Tag Archives: bitcoin news

Think You Own Bitcoin BTC? Upcoming Event for Hodlers Asks You to Prove It

Think You Own Bitcoin (BTC)? Upcoming Event for Hodlers Asks You to Prove It

On January 3, 2020, crypto industry participants will take part in an annual event called “Proof of Keys”.

Proof of Keys marks the anniversary of the creation of Bitcoin’s genesis block, when the very first BTC was mined. Initiated by Trace Mayer, founder of the Bitcoin Knowledge podcast, the event celebrates financial freedom.

To participate in the event, Mayer is asking crypto holders to withdraw their assets from exchanges on January 3rd, moving them to wallets that grant them access to their own private keys. By removing their digital assets from centralized platforms, people can spread awareness about the importance of controlling your own crypto. The goal is fundamental to the purpose of decentralized cryptocurrencies: they’re not really yours if you’re not holding the private keys associated with the assets.

Participants are encouraged to withdraw their funds from custodial trading platforms for at least one day, beginning on January 3rd. By withdrawing their funds from centralized platforms once per year, crypto holders can also test whether or not an exchange is secretly insolvent.

According to the Proof of Keys website launched by Mayer,

“By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODLers or not. Proof of Keys is the annual HODLer initiation.”

70 of Bitcoin Hasn’t Moved For Over 6 Months and It Means a Big Bull Run is Coming

70% of Bitcoin Hasn’t Moved For Over 6 Months, and It Means a Big Bull Run is Coming

If you’ve followed the Bitcoin and cryptocurrency space at all over the past few years, you likely know of the term “HODL,” A misspelling of the word “hold,” HODL is an industry joke used by cryptocurrency investors who believe that the price of BTC will appreciate with time, primarily due to adoption and the asset’s disinflationary inflation schedule, created by “halvings” every four years.

While “HODL” is seen as a joke by many, hard data shows that it’s more than just a meme, it’s reality.
 

Bitcoin HODLers Bullish Into 2020 Halving

Alistair Milne of Altana Digital Currency Fund recently noted that according to on-chain analytics — specifically Bitcoin unspent transaction outputs (UTXOs) — nearly 70% of the 18.12 million BTC in circulation “hasn’t been moved for over 6 months.”

While this is notable in and of itself, Milne quipped that the last time this trend was seen was a few months out from the previous halving, in 2016 after a brutal bear market.

Milne’s tweet comes shortly after Mati Greenspan, founder of Quantum Economics, made a similar observation, remarking that 6.8 million BTC has changed hands in the last 12 months, less than 50% of all of the cryptocurrency in circulation.

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According to Eric Stone, the head of data science at Flipside, the fact that such a large sum of Bitcoin is “dormant” implies that a “dramatic shift” in the cryptocurrency industry and market is on the horizon.

While Stone didn’t elucidate on what direction said dramatic shift will take Bitcoin, analysts are sure that this pre-halving HODL mentality is a precursor to a massive bull run, one that will make BTC’s 330% gain from January to June look like peanuts.

Related Reading: CME Futures Data: Institutions Still Wary Despite Bitcoin’s Bullish Signs

What Does It Mean For Prices?

That begs the question — what does Bitcoin investors’ propensity to HODL ahead of the May 2020 halving mean for the cryptocurrency market? Well, it implies, analysts say, that BTC is on the verge of entering its next bull run.

Melik Manukyan, a prominent Bitcoin commentator and engineer, recently posted the chart below, showing that the scarcity of the leading cryptocurrency — only accentuated by the HODL investment strategy that exists — should lead to dramatic price appreciation with a multi-month lag following the event.

The engineer remarked that halvings will have a large impact on the supply-demand economics of the BTC market, which should eventually result in prices heading higher to a decrease in mined supply being sold on the market.

This has been echoed by Milne himself. Per previous reports from NewsBTC, the long-time cryptocurrency investor said that after the halving comes into effect in 2020, 50% of all newly mined Bitcoin will be absorbed by the purchases of clients of two companies: Grayscale through its Bitcoin Trust and Square through its BTC buying service. This ignores the inflows from Coinbase customers, people buying cryptocurrency through RobinHood and eToro, and so on and so forth.

This ties in heavily with Manukyan’s sentiment that the halving will force prices higher due to stagnant/increasing demand, coupled with a decrease in incoming supply.

As to exact price targets, previous halvings were precursors to rallies of over 1,000%, making some believe something similar could take place again in the coming cryptocurrency market cycle.

Case in point, PlanB’s stock-to-flow model, which relates BTC’s market capitalization to the scarcity of the asset, found that the leading cryptocurrency will have a fair market capitalization of $1 trillion following the 2020 halving.

 

Nick Chong

Bitcoin amp Crypto Market Could Rise Again – BNB BCH LTC EOS Analysis

Bitcoin & Crypto Market Could Rise Again – BNB, BCH, LTC, EOS Analysis

  • The total crypto market cap is holding the key $182.0B and $180.0B support levels.

  • Bitcoin price is trading above the $7,200 support and it could start a fresh increase.

  • Litecoin (LTC) price is slowly rising and it might test the $41.20 resistance.

  • BCH price is up 4% and it is moving higher towards the $200 resistance area.

  • EOS price is rising and it seems like it could attempt to clear the $2.700 resistance.

  • Binance coin (BNB) is struggling to clear the $13.50 and $13.80 resistance levels.

Bitcoin (BTC) and the crypto market cap are holding key support levels. Many altcoins such as Ethereum (ETH), binance coin (BNB), ripple, litecoin, BCH, EOS, TRX, and ADA are consolidating.

Bitcoin Cash Price Analysis

After a downside correction, bitcoin cash price found support near the $185 level against the US Dollar. BCH price is currently moving higher and it is trading above the $190 level. The price is up around 4% and it could continue to rise towards the $200 resistance level.

On the downside, the $185 level is a major support area. If there is a downside break below the $185 support, the price could revisit the $170 support area.

Binance Coin (BNB), Litecoin (LTC) and EOS Price Analysis

Binance coin (BNB) price found support near the $12.80 level and recently recovered above the $13.00 level. BNB price is currently consolidating near $13.20 and it might rise slowly towards the main $13.50 and $13.80 resistance levels.

Litecoin price is somehow holding the $40.00 support levels. On the upside, an initial resistance for LTC/USD is near the $41.20 level, above which the price is likely to accelerate higher. The next major resistance is seen near the $42.50 level. On the downside, the main supports are $39.50 and $48.40.

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EOS price is trading with a positive bias above the $2.500 resistance area. If the price continues to rise, it could face hurdles near the $2.650 and $2.700 levels. On the downside, a clear break below the $2.500 level might start another decline towards the $2.300 level in the near term.

Crypto Market Cap

Looking at the total cryptocurrency market cap hourly chart, there was a failed breakout attempt near the $195.0B resistance area. The crypto market cap is now near the $185.0B level and it seems like it could rise slowly towards the $195.0B resistance.

Conversely, a break below the $182.0B support might spark a fresh decrease in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the near term.

 

Aayush Jindal

Self-Acclaimed Bitcoin Creator Sets To Become Crypto Millionaire

Self-Acclaimed Bitcoin Creator Sets To Become Crypto Millionaire

Craig Wright, an Australian business man and controversial self-acclaimed creator of bitcoin submitted an email to the court, according to which he will receive private keys for wallets with 1.1 million bitcoins.

Craig according to rumours is also set to get access to more than 1 million bitcoins as the entire crypto space is on the lookout to see where his case ends up.

The self-acclaimed bitcoin creator has been a subject to several forensic checks and made major news headlines as crypto expert and researchers try to verify his claims of being Satoshi Nakamoto who is also dubbed Japanese Adam Smith.

Earlier in August, 2019, he was found guilty in a law court in Florida, US of submitting false documents and told a lie in a legal dispute with the estate of his former partner.

Owing to that, the self acclaimed bitcoin creator was ruled to surrender more than $4 billion of cryptocurrency which account for over 50% of the bitcoin he mined with his former business associate from 2008 until Kleiman’s death in 2013.

This case between Craig and Kleiman estate is regarded as one of the most popular court cases in the crypto industry.

Craig’s claim to be bitcoin creator true

Amidst several controversies of Craig’s claim to be false, a certain per cent of players in the crypto space believes Craig’s claim are actually true.

After revealing his identity to three media organizations; the BBC, the Economist and GQ.

At a meeting with one of these media houses, Craig digitally signed messages using cryptographic keys created during the early days of bitcoin’s development.

The keys are inseparably linked to blocks of bitcoins known to have been created or “mined” by Satoshi Nakamoto.

Renowned cryptographer Hal Finney was one of the engineers who helped turn Mr Wright’s ideas into the Bitcoin protocol, he said.

“I was the main part of it, but other people helped me,” he said.

Convinced Craig’s witnesses step forward

Soon after Mr Wright went public, Gavin Andresen, chief scientist at the bitcoin Foundation, published a blog backing his claim.

“I believe Craig Steven Wright is the person who invented bitcoin,” he wrote.

Another economist, Jon Matonis, and one of the founding directors of the bitcoin Foundation, said he was convinced that Mr Wright was who he claimed to be.

“During the London proof sessions, I had the opportunity to review the relevant data along three distinct lines: cryptographic, social, and technical,” he said.

“It is my firm belief that Craig Wright satisfies all three categories.”

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Why Bitcoin Price Could Surge 18 By the End Of the Week

Why Bitcoin Price Could Surge 18% By the End Of the Week

Bitcoin’s precipitous drop to $6,600 seen last month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life. Few predicted the subsequent bounce to $7,800, where BTC sits as of the time of writing this, too.

Related Reading: High Likelihood Bitcoin Bottom Came In at $6,400; Here’s Why

Though, one trader has been calling the moves all along, using a lesser-known and slightly unorthodox method of analysis to predict the directionality of the Bitcoin and cryptocurrency market.

The trader, NebraskanGooner. The method, fractal analysis.

Bitcoin Ready to Jump 18%, Fractal Says

Over the past few months, a popular trader on Twitter, NebraskanGooner, has been touting what is known as a “fractal” via his social media pages. For those who missed the memo, a fractal in financial contexts is when the “historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset.”

The fractal that the aforementioned cryptocurrency analyst has mentioned is sourced from Bitcoin’s price action in 2014, specifically the bear market and the subsequent recovery.

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As seen below, Bitcoin has been tracking this specific fractal for months now, with it even calling BTC’s most recent decline to $6,400, then the subsequent recovery to $7,700 just this weekend.

The fractal now suggests that by the end of this week, Bitcoin will be trading at $8,500 — 18% above current prices, before an eventual retracement back to the mid-$7,000s.

Not Only Bullish Signal

Of course, it isn’t only the abovementioned Bitcoin fractal that suggests gains are imminent.

According to Scott “The Wolf of All Streets” Melker, BTC’s performance last week has created a very important signal on the weekly chart: a “massive bullish divergence in oversold territory on Stochastic Relative Strength Index.” For those unaware, the divergence Melker has pointed out is the fact that the Stochastic RSI is trending higher while the price is putting in lower lows.

Per the trader, this is the fourth time this signal has been seen since the $20,000 top seen in late-2017. The first preceded a bear market rally from $6,400 to $9,900 in mid-2018, the second preceded the 330% jump in the Bitcoin price seen from December 2018 to June 2019, and the third predicted the move from $7,400 and $10,400 that took place just weeks ago.

Considering the historical bullish significance of this signal, there’s a high likelihood that BTC could begin to gain bullish momentum on a medium-term time frame in the coming weeks.

 

Nick Chong

7700 to 7300 – Where Bitcoin Is Heading After Violent Rejection

$7,700 to $7,300 – Where Bitcoin Is Heading After Violent Rejection

Bitcoin (BTC) has been caught in a firm uptrend over the past several days, which has primarily been the result of the massive upwards momentum that was sparked when it tapped lows of $6,400 earlier last week.

This momentum led BTC as high as $7,700 today before it was met with significant resistance that led its price reeling back down to the lower $7,000 region, although analysts expect this movement to be fleeting and followed by an extension of this newfound upwards momentum.

Bitcoin Drops to $7,400, But Downwards Movement May Be Fleeting

At the time of writing, Bitcoin is trading up over 2% at its current price of $7,350, which marks a slight drop from its daily highs of $7,700 that were set earlier this week.

The swift rejection incurred by the cryptocurrency this morning sent it as low as $7,250, but bulls have been able to support the crypto above this level.

Although the rejection at this level does seem to spell some trouble for the cryptocurrency, it is important to note that analysts widely believe that it will be followed by an extension of its upwards momentum, as this latest drop could simply be driven by BTC filling an open CME gap around its current price levels.

HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is entering a long around BTC’s current prices, anticipating another rise up to its range highs of roughly $7,700.

“$BTC long scalp. Punted a long on the sweep below local lows… Already took half off around here due to the CME gap being below price, making this a free ride. Bear trap or gap fill? Let’s see…” he explained while pointing to the chart below.

How bulls respond to this rejection in the coming hours will offer significant insight into where Bitcoin will lead the aggregated crypto markets next.

 

Cole Petersen

Bitcoin Price Hits 7500 Again Ethereum Value Also Up 35

Bitcoin Price Hits $7,500 Again, Ethereum Value Also Up 3.5%

KEY POINTS

  • Bitcoin is back at $7,500 and currently trades near $7,600
  • Ethereum is also up 3.5% but has not recovered since its drop last week
  • The rest of the top 20 cryptos are up except for Tezos
  • If "hodlers" are banking on a Santa Clause rally, then this is not it yet for Bitcoin (BTC). But for the time being, it will do.

The largest crypto by market cap has registered new gains as it sets itself up for the coming week. From dipping near $6,400 on Dec. 18, Bitcoin is back at $7,500 and is almost trading close to $7,600, as of press time.

Among the crypto market, BTC is not the only one to post gains — Ethereum (ETH), the second most popular cryptocurrency, was also up by about 3.5 percent in the past 24 hours. Coindesk prices show that Ethereum traded at a low of $126.59 and climbed to a high of $131.68 on Sunday. The altcoin currently trades at $130.45.

All of the top 20 cryptos — with the exception of Tezos (XTZ) — recorded medium gains. This comes after the entire market was in the red last week because of a report about a Chinese Ponzi scam that dumped billion dollars worth of cryptos in exchanges so scammers can cash out.

However, even as ETH is poised to finish the day on the positive side, it still is $10 away from its original price before the news came out that caused it to dip 10 percent. Bitcoin, on the other hand, has more than recovered much of what it lost in the crypto market drop.

Still, most analysts expect BTC to fall before its scheduled halving sometime in May next year. Even billionaire venture capitalist Tim Draper broadcasted his comments that Bitcoin should be at these levels based on technical analysis data. Although he couldn't provide more details about what the charts say, he is confident that BTC will reach a price of $250,000 by 2022.

CNBC used a similar chart to understand what Draper could be referring to. Brian Kelly of CNBC's "Fast Money" used a logarithmic chart that showed BTC prices since 2013 has been on an upward slope. He pointed to the top of the channel, which falls at 2022, that is on par with Draper's prediction of $250,000. But if the price continues to slide before the halving, as what some analysts expect, that could be below the channel of the log chart Kelly drew up.

 

By Ron Mendoza

@ronmendoza_

12/22/19 AT 11:24 PM

 

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

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