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Bitcoin Price Clings to $10K But Now Below ‘Neutral Area,’ Says Trader

Bitcoin was freely crossing the $10,000 mark Tuesday after losing another 6% in daily trading.

Bitcoin (BTC) price slid back under $10,000 July 23 after a period of sideways action broke down to send the largest cryptocurrency back to four figures.

Market visualization

Market visualization. Source: Coin360

Bitcoin price swirls around five figure mark

Data from Coin360 showed BTC/USD trading just below the barrier once again Tuesday, having failed to find support. At press time, the price fluctuated within $50 of $10,000.

Previously, the pair traded in a narrow range around $10,300, on Monday dropping to those levels after circling $10,600 over the weekend.

The latest downturn marks a repeat of the breakdown seen in Bitcoin last week, which resulted in a recent low of $9,125. Now, as then, analysts welcomed the opportunity to buy up cheap coins. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Courtesy of Coin360

“Wanting to see a push back up to the neutral area or resistance. If not, more 4 digit BTC to accumulate,” investor Josh Rager summarized in his latest daily price note noting the importance of the $10,200-$10,350 range. 

As Cointelegraph reported, Bitcoin struggled in the wake of mixed views from the United States Congress last week, a geopolitical factor compounded Monday by fresh indications that India would seek to ban cryptocurrency altogether. 

At the same time, however, Bitcoin’s network statistics continue to set new records, with mining difficulty, hash rate and total value of transaction outputs all hitting new daily all-time highs.

As Twitter user and Lightning Torch creator Hodlonaut noted, politics did not necessarily have a fairly-weighted impact on price action. One Congressman, he noted, had described Bitcoin as impossible to stop by any government. 

“9 days ago Bitcoin had not yet been called an ‘unstoppable force’ in the U.S. Congress. Still, price was almost 30% higher than now. Some dips are tastier than others,” he wrote.

Altcoins fall in line

For altcoin traders, meanwhile, there was less to celebrate. As BTC fell 5.5% on the day, most tokens in the top twenty cryptocurrencies by market cap saw similar losses.

Tron (TRX) and NEO (NEO) fared worse, each losing around 13%, while the largest altcoin Ether (ETH) dipped 5.6% to hit $212.

Ether 7-day price chart

Ether 7-day price chart. Courtesy of Coin360

The total cryptocurrency market cap was $274 billion at press time, with Bitcoin’s share remaining at 65.2%, a figure still almost at its highest since early 2017.

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Bitcoin Price Shuns Volatility as Analysts Warn of Potential Drop to $7,000

Stability around $10,600 for Bitcoin price is unlikely to linger long, after several weeks of huge up and down moves for markets.

Bitcoin (BTC) price saw a rare spell of stability on July 22 as cryptocurrency markets began the week on a broadly stable note. 

Market visualization

Market visualization. Source: Coin360

Bitcoin price weekly chart settled but overbought

Data from Coin360 showed hardly any change for BTC/USD in the past 24 hours, bucking a volatile trend seen throughout recent weeks.

At press time, Bitcoin circled $10,600, down just 0.14% while trading in the middle of a $400 daily corridor. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Courtesy of Coin360

By comparison, last week saw BTC/USD trade as high as $11,060 and as low as $9,125. The motivation, analysts mostly agreed, was regulatory uncertainty as the United States Congress met several times to debate the impact of both cryptocurrency and Facebook’s Libra digital currency.

As Cointelegraph reported, opinions ranged from highly supportive to entirely dismissive, building on mixed messages previously given by Treasury Secretary, Stephen Mnuchin, as well as president Donald Trump himself. 

Forecasting what could happen this week, commentators appeared unconvinced the current calmer conditions would prevail.

Josh Rager, the investor and trader who gives regular Bitcoin price updates on social media, described Bitcoin’s weekly close as neutral, but noted signs volatility would soon return. 

Gold trader Florian Grummes delivered a similar conclusion in analysis published Monday, arguing the likely future for BTC/USD was either an extended period of sideways correction or a sharp drop closer to $7,000.

“The weekly chart is without question overbought and actually needs to cool down. Yet above $6,000 and especially above $9,000 the bulls remain in control,” he summarized.

Sideways action for altcoins

Altcoin markets meanwhile returned to their previous behavioral pattern as the week ended, mimicking Bitcoin’s lack of action while reporting slightly larger moves.

Ether (ETH), the largest altcoin by market cap, shifted just 0.65% to hit $225, firmly above its recent lows which saw ETH/USD fall to support at $200. 

Ether 7-day price chart

Ether 7-day price chart. Courtesy of Coin360

Some altcoins delivered modest gains, including Binance Coin (BNB) and EOS (EOS), which achieved 1.4% and 1.7%, respectively. Litecoin (LTC) moved up 0.45%. 

One of the weakest performers in the top twenty cryptocurrencies was Bitcoin SV (BSV), which shed 4.15% Monday. 

The total cryptocurrency market cap currently stands at $290.3 billion, of which Bitcoin accounts for 65.2%.

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Bitcoin Price Below $9.5K Could Spark 80% Parabolic Advance Correction

The combined cryptocurrency market cap should shed 80% of its recent gains, Peter Brandt warns.

Bitcoin Price Clings to $9,500 Support

Bitcoin (BTC) continued to trade down on July 17 after a further 10% fall sent the price of the largest cryptocurrency back below $10,000. 

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 showed a problematic 24 hours for traders Wednesday, BTC/USD circling $9,600 after bouncing off lows at just $9,266.

The downward trend followed increased United States government attention on cryptocurrency and related phenomena, with comments by Treasury Secretary Steven Mnuchin and the ongoing hearings on Facebook’s Libra closely watched by markets.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Courtesy of Coin360

‘Looks Like the Trend Has Changed’

As Bitcoin’s previous parabolic trend appeared firmly over, now, analysts were preparing to brace for a further major correction which could erase even more of its advances.

For Peter Brandt, the veteran trader who predicted several of BTC/USD’s previous phases, that correction could amount to 80% of the combined cryptocurrency market cap gains.

“While the parabola in BTC was subject to different renderings, the parabola in the total market cap chart was loud and clear. Total cap should correct 80%. Most of the damage of decline will occur to altcoins,” he wrote on Twitter Tuesday.

“Market structure is broken and lower-lows have been set on higher time frames,” investor and regular commentator, Josh Rager, continued. 

“There will be smaller bounces in between, but it looks like the trend has changed folks – for the short term,” he added, noting the previous bull market pullback lasted up to five weeks before positive sentiment took over.

Altcoins Suffer Heavier Losses

On Wednesday, Brandt’s forecast of more heavy losses for altcoins in particular had yet to come true, with Bitcoin and many major altcoin tokens losing similar amounts in the past 24 hours.

Ether (ETH) fell slightly less than BTC, shedding 10.4% to hit $203, while Litecoin (LTC) and Binance Coin (BNB) mirrored the behavior. 

Ether 7-day price chart

Ether 7-day price chart. Courtesy of Coin360

Some managed to avoid such serious losses, perhaps temporarily, such as Bitcoin Cash (BCH), which declined 6.2% in the same period. 

Bitcoin currently accounts for just over 66% of the total cryptocurrency market cap, a near two-year high.

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Smart Money Will Soon Diversify For 50-100X Gains In Altcoins

Altcoins

Bitcoin is in a roll so far establishing its place as king of crypto. Traditionally many alternative digital currencies have kept pace with Bitcoin, rising and falling in value with it.  Nevertheless, this year, as Bitcoin advances forwards, it seems to be cannibalizing the altcoins, killing the dreams of an altcoin season. Crypto analysts, however, believe that the tide could soon change, as BTC’s prices sharply increase.

One
of them, for instance, commented on Reddit:

 “The smart people will start diversifying into other low priced tokens such as ETH, VET, KIN, XRP, and LINK… all strong buys in the end. The bulls and whales know that a x10 is chump change. They know a x50 to x100 is possible. It happens often in our crypto market. As a matter of fact it’s the only market in the world to do this”.

Bitcoin is an uncorrelated digital asset, flourishing as the global economy built on fiat ebbs. Untouched by the recent political and trade wars between key global economy players, BTC store of value status has also come to play. There has been a massive growth in institutional investors, with large whales being blamed for the commencement of the current BTC Bull Run.

Everyone
on the crypto world, however, has been waiting for the alts season. Bitcoin has
dominated 65 percent of the market, leaving the altcoins a small market share
to brawl over. It’s not all dark and gloom though since the significant large
cap alternative tokens have made gains against the USD. Their performance
against BTC, nonetheless, has been lackluster in the last three months. 

The Altcoin Season Is Coming

Ethereum, for example, the second largest altcoin by market cap has dipped by 35 percent against BTC in this period. Additionally, the small-cap altcoins have taken a more substantial hit, with a token like Zilliqa (ZIL) losing about 80 percent of its value.

Some
analysts have however said that the signs are there, an altcoin season is
coming. A respected member of Crypto Twitter has even offered some technical
evidence to that effect. By his projections, The Crypto Dog, a twitter user, says
that the altcoin total market cap is about to rise by 50 percent.

As
per a chart he shared, the total altcoin market cap is showing an ascending
broadening wedge. Of the chart, The Crypto Dog says:

 “Altcoins Total Market cap resembles an ascending broadening wedge. While certainly not a guaranteed bullish signal, the last time we saw one of these in cryptocurrency there was quite a pop”.

Further, he has predicted that going by the signs, the altcoin market cap could rise by $180 billion in a few months. This is most certainly the situation that most altcoin holders are waiting for. Any altcoin holder has the potential of making 100x or 1000x more depending on the asset they have than they can with highly priced Bitcoin. Other crypto users have suggested that a BTC value of 20K is going cause some folding of the token into the altcoins.

The post Smart Money Will Soon Diversify For 50-100X Gains In Altcoins appeared first on Ethereum World News.

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Trump Pump? Bitcoin Price Buoyant After US President Says He’s ‘Not a Fan’

Trump’s first-ever public comments on Bitcoin achieved precisely zero fallout on markets as BTC price climbed above $11,500.

Bitcoin (BTC) was starting to reverse upwards July 12 as a critical tweet from United States president, Donald Trump, became a hot talking point across cryptocurrency.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 showed BTC/USD 0.9% up over the past 24 hours after a significant downturn earlier on Thursday. 

At press time, the pair traded around $11,600, having bounced off support at just above $11,000. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Volatility has lessened over the past nine hours, despite the first-ever public comments from Trump on crypto, which turned out to be highly negative. 

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” he tweeted earlier.

“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he added.

Similarly dismissive of Facebook’s Libra digital currency protocol, Trump’s Bitcoin bashing nonetheless failed to leave any impression on markets, with BTC/USD showing no change in behavior after the tweets went live. 

“Boring market, no wonder everyone is talking Trump,” trader and investor Josh Rager summarized in a new market commentary.

The phenomenon underscores Bitcoin’s newfound resilience to external criticism, which has only increased in 2019 as markets shake off the opinions of naysayers. 

Amongst investors, however, almost all the attention was on Trump, many in fact thanking him for drawing attention to the industry and proving it did not need his support.

“Well done (Donald Trump) for bringing more awareness to (Bitcoin),” one popular response read, sharing data from Google Trends.

Others tried to convince Trump to reevaluate, including Tron CEO, Justin Sun, who invited him to his existing charity dinner showdown with fellow Bitcoin bear Warren Buffett.

Among altcoins, meanwhile, a more diversified picture was beginning to present. 

Ether (ETH), showed little change in its generally lackluster trend, dropping another 1% over the past 24 hours to $270.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Others, however, showed gains. Binance Coin (BNB), the in-house token of cryptocurrency exchange Binance, shot up 6.3% in the same period, while EOS (EOS) achieved 2.3% and Litecoin (LTC) 1.3%.

At the same time, Bitcoin SV (BSV), the off-shoot of Bitcoin Cash (BCH), dropped despite the pressure on Bitcoin itself. Previously, the token had managed to capitalize on downward Bitcoin price movements, a trait which recently evaporated.

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Bitcoin Price Hits $12.8K as Major Investor Says $100K ‘Quite Easy’ by 2021

Another 24 hours of significant btc price gains have delighted bitcoin traders as fears of a pullback replaced by bullish sentiment.

Bitcoin (BTC) felt more bullish than ever June 9 after another 24 hours of upside propelled markets close to $13,000. 

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Data from Coin360 painted a rosy picture for cryptocurrency traders, with bitcoin still leading the way in terms of daily gains. 

At press time, BTC/USD was up 11% versus Monday on $12,666. The pair had reached as high as $12,707 before a slight pullback below the $12,700 barrier. 

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

The fresh moves further challenge theories bitcoin was due a downward correction which appeared earlier in the week. As Cointelegraph reported, veteran trader Peter Brandt led the warnings, arguing BTC could shed up to 80% of its bullrun gains. 

Since then, bitcoin has shot up around $1,200, as other sources prepare for an extension of its parabolic activity before a ‘real’ reversal sets in.

“I think we’re in the next parabolic move,” Mark Yusko, founder, CEO and CIO of Morgan Creek Capital Management, told CNBC as bitcoin hit $12,250.

“That will probably take us into the $30,000 level before we get another little correction… the path to $100,000 by 2021 is really quite easy to draw out.”

Bitcoin’s weekly gains now sit at 30%, while monthly performance has topped 60%.

The enthusiasm around bitcoin was even starting to spread into long-deflated altcoin markets Tuesday, with some tokens in the top twenty cryptocurrencies by market cap rising around 5%.

Ethereum (ETH) hit $317 to seal support above $300 after languishing lower while bitcoin soared. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Others fared less well, with chainlink (LINK) dropping 7.4% and exchange Bitfinex’s unus sed leo (LEO) shedding 6.2% in the same period. 

Tron (TRX) was down almost 3% after news broke of a police presence at the company’s Beijing offices, with users implicating CEO Justin Sun as an accessory in a multimillion-dollar scam. 

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Trader Who Called Current Bitcoin Rally Warns of Altcoin ‘Dot Com Bubble’

The trading guru says this year’s moonshot for bitcoin will not spark a knock-on effect for altcoin markets.

Bitcoin (BTC) will continue to grow but altcoins will not feel the benefits, veteran trader and author Peter Brandt predicted in a new market forecast on June 27.

Writing on social media, Brandt, who has become a vocal source on cryptocurrency prices, said that unlike the previous bull market cycle in 2017, bitcoin’s gains would not have a knock-on effect elsewhere. He summarized: 

“Cryptomaniancs expect alts to do so again – they may be very disappointed.”

Brandt made the comments as BTC/USD bounced off its local lows of $10,380 to challenge $12,000 once again. 

Having reached $13,800 this week, the subsequent correction spelled misery for altcoin traders, with many tokens losing far more than bitcoin while subsequently failing to recover their losses.

For Brandt, the phenomenon has one classic predecessor – the dotcom boom of the early 2000s.

“Following 2001-02 tech collapse, dotcoms with real value exploded,” he noted. “The ‘alt’ .coms went bankrupt.”

Brandt has an admirable record when it comes to bitcoin predictions. Having previously foretold the 2018 bear market, earlier in June, he told followers not to believe BTC/USD would stop at its then local highs around $8,000.

According to CoinMarketCap, there are now 2,291 altcoins with a trackable blockchain and activity. As bitcoin continues to make up ground towards $20,000, however, their overall market share is at its lowest in two years.

As Cointelegraph reported, bitcoin now dominates over 62% of the market, one of a number of metrics which have recently returned after a long absence.

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Bitcoin Price Could See $20K in Two Weeks – $100K This Year, Predicts Market Analyst

An eToro analyst believes a correction in Bitcoin prices is possible “very soon,” but nonetheless believes a price of $100,000 could happen this year.

Bitcoin (BTC) prices could match their all-time high of $20,000 within the next two weeks — and could hit $50,000 or $100,000 by the end of the year, eToro analyst Simon Peters claimed on June 26.

According to Peters, it took 7 to 14 days for BTC to reach the record figure of $20,000 when it was last at $11,800.

He cautioned that his short-term prediction is based on the assumption that bitcoin maintains its current parabolic trajectory.

Peters believes this rally is different from past surges because it hasn’t been accompanied by a spike in Google searches for “buy bitcoin” — indicating that the capital entering the market is coming from institutions and investors who had previously parked their funds in stablecoins.

On whether the surge is sustainable, Peters added:

“With the number of sell positions building in the market it’s possible we could see a correction very soon. Even if that was the case though, bitcoin continues to remain on track to close out the first half of the year on a highly positive note. We could see bitcoin reaching $50,000 or even $100,000 this year.”

The analyst went on to note that BTC’s gains are at the expense of altcoins, some of which are being “pummeled” as they languish at significant lows.

Bitcoin’s parabolic advance continued past $12,000 on June 26 — the first time the cryptocurrency has hit this figure in over a year.

Data from CoinMarketCap also suggests BTC has surpassed 60% market dominance for the first time since April 2017, with a capitalization of $226 billion.

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Bitcoin Market Dominance Climbs to Over 60% – Highest in Over 2 Years

The cryptocurrency last saw such a level of market control before the start of its bull-run in April 2017.

Bitcoin’s (BTC) parabolic advance over $12,000 has taken its market dominance above 60% for the first time since April 2017, data from CoinMarketCap confirmed on June 26.

Following its rapid appreciation in recent days, the bitcoin price reached levels not seen since immediately after the end of its 2017 bull run.

The successes have come at the expense of altcoins, which have so far failed to produce similar performance. As a result, BTC dominance of the overall cryptocurrency market cap is now 62% – more than at any time in the past two years. 

Bitcoin’s market cap now stands at $226 billion out of a total crypto cap of $365 billion. 

On the back of 12.5% daily gains at press time, BTC/USD is outperforming even the next best option in the top ten cryptocurrencies, ethereum (ETH). The latter put in 6.2% returns in the same period, its market cap still spiking above $35 billion for the first time since August.

Bitcoin commentators rejoiced at the latest dominance figures, with the Twitter account known as Armin van Bitcoin adding he distrusted CoinMarketCap and that the actual number was closer to 95%.

“If a coin is centralized, premined, has low trading volume, isn’t listed on more than one exchange or is pegged to (Bitcoin) only trading, it’s market cap is meaningless. Most coins fit in that criteria,” he explained

In other words, while Bitcoin is a longstanding, established cryptocurrency, the potential amount of new altcoins is virtually limitless, which can distort the overall market capitalization index. 

Earlier, Cointelegraph reported on a technical bitcoin price metric which suggested a fair price for the cryptocurrency by the end of 2019 should be around $21,000. This would beat its 2017 all-time high by around $1,000.