In December, crypto analysts across the board were almost certain that Bitcoin was poised to fall to the $5,000s and maybe even lower; after surging to $14,000 by June 2019, the cryptocurrency had entered a steep downtrend, marked by successive lower lows and lower highs.
But, this changed at the turn of the year. After showing signs that it was going to head lower in 2020, the crypto market saw a massive bullish reversal in the month of January, with the market cap rallying from $185 billion to $250 billion, per data from TradingView.
While many have embraced these moves in the price of Bitcoin, Ethereum, XRP, and other crypto assets with open arms, few know exactly why this took place.
CNN recently released an article addressing this debate, citing a number of industry executives as to what pushed this market higher.
Why Is Crypto Surging So Much Higher?
In a statement for the Saturday article from CNN Business, Shaun Djie, CEO of digital token company Digix, attributed the recent rally to “ongoing economic uncertainties.” More specifically, he looked to the ongoing Brexit fallout, the trade tensions between Japan and South Korea, and the U.S.-China trade war (which is kind of on pause).
Djie also cited the ongoing coronavirus outbreak that originated in China, claiming that the “rise in the BTC price correlates to the ongoing outbreak.” Many have disputed this theory, however.
Marija Veitmane, senior multi-asset strategist with State Street, said in an interview that Bitcoin is likely benefiting from the fact that interest rates are so low and even negative, which has led to a decline in the U.S. dollar, which has led to BTC appreciating.
Related Reading: Bitcoin to Be One of the 2020s’ Top Investments: Ex-Goldman Sachs Exec Says Why
More Gains Are Coming…
While 35% in a month is already astonishing, some say it’s a precursor to an even strong move higher in the coming months.
Trader CryptoBirb posted the below chart after Friday’s candle close, showing that the performance of the leading cryptocurrency is January is likely a precursor to an even larger move higher.
Per the analyst, Bitcoin formed a “strong engulfing” candle in January, bouncing off a zone of high demand in the $6,000s. This, he claims, signifies there is “high time frame demand” for BTC. He added that with the candle closing above the three-month resistance of the $9,100 price point, an even larger bullish reversal is likely in store for the crypto asset market.
Fundstrat Global Advisors — a market research firm that has fallen down the crypto rabbit hole — noted in a recent note that the leading cryptocurrency has crossed above the 200-day moving average of its price.
This, they claim, is an extremely bullish sign indicating Bitcoin has entered back into a bull phase, for crossing above this technical level gives the cryptocurrency an 80% six-month forward win rate.
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
In December, analysts across the board were almost certain that Bitcoin was poised to fall to the $5,000s and maybe even lower; after surging to $14,000 by June 2019, the cryptocurrency had entered a steep downtrend, marked by successive lower lows and lower highs.
Analysts believe Peloton stock has more upside. Short-sellers believe the upcoming IPO lockup expiration will send shares lower.
The post Analysts vs. Shorts: Who’s Right About Peloton Stock? appeared first on CCN.com
Several technical analysts predicted the Bitcoin price to fall after it rejected $9,200 once again. In lower time frames, a classic “hammer candlestick” was formed as BTC spiked from $8,800 to $9,070 within hours.
Towards the end of 2019 that lackluster price action experienced by Bitcoin had led many investors and analysts alike to grow increasingly bearish on the cryptocurrency, and discussions about BTC surging to fresh all-time highs were far and few between.
Bitcoin has begun showing some signs of topping out as the crypto inches lower from its previous consolidation region around $8,800. BTC’s move towards $8,600 has led some analysts to believe that its recent highs of $8,900 will mark a mid-term top.
Deescalation in Iran may have triggered profit taking in bitcoin. Although, analysts remain bullish and predict it won’t go lower than $7,800.
The post Bitcoin Dumps Retreat With $9,000 Rally Imminent, Analysts Predict appeared first on CCN.com
Ethereum has followed Bitcoin’s catastrophic slump in the past 48 hours, falling off key support levels at $140. Now trading at $123, analysts predict a further slump could drive a massive sell-off and send prices even lower.
Lately, Bitcoin (BTC) has assumed a consistent bearish market trend, and analysts are skeptical of a recovery any time soon. Many of the renowned market analysts opine that the BTC price will continue dropping even lower or trade at $5,500 for months before recovery.
Bitcoin (BTC) has continued slowly grinding lower as bears gain the upper hand over bulls, and sellers have now led the cryptocurrency down to a key support level that must be defended or else it will open the gates for significantly further losses in the near-term.
As Bitcoin threatens to push for lower prices, some of the most prominent analysts in the industry believe that it is getting closer to a zone that poses high levels of demand. Regardless of their positive outlook, other analysts are not as optimistic expecting a further retracement.
If bitcoin follows historical trends, it could tip $1 million by February 1st 2028. Based on extrapolating Timothy Peterson’s ‘never look back’ chart which tracks bitcoin’s lower troughs. The chart echoes Plan B’s ‘stock to flow’ model which puts BTC at $1 million near the end of the next decade.
Bitcoin (BTC) has continued inching lower following its recent bearish break below $9,000, which points to the possibility that bears are building strength as bulls fail to propel the crypto while it trades just a hair above its key near-term support level.
While Bitcoin (BTC) is around 17% lower than its local top of $10,500 established late in October, many analysts have concluded that the bull case for the cryptocurrency market is brewing once again.
As you are likely aware, Bitcoin (BTC) hasn’t done too well over the past two-odd days. Since Friday, the cryptocurrency has shed 6% of its value, tanking from $9,250 to $8,700 in a strong move lower that came after nearly two weeks of bullish consolidation above $9,000.
After a long period of consolidation within its previously established trading range, Bitcoin’s bears have now taken control and have pushed BTC’s price below its previous support level that existed around $9,000.
After a long period of trading sideways within the mid-$180 region, Ethereum (ETH) has now begun to incur significant upwards momentum that has pushed it up to $190, which is where it faces some notable resistance that could ultimately push its price lower in the near-term.
Ethereum’s price action has been largely guided by that of Bitcoin over the past several days, and ETH’s bulls are now showing some signs of losing strength as the crypto inches lower today. This potential bearishness comes as the crypto sees an influx of network activity and heightened trading volume.
Bitcoin has been incurring significant volatility over the past several days, which has mostly favored the cryptocurrency’s bulls as BTC has been able to run from lows of $7,300 to highs of $10,600 before settling in the middle of this wide trading range.
Bitcoin has plummeted below its previous support levels during a swift and sharp sell-off earlier this morning that led the aggregated crypto market to drop to fresh multi-month lows. BTC has continued grinding lower throughout the day and it is unclear as to where it will find any meaningful support that halts its current downtrend.
After plummeting below $8,000 overnight, Bitcoin’s bulls were able to propel the crypto slightly higher, showing signs that bulls are not ready to let the cryptocurrency drop lower in the near-term, which could mean that bulls will garner greater strength in the near-term that could help propel BTC higher.
Bitcoin is starting to look shaky and could potentially return to last week’s lows of $7,700, predicts veteran crypto analyst @CryptoCred. Bitcoin Holds on Above $8K BTC bulls are desperately clinging to the $8,400 level right now, but the last few days saw volumes falter once again.
Ethereum’s recently incurred upwards momentum has faltered after Bitcoin and the aggregated crypto markets hit a massive level of resistance overnight that shifted the tides and sparked a short-term downtrend.
Bitcoin’s parabolic rally of 2019 is now a thing of the past, and what lies ahead is anyone’s best guess. Crypto analysts are divided, with some calling a quick return to a bull market, while more bearish investors believe that Bitcoin has more to fall and will look for a bottom lower.
After experiencing a long period of sideways trading within the lower-$8,000 region, Bitcoin (BTC) has once again extended its downwards momentum and has begun moving lower today as it has broken below $8,000 on most major exchanges.
The bitcoin price fell below $8,000 during a low volume weekend as traders foresee a steeper drop to lower support levels. When the bitcoin price was initially hovering at around $8,500 following a strong recovery, technical analysts anticipated a rebound to the $9,000 area.
The bitcoin price (BTC) has dropped from $10,050 to $8,000 in the past week by nearly $2,000 against the US dollar, leading traders to anticipate a larger pullback to lower support levels. According to traders and technical analysts like Josh Rager, the bitcoin price could drop to as low as $6,300 in the short term […]
The post How Low Could Bitcoin Price Fall in This Pullback? Analysts Say $6,300 appeared first on CCN.com
After a long period of consolidation around the $10,000 level, Bitcoin’s bulls ran out of fuel and surrendered to bears, which has subsequently led BTC’s price to plummet lower as it begins cutting deeply into the gains it incurred throughout the first half of 2019.
This week’s big bitcoin dump has been largely anticipated by traders and analysts. The ominous looking technical triangle played out how they expected and BTC plunged 20%. The altcoin situation however is worsening as crypto winter threatens to return for many of them, this will not make pleasant reading.
Futures on the Dow Jones Industrial Average (DJIA) declined in aftermarket trading on Friday, as analysts warned the investing public not to get too riled up over U. S. -China trade optimism. Dow Futures Edge Lower; S&P 500, Nasdaq Follow Futures on all three major U.
Futures on the Dow Jones Industrial Average (DJIA) declined in aftermarket trading on Friday, as analysts warned the investing public not to get too riled up over U. S. -China trade optimism. Dow Futures Edge Lower; S&P 500, Nasdaq Follow Futures on all three major U.
Over the past 24 hours, Bitcoin and the broader cryptocurrency market have been crushed by bears. According to Coin360, the BTC price is trading at $8,500, 12% lower than the day prior. While the selling pressure has just begun, leaving much left uncertain in the charts, analysts are convinced that Bitcoin will only see more.
FedEx stock is down 8% after-hours after the company reported earnings that missed analysts’ expectations and also guided towards lower revenue and profits for the rest of the year. What exactly is driving FedEx’s current problems? Is it a weakening economy, the trade war with China, or competition? Let’s parse the numbers from the earnings […]
The post FedEx Stock Gets Smoked After Warning Next Year Will Stink appeared first on CCN.com
U. S. government debt yields rose on Thursday after core inflation exceeded analysts’ estimates, signaling that the economy is performing better than previously feared. The inflation report seemed to strike a delicate balance on Wall Street: Firming expectations about the domestic economy without compromising the Federal Reserve’s plans to lower interest rates next week.
Another week, another of Crypto Tidbits. At long last, the Bitcoin price saw some bullish action this week, gaining some 10% over the past seven days according to Coin360. io. While BTC is trading 4% lower from its weekly highs, analysts are starting to believe that the trend for the cryptocurrency market is finally pointing upward.
The bitcoin price increased from $9,766 to $10,500 in the past 24 hours as its dominance over altcoins and the rest of the cryptocurrency market hit 70 percent. Prior to the minor rally, technical analysts and cryptocurrency traders including Josh Rager and Flood suggested that bitcoin could move below $9,000 to test lower levels if […]
The post Bitcoin Price Surges 7% Overnight, Hitting 70% Dominance vs. Altcoins appeared first on CCN Markets
Bitcoin’s recent downtrend has led many altcoins to plummet lower, with Ethereum (ETH) crashing a whopping 10% over the past 24-hours, a movement that has led it to break below a key support level.
Bitcoin’s recent price performance has provided little inspiration lately. An ongoing range-bound bounce between the high $9k and mid-$10k price levels has not given any clear direction of future movements.
Despite the bullish impulse seen across the entire market since mid-December 2018, XRP has been making lower lows without showing any signs of prompt recovery. In fact, while Bitcoin is up 230 percent from the low of December 2018, this cryptocurrency is down 5 percent.
Bitcoin and the aggregated crypto markets incurred a significant influx of buying pressure earlier this morning that ultimately resulted in yet another swift rejection that sent the markets reeling lower.
On Wednesday, Bitcoin (BTC) continued to weaken, falling to a weekly low of $9,600 as buyers failed to step up to the plate. As of the time of writing this, the cryptocurrency trades at $9,750, still over 5% higher than the monthly low of $9,150.
Bitcoin and the aggregated crypto markets have been facing increased volatility as of late, and following a sharp move towards $11,000 yesterday, BTC has been unable to garner any significant buying pressure and has been drifting lower.
Investors were disappointed yesterday after Bitcoin faced a sharp and sudden rejection at $11,000, which signaled that the cryptocurrency was not ready to move higher and may have to visit a lower price region before.
Bitcoin’s logical behavior, which clearly fits within our balanced forecast, is still mysterious to some analysts from the technical analysis camp. Still, their forecasts for the market also deserve attention.
Bitcoin has suffered significant losses after dropping by thousands of dollars to take its value below the $9,500 level. Market analysts believe that the criticism of Facebook’s cryptocurrency Libra by the US senators has unsettled investors.
The aggregated crypto markets are currently bathing in a sea of red after Bitcoin failed to find support in the $11,000 region and plummeted nearly 10% towards $10,000. This drop led most major altcoins, including Ethereum (ETH), to reel lower today, with many cryptocurrencies trading down over 10%.
After a long period of facing downwards pressure, Bitcoin’s bulls finally caved in to the selling pressure, which sent BTC reeling into the $10,000 region. This drop sent the aggregated crypto markets plummeting lower, which may spell significant trouble for the year ahead.
Just yesterday the Bitcoin price sentiment was starting to turn bearish as markets began to cool off. Many of the top analysts on crypto twitter had hinted at further losses as BTC posted lower highs.
The Bitcoin price is less likely to go lower due to external factors in its current bull run, one of the crypto industry’s best-known analysts has said. BTC Price ‘OK With Developments’ Discussing the impact of changes in areas such as the US-China trade war, Tom Lee of Fundstrat Global Advisors noted that Bitcoin was moving for other reasons.
Bitcoin (BTC) could see a turnaround this weekend after six consecutive weekends of negative returns, according to Standard Chartered head of digital assets research Geoffrey Kendrick. In a research note shared with CryptoSlate on Feb.
Bitwise CIO Matt Hougan sees a significant opportunity in the disconnect between retail and institutional sentiments toward crypto. In a recent letter to investors, Hougan painted a bullish picture for the crypto sector, emphasizing that while retail investors remain skeptical, institutional capital continues to flow into the market at record pace.
Arthur Hayes, former CEO of BitMEX, predicted in a Jan. 27 blog post that Bitcoin (BTC) is likely to correct to the zone between $70,000 and $75,000 before reaching $250,000 by the end of 2025. Hayes argued that Bitcoin’s historical volatility makes a 30% correction plausible within this bull market.
Digital asset prices are expected to face continued short-term volatility due to a lack of policy clarity from the new US administration, but medium-term opportunities could deliver significant gains, according to a report by Standard Chartered.
Bitcoin (BTC) registered a significant recovery in the past week, jumping from the $90,000 price area to a new all-time high at $109,357. 07 on Jan. 20. However, a new Bitfinex Alpha report warns that BTC’s upward momentum faces potential headwinds, as “sell-the-news” trading behavior looms large.
Bitcoin (BTC) is currently under pressure from macro risks and any retracement below $90,000 presents a “medium-term” buying opportunity, according to Standard Chartered head of digital assets research Geoffrey Kendrick.
BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes predicted that markets would potentially peak by mid-to-late March 2025, driven by an influx of dollar liquidity despite political and policy uncertainties.