Although there are many investors anticipating Bitcoin will fall once again, citing the global uncertainty that is epitomized by the Dow Jones’ record 3,000-point loss on Monday, there are some reasons to believe the cryptocurrency may soon mount a recovery.
Related Reading: Crypto Tidbits: Bitcoin Plunges 50%, COVID-19 Cases at Ethereum Event, Central Banks Inject Billions
3 Reasons Why Bitcoin Could Soon Rally Higher
Prominent cryptocurrency analyst Trajan recently shared three reasons why being long Bitcoin is a “decent bet” at the moment.
The S&P 500 has started to rally: After Monday’s historic drop that sent global investors into a panic, the stock market has started to mount a recovery, responding to news from the Federal Reserve and the White House of large-scale liquidity injections and fiscal stimulus. As it stands, the S&P 500 is up 3% from the daily open, which should lead to growth in Bitcoin due to the growing correlation between markets.
BitMEX’s perpetual swap funding rate is heavily favoring longs: BitMEX traders are heavily short, meaning that long positions holders are paid a fair sum of capital each day. Extreme funding rates often mark tops and bottoms for Bitcoin, and in this case, the short-heavy markeZt implies BTC is bottoming.
Bitcoin is trading at $5,000: And lastly, Bitcoin is trading in the $5,000s, which Trajan thinks is a decent entry point for longs.
– S&P Futures hit limit bound up– Funding paying you almost 0.7%/day to long– Price at $5k
Seems like a decent bet to me
— Trajan (@SplitCapital) March 17, 2020
There Are Other Reasons to Be Bullish
There are other reasons to be bullish on Bitcoin.
Bitcoin became fundamentally undervalued for the first time since the 2018 bottom, with two indicators from digital asset manager Charles Edwards — daily active users and transaction value per Metcalfe’s law — now trending above the price of BTC.
This has been backed up by Charlie Morris of ByteTree, who on Thursday remarked that Bitcoin’s fair value, derived from the on-chain activity metrics and how many coins there are in existence, then sat at $6,400, far above BTC’s current (as of the time of this article’s writing) price of $5,300.
Bitcoin is currently undervalued for the first time since Dec 2018 bottom at $3500.
Price dipped below both DAA(Daily active users) Fair price and TV (Transaction value) Fair price per Metcalfe's law.
h/t @caprioleio https://t.co/puevCKbdZc pic.twitter.com/V3bvhIOF7H
— Anondran (@AnondranCrypto) March 14, 2020
Furthermore, on March 16th, Bitcoin infrastructure startup Bakkt announced that it has just completed a $300 million USD Series B fundraising round, garnering the support of the Intercontinental Exchange (owner of the New York Stock Exchange), Microsoft’s venture capital arm M12, and Boston Consulting Group. These companies participated in the firm’s Series A round, which saw Starbucks chip in.
Related Reading: Scarily Accurate Fractal: Bitcoin Will Trade at $20,000 By Q1 2021
So while cryptocurrencies may be losing their value at a rapid clip, it is clear that big-name investors see Bitcoin and its ilk as anything but dead.
Featured Image from Shutterstock origin »
The Bitcoin price has risen above $35,000 for the first time since early May 2022, for which there are a number of reasons beyond mere speculation. These are the five most important reasons. #1 BlackRock’s Spot Bitcoin ETF Approval Looms Large The primary driver behind the surge seems to be the growing anticipation surrounding the […]
Bitcoin miners selling as well as a strengthening dollar are some of the reasons the price of BTC saw a significant correction, dropping below $11,000.
When people give reasons for various altcoins’ inability to overtake bitcoin as the dominant digital asset in the world, the conversation sometimes doesn’t move far past the network effects surrounding the world’s most dominant crypto asset.
After two weeks of recovery and positions above $8,000, news and moods weighed down on Bitcoin to take it back toward the $7,500 level. What are the reasons?
Bitcoin gambling sites are quickly gaining popularity for a few different reasons. For instance, the development of provably fair algorithms has made it possible for players to ensure that games are not rigged.
Earlier last week, the United States Securities Exchange Commission rejected the Winklevoss twins’ Bitcoin ETF application for the second time in the span of two years. Their application lost to a 3-2 majority at the SEC, following which the SEC released a 92-page report stating the reasons why.
Swiss exchange Bity. com posted an announcement commenting that they would soon be delisted from Bitcoin. com. The reasons sparked an intense debate within the community. Bity will soon be taken off https://t.
A 2017 study by the Bank of Canada was updated by the central bank in July 2018. As a part of the Bitcoin Omnibus Survey (BTCOS), the study provides insights on the public’s purchase reasons for and overall awareness towards cryptocurrencies.
There’s a lot of FUD and confusion out there in crypto markets right now so I’d like to clarify. Today’s headline is as follows… As we stated in yesterday’s update, one of the many reasons that bitcoin is rising at the moment on anticipation of an ETF decision from the SEC.
Anthony Pompliano, known better by his nickname ‘Pomp’, said that he has a “high degree of confidence” that the price of Bitcoin [BTC] will hit $50,000 in the future. In a recent interview, Pompliano elaborated upon his reasons for coming to this conclusion.
A number of reasons could potentially cause Bitcoin (BTC) to surpass its previous all-time high according to Blockchain venture capitalist Spencer Bogart. The industry experts, sharing the beliefs of others alike, holds that the world’s largest cryptocurrency has found its 2018 bottom.
In an interview at the Asia Blockchain Summit [Taiwan] with Jinse. com, the Founder of Litecoin and Managing Direct of the Litecoin Foundation spoke about his reasons to sell a majority of his Litecoin possessions, multiple comparisons between Litecoin, Bitcoin and XRP, and more.
The recently published book “The Bitcoin Standard” by economist Saifedean Ammous makes the case that bitcoin is rooted in the principles of Austrian economics. This view is shared by many bitcoin maximalists who prescribe to this economic school of thought.
As covered by NewsBTC just a few hours ago, the SEC has just released a 92-page report highlighting major reasons supporting its rejection of the revised proposal of the Winklevoss Bitcoin ETF. The Community Reacts To The News At first glance, many cryptocurrency community members saw this announcement as another bout of rehashed news, misreported by.
On 25th July, CNBC FastMoney interviewed Spencer Bogart, the Co-Founder of the venture capital firm, Blockchain Capital. In the interview, he was asked about the recent announcement of Mastercard that took place last week and whether it could be a driving force for cryptocurrencies.
Okay, so Bitcoin Bulls does sound a lot like a basketball team. But hey, investing in Bitcoin has a lot in common with an adrenaline-packed b-ball game. Highs and lows, wins and losses, regrouping in the locker room after a thrashing from regulators and cybercriminals… 2018 has been a tough year for Bitcoin and the […]
VanEck has written to the United States Securities and Exchange Commission (SEC) in new efforts to convince the regulator to approve Bitcoin exchange-traded funds (ETF). At this point, the Commission has remained unwilling to approve any cryptocurrency ETF filings, citing reasons relating to liquidity, volatility, and pricing among other issues in the crypto market. Bitcoin […]
The total crypto market capitalization has surpassed the $300 Billion mark and is currently valued at $301. 5 Billion. With the increase in volume of the crypto markets, Bitcoin (BTC) has broken past two recently stated resistance levels of $7,600 and $8,000 in quick succession and in a period of less than a week.
Most Canadian Bitcoin Owners Use It For Investment Purposes Only A report by Bank of Canada (BoC) published on July 23rd shows that 58% of Canadians own Bitcoin for investment purposes. The top four reasons for Canadians owning Bitcoin, according to the study, were: purchasing it as an investment, friends owning Bitcoin, being interested in […]
VanEck has written to the United States Securities and Exchange Commission (SEC) in new efforts to convince the regulator to approve Bitcoin exchange-traded funds (ETF). At this point, the Commission has remained unwilling to approve any cryptocurrency ETF filings, citing reasons relating to liquidity, volatility, and pricing among other issues in the crypto market.
Bitcoin continues to go up, as it grew to USD$8,316 from its USD$7,339. Does this 13 percent signify anything? According to the CEO of BKCM Fund and CNBC’s very own crypto analyst, its growth might be contributed by three key factors, which include the possibility of a bitcoin ETF, the entry from several institutions and […]
Bitcoin has done it, ladies and gentlemen! At press time, the father of cryptocurrency has jumped past the $8,000 line and taken the currency further than it’s been since last May. July is proving to be a hot month by both temperature and financial standards.
Bitcoin has done it, ladies and gentlemen! At press time, the father of cryptocurrency has jumped past the $8,000 line and taken the currency further than it’s been since last May. July is proving to be a hot month by both temperature and financial standards.
Bitcoin’s price increase continues Tuesday, July 24, as it managed to climb past $8,000 for the first time in two months. Despite remaining around 60 percent below its all-time high in December, the world’s largest cryptocurrency is on a rally which, according to Brian Kelly, is here to stay.
Bitcoin has been seen on a bullish momentum since yesterday when the world’s largest cryptocurrency by market cap was seen trading above $7700. Strong volumes supporting the bullish momentum backed this surge in the Bitcoin price.
Bitcoin finally hits the $8000 benchmark as the daily trading volumes reach close to $6 billion. With this Bitcoin posts 20% gains in the last one week.
The post Bitcoin Climbs Above $8000, A Few Reasons Behind This Surge appeared first on CoinSpeaker.
OPINION: The financial crisis of 2008 is still fresh in the minds of those on Wall Street and those in the cryptocurrency space, albeit for very different reasons. While Wall Street is still reeling from the aftermath of the crisis, the cryptocurrency community indirectly exists due to the crisis. As timelessly engraved in the genesis […]
The CEO of Blockchain Inc. , Peter Smith, recently stated in an interview that the cryptocurrency market will see consolidation in the next few months. He quoted his reasons for saying so as the increased entry of institutional investors into the market.
On its way to reaching its all-time high of roughly $20,000 in January, Bitcoin caught the eye of the public. Since then, the world’s largest cryptocurrency has lost around 70 percent of its value since — but experts say it’s still a very attractive investment.
In which I argue that “tightly coupled” on-chain voting is overrated, the status quo of “informal governance” as practiced by Bitcoin, Bitcoin Cash, Ethereum, Zcash and similar systems is much less bad than commonly thought, that people who think that the purpose of blockchains is to completely expunge soft mushy human intuitions and feelings in favor of completely algorithmic governance (emphasis on “completely”) are absolutely crazy, and loosely coupled voting as done by Carbonvotes and similar systems is underrated, as well as describe what framework should be used when thinking about blockchain governance in the first place.
The Special Counsel indictment related to Russian cyber-attacks during the 2016 U.S. election makes fascinating reading for a number of reasons — not least of which is its revealing insight into the widespread use of bitcoin by the perpetrators in an attempt conceal their identities.
Popular payments provider Stripe made waves in 2015 after announcing the acceptance of Bitcoin for its merchant network. However, in April 2018, the company ceased Bitcoin operations providing no clear reasons at the time.
CNBC’s seemingly non-stop coverage of the crypto market has continued, with so-called Crypto King Barry Silbert appearing on ‘Fast Money’ on Wednesday afternoon. Barry Silbert Gives Multiple Reasons To Why Bitcoin Has Hit A Bottom On Wednesday, Barry Silbert, an early Bitcoin investor and founder of many crypto-related firms, recently took to CNBC’s ‘Fast Money’ segment to.
Tetras Capital, a hedge fund focusing on the blockchain, cryptocurrency and digital assets, stated recently that they will be taking a short position on Ethereum [ETH]. They mentioned their reasons for doing so while supporting Bitcoin [BTC] as an investment.
With the recent events of past seven days, it is safe to safe that the big bull is reaffirming its position in the cryptocurrency market as the leader of the pack. On the 12th of June 2018, Bitcoin was still struggling to maintain the $6,000 mark with a highly discouraging $70 addition.
In late 2017, Bitcoin and the cryptocurrency market stole the headline in the global business scene. BTC price reached an all-time high (ATH) in mid-December 2017 prompting a mad rush into the market.
Despite non-stop criticism, obituaries, and competition from altcoins, Bitcoin has undeniable advantages — ensuring that its value will keep rising for decades to come. It might make sense just to get some in case it catches on.
BlackRock announced its plans to form a working group to investigate the crypto industry and to assess potential benefits of involvement in Bitcoin. The crypto community is actively discussing the intensive growth of Bitcoin price.
Anyone involved in the cryptocurrency space is likely familiar with the term bitcoin ‘whales’ — those with a stronghold in the bitcoin markets. Because of their powerful presence, many potential investors worry that the whales will influence the markets, and are therefore hesitant to buy in.
At a time when central banks and other heavyweights in the traditional finance sector are busily stating reasons why bitcoin and the entire cryptocurrency ecosystem can’t function as fiat money, highly reputable serial entrepreneur Jeffrey Wernick has come up with ideas why he thinks the world’s legacy finance system is faulty.
A survey by the Bank of Canada has found that 85 percent of Canadians are aware of Bitcoin. The survey further revealed that the level of ownership of the digital currency had nearly doubled in 2017, with most of the owners holding it for speculative reasons and as a form of investment. The residents of […]
All three in one word made bitcoin volatile. A single negative announcement revolving around the 3 issues has triggered a bitcoin dump that has shed billions in hours. The market has over the years also grown dependent on ‘new money’ bringing in new investors has ensured the market cap is on the rise.
The crypto market trended lower last week as US tariffs rocked the market, causing investors to flee to safe-haven assets like Gold. Crypto prices which recovered slightly on Monday and Tuesday continued trending downward as uncertainty looms.
Bitcoin fell 4. 72% over the weekend and another 3. 50% during Monday’s Asian session as tensions driven by Trump’s tariffs have investors derisking their positions. Over the weekend, China responded to Trump’s tariffs by indicating interest in imposing tariffs on US goods, while Canada imposed a 25% tariff on CA$155 billion worth of US goods.
2025 has not started on a strong note for Ethereum (ETH), as the second-largest digital asset by market cap continues to trade below its yearly open. Recent on-chain movements also suggest that crypto whales might be losing confidence in ETH’s potential to deliver outsized returns.
The crypto market trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data The Fed expressed caution around inflation, especially as President-elect Donald Trump’s policies will kick in after his inauguration on January 20 Meanwhile, spot crypto exchange-traded funds (ETFs) logged outflows from Wednesday, January 8 Bitcoin […]
The post Weekly price analysis: prices decline on risk-off sentiments appeared first on CoinJournal.
Cryptos trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data. The Fed expressed caution around inflation, especially as Trump’s policies will kick in after his inauguration on Jan.
In the past week, Ethereum (ETH) has dropped 9. 3%, falling from $3,630 on January 3 to $3,235 at the time of writing. While ETH is striving to defend the psychologically significant support level at $3,000, some crypto analysts remain confident that the digital asset’s long-term price trajectory is bullish.
Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted. Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern.