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Bitcoin price surge WARNING as RAPID GROWTH’ could cause CHAOS in global system

Bitcoin price surge WARNING as ‘RAPID GROWTH' could cause CHAOS in global system

Bitcoin price surge WARNING as ‘RAPID GROWTH’ could cause CHAOS in global system

THE BITCOIN (BTC) and Blockchain boom facilitating the “rapid growth” of cryptocurrency assets could create “new vulnerabilities in the international financial system,” the International Monetary Fund (IMF) has cautioned.

The recent explosion of interest in crypto assets and the relentless surge in BTC’s value may contribute to a weakened global financial system overall, the IMF has suggested.

The Fund published a key report today, October 10, entitled the World Economic Outlook.

It said: “Cybersecurity breaches and cyber attacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services.

“Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”

It is not the first time the IMF has warned about risks posed by BTC and cryptocurrencies.

The IMF's stability report last week said: “Despite its potential benefits, our knowledge of its potential risks and how they might play out is still developing.

“Increased cybersecurity risks pose challenges for financial institutions, financial infrastructure, and supervisors.

“These developments should act as a reminder that the financial system is permanently evolving, and regulators and supervisors must remain vigilant to this evolution and ready to act if needed.”

Traditional financial institutions, from the US’s Security and Exchange Commission to the UK's Treasury Committee, are currently assessing whether bitcoin and other cryptocurrencies – including Ripple Lab’s XRP token, Ethereum, Litecoin, EOS and Stellar – could be integrated into existing systems.

The financial bodies are attempting to gauge how the digital assets could be used as investment tools and means to move money across borders more efficiently.

Regulators around the world are – with varying degrees of success – attempting to get to grips with the Bitcoin and Blockchain phenomenon.

Last month Treasury Committee Chair Nicky Morgan labelled the burgeoning world of cryptocurrency investment as a “wild west” industry.

 

By SAM STEVENSON

PUBLISHED: 06:21, Wed, Oct 10, 2018 | UPDATED: 06:23, Wed, Oct 10, 2018

Alan Zibluk Markethive Founding Member

It’s all or nothing moment for BTCUSD bulls as the coin sits at 6600 experts bet on Bitcoin’s bullish breakthrough

 

It's all or nothing moment for BTC/USD bulls as the coin sits at $6,600; experts bet on Bitcoin's bullish breakthrough

 

  • BTC/USD is stuck in a strong resistance area.

  • Experts surveyed by Finder.com expect Bitcoin's growth towards $10,000 by the end of the year.

Bitcoin is changing hands at $6,600, marginally both on a day-on-day basis and since the beginning of Tuesday. The price of the digital coin No.1 has been trying to escape from a narrow range of the past 10 days, but the momentum is too weak to engineer a strong breakthrough.
 

What’s going on

Bitcoin has gained some ground on Monday; however, investors are still waiting for valid catalysts to take the price out of the range. While speculators are not happy with multi-months low volatility, long-term investors and blockchain enthusiasts believe that it is a good thing for the industry as it signals that the speculative bubble is over and the market is getting more mature.

“As we’ve stated many times, a stable price is great for adoption and great for the development of the network. So, we really are in a positive place for bitcoin right now,” Mati Greenspan, a senior market analyst at eToro, commented.

Naturally, 10-15% price swings hamper many cryptocurrency use cases. People are less likely to pay with Bitcoin or any other digital assets for their everyday purchases if they know that the price can change dramatically in a matter of minutes.

Meanwhile the majority of experts surveyed by Finder.com, Bitcoin will end the consolidation phase with the upside breakthrough. By the end of the year, one Bitcoin will go for $10,319, according to the average forecast of nine experts, which is over 60% higher from the current price.

 

Bitcoin’s technical picture
 

BTC/USD attempted to develop an upside momentum on Monday but retraced to $6,600 handle, which is considered a strong resistance, packed with important technical hurdles, including Fibo retracement 38.2% monthly, Fibo retracement 38.2% daily, DMA50, 1-hour high and a host of SMA levels. Basically, we need a sustainable push above $6,630 for the upside to gain traction. If this happens, the recovery may be extended towards DMA100 at $6,780 and to psychological $7,000.

 

On the downside, BTC/USD is supported by $6,550, enhanced by a confluence of MA levels including SMA50 4-hour and SMA200 1-hour chart. If it is cleared, the downside may be extended towards the vital support at $6,400.

 

Tanya Abrosimova

FXStreet

 

It's all or nothing moment for BTC/USD bulls as the coin sits at $6,600; experts bet on Bitcoin's bullish breakthrough

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Watch – Nearby Upside Targets

Bitcoin (BTC) Price Watch - Nearby Upside Targets

Bitcoin (BTC) Price Watch – Nearby Upside Targets

 

Bitcoin Price Key Highlights

  • Bitcoin price continues to hover above its ascending channel support on the 4-hour time frame.

  • Price appears to be consolidating after the bounce but remains on track towards testing the next upside targets.

  • The 38.2% extension level seems to have kept some gains in check, possibly sending price back down to support once more.

Bitcoin price is finding support at the bottom of its rising channel but has hit a roadblock on the first Fib extension.
 

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA on this time frame to signal that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Then again, the gap between the moving averages has narrowed to indicate a possible bullish crossover and return in bullish momentum.

Stochastic is still on the move up to indicate that buyers have the upper hand, but the oscillator is approaching overbought levels to reflect exhaustion. Turning back down could mean a pickup in selling pressure and a dip back to the channel support near $6,500. RSI continues to cruise sideways to reflect consolidation but has been on the move up as well.

A continuation of the climb could take bitcoin price to the 50% extension at the mid-channel area of interest or $6,700 mark. The 78.6% extension lines up with the top of the channel and the swing high, serving as a potential take-profit level as well. Stronger bullish momentum could take bitcoin price past the channel top and onto the full extension at $6,956.30.

A handful of analysts are calling a bottom on bitcoin, likely setting the tone for a strong rebound before the end of the year. A survey by Fundstrat revealed that 54% of institutional traders are optimistic about the digital currency’s prospects, although some say that it won’t reach $9,000 by December.

 

SARAH JENN | OCTOBER 5, 2018 | 4:02 AM

Alan Zibluk Markethive Founding Member

Bitcoin won’t Break 9000 this year says Mike Novogratz

 

Bitcoin won’t Break $9000 this year says Mike Novogratz

One of the most prominent Bitcoin bull, Billionaire and CEO of Galaxy Digital Firm Mike Novogratz has turned short-term bearish, suggesting that Bitcoin will not break $9000 by this year end.

Speaking at Economist’s Finance Disrupted 2018 conference in Manhattan, 3rd October Novogratz suggested that he doesn’t see much chances of Bitcoin breaking the current ‘slump’ CNBC Reports.

He said:

“I don’t think it breaks $9,000 this year”

 

Novogratz had told that Bitcoin had bottomed in September when it was in the range of $6300-$6400, however, he still does not see Bitcoin breaking the $10000 mark by the end of this year.

The hedge fund Titan has always been bullish on Bitcoin, even before the bull run in 2017. At the time he had predicted that Bitcoin could hit $40000 easily by the end of 2018.

He expects the FOMO rally to happen anytime after the second quarter of 2019 driven by institutional investors this time instead of retail investors. We know that products like Bakkt are going to launch this year end which will make it easier for institutions to set foot in this industry.

 

one Vays criticized Novogratz for creating unrealistic expectations, Vays Tweeted:

Soooo, this is interesting, I have been going against @novogratz everytime he was in the news pumping #Bitcoin but how to be contrarian now?

My Take: "He is under pressure from investors on his losing $BTCUSD / #crypto position & needs to now creat 'realistic' expectations" pic.twitter.com/oDusRDcoPd

 

— Tone Vays [@Bitcoin] (@ToneVays) October 3, 2018

Novogratz has been actively working on building the infrastructure in the Crypto ecosystem, Novogratz’s Galaxy Digital management partnered with Bloomberg earlier this year to create a Cryptocurrency index benchmark.

 

Blockmanity’s Take

Bitcoin had an insane rally back in December-January which was clearly driven by a lot of speculation and the market has undergone a correction of over 70% after that which is only natural. It is not easy for anyone to predict the exact timing of these market cycle and how exactly it will play out. One should do their own due diligence and have a basic understanding of the asset class before investing and not take any one person’s word to determine how the markets will play out.

Shrikar POSTED ON OCTOBER 4, 2018

Bitcoin won't Break $9000 this year says Mike Novogratz

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Analysis – Bulls Stay In Control

Bitcoin (BTC) Price Analysis - Bulls Stay In Control

Bitcoin (BTC) Price Analysis – Bulls Stay In Control

Bitcoin is still inside its symmetrical triangle but continues to trend higher short-term.

BITCOIN PRICE ANALYSIS

Bitcoin still seems to be stuck inside its symmetrical triangle consolidation on the 4-hour chart but continues to climb inside a rising channel on the shorter-term time frames. Price is pulling back to the channel support and a bounce could take it up to the resistance.

The 100 SMA is below the longer-term 200 SMA, though, so the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Then again, the gap between the two is narrowing to signal that bearish pressure is slowing and that an upward crossover could be due.

In that case, bullish momentum could pick up and take price past the top of the channel and triangle around $6,800. Note that the triangle spans around $2,500 in height so the resulting uptrend could be of at least the same size.

Stochastic is pointing back up to indicate the return of bullish momentum without even seeing oversold conditions. RSI is treading sideways to signal consolidation but seems to be crawling slightly higher as well. If resistance holds, however, bitcoin could slump back to the triangle bottom at $6,200.

 

By Rachel Lee On Oct 1, 2018

Alan Zibluk Markethive Founding Member

Bitcoin Feeling Bullish at 6450 A Substantial Upsurge is Expected before 2018-End

 

Bitcoin Feeling Bullish at $6,450, A Substantial Upsurge is Expected before 2018-End

Bitcoin price is feeling bullish at $6,450 amidst positive news of Google allowing crypto ads from next month, Bakkt confirming physically delivered bitcoin futures contracts and gaining mainstream recognition on Scrabble dictionary. Meanwhile, experts share a bullish scenario.

 

Bitcoin (BTC) aiming for higher ground

Bitcoin is currently trading at $6,450 with slight gains. The world’s leading cryptocurrency is managing the daily trading volume of $4.2 billion while trading in the range of $6,382 and $6,473 today.

Recently, Bitcoin found support at $6,100 while forming lower highs after rejecting the $6k resistance mark. However, bulls seem to be ready to make a break as the short-term potential is showing an ascending trend.
 

If bitcoin drops below its support level at $6,100, it can test out the June lows while on the higher ground, it will find resistance at about $6,560.

 

Amidst numerous positive news

Bitcoin is feeling bullish amidst various positive news as the search engine giant, Google removes the ban on bitcoin ads.

After banning the crypto related activity on the platform in March, Google has yet again opened its door to the crypto world, albeit in a limited manner. From next month onwards, regulated exchanges can purchase ads in the US and Japan.

The biggest Bitcoin bullish news Bakkt has announced that the first of its contracts will be physically delivered bitcoin futures contracts. With the focus on regulated institutions, the platform won’t be allowing any margin or leverage trading.

Moreover, Bitcoin just got added to the Scrabble dictionary and got mainstream adoption and furthermore appeared on Australia’s ‘Who Wants to be a Millionaire’.
 

Meanwhile, experts are extremely bullish on Bitcoin

Industry experts have already called out a bottom for bitcoin price. Now the co-founder of CryptoCurrencySimplified, Erica Sanford stated,

“IT’S UNLIKELY TO DROP ANY FURTHER. BITCOIN HAS BEEN GOING DOWN SINCE JANUARY. MANY INDIVIDUALS HAVE ALREADY SOLD OUT. INSTITUTIONS HAVE HAD EVERY CHANCE TO DROP THE PRICE DOWN FURTHER HAD THEY WANTED TO CRASH BITCOIN EVEN MORE. THERE HAS BEEN STRONG SUPPORT AT AROUND $5800 – EVERY TIME BITCOIN HAS GONE BELOW $6000, IT HAS BEEN BOUGHT STRAIGHT BACK UP. THE VOLUME OF BITCOIN TRADING IS STILL HUGE. THERE IS SO MUCH BUYING VOLUME ON EXCHANGES AND ESPECIALLY OTC THAT IT SEEMS THE VALUE SHOULD HOLD AROUND $6000 AND HOPEFULLY GO UP WITH SOME GOOD NEWS RELEASES LATER THIS YEAR.”

With Bakkt scheduled for the launch in November and BItcoin ETF still to gain approval, Bitcoin surely has the bulls coming up.

Hence, experts like the CEO of BitcoinIRA, Chris Kline is expecting Bitcoin to hit $40,000 before this year ends as he shares,

“LAUNCHING A BITCOIN ETF WOULD, TO ME, BE A CRUCIAL ADVANCEMENT IN THE CRYPTOCURRENCY SECTOR, AS IT WILL MAKE DIGITAL CURRENCIES MORE ACCESSIBLE TO A WIDE RANGE OF PEOPLE WHO MIGHT CURRENTLY DEEM THEM TOO VOLATILE OR HIGH-RISK.”
 

With Bitcoin market becoming more accessible to investors leading to more money pouring into the crypto market, prices can surely make a substantial j

 

 

Author SAGAR SAXENA

 

Bitcoin Feeling Bullish at $6,450, A Substantial Upsurge is Expected before 2018-End

Alan Zibluk Markethive Founding Member

Bitcoin BTC Price Analysis – Tossing And Turning At Wedge Support

 

Bitcoin (BTC) Price Analysis – Tossing And Turning At Wedge Support

Bitcoin has spiked around current support levels as bulls and bears battle it out.

 

Bitcoin underwent a pickup in volatility, leading to spikes in both directions, but ultimately holding its head above the falling wedge support. Technical indicators are giving mixed signals, so it’s still tough to tell which direction the next move might go.

 

The 100 SMA just recently crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. In that case, bitcoin could fall by the same height as the chart pattern. Price is also below the moving averages dynamic inflection points, which could keep holding as resistance.

 

RSI is on the move up, though, so there may be some buying pressure left in play. Heading further up until it reaches overbought levels could take bitcoin price along with it. Similarly stochastic has room to head higher before hitting overbought territory, so buyers could have some energy to push for more gains.

 

Price also looks ready to complete a double bottom formation on the latest bounce, with the neckline located around $6,600. A break past this resistance could spur a rally that’s the same height as the chart formation. Stronger bullish pressure could even lead to a test of the wedge resistance at $7,000 or a break higher, which might then be followed by a rally that’s the same height as the chart pattern.

 

Analysts point to the buildup of sell orders leading up to the SEC decision on bitcoin ETF applications. Recall that the regulator already rejected a handful then announced a decision to review those proposals. Soon after, the SEC decided to temporarily suspend a couple of crypto-based instruments, citing “confusion” on the nature of underlying markets and reiterating their mandate to protect consumers.

 

Still, bulls strongly defended support yet again as many have been waiting to buy on dips.

By Rachel Lee On Sep 20, 2018

Bitcoin (BTC) Price Analysis -  Tossing And Turning At Wedge Support

Alan Zibluk Markethive Founding Member

DOES THIS MARKET INDICATOR CONFIRM THE NOVOGRATZ PREDICTED REBOUND?

DOES THIS MARKET INDICATOR CONFIRM THE NOVOGRATZ PREDICTED REBOUND?

DOES THIS MARKET INDICATOR CONFIRM THE NOVOGRATZ PREDICTED REBOUND?

Bitcoin bull and highly cited cryptocurrency proponent Mike Novogratz called “bottom” this week on Twitter. On Friday, Bitcoin’s market performance and key market reversal indicated a possible turning point. What will Monday bring? Is the market still too bearish?

 

BITCOIN COULD HAVE OVERSOLD

According to a Friday report from Bloomberg, a key market sign — the Williams %R Indicator — is showing the market for Bitcoin (BTC) $6517.38 -0.04% has “oversold.”
 

This may portend that the great Bitcoin selloff is finally over. The Williams %R Indicator moves between a level of 0 and -100, showing an overbought or oversold market.
 

According to Bloomberg’s chart below, that measure is sitting at -83. This equates to an oversold market. The last time this level was reached Bitcoin price subsequently rose 22%, says Bloomberg.

NOVOGRATZ FORECASTS BOTTOM AND REBOUND TO EQUAL 2017 BOOM

On September 13, 2018, Mike Novogratz referred to the Bloomberg Galaxy Crypto Index Chart, asserted a low, and likened market performance to “the point of acceleration that led to the massive rally/bubble.” He finished his tweet with the hashtag #callingabottom.
 

PRE-WEEKEND RALLY… WHAT WILL MONDAY BRING?

On the day of Novogratz’ tweet, Bitcoin’s value began at $6337.46 before rising to $6589.32. Over the weekend the price has fallen back, but not too far —$6495.18at the time of writing. Monday and next week’s trading will likely prove or disprove Novogratz and Bloomberg’s theories.

As per Bitcoinist’s analysis today, we could be looking at a slow and steady recovery towards $7000 or it could be an “oversold” bounce. We predict Bitcoin is “well situated” for short-term gains, but could still be victim to a bearish market.

Novogratz isn’t the only confident bull. Tim Draper, speaking at a DealStreetAsia summit in Singapore last week predicted the total market capitalization for cryptocurrencies will reach a whopping $80 trillion by 2023. As of today, Bitcoin is still dominating the cryptocurrency markets, with 55% of the total market capitalization invested in Bitcoin alone.

Bullish or Bearish? Where are your sentiments today? What do you think next week will bring?

 

MELANIE KRAMER | SEP 17, 2018 | 00:00

Alan Zibluk Markethive Founding Member

Bitcoin will reach 8500 by end of year says Trefis predicts ETF approval will cause bull run

Bitcoin will reach $8500 by end of year, says Trefis; predicts ETF approval will cause bull run

Bitcoin will reach $8500 by end of year, says Trefis; predicts ETF approval will cause bull run

Trefis Team, a firm offering software that predicts market movements, recently offered their opinion on the price of Bitcoin [BTC]. While the cryptocurrency market has been seeing bullish news lately, the price continues to exhibit sluggish movement.

Bitcoin, the top cryptocurrency, is currently trading at the $6500 mark after a series of sharp drops last week. Goldman Sachs stated that they would delay the plans of its cryptocurrency trading desk, leading to a widespread selloff due to FUD.

However, Trefis claims to have predicted the price of Bitcoin by the end of 2018, putting it around $8500 around the timeframe. Their predictions are based on the overall transaction volume for Bitcoin and the total number of users on the blockchain. Moreover, their predictions, when backtested, are reportedly 94% accurate as stated on their website.

They utilize the principles of supply and demand to fundamentally determine the price of Bitcoin. The cryptocurrency, with its capped supply and deflationary system of bringing new coins into existence, has a supply system that would help the case of its price rising. The two variables that Trefis has considered to calculate the demand is the number of active users and the amount they transact.

According to these calculations, they expect the price of Bitcoin to undergo a 30% increase over the year, quoting reasons such as the general sentiment dictated by the news. This, according to them, was the reason for the price to go up to $20,000 late last year. They also stated that the price has moved in tandem with news, with dips being observed when exchanges were hacked and when the United States Securities and Exchanges Commission [SEC] denied applications for an exchange-traded fund [ETF].

According to Trefis, the creation and general lobbying of the Blockchain Association will also create a more positive view for regulators. They stated that the approval of the ETF by the SEC is one of the biggest catalysts for the growth of Bitcoin. It represents a “huge potential upside” to the price of Bitcoin.

Iarius Germund, a market analyst, stated:

“While the market still responds sluggishly to a lot of the news coming out right now, the base is gradually being built. At the same time last year, the cryptocurrency market did not have many of the things it required for mainstream adoption as an asset class. We have made considerable progress on that end, but the price is only likely to move when actual changes occur in the market with respect to adoption.”

 

Anirudh VK

Published 29 mins ago on September 15, 2018

Alan Zibluk Markethive Founding Member

Bitcoin Bulls Need to Make a Move or Pay a Heavy Price

Bitcoin – Bulls Need to Make a Move or Pay a Heavy Price

Bitcoin – Bulls Need to Make a Move or Pay a Heavy Price

Bitcoin holds on to positive territory in the early hours, though will need to break back through to $7,400 levels to avoid a bearish move.

Bitcoin gained 1.23% on Tuesday, reversing Monday’s 0.47% decline, to end the day at $7,357.2.

Recovering from an early morning intraday low $7,246.2. Steering clear of the day’s first major support level at $7,187.47, Bitcoin rallied through late morning and early afternoon to an intraday high $7,415.4.

The rally through to the day high saw Bitcoin break through the day’s first major resistance level at $7,356.47 and back through the 38.2% FIB Retracement Level of $7,376 to hit $7,400 levels for the 2nd time in 3-days, prior to which was back in the 1st week of August.

In spite of the breakout from the 38.2% FIB Retracement Level of $7,376, Bitcoin failed to hold on to $7,400 levels with a late in the day broad based market sell-off seeing Bitcoin’s gains for the day reduced, with Bitcoin pulling back through the 38.2% FIB Retracement Level by the day’s end.

With selling pressure evident at the 38.2% FIB Retracement Level, Bitcoin’s failure to hold above $7,376 by the day’s end reaffirmed the extended bearish trend formed at early May’s swing hi $9,999, with a break out from $7,376 needed to support the formation of a bearish trend reversal.

The gains came with the news wires on the friendlier side at the start of the week, with regulator chatter on hold, allowing the Bitcoin bulls to talk up the prospects of a return to bullish form and a run at $20,000 levels by the year-end.

At the time of writing, Bitcoin was up just 0.07% to $7,363.9, with moves through the early morning seeing Bitcoin recover from a start of a day morning low $7,357.2 to a morning high $7,398.7 before easing back, the early moves leaving the day’s major support and resistance levels untested, while resistance at $7,400 proved to be too great in the early hours.

For the day ahead, moving back through the 38.2% FIB Retracement Level of $7,376 would support another run at $7,400 levels to bring the day’s first major resistance level at $7,433 into play, with market sentiment to dictate whether Bitcoin can take a run at $7,500 levels, investors continuing to be on the more cautious side in spite of Bitcoin’s recent weekly gains and hold on to $7,300 levels.

Failure to move back through the 38.2% FIB Retracement Level of $7,376 could see Bitcoin hit reverse, with any fall through 7,340 bringing sub-$7,300 levels and the day’s first major support level at $7,263.8 into play before any recovery.

We would expect Bitcoin to steer clear of sub-$7,300 levels should the news wires remain crypto friendly, with Bitcoin’s relatively minor gains through the early part of the week likely to limit profit taking in the middle part of the week, though investors will wary of what’s to come on the regulatory front, which continues to pin Bitcoin back from $8,000 levels and beyond.

 

Bob Mason

19 minutes ago

Alan Zibluk Markethive Founding Member