Crypto Assets Surge 1623 in Q1 With Gains for Bitcoin Ethereum Litecoin EOS – CoinGecko Report

Crypto Assets Surge 16.23% in Q1 With Gains for Bitcoin, Ethereum, Litecoin, EOS: CoinGecko Report

CoinGecko’s 48-page report gives an overview of the cryptoasset market in Q1. In the first quarter of 2019, total network value of all cryptoassets was up 16.23%.

Among the top five coins, most saw a positive increase in price with Litecoin and EOS seeing the best returns of 103% and 66% respectively. Bitcoin and Ethereum saw modest growth of 11% and 8% while XRP saw its price decline by 11%.

This quarter saw Ethereum claiming back its position as the second most valuable cryptoasset by network value. There were three new entrants to the top 30 list – Cosmos (ATOM), Basic Attention Token (BAT) and Crypto.com Chain (CRO).

Exchange-based tokens saw strong growth with OKEx’s OKB token and Binance Coin (BNB) being the largest gainers, gaining six and five places respectively. With the increase, Binance Coin (BNB) is now in the top 10 list ending the quarter in eighth position.

CoinGecko took a deep-dive into three major events that took place in January, February, and March for this quarter’s report.

January saw the launch of two new coins, Grin and Beam, which make use of a new privacy protocol called MimbleWimble. The launch of both these coins was highly anticipated as it represents a fundamental improvement to blockchain privacy and scalability.

Initial exchange offering (IEO) became a major topic of discussion for February. The IEO became popular after the wildly successful token sale of the BitTorrent (BTT) on Binance Launchpad. The successful BitTorrent IEO made other exchanges take notice and rush to start their respective IEOs.

That being said, it remains to be seen if the IEO trend can sustain. Looking at the return of the three Binance Launchpad IEOs in February, one can see that returns have been decreasing and that purchasers have been dumping the tokens immediately after they were listed on the market for trading.

March saw the launch of Cosmos (ATOM), a project that aims to solve blockchain interoperability, and CoinGecko spent some time going through the details of Cosmos in this report.

Crypto Assets Surge 16.23% in Q1 With Gains for Bitcoin, Ethereum, Litecoin, EOS: CoinGecko Report

Alan Zibluk Markethive Founding Member

Bitcoin BTC price of 1M justified by basic mathematics – John McAfee

Bitcoin (BTC) price of $1M justified by basic mathematics – John McAfee

  • BTC/USD is recovering within the current range.

  • John McAfee cites basic mathematical formulas to support hist BTC forecast.

BTC/USD recovered from the recent low of $4,948 to trade at the $5,225 level at the time of writing. BTC/USD has gained 3.5% on a day-on-day basis and mostly unchanged since the beginning of Wednesday moving within the recent upside channel.

What’s going on?

Meanwhile, a prominent figure in the crypto industry and a famous cybersecurity expert John McAfee believes that the Bitcoin price of at least $1 million is justified by mathematical formulas. He also pointed out that behavioral economics of digital currency was totally different from that one of traditional financial markets, which means we cannot extrapolate stock market paradigms to predict Bitcoin price movements.

“Come on people!!! It’s time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You can’t apply stock paradigms or formulas and expect answers,” he wrote in his Twitter account.

Bitcoin’s technical picture

From the intraday point of view, BTC/USD moved above SMA50 4-hour (currently at $5.135). This handle now serves as an initial support area. once it is cleared, the sell-off may gain traction with the next focus on a strong psychological barrier $5,000 underpinned by the lower boundary of the above-mentioned upside channel and SMA100 (4-hour).

On the upside, we will need to see a move above $5,360. It is created by 23.6% Fibo retracement weekly and 161.8% Fibo projection daily and followed by the recent high at $5,448.

BTC/USD, 4H chart

 

 

Tanya Abrosimova

FXStreet

Bitcoin (BTC) price of $1M justified by basic mathematics - John McAfee

Alan Zibluk Markethive Founding Member

Bitcoin will be over 1 million in 7-10 years according to Paypal director

Bitcoin will be over $1 million in 7-10 years according to Paypal director

Bitcoin will be over $1 million in 7-10 years according to Paypal director

  • Paypal director and Xapo CEO, Wences Casares, believes that not investing in Bitcoin should be considered “irresponsible.”

  • He also wrote that 1% of a portfolio should be dedicated to crypto as the “risk of losing this investment is high.”

Paypal director and Xapo CEO, Wences Casares, predicted that Bitcoin (BTC) will be over $1 million in 7-10 years. In an essay titled “The case for a small allocation to Bitcoin,” he wrote that it would be irresponsible for investors not to have any exposure to Bitcoin at all. He wrote:

“Bitcoin is a fascinating experiment but it is still just that: an experiment. As such it still has a chance of failing and becoming worthless. In my (subjective) opinion the chances of Bitcoin failing are at least 20%. But after 10 years of working well without interruption, with more than 60 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a good chance of succeeding. In my (subjective) opinion those chances of succeeding are at least 50%. If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years. That is 250 times what it is worth today (at the time of writing the price of Bitcoin is ~ $4,000).”

As to how much of one’s portfolio should be dedicated to Bitcoin, Casares said:

“I suggest that a $10 million portfolio should invest at most $100,000 in Bitcoin (up to 1% but not more as the risk of losing this investment is high). If Bitcoin fails, this portfolio will lose at most $100,000 or 1% of its value over 3 to 5 years, which most portfolios can bear. But if Bitcoin succeeds, in 7 to 10 years those $100,000 may be worth more than $25 million, more than twice the value of the entire initial portfolio.”


 

 

Rajarshi Mitra

FXStreet

Alan Zibluk Markethive Founding Member

The Bigger Picture Behind Bitcoin’s Latest Price Rebound

The Bigger Picture Behind Bitcoin's Latest Price Rebound

The Bigger Picture Behind Bitcoin’s Latest Price Rebound

OPINION

Bitcoin’s out-of-the-blue bounce over the $5,000 mark this month has prompted some predictable pontificating from price-obsessed people within and outside the cryptocurrency community.

Investors who are long-cryptocurrencies have gleefully pronounced that the Crypto Winter, which began when bitcoin’s bubble burst at the end of 2017, is now mercifully over. The most optimistic are forecasting a rerun of bitcoin’s fall 2015 bounce from its prior post-bubble collapse, which sent it not only back above its 2013 high of $1,150 but all the way to a December 2017 peak of $19,500.

At the same time, bitcoin skeptics have pointed to the seeming lack of fundamental news behind the price rise and declared it meaningless. Typical of the genre, Matt Novak at Gizmodo penned an angry screed titled “Bitcoin Surges 15% Overnight Because Nobody Learned Their Lesson After the Last Crash.”

One of Novak’s insights: “To be clear, bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills.”

Readers won’t be surprised to hear that I disagree with Novak’s simplistic rant. But I’m also turned off by the knee-jerk cheerleading from crypto traders whenever bitcoin’s price bounces.

There’s something fundamentally wrong with reducing the measure of bitcoin’s worldwide importance to a price metric that’s denominated in a fiat currency that its advocates hope to replace. It pushes the debate into an inane all-or-nothing binary set of predictions: bitcoin is either going to zero or “to the moon.”

What matters is that 10 years after an unidentified software engineer created it, this decentralized system for recording sequences of transactions continues to do its job, block after block, with no authority in charge, no user able to alter past transactions, and no person or entity able to shut it down.

The more this goes on, the more it reinforces the powerful vision behind bitcoin: a peer-to-peer, disintermediated system for exchanging value around the world. And in that context, we can also think of bitcoin the cryptocurrency – differentiated from bitcoin the system – as a unique, provably scare digital asset that expresses the overall value in that vast potential.

Bitcoin is valuable because it exists

A point that’s lost on critics like Novak is that the longer bitcoin simply survives – in the face of the $90 billion valuation that stands as a de facto bounty for hackers to try to take it down, compromise its security or corrupt it – the more its overall value is confirmed.

Bitcoin is progressively proving itself to be an unstoppable, digital system of global exchange, one that functions outside of the traditional national government-mandated system of currency and banking. That status is what gives bitcoin its value.

Of course, the global impact of the bitcoin value exchange system, and therefore its worth to humanity, will be significantly enhanced if adoption advances to a much wider scale and it is used frequently in the world’s transactions. And, yes, a great deal of development work is still needed if it is to ever reach that point.

(Some recent technological leaps such as the Lightning Network and the emergence of decentralized, non-custodial asset exchange technologies offer hope that this scaling challenge can be achieved, though nothing is guaranteed.)

However, widespread adoption in payments is not necessary for bitcoin to have value. To understand why that’s the case, it’s useful to think about gold, to which bitcoin is often compared.

The power of common belief

Similar to bitcoin, gold is a mutually agreed store of value that, for all intents and purposes, lies outside the control of nation-state governments and banks. It’s not widely used as a day-to-day currency, but it does enjoy a widespread, shared belief in its value.

Where does gold’s value come from? The answer is somewhat tautological: it comes from that same widely held belief, from a shared understanding in gold’s capacity to function as a depoliticized global system of exchange that’s free of manipulation. Sure, we tend to think of gold in terms of its material qualities: that it’s durable and that it’s shiny in a way that connotes beauty. But its lasting worth really derives from the more esoteric notion that human beings have for a long time deeply held a shared belief in its value.

That belief has turned gold into a system for protecting property, a system used through the centuries by refugees, dissidents and investors for moving and storing value and for hedging against lost spending power. That we now have a digital version of this concept, one that’s designed for the borderless, internet-shaped world of the 21st century, is a big deal.

When dealing with debates over bitcoin’s value, it’s also worth going a little way down the rabbit hole of thinking about what money actually is. Not everyone agrees on a definition, but I think it’s useful to think of money as a societally agreed system for storing and exchanging value. The system has to have certain properties for people to reach this agreement – it must fungible, durable, transferable, divisible, etc. – but it’s the agreement itself that gives it its value.

Here, too, is where many of bitcoin’s detractors get lost.

Fixating on the misplaced idea of money as a thing, they exclaim that bitcoin can’t have any value as it isn’t backed by anything. This, of course, also misses the fact that it is backed by the energy and other resources that miners spend to do the computational work needed to secure the bitcoin ledger.

But the bigger point is that bitcoin’s value, as with all forms of money, comes from the existence of a wide agreement in its potential use as a store of value and medium of exchange.

In bitcoin’s case, the agreement is arguably one that involves 35 million people, if Cambridge University’s latest survey of authenticated users is to be believed. This large level of participation is essentially why bitcoin holds a much greater value than the altcoins that are forks of its code.

So, this is why bitcoin at $5,000 is important, not because it’s a sign of that new investors are coming to push up its price again, but because it validates the core proposition of bitcoin’s resilience and promise.

 

Michael J Casey

Apr 15, 2019 at 04:00 UTC

Alan Zibluk Markethive Founding Member

Bitcoin -The Price is Making a Revival Will it Last?

http://seriouswealth.net/wp/wp-content/uploads/2019/04/bitcoin-2-990x557.jpg

Bitcoin – The Price is Making a Revival – Will it Last?

2018 was a troublesome year for cryptographic forms of money, besides the last two months have been significant all the more trying for the main advanced currency, Bitcoin. In November, Bitcoin exchanged at under $4000, the most minimal amount it has landed since October 2017. This value drop sent rushes of fear over the market even as the costs of different digital forms of money drove in a pattern that kept going for several weeks.

Current Statistics

As per the recent survey, the number of digital currency users hit 35 million records in 2018, up from 18 million in the year 2017, and 5 million in the year 2016. The number of cryptographic money accounts additionally expanded significantly to achieve 139 million in 2018, up from 85 million out of 2017.

Towards the end of March, after the Bitcoin cost had raised by 25% from its mid-December low, a new Bitcoin bull market trending business sector was in advancement, and the estimation of the cryptographic money could rise significantly further as speculators came back to the asset.

Key indicators which demonstrate that the traders are returning

Bitcoin Price rises practically 25% in February alone. The cost of Bitcoin on Binance has gone from $3350 on 29th January 2019 to $4198 on 24 Feb 2019, rising practically 25% under one month.

Bitcoin Trading Volume is developing steadily. The number of bitcoins being exchanged has been consistently growing since the last couple of months. The volume development is not merely on the crypto trades yet additionally on P2P (Peer-to-peer) platforms like local bitcoins. Moreover, the number of exchanges being recorded on the Bitcoin blockchain is on rising.

Exchanging Activity on Binance achieves an unequaled high. Binance is one of the top trades for exchanging digital forms of money with a robust exchanging framework. It encountered a system overload on Sunday when the exchanging action hit a record-breaking high. This means that traders are returning to the market.

So, considering how the cost of Bitcoin has moved since December a year ago, it is unmistakable that crypto resource is making a rebound. The specific issue presently is how long this will last.

Demand

It is continuously precarious to attempt and tell what the standpoint is for the cost of an asset as the future is doubtful. This is especially valid for cryptographic forms of money. The market is still so immature, and these technical resources do not produce money flows, so it is confused to work out the amount they are individually worth. What we do know is that interest for Bitcoin is lifting back up again, that the cost of the cryptographic money is controlled by demand. Much the same as with any stock, when there are a more significant number of buyers than vendors in the market, costs will increase. This information is confirmed by Bitcoin exchange data.

Most recent Trend

 

As indicated by the report, the number of Bitcoin exchanges has dramatically increased in the past months. Last year, when the cost of Bitcoin was descending from its untouched high, the number of every day affirmed trades dropped to 150,000. However, back in February, the number of day to day confirmed exchanges spiked over 300,000 and has kept rising from that point forward. The latest information proposes that more than 350,000 exchanges every day are being completed. If this pattern proceeds, we can believe it is sensible to state that Bitcoin cost will keep on ascending as more individuals get tied up with the digital currency.

Day-to-Day Transactions

Moreover, exchange information proposes that this revival in the Bitcoin cost may be more manageable than it has been before. The unprecedented high number of every day affirmed exchanges is around 405,000 a record printed toward the end of 2017 when every unit of the digital currency was valued at more than $15,000.This high cost, combined with the unpredictability that accompanied it, without a doubt scared away many potential assets. From that point forward, the price has balanced out and, at just $5,100 a piece, it is currently less expensive to execute in Bitcoin. This appears to propose we could see the number of day by day exchanges break another high in the near term.

Wrap up

Generally speaking, the way that more individuals are utilizing Bitcoin suggests the cost may rise further from current dimensions. Following a challenging last year, which saw the crypto markets tumble from a stature of happiness to blankness with various skeptics writing end of bitcoin and digital forms of money in general, we are seeing new indications of crypto-markets returning to life.

 

Scott Cook

April 14, 2019

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Signaling Bullish Continuation With Bulls In Control

Bitcoin (BTC) Price Signaling Bullish Continuation With Bulls In Control

Bitcoin (BTC) Price Signaling Bullish Continuation With Bulls In Control

  • Bitcoin price corrected lower recently and tested the $4,920 support area against the US Dollar.

  • The price recovered nicely recently and traded above the $5,040 and $5,100 resistance levels.

  • There is a major breakout pattern in place with resistance at $5,130 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair is likely to accelerate higher and it could even surpass the $5,180 and $5,220 resistances.

Bitcoin price likely completed a downside correction near $4,900 against the US Dollar. BTC is grinding higher and the current price action is indicating bullish continuation above the $5,200 level.
 

Bitcoin Price Analysis

Recently, we saw a solid downside correction from the $5,460 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined below the $5,300 and $5,200 support levels. There was even a close below the $5,200 level and the 100 hourly simple moving average. However, as discussed in one of the recent analysis, bitcoin did find a strong support near the $4.9K-5.0K zone. The price traded towards the $4,900 support and formed a low near the $4,922 level.

Recently, there was a solid upward move and the price recovered above the $5,000 and $5,040 resistance levels. There was even a close above the $5,080 level and the 23.6% Fib retracement level of the last decline from the $5,462 high to $4,922 low. The price is now approaching a significant resistance near the $5,150 level. Besides, the 100 hourly SMA is also positioned near the $5,160 level to act as a resistance. More importantly, there is a major breakout pattern in place with resistance at $5,130 on the hourly chart of the BTC/USD pair.

Above $5,160, the price could test the 50% Fib retracement level of the last decline from the $5,462 high to $4,922 low. If bitcoin gains pace above the $5,180 and $5,200 resistance levels, there could be a solid upward move towards the $5,300 and $5,350 levels. In the mentioned case, the crypto market could gain traction, with bullish moves in Ethereum, ripple, litecoin and others.

Looking at the chart, bitcoin price is showing signs of a solid comeback above $5,100. Having said that, bulls need to surpass the $5,180 and $5,200 resistance levels. If they fail, the price may decline once again below the $5,100 and $5,040 support levels. On the upside, the main target for bulls could be $5,350.

 

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 50 level, with a bullish angle.

Major Support Levels – $5,040 followed by $5,000.

Major Resistance Levels – $5,150, $5,180 and $5,200.

 

AAYUSH JINDAL | APRIL 13, 2019 | 4:08 AM

Alan Zibluk Markethive Founding Member

Chinese Crypto Legend Doesn’t Expect Bitcoin BTC Breakout But He’s Still Bullish

Chinese Crypto Legend Doesn't Expect Bitcoin (BTC) Breakout, But He's Still Bullish

Chinese Crypto Legend Doesn’t Expect Bitcoin (BTC) Breakout, But He’s Still Bullish

BTC Set To Range Between $4,000 And $6,000

According to 8BTC, an Asia-centric crypto outlet, Zhao Dong, one of China’s biggest names in the Bitcoin space, has taken to Weibo to express his thoughts on the current state of this embryonic market. Interestingly, Zhao was adamant that BTC’s rally seen last week, which brought the asset above $5,000 for the first time since November, isn’t a clear sign that the bear market is over. This quip comes as some notable industry specialists, like Fundstrat’s Tom Lee, have claimed that bears are readying themselves for hibernation, not continuing their bloodshed.

Zhao explains that more likely than note, Bitcoin will likely trade within a relatively tight range, between $4,000 and $6,000 (many see this as a make or break point for BTC), for a few months. He explained that while there are unlikely to be lower lows, this market will remain relatively stagnant for half a year, but may begin to see a resurgence in October.

This isn’t the first time that a trader has called that Bitcoin is likely to take a chill pill from here, so to speak.

Stagnation

Vinny Lingham, the chief executive of Civic, explained earlier this week that the ongoing rally for BTC might not be sustainable. Lingham pins his thought process to a single fact: altcoins, or what the blockchain entrepreneur calls “various crypto assets” have yet to decouple from the price action of Bitcoin, the de-facto grandfather of digital assets. This, he sees, as fact that cryptocurrencies en-masse remain somewhat immature, meaning that there is still a need for a further shakeout, whether that is through range trading or a fresh low.
 

As reported by Ethereum World News previously, CryptoHamster expects for digital assets’ price action to slow henceforth. A chart posted by the analyst depicted that Bitcoin’s price action from the December bottom at $3,150 to the recent move past $5,200 and beyond eerily resembles that seen in 2015 and 2016, when BTC double bottomed and rallied. The only effective differences in the shape of the charts were late-2015’s final capitulation event, in which the low under $200 was retested, and the fact that the ongoing move is compressed by about to about one-fourth the time frame. If 2015 and 2016’s price action plays out here, this means that BTC will stagnate in the low $5,000s for the coming two months.
 

Zhao Is Still Long-Term Hyped

Zhao and his peers seem to be convinced that fresh all-time highs for Bitcoin aren’t in its short-term scopes, but he sees a stellar future for the cryptocurrency. Per previous reports from this outlet, he claims that now is the optimal time to stack up BTC holdings, as the general public has avoided this industry like the plague in recent months. He adds:

Meanwhile the next wave of more promising ones will emerge from ashes, making 2019 both the best time and the worst time for investors and entrepreneurs.
 

And with that, he concluded that once “crypto summer” returns, BTC could easily swell to $50,000, especially as the halving boosts the market across the board.

By Nick Chong April 12, 2019

Alan Zibluk Markethive Founding Member

Bitcoin Price Prediction – Is BTC to Break 5300 Resistance or Will It Retreat to 4800 What’s More Likely?

Bitcoin Price Prediction -  Is BTC to Break $5,300 Resistance or Will It Retreat to $4,800. What's More Likely?

Bitcoin Price Prediction – Is BTC to Break $5,300 Resistance or Will It Retreat to $4,800. What’s More Likely?

  • Now that BTC is a little bit stuck, traders are worrying. Will BTC overcome the $5,300 resistance, or is it doomed to retreat to $4,800? Read BTC price predictions from Twitter

Will BTC break the $5,300 resistance?

But what if..?

Upon reaching $5,240 mark, Bitcoin has ceased its overwhelming growth, which made some traders a little bit skeptic. Just one short pause and people start foretelling BTC dumps. What to believe? We know that Bitcoin price predictions cannot be trusted unquestionably. However, many appear to have a grain of truth about them. Let’s check out Twitter posts to see what the crypto community thinks about Bitcoin’s short-term future.
 

Let’s start with good news first: Bitcoin futures are also selling well – the volume is growing, which only lays stronger foundation for Bitcoin’s prosperity:

One more piece of proof that Bitcoin is growing naturally and steadily:

That means that unlike Ethereum, Bitcoin is gaining value that’s backed by its market cap and financial activity around. A very good sign!
 

Will BTC break the $5,300 resistance?

At the moment, Bitcoin has stopped its incredible growth for a while, but traders are sure that it’s simply the calm before the storm.

Based on the RSI index, there’s a very bright future ahead:

Other technical indicators are also helping to form Bitcoin’s future breakout. We’re anticipating EMA & VWAP cross:

But what if..?

At the same time, 1D analysis shows that there’s a possibility for BTC to touch the $4,800 level or lower:

According to 1W analysis, a fall is also expected, though it won’t be lower than $5,000:

 

Vera Thornpike

Alan Zibluk Markethive Founding Member

Bulls Continue To Roar As Bitcoin BTC Maintains Bullish Action Tops 5300

 

Bulls Continue To Roar As Bitcoin (BTC) Maintains Bullish Action, Tops $5,300

Bitcoin Closes Weekly Candle Strong, Sparking Hype

After a week of nail-biting price action, Bitcoin (BTC) closed last week undoubtedly positive mere hours ago. As of the time of writing this, BTC is trading at $5,250, as buying pressure continues to prop up the market. The past week marks the first sustained, four-digit ($1,000+) rally that BTC has seen since the middle of 2018.

This simple fact, which comes after the cryptocurrency market was bruised and beaten to hell and back, has made some crypto traders extremely bullish.

One trader, going by the moniker “CryptoHamster,” in fact, recently took to Twitter to claim that if history rhymes and if Fibonacci retracement, a form of technical analysis, is valid than BTC could be in for a further move to the upside. Per previous reports from Ethereum World News, the analyst explained that Bitcoin’s current price action has started to resemble that seen in the 2013 to 2015 market cycle. Thus, if history continues to repeat itself and if BTC continues to hold key Fibonacci levels (depicted in the chart below), the asset could rally to $7.5k in the coming weeks and months, before a correction to $4.3k.

Brad Metz, a lesser-known yet astute asset trader, continued with the theory that the Bitcoin market might just be reenacting historical bullish price action, but on a different time frame and price scale. Metz recently noted that BTC’s recent push above $5,000, which have led some to claim that the asset is dramatically overbought, is eerily similar in structure to a move seen in mid-2016, which was Bitcoin began a push beyond its previous all-time high.
 

If the trend continues as it did in 2016, BTC could see a ~60% move higher from here in the coming months, bringing the asset to ~$8,000, prior to a drawdown from overbought levels.

c

The aforementioned two are far from the only bullish in these conditions. Brian Kelly, for example, recently took to CNBC to claim that this ongoing move is likely to bring BTC to $6,000 at the max. Per previous reports, Kelly claims that “high net-worth individuals, family offices, are starting to take a serious interest” in Bitcoin, all as custody solutions have propped up, volumes have spiked, and short sellers looking to cover their rear ends — presenting a strong case for a 20% rally from here.

Long-Term Bitcoin Bulls Enthused

Even if BTC doesn’t move higher, many are adamant that the bottom is in and that new highs are more of a “when” than an “if.” Per previous reports from this outlet, Josh Rager, a team member at crypto exchange startup Level, recently claimed that after some thinking about Bitcoin’s potential bottom, $3,100 might have been it “for two reasons.”

He looks to the fact that retail investors had many buy orders in the $1,800 to $3,000 range, especially due to analysts calling for further lows as an indicator that $3,100 may have been the bottom. This, of course, is in reference to the theory that going against the crowd in markets often proves better than going with it.

The second theory that Rager drew attention to is the fact that $3,100 is a very attractive investment point for institutional players and high net-worth individuals, making it less than likely that Bitcoin could fall under that region.

So while there’s an chance that BTC could near its lows in this cycle, by and large, traders are convinced that new highs will come prior to fresh lows.

 

 

By Nick Chong April 9, 2019

Bulls Continue To Roar As Bitcoin (BTC) Maintains Bullish Action, Tops $5,300

Alan Zibluk Markethive Founding Member

Be As You Are ….