After a brutal showing last week that saw Bitcoin fall 50% in a 24-hour time span, bulls are mounting a comeback. Over the past four hours, the cryptocurrency has rallied approximately 10% to a price as high as $5,900, surging from the $5,400 base where it spent a majority of Tuesday and Wednesday.
The asset’s rally comes as traditional markets, specifically the American stock market (indices S&P 500, Dow, etc.), have started to mount a recovery after a brutal start to the week. In fact, the Dow Jones is up 6% from the lows on Wednesday, which coincided with a local BTC bottom, further indicating that the stock market and Bitcoin are correlated for the time being.
While BTC has only been sustained the region just shy of $6,000 for a short period of time, the sentiment is mounting that BTC is bottoming and poised to break higher after accumulation.
Bitcoin Has Bottomed, Is Now Accumulating
Almost every prominent analyst and their mother, so to say, has said that Bitcoin is in the midst of bottoming, despite traditional markets remaining in the midst of a downturn.
DonAlt, the trader who called much of the recent downturn while others were expecting Bitcoin to establish a new all-time high, remarked that “we’re in the process of bottoming,” sharing the below chart, which shows the previous bottom overlaid and fit to the current price action.
I think we're in the process of bottoming, the question is how close can I get and what kind of setup am I comfortable to play.The below structure would be nice, given that the sharp V reversal I was hoping for failed.
I'm a bull hoping for a setup, not a bear net shorting. pic.twitter.com/Nj31p4LpDK
— DonAlt (@CryptoDonAlt) March 19, 2020
DonAlt’s belief that Bitcoin has found a bottom is corroborated by the spike in the CBOE’s volatility index for the S&P 500, the VIX, which recently has started to hit all-time high levels around 90; every time the VIX has passed 30 over the past five years, Bitcoin has found itself at a local or macro bottom.
While DonAlt and others are seemingly skeptical the exact same price action will play out again, the consensus seems to be that BTC, if it is bottoming now, will take months to establish a bottom and push out of that range.
A Perfect Storm
On the fundamental side, PlanB, a pseudonymous institutional investor that works on Bitcoin as a personal project, summed it up the positive trends nicely when he posted the below tweet. He looked to the following fundamental trends to accentuate why he is so bullish on BTC:
Leveraged longs, on platforms like BitMEX and OKEx, have been cleared out due to the massive volatility seen last week, setting the stage for recovery.
The traditional financial system is in the midst of record-levels of turmoil.
Central banks seemingly need to print more than $5 trillion out of thin air to keep the market liquid and afloat.
The Bitcoin block reward halving is taking place in May.
#Bitcoin leveraged longs are liquidated, system cleared. Traditional system did not clear because of circuit breakers, bail outs, non 24/7: who knows how many blow ups are out there?! Markets show current $5trillionUSD promised QE is not enough. Bitcoin halving in May. #DoTheMath pic.twitter.com/tdtvLBtwNV
— PlanB (@100trillionUSD) March 19, 2020
Featured Image from Shutterstock origin »
Although Bitcoin is having a rough moment this week, with prices oscillating between $93k and $96k, at least one popular crypto commentator is predicting a massive price run soon. According to Ted Boydston, the market should prepare for a manic bull run in the coming days, with Bitcoin’s price targeting $225k.
Bitcoin stands at a critical crossroads, with its price hovering near the crucial $93,257 support level. This key price point has acted as a stronghold for the cryptocurrency during its recent ascent, but now, the market is facing mounting pressure.
Bitcoin price has moved into a technical correction and found support at the 50-day moving average. Bitcoin (BTC) retreated to $94,830, down by over 12% from its highest level this month as the Santa Claus rally failed to materialize. The…
Over the last few weeks, the Bitcoin price has been on a downward trend, experiencing significant declines that have pushed it below its all-time high above $104,000. Despite this price crash, a crypto analyst has predicted that Bitcoin could recover from this slump and potentially reach a new ATH at $107,000.
Crypto analyst TradingShot has provided insights into the Bitcoin price recovery to $150,000. He analyzed the Fibonacci levels to provide insights into how Bitcoin could reach this new high, although the analyst suggested that there could be more price correction before that happens.
Bitcoin needs to dip much harder to deliver even standard December downside, data shows, as BTC price targets continue to focus on the mid-$80,000 area.
Bitcoin has endured days of underwhelming price action, retreating from its all-time high of $108,364 to a local low of $92,100. Despite this sharp pullback, the price structure remains bullish, fueling optimism among analysts and traders who believe Bitcoin’s rally could resume at any moment.
Bitcoin’s price reached a new all-time high of $108,000 this month, which has seen retail and institutions FOMO into BTC. Bitcoin’s trading volume now sits at a daily rate of about $77 billion, indicating increased inflows.
Bitcoin price has had a strong performance this year as it jumped by 120%, beating popular assets like the Nasdaq 100 and the S&P 500 indices. Bitcoin (BTC) has retreated to $97,000 from the all-time high of $108,427 after the…
Veteran trader Peter Brandt updated his Bitcoin price outlook in a recent viral tweet. Looking at Brandt’s chart analysis, a clear right-angled broadening triangle pattern has emerged in Bitcoin’s recent price action.
Bitfinex analysts believe the increasing Bitcoin institutional adoption will create strong demand-side pressure, making Bitcoin price dips in 2025 short and temporary.
Bitcoin price rallied to a record high of $108,000 on Dec. 17, continuing a bull run that began in 2023. Bitcoin (BTC) has surged by nearly 150% this year, driven by rising demand and decreasing supply growth. The unwinding of…
Bitcoin has shattered its all-time high, reaching $106,500 just a few hours ago, setting the stage for an even bigger move. After trading in a sideways range within an ascending triangle for weeks, the price finally broke through the crucial $103,600 resistance level established on December 5.
The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.
The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]
Since breaking it last week, Bitcoin is grappling with the $100,000 milestone, struggling to stay above this critical level. Despite the price facing resistance, Bitcoin continues to show strength, signaling potential for further upward momentum in the near term.
Despite the Bitcoin price cooling off, President-elect Donald Trump’s son still believes BTC will someday reach the oft-discussed $1,000,000 price point.
The Golden Ratio Multiplier, a Bitcoin-specific indicator created by Philip Swift, highlights $100,000 as a critical resistance level. This analysis explores how Fibonacci multiples of the 350-day moving average provide key insights into Bitcoin's price cycles, with $127,000 emerging as the next major target if this barrier is broken.
The past week proved eventful for Bitcoin (BTC) holders after a historic price gain above $100,000 was accompanied by a flash crash of almost 7% pushing the asset’s price as low as $92,000 on early Friday.
Bitcoin has shattered all-time highs again, breaking the $100,000 barrier for the first time and surging to $103,620. This remarkable milestone marks a price level many thought impossible, solidifying Bitcoin’s position as a dominant force in global finance.
Bitcoin hit a new all-time high of $100,000 for the first time in history after the price increase of 5% on the day of trading. Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, just hit a targeted price of…
Bitcoin price started a fresh increase and tested the $100,000 level. BTC is now showing many positive signs and might continue to rise. Bitcoin is gaining pace above the $96,500 zone. The price is trading below $98,500 and the 100 hourly Simple moving average.
Bitcoin has rebounded to $98,000 today after dropping to its weekly lowest point, and several sentiments have made it back to head the $100,000 target price. Bitcoin (BTC), the world’s largest cryptocurrency in the world by market capitalization, rose around…
Bitcoin Price Holds Steady Amid a Probable US Selloff BTC/USD has been trading steadily above $90,000 for two weeks now; missing the all-important mark of $100,000 by less than 5 dollars on 22nd November.
The Bitcoin price could crash if it fails to hold key resistance levels. A crypto analyst has revealed that a decline to $89,000 was well within possibility, as sell-offs below the $100,000 mark have continued to hinder Bitcoin’s price upward momentum.
After reaching a new all-time high of $99,600 last Friday, the Bitcoin price has retraced to the $94,000 mark for the first time in nearly a week. This pullback comes amid growing speculation about a possible correction following a massive three-week uptrend that saw the leading crypto surge by 40% after Donald Trump’s election on November 5.
November's expiry is due Friday at 08:00 UTC, with $9.4 billion in options expiry for bitcoin.Bitcoin's max pain price is $78,000, significantly lower than the current spot price. The majority of the put open interest represent hedging activity and not outright downside bets: European Head of Research at Bitwise - Dragosch.
Bitcoin has experienced a record-breaking bullish breakout, shattering all-time highs almost daily over the past three weeks. After an impressive rally, the price is less than 2% away from the $100,000 mark—a critical psychological level that could become a turning point for the entire crypto market.
Bitcoin’s price is influenced by a mix of factors, including supply and demand dynamics, mining costs, regulatory developments, market sentiment and more.
Bitcoin, the world’s largest cryptocurrency, hit a new all-time high of $95,672 on Thursday after its price rose to 3.55% in the past 24 hours; the next target is $100k. For the first time, on Nov. 21, Bitcoin reached the…
The Bitcoin price movements have recently formed a bullish symmetrical triangle pattern, a technical indicator that often precedes significant upward momentum. This pattern formation has come amidst a back and forth between $93,477 and $85,970 after the Bitcoin price reached an all-time high of $93,477 on November 14.
How covenants can be built on Bitcoin today with no softforks (for an outrageously expensive set up price) using hash collisions. By Andrew Poelstra from Blockstream.
Bitcoin’s price continued its strong bullish trend this week, with many analysts believing that the rally has more room to run. Bitcoin (BTC) was trading at $91,200 on Thursday, Nov. 14, bringing its year-to-date gains to 115%. It has outperformed…
Bitcoin price extended gains above $90,000. BTC is now consolidating gains near $90,000 and might attempt another increase in the near term. Bitcoin extended its increase and traded above the $92,000 zone.
Bitcoin price exploded lately, especially after the pro-crypto candidate won the US election—an event that pushed the whole market into a full-blown bull run.
The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […]
The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.
Bitcoin price is up over 10% and trading above $86,000. BTC is showing no signs of stopping and might aim for a move toward $100,000 in the near term. Bitcoin started a fresh surge above the $82,500 zone.
Bitcoin’s bullish price action has continued in the wake of crypto-friendly Republican Donald Trump's election for the second term as president of the U.S.
Expectations for a “Santa rally” were dashed as prices of major coins traded sideways throughout the festive week. Spot crypto ETFs logged mixed performance while open interest continued to fall across major cryptos.
Although Bitcoin (BTC) remains range-bound – trading between the $90,000 and $100,000 price levels – some crypto analysts predict that a price correction may be on the horizon due to a bearish ‘head and shoulders’ pattern forming on the daily chart.
Due to yesterday’s crypto market rout, Ethereum (ETH) has now faced rejection at the key $4,000 resistance level for three times since March 2024. The second-largest cryptocurrency by reported market cap is now trading at the $3,400 level, down 6.
BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level. BNB price started a downside correction from the $612 resistance zone.
