It’s no secret that one hallmark of Bitcoin and the entire crypto markets is that they are volatile, going through major pricing cycles at a rapid speed that limits investing in the nascent technologies for only the brave of heart.Despite this, recently released research signals that Bitcoin actually has a far higher risk-return ratio than most major traditional assets, which may provide some solace to crypto investors who fear that increased volatility will lead to potential losses down the road.Bitcoin (BTC) Surges to Fresh Year-To-Date Highs Amidst Widespread Market RecoveryIt is important to note that the positive risk-reward ratio that Bitcoin has compared to other assets has been largely driven by the cryptocurrency’s massive price surges that it has incurred since its inception, which have taken BTC from being a niche technology to a mainstream investment asset that is being closely looked at by retail and institutional investors alike.In 2017, Bitcoin’s surge to highs of nearly $20,000 put the cryptocurrency on the world’s radar, and the ensuing crash served as a testament to the large volatility of the crypto, in spite of its promising use-cases and massive long-term potential.This crash, which sent the cryptocurrency to lows of $3,200 in late-2018, left a bad taste in the mouths of many investors, and appeared to have confirmed the negative biases held by many economists and Bitcoin-bears who disdained the technology for a large number of reasons.Despite this, over the past several weeks Bitcoin has posted a strong recovery that has allowed it to set fresh year-to-date highs around $8,300. This latest surge has shifted the market sentiment significantly and has led many investors to believe that the next bull trend is right around the corner.Despite Massive Price Volatility, BTC Has a Far Better Risk-Reward Ratio Than Most Traditional AssetsRecent research from cryptocurrency exchange Binance’s research arm puts a spotlight on just how profitable Bitcoin has been historically, as well as how the cryptocurrency’s volatility is justified by a high risk-reward ratio.“Despite its perceived riskiness, Bitcoin $BTC has provided far higher returns than most traditional assets over the past 2 years based on the following risk indicators/ratios,” Binance Research explained in a recent tweet.Despite its perceived riskiness, Bitcoin $BTC has provided far higher returns than most traditional assets over the past 2 years based on the following risk indicators/ratios. pic.twitter.com/yXVKpcNvTO— Binance Research (@BinanceResearch) May 15, 2019The charts in the tweet above elucidate some interesting statistics regarding the performance of BTC as compared to other major assets, showing that Bitcoin’s 2-year returns of nearly 400% far surpass that of tech stocks – 46% – and that of the aggregated US stock market – 30%.Moreover, while weighing the volatility of the various asset classes by using the Sortino Ratio – which is used to measure the positive volatility of an asset – Bitcoin has a positive measurement of 283%, while tech stocks have a positive ranking of 190% and the aggregated US stock market has a positive ranking of 136%.When considering this data, it becomes apparent that Bitcoin is firmly in a long term uptrend, despite the bear market that has ensued since late-2017, and that it is likely to extend this upwards momentum as it continues to garner greater levels of adoption and incurs investments from more institutional groups.Featured image from Shutterstock.
Ripple (XRP) investors have been discouraged as of late after watching Bitcoin and many other cryptocurrencies surge while XRP remained caught in a bout of sideways trading in the lower-$0.30 region.Today, however, XRP was finally able to break out of this seemingly indelible trading range and has now moved into the $0.40 region after surging over 20%.Ripple (XRP) Soars 20% To Fresh Year-To-Date HighsAt the time of writing Ripple (XRP) is trading up over 22% at its current price of $0.40, up significantly from its daily lows of $0.32.Prior to today’s surge, XRP was severely underperforming the aggregated crypto markets, as it remained caught in a tight trading range between $0.30 and $0.34 that proved to be a difficult range to break above in spite of the tailwinds created by Bitcoin’s upwards surge, which allowed many cryptos to post decent gains.Regardless of XRP’s lackluster performance over the past several months, the cryptocurrency incurred a massive influx of buying pressure yesterday that instantly led it to surge to fresh year-to-date highs in the lower-$0.40 region, where it has found some levels of resistance that have proven to be difficult to break above.XRP is currently the best performing major cryptocurrency and is surging at a time where many altcoins are drifting slightly lower as Bitcoin appears to be facing growing resistance in the $8,000 level.At the time of writing, Bitcoin Cash is trading down 2.3%, Litecoin is trading down 0.6%, and Ethereum is trading up just over 3%.Influx of Positive News Fuels XRP’s SurgeA recent influx of bullish news surrounding Ripple may have fanned the flamed that have fueled its recent upwards momentum.One recent piece of news that closely preceded the pump was Coinbase’s announcement that New York-based traders are now allowed to buy XRP on the exchange’s platform, which was seen as being a bullish development by many investors.“XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on Coinbase.com or using our iOS and Android apps,” the exchange noted in a recent tweet.XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on https://t.co/bCG11KMQ6s or using our iOS and Android apps.https://t.co/5VE1WklrWo pic.twitter.com/Zp5odgaoHs— Coinbase (@coinbase) May 13, 2019Moreover, this announcement also led some investors to believe that this was a sign of imminent institutional adoption due to Wall Street being located in New York, although this is highly speculative and there is no telling at this time as to whether or not these theories carry any clout.Presently, it remains unclear as to whether or not XRP will be able to gain a solid footing within the $0.40 region, or if this recent pump will be fleeting and a drop back into the lower-$0.30 is imminent.Featured image from Shutterstock.
Despite facing some selling pressure today, Bitcoin and the entire crypto markets are currently in a firm uptrend that have sent BTC surging to fresh year-to-date highs in a matter of mere weeks. This upwards trend has all the makings of the early stages of a bull market, and many analysts believe that the crypto has significantly further gains ahead of it.While looking towards Bitcoin’s historical trend data, it becomes apparent that it may incur significant gains in the course of its next uptrend, which may allow it to surge as high as $78,500 in the coming years.Bitcoin Drops Slightly After Failing to Maintain Above $8,000 At the time of writing Bitcoin is trading up just under 2% at its current price of $7,870 and is down slightly from its 24-hour highs of nearly $8,300.Although Bitcoin’s swift move into the $8,000 region made many traders and analysts believe that a move towards $10,000 was imminent, its inability to maintain stability in this price region may signal that further consolidation is necessary before BTC continues its upwards movement and nears the important psychological level of $10,000.Moon Overlord, a popular cryptocurrency analyst on Twitter, recently shared his thoughts on BTC in a recent tweet, noting that a downwards break of the parabola that BTC has formed could lead to a retrace to price levels as low as $5,800.“$BTC 3D This is complete insanity at this point, but it is what it is. The parabola is about to bend backwards and break space and time. Redrawing targets higher, $8,200+ and nearly $10,000 after that… If the parabola breaks down (it eventually will) bids at 5800-6400,” he said in a thread of tweets from yesterday.If the parabola breaks down (it eventually will) bids at 5800-6400— Moon Overlord (@MoonOverlord) May 13, 2019BTC May Be En Route to Nearly $80,000 Although on a shorter time frame it remains unclear as to whether or not BTC will be able to move towards $10,000 in the near-future, when looking at the cryptocurrency from a long-term perspective, there is a strong possibility that the crypto incurs significantly further gains in the near-future.Josh Rager, another popular crypto analyst on Twitter, analyzed Bitcoin’s historical trend patterns, concluding that the next upwards cycle could lead the cryptocurrency to surge as much as 2,392% in the coming years.“Bitcoin Rate of Return Each Market Cycle (Each cycle had a 20% return of the previous cycle) 2011: Return of 318,864% = $31.90 High 2014: Return of 58,474% = $1,177.19 High 2017: Return of 11,960% = $19,764.51 High 2022: Potential Return of 2,392% = $78,500.00 Potential High,” Rager explained.Bitcoin Rate of Return Each Market Cycle
(Each cycle had a 20% return of the previous cycle)2011: Return of 318,864% = $31.90 High2014: Return of 58,474% = $1,177.19 High2017: Return of 11,960% = $19,764.51 High2022: Potential Return of 2,392% = $78,500.00 Potential High pic.twitter.com/7KP439cpZE— Josh Rager 📈 (@Josh_Rager) May 14, 2019As the cryptocurrency’s price action continues to unfold and the state of the markets from a cyclical perspective becomes clearer, analysts will likely better understand the probability of another upwards surge to fresh all-time-highs.Featured image from Shutterstock.
Over the weekend the crypto markets incurred a massive influx of buying pressure that extended the upwards rally they have incurred over the past several weeks, with Bitcoin setting fresh year-to-date highs at $7,800, up significantly from its 2019 lows of $3,400 that were set in February.Although it is always somewhat unclear as to what, or who, drives these rallies, one prominent economist and analyst believes that a small handful of large buyers who are actively engaging in strategic buying have driven this surge.Bitcoin’s Surge to Year-To-Date Highs Not Driven by Retail InvestorsAt the time of writing, Bitcoin is trading up over 11% at its current price of $7,750, up from daily lows of $6,800 which were hit yesterday.Bitcoin’s journey to its recently established year-to-date highs first began in early-April when Bitcoin swiftly surged from the lower-$4,000 region into the $5,000 region, at which point it traded sideways before forming a parabolic pattern that has led it up towards its current price levels.This massive surge has led many analysts to conclude that the bear market has officially ended, which likely means that further gains are imminent and that the entire crypto markets are currently in the early-stages of the next bull trend.Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, spoke about who could be driving this parabolic ascent in a recent tweet, boldly stating that it is not being driven by retail investors.“What drove $BTC up this week? A handful of large players, that started buying in waves. Systematic buying. Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later. Not retail driven,” he explained.What drove $BTC up this week?A handful of large players, that started buying in waves. Systematic buying.Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.Not retail driven.— Alex Krüger (@krugermacro) May 12, 2019Coordinated Buying and Institutional News May Be Driving BTC’s Price UpwardsKrüger further elaborated on the aforementioned tweet, speculating about what factors may be contributing the upwards surge, listing an influx of bourgeoning institutional venues and coordinated buying as two possible factors.“What motivated these buyers? Possibilities: – Front-running Fidelity/Bakkt/Ameritrade/Etrade flows – Front-running news – Coordinated buying – Something else (as always) – Combination of all of the above,” he said.What motivated these buyers? Possibilities:– Front-running Fidelity/Bakkt/Ameritrade/Etrade flows
– Front-running news
– Coordinated buying
– Something else (as always)
– Combination of all of the above— Alex Krüger (@krugermacro) May 12, 2019As reported by NewsBTC, news broke earlier today regarding the imminent launch of the highly anticipated ICE-backed crypto platform, called Bakkt, which is expected by many to lead to an influx of fresh capital into Bitcoin and the crypto markets, which may help fan the flames that are fueling the ongoing rally.As the week kicks into gear and more news breaks regarding the imminent launch of institutional platforms, including those being offered by Bakkt and Fidelity, it is likely that the long-term significance of this rally will become clearer.Featured image from Shutterstock.
Bitcoin and the aggregated crypto markets have been on an explosive upwards surge over the past several weeks, with BTC surging to fresh year-to-date highs while many altcoins catch the tailwinds of its upwards momentum.Although many traders are closely watching for another pullback before entering into fresh long positions, one prominent analyst believes that BTC may surge to over $8,000 in the near-future before incurring any significant pullback that constitutes a correction.Bitcoin Rapidly Approaching $8,000 as Upwards Momentum ContinuesAt the time of writing, Bitcoin is trading up over 12% at its current price of $7,800, up significantly from its daily lows of $6,900 which were set yesterday after Bitcoin dropped due to facing increased selling pressure around $7,500.Although yesterday’s drop to below $7,000 led many traders to believe that the cryptocurrency’s upwards momentum was in jeopardy, the drop acted as fuel that allowed the crypto markets to continue surging to set fresh year-to-date highs.Over a seven-day trading period, BTC is trading up from lows of $5,700, and is currently showing few signs of hitting any significant levels of resistance around its current price levels, which may signal that a further surge is imminent.Josh Olszewicz, a popular analyst on Twitter, shared his thoughts on BTC’s current price action in a recent tweet, explaining that Bitcoin currently has upside resistance at roughly $10k when looking towards the cryptocurrency’s kijun line.“1W $BTC kijun didnt hold as resistance. The only upside resistance left is cloud at 10k. Not saying it’ll happen, but probability of a cloud touch increases if kijun is breached. This entire move on the 1W is now much different than 2013/2014/2015,” he explained.1W $BTCkijun didnt hold as resistancethe only upside resistance left is cloud at 10knot saying it’ll happen, but probability of a cloud touch increases if kijun is breachedthis entire move on the 1W is now much different than 2013/2014/2015 pic.twitter.com/Sunm5EfGvs— Josh Olszewicz (@CarpeNoctom) May 13, 2019BTC Likely to Continue Surging in Near-TermAlthough there will inevitably be pullbacks after large upwards swings like the ones the crypto markets are currently experiencing, Bitcoin may still have some fuel left that will allow it to surge higher before it faces any significant levels of resistance.Josh Rager, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, noting that the next target of “serious interest” exists at $8,200, with a downside support region existing at roughly $6,400.“$BTC – The FOMO is real. Bitcoin is currently on a tear & the next target of serious interest is $8200+. High interest remains near $6400 if BTC decides to cool off & pullback. My dream area to buy would be $5500 to $5700 but there’s no promise $BTC will hit that low again,” he explained.$BTC – The FOMO is realBitcoin is currently on a tear & the next target of serious interest is $8200+High interest remains near $6400 if BTC decides to cool off & pullbackMy dream area to buy would be $5500 to $5700 but there’s no promise $BTC will hit that low again pic.twitter.com/GkEmn4uf8t— Josh Rager 📈 (@Josh_Rager) May 13, 2019As the week continues on and it becomes increasingly clear as to where BTC’s next levels of support and resistance exist, it is likely that analysts and trader alike will gain a better understanding of the current surge’s longevityFeatured image from Shutterstock.
Bitcoin’s recent series of upwards surges that have led it towards $7,000 have put the final nail in the coffin for the crypto’s bears and have drastically altered the overall market sentiment for the better.Now, analysts are closely watching to see how altcoins respond to Bitcoin’s recent surge, and many analysts believe that Bitcoin’s rally may begin to cool-off, allowing the overall crypto markets to surge higher.Crypto Markets Surge as Bitcoin Nears Resistance at $7,000 Although the crypto markets have endured a long and dark Crypto Winter, it now appears that Spring has begun, with Bitcoin surging to fresh year-to-date highs and multiple altcoins flashing bullish technical signals.Although the altcoin markets have been caught in a bout of sideways trading ever since Bitcoin began its upwards surge, many cryptos have started climbing higher today, and analysts believe that many alts will soon incur an explosive upwards surge.DonAlt, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, explaining that he believes longing various altcoins will be more profitable in the near-term than trying to short BTC.“To all the people trying to snipe the Bitcoin top by shorting it: Have you thought about longing altcoins instead? They’ve been / are capitulating and will very likely explode the moment BTC tops out. There is more money in that than shorting BTC in my opinion,” he explained in a recent tweet.To all the people trying to snipe the Bitcoin top by shorting it:Have you thought about longing altcoins instead? They’ve been / are capitulating and will very likely explode the moment BTC tops out.There is more money in that than shorting BTC in my opinion.— DonAlt (@CryptoDonAlt) May 11, 2019Today, many altcoins have already began breaking out, with Ethereum jumping 10% to its current price of $191, XRP surging over 7% to its current price of $0.322, and Litecoin pumping a whopping 16% to $88.“Altseason” Could Soon Be Upon the Crypto MarketsAlthough today’s gains are certainly positive, they are a far cry from the massive 100%+ gains many altcoins have seen in previous bull markets.Despite this, altseason – the term many investors use to refer to period of parabolic gains for cryptocurrencies excluding Bitcoin – may soon be upon the crypto markets.Josh Rager, another popular cryptocurrency analyst on Twitter, spoke about altseason in a recent tweet, explaining that he is closely watching Bitcoin’s dominance for insight into whether or not a surge in the aggregated crypto markets is imminent.“$ALT Season in the making? – Just watch Bitcoin dominance. Bitcoin dominance dropped 10% to 14% during the monster altcoin runs in 2018. My strategy for buying altcoins is to watch the charts for BTC dominance % to pullback. An alt rally could push BTC % back down near 50%+/-,” he noted.$ALT Season in the making? – Just watch Bitcoin dominanceBitcoin dominance dropped 10% to 14% during the monster altcoin runs in 2018My strategy for buying altcoins is to watch the charts for BTC dominance % to pullbackAn alt rally could push BTC % back down near 50%+/- pic.twitter.com/M3PAoR1QcC— Josh Rager 📈 (@Josh_Rager) May 11, 2019Whether or not the crypto markets are able to sustain their newfound upwards momentum throughout the weekend will likely signal whether they are ready to continue surging higher during the week ahead.Featured image from Shutterstock.
After being stuck in a persisting bear market for over a year, Bitcoin appears to have formed $3,200 as a long-term bottom that has allowed the cryptocurrency to surge higher, firmly establishing a fresh bull trend that has sent BTC surging to new year-to-date highs.This bullish price action has led analysts to concur that the next bull run has officially started, which means that now could be the time for buying each pullback.Bitcoin (BTC) Briefly Surges to $7,000At the time of writing, Bitcoin is trading up nearly 9% at its current price of $6,880, up significantly from its daily lows of $6,300.Bitcoin is now trading just below its highest price level of 2019, which was set late-yesterday when BTC rapidly surged towards $7,000 before settling slightly lower around its current price levels.Prior to last night’s upwards surge, analysts had all generally agreed that $6,400 was a key level that the crypto had to break above in order for a fresh bull trend to be confirmed.Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, spoke about the state of the markets after BTC raced past this price level, noting that it is now “in bull market territory.”“$BTC now in bull market territory after an intraday blow-off top. R: 7000, 8000. S: 6400, 6000. Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance. Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18,” he explained.$BTC now in bull market territory after an intraday blow-off top.R: 7000, 8000
S: 6400, 6000Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance.Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18. pic.twitter.com/ANmIIDJVf1— Alex Krüger (@krugermacro) May 11, 2019Although the market is firmly in an uptrend, it is important to note that $7,000 is likely to be a strong level of resistance. Despite this, it does appear that bulls are garnering growing strength, which may ultimately allow them to push the cryptocurrency’s price higher before it faces any strong levels of resistance.Analyst: Now’s the Time to Buy PullbacksBecause Bitcoin is now in a bull trend, analysts agree that traders should look toward future pullbacks as a good buying opportunity.Cred, a popular cryptocurrency trader on Twitter, spoke about this in a recent tweet, explaining that he is looking towards pullbacks to support levels as buying setups.“$BTC: I use high time frame levels to form a bias. $6000 floor was a major resistance level. It got blasted. When major resistance fails, the market is bullish. Once the bullish bias is set, I look for intraday buy setups: I) Pullback to support II) Run on lows,” he explained.$BTCI use high time frame levels to form a bias.$6000 floor was a major resistance level. It got blasted. When major resistance fails, the market is bullish.Once the bullish bias is set, I look for intraday buy setups:I) Pullback to supportII) Run on lows(1/2)— Cred (@CryptoCred) May 11, 2019As the weekend continues on and the markets continue establishing their footing within their newfound year-to-date highs, it is likely that analysts and traders alike will soon gain a greater understanding of whether or not this fresh bull trend will ultimately result in a parabolic surge.Featured image from Shutterstock.
Recently, a buzz of excitement spread throughout the cryptocurrency community after news broke regarding social media giant Facebook’s foray into the crypto industry through a new project that may introduce the benefits of digital currencies to billions of the platform’s users.Although this was certainly a bullish sign that many analysts viewed as the epitome of mainstream adoption for the nascent technology, the US Senate is now getting involved in the project, recently sending an open letter to the company demanding that they reveal significantly more information about the project, which currently remains somewhat mysterious.Facebook Must Answer Several Questions Regarding Crypto ProjectIn a recent letter from the United States Senate Committee on Banking, Housing, and Urban Affairs, the committee demanded that the tech giant elucidate details about the project, specifically with regards to how the project may impact the digital privacy of users.The letter, which is specifically addressed to Facebook’s founder and CEO, Mark Zuckerberg, also brings up the issue of possibly having to subject Facebook to the Fair Credit Reporting Act, which, according to the Federal Trade Commission, ensures that:“The banking system is dependent upon fair and accurate credit reporting…” and that it utilizes an “An elaborate mechanism [that] has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.”On this note, one of the questions posed by the committee asks whether or not Facebook has been in contact with financial regulators to ensure that their crypto-based framework meets “all legal and regulatory requirements.”Importantly, this letter signals that the regulation still remains as a hurdle that crypto must jump over before it can incur mainstream adoption, as major corporations looking to adopt the technology will likely have to deal with heavy involvement from the government and regulatory officials who may inhibit the speed at which crypto-based frameworks can be developed and released for public use.Concerns Regarding Facebook’s Privacy Violations and Size Continue to GrowAnother key part of the letter is regarding what protections Facebook will provide that ensure the safety of any personal data that may be exposed as a result of using the crypto-based payments system.“What privacy and consumer protections would users have under the new payment system?” the committee asked.Concerns about Facebook’s aptness to exploit personal data come as one of the company’s co-founders, named Chris Hughes, is calling for the company to be broken up, saying in a recent opinion piece for the New York Times that:“The company’s mistakes — the sloppy privacy practices that dropped tens of millions of users’ data into a political consulting firm’s lap,” referring to the Cambridge Analytica scandal.Hughes further noted that “Mark’s influence is staggering, far beyond that of anyone else in the private sector or in government,” and concluded that “It is time to break up Facebook.”As Facebook continues to grow and ventures into relatively new technologies, like crypto, in an effort to fuel their continuous growth, it is highly likely that calls to break up the tech giant will continue to surmount, and that the government will only grow keener on regulating nascent technologies.Featured image from Shutterstock.
Bitcoin has been able to continue extending its upwards momentum and has firmly established its newfound position within the $6,000 region, nearly erasing all of the losses that were incurred in late 2018 after the cryptocurrency failed to find support around $6,400 and was sent spiraling downwards before it found support in the lower-$3,000 region.Bitcoin is now approaching a critical price level that, if broken above, would confirm the start of the next bull market, which could lead to a gradual upwards climb that ultimately results in another parabolic movement that sends the cryptocurrency back towards, or even above, its previously established all-time-highs.Bitcoin (BTC) Surges to $6,400At the time of writing, Bitcoin is trading up over 5% at its current price of $6,415, up from its 24-hour lows of just below $6,100.This latest leg of BTC’s upwards surge has led it to the highest price level it has traded at in all of 2019, and has placed the crypto back at price levels that were last seen in early-November of 2018.This recent upwards momentum has been driven by a steady increase in trading volume, which has surged nearly three times from where it was in March of this year.According to Messari’s “real 10” 24-hour volume indicator, Bitcoin’s current daily trading volume is at just below $800 million, up significantly from its real daily spot volume in late March, which was $270 million according to a report from Bitwise investments.2/ First, key takeaways:A. 95% of reported BTC spot volume is fake
B. Likely motive is listing fees (can be $1-3M)
C. Real daily spot volume is ~$270M
D. 10 exchanges make up almost all real trading
E. Most of the 10 are regulated
F. Spreads are <0.10%. Arb is super efficient— Bitwise (@BitwiseInvest) March 22, 2019The cryptocurrency has now put a significant amount of distance between its current price levels and its 2018 lows of $3,200, which seems to confirm that this price level was, in fact, a long-term bottom.BTC Close to Confirming Next Bull RunAnalysts have long postulated that $6,400 is the key price level that must be broken above in order for the start of the next bull run to be confirmed, and although Bitcoin’s price has now passed that level, it is important that it holds above it for the remainder of the day.Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, spoke about the importance of this level in a tweet earlier this month, explaining that a break above $6,400 would constitute the start of a fresh bull market.“$BTC now at $5750, the 2018 low prior to the November crash. The 2018 bear trend ended once above $4200. Above $6400, 2018’s most traded price, it’s a bull market,” he explained.$BTC now at $5750, the 2018 low prior to the November crash.– The 2018 bear trend ended once above $4200.– Above $6400, 2018’s most traded price, it’s a bull market. pic.twitter.com/rIQI8RIPgs— Alex Krüger (@krugermacro) May 3, 2019Josh Rager, a popular crypto analyst on Twitter, spoke about the critical nature of the $6,400 level in a recent tweet, noting that bulls must hold the cryptocurrency above this price level for the rest of the day in order for the next bull run to begin.“$BTC has pushed its way to a key area of liquidity (interest). A weekly close about this area marked via box would certainly be bullish. Will watch weekly close, if fails to close above here this week or next week then I’d suspect a decent pullback. Not bullish on buying alts yet,” Rager explained.$BTC has pushed its way to a key area of liquidity (interest)A weekly close about this area marked via box would certainly be bullishWill watch weekly close, if fails to close above here this week or next week then I’d suspect a decent pullbackNot bullish on buying alts yet pic.twitter.com/zkIy6YsPA6— Josh Rager 📈 (@Josh_Rager) May 10, 2019As Friday wraps up, all eyes will be closely watching to see whether or not the ever-so-important $6,400 region can be decisively broken above, or if another dip back to BTC’s next region of support is imminent.Featured image from Shutterstock.
The crypto community was pleased to find that Bitcoin was able to surge past $6,000 for the first time since the cryptocurrency plunged to its 2018 lows of $3,200 in December.Analysts are now closely watching the $6,400 level to see how the crypto responds to this price, as many analysts believe that there is a significant level of resistance at this price which may lead to a pull back that could offer a good entry point for fresh long positions.Investors Celebrate as Bitcoin (BTC) Breaks Above $6,000 At the time of writing, Bitcoin is trading up 2.6% at its current price of $6,080, up slightly from its daily lows of $5,900 which were set yesterday.Over a one-week period, BTC has been able to surge significantly, climbing from lows of $5,500 to highs around its current price levels, marking a major extension of the upwards momentum that the cryptocurrency incurred in early-April when Bitcoin swiftly surged from the low-$4,000 region and into the $5,000 region.Although the recent series of price surges have been undoubtedly bullish, analysts are still warning traders to express caution before “fomo-ing” into the crypto, as a retrace may be inevitable.Lucid TA, a popular crypto analyst on Twitter, expressed this sentiment in a recent tweet, noting that traders should closely watch for the next retrace, as it may mark a great entry opportunity for fresh long-positions.“A reminder to those feeling fear and FOMO – $BTC always retraces. Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction,” he said, referencing the below chart.A reminder to those feeling fear and FOMO – $BTC always retraces.Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction. pic.twitter.com/PDLcarmHwC— Lucid TA (@Lucid_TA) May 9, 2019A Pullback May Ensue After BTC Hits $6,400As for what price level may spark the next retrace, there is a general consensus amongst analysts that $6,400 will be the next level of strong resistance that BTC faces, which could lead to a drop that elucidates whether or not $6,000 has become a level of support.“$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018,” Alex Krüger, a popular economist who focuses on cryptocurrencies, explained in a recent tweet.$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018. pic.twitter.com/zikq5KYomI— Alex Krüger (@krugermacro) May 9, 2019Josh Rager, another popular crypto analyst on Twitter, echoed Krüger’s thoughts, explaining that he believes $6,450 is an “epic” resistance level that, if flipped into a support level, would be “insanely bullish” for the cryptocurrency.“The most epic $BTC resistance awaits. Don’t think BTC blasts through this area easily, this resistance is bearishly strong. A flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won’t be closing back under. For now, it is a primetime pullback zone,” he noted.The most epic $BTC resistance awaitsDon’t think BTC blasts through this area easily, this resistance is bearishly strongA flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won’t be closing back underFor now, it is a primetime pullback zone pic.twitter.com/mL9P2697RE— Josh Rager 📈 (@Josh_Rager) May 9, 2019As the week drags on, analysts and traders alike will be closely watching to see whether or not Bitcoin is able to find stability above $6,000, which may allow it to surge higher before it hits any region of significant resistance.Featured image from Shutterstock.