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SFOX: Bitcoin Looks ‘Mildly Bullish’ For May 2019

SFOX Bitcoin Price Analysis 2019

Crypto analytics firm SFOX has released their most recent report on the state of the crypto markets, finding the outlook for May to be ‘mildly’ bullish for Bitcoin.

According to the most recent report and SFOX’s Multi-Factor Market, BTC continues to look mildly bullish entering the new month. While the final week of April appeared to show some price contraction for BTC, with the currency experiencing a sudden dip following news of Tether and Bitfinex being accused of market manipulation, SFOX continues to support positive price growth for the currency.

SFOX also claims that Bitcoin has continued to hold  control over the marketplace despite the rally in coin prices for other top cryptos. BTC market dominance climbed throughout the last month, with the original cryptocurrency piling on valuation compared to other currencies. SInce the start of April, Bitcoin has grown to 6 percent in market dominance, rising from near 50 percent to 56 percent, as of writing. SFOX writes that Bitcoin movements for other top cryptos, such as Ethereum, Litecoin and Bitcoin Cash correlated with Bitcoin throughout last month, despite the latter’s growing development.

SFOX also writes that, moving forward, investor interest should turn towards developments related to a Bitcoin Exchange-Traded Fund and other indications of substantial institutional investment Overall, the change in market sentiment from SFOX has not changed in the last month, with Bitcoin continuing to register a “mildly bullish” indicator from the analytics firm–the same metric it generated last month.

However, the company reports that the primary metrics used for gauging Bitcoin price performance–price momentum, market sentiment, and continued advancement of the sector–gives a positive outlook for both the price of BTC and the overall industry of cryptocurrency. Nonetheless, SFOX’s rating for BTC has ranked as ‘mildly bullsih’ for the fourth month in a row, a condition that the firm addressed in the more recent update,

“We determine the monthly value of this index by using proprietary, quantifiable indicators to analyze three market factors: price momentum, market sentiment, and continued advancement of the sector. It is calculated using a proprietary formula that combines quantified data on search traffic, blockchain transactions, and moving averages.”

SFOX cites strong Bitcoin fundamentals for being the primary driver for its rating into the fifth month of the year, with both price momentum and institutional interest showing signs of growth and giving an overall bullish indicator for BTC. The start of April, which kicked off one of the most bullish rallies for Bitcoin valuation in over a year of trading, was largely driven by one institutional or whale purchase–at least according to data compiled by the analytics firm,

“The beginning-of-April crypto rally, despite having injected the market with renewed volatility, appears to have primarily been driven by one large buy order rather than fundamentals, and the market appears to have largely normalized again at new levels post-rally.”

Despite featuring heavily into previous years of investment, SFOX claims that FOMO has taken a passenger seat to overall industry growth, leading investors to buy cryptocurrency for reasons supporting long-term valuation and market interest.

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Steve Wozniak: Bitcoin (BTC) has Seen “Massive Value Creation”

Bitcoin (BTC)–Apple Co-Founder Steve Wozniak had positive words for the growth of Bitcoin in an interview with Bloomberg published on Feb. 26.

According to the tech legend, who has been a staunch supporter for Bitcoin and cryptocurrency, the industry has managed to generate “massive value creation” over the course of the last several years, even if prices have continued to falter.

Wozniak’s comments came in reference to the potential of Bitcoin and followed upon similar statements he made a year ago saying that Bitcoin could become the world’s future currency. His interviewer was quick to point out that Bitcoin has seen “massive value destruction” over the last year, a point of reference that Wozniak found disagreeable,

“I’m not sure I can buy that we’ve seen massive value destruction, I think we’ve seen massive value creation.”

Interestingly, Wozniak’s comments mirror those of Reddit Co-Founder Alexis Ohanian, who told Yahoo Finance last week that the bear market has been a net positive for cryptocurrency. Ohanian, who has been a starch supporter for Bitcoin, explained that the crash in crypto prices shook out market speculators and replaced them with committed developers and investors looking long-term. According to Ohanian, cryptocurrency is not attracting a talented group of entrepreneurs who are looking beyond daily price movements,

“What’s a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They’re building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that’s a good thing.”

Similar to Ohanian, Wozniak was less concerned with how the market had responded to undeniable industry growth for Bitcoin and cryptocurrency. Speaking in the interview with Bloomberg, Wozniak continued that psychology and emotional investment behavior drives a substantial portion of market behavior, including the price dip for cryptocurrency which has extended into a year-long bear market.

Despite cryptocurrency development, excitement and adoption being at an all time high (look not further than Facebook and JP Morgan being tied to stablecoin projects), investment into the industry has continued to languish. Wozniak pointed out that his interest in Bitcoin was not for its price or investment value, as a tool for innovation to experiment with.

However, Wozniak made headlines in January 2019 with his claim to have sold Bitcoin at the $20,000 peak–the currency’s last all time high–just prior to the crash,

“When it shot up high, I said I don’t want to be one of those people who watches and watches it and cares about the number. I don’t want that kind of care in my life […] Part of my happiness is not to have worries, so I sold it all and just got rid of it.”

Regardless of when Wozniak sold his holding of BTC, the tech entrepreneur has played a role in encouraging the development of digital assets and driving greater interest into the benefits of cryptocurrency outside of price behavior.

Wozniak’s comments come in stark contrast to those of Warren Buffett, who earlier in the week made the claim that Bitcoin is a “delusIon.”

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Tom Lee Claims Market is Wrong, Calls for Bitcoin to be Valued at $14,800

Bitcoin (BTC), Cryptocurrency–While some are calling for the final demise of Bitcoin, with the currency exhibiting price movement that would indicate the bubble has popped, long-time cryptocurrency bull Tom Lee claims that an irrational market is to blame for the falling price of BTC.

Compared to previous predictions, which have the currency falling to $2500 with little support to turn around the losses of November, head of research at Fundstrat Global Advisors Tom Lee finds the value of Bitcoin significantly lower than what it should be. In a note to investors published on Thursday, the advisor gave some surprising and hopeful news for those who left confused over the precipitous drop in BTC pricing throughout November–a month which culminated in the worst losses for Bitcoin since August 2011.

Lee, who has been a long time cryptocurrency advocate and Bitcoin bull, claims that the fair value for the number one cryptocurrency by market capitalization should be between $13,800 and $14,800. As apart of his analysis, he cites the large number of active wallet addresses, how often BTC is used by accounts and the deflationary supply of the currency all pointing to a much higher valuation than the current price of $3400.

While some continue to chide Lee for his predictions, particularly following his oft-remarked, bullish claim in May that Bitcoin would climb to $25,000 by the end of 2018–putting the price of the currency above its most recent all time high–he remains confident in the outlook for the industry and his own valuation. As opposed to a flaw in his analysis for the worth of Bitcoin, Lee blames an irrational market for creating the current state of cryptocurrency valuation, with other indicators such as adoption pointing to a higher value,

“Fair value is significantly higher than the current price of Bitcoin,” he wrote. “In fact, working backwards, to solve for the current price of Bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently.”

Lee cites a similar argument made by analysts and supporters of cryptocurrency, that while market prices are falling the adoption and influence of the industry is expanding. Mike Novogratz, another Bitcoin bull and CEO of Galaxy Digital Holdings which is heavily invested in cryptocurrency, described a similar sentiment in a conference call to investors reported on by EWN at the beginning of the month. While Novogratz remarked that it had been a horrible year for token prices, including losses for Galaxy Digital which have exceeded $130 million in 2018, he stuck by a strong outlook for the industry in 2019 and beyond,

“I fundamentally think you’re going to see big adaption in 2019, 2020. Lots of the items in the digital world, the e-gaming space, are low value items so I think people will be more comfortable participating in blockchain. We’re making big investments in that area.”

With the potential for Bitcoin growth and cryptocurrency adoption still climbing in spite of falling prices, both Lee and Novogratz are hinting at a market turn that could happen unexpectedly. Similar to the crash in internet stocks that occurred prior to wide-scale dissemination for both Wall Street and Main Street, cryptocurrency could be in the latency phase as investors and users wait for improved development.

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Satis Group Price Analysis: Bitcoin and Monero Biggest Gainers Over 10 Years

Bitcoin (BTC), Monero (XMR)–According to a report by the initial coin offering (ICO) advisory and research firm Satis Group, both Monero and Bitcoin look to be the biggest winners in terms of price gain over the next decade. Satis, which publishes outlooks for both ICOs and current cryptocurrencies, as well as advising on  the forces that will shape the industry, has released a new forecast for the next ten years that puts XMR as the greatest price gainer while predicting XRP to be in for a historic crash.

According to the report, Monero is predicted to have a price appreciation of 38391 percent over the next ten years, bringing the price to a whopping $39,584 (up from its current value of $108 as of writing). The report also predicts Monero having a strong performance over the next year, predicting a four-digit percentage increase in price to bring the valuation of XMR to $1476.

In addition to being bullish on Monero, the new report also finds more profit to be made through Bitcoin, claiming that the number one currency by market capitalization will eclipse it’s previous all time high of $20,000 at some point in the next year to bring the total value of BTC to $32,914. The five and ten year outlook for Bitcoin is equally positive, with the coin poised to hit $96,378 and $143,900, respectively, over the coming decade. Ethereum and Litecoin were also listed in the report with positive gains, however Satis Group predicts neither coin to perform anywhere near as well as Monero and Bitcoin. Litecoin has an expected 10-year price outlook of $225, failing to eclipse December 2017’s all time high, while Ethereum’s outlook is pegged at $588–again failing to retest previous highs.

Interestingly, Satis Group finds XRP to have an overwhelmingly negative outlook, predicting the coin to reach a historic low in investment price. The former product of blockchain startup Ripple and current third overall cryptocurrency by market cap is predicted to be worth a penny in five-year’s time, and less than that over the full decade forecast. XRP, which once traded for as high as $3.84 per coin during the January’s bull run, is expected to continue a slow decline worth up to 90 percent of the current value, a price point that would result in a 99.7 percent decline since the last all time high.

The reasoning behind such a meteoric rise for Monero stems from the belief by Satis Group that anonymity-providing currencies will form the dominant share of the market rather than the current projection towards Dapps. Satis Group finds penetration into offshore deposit markets as the natural extension for the growth of cryptocurrency, making the value of a currency like XMR–which rebuffs censorship and can hide user transaction information–more attractive if the industry shifts towards providing greater privacy services.

Bitcoin also received a positive review from Satis Group, with the company highlighting that the high marketability and brand appeal of the coin would continue to climb with the growing penetration of cryptocurrency into society. Taken from the report,

“Despite a lack of appeal during retail frenzies, we continue to believe that BTC and its network effect will dominate end-market share within Currencies and the overall cryptoasset market, driven by: 1) increasing liquidity and purchasing avenues, 2) increasing brand recognition, 3) its position as the default base-pair within the crypto markets, 4) declining relative volatility, 5) relative lack of attack vectors, 6) network capacity alleviation through the maturity of layer-2 solutions, and 7) an increasingly high attack and overthrow cost.”

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