Bitcoin price is currently consolidating above the $3,820 and $3,840 supports against the US Dollar.The price placed in a positive zone, with a bullish angle towards the $4,000 resistance.There is a symmetrical triangle pattern formed with resistance at $3,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair will most likely break the $3,880 and $3,900 resistance levels to climb above or challenge $4,000.Bitcoin price is forming a bullish breakout pattern above the $3,800 support against the US Dollar. BTC could surge above the $3,900 and $4,000 resistance levels in the near term.Bitcoin Price AnalysisAfter a strong upward move above the $3,850 level, bitcoin price started consolidating gains against the US Dollar. The BTC/USD pair tested the $3,900 resistance on a couple occasions and later corrected lower. It declined below the $3,850 level, but downside were limited. The last swing low was formed at $3,831 before the price recovered above $3,840. There was a break above the 50% Fib retracement level of the recent slide from the $3,892 high to $3,831 low.However, the price is currently facing a strong resistance near the $3,880 and $3,890 levels. Besides, the 76.4% Fib retracement level of the recent slide from the $3,892 high to $3,831 low is acting as a resistance. More importantly, there is a symmetrical triangle pattern formed with resistance at $3,880 on the hourly chart of the BTC/USD pair. Therefore, it seems like the pair is setting up for the next break, which could be above $3,880. If there is a successful close above $3,880 and $3,900, the price may surge higher towards the $4,000 resistance level.An intermediate resistance is near the $3,930 level. It represents the 1.618 Fib extension level of the recent slide from the $3,892 high to $3,831 low. On the other hand, if the price fails to gain pace above $3,900, it could decline below the $3,850 support. The next main support is near the $3,820 level. If there are further losses, the price may perhaps test the $3,800 support and the 100 hourly simple moving average.Looking at the chart, bitcoin price is preparing for the next ride either above $3,900 or below $3,800. There are higher chances of a break above $3,900 and $3,930 considering the current structure. If buyers remain in action, the price could even clear the $4,000 barrier in the coming sessions.Technical indicatorsHourly MACD – The MACD is about to move back in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed well above the 50 level, with a positive angle.Major Support Level – $3,820 followed by $3,800.Major Resistance Level – $3,880, $3,900 and 4,000.
Archives for March 7, 2019
The total crypto market cap faced a strong resistance near $130.0B and declined.Bitcoin cash price failed to break the $134 resistance and declined towards $130.EOS price is currently correcting lower and it may test the $2.65 support level.Stellar (XLM) price failed to move above the $0.0900 resistance and declined.Tron (TRX) is declining towards the $0.0225 and $0.0220 support levels.The crypto market is facing a strong resistance and upsides are capped in bitcoin (BTC) and Ethereum (ETH). It seems like BCH, EOS, ripple, stellar (XLM) and tron (TRX) could correct lower.Bitcoin Cash Price AnalysisBitcoin cash price faced a strong resistance near the $134 level against the US Dollar. The BCH/USD pair started a downside move and broke the $132 support level. The decline was such that the price tested the $130 support. If sellers push the price below $130, there could be additional losses towards the $126 and $125 support levels.On the upside, an initial resistance is near the $132 level, above which the price could retest the $134 resistance. To climb further higher, there must be a daily close above the $134 and $135 resistances.EOS, Stellar (XLM) and Tron (TRX) Price AnalysisEOS price faced a solid barrier near the $4.00 level after a strong rally from the $3.20 support. The price started a downside correction and broke the $3.85 and $3.80 support levels. It is now trading below the $3.75 support and it seems like it could head towards the key $3.65 support level, where buyers are likely to emerge.Stellar price remained in a bearish zone, despite the recent recovery above $0.0820. XLM price failed to settle above the $0.0900 resistance and it recently declined below $0.0880. The current price action suggests that the price may continue to decline towards the $0.0840 and $0.0820 support levels.Tron price faced a strong resistance near the $0.0240 level, which was support earlier. TRX declined again and it broke the $0.0235 support. It may continue to move down if sellers push the price below the $0.0230 support area.Looking at the total cryptocurrency market cap hourly chart, there was a rejection pattern formed near the $130.0B level. The market cap corrected lower and tested the $127.5B and $128.0B support levels. It seems like there is an ascending channel in place with support near the $128.0B level. If there is a downside break, the market cap could decline further towards the $126.0B and $125.0B support levels. On the other hand, a break above $130.0B resistance will most likely push bitcoin, Ethereum, EOS, ripple, LTC, bitcoin cash, XLM, TRX, and other altcoins further higher in the near term.
The rate at which new transaction blocks are being added to the ethereum blockchain is back on the rise after the network’s successful upgrades, Constantinople and St. Petersburg, last week.
According to blockchain analytics site Etherscan, the daily block count increased more than 1,500 blocks within a 24-hour period after the upgrades, implemented as hard forks, were accepted onto the main network.
The spike in block numbers is a direct result of Ethereum Improvement Proposal (EIP) 1234 activated last Thursday, which was designed to effectively disable a piece of code in the software known as the “difficulty bomb,” for a period of 12 months. Meant to encourage the platform to transition to a new proof-of-stake (PoS) consensus algorithm, the code has incrementally been increasing the mining difficulty of the ethereum network and slowing block creation since December of last year.
Now delayed, the effects of the bomb look to have rapidly reversed. Etherscan reports within just a day of hard fork activation, block creation times on ethereum have decreased from roughly 19 seconds to 14.
Core developers are now looking ahead to a new set of EIPs for inclusion in the next ethereum hard fork, Istanbul.
The timeline for Istanbul has yet to be solidified by ethereum developers, though former core developer Afri Schoedon suggested back in January possible mainnet activation for sometime in October of this year.
Still, as highlighted by Taylor Monahan, CEO of crypto wallet tool MyCrypto, in a recent interview with CoinDesk, preparations for a hard fork a are getting increasingly difficult as the ethereum ecosystem scales to include more companies, developers and users.
“I’m always worried whenever there’s a fork because there’s so many moving pieces,” said Monahan. “You have the miners. You have the hardware or the nodes. You have Geth, Parity, Harmony and all the different client softwares. You have the exchanges, wallets and everything in between. There’s a lot of places where things can go wrong.”
Such concerns have also been voiced by major enterprise companies considering how to extend their services to incorporate the buying and selling of ethereum’s native cryptocurrency, ether.
The latest hard fork activation on ethereum, however, was comparably smooth.
Likely due to the multiple attempts for its release as Monahon points out, the large majority of stakeholders on ethereum don’t look to have had any difficulty upgrading to the new software.
Ethereum blockchain analytics platform Alethio reports that no large fluctuations in either transaction volume or number of smart contract message calls were identified from when the hard fork activated to present day.
Number of transactions and smart contract messages on ethereum around the time of the Constantinople and St. Petersburg hard fork. Courtesy of Alethio.
As seen on Etherscan, the ethereum network hashrate – a measure of the total computational power being contributed by miners to create new blocks and validate transactions – also barely saw a notable change after activation of Constantinople and St. Petersburg
This indicates that most miners on the ethereum network upgraded their computer servers (also called nodes) to mine on the newly upgraded chain, as opposed to a chain running older ethereum software.
At present, the hash rate of the ethereum network according to hard fork monitoring site ForkMon is 132,986 GH/s [CHECK BEFORE PUB]. Comparatively, those miners who are still contributing hash power to the non-Constantinople and St. Petersburg activated chain have a combined hash rate of 1,777 GH/s [CHECK BEFORE PUB].
As a result of the remaining hash power on the old version of the ethereum blockchain, a total of 19 wasteful blocks have been mined since hard fork activation on Thursday according to Ethereum Foundation security lead Martin Holst Swende.
“These blocks have been mined on the old mainnet chain, presumably having failed to update the miner software for the Constantinople fork – a waste of money,” wrote Swende in a public GitHub note.
As such, while the majority of the nodes on ethereum did upgrade successfully, an important caveat to note is that a small but persistent number of miners have yet to migrate to the current upgraded blockchain.
To these small but select few, Ethereum Foundation security lead Swende urges in a public tweet:
“A few ethereum miners are wasting energy on [an] old chain. Please update ASAP.”
Charts image via Shutterstock
Ripple price failed to surpass the $0.3200 resistance and started a downward move against the US dollar.The price traded below the $0.3140 support and it is now approaching the key $0.3080 support.There is a new declining channel formed with resistance at $0.3125 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is under pressure and it seems like it could tumble if there is a break below the 100 hourly SMA.Ripple price is slowly grinding lower against the US Dollar and bitcoin. XRP/USD must stay above $0.3080 and the 100 hourly SMA to stage a comeback. If not, it could decline heavily towards $0.3020.Ripple Price AnalysisAfter a decent upward move, ripple price faced a strong resistance near the $0.3200 level against the US Dollar. The XRP/USD pair formed a short-term top near the $0.3197 and later started a steady decline. The price broke the $0.3150 and $0.3140 support levels to move into a bearish zone. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high. Sellers took control and pushed the price below the $0.3120 support level.However, the price is now approaching a crucial support near the $0.3080 level. It represents the 50% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high. More importantly, the 100 hourly simple moving average is positioned near the $0.3080 support area. Therefore, there could be a strong buying interest near the $0.3075-0.3080 zone. If there is a downside break below $0.3080, the price is likely to move into a downtrend. The next key support is near the $0.3040 level and the 76.4% Fib retracement level of the last wave from the $0.2994 low to $0.3197 high.At the outset, there is a new declining channel formed with resistance at $0.3125 on the hourly chart of the XRP/USD pair. The pair needs to overcome selling interest and clear the channel resistance $0.3130. However, the main resistance is at $0.3150, above which the price is likely to revisit the $0.3200 resistance area.Looking at the chart, ripple price seems to be approaching a crucial juncture near $0.3080. It could turn out to be make-or-break support area. Therefore, traders need to keep a close watch on the $0.3075-0.3080 support area to grab the next move.Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined and moved below the 50 level, with a bearish angle.Major Support Levels – $0.3080, $0.3075 and $0.3040.Major Resistance Levels – $0.3125, $0.3130 and $0.3150.
ETH price failed to break the $139 and $140 resistance levels against the US Dollar.The price started a downside move, with an increase in selling pressure below the $138 level.Yesterday’s highlighted ascending channel with support at $137 was breached on the hourly chart of ETH/USD (data feed via Kraken).The pair could decline sharply if sellers manage to push the price below the $134 support level.Ethereum price is struggling to hold recent gains against the US Dollar and bitcoin. ETH/USD is now at a risk of a downside break if the $134 support fails to hold the current decline.Ethereum Price AnalysisIn the past few sessions, ETH price faced a strong barrier near the $139 and $140 resistance levels against the US Dollar. The ETH/USD pair made a couple of attempts to surpass the $140 barrier, but buyers failed to gain momentum. The last swing high was formed just below $140 before the price started a fresh downside move. Sellers gained pace and pushed the price below the $138 and $136 support levels.During the decline, yesterday’s highlighted ascending channel with support at $137 was breached on the hourly chart of ETH/USD. The pair dropped sharply towards the $134 support level, where buyers emerged. More importantly, the 100 hourly simple moving average acted as a strong support near the $134 level. Later, the price recovered above the $135 level and the 50% Fib retracement level of the recent drop from the $140 swing high to $134 low. However, the upside move was capped by the broken channel trend line and the $137.50 level.Besides, the 61.8% Fib retracement level of the recent drop from the $140 swing high to $134 low acted as a significant resistance. The price fails to move above $138 and it is currently following a bearish path. On the downside, the $134 support and the 100 hourly SMA are important barriers for sellers. If they succeed in taking out $134, there could be a sharp drop in Ethereum price below the $132 level. The next key support is near the $129 level, which was a resistance earlier.Looking at the chart, ETH price is clearly facing a strong barrier near the $138, $139 and $140 resistance levels. As long as the price is below $140, there is a risk of a fresh decline below the $134 and $132 levels. The next important support could be near the $129-130 zone.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is showing a few negative signs in the bearish zone.Hourly RSI – The RSI for ETH/USD declined steadily and moved below the 50 level< with a bearish angle.Major Support Level – $134Major Resistance Level – $140
The Wall Street Journal reports today that Philadelphia is the latest jurisdiction to pass a law against not accepting cash. Most retailers in the city must accept cash beginning in July. Democrats are leading the charge on these laws, viewing them as a way to protect people who don’t have credit or debit cards.
Philadelphia Joins Northeast Cash Coalition
Philadelphia’s not alone in its war on cashless businesses.
New York City councilman Ritchie Torres admits that cashless payments are the future but is nevertheless backing a proposal requiring local businesses to accept cash. He told the Wall Street Journal:
“I think it’s more the future than a fad, and that’s why there is a need for a legislative response.”
Massachusetts and New Jersey have statewide laws relating to cashless stores. Massachusetts requires all stores to accept cash, while New Jersey simply bans cashless stores altogether.
The laws have a decidedly Luddite thrust to them – you must use this ancient form of money because we say so. It doesn’t matter if it’s less efficient or puts your business at risk. All the while, the rest of the world is increasingly moving in the opposite direction. Sweden is leading the way to a cashless future, with just 1% of its yearly transactions happening in cash.
That said, credit and debit cards have their own set of problems. Kroger plans to stop accepting Visa at many locations because the transactions were too costly on a macro level. Such situations create an opportunity for cryptocurrency, in an ethereal sense. Major businesses accepting cryptocurrency is still not a normality, and it may never be.
How Does Bitcoin Stack up Against Credit and Debit Cards?
The recent situation with Starbucks shows plainly that major merchants are more likely to adopt some sort of crypto-middleman than they are to accept cryptocurrency directly. The actual benefits of some cryptos, like Bitcoin, with its massive volatility and unpredictable fees, are limited when it comes to a payments network. However, stablecoins can create a globally acceptable form of fiat that wouldn’t otherwise be possible.
Bitcoin is meant to be digital cash, in that you possess it by nature of owning the keys associated with it, in the same way that you possess cash by virtue of holding it. Cash is king in most of the underworld and accepting it has always been a risk for business owners. The value of robberies goes down significantly when there is no cash on site.
Are Philadelphia and other Cash-Loving Cities Fighting the Future?
Legislators are trying to head off a potential trend spearheaded by Amazon, which has several cashless stores around the country. These stores don’t even have a checkout line – they just monitor what you take and bill you on your way out.
Bitcoin and other cryptocurrencies, struggling already to gain widespread merchant adoption, may be negatively affected by such laws. If you wanted to open a business in Philadelphia that only accepted cryptos, for instance, that would be illegal under the new laws.
Cash and cryptos don’t necessarily oppose each other in philosophical terms. It’s just that one can be counterfeited and the other can’t. One is much harder to steal than other. They both offer extremely fast settlements, but one does the math for you while you must count the other by hand.
Bitcoin is an “exponential, parabolic bubble,” and bitcoin investors are “arrogant, ignorant, clueless” zealots and fanatics. That’s the opinion of avowed crypto-hater Nouriel Roubini, an economics professor at New York University.
Roubini made the remarks in an interview with the CFA Institute, where he again trashed cryptocurrencies as worthless and its proponents as mouth-breathing morons.
Bitcoiners are Ignorant ‘Zealots and Fanatics’
Roubini says he doesn’t understand how bitcoin enthusiasts can be so clueless and gullible because it’s obvious to him that the entire industry is a massive scam.
“I engage on Twitter and also have attended many of these crypto or blockchain conferences. I met some of these individuals.”
“I’ve never seen in my life people who on one side are so arrogant in their views — who are total zealots and fanatics about this new asset class — while at the same time completely and totally ignorant of basic economics, finance, money, banking, central banking, and monetary policy.”
“They want to reinvent everything about money, but most of them are absolutely, totally clueless. The ratio between arrogant and ignorant is astounding. I have never seen such a gap in my life.”
Despite his pathological hatred of bitcoin, Roubini obsessively talks about it. Why? Because he knows that it gets media attention. In fact, his anti-bitcoin bile has fueled his internet fame.
Roubini Can Dish It Out But Can’t Take It
Critics note that while Roubini can dish out the volcanic vitriol, the thin-skinned academic can’t take the slightest criticism.
Many in the crypto ecosystem joke that Roubini immediately blocks them on Twitter the second they disagree with him or try to engage him in a civil debate.
Laughably, Roubini insists that his Twitter interactions have only reaffirmed his anti-bitcoin animus and his position that crypto investors are total idiots.
“Twitter and in-person interactions with the fans of cryptocurrencies made me stronger and more secure in my belief.”
Again: That’s ironic because Roubini blocks anyone on Twitter who disagrees with him. Someone even created a satirical video underscoring this habit.
Dedicated to Crypto’s #1 Troll 😘 pic.twitter.com/Y64t5VRjr7
— Brekkie von Bitcoin ⚡️ [GIVING AWAY LÖLZ] (@CryptoBrekkie) October 19, 2018
Forecasting Financial Apocalypse for Years
Nouriel Roubini is an economics perma-bear who has been forecasting a worldwide financial collapse for years. In fact, his “specialty” is identifying financial bubbles. That means he constantly looks for the cloud in the silver lining.
In this way, Roubini is similar to Robert Shiller, an economics professor at Yale University. Like Roubini, Shiller specializes in spotting financial bubbles. Accordingly, Shiller spends much of his time going predicting that a recession is around the corner.
But unlike Roubini, Robert Shiller has won the Nobel Prize (in 2013). And even then, Shiller’s predictions are not always accurate.
Stock Market ‘Deflation’ Could Trigger Bear Market: Nobel Laureate Robert Shiller https://t.co/shRDdrOLJa
— CCN.com (@CCNMarkets) January 23, 2019
‘Overhyped’ Blockchain is No Better Than Excel
Because the stock market and the economy are cyclical, Nouriel Roubini has sometimes been correct when he claimed a crash was around the corner. After all, even a broken clock is right twice a day.
In 2012, Roubini predicted that 2013 would usher in a global financial crisis. That never happened.
He has been incorrect in other economic projections over the years, and never foresaw that the crypto industry would enjoy the meteoric rise it has during the past three years. But he wants you to take his word that crypto and even blockchain is totally worthless.
Bitcoin Troll Rips Crypto at Davos: ‘Overhyped’ Blockchain is ‘No Better Than Excel Spreadsheet’ https://t.co/QxEN5oQscd
— CCN.com (@CCNMarkets) January 26, 2019
“The whole crypto space is one of assets that are not really money. They’re not really a currency. They’re not a scalable means of payment. They’re not as stable in terms of store of value.”
That’s why Roubini insists that bitcoin is “the mother and the father of all bubbles” and it’s bursting now. And if you don’t believe that, you’re a hopeless sucker.
Flashback: Bitcoin “died” 90 times in 2018. That’s slightly less than the 125 times it died in 2017. How many obituaries will the original cryptocurrency rack up in 2019? Stay tuned.
— CCN.com (@CCNMarkets) December 25, 2018
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Bitcoin’s price has continued to climb today following a recent period of choppy sideways trading. Although BTC’s climb to above $3,900 is certainly positive for the cryptocurrency, it is now approaching the low-$4,000 region, which has historically been a strong level of resistance for the cryptocurrency.Although Bitcoin has not incurred any significant buying volume, one analyst believes that Bitcoin could soon surge to $4,400 as long as the cryptocurrency continues treating $3,700 as a strong level of support.Bitcoin May Surge 13% in Near-Term, Claims Analyst At the time of writing, Bitcoin is trading up slightly at its current price of $3,920. Earlier this week, BTC experienced increased levels of volatility, leading it to drop to lows of $3,730 before surging to highs of $3,940, from which it has only dropped slightly.Because Bitcoin has been able to firmly establish its position in the upper-$3,000 region, Mayne, a popular cryptocurrency analyst on Twitter, explained that he wouldn’t be surprised if Bitcoin surged as high as $4,400 assuming it is able to continue holding steadily above $3,700.“$BTC found support at the yearly open and is now rejecting from the breaker I wanted to short at, ended up being impatient and shorting lower. Above the breaker, BTC looks good for $4200-$4400. If we reject and lose $3700 I wouldn’t want to be long anything.”$BTC found suppport at the yearly open and is now rejecting from the breaker I wanted to short at, ended up being impatient and shorting lower.Above the breaker, BTC looks good for $4200-$4400. If we reject and lose $3700 I wouldn’t want to be long anything.ETH must hold grey pic.twitter.com/uRmFWemt6X— Mayne (@Tradermayne) March 6, 2019If Bitcoin does break above $4,000 in the near-future, it will be imperative that it is able to stabilize above this price level or further losses may be inevitable.Could the Case for a Bull Run Be Fading?Although Bitcoin’s recent climb from its drop to $3,700 was positive, one analyst is becoming increasingly bearish on the cryptocurrency, as it continues drifting lower and has failed to post any major recovery since dropping to the low-$3,000 region.“Bitcoin continues to hover underneath $4k resistance. It wasn’t all that long ago we were talking about $9k support, then $8k and $7k. $6k and $5k followed not long after. Now $4k turned from a floor into a ceiling,” Jani Ziedins of the Cracked Market Blog explained while speaking to MarketWatch.Ziedins further explained that this poor price action is “putting a devastating dent in the bull case,” and that Bitcoin may have further room to fall.“Adoption of cryptocurrency for handling financial transactions is slowing, not accelerating, which puts a devastating dent in the bull case. If BTC turns out to be nothing more than a fad, then the $4k price tag is still incredibly expensive and there is still lots of room to fall,” he bearishly explained.As Bitcoin enters Friday and nears the weekend, traders and analysts alike will probably gain a greater understanding of where the cryptocurrency is heading in the near future, as it will likely see increased levels of volatility.Featured image from Shutterstock.
Positive news has been stretched thin during the “Crypto Winter,” but there are now genuine signs that the ice is beginning to thaw. With Bitcoin showing remarkable resiliency and price stability in a world that wants to write it off, there are many fundamentals to which believers in the world’s largest cryptocurrency like to pay attention. One of these metrics just went through the roof.
The SFOX Crypto Volatility Report: February 2019 was released today, and in this report, analysts try to gauge the health of crypto markets by looking at the following three metrics: price momentum, market sentiment, and the continued advancement of the sector. The report on Thursday ultimately concluded a bullish outlook in general for the cryptocurrency sector.
Celebrity Endorsements Shouldn’t Matter to Crypto Investors
Noting first of all that a significant amount of help from high-profile individuals supported prices across the board, the firm wrote:
“Some of the ‘hype’ that we mentioned was absent from the month of January appeared to resurface in February amidst pro-crypto statements from tech personalities (e.g., Elon Musk and Jack Dorsey) and crypto pundits ‘calling the bottom’ of Crypto Winter.”
I hate when celebrity endorsement is considered a fundamental (I’m aware SFOX is noting this to explain volatility, so I’m not attacking them here). No one knows what individual celebrity agendas are or aren’t. If there is one thing that investors should have learned it’s that hype in cryptocurrency has a considerable bearing on price movements, but they are nearly always temporary – especially in the thin and illiquid environment currently faced by even the biggest of the cryptos.
A kind word here and there is beneficial for a price deviation and usually nothing more. You could write a book about avoiding media hype in investments, but my favorite example was the Ripple (XRP) debacle on CNBC, and they are still at it. I’m not hating on Ripple; I’m hating on the hype that hurts retail buyers.
If you ever feel your adrenaline pumping from a celebrity price forecast, calm down. You need something concrete to base your hopes on, not a throwaway comment from an exhausted-looking Elon Musk.
Bitcoin Transactions Increase, Likely Supporting BTC Price
Now down to the good stuff. In the same report, there is some tremendous news. Transactions on the Bitcoin network surged to their highest level in more than a year,
“There were also more fundamental reasons to have a positive outlook on the market: transactions on the Bitcoin network were at the highest level since January 2018.”
Great stuff. Usage has and always will be the best bullish or bearish argument for any cryptocurrency. Inherent value and liquidity all rise from this point. I could leave it there and say “Winter Over,” but that would be immature and premature. What I will say is that the transaction rate bouncing back is ultimately tremendous. With media coverage so low in the mainstream, this is an indicator of how sticky interest is in Bitcoin despite Google searches collapsing from their highs.
Can’t Ignore the ETF in the Room
Not excited about the prospect of a Bitcoin ETF? SFOX believe you might be in the minority, as there is evidence that this headline continues to generate substantial buying appetite in the market.
“Even while some factions within the crypto sector question the significance and utility of a Bitcoin ETF, the market still seems to be fairly responsive to news about its potential: in the two days surrounding this news, the price of BTC climbed over 7%.”
If you are a trader, not an investor, it’s almost impossible to ignore stuff like this. The market will dictate to you the reality in the short term, and so trying to fight trends like this because you “don’t care” or “it’s irrelevant” is a dangerous game to play. Instead, it’s usually better to try and find reasons why the market might be right. In this case, it seems probable that big, smart money views the ETF as another step towards broader adoption which might increase crypto usage.
In turn, this could bring institutional money flowing into the cryptocurrency market and improve liquidity. SFOX isn’t telling you this will happen, but they are trying to extrapolate what the market is telling them it believes. You’ve got to know your enemy in this game.
Usage Remains the Best Hope of Surviving Crypto Winter
Ultimately, with the price of BTC/USD bumping along near the $4,000 level, fancy price forecasts are a dime a dozen. What makes SFOX’s report valuable is that they give us something concrete to look at rather than just hopes and dreams. Building your house on the rocks and not the sand is essential – especially if you want to survive the winter storms.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
As the “crypto winter” extends and prices seem have once again resorted to an all-too-familiar sideways trading range, there is nothing quite like a shot of hopium to rekindle potentially dwindling passions. With that in mind, here are some of the most flamboyant Bitcoin price predictions of recent years.Is a $1 Million Bitcoin Really Possible? This Lot Think So…Of course, it should go without saying but Bitcoin price predictions should not be taken as investment advice. The figures quoted below are often based on Bitcoin (BTC) assuming the role of existing monetary technologies humanity already uses (gold, major payment networks, etc.) This is obviously anything but a dead certainty. Regulatory hurdles, technological challenges, and competition are amongst the most likely contenders to halt BTC’s rise to prominence.That said, a bit of wild Bitcoin price speculation never hurt as anyone – as long as you’re not going to bet the house on it…No list of the most outlandish Bitcoin price predictions would be complete without mention of John McAfee. The anti-virus software developer famously stated that he would butcher his own manhood and eat it live on TV if BTC does not reach $1 million by 2020. This was actually a revision of a previous bet of similar terms, only with a $500,000 target.When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD— John McAfee (@officialmcafee) November 29, 2017McAfee recently reaffirmed his commitment to his one-sided, high-stakes bet with allusion to Jesse Lund’s $1 million Bitcoin price prediction, detailed below.People are waking up to the fact that Bitcoin will be $1,000 000. But when? “Someday”. “Maybe 5 years”. “WIthin a decade”. I’m the only one giving you a hard date: Dec 31st, 2020.https://t.co/rst3BcypFz“will-be-1-million-someday-says-jesse-lund-vp-of-blokchain-at-ibm.html— John McAfee (@officialmcafee) February 22, 2019Lund is the next member on our list of BTC uber-bulls. The head of blockchain development at IBM has stated that Bitcoin will indeed hit $1 million. His prediction is more measured that McAfee’s since BTC will allegedly break seven figures at some point in the next decade:“I have a long-term outlook. It goes back to that discussion about the utility of the network at a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the Satoshi is on value parity with the US penny.”Co-founder of recently-revamped crypto exchange BTCC Bobby Lee is another of Bitcoin’s most bullish. Just after the height of the 2017 bull market, he stated that within the next 20 years, he thought Bitcoin would reach that seemingly preposterous figure of $1 million:“Right now it’s 10,000, it will go 100,000 and then 200,000, 500,000… Half a million, that’s going to be a milestone and then eventually it will cross $1 million for Bitcoin.”More recently, Lee has speculated that a third-of-a-million dollar Bitcoin might be possible before the end of 2021.One more coincidence: If the next #bitcoin rally (in 2021?) does indeed reach $333,000, that’ll bring Bitcoin’s price to roughly that of #Gold, at $7 trillion each!#BitcoinGoldFlippening https://t.co/LNDayQIW2z— Bobby Lee (@bobbyclee) December 8, 2018All these Bitcoin price predictions are put to shame, however, by Tyler Jenks of Lucid Investments. On his YouTube Channel, HyperWave, the seasoned investor is short-term bearish, long term raging bull.Jenks believes that the BTC price is following a pattern he has identified in numerous other markets throughout history. He has named it “hyper wave”.The rational behind his hellishly pessimistic short term price prediction of around $1,000 is that Bitcoin must first return back to the line it was following prior to the 2017 price explosion. He refers to this line as “phase one of the hyper wave”. It could then resume more sustained growth, or go parabolic once again.Longer term, Jenks believes that the ever-worsening global debt crisis could force Bitcoin to be adopted as a world reserve currency. The veteran investor also states that gold could serve a similar function in global economics, as it has previously. However, his overall message is that fiat must go. This is the rational of his undetermined, long-term BTC price prediction of $10 million per coin or more. Related Reading: A $1 Million Bitcoin: Is It a Reckless Speculation or an Inevitable Reality?Featured Image from Shutterstock.