as next targets
Bitcoin is showing positive signs today, with bullish action expected and $10,000 as the next target. This is the BTC price analysis for 17 June 2019.
– Back above daily RSI trend
– $10k first target
– Support at $8800 and $8400
Starting off with a daily chart we can see that Bitcoin is back above the daily trend and has already provided us with two daily closes above the line, telling us that BTC is back to trend and that we should expect bullish action, as momentum continues higher.
BTC/USD chart provided by Tradingview
Since BTC is now making new yearly highs, we have to look back to previous price action to see what levels might act as resistance. Zooming out on the daily, we are able to spot two price levels that can act as resistance for this rise to come.
First up we have $10,000, which was the high in May 2018. This is also a psychological price point, which can act as a strong magnet for price to reach it. Since momentum is back above the trend could mean that BTC might push past $10,000 and on to the next resistance level.
Up next we have the strongest resistance level that must be breached for BTC to continue onto new all time highs, the $12,000 mark. For now we will only focus on the $10k level as next resistance, since we are still below it.
BTC/USD chart provided by Tradingview
Looking at a smaller time frame, the hourly chart, we can lay out possible support levels. Below us we have $8800, which was our resistance at first, but is now turned into support. In case momentum decides to take a stronger dip, then we might see BTC fall down to $8400.
BTC/USD chart provided by Tradingview
With higher time frame momentum being back in bullish mode, we doubt that BTC will experience a strong dip in the near future. We believe the worst case for BTC would be that it will push sideways for a few days, between the $9400 and $8800 range. This in turn will provide altcoins an opportunity to gain some value that was lost due to the increase in BTC’s price.
Do you agree that Bitcoin is back to being bullish, or is price too overextended and is overdue a dip? Let us know what you think in the comments below!
Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.
Bitcoin Defies Correction Calls, Where Will BTC Go Next?
Bitcoin’s epic weekend pump has continued into Monday as gains are holding. BTC is still above $9k but has hit resistance once again. Analysts and traders are looking for its next move and some are now eyeing altcoins for bigger gains.
Bitcoin surged through resistance yesterday to record a new 13 month high of just north of $9,300. The move resulted in 8 percent on the day for BTC has it pumped from around $8,600 to its highest price of 2019. A small pullback occurred but it retested this price a few hours later forming a double top on the day.
A larger pullback then took Bitcoin back down to $8,850 but it has since recovered again and is heading upwards during the morning’s Asian trading session. At the time of writing BTC was trading at $9,100, marginally higher than yesterday morning.
Daily volume has also pumped back up to $23 billion taking Bitcoin’s market capitalization to $162 billion, higher than that of the total crypto market back in March. Bitcoin market cap has not been this high since May 2018.
What is Next For Bitcoin?
Traders and analysts have been looking at the Ichimoku Cloud, which is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. The weekly candle has opened inside the cloud which is bullish and could result in further upwards momentum;
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”
Looking at next moves for BTC, the analyst added;
“one more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”
The 38.2% Fib level is pretty much were BTC reached during May last year when it started to fall from over $9k so this does form a natural resistance level. It is an obvious take profit zone so could well be tested again with a bounce to the low side.
Current chart patterns are mirroring those from previous market cycles which could also give indication as to where Bitcoin will go next. Trader ‘CryptoHamster’ pulled out a chart from the 2013 bull run which shows similarities with what is occurring now;
Many have been waiting for a correction back to $6k but this is looking more distant as the days go by and Bitcoin continues to make new 2019 highs. A big 30 percent plus dump from current levels will drop BTC back to $6,400 which, coincidentally, was the most traded price in 2018. But as we have seen, BTC has done the opposite several times this year, as predicted late last week the consolidation crackedwith Bitcoin’s latest move.
Top 3 Coins to Watch June 17 – June 23, 2019
As we reach the middle of June and also the halfway point of the year, this week’s choices are set to benefit from increased trading activity and speculation as the result of significant developments and potential project upgrades and announcements that should strengthen their market positions and also result in increased amounts of attention to their respective currencies over the coming weeks.
Launched in 2009, Bitcoin BTC, 0.41% is the largest cryptocurrency on the market, representing almost 57% of the total market cap. The massive hashrate of the Bitcoin network makes it arguably the most resilient cryptocurrency on the market, as amassing enough computing power to successfully attack the network would be an extremely difficult undertaking.
It’s hard to understate the influence of Bitcoin on the rest of the cryptocurrency market. With BTC painting new 2019 highs and approaching the highly important $10,000 psychological barrier, its performance will be a key factor in how other coins fare over then next 7 days. If $10,000 is breached convincingly, we could be seeing a big sentiment boost and possible altcoin rallies resulting from increased confidence in the cryptocurrency markets.
Lition LIT, -4.08% is a highly scalable blockchain project aimed at various businesses and enterprises. The project incorporates both public and private blockchains and enables the deletion of data. This allows companies using Lition to remain GDPR compliant and the team are working in conjunction with SAP, the world’s largest producer of business software.
Despite running a successful ICO earlier this year, the project has been under the radar and has developed a live P2P energy trading marketplace solution in Germany, and entered into collaborative partnerships with Lawpilots, Nesa Capital, and two cooperatives of Germany’s VR Bank. The team have recently announced a change to their token release schedule which sees a marginal amount of tokens being released over a set schedule, and their plan to support Binance Chain and integrate a BEP-2 token into their ecosystem. The LIT token has been on the move recently and speculation over a Binance DEX listing may see it continue to perform well.