Ripple price is holding the main $0.2950 support area against the US dollar.The price is likely to recover in the near term and it could trade towards $0.3080 or $0.3100.There is a declining channel in place with resistance near $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is likely to climb higher as long as it is above the $0.2950 support area.Ripple price is currently trading in a range against the US Dollar, but lost ground vs bitcoin. XRP might start a strong upward move if it clears $0.3020 and $0.3040.Ripple Price AnalysisIn the past two days, there was a steady decline in ripple price from the $0.3089 swing high against the US Dollar. The XRP/USD pair broke the $0.3040 and $0.3000 support levels. It even broke the $0.2980 level and tested the next key support near $0.2950, where buyers emerged. The 50% Fib retracement level of the upward move from the $0.2834 low to $0.3089 high also acted as a support. As a result, there were a couple of swing moves and the price remained above the $0.2950 support.On the upside, an initial resistance is near $0.2985, and the 23.6% Fib retracement level of the recent decline from the $0.3089 high to $0.2951 low. However, the main resistance is near the $0.3000 and $0.3010 levels. There is also a declining channel in place with resistance near $0.3010 on the hourly chart of the XRP/USD pair. Above the channel resistance, the $0.3020 level could prevent gains. It represents the 50% Fib retracement level of the recent decline from the $0.3089 high to $0.2951 low.If there is a successful close above $0.3000 and $0.3020, the price could start a strong upward move. The next resistance is near $0.3040, above which the price may revisit the $0.3089 swing high. On the downside, the $0.2950 support holds the key. If there is a bearish break below $0.2950, the price may perhaps decline sharply towards $0.2900 or $0.2880.Looking at the chart, ripple price is likely to grind higher considering the current market sentiment for bitcoin. A few other altcoins are gaining momentum, therefore, XRP price might also start a decent upward move. Having said that, the bulls need to pierce the $0.3020 resistance with a follow through above $0.3040 to challenge the $0.3100 or $0.3120 level.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 still below the 50 level, with a minor bearish angle.Major Support Levels – $0.2960, $0.2950 and $0.2910.Major Resistance Levels – $0.3000, $0.3020 and $0.3040.
Archives for May 2, 2019
ETH price found support near the $156 level and recently bounced back against the US Dollar.The price is currently trading nicely above the $156 and $158 support levels.Yesterday’s highlighted declining channel was breached with resistance near the $158 level on the hourly chart of ETH/USD (data feed via Kraken).The pair is currently struggling near $160, above which it could trade towards the $164 level.Ethereum price is gaining traction versus the US Dollar, but it is struggling against bitcoin. ETH is likely to climb higher in the near term, but it may struggle near $164-165.Ethereum Price AnalysisYesterday, we saw a fresh downside correction in Ethereum price from the $163-164 zone against the US Dollar. The ETH/USD pair corrected lower and broke the $160 support level. However, the 50% Fib retracement level of the upward move from the $150 low to $163 high acted as a support. Besides, the $156 level and the 100 hourly simple moving average also prevented losses. There was a false spike, but the price quickly bounced back above $158.More importantly, yesterday’s highlighted declining channel was breached with resistance near the $158 level on the hourly chart of ETH/USD. The pair broke the 50% Fib retracement level of the recent decline from the $163 high to $154 swing low. As a result, the price is now trading with a positive bias above $158. An immediate resistance is near the $160 level. It coincides with the 61.8% Fib retracement level of the recent decline from the $163 high to $154 swing low. If there is an upside break above the $160 resistance, the price is likely to climb towards the $163-164 zone.On the downside, the main support is near the $156 level and the 100 hourly SMA. If there is a proper close below the 100 hourly SMA, the price may decline towards the $154 or $150 support levels. Bitcoin price is currently up more than 3%, but it seems like ETH price is struggling to gain pace above the $160 and $161 resistance levels.Looking at the chart, Ethereum price is currently placed in a positive zone above $158, but it must gain traction above $160. The next stop for the bulls could be near $164 or $165. If there are further gains, there are chances of a sharp rally towards the $170 or $172 resistance level.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone, with positive signs.Hourly RSI – The RSI for ETH/USD is now placed well above the 50 level, with a bullish angle.Major Support Level – $156Major Resistance Level – $164
By CCN: The crypto community hasn’t scared Mark Zuckerberg away from his cryptocurrency ambitions, at least not yet. New details have emerged in a Wall Street Journal report indicating that Mark Zuckerberg’s company is actively looking to ink deals to back its cryptocurrency payments ecosystem. Facebook is reportedly in discussions with “dozens of financial firms and online merchants” to support the unveiling of its blockchain-based payments network. Facebook is looking to lasso $1 billion for its new cryptocurrency and has been in talks with some major players.
Facebook Building Cryptocurrency-Based Payments System https://t.co/xGDlyhDHnZ
— Barry Silbert (@barrysilbert) May 3, 2019
We already knew that Facebook was courting venture capitalists, thanks to Nathaniel Popper of The New York Times. Now the Journal is showing more of Facebook’s hand, saying the crypto initiative has been codenamed “Project Libra.” They also say discussions have been expanded to include leaders in the payments space including Visa and Mastercard in addition to First Data, all of which could potentially emerge as backers to project.
In addition, Facebook is in talks with e-commerce companies, which sheds some more light on how the company plans to use its new cryptocurrency. Facebook’s motivation for approaching online merchants is two-pronged – to invest in the crypto payment platform and join the network as a partner. This suggests that Facebook’s cryptocurrency wouldn’t be limited to only the company’s apps such as Whatsapp. Instead, these e-commerce partners would support Facebook’s stable cryptocurrency for payments, giving users the ability to transact between apps, which would be revolutionary for a mainstream platform. Facebook could motivate merchants by waiving transaction fees for crypto-fueled purchases.
Facebook boasts more than 1 billion users, and getting crypto into their hands could open the floodgates to cryptocurrency adoption, even though it’s Facebook. By way of comparison, the cryptocurrency ecosystem is currently comprised of 100 million users, as per Blockchain Capital. Social media platforms have the potential to change the “millions” to “billions” for crypto.
Facebook is looking to incentivize users of its cryptocurrency. For instance, they would reward users with fractions of the crypto – kind of like a Satoshi – for viewing ads and engaging with content. Sounds a lot like what Brave is doing with Basic Attention Token.
Facebook and Privacy
Facebook’s privacy scandals are no secret, and that’s the elephant in the room for the crypto community. Mark Zuckerberg has yet to regain the trust of his users, let alone crypto land. He proved recently that he’s still out of touch with his users. Zuckerberg made a privacy-related joke at Facebook’s recent developer conference. Yet he’s got ambitious plans for the payments platform as he seeks to compete with the likes of Amazon.
In a few short days, the crypto industry will touch down in New York City for the annual Consensus expo – a conference that brings together the greatest minds and companies across blockchain and crypto to discuss the future of the industry, hold discussion panels, and show off new products or make announcements. In the roughly two following each year’s conference in the past, Bitcoin and altcoins rose an average of 77% and 161% respectively, posting significant gains three out of the four years the annual conference has been around.With the fifth annual Consensus just days away, and knowing that the conference can have a powerful impact of the growth of the market and industry, here’s what to expect from Bitcoin and its altcoin brethren following the event.Last Year’s Consensus Brought Red to Crypto Markets, But What About 2019?Those who entered the crypto market at the top of the 2017 Bitcoin hype bubble, never got a chance to enjoy the post-Consensus boost that Bitcoin and other cryptocurrencies get from the aftermath and excitement driven at the industry’s biggest annual event.In early 2018, before the bear market truly began to beat and batter investors still bullish on crypto, many pointed to the annual Consensus as one of the few things that could revive Bitcoin, next to “Wall Street bonus checks,” “Chinese New Year” and other reasons that since became memes across the crypto community.One bad year and y’all ditch the Consensus Pump narrative 🙃 pic.twitter.com/OfVVcMygER— Crypto Bobby (@crypto_bobby) May 2, 2019But the post-Consensus pump that never came last year, shouldn’t have become a meme. Investors were right to expect a boost after the three previous years resulted in a pump in Bitcoin price of 121%, 78%, and 138% respectively. In 2018, Bitcoin fell -28% in the months following the event.Related Reading | Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200 Altcoins, which saw massive interest following the conference’s third year, with 552% growth, declined -40% in 2018.Bitcoin to $9,500?By taking an average of the growth data from the past four years of post-Consensus pumps, we can attempt to estimate the potential growth Bitcoin and altcoins might see following this year’s conference.On average, Bitcoin price rose 77.25% in the roughly two months following Consensus, while altcoins rose an average of 161.5%.At Bitcoin’s current price of $5,400, a 77% increase from here would take the price of Bitcoin to over $9,500 – a price the leading crypto by market cap hasn’t experienced since last May, before it was again swatted down by bears to retest support at $6,000.Related Reading | Bitcoin Trader: Big Money is Net Long, Re-Accumulation Expected at $10KThat same support, Bitcoin is set to retest, this time as resistance in the following days if Bitcoin can keep up its bullish momentum. If that happens, and a strong break of $6,000 resistance occurs, the market could potentially rocket higher due to shorts closing, stops being hit, and an excess of capital currently sidelined FOMOing in at the first sign a bull market is back. This makes the potential for a 77% gain completely feasible, especially since Bitcoin price has pumped nearly double that following past years of Consensus.
Despite facing downwards pressure that put Bitcoin’s upwards momentum in jeopardy last week, the cryptocurrency has been able to continue climbing higher and is now nearing its price levels that were set just prior to the Tether-Bitfinex imbroglio that sent BTC reeling down to the lower-$5,000 region.This positive price action has led an incredibly bullish sentiment to abound within the crypto community, and many analysts now believe that Bitcoin will incur further gains in the near future as it continues climbing higher.Bitcoin (BTC) Surges to $5,500 At the time of writing, Bitcoin is trading up over 2% at its current price of just under $5,500, up significantly from its daily lows of $5,370.Bitcoin has rebounded from its one-week lows of roughly $5,150 that were set last Thursday when the New York Attorney General’s accusation that Bitfinex and Tether were defrauding investors spread throughout the crypto community, instantly leading to a sense of fear amongst investors.Despite this, the markets quickly shook off the news and have been tepidly climbing higher ever since the lower $5,000 region was hit, which is viewed by many analysts as being a sign of growing fundamental strength in the markets.Luke Martin, a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin current price action in a recent tweet, explaining that he expects BTC to face an upwards battle until it breaks above its recent highs at $5,600.“$BTC slight move up since the resistance/support flip. Meh. It’s hard to be too excited about more upside until price can get above the most recent high at 5600. That’s when I would be far more bullish. Until then I’m a little closer to neutral,” Martin explained.$BTC slight move up since the resistance/support flip. Meh.It’s hard to be too excited about more upside until price can get above the most recent high at 5600. That’s when I would be far more bullish. Until then I’m a little closer to neutral. pic.twitter.com/enjMM6GqKD— Luke Martin (@VentureCoinist) May 2, 2019Bitcoin set its recent highs just prior to when news broke regarding the Tether imbroglio, when it hit highs of roughly $5,650.BTC Continues Forming Similar Patterns to Those Seen in Previous YearsAnother interesting trend that has arisen as a result of Bitcoin’s recent upwards surge has been that many analysts are now seeing striking similarities between the crypto’s current price action and that seen in previous years prior to massive bull runs.FlibFlib, a popular crypto analyst on Twitter, discussed one of these similarities in a recent tweet, explaining that there are parallels between Bitcoin’s 2017 and 2019 price action.“There is some similarity between 2017 and 2019 in the way in which we bottomed from $5k->3k 2017 and broke back to $5k. It took a lot longer this time in a bear market. Overlay & Extrapolate that trend and Dec 2019 could be fruity if we can get over the Tether risk,” he explained.There is some similarity between 2017 and 2019 in the way in which we bottomed from $5k->3k 2017 and broke back to $5k.It took a lot longer this time in a bear market.Overlay & Extrapolate that trend and Dec 2019 could be fruity if we can get over the Tether risk. $btc pic.twitter.com/TxtES1zZfM— fil₿fil₿ (@filbfilb) May 2, 2019As the weekend trading session looms on the horizon and Bitcoin continues climbing slightly higher, it will likely become increasingly clear as to whether or not BTC is ready to break out of the $5,000 region, or if further consolidation is needed.Featured image from Shutterstock.
According to the New York Police Department, the number of people duped out of Bitcoin and other assets thanks to a telephone scam has soared in 2019. It estimates that a massive $2 million has been fraudulently obtained from residents of the city.The scam responsible apparently involves a cold call from either a real person or AI operator claiming to be from social services. It is a wonder that the scam has been so successful, given how basic it is and the fact that payment is asked for in crypto!New Day, New Bitcoin ScamAn article published by The Next Web states that the New York Police Department has been inundated by reports of people being defrauded out of money by a rather simplistic telephone scam in which scammers request Bitcoin, online gift cards, and other non-conventional payment methods after claiming to be from the social services.The NYPD published a video warning citizens about the telephone scam:According to the law enforcement authority, the scam involves the victim receiving a phone call, apparently from Social Security Administration officials. By spoofing the organisation, police, or some other government agency’s caller ID, the scammers make the call seem more legitimate.They go on to tell the victim that their Social Security Number has been suspended for some reason or that it has been involved in some serious criminal case – such as international drug trafficking. Alternate versions of the same scam reportedly tell victims that their bank account has been frozen or seized, or that there is a warrant out for their arrest.The call then is often transferred to a supposed high-ranking police official who attempts to scare the victim with threats that the only way to rectify the situation is to send them Bitcoin, buy Apple or Google Play gift vouchers, or to FedEx them physical cash. This is, of course, a massive red flag and it is hard to believe that anyone has believed that the Social Security Administration’s preferred means of payment is Bitcoin or an online gift card.That said, the scam is obviously proving successful. The NYPD reports that around $2 million has been defrauded from victims of it. Examples of such reports being made to the department have also sky rocketed. Whereas there were just three similar claims of fraud made in 2018, this year there have been 200 already.Nilda Hofmann, the NYPD’s chief of community affairs stated:“Sophisticated phone scams use the trust victims have in their own governmental and law enforcement agencies against them. Victims of this type of phone scam are not limited to senior citizens – these criminals are targeting every strata of society and every demographic is vulnerable.”Although Bitcoin is often used as a means of payment in similar scams, such criminal activity accounts for a tiny percentage of all Bitcoin transactions. A report published in April 2018 found that less than one percent of BTC transactions were connected with a crime. Related Reading: Familiar Bitcoin Scam Defrauds Dutch Investors of $1.9 Million and CountingFeatured Image from Shutterstock.
Ever since the crypto markets plunged from their late-2017 highs, embattled investors have been closely watching to see how large investment groups, including corporate and institutional investors, take to the nascent markets – as they may ultimately introduce enough capital to the markets to fuel the next bull market.Now, a recently conducted survey by Fidelity Investments signals that institutions are warming up to crypto, with many major groups sharing somewhat friendly outlooks towards the nascent markets.Fidelity: Many Institutions Interested In, or Already Invested In, CryptoThe survey, which questioned 441 institutional investors that include family offices, hedge funds, endowments, and foundations, was conducted with a goal of garnering better information about institutional interest in the markets as they grow their newly founded digital assets business.One interesting statistic from the survey was that nearly half of all the institutions surveyed explained that they do consider digital assets to be worthy of having a place in investment portfolios, which is overwhelmingly bullish as it signals that widespread institutional adoption may be imminent.Despite this, the survey also found that a mere 22% of those surveyed are already invested in the markets, which means that there still remains a large number of institutions that consider digital assets worthy of being invested in, but still haven’t actually added them to their portfolio.Another interesting statistic is that 72% of those surveyed would prefer to invest in crypto through investment products that hold cryptocurrency, rather than investing in the assets directly.Tom Jessop, the president of Fidelity Digital AssetsSM, spoke about the bourgeoning trend of institutional investors entering the markets, saying:“We’ve seen a maturation of interest in digital assets from early adopters, like crypto hedge funds, to traditional institutional investors like family offices and endowments… More institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets – new and old – becomes more readily apparent.”Will Institutions Fuel the Next Crypto Bull Run?The crypto markets have recently been witnessing a growing momentum that many analysts believe is highly bullish, which has shifted market sentiment and is leading to growing talks about the next bull market.Assuming that the next bull run is anything like ones seen in years prior, it is going to take a significant amount of capital to fuel it, which may be provided by institutional investors.Galaxy, a popular crypto analyst on Twitter, recently explained that if the next bull market were to mirror that which was seen in 2015, BTC would surge to over $330k by the end of 2021.“Observing structure similarities between the monthly candles of October 2015 and April 2019. October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years. Another similar bull run puts BTC at over $330K/coin, by the end of 2021,” he explained in a recent tweet.Observing structure similarities between the monthly candles of October 2015 and April 2019.October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years.Another similar bull run puts BTC at over $330K/coin, by the end of 2021. pic.twitter.com/KTCRLd8jRH— Galaxy (@galaxyBTC) May 1, 2019Although it is highly unlikely that the next bull run will directly mirror those of years past, any upwards move that pushes the crypto markets beyond their previously established all-time-highs will require a significant amount of money that may be provided, in part, by institutions that rush to enter the rapidly evolving markets.Featured image from Shutterstock.
Microsoft will promote JPMorgan Chase’s Quorum blockchain to the global tech giant’s business customers, the companies announced Thursday.
The Redmond, Washington-based software firm will support Quorum, JPM’s private enterprise version of ethereum, through Microsoft’s Azure cloud platform, the firms said. They will look to support adoption of the network through their new partnership, after signing a memorandum of understanding.
As a result, Quorum “will become the first distributed ledger platform available through [the] Azure Blockchain Service, enabling J.P. Morgan and Microsoft customers to build and scale blockchain networks in the cloud,” the companies said in a press release.
A spokesperson for New York-based JPM said via email that “Microsoft will drive preference to the Quorum stack for Blockchain applications built on Azure.” JPM will also build its own first-party applications for the service.
Umar Farooq, JPM’s global head of blockchain, said in a statement that Quorum has been successful over the four years it has been operational, with organizations worldwide using the technology.
Now, “Azure will bring unique strengths to enterprise clients using Quorum,” he said.
JPMCoin and the Xbox
Quorum will be used to support both JPM and Microsoft’s blockchain programs, as well as the bank’s Interbank Information Network, its internal cryptocurrency JPMCoin and royalty payment points for the Xbox gaming platform.
Through the partnership, both firms will try to address enterprise, developer and vendor needs for building on blockchain applications using Azure’s cloud servers.
Microsoft will also provide support for the network’s users, including engineering support.
The move will make Quorum more easily available to customers through the Azure platform, said Microsoft executive vice president of business development Peggy Johnson in a statement. She added:
“As digital transformation extends beyond the walls of an individual organization, companies need solutions that enable them to securely share their business processes and data.”
Thursday’s move raise the question of whether the bank will still spin Quorum off into its own self-funded entity. Rumors first emerged in March 2018 that JPM would let Quorum launch as an independent platform, largely due to its own success.
JPMorgan is “still exploring options” for a possible spinoff, sources familiar with the bank’s thinking said Thursday.
Image via Shutterstock
The dollar-pegged stablecoin DAI is still trading below one dollar but is now considered to be in a “stable” position.
From 0.5 percent to now 16.5 percent, the Stability Fee has been increased 33 fold over the past three months. Now, MakerDAO token holders have again voted to increase fees by another 3 percent to sit at 19.5 percent.
According to meeting minutes published on Reddit, COO of the MakerDAO Foundation Steven Becker highlighted during today’s governance and risk call:
“In using the Stability Fee, progress has been made. The peg is stable, just a few percentage [points] below where it needs to be.”
Since February, token holders behind the primary lending platform for DAI issuance – MakerDAO – has been increasing what is called the “Stability Fee” in efforts to make DAI loans more expensive. In doing so, the aim is to retract market supply of DAI and push DAI price up to dollar valuation.
The outcome of this week’s vote according to head of community development Richard Brown was “a neck and neck race” between 2 and 3 percent. Starting Friday, a secondary vote will be held to execute this increase into the programmatic lending system.
Taking a step back, MakerDAO is the most popular decentralized finance (DeFi) application in the cryptocurrency space to date, according to crypto analytics platform DeFi Pulse. It holds over $300 million worth of ether, with the second most popular DeFI application – crypto lending application Compound – only holding about $33 million.
Soon, MakerDAO will also hold millions worth of other cryptocurrencies outside of ether through an ambitious upgrade to introduce what is called “multi-collateral DAI.” For now, the stablecoin DAI is solely backed by native ethereum cryptocurrency, ether, and has a fixed supply cap of 100 million.
Given a persisting imbalance in DAI supply and demand, certain community members have advocated in the past that the supply cap on DAI be reduced as an additional measure to the Stability Fee increases.
However, as stated by Vishesh Choudhry of the MakerDAO Foundation Risk Team, consecutive Stability Fee increases do seem to be having a measurable impact on DAI price which presently sits between $0.97 and $0.98.
“What we’ve really seen is that as we’ve increased the Stability Fee over the past few weeks, the DAI price has stabilized a bit,” said Choudhry during today’s call. “There has been a lot going on with [ether] and with Tether so as always take everything with a grain of salt but I think that’s a positive indicator that what we’re doing actually has an impact.”
Cyrus Younessi – risk management lead at the MakerDAO Foundation – agreed saying that it seemed like “we’re headed in the right direction” and that perhaps more consideration should now be given over when to halt Stability Fee increases.
“When do we know the peg has been fixed? What kind of indicators are we looking for?…What’s the amount of time we’re comfortable observing DAI trade around $1.00 before we consider corresponding [Stability Fee] changes?”
Stacks of coins image via Shutterstock
A new report by market Delphi Digital has reiterated the firm’s earlier position that Bitcoin has already bottomed. The analysts focused primarily on the percentage of coins not being transacted for more than a year relative to previous market cycles.The researchers form part of a growing number of analysts who believe that Bitcoin bottomed in December last year. However, some still hold that Bitcoin will move down before it moves back into raging bull mode once again.Delphi Digital: The Bitcoin Bottom is InBitcoin is having a spectacular spring thus far. The leading digital asset has gone from around $4,000 to over $5,500 dollars in about five weeks. Such consistent gains have not been observed since the days of the 2017 bull market. With prices continuing to rise on yet another green day for the leading cryptocurrency, one research firm has published a report stating that the accumulation period following one of the bleakest of crypto winters on record has now begun.The report by Delphi Digital, a firm specialising in digital asset research and consulting, is a follow up to an earlier Bitcoin market outlook report.0/ Since December, our team has continued to state our belief that $BTC would bottom by Q1 2019. Today, we are excited to share an updated #Bitcoin Outlook report where we walk through why we continue to believe the bottom is in. Read more here: https://t.co/920MD8d7fk— Delphi Digital (@Delphi_Digital) May 2, 2019The company had original released “The State of Bitcoin” in December 2018. It stated that the market would find a bottom before the end of quarter one 2019. The latest research from Delphi Digital corroborates the findings of its predecessor. It says:“We continue to stand by that call, we believe the market has bottomed.”The researchers go on to write that that the market in fact bottomed in December last year at around $3,200. They base this conclusion largely on unspent transaction outputs – in other words, how long Bitcoin has stayed in the same place for. Those coins that have not moved in over a year are deemed to be held by long-term holders and it is these true believes that eventually provide support at the true bottom. The firm compared the percentage of these long-term holders with the figures observed during the 2015 bottom.The idea behind the analysis is essentially that once the market mainly consists of long-term holders, there is no one left to sell and thus the bottom is in. A period of accumulation can then begin. Delphi writes:“The 1 year+ holder rate during the potential December bottom is within 1% of the 1 year+ holder rate during the previous cycle’s bottom in January of 2015.”Delphi Not Alone, But is This Really Crypto Spring?There is a growing contingency of crypto analysts that claim that the bottom is indeed in for Bitcoin. The likes of Tom Lee has spoken about it at length on CNBC in recent weeks. He claims that institutional interest from potential clients of the forthcoming Bakkt platform and recently launched Fidelity institutional grade crypto services, as well as rising organic on chain transaction volume from places like Turkey and Venezuela will continue to drive prices up from the December low point.Likewise, various crypto-focused Twitter accounts have opined that the Bitcoin bottom is well and truly in for different reasons:The case for a bitcoin bottom is simple:Price is supply and demand.Supply is fixed.Demand is apparent.Halving is a certainty.2015 bottom was 18 months before the halving.2018 bottom was 18 months before the next halving.— The Rhythm Trader (@Rhythmtrader) May 1, 2019Some conclusions you can draw from this imo– The bitcoin bottom is in
– The absolute lowest price $BTC can reach is now around $4,000 (even this seems unlikely at this point)
– There’s a few months tops of accumulation left before it leaves these price levels forever— Moon Overlord (@MoonOverlord) April 25, 2019However, not every cryptocurrency analyst is convinced. Constantly calling for lower prices is Tyler Jenks, of the HyperWave YouTube channel and Lucid Investment. Although Jenks admits that Bitcoin could well one day serve as a world reserve currency with a value in the many millions of dollars, he states that the price must first return to the $1,000 area. For him, Bitcoin has been in a pattern he calls a hyper wave and it must return to the trend line it was following prior to the 2017 bull market:I have not commented on Bitcoin since we broke up through the $4,000-4,200 resistance zone. I believe we are headed back down to that zone and it will not hold. New lows coming. Target of $1,000 unchanged.— Tyler Jenks (@LucidInvestment) April 11, 2019 Related Reading: Bitcoin Likely Bottomed At $3,150, Could Rally To $10K By December 2019 Featured Image from Shutterstock.