Kvě 27

Boom or Bust: There is no Middle Ground for Bitcoin, Says Crypto Asset Manager

· May 26, 2018 · 9:00 pm

On the subject of Bitcoin’s viability, there seem to only two conclusions. Either the number one crypto is either here to stay or it is just a fad. Thus, whether you support the “bubble” argument, the “currency of the future” notion or any other position, it all inevitably leads to the “boom or bust” conclusion or at least, so says Grayscale Investments managing director Michael Sonnenshein.


Two Mutually Exclusive Bitcoin Future Outcomes

According to Sonnenshein, there is no middle ground as far as Bitcoin is concerned. Speaking during a recent interview with Fortune, the cryptoanalyst said:

As we begin to look at assets like Bitcoin and the unbelievable adversity it’s faced over the last ten years, every day that Bitcoin doesn’t go away, every day that Bitcoin overcomes a new challenge, for me that makes me feel that Bitcoin will do either one of two things.

It will either survive and become all these amazing things that we think it can be, which will cause its price to be a lot higher. Or it is possible something else may come along that will displace it and Bitcoin goes to zero. It likely will have a binary outcome.

Two Mutually Exclusive Bitcoin Future Outcomes

To emphasize the point, consider the image above. Those were the top ten cryptocurrencies exactly five years ago as cataloged by CoinMarketCap. How many of them do you recognize? Now compare with the image below and see that only Bitcoin and Litecoin are still in the top ten. Where did the others go? Well, Freicoin isn’t even in the top 1,000 coins. Namecoin and Peercoin have also fallen spectacularly over the years as have the others on the list.

Bitcoin Should Be Able to Adapt

Bitcoin Should Be Able to Adapt

The critical question is where does Bitcoin’s destiny lie? Sonnenshein believes there is hope for the digital currency as long as there are continued improvements upon the technology. The managing director of Grayscale investments said that Bitcoin’s future is tied to its ability to remain relevant in the emerging digital currency landscape which it has historically dominated right from the outset.

Bitcoin does have one crucial advantage – it is an open source protocol. Thus, if a paradigm-shifting technological breakthrough emerges, it should be easy to incorporate at least some aspects of it into the network.

Where do you stand on the boom/bust debate? Do you think Bitcoin can adapt to changes in the crypto ecosystem? Let us know your thoughts in the comment section below.


Image courtesy of CoinMarketCap, AdobeStock

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Kvě 20

There’s no ‘Consensus’ Concerning the Direction of Bitcoin Price

· May 19, 2018 · 8:00 pm

Thomas Lee’s predicted post Consensus Bitcoin pop never happened. In fact, the market reversed and is now trading at a monthly low! As usual, investors are wondering where the market will go from here.


Market Overview

Contrary to popular expectation, Bitcoin failed to rally 69 – 130% after the Consensus conference in New York ended this week. In fact, it pulled back nearly 5% as the cryptocurrency market capitalization sank to $389 billion and it appears that the downtrend is set to continue for the short term.

Fortunately, things still bode well for crypto as:

  • Goldman Sachs is developing a dollar pegged cryptocurrency (USDCoin) through Circle which will finally provide an alternative stablecoin to Tether.
  • As Consensus wrapped up, the CFTC and SEC directors shared their view that they have no desire to stand in the path of blockchain development.
  • A platform for institutional investment in cryptocurrencies is gradually concretizing which further supports claims that institutional investors will boost cryptocurrency prices in the future.

Keeping this in mind, at present there is still more tangibly good news than bad news in the crypto-hemisphere and volatility is nothing new to cryptocurrency investors… though all of the moonshot valuations and promises of tripling market caps may have led us to forget this.  

Daily Chart

Bitcoin Daily Chart

After a nearly 5% drop, BTC briefly touched a monthly low at $7,925 on Bitfinex. As shown on the daily chart, this is a nearly 50% retracement of the pre-April rally low of $6,425.

On 18th May BTC had continued a pattern of lower highs and lower lows and the daily chart shows BTC below the 100 and 200-day MA and at the time of writing the RSI sits below the 50 indicating that bears have the advantage.

4HR Chart

Bitcoin 4HR Chart

There is a smidgen of positive news for the short term as around midday Saturday the 5 and 10-day MA changed direction and BTC is close to exiting the recently developed downward channel. On the other hand, both the 20 and 50-day MA are sloping downwards and BTC needs to cross the 50-day MA at $8,400. At the time of writing BTC still trades below the 50-day MA suggesting short term continuance of the bearish trend.

If BTC is unable to recover or hold above $8,000, there are long term supports at $7,800 and $7,600 but how likely these are to hold is questionable as $7,784 is at the 61.8 percent Fibonacci retracement. A close below $8,000 means that a reversal favorable to the bears is in place and the ensuing sell off could drop prices to $7,000 or lower.

Vision

  • BTC is close to crossing the 50-day MA at $8,400 and a close above the 50 would set BTC outside the recently developed downward trendline.
  • Failure to recover could lead BTC to touch the $7,784 support at the 61.8 percent retracement.
  • Traders are advised to watch from the sidelines as most technical indicators show bears having the advantage.

Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.

Where do you think Bitcoin price will go this week? Let us know in the comments below!


Images courtesy of Shutterstock, Tradingview.com

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Říj 31

Technical Analysis: Bitcoin Price to Hit $1500 By Year-End?

Source: bitcoin

bitcoin price

The bitcoin price has recently launched into an upward rally, with technical indicators showing the rise slowing down at $820 while bullish consensus builds to send it further to $1500 by 2017.

Also read: Zcash: Where Is All the Hype Coming From?

Technical Analysis: $1500 and Beyond

Long-Term Analysis

After bullish signs flooded the markets, the bitcoin price has shifted into an upward rally. According to technical indicators, this rally should last until we hit $820, after which a sideways market will prevail.

If this scenario gets confirmed, quotes would be able to double again to the year-end objective beyond $1800. The current Elliott Wave Theory 5th phase could be evaluated at the same size as the 1st wave that took place on 2015´s 3rd quarter.

Following the “ABC ending,” that would happen at $820, which should be thought as a lateral sideways market

Mid-Term Analysis

Bullish consensus is still getting stronger. According to indicators, the technical objective is a lateral sideways market near $820.

If confirmed, that scenario be seen as another bullish sign, allowing the chance for another climb into an euphoric bubble, more than doubling the price to $1500 and beyond.

Short-Term Analysis

Prices have entered a synchronization process, recovering their lag against technical indicators. A full synchronization in the short-term shows a continued rise to $820.

Japanese Candlesticks Analysis reflects the chance of another upward movement after the arriving to the technical lateral market at $820. However, the time extension of that lateral movement would determine the next bubble´s size.

Staff opinion: We believe the bitcoin price will stay near $700 for a while, acting as a psychological resistance to further increases. After being tested by profit-taking, the bulls will likely attempt to push beyond $700, triggering a rally that confirms the present technical analysis. The timeline for this prediction is uncertain, we believe that it may or may not happen by the end of 2016

What do you think will happen to the bitcoin price? Let us know in the comments below.


Cover image courtesy of Pixabay.

The post Technical Analysis: Bitcoin Price to Hit $1500 By Year-End? appeared first on Bitcoinist.net.

Technical Analysis: Bitcoin Price to Hit 00 By Year-End?

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Říj 28

Bitcoin Price Keeps Booming, Another $30 Rise in the Books

Source: bitcoin

Bitcoin Trading System

Another rise has been recorded. Since our last piece, the bitcoin price has shot up by about another $30 and is hanging around the $680 mark. Bitcoin just keeps booming away, and it’s plausible that the digital currency could potentially reach $700 in the coming weeks if its current streak stays strong.

Also read: Bitcoin Price Watch: Are We About to Hit $700?

One source describes the action with a ray of excitement:

“Wow, what a night. We’ve been asking for some volatility in the bitcoin price for the last couple of days, and boy did we get it last night.”

This is the second near-$30 rise for bitcoin in the short span of about a week, and several analysts are “blaming” the devaluation of China’s native yuan currency for the alleged spikes in the coin’s price.

As the strength of fiat continues to drop, many asset holders (particularly in China) are seeking ways to retain some form of power and control in their financial futures, and it appears bitcoin is the way to do that. Bitcoin trading and purchasing are at an all-time high in South Asia, and the streak doesn’t seem to be on the verge of stopping anytime soon.

Is ‘Hodling’ the Best Way to Maintain the Bitcoin Price?

However, there is another side of the spectrum. Sure, people are buying coins left and right. Yes, it is likely contributing to the price hikes, but other investors are touting the power one achieves in simply “holding on” and waiting.

Those with a fair amount of bitcoins in their investment portfolios are sitting around and letting what they have grow. Granted, once they reach a certain point, they will seek to cash out and get their money’s worth. The process is called “hodling,” and is similar to the practices witnessed amongst top stockholders.

One source describes its functions:

“’Hodling’ takes bitcoin off the market, reduces the supply available to everyone else, and increases the price as a result. If could also mean signaling to whoever heeds that you value the asset enough to want to hold it, which in its own interpretation, could warrant keen interest from those who are yet to go into it.”

Hoarding bitcoins is neither wrong nor right; same for spending them. Whatever works to increase the price is probably best, but investors are warned that bitcoin is showing some unusual activity as of late, and it’s unclear whether or not the price is coiling or simply settling and correcting itself. Either way, keep an eye out and keep those bitcoins protected.

Do you think bitcoin will reach $700 soon? Post your comments below!


Image courtesy of Bitcoinist.

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Bitcoin Price Keeps Booming, Another Rise in the Books

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Čvc 12

Bullish Trading Ahead? Bitcoin Price Sees New Technical Patterns

Source: bitcoin

Bitcoinist_Traditional Finance

Technical indicators suggest that the bitcoin price could be preparing for a rather significant correction, potentially sending it below $600. Traders shouldn’t have too much to fear though, as the decline is expected to be followed by bullish activity, resulting in a rise to $700 and beyond, hitting resistance at $1000.

Also read: Industry Report: The Halving That Came and Went

Bitcoin Price Looking Bearish, but Not for Long

Long-Term Analysis

After a year where a rounded bottom pattern was perfectly accomplished, a new big pennant had taken place into the mid-term trading box, created as a result of the sideways lateral market that professional traders´ work let behind their accumulation activities. Perhaps we could see another month in the same price level while prices perform this pennant, which could become a bigger flag formation.

This kind of well-known pattern may also create a bullish consensus that provides some up-sliding of the trading box from the $600 support to the long-term Fibonacci resistance at $820, starting the first wave of the Elliot´s theoretical pattern staying inside the next level box with a probable ladder step rebound at the $700 support level. All of these movements will occur in a major zig-zag advancing pattern toward the second box´s higher resistance of $1000.

Mid-Term Analysis

Forming a kind of trading box with support at $600 and resistance at $820, prices had composited other patterns that could help traders to figure their marketplace, like several rising lines that provide reference for making decisions.

Meanwhile, prices advance in a slow rising zig zag movement, which should become a fireworks show of growth in about 2 months’ time, when the third phase of Elliott wave theory gets real in the charts.

Right now, mathematical oscillators are giving enough signals to sustain the bullish consensus, and to allow the suspicion of far higher prices at the end of the year.

When the present flag pole reaches the $820 resistance, the support will have to be relocated at $700 like a ladder step rise sliding the box to next level.

Short-Term Analysis

According to volume indicators and candlestick analysis, prices are preparing for a down movement, which may create panic selling from weak hands. This selloff would hit a big support level below $600—probably near 580—where strong hands and big players could be planning their purchases.

After this probable downward slide, the next movement in the present trading box could send prices upward for another 100 points, performing a fast rebound to $820.

Following that rise, a bear correction will send the bitcoin price to a new support level around $700, launching a new sideways lateral movement with resistance at $1000. This trading pattern is expected to hold for the next two weeks.

What do you think will happen to the bitcoin price? Let us know in the comments below!


Featured image courtesy of Shutterstock.

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Bullish Trading Ahead? Bitcoin Price Sees New Technical Patterns

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Dub 24

BitcoinAverage Announces Newest API in Beta

Source: bitcoin

Vanbex Report

London, UK, April 24, 2016 — BitcoinAverage, the world’s most trusted Bitcoin price index, will be releasing new system features, revamping its pricing index to accommodate the needs of users at every level, from casual to enterprise-grade.

Disclaimer: This is a press release. Bitcoinist is not responsible for this firm’s products and/or services.

“We are launching a closed beta of our API,” said BitcoinAverage’s Founder, Shaun Gilchrist. “Access will initially be provided to existing users, and then opened up to the wider community. It is our aim to continue providing the most comprehensive price data for the industry, and we hope that with the help of the community and their feedback, we will be best placed to do that.”

The London-based company established itself as the leading source for Bitcoin pricing in 2013 and have since been developing open-source application programming interface (API) tools to provide real-time Bitcoin data to mobile apps, web services and businesses worldwide.

In its latest offering, BitcoinAverage is preparing for the launch of a new full-featured API that will be bundled with an updated front-end interface following beta testing and subsequent finalization of the programming interface.

In addition, the company will also be providing a tiered subscription program along with customizable packages tailored for users in need of something more robust.

The tiered structure will still offer a free plan for users, which has been a staple of BitcoinAverage’s service offerings. The gratis-level entry package will cater to existing users of BitcoinAverage’s API and will ensure no one is forced out following the system upgrade.

One of the biggest changes will be the availability of packages to scale up for enterprising needs and otherwise; service offerings which have been asked of the Bitcoin price index since launching a few years ago.

Following the beta launch, users will be able to generate API keys for authenticated endpoints, allowing users finer control over the API and in turn provides a far better service to clients.

Further, customizable endpoints and custom indices — an industry first — will be made available to higher-tier users.

As Gilchrist explained, these are important features, introduced because of the debate that surrounds what exchanges should or should not be included in an index.

“Going back to Mt. Gox and the downtime or withdrawals issues, currently, chinese exchanges and the issue of inflated volume due to 0% fees, or sites like Localbitcoins.com and the high premiums that skew averages across the board,” said Gilchrist, “the playing field is far from uniform.”

“So we provide clients with the ability to exclude one or multiple exchanges they may feel don’t belong in an index.”

BitcoinAverage’s new system will also allow the freedom to compile an index or indices from scratch.

“Our roadmap includes a far superior algorithm (soon to be complete) than our current volume weighted average price,” Gilchrist said. “We can’t wait to unveil it in its final form soon.”

For more information visit bitcoinaverage.com.

About BitcoinAverage

Since 2013, BitcoinAverage has been the leading source for Bitcoin pricing data, currently comprising and analyzing 50+ exchanges worldwide to ensure the most accurate Bitcoin price is delivered to its users. BitcoinAverage initially launched as an open source project and is now the most widely used bitcoin price ticker in the world. Its Global Bitcoin Price Index (GBX) was the first of its kind in the industry and is still recognised as the most widely used price source for applications, services and businesses worldwide.

Press Contacts

Brandon Kostinuk

Communications Lead, Vanbex Group

Ph: (604) 312-2463

Email: b@vanbex.com

Kevin Hobbs

Director, Vanbex Group

Ph:(604) 379-9032

Email: k@vanbex.com

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BitcoinAverage Announces Newest API in Beta

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