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Bitcoin (BTC) Turning Point : Data shows bottom is in!

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Bitcoin whales are accumulating and altcoin prices are surging. Andrew Fenton explains why the Bitcoin bottom could be in…

A sea of green (well, apart from TRON)

Ethereum is up by nearly a third across February, EOS by 55 percent, Litecoin increased by 48% and the Binance Coin surged almost 70%. In fact it was a sea of green for altcoins in the 30 days to March 1, with just one of the top 10 coins – TRON – in the red and pulling back 13 percent.

So have we already bounced off the bottom?

The recent wave of optimism around the crypto space, along with the best volumes for some coins in a year, has led many to wonder if we’ve already bounced off the bottom and are once again on our way back up. Many now argue the $3150 low point on December 14 was the winter solstice of this particular crypto winter.

TRON’s Justin Sun this week declared the bear market was OVER in an interview with Huoxing 24. (Don’t get too excited though, as he went on to predict Bitcoin will trade between $3000 and $5000 for some time to come, with the next price breakout 3-5 years away.)

Whales have been feeding on the bottom

There are signs crypto whales also think we’ve touched the bottom. According to Bitcoin.com,  whales have been acquiring large amounts of the cryptocurrency over the past two months. The site’s analysis of the top 100 wallets showed that – excluding the four largest wallets which belong to Binance, Bitstamp, Bitfinex and Huobi – the other 96 accumulated 151,505 BTC in the year to February. That’s about $577 million worth.

Interestingly, some of the largest wallets, which have been been inactive for years, sparked into life around November and started amassing more Bitcoin, suggesting that the big guys believe it’s all upside from here. The top 100 BCH wallets have also been adding to their bags. The five largest amassed 138,014 BCH ($19m worth) between them since December, and activity picked up further in the aftermath of the flash crash on February 24.

Bitcoin Bottom - BTC Bottom

Your bottom is very long and very wide, sir

Bitcoin itself has traded sideways for the past three months, so if this is the bottom, it’s a very long, wide bottom. The good news is that 24 hour volume has increased to $8 billion to $10 billion. It’s not clear where this is coming from, but some point to BTC adoption in developing economies, particularly those with high inflation, or hyperinflation. Nigeria now accounts for more BTC volume than all of England, and Venezuela handles more than the USA (on Localbitcoins).

In fact the number one country in the world for Bitcoin searches on Google is Nigeria, closely followed by South Africa and Ghana. Developing countries often use BTC as a currency, rather than a vehicle for speculation, which is a big step towards adoption. Perhaps that contributed to Bitcoin surpassing Paypal for the second year in a row in 2018 in terms of transaction volume – $1.3 trillion worth to PayPal’s $578.65 billion.

Technical Analyst accurately predicted the bottom a year ago

Professional career trader Peter Brandt made a stunningly accurate prediction a year ago about the depths to which BTC would sink. Brandt uses technical analysis and only make a few trades each year on each asset, based on overall price trends.

In early 2018 he suggested that based on a ‘general TA rule’ on previous parabolic advances being broken, Bitcoin was due for an 80% correction and that BTC would bottom out at $4000.

NewsBTC argues his call is right on the money: “If historical data based on decades of market experience supports calling price declines based on a break of a parabolic advance with such accuracy, it’s also likely that Brandt’s price target for the bottom will be accurate as well.”

The Halving will push up prices (probably)

There are only around 800,000 more Bitcoin to be mined before the block reward is halved in May 2020. That’s part of Bitcoin’s monetary policy where the Bitcoin inflation is reduced by 50 percent every four years. This occurs by halving the amount Bitcoin miners make per block, which reduces the supply of new BTC. Miners currently earn 12.5 bitcoins per block, which equates to an output of around 1800 new BTC per day. This will drop to 6.25 bitcoins per block and 900 BTC per day, which should/could push up prices substantially.

Historically speaking, the halving starts getting factored into the BTC price about a year before it happens. TOP TIP: that’s two months from now.

Bitcoin bull Alec “Rhythm Trader” Ziupsnys says that even if BTC flatlines or dips a little more in the next couple of months, the price of BTC now will look like a steal soon enough. “Let bears enjoy a few extra percentage points. Worrying about catching the exact bottom is like trying to pick up a penny in front of a steamroller.”

The T.A. tea leaves reckon it’s definitely (possibly) over*

The TA guys reckon that when the 50 week Moving Average drops below the 100 week MA that is a lagging indicator of the end of a cycle.  That just happened.

The last time that happened was in April 2015. Back then Mark Ronson’s “Uptown Funk” was the number one song, but more importantly, BTC had found its low three months earlier. It then set off on a new bull run. That was also a year before the 2016 block halving…

Coindesk Tradingview btc ma

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Credit : Follow Andrew Fenton on Twitter

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UK Financial Regulator FCA Won’t Regulate Bitcoin and Ether

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Major British regulator, the Financial Conduct Authority (FCA), will not regulate Bitcoin (BTC) as a part of its recent guidance on crypto assets.

FCA finalizes its statement on crypto after a public consultation released in January

On July 31, the FCA issued its finalized policy statement on cryptocurrencies in a document titled “PS19/22: Guidance on Cryptoassets.” The document represents an updated version of a consultation paper on crypto assets that was first released for public comment in January 2019, and intends to bring more regulatory clarity to the existing types of digital assets.

In the document, the FCA considered major cryptocurrencies such as Bitcoin and Ether (ETH) as “exchange tokens,” describing them as types of crypto assets that are “usually decentralized and primarily used as a means of exchange.” The regulator emphasized that such digital currencies do not fall under the regulatory scope of the FCA and is outside its…

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Bitcoin’s 3 Day Price Charts Point to an Impending ‘Golden Cross’

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A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market.

The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days.

That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April.

Seasoned traders often refer to that long-term bull market signal as a lagging indicator. After all, the MA studies are based on historical data and tend to lag prices, which also means they have limited predictive abilities at best.

While that is true for most crossovers, the one that is about to happen on the three-day chart has proved its mettle as a reliable bull market indicator in the past.

3 day chart (2016-2017)

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Garrick Hileman Explains Why Bitcoin (BTC) is on The Rise This Year!

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Garrick Hileman, head of research at Blockchain, explains what’s behind the cryptocurrency’s near-200% year-to-date rally (watch the interview above)

 

Dr Garrick Hileman is head of research at Blockchain and research associate at the London School of Economics

Garrick is best known for his research on monetary and distributed systems innovation, particularly cryptocurrencies and blockchain technology.

Hileman Garrick was ranked as one of the 100 most influential economists in the UK & Ireland. He is regularly invited to speak and share his research and perspective with public sector institutions, including the CIA, US Army and Naval War Colleges, Federal Reserve, Bank of England, Bank of International Settlements, and the Financial Stability Board, as well as media, including the BBCCNBCFTWSJ, and NPR.

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Bitcoin Price Passes $10,000 as Cryptocurrency’s Spectacular Recovery Continues

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The price of bitcoin has broken above $10,000 (£7,855) for the first time since March 2018, as the cryptocurrency’s remarkable surge in value continues.

Bitcoin passed the milestone after experiencing gains of more than 10 per cent over the last 24 hours.

The price jump saw the world’s largest cryptocurrency reach as high as $10,831, according to the CoinMarketCap price index, taking its overall market capitalisation close to $200 billion.

Bitcoin’s most recent run of good form began in early February, when it was trading at well below $4,000.

It had reached this price after more than a year of steady declines saw its price withdraw dramatically from its late 2017 peak of close to $20,000.

Bitcoin’s recent run has drawn comparisons from some with bitcoin’s run in 2017, with some hoping it can go beyond its previous record high.

“This really is amazing,” one crypto enthusiast wrote on Twitter. “It has 2017 written…

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Satoshi Studio Launches First Ever Blockchain-Certified Sneakers

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Paris, 30th of May 2019. French brand Satoshi Studio announces the launch of their first sneakers. The Satoshi_one is the first pair of shoes certified on the Ethereum blockchain. More high-end products will come from Satoshi Studio thanks to their innovative financing campaigns.

Satoshi Studio was founded in 2018. The Parisian brand is influenced by the Tech industry and Crypto culture. It aims to create a place for itself as a reasonably priced high-end brand. To reach that goal, it will not use traditional channels of communication, striving instead to connect directly with its young and tech-focused community.

To be able to regularly offer new products and avoid traditional seasonality, the brand will launch several crowdfunding campaigns per year. Satoshi Studio believes in responsible shopping habits: they will only produce the right amount, no more, no less. The sneakers will be offered at a reasonable price, without compromising on quality.

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Why We Could See The Price of Bitcoin Quadruple Within Just a Few Months

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Bitcoin is ballooning to new highs… but can it last?

Compound interest might be the most powerful force in the universe, but FOMO can’t be far behind, especially as it relates to bitcoin.

We’ve seen the “fear of missing out” contribute to a nosebleed rise in the price of bitcoin BTCUSD, before, and Fundstrat’s Thomas Lee believes we’re about to see it play out again — but even more pronounced.

The outspoken bitcoin backer told clients this week the world’s top cryptocurrency could ride a wave of FOMO all the way up to $40,000 “within a few months,” thanks to better transparency and a breach of the psychological $10,000 barrier.

He pointed to Grayscale Bitcoin Trust GBTC, as a great way to partake in a rally that would be most welcomed by the crypto bulls who had to suffer through a 74% drop in the price of bitcoin last year.

“Bottom line: Crypto winter looks over,” Lee said….

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