Expect Bitcoin to Break $14,000 Once Altcoin Bleeding Ends: Analyst

2020-11-1 10:00

It’s been a brutal past few days and weeks for altcoins despite Bitcoin’s strength. Top digital assets aside from BTC have plunged a handful of percent, even dozens of percent, against the U.S. dollar, even as Bitcoin hits new year-to-date highs.

This divergence has shocked many investors in the space, especially those that entered the altcoin market late this summer. This pain may eventually end, though, an analyst noted. This same individual added that this may coincide with BTC breaking $14,000.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin to Break $14,000 Once Altcoin Hemorrhaging Ends

Bitcoin analyst “Light,” who is celebrated by fund managers like Su Zhu of Three Arrows Capital, thinks that Bitcoin could soon break above $14,000 once the market sell-off ends:

“BTC is behaving in an incredibly strong fashion, up 0.9% l24hrs while alts hemorrhage and derisking continues in equities. Expect it to break $14,000 after the bloodletting runs its course.”

BTC is behaving in an incredibly strong fashion, up 0.9% l24hrs while alts hemorrhage and derisking continues in equities.

Expect it to break $14,000 after the bloodletting runs its course. pic.twitter.com/Zxeaq2FIcM

— light (@lightcrypto) October 30, 2020

$14,000 has long been a critical technical level for the leading cryptocurrency. It almost perfectly marked the highs of 2019’s rally, and also is in the vicinity of where Bitcoin closed its yearly candle at the end of 2017. Bitcoin moving above, then closing on a notable time frame on $14,000 will likely suggest the cryptocurrency will move dramatically higher.

Real Vision CEO Raoul Pal recently commented that $14,000 and $20,000 are the only two technical levels stopping new Bitcoin all-time highs.

Analysts assign much more importance to $14,000 than they do to $20,000 due to the amount of trading volume around the former price level.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin Altcoins to Bounce

Altcoins are expected to bounce once Bitcoin begins to consolidate or distribute and once global markets turn risk-on once again.

The fundamentals of certain altcoins are stronger than ever. Case in point: the total value locked in decentralized finance (DeFi) contracts recently hit a new all-time high above $12 billion, around five times higher than this metric was in June.

Analysts expect these fundamentals to eventually translate into price action in the DeFi market.

Other altcoin sectors have also shown fundamental strength. Though, whether enough this will allow altcoins to outperform Bitcoin remains to be seen.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Expect Bitcoin to Break $14,000 Once Altcoin Bleeding Ends: Analyst

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Источник: newsbtc.com

percent bitcoin → Результатов: 126


Фото:

Billionaire Hedge Fund Manager Has One Percent of his Net Worth in Bitcoin

Marc Lasry, the billionaire co-founder of Avenue Capital Group, whose net worth is estimated to be at around $1. 68 billion, has invested $16. 8 million in bitcoin. Bitcoin Investments Explained When asked about his personal investment in bitcoin, Lasry explained that he entered the cryptocurrency sector a few years ago, and invested quite a lot of capital in the market.

2018-7-22 09:39


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Bitcoin Price Too Cool for School, Altcoins Can’t Hang

Bitcoin has many cryptocurrency traders feeling bullish after making a strong move to reclaim a position above $7,000. Many altcoins, however, have failed to keep up. Ethereum Starting from the top, the first altcoin which has failed to keep pace with Bitcoin price is Ethereum (ETH), the second-ranked cryptocurrency by market capitalization and leading operating system featuring smart contract functionality.

2018-7-20 12:45


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Shitcoin.com Owner Andreas Brekken Controls 49 Percent of Bitcoin Lightning Node Network

Andreas Brekken, the CEO of Shitcoin. com, controls 49 percent of the Bitcoin Lightning Network, according to reports. Speculation and concerns have resulted among users. Lightning Network’s Immense Growth The Bitcoin Lightning Network began its operations six months ago and had since seen stable growth in the number of active nodes and capacity.

2018-7-17 01:00


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Promoted: The Future of Online Shopping Is Powered by Spl.yt — A Decentralized E-Commerce Protocol

As a rapidly growing business sector, e-commerce continues to open up new avenues for exploring, comparing and purchasing products worldwide. Spl. yt, a smart contract protocol, aims improve the e-commerce system for buyers and sellers by automating functions currently performed by “middlemen” marketplaces like Amazon, eBay and Alibaba.

2018-7-16 19:45


Фото:

Bitcoin is eyeing change of fortunes above $6,800, having convincingly scaled a key moving average hurdle earlier today. At press time, is changing hands at a six-day high of $6,600 on Bitfinex – up 3.44 percent on the day.

At press time, BTC is changing hands at a six-day high of $6,600 on Bitfinex – up 3.44 percent on the day. For instance, prices rose above $6,300 on Saturday, but trading volumes fell to $2.92 billion, the lowest level since November 7, according to CoinMarketCap. However, the solid move above the 20-day moving average

2018-7-16 19:39


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