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Will Bitcoin Reach Another High in 2019?

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Bitcoin was a big disappointment in 2018. For investors on the bullish side of the market that is.

After starting the year near an all-time high, the “people’s currency” entered a bear market, hitting one low after another. And dragging along scores of other cryptocurrencies.

But with prices stabilizing in the last few days, which coincides with Bitcoin’s peak last year, some bulls are encouraged that the bear market may be over.  Reghav Jerath, Founder and CEO of Gath3r, is one of them. “The current market decline is just a phase,” Jerath says.“In its short history Bitcoin has corrected 80-90% many times over. This is just another bump in the road and was overdue.”

bitcoin charts btc

Jerath doesn’t have a price target for Bitcoin, but he thinks it will remain the dominant cryptocurrency.“Bitcoin as a first mover and the underlying technology can solve a lot of problems,” he adds. “While there are issues that need to be addressed such as scalability, there are a lot of real achievements occurring.”

This view is consistent with a recently published A.T. Kearney report, which expects Bitcoin to regain its market dominance in the cryptocurrency markets by the end of 2019. In terms of market capitalization, that is.

Regaining market dominance, however, doesn’t mean that the cryptocurrency will head to new highs any time soon.

The reason? Bitcoin and other cryptocurrencies have failed to address a big problem: how to gain broad acceptance by a critical mass of users.

Thus far, none of the major digital currencies have solved this problem, failing to gain acceptance beyond the “technology enthusiasts,” a small group in the “Rogers Curve” — a model marketers use to explain how new products reach the masses.

That means the momentum behind Bitcoin, which sent its price sky high last year, was simply hype about the Bitcoin’s potential to change the world.

And as reality settles in a year later, Bitcoin’s potential remains just that — potential. The only difference is that the market valuation of Bitcoin has changed.

“Bitcoin holds a big promise of sovereign and sound money – the bubble we experienced a year ago was an unfortunate consequence of human greed and short-term thinking,” says Clement Thibault, Senior Analyst at Investing.com. “Bitcoin hasn’t changed in the past year and it remains the same asset, whether it’s worth $20K or $3K. It’s potential and usefulness haven’t diminished with the price.”

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Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K

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Ever since the start of April when Bitcoin price rallied nearly a grand in roughly an hour, bullish sentiment has returned to the crypto market, and many have begun confidently calling the bitcoin bottom as in.

Following the massive price surge, Bitcoin price has consolidated above $5,000, and is forming an extremely bullish pattern on price charts, suggesting that a move up above $6,000 may be the next stop for the leading cryptocurrency by market cap.

Crypto Analyst: Bitcoin Price To Break Above $6,000 In Short Term

Bulls have managed to maintain the upper hand after early April’s powerful rally through resistance at $4,200 to over $5,000, and the price of Bitcoin is currently trading at $5,300. The price of the first ever cryptocurrency has been ranging between a local high of $5,450 and $5,000, suggesting that price consolidation is occurring in the market.

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Is It Time for a ‘Blockchain’ Brexit?

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Pindar Wong is the chairman of VeriFi (Hong Kong) Ltd and a member of CoinDesk’s advisory board. An internet pioneer, he co­founded the first licensed Internet Service Provider in Hong Kong in 1993. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.


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Bitcoin Price Surges 20% to $4.8k in Minutes: Is the Bear Trend Officially Over?

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The bitcoin price recorded a massive surge from $4,200 to nearly $4,800 within minutes, demonstrating a 20 percent gain in a short time frame.

Bitcoin Charts. Bitcoin CoinMarketCap

Bitcoin surges 20% in a matter of minutes, fueled by a short squeeze (source: coinmarketcap.com)

The $4,200 resistance level, which bitcoin has struggled to break out of for more than four months, was broken cleanly for the first time on early Tuesday morning, which led most technical indicators to turn and allow the dominant cryptocurrency to surge substantially.

IS THE BITCOIN BEAR TREND OVER?

Earlier this week, economist and global markets analyst Alex Krüger said that a price movement of bitcoin above the $4,200 level will mark the end of the bear trend beginning January 2018, lasting 16 months.

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Bitcoin (BTC) Price Posts Biggest Quarterly Gain Since Late 2017

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  • Bitcoin closed the first quarter of 2017 with 10.91 percent gains – the biggest quarterly gain since the fourth quarter of 2017.
  • While bearish exhaustion is evident, a bullish reversal above $4,236 still remains elusive. A sustained break above that level may not happen in the next few months, as the price seems to be mimicking the bottoming pattern seen in nine months leading up to the October 2015 bull breakout.
  • Bitcoin’s short-term outlook remains bullish as Friday’s close above $4,055 bolstered the bullish setup on the daily chart. The cryptocurrency could test the February high of $4,190 this week.
  • However, a persistent failure to clear $4,130 – the high of a doji candle created on Saturday – may invite selling pressure and yield a drop to the crucial 30-day moving average, currently at $3,938.

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Bitcoin: BTC Price Upswing Could Gather Momentum Above $4K

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  • Bitcoin price stayed above the $3,850 support and rebounded above $3,940 against the US Dollar.
  • The price surged higher and settled above the $3,900 and $3,940 resistance levels.
  • This week’s followed crucial bearish trend line was cleared with resistance at $3,945 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now back in a positive zone and it could extend gains above the $3,980 and $4,000 resistances.

Bitcoin price made a sharp U-turn from new weekly lows against the US Dollar. BTC is back above the $3,940 pivot level and it could accelerate gains above the $4,000 barrier in the near term.

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Yesterday, we saw an extended decline in bitcoin price below the $3,900 support against the US Dollar. The Bitcoin BTC/USD pair traded to a new weekly low at $3,850. Later, the pair formed a decent support base near the $3,880 level….

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