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Social Indicator: Bitcoin Price May Soon Surge Higher From $8,000

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On Monday, the Bitcoin price spiked out of nowhere, reclaiming $8,350 in a jaw-dropping 6% rally after a precipitous drop to $7,800. While the bullish price action has decisively ended, with BTC falling back to $8,100 as of the time of writing this, indicators abound have shown that cryptocurrencies may continue to recover in the coming days and weeks.

The most notable of these is Santiment’s social volume indicator, which tracks social media mentions of Bitcoin over time.

In a tweet published Tuesday, the cryptocurrency data provider pointed out that social volume for the leading cryptocurrency “[has] continu[ed] its quiet decline after hitting a recent two-year low.” Indeed, BitInfo recently noted that the use of the “Bitcoin” hashtag fell to a three-year low after peaking earlier this year during the pseudo-bull run in May/June.

While many see this as a sign that Bitcoin will only fall further, even further than 40% from the year-to-date top of $14,000, Santiment argues that this can be interpreted as bullish. They wrote that historically, “low social volume has preceded large price upswings and bull runs, and high social volume has been [a] fairly reliable top indicator.”

While Santiment’s social indicators have clear historical precedence in their implications, is their other evidence, in terms of technicals and fundamentals, to back the idea that the Bitcoin price may soon surge higher?

Interestingly, there are.

Bitcoin Price Ready to Mount Higher

Analyst Chonis recently pointed out to his followers that Bitcoin’s one-day Moving Average Convergence Divergence (MACD) — a lagging trend indicator that some analysts say is a good way to decipher

market directionality — has “poked its head above zero for the first time in almost three weeks.”

The one-day MACD is of historical significance. Per previous reports from NewsBTC, Bitcoin rallied by 52% to 61% in the weeks after the MACD trended green in two cases earlier this year.

This isn’t the only positive sign. Financial Survivalism noted that Bitcoin’s chart from the last week of September until now is eerily reminiscent of the textbook Wyckoff Accumulation pattern that technical analysis legend Richard Wyckoff identified in his studies. Survivalism argued that if “this current pullback (referencing the fall from $8,350 to $8,100) creates a higher low above $8,000, then I would consider [the Wyckoff Accumulation] confirmed”. Should this bullish pattern play out in full, Survivalism suggests that Bitcoin will return above $10,000 in around a week’s time.

On the fundamental side, the Federal Reserve’s Chairman, Jerome Powell, recently revealed that the central bank may resume the expansion of its balance sheet. While it has been made clear that this isn’t quantitative easing, many in the cryptocurrency industry say that this tacit money printing is decisively bullish for Bitcoin — a money that is deflationary (disinflationary for now), non-sovereign, public, decentralized, and so on and so forth.

As Anthony Pompliano would say, it’s Bitcoin rocket fuel. Whatever that means…

Source:ambcrypto

Bitcoin

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

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Peter Schiff hates Bitcoin almost as much as bitcoiners hate Schiff. The gold bug makes a point of dissing the cryptocurrency whenever he can, despite the hypocrisy of accepting BCT on his own website. Today, the eccentric entrepreneur found a new reason to rip on bitcoin after forgetting his wallet password – and apparently Bitcoin is to blame.

Schiff Shifts Blame for Forgetting Password

Bitcoin has been blamed for all manner of crimes over the years, from destroying the environment to funding terrorism. Today the decentralized cryptocurrency had a new accusation leveled against it: denying Peter Schiff access to his wallet.

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“I just lost all the #Bitcoin I have ever owned,” Schiff tweeted in typical Trumpian fashion. “My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!”

When it was put to the 56-year-old that user error, rather than an intrinsic flaw in Bitcoin, may be to blame, he became defensive and doubled down on his facepalm. “There is zero chance I forgot my password. I used a very simple numeric password that I have used many times in the past … I remember it. The wallet doesn’t.”

While some pointed out the fatuity of using a simple password, and others the inability for software to “forget” a password, most simply typed the two-word riposte that has been used mercilessly against Schiff more than any member of his generation: okay boomer. “You just went full boomer,” tweeted one. “Never go full boomer.”

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

Not Your Password, Not Your Coins

The screenshot accompanying Schiff’s initial tweet showed it to be the Blockchain.com wallet he was using. Within hours of his frustrated message, the company had tweeted to reassure him that they were “sorry to hear about the issues you’re currently experiencing with your Blockchain Wallet. Please rest assured, your funds are secure. We will PM you shortly.”

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin
Peter Schiff

If Schiff has genuinely forgotten the password to his noncustodial wallet, he can recover the funds provided he retains the private key. Many wallets, including Blockchain.com, enable an optional user-generated password to simplify logging in. Exporting the wallet keys into wallet software such as Electrum should restore access to the BTC.

While crypto Twitter weighed in with a mixture of helpful support and dank memes, Schiff continued to bump his gums, tweeting “Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not that great a tragedy for me that they’re lost. “Easy come, easy go,” is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.”

Schiff’s ship may have sank, but Bitcoin sails on, with the maverick libertarian’s BTC still aboard.

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

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Analysts Lays This Case for 60% Drop In Bitcoin Price By 2020’s Halving

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After Bitcoin (BTC) rocketed from $3,000 to $14,000 in the span of six months, analysts have been sure that the cryptocurrency would never revisit the $3,000s again. Indeed, the logarithmic price curve that has contained the asset’s price action for the past decade predicts BTC will never again hit $3,000.

But, there have been a few analyses projecting that it may only be a matter of time before such low levels are visited once again. And one of these recently gained some steam on Crypto Twitter.

Could Bitcoin Revisit $3,000s By Halving? Analyst Fears So

For some reason or another, so-called fractal analysis has gained much traction in the cryptocurrency space. This sees analysts overlay historical price action over current charts to try and predict what’s next.

These analyses have worked well on multiple occasions. For instance, a fractal analyst from trader NebraskanGooner predicted Bitcoin’s decline from the $9,000s late last year to the $6,000s, then the latest recovery back to the $8,000s. This same fractal suggests a price drop will soon occur.

Another fractal suggests the same.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

This fractal is one from cryptocurrency trader Haejin. They noted that Bitcoin’s price action since the $14,000 top in June is eerily reminiscent of that seen in the 2018 bear market, with both cycles seeing a downward price channel, an upward wedge-formed false breakout, declining volume, and signs of capitulation.

Haejin then noted that if BTC follows the exact path it did in 2018, the price will soon collapse back to the $6,000s, then Bitcoin will capitulate in March or April to fall as low as $3,300 by the time of the halving.

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

History Begs to Differ

While this scary fractal

says that Bitcoin will be back at the multi-year lows by the time of the halving in the middle of May, some say the opposite will take place. In fact, an analyst who called Bitcoin’s rally into the $8,000s when BTC was trading in the low-$7,000s at the start of January, said that the leading cryptocurrency could be at its previous all-time high just a month after the block reward reduction.

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

History Begs to Differ

While this scary fractal says that Bitcoin will be back at the multi-year lows by the time of the halving in the middle of May, some say the opposite will take place. In fact, an analyst who called Bitcoin’s rally into the $8,000s when BTC was trading in the low-$7,000s at the start of January, said that the leading cryptocurrency could be at its previous all-time high just a month after the block reward reduction.

Not to mention, simple historical price action analysis suggests there is about no way that Bitcoin will fall in any dramatic fashion as the halving nears.

Per previous reports from NewsBTC, the four months before the halving to the event itself have been extremely bullish for Bitcoin in 2012 and in 2016, with BTC rallying higher into these events, gaining steam as investors try and front-run this shock to the emission dynamics of BTC.

Related Reading: Elon Musk Just Dropped the Bitcoin Bomb On Twitter, Again

In the four months prior to the first halving in 2012, the price of BTC rallied dozens of percent higher from $10 to around $14 by the time of the event; and in the four months prior to the second halving in 2016, the price of Bitcoin went effectively parabolic, running from $432 to $700.

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Bitcoin Just Surged to $9,100: Here’s Why Analysts Expect Price to Explode Further

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Over the past two hours, Bitcoin (BTC) has started to break out of a consolidation pattern that has trapped the price of the cryptocurrency in the high-$8,000s for some two days. In fact, just minutes ago as of the time of writing this article, the leading crypto asset tapped $9,120, surging higher as the weekly candle’s close approaches, boding well for bulls.

While Bitcoin has retraced slightly since then, returning to settle around $9,000, analysts say that this breakout, which has allowed BTC’s price to reach a multi-month high, is a precursor to even more gains in the coming days.

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

Bullish On Bitcoin: Analysts Expect Further Upside

Firstly, CryptoDude earlier Saturday noted that $9,080 is a “critical level” from a high time frame perspective for Bitcoin. If BTC manages to hold above this key resistance on a weekly basis when the candle closes on Sunday night, it will indicate that there is a macro reversal on the horizon, one that will bring BTC back to the $14,000 high seen last year and potentially beyond, especially with the upcoming halving.

On a shorter-term time frame, trader CryptoBirb noted that this latest surge has allowed Bitcoin to break above a flat channel that BTC has traded in for nearly a week now, which has a low of $8,555 and a high of $9,000. He expects a breakout of the channel to bring Bitcoin 4% higher from where it is now to $9,400.

Also, as reported by NewsBTC previously, trader Filb Filb noted that he expects for BTC to soon 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.”10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

BTC reaching this level would satisfy textbook market trends of assets visiting support and resistance levels multiple times before establishing a direction.

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

Filb Filb called Bitcoin’s 40% surge to near $10,000, then the subsequent to collapse by 35% to the low-$6,000s to interact with the “miners bottom range,” resulting in the trader having quite the prestigious track record.

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