Bitcoin BTC Price Prediction: Key Levels BTC Must Overcome to Confirm Growth

Bitcoin (BTC) Price Prediction: Key Levels BTC Must Overcome to Confirm Growth

If you want to be part of a new trend from the get-go, then you should pay attention to the price structure that you will find in this article.

Bitcoin (BTC) Price Prediction: Key Levels BTC Must Overcome to Confirm Growth

700

Overall Picture

Forming a Trend

Other Confirmation Signs

BTC against USD

 

Overall Picture

As always, let's start with the daily chart to see how the general situation is for Bitcoin (BTC).

From a simple perspective, we can recognize the fact that BTC's price has been holding below the 30-day moving average, or in layman's terms, the average monthly price. This means that the bears are maintaining control, for now.

 

Of course, December 21st had a bullish engulfing pattern. Some could even say that it's all about the double bottom, but we would like to keep it simple as we said before.

Everyone knows that the money is mainly made from trends. So, let's try to find a trend.

 

Forming a Trend

Looking at the chart below, you will find how the current market tries to form a bullish structure. How do we find out about the formation of such a trend? A trend is confirmed when lows and highs are ascending, a minimum of two times from both sides.

If the price is pushed above the local high without breaking the previous low, then congratulations is in order – we are in a local upswing.

 

BTC against USD

700

????

Other Confirmation Signs

To understand BTC's price prediction in a long-term scenario, check out the article here. Now let's take a look at how Bitcoin strengthens its position over other altcoins. By the way, you can use the same trend determination method.

700

 

When do you think the 68% level will be broken?

 

Sponsored by Celsius.Network

Dmitry Zhyhalkin

Analyst That Called Bitcoin’s Crash to 6000s Expects Price to Rebound

Analyst That Called Bitcoin’s Crash to $6,000s Expects Price to Rebound

In June, when Bitcoin was soaring above $10,000, nearly every trader and their mother expected the cryptocurrency to continue rocketing higher.

Though, one analyst incessantly called for rationality to return to the crypto markets, claiming that this surge above $10,000 was a clear overextension of BTC’s long-term growth curve. He went as far as to say that Bitcoin was poised to return to $6,700.

The analyst, “Dave the Wave” was recently proven correct when late last month, BTC fell from $8,000 to $6,700, validating a call he made over five months earlier.

Although there remain bearish factors in this market, Dave is starting to believe that it’s time for Bitcoin’s uptrend to resume, drawing attention to technical factors to back this optimistic opinion.

Bitcoin Price to Soon Rebound, Prominent Analyst Says

Dave recently noted that his price target’s for the cryptocurrency market’s de-facto “M1, M2, and M3” readings, which in traditional markets are the measure of different forms of “money” in the world’s economy, have recently hit his retracement targets: M1, Bitcoin’s market cap, has seen a 50% retracement; M2, the total market cap, a 61% retracement; and M3, the altcoin market cap, a 78% retracement.

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These retracement values are Fibonacci Retracement values, making them notable in the eyes of technical analysts. For Dave, the fact that these measures have reached those retracements implies crypto may soon rebound.

He followed this up with the post seen below, in which the prominent analyst remarked that he expects for Bitcoin’s one-week Moving Average Convergence Divergence (MACD) indicator to turn upward, which will kick off the next round of growth in the BTC market.

Related Reading: Bitcoin Price is Poised to Return to $6,500 Lows; Analysts Explain Why

This comes shortly after he asserted that Bitcoin will bottom in the $6,000s, looking to the following confluence of factors to back this analysis:

the three-year moving average—which currently sits in the low-$6,000s—is where BTC historically has found support in early bull markets;

the weekly Gaussian channel indicator is bullish, and the channel’s midpoint sits at $6,600;

the cryptocurrency has bounced off the 0.5 Fibonacci Retracement level of the $3,200 to $13,800 range, implying bottoming price action.

Do Others Agree?

The question remains – do other analysts agree with his lofty sentiment?

Some do, some don’t.

Velvet, a popular cryptocurrency trader, recently argued that “this week[‘s close]” for BTC is “very important,” noting that the key thing Bitcoin will need to do by Sunday’s close is “holding a” key trend line.

For reference, the trend line in question, which always ended up in bear markets when BTC crossed below it, currently sits in the high-$6,000s, which BTC is currently above.

If Bitcoin rides that level, Velvet remarked that Bitcoin “could see $20,000 by March,” referencing the fact that prior to previous halvings, BTC always surged, rallying higher on the expectation that a negative supply shock would hit the market.

Nick Chong

Crypto Will Eventually Replace Fiat but How Soon and Where?

Crypto Will Eventually Replace Fiat, but How Soon and Where?

ANALYSIS

A recently unveiled Deutsche Bank “Imagine 2030” report boldly puts a date on the eventual fiat–crypto “social consensus flip,” citing the Asian continent and, in particular, China, to have already recognized the trend. If true, then what every cryptocurrency speculator and investor would like to know is, when will it happen? The current landscape is a predictor of the future.

Analysts talk of the social consensus flip

The classification of crypto by Deutsche Bank includes central bank digital currencies, or CBDCs, which is worth keeping in mind while results are discussed. Certainly, the analysts behind the research hold a more positive belief that these moves toward centralized cryptocurrency solutions will replace fiat currencies.

The report concludes that the next step to avoid falling behind in the world’s economy will be a result of the fiat–crypto flip. The concept, while interesting, still comes with its flaws, such as the fact that global adoption, government acceptance, and massive leaps and bounds in cybersecurity technology would need to occur in order to even consider replacing traditional fiat with centralized (or decentralized) crypto assets.

If a CBDC currency from a major country turns out to be successful and the centralization strategy is implemented by other countries, most of these investors and traders will likely begin to look in its direction. All this movement is likely to drastically affect the blockchain industry, but may not necessarily drive mass adoption in the direction of decentralized currencies.
 

China, the frontrunner?

On the heels of Chinese President Xi Jinping’s announcement regarding the government’s interest in blockchain tech, the country has made clear its strong efforts to implement feasible plans that ensure individuals and businesses can make national and international transactions using this fast-growing technology.

However, the idea is not to trigger Chinese crypto enthusiasts to invest more in Bitcoin and any other decentralized currencies with an immutable ledger, but rather to mirror a more centralized focus in the direction of the People’s Bank of China, or PBoC, which plans to launch the world’s first national cryptocurrency.

The plan has been in motion for some years, and the PBoC has completed the prototype according to local officials. With the government’s support over the years, the pace of development can increase, scaling the creation and testing of this national currency to become a part of the closed Chinese system.

Gantig Bayarmagnai, CEO of Bitmonex LLC — a digital asset exchange based in Mongolia — discussed the future of the Chinese yuan and prospects of the social consensus flip with Cointelegraph:

“With the Chinese government taking the initiative by introducing their crypto Yuan early next year, we will most likely see other countries following suit. Countries like China, South Korea, and Japan will most likely see a quick transition to a crypto-based payment system because of their existing infrastructures and developed culture in accepting digital payments as the norm, as opposed to using cash for payments. It also gives the government full autonomy in monitoring all transactions with ease.”

Although clampdowns may loom from centralized currencies, the number of potential financial transactions that can be carried out through transitioning the Chinese economy to the blockchain is strong, with over 775 million employed persons in the country. But why exactly does the government want to create a centralized technology?

Aamir Sohail, director of Blockchain Smart Solutions — an international Distributed Ledger Consultancy — discussed the future of CBDC with Cointelegraph:

“Central bank tokens have a potential for mass adoption if done right. Driving a right balance between decentralization and inflationary measures is pivotal for central banks. These stable cryptocurrencies and central bank tokens may exist with fiat by 2030 but I do not think these will completely replace fiat but may coexist.

Rather than allowing the natural progression of decentralized currencies, centralized currencies on the blockchain are being touted as acceptable options for mass adoption. It is a small step, but carries significant risk.

The warning signs for the future of these pseudo cryptocurrencies is present though, since the PBoC deputy director, Mu Changchun, made the statement at the China Finance 40 forum. He indicated that the new national currency to be launched would be operated in a two-tier system, with the PBoC on top, and commercial banks allowed in the second tier of the centralized system. This allows for full power of currency manipulation between banks, with the government overseeing it all.
 

Related: US and China Battle for Blockchain Dominance

During a conversation with Cointelegraph, Miko Matsumura, the co-founder of Evercoin, highlighted that given the power the People’s Bank of China seems to have, the report estimate is accurate. He further believes that the same phenomenon may occur in half of all countries by 2025. He went on to add:

“Only the top 20 national or regional (e.g., Euro) currencies will survive. As far as internet currencies the Pareto principle will enable the dominant currency to take 80 percent of the internet market. Bitcoin will be the dominant value store but not the dominant Internet currency protocol. It’s not clear who wins [between centralized and decentralized currencies].”

Currently, the Chinese government can monitor all transactions and assets of individuals, similar to what their CBDC would be capable of. This is still very unlike what happens in a decentralized system, where everything that happens in the public ledger, like transactions, can remain anonymous.

Some point to Facebook’s Libra as the reason behind the increasing pace of China’s blockchain development. Libra itself is centralized through the wallet function, and as Mark Zuckerberg knows, the value is in Know Your Customer data.

Related: China’s CBDC Showcases Interoperability as Centralization’s Weakness

The Chinese government likely sees the value of knowing and controlling valuable transaction data that can now include the flow of finances for the general population. Regarding this, entrepreneur and managing partner at Morgan Creek Capital, Anthony Pompliano, exclusively told Cointelegraph:

“The choice currency of drug dealers, money launderers, and terrorists is still cash.”

With all of this in mind, how crypto is classified will need to be more defined as more CBDCs enter the picture because they are (from a decentralized viewpoint) still fiat and centralized, just on the blockchain.
 

Assuming the 2030 date, decentralized mass adoption will lag

So, theoretically, what would need to happen for the Chinese CBDC to take over as the national fiat and eliminate the necessity for the original yuan to exist?

In short, the government would have to rid their nation of the yuan, giving citizens access to the resources needed to utilize the new digital currency. Thus, by eventually onboarding their citizens, the blockchain would gain billions of users. So, assuming Deutsche Bank is correct in projecting this to happen by 2030, the transition merely adds a pool of blockchain users which are one step closer to adopting decentralized currencies.

In analyzing the potential for CBDC, the question arises, Will centralized parties allow users to offboard and invest in decentralized currencies? By allowing fiat onboarding to centralized CBDC, an entirely new market of blockchain users will emerge. So, if the Deutsche Bank prediction is accurate, adoption toward true decentralized currency may still take time beyond 2030, as CBDCs still have fiat protections where decentralized currencies do not.

In a Cointelegraph exclusive discussion with fintech venture studio Draper Goren Holm’s founding partner, Alon Goren, he discussed the Deutsche Bank report’s prediction:

“Since central bank coins are counted in [the Deutsche Bank 2020] prediction, then I totally agree [on the eventual fiat–crypto social consensus flip]. Just as large financial institutions are experimenting with digitizing securities and creating their own tokens and coins, I think progressive governments will start doing that more and more. It’s a natural progression for everything to be digitized and I think that the cat is now out of the bag and they will have to create their own tokens to (try and) retain control of financial systems.”

Therefore, as blockchain users are onboarded to centralized currencies they become one step closer to decentralized currencies, but still not directly involved. By reducing barriers to access the entire capital market (including centralized currencies), a system may emerge where instead of trading into different centralized currencies, users will begin to utilize more decentralized currencies.

In a situation like this, a currency swap between centralized currencies that can also provide access to the decentralized currency ecosystem on the blockchain will add the most value. Enterprise solutions like XRP or consumer solutions like Element Zero Network serve as the middle ground between currencies at little cost without spreads, unlike the current forex trading model.

Maintaining the value between the two currency systems — centralized and decentralized — is important in ensuring success of users transitioning from fiat (or centralized currencies). Technologies that follow fair and free decentralized access to blockchain fiat currencies and decentralized currencies will add the greatest value to achieving mass adoption past the 2030 Deutsche Bank prediction.

On the matter, Cointelegraph spoke to Michael Creadon, the head of institutional sales at DrawBridge Lending. Creadon believes that, “Decentralization is a noble goal but it has its limits.” He went on to clarify that if one wants to engage with Bitcoin in the United States, they would have to deal with multiple governmental agencies and watchdogs. He continued:

“This is not a good thing or bad thing. It’s reality. You can see the pendulum swinging back away from decentralization towards centralization at a blinding speed. Look at Libra; how’s decentralization working for them? But like anything, the answer is probably closer to the middle.”

Apart from this, the CBDC is not intended to be a quiet coin, as PBoC’s director asserted; it is such that in years to come, this centralized cryptocurrency can fullysubstitute fiat.

PBoC never at any point mentioned that it would ban other cryptocurrencies from functioning in the country once its new currency is launched. This is a positive sign if a decentralized future is resting on the progression of fiat to centralized currency and then onto a decentralized currency. Centralized currencies will exist, but decentralized ones will hopefully not be banned, leaving the choice to the people.

 

By Kyle White

Bitcoin’s fantastic year Great returns for investors

Bitcoin’s fantastic year – Great returns for investors

2019 has been a good year for the cryptocurrency market, with the price of many tokens increasing steadily in value throughout the year.

Bitcoin – the world’s largest cryptocurrency – was priced at $3,739 at the beginning of 2019, while as of 1 December, it had more than doubled in value and was back up to $7,570.

This is great news for investors who held on their cryptocurrency investment through volatile dips and rallies, as they would have seen a great return.

The price is nowhere near the historic highs the digital currency reached in late 2017, but it shows a steady rally in investor support despite its volatility.

The euphoria surrounding cryptocurrencies has long since faded compared to the market’s rally in 2017, but many fans and investors are growing interested in the potential applications of the technology.

Regulation also plays a role in the price of cryptocurrencies, as well as the potential applications of digital currencies – even centralised ones like Facebook’s Libra.

Below is an overview of Bitcoin’s price increase from 1 January – 1 December 2019.
 

Bitcoin price changes

1 January 2019 – $3,739

1 December 2019 – $7,570

Increase – 102%

Bitcoin 2019

What happened this year

The cryptocurrency market saw general growth this year, despite retaining its trademark volatility.

Luno Africa general manager Marius Reitz stated that this year’s blockchain-related headlines were dominated by Facebook’s announcement of Libra, its asset-backed stablecoin.

“With access to a massive user base, Libra has the potential to bring cryptocurrency into the mainstream,” Reitz said.

Another major moment was when the owners of the New York Stock Exchange launched Bakkt, a platform designed to push Bitcoin much deeper into mainstream adoption by offering physically settled Bitcoin futures contracts.

Other significant news including the increased attention given to digital currencies by regulators, as well as the formation of plans for central banks to develop their own cryptocurrencies.

“Cryptocurrencies are a new asset class, so there is a higher level of volatility compared with traditional trading,” Reitz said.

“This is further fuelled by the global political landscape including trade talks, elections and Brexit, as well as relatively low levels of liquidity and the use of the coins for speculation.”

“Despite volatility, the price of Bitcoin is more than 100% higher than it was a year ago and its price trajectory over time continues to rise,” he added.

“As cryptocurrency starts to be used for its core purpose of exchanging value and regulation is introduced, the price will become more stable.”

 

Jamie McKane19 December 2019

 

Bitcoin Shows Same Buy Signal Seen at 2018 Bottom of 3150

Bitcoin Shows Same Buy Signal Seen at 2018 Bottom of $3,150

With Bitcoin collapsing by 5% in the past days, moving from $7,150 to $6,750 as of the time of writing this, traders have once again flipped decidedly bearish on cryptocurrencies.

They fear that this latest move under the key support of $7,000 will precede a strong capitulation event, one reminiscent of the collapse from $6,000 to $3,000 seen in late-2018.

What’s ironic, though, is that this latest drop has resulted in the Bitcoin chart printing a key bullish technical signal purportedly that was seen when BTC found a macro bottom in December 2018.
 

Bitcoin Indicator Prints Key Buy Signal

Thomas Thornton, a hedge fund services specialist and market analyst, recently posted the chart below to Twitter, showing that a Bloomberg chart of Bitcoin with the TD Sequential Combo indicator suggests that BTC’s current candle is on a “buy 13.”

13 candles, the TD Sequential suggests, are indicative of impending price reversals.

Not only is the 13 TD Sequential candle inherently indicative of a reversal, but such candles have also marked macro swing levels at least twice in Bitcoin’s history.

Per previous reports from NewsBTC, Tom Demark, the creator of the TD Sequential, took to Bloomberg earlier this year to talk about cryptocurrencies.

In his segment, Demark revealed that a 13 candle, which signifies a strong trend reversal, was registered by the TD Sequential when Bitcoin hit $20,000 in December 2017, and that another 13 candle, was seen when BTC cratered to $3,150 on December 14th. What’s more, a 13 candle was printed at the $14,000 top seen in June of this year.

The historical importance of 13 candles in terms of Bitcoin’s long-term price trends implies that BTC has finally bottomed and, as such, is ready to see a strong bullish reversal from here.

Not Only Positive Sign

This isn’t the only sign that suggests a reversion to a bull trend is likely. Per previous reports from this outlet, Adaptive Capital partner Willy Woo recently noted that on-chain momentum, which the popular analyst has long claimed is correlated with Bitcoin’s macro price trends, is “crossing into bullish” territory after a multi-month downturn.

With this in mind, he asserted that the “bottom is most likely in,” meaning that any move lower than the $6,500 plunge “will be just a wick in the macro view.”

Bear Factors Remain in Bitcoin Market

Despite these factors, there remain bearish wildcards in the cryptocurrency market, two wildcards in fact. These are the potential selling pressure from the PlusToken pyramid scheme and miner capitulation concerns.

Per previous reports from NewsBTC, the PlusToken cryptocurrency scam, which managed to procure billions worth of digital assets over its year or so in existence, has slowly been liquidating its proceeds on the open market, resulting in continual, excessive selling pressure.

There’s also fears that Bitcoin miners are selling their mined cryptocurrencies due to the fact that many miners are running unprofitable ventures.

Nick Chong

5 Reasons Why You Should Start Blogging 5 part series – Part 5

be part of a community-melody christie

Photo by William White on Unsplash

 

5. Want to be part be part of a community?

Blogging will help you do just that.

Many people do not get the opportunity to travel or meet new people and the internet overcomes that. Now I'm not saying to just visit any site and start a conversation.

What you want to do is find the right platform to meet people with similar interest who would appreciate your advice and cheer you on.

I read somewhere that blogging is the shy person’s stage.. and I agree. You can publish a blog post on almost any topic under the sun and I'm sure you will find people who are interested in what you have to say. In addition, everyone loves for people to comment on their posts and if your posts are helpful, useful, funny or interesting, people will!

Blogging allows you to put yourself out there, offer advice, get noticed, increase your followers and likes and gain confidence, all within the safety of your own rules and limits.

Markethive is a great place to do just that. Markethive allows you to your very own piece of internet real estate where you can share whatever interests you (and hopefully others too!), whilst at the same time gaining inspiration from others and forming friendships along the way.

Markethive also has some useful features in place where you get a notification every time you have a new subscriber or comment on any of your posts. Markethive also has built in safety features where you can easily unfriend or block a person if they're harassing you. It's not often that this happens, but it happens 🙂

So, what are you waiting for? Click here to start your free Markethive account in 1 minute flat!

Melody Christie

Where life takes me..

ecosystem for entrepreneurs

BITCOIN PRICE DROPPED BELOW 7000 LIKELY ON PLUSTOKEN DUMPERS

BITCOIN PRICE DROPPED BELOW $7,000 LIKELY ON PLUSTOKEN DUMPERS

Bitcoin price broke down below the psychological level of $7,000 late on Monday. The cryptocurrency updated the December low after blockchain researcher Chainalysis said that PlusToken scammers were selling coins to cash out.

BITCOIN DRAGGING DOWN CRYPTO MARKET

At the time of writing, the cryptocurrency fell 3.11% in the last 24 hours, touching the daily low at $6,905. For most of the day, the bitcoin price was trading above $7,100.

Altcoins tumbled as well, even posting much greater declines. Ethereum, which is heavily involved in the PlusToken scandal, dropped over 7% to $133. Litecoin and EOS have also lost over 7%.

In total, the crypto market has lost over $7 billion in the last few hours, from a daily peak of over $195 billion, according to Coinmarketcap data.

Thus, bitcoin price has just updated the lowest level in December. The last time when it was trading that low was on November 25, when the daily bottom was at $6,638. For now, this price acts as the next resistance line. If the oldest crypto breaks below it, we might see bears go crazy.

WHAT CAUSED THE BITCOIN PRICE DROP?

While the bitcoin price decline might be driven by reasons explained by technical analysis, it is likely that markets reacted to a recent report by Chainalysis, which concluded that the perpetrators of China-based Ponzi scheme PlusToken are now dumping their crypto holdings to cash out.

Last week, we reported on the true extent of PlusToken dumping through Singapore-based exchange Huobi, which has processed almost half of the Ponzi-related withdrawals.

For those unfamiliar, PlusToken was probably the greatest Ponzi scheme in the crypto industry’s short history. The $3 billion scam acted as a crypto wallet and investment opportunity that provided high yield monthly returns in exchange for deposits in BTC, ETH, and other coins. The scheme was very popular in Asia.

 

ANATOL ANTONOVICI | DEC 17, 2019 | 00:07

Bitcoin And Crypto Market Cap Remain In Downtrend -BCH BNB EOS TRX Analysis

Bitcoin And Crypto Market Cap Remain In Downtrend – BCH, BNB, EOS, TRX Analysis

  • The total crypto market cap is trading well below the $192.0B and $200.0B resistance levels.

  • Bitcoin price is struggling to stay above the main $7,000 support area.

  • EOS price is declining and it is likely to trade below the $2.500 support area.

  • Binance Coin (BNB) is approaching the key $14.00 support area.

  • BCH price is still holding the main $205 and $200 support levels.

  • Tron (TRX) price is now trading below the $0.0140 support area, with a bearish angle.

The crypto market cap and bitcoin (BTC) are showing a lot of bearish signs. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS are trading near key supports.

Bitcoin Cash Price Analysis

After a short term upward correction, bitcoin cash price failed to climb above the $225 resistance area against the US Dollar. The BCH/USD pair is currently declining and it is trading near the $205 support area.

On the downside, the main support is near the $200 level. If there is a downside break below the $200 handle, there is a risk of more losses in the near term. The next key support is near the $185 level.s

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price failed to surpass the $2.700 resistance area and recently started a fresh decline. The price is now trading below the $2.600 level and it is approaching the $2.500 support area. If there is a downside break below the $2.500 level, there is a risk of more losses towards $2.350.

Tron price is showing a lot of bearish signs and it recently settled below the $0.0140 level. TRX price is about to continue lower towards the $0.0135 support area, where buyers are likely to appear. On the upside, there are many hurdles near $0.0140 and $0.0142.

Binance coin (BNB) followed a bearish path below the $15.00 resistance area. BNB price even settled below the $14.50 level and it could continue to decline towards the $14.00 support area. Any further losses below $14.00 might put the bulls under a lot of pressure in the near term.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline below the $195.0B level. The crypto market cap even broke the $192.0B support and it is now below the $190.0 level. If there is a downside break below $185.0B and $182.0B, the market cap could continue to slide.

Therefore, there are chances of more downsides in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term.

 

Aayush Jindal

Bitcoin Price Still Has Potential to Dive to 5500 Yet Macro Uptrend Still Intact

Bitcoin Price Still Has Potential to Dive to $5,500, Yet Macro Uptrend Still Intact

Last week, the one-week Bitcoin chart printed an extremely bullish sign: the golden cross of the 50-week and 100-week simple moving averages, with the former crossing above the latter. (As an aside, a golden cross is when a short-term moving average crosses over a long-term one to imply bulls have control.)

While this is a decidedly bullish sign in the long term, with this signal preceding the 1,000%+ rally seen between 2016 and the end of 2017, a leading analyst has remarked that Bitcoin is still susceptible to one final downturn before an eventual return to the macro uptrend.

One More Dump to $5,500?

CryptoBirb, a strong proponent of the positive effects the aforementioned golden cross will have, recently noted that Bitcoin still has the potential to see one final dump to $5,400-$5,600 — 23% lower than the current price of $7,150. This coincides with the long-term 0.786 Fibonacci Retracement level.

He noted that this would corroborate a trend seen in previous market cycles, which saw BTC see a bullish throwback prior to a resumption of a parabolic uptrend.

Birb’s suggestion that Bitcoin will see one more drop lower has been corroborated by other analysts.

Cold Blooded Shiller, a popular cryptocurrency trader, noted that Bitcoin is in a “markdown from distribution” near the $13,000-$14,000 top, a markdown contained by a descending channel that has existed since the top of the recent bull run.

As it stands, Bitcoin at $7,400 is in the middle of the channel, seemingly in no man’s land, thus not close to a bottom.

“From a volume perspective, there is nothing to me that screams “THIS IS THE BOTTOM.” For both markdowns and markups we typically expect to see “climactic” volume,” Shiller wrote, trying to accentuate that there are no concrete signs the bottom is in for the Bitcoin market.

The scenario he is expecting can be seen below, which shows that the leading cryptocurrency could return into the low-$5,000s, a range that has been identified by other analysts as a potential macro bottom.

See Cold Blooded Shiller's other Tweets

Related Reading: What’s the Best Way to Drive Bitcoin Adoption? Billionaire Says Crypto Giveaways

Macro Bitcoin Uptrend Intact

Despite this, many researchers have claimed that Bitcoin’s macro uptrend remains intact.

Hans Hauge, a senior quantitative researcher at Los Angeles-based crypto fund Ikigai Asset Management, recently gave a confluence of reasons why he remains bullish on the leading cryptocurrency.

He first drew attention to a chart from Deutsche Bank, the 17th largest bank in the world. It was estimated that the number of users of Blockchain Wallet (blockchain.com) could surmount over 200 million — around six times higher than where the sum currently is — by 2030.

Hauge also looked to the fact that the CEO of Bakkt has just become a U.S. Senator, meaning that Bitcoin could get its own cheerleader in Washington.

He also noted that BTC is “actually pretty close to where it should be,” in reference to a model that takes the number of “Bitcoin transactions ever confirmed and use that as an input into a log-scale linear regression model.”

 

Nick Chong

Bitcoin Looking Weaker

Bitcoin Looking Weaker


 

Bitcoin is looking weaker than it was a week ago, by more than 2 percent Friday.

In the last 7 days, the most popular cryptocurrency lost its value by $150.

After climbing above the $7500 level, Bitcoin showed a downward trend since Monday.

Bitcoin touched two-week low of $7150 on crypto exchange Bitfinex Thursday, its lowest level since November 24.

However, it managed to make a shallow bounce of $100 in the past 24 hours.

As of this writing, Bitcon is trading at $7250.

Despite losing its weight heavily in the latter half of 2019, the cryptocurrency is still up by 100 percent from its value at the beginning of this year.

But it's nowhere near the year's peak of $12575 registered on July 9.

Investors are optimistic of a Christmas-rally in December, reports said last week, but if the current trend is any indication, 2018 year end looks gloomy.

 

By Joji Xavier ✉ | Published: 12/13/2019 10:08 AM ET