Ripple price started a downside correction from the $0.3750 resistance area against the US dollar.The price declined below $0.3600 and later settled below the key $0.3480 support area.There is a bearish continuation pattern formed with resistance near $0.3370 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair might dip towards the $0.3200 support area before it could bounce back in the near term.Ripple price started a significant downside correction against the US Dollar and bitcoin. XRP could revisit the $0.3200 support, where buyers are likely to take a stand.Ripple Price AnalysisAfter a solid uptrend above $0.3600, ripple price faced sellers near the $0.3740 and $0.3750 levels against the US Dollar. The XRP/USD pair started a major downside correction and traded below the $0.3600 and $0.3500 support levels. There was even a close below the $0.3400 support area. Recently, there was a short term rebound, but the price failed to surpass the $0.3480 resistance. Besides, the price failed near the 50% Fib retracement level of the drop from the $0.3748 high to $0.3280 low.As a result, there was a fresh decline below the $0.3350 level. The price even broke the $0.3280 low and traded to a new low near the $0.3258 level. Recently, the price recovered above the $0.3300 level. There was also a break above the 23.6% Fib retracement level of the recent decline from the $0.3486 high to $0.3258 low. However, there are many hurdles for buyers on the upside near $0.3370 and $0.3380 levels. Besides, there is a bearish continuation pattern formed with resistance near $0.3370 on the hourly chart of the XRP/USD pair.The 100 hourly simple moving average is also near the $0.3365 level. Finally, the 50% Fib retracement level of the recent decline from the $0.3486 high to $0.3258 low is at $0.3372. Therefore, if there is an upside correction, the price is likely to face a strong selling interest near $0.3370 and $0.3380.Looking at the chart, ripple price remains at a risk of more losses below the $0.3260 and $0.3250 levels. It could even revisit the $0.3200 support area, where buyers are likely to emerge. To the upside, a successful close above the $0.3400 level may improve the market sentiment. Finally, a close above the $0.3480 and $0.3500 resistance levels is must for buyers to resume XRP’s uptrend.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher from 30 and it could test 45.Major Support Levels – $0.3260, $0.3250 and $0.3200.Major Resistance Levels – $0.3370, $0.3380 and $0.3400.
Archives for April 4, 2019
ETH price started a major downside correction after testing the $180 resistance area against the US Dollar.The price declined below the $170 level and even settled below the $165 support area.There is a short term bearish trend line formed with resistance at $160 on the hourly chart of ETH/USD (data feed via Kraken).The pair could dip again towards the $153 support before it could bounce back in the near term.Ethereum price traded in a range after starting a downside correction versus the US Dollar and bitcoin. ETH could climb back up as long as it stays above the $153 or $150 support.Ethereum Price AnalysisAfter a significant upward move, Ethereum price faced a strong resistance near the $180 level against the US Dollar. The ETH/USD pair started a downside correction and traded below the $170 support level. Sellers even succeeded in pushing the price below the $165 support and the 100 hourly simple moving average. Finally, there was a break below the $160 level and the price tested the $153-154 area. A swing low was formed near $153.57 and later the price rebounded.It broke the 23.6% Fib retracement level of the last decline from the $180 high to $153 swing low. However, the price failed to gain traction above the $165 resistance area (the previous support). Besides, there was no proper test of the 50% Fib retracement level of the last decline from the $180 high to $153 swing low. This means the price may decline to a new swing low below $153.57 before it could rebound above $165. It is currently trading just above the $155 level and the 100 hourly simple moving average.In the short term, there could be another dip towards $153 or even $150 before buyers appear again. In the worst case, the price might even drop towards the key $145 support area. On the upside, there is a short term bearish trend line formed with resistance at $160 on the hourly chart of ETH/USD.Looking at the chart, Ethereum price is clearly correcting the recent gains and it may extend its decline below $153. To start a fresh upward move, the price must clear the $160 and $165 resistance levels. A convincing close above the $165 resistance might complete the current downside correction. Conversely, if we drop to a new swing low, we need to see the next base either around $150 or $145.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.Hourly RSI – The RSI for ETH/USD declined towards the 30 level and recently recovered above 42.Major Support Level – $153Major Resistance Level – $165
Dogecoin recently experienced a significant pump but has corrected on its BTC peg in the interim. The limitless supply cryptocurrency created by Jackson Palmer in 2014 has historically ranged between 50 and 100 Satoshis per coin, sometimes reaching as high as 2-300.
The currency is widely traded and used in many places that also accept Bitcoin, Litecoin, and Ethereum, including gambling sites and payment processors. Notably, it is one of the oldest cryptocurrencies with a reasonable hashrate not to be offered by Coinbase for sale.
Huobi Calls Doge “High-Quality”
Huobi writes in their announcement:
In a dedicated effort to provide our customers with carefully vetted and high-quality trading options, we are announcing support for a new addition to the Huobi Marketplace: Dogecoin (DOGE).
Perhaps intentionally, the team did not announce this news on April fool’s day, when people might have taken that wording for a joke. While some still view Dogecoin as a “joke,” we have previously noted here that the cryptocurrency – based on a meme – maintains a high degree of liquidity and trading platforms.
You’d Be Surprised How Many Places You Can Trade Doge Against Fiat Stablecoins
Aside from Huobi, several other exchanges offer stablecoin pairs for Dogecoin, which enables traders to visualize a fiat value for the crypto. Huobi Global (hbg.com) is the eighth largest crypto exchange by trading volume, as of press time. Trading and withdrawals will begin a few hours from now, at 7 PM PST. You can deposit on Huobi.com and HBG.com.
Huobi.com was previously HBUS, the exclusive US partner of Huobi.
Dogecoin creator Jackson Palmer recently rankled some crypto community members when he went on a bit of a tirade about the viability of Bitcoin and comparisons with other networked technologies, like the Internet, in terms of investment, userbase, and scaling.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
The Tweet was in response to a semi-joke from the Dogecoin community about electing a CEO for the cryptocurrency. Palmer has long since abdicated any critical role in the crypto, admitting that it was started on a whim long ago and having several in-fights in the early days.
Palmer made a joke about Dogecoin recently:
Am considering selling https://t.co/fkJ7AkqCIj for $4.20B. Funding (not yet) secured.
— Jackson Palmer (@ummjackson) April 2, 2019
But the joke currency’s founder has made it publicly clear that he has no involvement in any cryptocurrency project at all, at present:
⚠️ Reminder: I am not involved with any cryptocurrency project, in any capacity. If someone tells you otherwise, they’re lying to you. I do not have a Telegram, WhatsApp or other IM account, and do not email my subscribers/followers. Beware impersonators. ⚠️
— Jackson Palmer (@ummjackson) March 31, 2019
Coinflict of Interest, a browser plugin that processes Twitter users and categorizes their cryptocurrency biases, shows that Palmer favors Ethereum over Bitcoin or Bitcoin Cash.
Following the recent crypto market surge that led many cryptocurrencies to skyrocket, the markets have taken a breather and all major cryptocurrencies have dropped today, with Ethereum (ETH) and (XRP) both dropping over 7% as Bitcoin trades down just over 4%.Despite today’s drop, analysts don’t believe that the markets have lost all their momentum, and the consensus is that further price gains are imminent.Ethereum Drops 7%, But ETH Still Up Significantly Over Weekly PeriodAt the time of writing, Ethereum is trading down 7.4% at its current price of just under $160. Over the week, ETH surged from lows of roughly $140 to highs of $178, before settling at its current price levels.Although Ethereum has dropped today, analysts expect Ethereum to surge higher in the near future, as the markets have been able to maintain a significant amount of their recent gains, which means that the upwards momentum may continue in the coming days.The Rhythm Trader, a popular cryptocurrency analyst on Twitter, spoke about which direction he expects ETH to move in the near future, explaining that the crypto is still showing strength and that further gains could be imminent.“#Ethereum has pulled back directly to the tick half way of that large move up. 50% pullbacks like this are my favorite places to long. $ETH still showing strength,” he noted.#Ethereum has pulled back directly to the tick half way of that large move up.50% pullbacks like this are my favourite places to long.$ETH still showing strength. pic.twitter.com/rtQcvS2CyF— The Rhythm Trader (@Rhythmtrader) April 4, 2019Naturally, however, because of the current state of the markets, it is likely that Ethereum’s price action in the near-future will be largely dictated by which direction Bitcoin moves.Ripple (XRP) Also Drops, But Finds Support Around $0.33At the time of writing, Ripple (XRP) is trading down approximately 7% at its current price of $0.332, and is down from its weekly highs of $0.37, but is still trading up from its weekly lows of $0.30.Although XRP has lagged behind many other major cryptocurrencies over the past few days, it does appear to be establishing the $0.32 to $0.33 region as a level of support, which could mean that further gains are imminent if this level continues to hold as support.Redxbt, another popular crypto trader on Twitter, spoke about the aforementioned level of support in a recent tweet, explaining that he is comfortable holding XRP as long as it stays above this level.“As long as there isn’t a close below the red line, I’m good holding this cryptocurrency $xrp,” he said.as long as there isnt a close below the red line, im good holding this cryptocurrency $xrp pic.twitter.com/Srdpkx9tol— typhoon (@redxbt) April 4, 2019Redxbt further spoke about Ripple in another tweet, noting that XRP appears to be currently forming a bottom when looking at the XRP/BTC trading pair.“Probably bottoming out here $xrp,” he concisely noted.probably bottoming out here $xrp pic.twitter.com/6JubsOtKrR— typhoon (@redxbt) April 4, 2019Although both Ripple and Ethereum may be able to incur further gains in the near future, their success will undoubtedly rest in the hands of Bitcoin, as it will likely dictate whether or not the entire crypto markets sink or surge in the foreseeable future.Featured image from Shutterstock.
As the bitcoin price recovers following a catastrophic bear market, crypto bulls are optimistic that good times lie ahead.
Moreover, they predict that the public’s embrace of bitcoin will strengthen over time as they lose faith in the Federal Reserve for its “irresponsible” fiscal policies.
Travis Kling is the founder and chief investment officer of Ikigai Asset Management. He says the Fed’s recent manipulation of interest rates has caused many people to lose faith in central banks.
Kling: Bitcoin Price Rally Was a Reaction to the Fed
In fact, Kling believes the recent bitcoin price spike was caused by growing public distrust of the Federal Reserve.
“I would say broadly it was central banks [that caused the recent rally],” Kling told MarketWatch. “[Bitcoin] has become a hedge against irresponsible monetary and fiscal policy.”
“We had the Fed do a complete U-turn into dovish mode. Then everyone else [European Central Bank and Bank of Japan] followed.”
“We now have this set-up where they [central banks] have become politicized both in the U.S. and globally. It’s the new world we are living in.”
Highlight: “I think we have definitely seen a renewed interest in the last two months,” says Ikigai Asset Management Founder Travis Kling on $BTC topping $5,000. https://t.co/ohsBg29IFZ pic.twitter.com/OUg8dia0Gz
— Yahoo Finance (@YahooFinance) April 2, 2019
Larry Kudlow: ‘The Fed Is Independent’
Travis Kling is suggesting that as the Fed’s artificial manipulation of interest rates — and hence, the stock market and the economy — becomes more apparent, investors will increasingly flock to bitcoin as a hedge against traditional monetary policies.
Kling said the Fed’s misguided “quantitative easing” policy fuels public distrust in central banks.
Kling seems to believe that President Donald Trump‘s fiery smack-downs of the Federal Reserve caused chairman Jerome Powell to decide not to raise interest rates in 2019.
However, Larry Kudlow — the White House’s chief economic adviser — trashed these kinds of insinuations.
Kudlow says the Fed is independent and does not take orders from Trump, Fox Business reported. Because if the Fed actually listened to the White House, it wouldn’t have raised interest rates four times in 2018 alone.
“The Fed is independent. We are not trying to compromise that independence. Never will. I, by the way, started my whole career at the Fed a long time ago.”
El-Erian Previously Predicted That the Fed Won’t Raise Rates in 2019
Similarly, economist Mohamed El-Erian, the chief economic adviser at German mega-bank Allianz, predicted back in February that the Fed would not raise rates again in 2019.
“I suspect they will do nothing this year, and next year will likely loosen,” El-Erian said February 5.
In March 2019, Fed chair Jerome Powell suggested that he won’t raise interest rates this year. This caused Wall Street to breathe a collective sigh of relief.
Before Powell made the statement, President Trump had slammed him for raising interest rates four times in 2018. The move caused the stock market to tank in December, and fueled widespread fears of a U.S. recession.
— CCN.com (@CCNMarkets) February 5, 2019
The Fed Raised Rates Four Times in 2018
The Federal Reserve has raised interest rates seven times during Trump’s two-year presidency; it boosted them four times in 2018 alone.
In contrast, the Fed increased rates just once during Barack Obama’s entire eight-year presidency. That’s why Trump was complaining.
Meanwhile, critics of the Federal Reserve say it’s time to abolish the central bank. Former Congressman Ron Paul — the father of current Senator Rand Paul — has repeatedly said the Fed should let the free market dictate interest rates instead of artificially manipulating them.
Rather than help the economy, Ron Paul says the Fed’s artificial machinations could actually cause a recession. Paul is a former bitcoin skeptic-turned-proponent.
Ex-Bitcoin Skeptic Ron Paul Says Crypto Could Prevent Recession https://t.co/1HLxDRwQQ9
— CCN.com (@CCNMarkets) October 31, 2018
Ron Paul: It Is Time to End the Fed!
In December 2018, Ron Paul torched the Fed on Twitter, saying it “has NO IDEA what rates should be,” and that it “manipulates prices and distorts the economy.”
Accordingly, Paul said it’s time to end the Fed because “central planning produces a world of economic delusions.”
The Fed has NO IDEA what rates should be.
The Fed manipulates prices, distorts the economy, and makes decisions by looking at the “data” of a distorted economy.
Central planning produces a world of economic delusions.
America needs to get back to reality.
End The Fed! pic.twitter.com/achfl4uIQ8
— Ron Paul (@RonPaul) December 19, 2018
As CCN reported in October 2018, Ron Paul has repeatedly warned against a “Fed-created recession.”
“This could be the major catastrophe that leads to the end of fiat currency.”
Paul said the only way to avoid a Fed-created recession is to let people use alternative currencies like bitcoin and to exempt crypto from taxes.
Pro-Bitcoin Ron Paul: It’s Time to Abolish Federal Reserve, Embrace Tax-Free Crypto https://t.co/TSJIq0CYr3
— CCN.com (@CCNMarkets) December 21, 2018
Many of its proponents argue that the greatest impact Bitcoin will have on society will be in developing nations. The belief is that the current most popular permissionless and non-government-correlated asset will one day allow for those in emerging markets to access banking-like services to connect the billions around the world lacking them with a global economy.Whilst such arguments make Bitcoin irresistibly virtuous to some, outside of theoretical musings, there has been little to suggest that such an adoption is actually happening yet. However, recent research indicates that emerging markets are rapidly getting into Bitcoin and their buying patterns suggest that their interest lies in more than simply speculation.Bitcoin Adoption: The Haves Speculate Whilst the Have Nots SurviveAccording to research conducted by Passport Capital, the trading volume at Local Bitcoins in emerging markets now far exceeds that in developed markets.At @PassportCapital we continue to observe a divergence between LocalBitcoins volume in Developed and Emerging Markets. Volume in Developed Markets is tracking price (speculation) while volume in Emerging Markets has stabilized and is growing despite price (utility ) pic.twitter.com/RuOtGCWa0X— Passport Capital (@PassportCapital) April 3, 2019For the study by Passport Capital, used data from Coin.Dance, along with MSCI classifications to determine which nations fell into which market category. As you would expect, much of Europe, North America, Australia, Japan, Singapore, and New Zealand fell are deemed developed markets.Meanwhile, Brazil, Chile, Colombia, Mexico, Peru, Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, UAE, China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Taiwan, and Thailand, fell into the category of emerging markets. A third classification – frontier markets – is also defined by the MSCI but appears to have been ignored by Passport Capital. This may be due to the lack of Local Bitcoins availability in many “frontier market” nation states.Interestingly, Local Bitcoins volume in emerging markets first overtakes that in developed markets in early 2017. After spending the first two quarters of the year with similar trading volumes, those observed at the peer-t0-peer Bitcoin marketplace site in poorer nations seriously outperformed developed markets at the tail end of 2017 and have done ever since.Whilst it is encouraging to see emerging markets accounting for such a large percentage of peer-to-peer trading, the figures themselves do not reveal too much about the actual adoption of Bitcoin in such markets versus the developed world. This is because there are so many more options available for those with bank accounts and access to dedicated digital assets trading platforms.However, what is particularly fascinating about the research conducted by Passport Capital is that interest in trading at Local Bitcoins in developed nations seems to follow price whilst the volume figures from emerging markets has grown in recent years, even as price has declined. This suggests that buyers in richer parts of the world are simply speculating on the asset, whilst those living in emerging nations are actually using it.Following the massive spike in price and trading Local Bitcoins trading volume at the end of 2017, the interest in buying using the marketplace has fallen until very recently in developed markets. Conversely, after a brief pullback, the interest in using the service in emerging markets has grown steadily since early 2018. This, according to Passport Capital, suggests usage outside of pure speculation.Likely uses for Bitcoin in such nations include using it to access a wider digital economy where banking infrastructure is likely, or as a means to opt-out of the economy of a nation in times of financial or political turmoil. Related Reading: Is Largely Unbanked Africa Primed for Bitcoin Adoption?Featured Image from Shutterstock.
Following the recent bullish momentum experienced by the entire cryptocurrency markets that was driven by bullish Bitcoin (BTC) price action, the markets have now experienced a somewhat minor pullback that has led most cryptos to drop.Although the markets are currently taking a breather, one widely used indicator may signal that Bitcoin is ready to surge nearly 200%, which, if true, would decisively mark the end of the persisting bear market, and would send the cryptocurrency back towards its 2017 highs.Bitcoin Stable Around $5,000 After Dropping YesterdayAt the time of writing, Bitcoin is trading down nearly 1% at its current price of $5,010 and is down from its recent highs of $5,300. Although BTC’s recent drop did put a wet blanket over the incredibly bullish sentiment that came about after Bitcoin’s recent price rise, it is important to note that it is still up significantly from its weekly lows of roughly $4,000.The recent upwards price surge allowed Bitcoin to break above multiple key resistance levels that BTC had struggled to break above on multiple occasions over the past several months.Another key technical level that the cryptocurrency broke above during its recent price climb was its upper Bollinger Band – which had not been broken above since the bear market first began.CryptoHamster, a popular cryptocurrency analyst on Twitter, spoke about this latest revelation in a recent tweet, noting in his chart that a similar break above the upper BB occurred in 2015, which was proceeded by a correction towards the lower BB before it began an upwards ascent.“Bitcoin made it for the first time during the whole bear market. Prepare for a possible correction and then be ready to take off,” he noted.Bitcoin made it for the first time during the whole bear market.
Prepare for a possible correction and then be ready to take off!
🔥🔥🔥$BTC #bitcoin pic.twitter.com/8iG8wODE2P— CryptoHamster (@CryptoHamsterIO) April 4, 2019Could BTC be Ready to Surge Nearly 200%? Although the recent upwards surge is relatively small compared to what has been seen in years past, one technical indicator is now signaling that Bitcoin could be ready to surge nearly 200% in the near-future.Fundstrat Global Advisors explained this possibility in a recent research note that was shared by MarketWatch, and explained that Bitcoin’s surge above its 200-Day Moving Average is followed by a large upwards swing 80% of the time, with a potential surge being as large as 193%.“Based on BTC’s trading history, a move above the 200D for BTC is meaningful statistically. When BTC is above its 200D its win-ratio is 80% compared to a mere 36% when it is below its 200D,” the analysts explained, referencing the below chart.Bitcoin’s move above its 200-Day MA could mean that large gains are imminent.When considering the technical strength that Bitcoin incurred during its recent price surge, it may be reasonable to assume that its 2018 lows of $3,200 are in fact a long-term bottom, and that the persisting “Crypto Winter” is truly over.Featured image from Shutterstock.
The bitcoin price on Thursday depreciated as much as 10.33-percent against the US dollar.
The cryptocurrency reached an intraday low at $4,833 in an interim bearish correction. It was already trending inside an overbought zone when the downside action started. Traders found a decent opportunity to exit their long positions around bitcoin’s fresh yearly high at $5,342, prompting a sharp pullback towards $4,789, the higher-low from yesterday. The price didn’t extend the correction and started consolidating within a new trading range instead.
Bitcoin Price Consolidates Below $5,000
Coinbase data showed that bitcoin was more likely to extend its bearish correction to escape its overbought conditions. As of 20:21 UTC, the RSI was well above 70, signaling that buyers won’t be able to extend the bullish momentum any further. A red candle appeared thereafter, bringing RSI a little closer towards 70. A further selling action could, therefore, appear as the ongoing session matures.
An extended bearish correction could see bitcoin testing $4,738 – the 50% level of the Fibonacci retracement chart of the recent wave from 4134-low to 5342-high – as its next potential support. Nevertheless, it is the 78.6% level of the same wave that appears to be positioned ideally. The 4393-support was a critical resistance level from the November 29 trading session last year. Traders could consider it while opening new long orders.
We expect the bitcoin price to maintain its interim bullish bias as long as it stays above the ascending blue trendline. A break below it will push the price into a support zone, which was previously a critical resistance area. Bitcoin will resume its long-term downtrend only when it breaks below the green bar. Until then, it would keep its bullish momentum alive.
Bitcoin Price Could Test $6,000 if it Breaks Key Resistance Level
As discussed in our previous analysis, the bitcoin weekly chart was giving us two crucial resistance levels to watch.
First, it is the RSI level at 53.85 that so far has acted as a borderline between a long-term bearish and bullish bias.
Second, it is the 50-period EMA that is capping bitcoin’s weekly upside momentum from flourishing further. A break above the said moving average will coincide with a jump above 53.85.
If the price manages to stay afloat above those two resistances, the likelihood of it extending its rally towards $6,000 will increase considerably.
We’re talking to experts in the crypto and blockchain space about the future of the industry. You’ll hear from economists, entrepreneurs, developers, and other speakers from Consensus events.
Chairman J. Christopher Giancarlo of the U.S. Commodity Futures Trading Commission joins host Nolan Bauerle for an exit interview covering his time at the CFTC, the future of blockchain regulation, and the origins of the nickname “CryptoDad.”
Register for Consensus at Consensus2019.com
Chairman Giancarlo can be found on Twitter at @giancarloCFTC
Road to Consensus is a production of CoinDesk.
Ever-the-optimist when it comes to crypto, Tom Lee has stated that he thinks a fair price for Bitcoin is $14,000. He bases this opinion on the cost to mine a Bitcoin and what he considers a traditional markup on commodities.The managing partner and head of research at Fundstrat Global Advisors also stated that the ongoing bear market of 2018/19 was over. He believes that infrastructure developments and the accumulation of Bitcoin by so-called whales is behind the change in price trends seen thus far in 2019.Tom Lee: Infrastructure, Turmoil, and Whales Driving Bitcoin RallyTom Lee has appeared once again on CNBC’s “Squawk Box” segment. This time, the Fundstrat manager and researcher provided insight into the latest price rise that took Bitcoin from around $4,119 at the beginning of April to a high of $5,300 yesterday according to Coinmarketcap.After a “rough 2018”, he stated that the Bitcoin price had been heading up for most of 2019. He attributed this to original investors one again accumulating Bitcoin. Many of these, according to Lee, managed to sell at the top of the 2017 price run up in late December.Lee believes that several factors are influencing these original Bitcoiners to reload. Amongst them is the growing interest from parts of the suffering from poor government money management or political instability and greater infrastructure development from the likes of Fidelity Investments and the much-anticipated Bakkt platform.Although not entirely sure what caused the sudden move at the start of April, Lee stated that there was:“… real evidence that there’s a lot of dry powder.”He went on to say that the crypto community kept a lot of cash and was waiting for Bitcoin to break below $3,000. When it failed to do so and instead made the recent upwards move, much of this cash poured back in.FYI, @CNBC interview on BTC with @BeckyQuick, and our take on why the 40% rally in $BTC is credible… @SquawkCNBC https://t.co/5WGfUzW00J— Thomas Lee (@fundstrat) April 4, 2019Perhaps the most interesting part of the short interview was when Lee gave his opinion that the fair price of Bitcoin is around $14,000. When prompted for explanation, he opined that the price of a commodity is often two to three times its cost of production when in a bull market.Since Lee estimates that the cost to mine a single Bitcoin is now around $5,000 to $6,000 and therefore a fair valuation is between two and three times that figure. He briefly stated that since Bitcoin has crossed over the 200 day moving average, the market is indeed bullish. He therefore joins a sizeable and growing group of crypto commentators that believes the bear market of 2018 is now over and the bottom is in.Finally, Lee was asked whether he was buying Bitcoin right now. He largely skirted the question, stating that Fundstrat recommended that individuals invest one to two percent of their net worth in Bitcoin. This according to the presenter was crazy and akin to gambling. Lee largely agreed but sees no problem with a high risk, high reward investment with a small percentage of a portfolio.The interview concluded with Lee arguing that Bitcoin makes most of its gains in a 10 day window. Therefore, his advice for those wanting to cash in on those gains is simple:“You’ve got to essentially hold [Bitcoin], or hodl it, as they say, to really capture the gains.” Related Reading: Bitcoin Price Surged More In 1 Hour Than Last Two Months CombinedFeatured Image from Shutterstock.