Showing posts from May, 2018

Bitcoin (BTC) To Reach $116,000 By End Of 2018

Bitcoin (BTC) is following 2013 like a carbon copy. The price will likely consolidate for the next few weeks just like it did in 2013 before a big rally. Technical analysis on a relatively small time frame is often rendered false by algorithms and bots that have mastered the game over the years. This is why many traders believe that technical analysis simply does not work on smaller time frames anymore. It used to work 15 years from now but today it does not work. However, long term trends are still an accurate indication of where the price might be headed in the times to come. In the case of Bitcoin (BTC), that long term trend spans over a period of 6 years which is good enough for us in a relatively nascent market like that of cryptocurrencies.

The common understanding about such long term trends as in the case of Bitcoin (BTC) is that these trends are supported by real life events. For instance, if Bitcoin (BTC) has reached its peak for a cycle, you can expect some FUD in the form o…

Bitcoin [BTC] steering the bear market – Mt. Gox attorney to blame?

Since last three days, the crypto-market is experiencing a massive blow, as the prices are dropping significantly. Social media communities are blaming Mt. Gox (a ceased crypto-exchange) for the bear trend in the market as they believe it was followed by Bitcoin’s drop in price. Bitcoin had dropped by 8% and is currently trading at a price of $8.223. The market capitalization is fallen to $140 billion, a week back it was at $154 billion. In the last 7 day period, the market has fallen by 14.5% after reaching a hike the previous week. The major drop happened in the last 24-hour mark as the price fell down by 6.5%. The market is still depicting a decline, at the time of writing it is falling by 0.3%.
Mt. Gox is a former exchange company which was one of the largest in 2013 but it got hacked and went into bankruptcy. According to news reports, Mt. Gox had lost 650,000 Bitcoins in the year 2013.  In the year 2014, $473 million worth of bitcoins were stolen. The exchange still had 200,000 Bit…

Flippening’ Between Bitcoin & Ethereum Will Happen in 2018: Roger Ver

Bitcoin cash promoter Roger Ver believes BCH will one day overtake BTC to become the world’s most valuable cryptocurrency. But before that happens, he believes ethereum will take bitcoin’s crypto-crown.

Ver, once known as “Bitcoin Jesus,” told The Independent that so-called technologically superior cryptocurrencies like ethereum and bitcoin cash will surpass bitcoin in value in the coming months and years. Ver sees ethereum surpassing bitcoin by year’s end and bitcoin cash by 2020.

Analysts refer to this supposed development as “The Flippening.”

Ver pointed to slow transaction times and high fees undermining bitcoin. He noted that more than 1,500 cryptocurrencies have entered the market since bitcoin’s 2009 inception in attempts to overcome bitcoin’s “limitations.”

Bitcoin’s rise in value in the last year has carried other cryptocurrencies, with Ethereum and Bitcoin Cash outpacing bitcoin.

Bitcoin’s price has jumped 450% from $1,700 to $9,360 in the past 12 months, while Ethereum has gaine…

Bitcoin Price Fails to Test $10,000 Again, Alternative Cryptocurrencies Also Drop

Bitcoin price has failed to secure momentum in the $10,000 region and has fallen by more than $400 over the past 24 hours, Alternative cryptocurrencies (altcoins) and tokens have followed the price trend of bitcoin, dropping in the range of 5 to 20 percent.

Where Does Bitcoin go From Here
Analysts were optimistic in regards to the price trend of bitcoin, given that the bitcoin price increased from $6,500 to $9,900 within three weeks, supported by a gradual increase in volume and demand. The consistent recovery of bitcoin allowed the Relative Strength Index (RSI) and Williams’ Percent Range (WPR) to demonstrate a neutral zone, showing neither overbought or oversold conditions.

However, as it did in its previous attempt, the bitcoin price failed to remain above $10,000 mark after briefly testing it on May 5. In other major markets such as Hong Kong and South Korea, the bitcoin price surpassed $10,000 due to their premium rates but in the US, the bitcoin price achieved $9,900 and fell ba…

South Korean Wealth Management Firm: Cryptocurrency Can be a Safe Haven Asset

In an interview with ZDNet Korea, Jeong said that cryptocurrencies have the potential to become safe haven assets if innovative technologies and solutions can be employed to minimize risk in investment. Currently, the cryptocurrency market is extremely volatile and as a means of payment, digital currencies still remain immature.

But, as the adoption of cryptocurrencies from merchants, businesses, individual users, and retailers grow, the market will become stable, allowing cryptocurrencies to reach a certain level of stability that is necessary for businesses to adopt them as legitimate payment methods.

As an investment, cryptocurrencies remain a high risk and high return asset class, and traders could secure a 30 percent gain in a 24-hour period or experience a 50 percent loss. For full-time traders and individuals that are deeply committed to the industry, such a level of volatility is manageable but for casual traders and institutional investors, it is difficult deal with highly vola…

Bitcoin Will Hit $20K in 2018. Here's Why Ethereum Is a Better Bet, Says Reddit Cofounder

While Bitcoin may be the poster child of cryptocurrencies, Reddit co-founder Alexis Ohanian thinks the second most valuable cryptocurrency by market capitalization, Ethereum, will be the real winner.
“I’m most bullish about Ethereum simply because people are actually building on it,” Ohanian told Fortune’s Term Sheet Tuesday. Ohanian has stepped back from Reddit’s day-to-day operations and now invests in firms including Coinbase via his venture capital firm, Initialized Capital.
Because developers have found it challenging to create applications based on the Bitcoin blockchain, finding Ethereum more flexible, Ohanian says he sees the price of Ethereum rising faster than the price of Bitcoin this year.

His prediction: While the price of Bitcoin will more than double by the end of the year, regaining it’s all-time high of $20,000, Ethereum will reach 21 times its current value — hitting $15,000 by the end of 2018. Bitcoin now stands at about $9,100, while Ethereum is valued at about $690.

Bitcoin price analysis: BTC/USD flirting with the pivotal $9,000, bear pressure breaks below the bush trend line on Tuesday

Bitcoin price has been trading up and down the pivotal $9,000 after dropping from the recent high of $9,500. The cryptocurrency market is fairly quiet even though it is the May Consequently, Japan’s Financial Services Agency is intensifying the crack-down on privacy-focused coins and is championing quietly for their removal from the exchanges in the country.

Bitcoin is not privacy-focused cryptocurrency, although it has dropped from $9,250 traded at the opening of the session during the Asian trading hours. The 50% Fib retracement level with the previous swing high of $11,675 and a low of $6,450 could not hold the price in the recent declines. However, it is currently offering resistance as the price attempts to retrace higher.
There is a bearish trend forming around $8,970, while the moving averages are pointing towards a bearish momentum dominating in the near-term. Besides, the MACD is pulling into the negative region to signal that the bears have the influence at the moment. A sho…