Zář 17

Bitcoin Price to Surge After Crossing $10,700: Analyst

Bitcoin price inched lower on Tuesday as investors waited for the outcome of the Federal Reserve’s two-day meeting on monetary policy.


The benchmark cryptocurrency slipped by $44.70, or 0.44 percent, to $10,217.84 as of 13:09 UTC. The downside price action occurred on the sidelines of better-performing alternative cryptocurrencies. While the second-most valuable blockchain Ethereum climbed 2.18 percent against bitcoin, XRP became the second-largest gainer against the king cryptocurrency after rising 5.97 percent. Other altcoins, including Bitcoin Cash, Litecoin, and EOS, also registered impressive gains.

bitcoin, bitcoin price

Bitcoin slips as altcoins surge higher this Tuesday | Image credits: TradingView.com

There is a notion that bitcoin didn’t live up to its “safe-haven asset” status in the face of an adversary. Recent drone attacks on two Saudi Arabia’s crude oil production facilities ended up messing an already worsening global economic outlook. The US’ S&P 500, China’s CSI, and Europe’s Stoxx 600 each dwindled as investors digested the long-term prospects of the Saudi attack. Analysts believe the incident would halt the global oil supply for months, the effect of which will start reflecting on the health of the international markets. 

“While the ultimate impact will depend on a combination of the extent of damage, the US and Saudi response, and whether further attacks occur, the current production decline will exacerbate the tightening in the oil market that was already underway and could add a more lasting geopolitical risk premium to prices,” Greg Sharenow, a portfolio manager at Pimco, told FT.

Almost all the haven assets responded positively to the Saudi attacks. Gold and Treasuries rose as investors looked at them as hedging assets. Unfortunately, bitcoin didn’t live up to the expectations.

The Fed Meeting

All eyes are now on the Federal Reserve meeting that commences today. Markets expect the US central bank to cut interest rate by a 25 basis-point, as the Fed chair Jerome Powell continues to face political pressure from President Donald Trump. Powell’s office will update its dot plot, a visual representation of the direction of the interest rates, while the chairman himself will address the attendees tomorrow with a final decision.

Changes to the dot plot could see influence from the ongoing US-China trade war and Saudi attacks. It would also consider Bank of America Merrill Lynch’s September fund manager poll that found that 38 percent of investors expect a recession over the next 12 months.

Bitcoin Bulls At It

Speculators in the cryptocurrency market see rate cuts as bullish for bitcoin. Coupled with the launch of Bakkt’s most-awaited physically-settled bitcoin futures, traders predict at least a $10,700 bitcoin by the end of this week. But to this date, Bitcoin has least reacted to any of such updates, as visible in the cryptocurrency’s dismissive performance after the European Central Bank (ECB) announced fresh rate cuts and quantitative easing rounds last week.

Dan Tapeiro, the founder of New York-based DTAP Capital, meanwhile brings in a technical perspective. The analyst on Monday said bitcoin could accelerate higher if it manages to “strongly close over $10,700.” The level roughly matches shoulders with a descending trendline.

He, meanwhile, added:

“Everyone “knows” that fact already. In traditional markets, when everyone knows the fact it is considered “priced in.” In Bitcoin, you never know what’s priced in. But it doesn’t matter because Bitcoin doesn’t care about your opinion.”

To sum up, bitcoin can go up, but it can go down also.

Do you think Fed rate cuts will push bitcoin price past $10,700 this week? Let us know in the comments below.


Images via Bitcoinist Image Library, BTC/USD charts by TradingView, Twitter: @thehill, @DTAPCAP

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Zář 15

Tim Draper Says $250,000 Bitcoin Price Prediction is Conservative

Billionaire venture capitalist Tim Draper says his bitcoin price forecast of $250,000 by 2022 understates the power of BTC.


Inflation and Government Distrust Will Boost Bitcoin Price

Speaking to BlockTV, Draper described his famous $250,000 bitcoin price forecast as being conservative. According to Draper:

$250,000 means that bitcoin would then have about a 5% market share of the currency world and I think that may be understating the power of bitcoin.

The billionaire investor has consistently maintained his popular bitcoin price prediction calling it “absolutely solid” back in 2018.

The stock-to-flow (S2F) model puts bitcoin’s price post-halving at $50,000. Based on the current number of BTC in circulation, the bitcoin market capitalization at just under $1 trillion.

Thus, Draper’s forecast places bitcoin firmly in the league of assets like gold with market caps in the trillions of dollars range.

As previously reported by Bitcoinist, BTCC founder Bobby Lee believes the bitcoin price could reach $200,000 “in a very short time.”

According to Lee, bitcoin hitting $20,000 again will be the trigger for an even greater parabolic advance that would see the BTC all-time high (ATH) price entering a new order of magnitude.

For Draper, bitcoin provides a viable alternative to fiat currency as currency and government distrust will drive more people into cryptocurrency.

During the interview, founder of Draper Fisher Jurvetson (DFJ) Venture Capital highlighted the situation in Argentina as an example of how people will make the pivot from fiat to BTC.

Back in March 2019, Draper made a wager with Argentina’s President over the price of bitcoin.

Bitcoin Needs to be Easy to Use

During the interview, Draper declared that there was still work needed to be done to make bitcoin easier to use.

The DFJ chief who is himself a bitcoin owner says ease of use will draw more people into adopting cryptocurrencies.

Back in February 2019, Draper predicted that people will be using bitcoin to pay for coffee by 2021. He was even part of $1.25 million investment round for OpenNode — a bitcoin payment processor startup, in late 2018.

Fellow billionaire and bitcoin Jack Dorsey earlier in September noted that why bitcoin appears primed to become the native currency of the internet, it is still some way off from achieving such heights.

What do you think the bitcoin price will be by the end of 2023? Let us know in the comments below.


Images via Shutterstock, Twitter @BLOCKTVnews.

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Zář 10

Fundstrat’s Tom Lee: Bitcoin Misery Index Suggests New Bull Run Soon

The Bitcoin Misery Index, a technical indicator of trades, has been falling all summer. The indicator is sinking to 50 points, a level at which Bitcoin (BTC) prices may start to rally, thinks Fundstrat’s Tom Lee.


The Bitcoin Misery Index (BMI) by Fundstrat is a subscription-only technical indicator based on the profitability of average trades. High scores for the index point to exuberance and hype, while low scores show that most investors are “miserable” and the market is difficult to navigate.

Bitcoin on the Bounce

Since the hot price moves of July, Bitcoin turned flat, and the BMI deflated slowly over the course of a few months. BMI sank from 67 down to around 53. Investment expert Tom Lee of Fundstrat pointed that BTC had a “boring” summer, but with the index under 50, more dramatic moves are possible.

Following a “trendless” summer, bitcoin enters September with expectations of a possible shift in sentiment.

BTC remained stuck in a range, moving between $9,500 and $10,500 on most days. Other indexes, such as the “fear and greed” indicator, remained shaky. Fear is no longer extreme, but BTC is still somewhat directionless.

Bitcoin market prices appeared even shakier on Monday, sinking down to $10,279.69. The price slide and weakened volumes also brought lower market capitalization dominance of 69.7%, down from 71% in the previous week.

Time to FOMO?

Lee expects the BMI to be within the 50-53 points range in early September. At those levels, this predicts a potential stronger appreciation in the coming six months. The index is not an exact predictor, but Fundstrat sees more tailwinds for bitcoin than headwinds. Macroeconomic factors are also in play, such as a lowered Fed interest rate, as well as high fiat liquidity.

Fundstrat warned of lowered volumes, as BTC trading moved down to $16 billion in 24 hours, down from above 25 billion during the more active days in July. Lowered volumes may also cause unpredictable, dramatic price moves.

The most bullish predictions see bitcoin repeat the end-of-year rally from 2017. Fundstrat believes crypto winter is behind us, but a rally is not guaranteed.

Short-term negative predictions for BTC see the coin returning to $8,500, or at best hovering in rangebound trading. “Launchpad” levels may start at prices above $11,700, if BTC manages to rally to that range.

What are your thoughts on BTC sentiment? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @Fundstrat

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Zář 06

Bitcoin Hitting $1T Market Cap By 2025 ‘Entirely Possible’: New Analysis

Bitcoin has most of its wealth creation still to go and could top a giant $1 trillion in market cap in just six years, new analysis claims.


$1 Trillion Bitcoin Doesn’t Need Parabolic Trend

Published last week, the forecast by Blockchain investment advisory resource, Byte Tree, suggests that even with conservative growth, Bitcoin will achieve wild new heights.

“Growth rates can go on for long periods of time but will inevitably slowdown as they mature. The implications for this new trendline imply $10,000 bitcoin will remain a theme until late 2020, rising to $20,000 by Feb 2022 and $40,000 by May 2023,” it reads.

Recall that if (nearly) 18 million coins quadruple in price, more than half a trillion dollars of wealth will be created. That’s more than possible and the network could touch a trillion dollars by 2025. Considerably more wealth creation lies ahead, than has occurred in the past.

The figures come at a time when BTC/USD had come off its latest bullish rise, which previously saw the pair touch $13,800. 

Sideways action subsequently culminated in a dip to $9350 last week, with markets since recovering to linger just below $11,000 at press time on September 6.

Tech Stock-Style ‘Mega Trend’ Inbound

Bitcoin’s annualized investor returns are 212%, Byte Tree notes, adding that the figure was unlikely to continue at such an aggressive pace forever. 

Despite that however, slowing down does not equal bearish signals, and this holds true for assets other than Bitcoin.

“You can’t reasonably expect steep trendlines to continue indefinitely, but you can expect credible assets to keep on moving higher year after year,” the publication concluded. 

“If you doubt that, then just look at the leading tech stocks which seemingly go from strength to strength. They grow because the internet is an established mega trend; something that bitcoin will enjoy for years to come.”

The idea of a $40,000 Bitcoin by 2023 is certainty moderate compared with some other predictions. As Bitcoinist reported, it is ‘permabulls’ John McAfee and Tim Draper leading the way, the former still infamous after pledging to consume his own male appendage if BTC/USD did not hit $1 million by 2021. 

Draper believes $250,000 is achievable by 2023. In the short term, technical indicators meanwhile err on the side of caution, nonetheless suggesting an end-of-year price for 2019 at around $20,000 – sooner than Byte Tree.

What do you think about Byte Tree’s Bitcoin forecast? Let us know in the comments below!


Images via Shutterstock

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Zář 01

Sunday Digest: Bitcoin Price, Libra-Killers and Craig Wright (again)

Obviously, it’s still just about the end of summer, so French air traffic controllers have decided to go on strike. Maybe there would be less annual havoc across Europe’s skies if they ‘paid them in Bitcoin’?


Bitcoin Price: Yet More Consolidation

So BTC has spent another week trading sideways in a band around $10k. Whilst the lack of breakout will undoubtedly be disappointing for some, the further solidification of support is welcome.

The week again started strongly, with a push on Monday taking price up to $10,600. We also saw the realized market cap (which adjusts for lost coins) breakthrough $100 billion for the first time ever.

The MACD indicator turned bearish for the first time this year, but we still had plenty of bullish sentiment from analysts. Bulls were accumulating, the order book looked bullish, and Max Keiser chipped in with a $25k prediction based on the fragile stock markets.

Institutional investors were becoming more bearish according to one report, but this could all change in the autumn with the Bakkt futures launch, and final Bitcoin-ETF decisions from the SEC.

All the while Monday’s gains had been slowly trickling away. Then Wednesday evening through Thursday saw a larger crash of 9% over the course of a few hours. Support at $9,400 held and we looked for potential reasons for the sudden drop.

Still, looking at longer-term trends, there are a lot of reasons to be positive. The uptrend for the year is still very much intact and will be even if price falls back to $6k levels. Although at least one analyst believes that bitcoin won’t retrace that level, claiming that $10k is the new $6k, and is just a stepping stone on the inexorable grind upwards for bitcoin price long-term.

Technicals were good, as hash rate hit an all-time high, while BTC price finished the week trading sideways at around $9,600.

The Race Is On To Beat Facebook’s Libra

The one thing that Facebook appears to have achieved with its announcement of the Libra ‘cryptocurrency’ is galvanizing the entire crypto-community to make it obsolete before it even launches.

It seems that everyone and their mum is now working on a stablecoin for online payments and money transfer. Telegram has long mooted its cryptocurrency, but recent reports suggest it is now imminent, along with a bunch of localised stablecoins from Binance.

Even the Chinese government is (or isn’t depending on who you believe) about to launch a Libra-killer.

Meanwhile, Facebook launched its bug bounty program for Libra. Anybody who finds 100 bugs will bag themselves a cool $1 million… and with Facebook, one would imagine that there will be enough bugs to go around.

News In Brief

Goldbug Peter Schiff couldn’t wait to gloat after bitcoin’s midweek price drop, claiming it had ‘failed [the] safe haven test again’. Obviously he didn’t mention the recent Reuters report saying that $50 million of forged bars had been flooding the gold market.

An XRP advocate has suggested that users fork the cryptocurrency to prevent Ripple from repeatedly dumping its ‘reserved’ share of the tokens for profit.

Blockstream’s Samson Mow called Ethereum a technological dead-end, much to the chagrin of the Ethereum community.

And Finally…

Always nice to finish with an update into (Dr) Craig Wright’s clownery.

The Craigster didn’t have much luck in his Florida court case with the estate of Dave Kleiman this week. The judge ordered that he must hand over half of his claimed 1 million BTC and half of all his intellectual property (which arguably may not be worth all that much).

‘Faketoshi’ stated that he now ‘had no choice’ but to do this, warning that the flood of $4 billion worth of bitcoin would likely tank the market. Few were convinced by his insistence that (as Satoshi) he could do this though. Peter McCormack, currently being sued for libel by Wright in a UK court, bet $10k that Wright would/could not move any of the coins in the next year.

What do you think of this week’s Bitcoin news roundup? Let us know your thoughts in the comment section below!


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Srp 31

Bitcoin Hashrate Hits Record 83.5 TH/s While Price Trades Sideways

Bitcoin’s blockchain produced new historic records this week as the cryptocurrency’s technical health increasingly contradicts its lower price. 


Bitcoin Hashrate Hits 83 Quintillion

As data from monitoring resource and wallet provider Blockchain.com confirms, it was Bitcoin’s 00 hashrate leading the charge, hitting 83.5 quintillion hashes per second on August 29.

That number is BTC’s best achievement in its ten-year history, and the first time hashrate has surpassed 80 quintillion hashes per second.

Hashrate refers to the amount of computing power servicing the Bitcoin network. The more hashes per second involved, the more power miners are devoting to processing and validating transactions.

A higher network hashrate also means better security and often better decentralization of mining power across more users.

The metric has hit record levels continually in recent months, and the implied benefits make it a cause for celebration among BTC proponents.

On Friday, it was RT host and serial Bitcoin ‘permabull’ Max Keiser who took heart from the statistics, even as BTC/USD dropped 8% in a sudden loss of support.

Keiser additionally noted Bitcoin’s high share of the overall cryptocurrency market cap. That number hit 70% this week, according to some measures, its highest since March 2017.

“New (all-time high) for (Bitcoin) hashrate as alts die and players position themselves strategically ahead of BTC’s move back to 85% dominance,” Keiser summarized on Twitter.

BTC Booms At Altcoins’ Expense

As Bitcoinist noted, altcoins have indeed suffered as a result of Bitcoin’s rise. For Keiser, the future is also bleak – he claimed Bitcoin Cash and Bitcoin SV are “particularly vulnerable” to further loss of value.

Ethereum, meanwhile, is set for a halving – not of the block reward, but of price.

“ETH heading back to $90,” he finished, repeated a warning from earlier in the week about the largest altcoin.

Bitcoin’s price meanwhile has failed to match the strength of its network fundamentals. While not unprecedented, the schism nonetheless gives analysts cause for concern, with several advising traders to take precautionary measures with their holdings.

“I’m long BTC,” popular day trader FilbFilb told Twitter followers as Bitcoin hit $9600. Despite being up from local lows of $9350, this was not enough to restore sentiment.

“Live by the sword, die by the sword,” he added.

Earlier, Bitcoinist noted a theory that margin trading was responsible for sudden turbulence on Bitcoin markets. BTC/USD losing $500 in minutes is just the latest example of the phenomenon, which intersperses periods of sideways price action.


What do you think about BTC’s network performance versus price? Let us know in the comments below!


Images via Shutterstock

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Srp 28

Analyst Bullish After Looking At Bitcoin Trading Order Books

Bitcoin’s recent price performance has provided little inspiration lately. An ongoing range-bound bounce between the high $9k and mid-$10k price levels has not given any clear direction of future movements. Some analysts expect a breakdown to a new lower low while others remain bullish.


Bitcoin Order Book Looks Bullish

From its Monday high which touched $10,600, BTC has been on the back foot as the week as progressed. The slow slip down to today’s prices of around $10,150 has led many to predict a further fall back into four figures again. For the past day or so, bitcoin price has been oscillating between $10,200 and $10,000 in an ever-tightening channel according to Tradingview.com.

bitcoin

BTC price 1-hour chart – Tradingview.com

A pennant appears to have formed on this hourly time frame which is likely to lead to a breakout. Crypto analyst and trader Jacob Canfield is bullish in the short term, predicting an upside breakout within the next few hours. This extrapolation has been derived from looking at the order book which he claims is stacked to the upside.

“#Bitcoin trading has been like watching paint dry.
Paint drying bitcoin price action should probably be ending in about 4 hours or so.
I expect a resolution of this to come soon.
I’m personally leaning to the bullish side with the way the order books are stacked.”

The short time-framed pennant is likely to reach its conclusion later today or early tomorrow. Over the past week, the lows have been higher which could be another sign of a bullish movement though not all are convinced.

Other traders are a little more indecisive on the next move but all are in agreement that something is about to happen soon. Price action trader ‘TheCryptoCactus’ pointed out;

“There is no reason that a move either way should surprise you and you should have had plenty of time to prepare for both scenarios. Chart looks daily bullish but I’m expecting wick down to trap shorts.”

While ‘WelsonTrader’, who has also identified the wedge formation, has gone for the bearish option predicting a slide to a new lower low back in the $8k zone before any sign of a recovery.

“When #Bitcoin inevitably breaks down from the wedge we’re in, I’m expecting $BTC to drop over 20%+ from the current price, and a total of 40%~”

Either way, a larger move is likely before the week is out but it remains to be seen whether bitcoin will stay within its trading range or drop to a new low confirming the correction is still in play.

Will BTC price drop to $8k before reclaiming $11k? Add your predictions in the comments below.


Images via Bitcoinist Image Library, BTC/USD charts by TradingView, Twitter: @JacobCanfield, @WelsonTrader

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Srp 26

BitMEX Owns 0.15% Of Bitcoin Supply As Insurance Fund hits $324M

Cryptocurrency derivatives giant BitMEX now controls 0.15% of all the bitcoins in circulation, new data from the company reveals. 


BitMEX Expands Fund By 50% Since January

Compiled by industry media outlet The Block, a chart of BitMEX’s Insurance Fund shows its stock has reached 31,300 BTC as of August 25.

That figure is the largest on record for the fund, which BitMEX uses to reimburse winning traders on behalf of those who do not have funds to cover losses.

The Fund has become well known due to its rapid increase in size since 2018 in particular. Compared to January 1 this year, its balance has increased by over 50%. 

Twelve months ago, the Fund held just 10,000 BTC, at the time valued at $77.5 million. 

As BitMEX explains in a dedicated blog post, the Fund acts as a safeguard for users who incorrectly guess the trajectory of the market and avoid accruing negative balances on their account. 

The Fund has held a positive balance since March In 2017 when a sudden market crash caused by US regulators’ rejection of the first Bitcoin exchange-traded fund (ETF) saw its entire reserves used up. 

Since then, the company has mushroomed into one of the most formidable exchange platforms in the cryptocurrency world. As Bitcoin grew in 2019, so too did BitMEX’s notoriety for liquidating huge numbers of traders in times of volatility. 

As Bitcoinist reported, its success has attracted the attention of US regulators, who in July revealed they were investigating reports of US traders circumventing security protocols to trade on the platform secretly. 

The impact became obvious for BitMEX, which registered huge capital outflows after the news broke. 

Arthur Hayes, the company’s traditionally vocal CEO, then announced he was retiring until September, allegedly choosing to live in the wilderness and shunning media appearances.

Margin Trading Implicated In Bitcoin Price Spikes

This week, meanwhile, a fresh theory emerged supporting the idea that margin trading like that offered by BitMEX directly induces volatility on Bitcoin markets.

Recent weeks have seen sudden moves of up to $1000 in each direction for Bitcoin, in between periods of almost zero price movement. 

Uploading a combined volume chart, the Twitter trader known as CryptoSqueeze directly attributed the phenomenon to actors like BitMEX.

“The effect of cascading margin calls and stop-loss triggers causing $300 slippage between XBT perpetual swaps on Bitmex vs Spot BTC,” the account noted.

“One word for overleveraged traders: Brutal.”


What do you think about BitMEX’s insurance fund and Bitcoin price impact? Let us know in the comments below!


Images via Shutterstock, Twitter: @cryptoSqueeze

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Srp 25

Early Bitcoin Contributor Projected $10 Million BTC Price 10 Years Ago

Just a week after the bitcoin genesis block in January 2009, computer scientist Hal Finney published a price prediction model of $10,000,000 per coin based on it becoming the world’s dominant payments system.


Ten Million Dollars Per Bitcoin

The assumption was based on the premise that bitcoin would eventually become the world’s dominant currency. He concluded that it should be equated to all of the wealth in the world if it became the top payments system. The excerpt from a paper on the release of bitcoin v0.1 a decade ago has made it onto crypto twitter.

“You think bitcoin twitter is bullish? Hal Finney, was calculating a bitcoin price of $10,000,000 per coin just ONE WEEK after the the genesis block on January 3rd, 2009. Absolute legend.”

He also noted that bitcoin’s acceptance rate would be slow at first. This is still clearly evident a decade later as very few people on the planet hold more than one of them. Finney noted:

“One immediate problem with any new currency is how to value it. Even ignoring the practical problem that virtually no one will accept it at first, there is still a difficulty in coming up with a reasonable argument in favor of a non-zero value for the coins.”

He went on to work out total worldwide household wealth at the time which was estimated to be around $100-$300 trillion. With 20 million coins only, that puts each one at around $10 million. Interestingly Finney did not use the 21 million BTC that is the actual limit, presumably accounting for Satoshi’s stash that would remain locked up forever.

It appears that their ‘little experiment’ has been a wild success. Despite just a fraction of the world’s population holding and using bitcoin, its price has skyrocketed over the past few years and it has become the disruptive force that it was intended to be. Governments and central banks are rattled which means that bitcoin has the potential to become a dominant payments system, though ten million bucks per coin is probably a little farfetched.

Finney, who said computers can be used as tools to liberate and protect people rather than to control them, was a noted cryptographic activist and cypherpunk. He created the first reusable proof of work system before bitcoin in 2004. In January 2009 he was the first recipient of a bitcoin transaction and he sadly passed away in late August 2014.

How high can Bitcoin price possibly go? Add your thoughts below.


Images via Bitcoinist Image Library, Twitter: @DrBitcoinMD

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Srp 23

Bitcoin Panic Unwarranted But Ethereum Still ‘Ugly’ Below $200

The week has ended with reclamation of five figure prices by bitcoin. Some of the altcoins have been marginally dragged up with it, but many including Ethereum are still looking extremely weak.


Bitcoin Back Over $10k

The past five instances bitcoin has dropped into four figures have been brief encounters. There is clearly a mass of buyers waiting in the upper $9,000 price zone to keep the digital asset from falling further. Yesterday, analysts were leaning towards a bearish stance predicting further declines, even into the $8k region.

The lowest price tapped by BTC was $9,750 according to Tradingview.com. During today’s Asian trading session it returned to $10,250 and has started to consolidate around there, currently trading at 00.

bitcoin

BTC prices 1 hour chart – Tradingview.com

The market chop has continued and there is no sign of clear direction at the moment which makes the fear and panic totally superfluous. Yesterday the bitcoin fear and greed index dropped to its lowest level for over a year hitting 5, today it is back up to 33. Crypto warlord John McAfee called for a halt to this unnecessary panic:

Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Every time there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!

Ethereum Not Out Of The Woods

The same cannot be said for Ethereum however, and there appears to be greater reason to be concerned for anyone holding large amounts of it at the moment. ETH has made a 3.5% gain on the day to recover to $193 but it is still looking extremely weak. Some may see this as a greater risk/reward opportunity but popular crypto analyst Josh Rager remains bearish.

$ETH will surely increase in value but has been outperformed by $BTC ever since the ICO boom busted. I wouldn’t compare ’19 ETH to pre-euphoria ATH BTC. If BTC breaks down to $8ks, ETH will follow with a break under $150. ETH chart is ugly. Not the time to accumulate ETH IMO.

Ethereum market share has dropped to just below 8% which is its lowest level for over two years. All of the altcoins have been battered though so ETH is not alone in its suffering. The network is still healthy and new improvements are constantly being made. The upcoming two phase Istanbul hard fork will bring in a number enhancements on the road to ETH 2.0 so it is only a matter of time before the world’s second largest crypto asset starts to recover.

Will Ethereum make a recovery this year? Add your thoughts below.


Images via Shutterstock, Twitter @Josh_Rager, @officialmcafee, BTC/USD chart by Tradingview

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