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Analysts: A Bitcoin (BTC) Breakout Could Be Happening In November

Throughout summer, Bitcoin price has been swinging between $6,000 and $8,000. However, according to some price analysts, Bitcoin price may well see a breakout come November. Forbes’ Billy Bambrough opines that market experts expect the breakout as early as November this year. However, he recognizes that a section of these experts are pegging their hopes on September, with the end month favored.

The Prospects

This breakout is expected because of two primary reasons: First, SEC is deliberating on whether to approve the Bitcoin ETF application presented by SolidX/VanEck. The decision is set to happen on or before September 30, and hopes are high that the proposal might be approved especially after the decision was delayed. Also, the fact that SEC announced its decision to review 9 other ETF applications turned down recently is another strong indication that things could turn out positive for the crypto.

Secondly, the Intercontinental Exchange (ICE), which is NYSE’s parent company, is set to launch a Bitcoin ETF on 5th November. The ICE launched a crypto platform, Bakkt, back in July and has partnered with large corporations like Microsoft, Boston Consulting Group, and Starbucks. However, the ICE’s ETF will differ from others in that it will be offered via its own platform and will use Bitcoin for every transaction conducted on its network. This measure is aimed at improving price discovery.

Finnbjornsson: Bitcoin Price To Hit $10,000

Bambrough also cited another expert, Hermann Finnbjornsson, who said that the value of Bitcoin could swell up to hit $10,000 within the first week of November. Hermann is the founder and chief executive at Svandis, a crypto advisory firm. Speaking to The Street, Hermann said that Bitcoin had a more than 99% chance to succeed in a bullish run.

However, there’s a still some debate within the crypto community about whether Bitcoin really needs an ETF approval to succeed. So far, the cryptocurrency has survived and weathered storms for a whole decade since its inception back in 2009. This puts to question the impact of an ETF approval on the Bitcoin market.  Granted, there exists a possibility of the cryptocurrency being over-financialized as a result of an ETF.

In any case, the events of late September and early November will spell out the future of the coin market. If both ETFs pull through, it could mean a huge boom with a significant price upshot for the cryptocurrency.


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“We Are More Likely to See $10,000, Rather Than $5,000,” Says CEO of Genesis Capital

The cryptocurrency market seems to be recovering from a strong bearish trend that has lasted all year, and the bullish sentiment may be taking over the markets, so several analysts have said, adventuring to study the world of cryptocurrencies and the markets in general. One of those is Michael Moro, CEO of Genesis Global Trading.

In an interview for CNBC, Michael Moro said he is confident that Bitcoin can start a bullish run in the short term if it can overcome its resistance on the 7k band.

Michael Moro discussing BTC prices with the Panel of CNBC’s Fast Money

This opinion is based on simple technical analysis. Those who firmly believe in this prediction method over the use of fundamental analysis can come to this conclusion very quickly.

It is also important to note that other long-term indicators confirm that a reversal of the bearish trend could occur if the bullish are able to pass this severe test.

Michael Moro is quite optimistic about the maximum prices of this fluctuation. For him, after defeating the 7k, it is hard to foresee a near bearish domain. He says that it is easier to see a steep climb than a slightly more moderate descent:

“If the [$7,000] level holds, say for the next week, two weeks, the bulls will 100 percent be back. They will be more comfortable that the lows for the year are in, and that we are more likely to see $10,000, rather than $5,000.”

Michael Moro

Crypto Market is Maturing

Moro considers it important that the markets were not strongly affected by the recent SEC decisions to reject an ETF Bitcoin; however, it is important to note that while this news was discouraging, Hester Peirce’s opinion was a relief to the community, giving optimism to those nervous sellers.

He says he does not think the SEC will approve an ETF in the near future but does not rule out the reality in the longer term.

“I believe the market now understands that the SEC’s ETF approval isn’t any time soon. So I think that the market sentiment regarding the product and the approval process is now far more muted, which I think is a healthier outlook for the next 12 months,”

The Key: 7510 USD

For Mr. Moro, the critical price to follow beyond a band is, specifically, $7150. Bitcoin has not yet reached this level, but seems to slowly begin to get closer.

The well-known businessman believes that the market is able to keep the price close to this amount this week, next week could be a smooth and energetic foundation for a bullish run in the crypto market.

Bitcoin is currently quoted below 7k; however, even though it has exceeded 7k, it has not yet reached the figure set by Mr. Moro.

Fluctuation of BTC Price during August 2018. Graph: Tradingview

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Bitcoin Price Approaches $7,000 as Tom Lee Predicts Explosive End of Year Run

After days of holding steady between $6,400 and $6,700, Bitcoin is finally making a run for the $7,000 price level. The top-ranked cryptocurrency headlines a substantial price recovery that has the total market capitalization climb to $225 billion.

Bitcoin Breaks $6,700 Resistance Level

Bitcoin rose by more than $200 on Tuesday (August 28, 2018), reaching $6,916 as of 7 am UTC. The sudden climb occurred at 12 am UTC as BTC rose from $6,766 to above $6,900 in a matter of 35 minutes. At press time, BTC was trading at $6,935 having risen by more than three percent in the last 24 hours.

The top-ranked cryptocurrency is currently at its highest price since August 7, right before the start of a series of declines that eroded most of the gains accrued in July. Apart from BTC, the rest of cryptocurrency appears to be performing well. ETH and XRP have both soared significantly, but MIOTA is the best performing top-ten coin, rising by more than 15 percent over the last 24 hours.

Outside of the top ten, NEO is up by nine percent, VeChain by 13 percent, DASH by 21 percent. More than 80 percent of the top 100 coins have experienced positive gains in the last 24 hours in what seems like a positive start to the week for the bulls.

Bitcoin Could Set New All-Time High (ATH) in 2018

A few days ago, Tom Lee predicted that BTC could end 2018 with a new ATH. Speaking to CNBC, Lee highlighted the correlation between hedge fund investment, emerging markets, and the price of BTC. According to Lee, signs point to an aggressive price climb for the top-ranked cryptocurrency.

Lee explained the connection between all three parameters using two factors – hedge funds and wealth effect. According to the Fundstrat analyst, the switch between “risk on” and “risk off” for hedge funds as well as the fluctuating stock market prices directly impact the price of Bitcoin. Commenting further, Lee said:

Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin.

Tom Lee has since the beginning of the year, predicted that Bitcoin would end 2018 at $25,000. Commenting on the fate of the number one cryptocurrency’s price, Lee said he expects BTC to end the year “explosively higher.”

Do you think the current price rally points to a significant market recovery? What is your end of year BTC price forecast? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.

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Bitcoin Price Will Hold at $6,000 Before Reaching $15,000 by Christmas, Says CoinCorner Co-founder

Despite the recent price struggles of Bitcoin and the rest of the cryptocurrency market, some enthusiasts still hold hope of a significant rally before the end of the year. Elsewhere, the rising BTC hashrate is beginning to force sweeping reactions in the mining ecosystem.

Bitcoin Will Hit $15,000 by the End of 2018

Danny Scott, a co-founder of CoinCorner, an Isle of Man-based Bitcoin exchange platform, believes that the top-ranked cryptocurrency will end the year on a strong note. Speaking to, Scott said:

For the last few months, the price of Bitcoin has been at $6,000 which we believe will continue for a while, but we predict the price will reach $15,000 by the end of the year. We take this view because the retail market is continuing to expand at a very healthy rate based on both our own data and industry trends.

According to Scott, his prediction is based on the fact that institutional investors are becoming more active in the market. These big-money traders are reportedly buying BTC in high volumes, thus helping to initiate another significant bull run in 2018.

Despite the recent tumultuous price movements, BTC has managed to recover above the $6,000 mark. Some experts believe that BTC will still test $5,000 before any meaningful rally that will take the price to higher levels. This reasoning assumes that the base mining cost is approximately $5,000.

At press time, Bitcoin was holding steadily above the $6,400 mark. The top-ranked cryptocurrency has also managed to attain its first seven-day positive price variance since the start of August 2018.

Bitcoin Hashrate Continues to Increase

In another development, the Bitcoin network hashrate continues to increase despite the significant price drops experienced in the past few weeks. Already, Hashflare, a cloud mining service platform was forced to terminate its Bitcoin mining contract.

On Thursday, Genesis Mining, another cloud mining platform issued a statement saying that it would terminate open-ended BTC mining contracts. The company advised its customers to migrate to a premium five-year BTC mining contract.

According to Genesis Mining, the reason for the decision was based on the fact that several clients have been unable to earn enough to cover the maintenance fees thus rendering the enterprise unprofitable. However, despite the move, the company remains bullish on the long-term prospects of BTC mining, saying:

There are still major expansions happening, especially from more efficient miners. The expansion is so big that it compensated for the drop-out of not-so-efficient miners.

Do agree with Danny Scott’s prediction? What is your end of year Bitcoin price forecast? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.


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Bitcoin is Set to New Highs, Spencer Bogart Says

Blockchain Capital’s Spencer Bogart, reiterated his bullish position on Bitcoin, affirming he is definitely expecting for it to begin its race towards new highs.

In an interview for CNBC’s Fast Money, Bogart explained his impressions of Bitcoin’s current situation in the market. For the well-known businessman, Bitcoin has already experienced the 2017’s record lows, and for the rest of the year, a bullish trend is expected.

His comments show a more enthusiastic attitude compared to previous participation in which he has been more cautious:

“It’s Possible we’ve seen the lows, and I’m definitely expecting to see new highs, I mean, listen I think prior times I’ve been in the show I’ve said expect to see new lows before new highs… That low may already be in.”

Spencer Bogart

Bitcoin’s current reality justifies the reasons for Mr. Bogart’s recent optimism. From his point of view, many possible catalysts could start a Bitcoin price boom:

“Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher; whether that’s global currency wars, trade wars, whether there is an ETF approval; I think any number of catalysts can send Bitcoin exploding higher.”

Although there has been speculation and analysis about a possible ETF approval in the current year, Mr. Bogart believes that this is much more likely to happen by 2019:

“My guess is sometime in 2019. I think the SEC is going to be thoughtful and take some time but… the cat is already out of the bag here.”

Bogart Focuses on Fundamentals

For Bogart, the conditions for ETF approval are becoming increasingly favorable. Not only from a legal point of view but also from an economic one. He says that there is already high exposure to blockchain technologes, and the adoption of cryptos is increasing.

Also, institutional investors are gaining exposure to cryptocurrencies too, which may increase regulators’ interest in approving crypto ETFs soon.

He commented that currently, the investments he finds most interesting are those of traditional equity startups. He told the staff at Fast Money that “We’ve found great opportunities there.”

As stated By, Bitcoin is on a bullish run. Thecnical Analysis confirm Mr. Bogart’s opinions. However, being a volatile market changes can happen quite unpredictably:

“There wasn’t much to chew on for bulls last week as market watchers were mostly focused on the SEC decision on the bitcoin ETF applications. Some of these were shelved for a later decision date while the application filed by the Winklevoss twins was denied again.

With that, investors are hoping to get more positive industry updates this week to see the climb sustained. Security troubles like hacking incidents might force a larger retreat but more signs of institutional interest from big names could be enough to spur more gains.”

Currently, the Bitcoin is trading above 8.2k. The bullish run has allowed it to increase its value from its historical lows of close to 6k and during this week has remained relatively stable within the 7.5 -8.5k range.


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Bitcoin Price is on the Brink of Going Even Higher, Says Blockchain Venture Capitalist

As Bitcoin continues to hold steady above $8,000, Spencer Bogart predicts that the price rally is nowhere near finished. The blockchain venture capitalist believes that many market conditions will play a pivotal role in the coming weeks and months.

Bitcoin is a Tinderbox Right Now

Speaking to CNBC, Bogart, a partner at Blockchain Capital, a VC fund focused on decentralized technology, said:

Any number of catalysts could send bitcoin exploding higher. Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher.

These catalysts that Bogart refers to include the SEC decision on BTC ETF, trade tensions between China and the United States, as well as the entry of institutional money into the cryptocurrency market.

The trade war between China and the U.S., as well as the former’s subsequent decision its currency has already had a significant impact on the Bitcoin price trajectory. Clem Chambers of ADVFN recently provided compelling evidence to show that the July 19 price surge was caused by affluent Chinese hurrying to convert their wealth to BTC as a hedge against the country’s currency devaluation.

Bitcoin Excels where Other Cryptos Underperform

Bogart is confident that BTC remains one of the most economically viable virtual currencies in the market. Of the over 1,600 coins on offer, the blockchain VC believes that many of them fall into the trap of not being able to deliver on their stated technological and economic premise.

In the case of Bitcoin, however, Bogart says:

You have a few that are kind of excelling at their use cases. Bitcoin being one of them.

Bogart isn’t the only one who shares this view. Earlier in the year, Square CEO, Jack Dorsey and Apple co-founder, Steve Wozniak identified the top-ranked cryptocurrency as the possible candidate for a single worldwide currency within the next decade.

Bitcoin Price Growth isn’t Dependent on Positive SEC Decision

Bogart also touched on the hype surrounding BTC ETFs and the SEC’s decision on the matter. According to him, it doesn’t matter what the SEC decides as the innovation brought about by BTC is unstoppable at the moment.

The blockchain VC also agreed with Mike Novogratz and Barry Silbert by saying that Bitcoin has hit bottom for the year. Even if any price decline happens in 2018, Bogart doesn’t expect it to test the $5,700 low.

Do you agree with Spencer Bogart’s assessment? What is your end-of-year BTC price forecast? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.


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John McAfee: “The Bull Market IS coming”

John McAfee is a highly controversial person not only because of his peculiar way of life but also because of his opinions and his direct way of speaking. The founder of McAfee Inc. and CEO of MGT Capital Investments Inc. has had a very active life in recent months: He said he will run for president, confronted the SEC, called for a boycott of central banks and exchanges, and just survived an assassination attempt.

However, one of the things Mr. McAfee is well known for in the world of cryptos is because of his famous predictions and his bullish stance towards Bitcoin (BTC) when analyzing its long-term performance.

McAfee is one of the most important Bullish influencers, even in bearish times such as those that have been experienced throughout the year, and he has never backed down from his predictions, remaining not only enthusiastic but also assertive to his followers about the future vision of Bitcoin’s (BTC) price.

Bull Market IS Coming

On July 17, Mr. McAfee again caused a Twitter buzz when he wrote a euphoric tweet that soon surpassed several thousand likes.

Despite the high volatility of Bitcoin (BTC), McAfee’s optimism seems to be entirely valid. In more technical terms, other analysts like Tom Lee have mentioned that Bitcoin could be in front of a Bull Run.

John McAfee is known for making one of the most bullish predictions about the price of Bitcoin. The McAfee Line shows that despite the current behavior of Bitcoin prices, to reach 1 Million USD in 2020, Bitcoin should currently be quoted at over 13k.

John McAfee: Just HODL

McAfee has advised its followers not to sell their cryptos. Other notable personalities of the crypto-verse have widely shared this hodler feeling. Recently, Charlie Lee, creator of Litecoin, recommended not selling the Bitcoins and in fact considers it crucial to have this cryptocurrency over any other altcoin.

John McAfee has always been very confident in his predictions, and being a known influencer allows him to contribute to these excellent results actively.

Previously, John McAfee used to tweet about the use of some altcoins. These immediately increased their value in the markets. A few days ago, John McAfee commented that he was going to stop this practice due to legal threats.

Bitcoin has been growing steadily over the last few days. The Heikin Ashi sails show a possible bullish trend, and although some analysts mention that Bitcoin has already reached the minimum levels of 2018, it is still too early to make predictions with a higher degree of certainty.

Graph provided by Tradingview


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Digital Currency Group CEO: Bitcoin Has “Hit The Bottom for The Year”

Mr Silbert discussing about Bitcoin (BTC) with CNBC’s Fast Money Panel

Bitcoin’s recent bullish run seems to have triggered a wave of optimistic analysis from several leading investors. One of them is Barry Silbert, founder, and CEO of Digital Currency Group, a venture capital firm dedicated to crypto trading.

According to the successful investor, Bitcoin’s bearish streak may have come to an end. Mr. Silbert was particularly optimistic about Bitcoin (BTC) in a recent interview for CNBC:

“I think we’ve probably hit the bottom for the year. I actually put some money into bitcoin last week.”

Barry Silbert

Such statements are quite bullish as they state that the historical minimum lows of 2018 have already passed, so from now on – should his comments be accurate – the future of Bitcoin may be one of medium-term gains.

In addition to his optimistic technical analysis, he is also bullish on the fundamentals. In the same interview – which took place at the Delivering Alpha Conference in New York on Wednesday – he expressed his confidence in the prosperous future of Bitcoin (BTC):

“As an asset class, it is here to stay… I’m 100% confident a decentralized, non-fiat form of money is here to stay.”

At the time of writing, Bitcoin (BTC) is worth just over 7.3K USD. The minimum was less than 6k at the end of last month.

After the strong bearish streak at the beginning of the year, Bitcoin has had a strong fluctuation between bullish and bearish trends. Throughout most of the year, the 7k band was a critical support and played that minimum five times. However, in mid-June, Bitcoin broke that limit, passing to have the most robust support in the 6K band. From that moment on, the 7k went on to become a resistance that could only be overcome a few days ago.

Graphs provided by Tradingview

In the short term, (intraday trading or even scalping), bitcoin may reflect behavior that could show signs of growing momentum. The Heikin Ashi charts show that since the last significant price drop, each bullish trend has more strength and duration than the previous one (with only one exception).

Graph provided by Tradingview

Although short-term behaviors are difficult to predict, truth is that Bitcoin had generally bounced back after entering the 6k-7k “red zone”. So Mr. Silbert’s viewpoints are quite refreshing, especially for those who believe in a successful future for Bitcoin in 2018.

Full video available here


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Tom Lee Assures Right Now is a Great Time to Buy/Hodl Bitcoin (BTC)

Tom Lee, one of the most influential crypto analysts, gave his opinion regarding the recent evolution of Bitcoin prices (BTC) and the possible bull run that could be about to happen.

Mr. Lee’s analysis is somewhat puzzling for traditional traders because it presents a different way of “reading the signals.” However, knowing precisely the effect that seemingly contradictory opinions could generate, Tom Lee quickly explained the arguments behind his analysis.

Bitcoin is trading 30% below its 200 day SMA. It turns out that it’s actually a pretty positive signal, and the reason it’s a positive signal is that this has happened a few times since 2009 (October 2011, December 2014 and a few days ago). Why is that significant? Well, number one, Bitcoin bottomed within a month (after the moments mentioned above) … But I think it tells us something even more important not in the next month. It tells us that if you look forward in the next six months, you’re going to do well owning Bitcoin.

So to us, the message is when Bitcoin is trading 30% below its 200-day, its a huge bull signal because, one we’re ending or nearing the end of a correction but also if you look forward six months, you are gonna do pretty well owning Bitcoin.

Tom Lee

Generally in technical analyses, when a graph underperforms an SMA as strong as 200 days, the signal is contradictory. That is, it is taken as a “bad” signal for hodlers. However, according to Tom Lee’s analysis, this is not true in the case of Bitcoin.

Tom Lee explaining why the gap between BTC (BTC) actual prices and 200 MA is a bullish signal

Tom Lee: Bullish in Bearish Times

The CEO of Fundstrat commented that after studying the historical behavior of Bitcoin, the chances of success in circumstances similar to the current ones are incredibly high:

One thing we outlined in our note on that is if you looked at your probability of making money in six months out it was close to a hundred percent. So in other words, if you could ever buy Bitcoin 30$ below its 200 days moving average, you almost always saw good risk (and) reward being long.

Tom Lee’s statements are a clear invitation to buy (and hodl) Bitcoin; however, the waiting period is at least one semester. At times like these, changing trends take some time to consolidate, however, these opportunities are quite attractive for speculators. Rarely have price behavior and 200 M.A. crossed, and such an incredibly high possibility (close to perfection) could be quite appealing to the markets:

“So, what I’m saying is six months. So if you … buying and sell it six months later, your probability of making money was over 90%.”

Full video available here:

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Here Is How New Money from Wallstreet Could Fund the ongoing Bitcoin (BTC) Bull Run

In an exclusive commentary to Ethereum World News, Matthew Newton, a market analyst at eToro shared his thoughts with regards to the current Bitcoin (BTC) surge in the crypto markets that has left many traders excited as well as skeptical as to whether it is the real deal.

We’ve seen a flurry of positive announcements this week, including a nod from the FSB and a big-pocket investor like BlackRock. After a few weeks in the doldrums, news like this goes a long way in lending legitimacy to crypto as an asset class, which is powerful over the long-term.

However, good news is not as influential as bad in a bear market. The market was quietening down over the last week, which is typical around market bottoms when investors lose interest and focus on other things. A great technical setup yesterday may also have helped spur prices forward.

Mr. Newton further cautioned traders that there is a slight possibility that the current Bitcoin (BTC) rally might be temporary:

Investors would be wise to remain cautious, as we saw a similar situation in April where some big short positions were squeezed causing the price to surge. That said, if bitcoin pushes past $8k, it’ll indicate that the bull is back and prices could continue to climb further.

It might take a few more weeks to confirm if the current Bitcoin trend is a bullish one, but one other Wallstreet firm has decided that the time is nigh for it to get into crypto investing. Goldman Sachs, through its new CEO, David Solomon, has indicated that it is already providing investment options to its clients that are derived from Bitcoin. In an interview with Bloomberg, David Solomon stated that:

We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.

This then confirms the general crypto-market sentiment that the new money is slowly but surely trickling in from Wallstreet and other institutional investors. One needs to look at the current total crypto market capitalization that stands at $297 Billion at the moment of writing this. This figure has risen by over $40 Billion since Sunday, July 15th, and only 3 days ago.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.