Dub 21

Bitcoin Price Volatility Soars 200% in April

Bitcoin price volatility has tripled over the past 30 days as BTC/USD has made an impressive push above the $5,000 mark. At the same time, overall volatility is actually in decline as Bitcoin adoption spreads. 


Bitcoin Price Volatility Triples in April

The volatility of bitcoin price has surged nearly 200 percent from a monthly low of 1.26 percent to 3.31 between April 1 and April 2, according to Bitvol.info. Currently, the volatility stands at 3.54 percent.

bitcoin price volatility

This occurred as BTC/USD skyrocketed by 22 percent in just the span of one hour propelling the cryptocurrency above $5,000 for the first time in 5 months.

Since the early April surge, the price has remained in a relatively tight range between $4,900 and $5400 amid bullish forecasts and other indicators possibly signaling a market bottom.

Bitcoin Volatility Decreasing With Time

The given volatility index gauges the price movement of BTC price over the past 30 days. Currently, the volatility stands at 3.54 percent, the highest in 3 months.

Overall, bitcoin price volatility has actually been declining over the years. In fact, 2018 was one of the least volatile periods in Bitcoin’s history despite an 80 percent drop in USD value.

Last year, the volatility index remained under 4 percent for most of the year. The only exceptions being the tail-end of the January 2018 crypto market price peak and the November-December period when BTC/USD saw a steep plunge below the $6,000 mark.

bitcoin price volatility

Data from the past 8 years shows a clear downtrend in overall spot price volatility. Despite the 80+ percent changes in bitcoin price in 2018, today’s fluctuations are nothing compared to Bitcoin’s early years when the price could easily move +/- 100 percent in a single day.

No One Wants a Stable Bitcoin

One of the most common criticisms of Bitcoin is that it is too volatile. Its wild fluctuations in price, the argument goes, means it cannot be money. Because its USD equivalent value transferred can diminish (or rise) in seconds.

This concern falls flat though because this problem is solved by BTC payment processors, stablecoins and other solutions.

At the same time, fluctuations in spot price shouldn’t be too surprising as bitcoin emission doesn’t follow typical supply and demand. This is why many traders and investors actually love the chaos of bitcoin price 00 volatility. When price moves, everyone pays attention.

It is these volatile days, in particular, that have given traders the biggest returns, compared to the rest of the year. This is the time of maximum opportunity and likely why having a low time preference and ‘hodling‘ — instead of trying to time the market — has proven to be a successful strategy for many Bitcoin investors.

Volatility Boosts Bitcoin Awareness

As Bitcoinist previous reported, overall interest in bitcoin also lags behind price moves. Google search trends over the past month reveal that the phrase “buy Bitcoin” spiked a day after the price surge caught everyone off guard.

As price moves (in either direction), people want to know why. What is Bitcoin? Should they buy now? Should they sell? Why is it rising so fast?

Moreover, virtually everything in the cryptocurrency space mirrors the bitcoin price chart. From website traffic to trading volume, to the number of headlines seen in the press.

Admittedly, the majority of the public is all about ‘when moon?’ and not ‘in it for the technology.’

Unsurprisingly, greed and fear drive the market. Luckily, humans have the ability to learn from experiences.

Educating yourself about what bitcoin is, why it was created, and historic market cycles could spare you the FOMO (fear of missing out) next time around. It could also help prepare for the next spout of bitcoin price volatility and avoid buying high and selling low.

In the meantime, all eyes will be glued to the price of bitcoin as traders wait to catch the next wave.

Is the return of Bitcoin volatility another bullish sign for BTC price? Share your thoughts below!


Images via Shutterstock

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Dub 16

Bitcoin Consolidating Above $5K a ‘Positive Sign,’ Says Crypto Hedge Fund

It’s safe to say that Bitcoin has had a good Q1 2019, gaining upwards of 30 percent of its value since January 1st. Now, a new report has it that if the price consolidates above $5,000, this could lead to further increases throughout the year. 


Bitcoin Price $5K Consolidation a ‘Positive Sign’

According to a new report by BitBullCapital, a cryptocurrency hedge funds manager,”the fact that Bitcoin has managed to retain gains from early April is a very positive sign.

Moreover, CEO Joe DiPasquale outlines that the bitcoin price 00 is seeing consolidation above $5,000. If this continues for another week or two, it could lead up to a shot at the $5,500 level.

Going further, the report reiterates that the latest BTC/USD rally was caused by a large order, which was executed simultaneously on multiple exchanges and was likely an algorithmic one.

Notedly, such a move should have been viewed with a certain skepticism as it’s not organic or steady in its nature. However, it brought back substantial market momentum, which is considered to be a positive sign.

It’s worth noting, though, that Bitcoinist reported that another reason for the latest rally might be hidden in the increased activity across the board, as data shows that the number of active wallets has risen by as much as 40-60 percent.

This, with a significant uptick in institutional interest, are also likely the reasons why Bitcoin managed to sustain the recent gains.

But 2017-Type Run ‘Not in the Near Future’

On the other hand, the cryptocurrency hedge fund also believes that a run similar to that back in 2017 is unlikely to be seen “in the near future.”

It notes that for this to happen, there needs to be a major catalyst such as “global governmental approval and integration with mainstream services and portals.”

…[W]e do not believe a run similar to the 2017 drive can be seen again, at least not in the near future and particularly not in the absence of major catalysts such as global governmental approval and integration with mainstream services and portals… [W]e do expect steady growth in the years the come, building the foundation for a surge when the timing is right.

DiPasquale also says that there is a real risk for the cryptocurrency failing to maintain its current range and to retest the $5,000 level in the coming weekend if the trading volume starts to drop. Reads the report:

If $5,000 breaks, we are likely to see support around $4,700 – $4,800 and reconsider market sentiment and fundamentals.

However, Bitcoinist reported that the Mayer Multiple by Trace Mayer, a key indicator which called 2015’s bottom, is flashing again, suggesting that the price may have already bottomed.

Other Cryptocurrencies Would Benefit

On another note, it also outlines that an increase in Bitcoin’s price could also cause other cryptocurrencies, especially those closely related to it, to surge as well.

This already happened with Litecoin, which gained upwards of 55 percent following Bitcoin’s rally.

The cryptocurrency has since lost some of its gains but is still substantially higher than prices from last month.

BitBull Capital manages cryptocurrency hedge funds, and is the “the first cryptocurrency fund of funds,” BitBull Fund manages a strategically selected bundle of 10 of the more than 600 crypto hedge funds for its investors, including gaining access to exclusive, closed funds and $M-minimum funds.

What do you think of the recent report? Do you think we’ve entered a new bull run or are the bears still in charge? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, TradingView

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Dub 15

Mexico Sets New Bitcoin Volume Record After Trump’s Remittance Threat

Bitcoin price remaining above $5000 resulted in new trading highs for several countries worldwide last week, the latest data shows.


Mexico, Venezuela Post Record Localbitcoins Volumes

According to monitoring resource Coin Dance, which tracks trading volumes on peer-to-peer exchange platforms Localbitcoins, Paxful and Bisq, certain markets continued to see spikes in Bitcoin activity.

As Bitcoinist reported, the moves form part of a trend which accelerated in many places in line with Bitcoin price climbing steeply earlier this month.

As with the previous week, it was Venezuela, Peru, Mexico, Kazakhstan and others leading the way over the past seven days, Localbitcoins data confirms.

The period to April 13 was especially successful for Mexico, which set a new all-time trading record of 10.67 million pesos ($568,000) on Localbitcoins.

The peak contrasts sharply with the previous week, in which 8.6 million changed hands, and just clipped the previous record of 10.62 million set in March 2018.

Topping the list of motivations for the behavior remains US foreign policy, president Donald Trump threatening to target traditional fiat-based remittance channels. This, Bitcoinist explained, opens up the door to Bitcoin as an alternative.

A glance at other jurisdictions tracked by CoinDance tells a similar story, while Venezuela joined Mexico in beating all its previous weekly records.

In terms of the country’s highly-volatile fiat currency, the Sovereign Bolivar (VES), last week saw the equivalent of 30 billion units trade across Localbitcoins, beating the previous all-time high of 26.4 billion set the week before.

Kazakhstan, Tanzania Get Taste For Bitcoin

Beyond South America, as before, Kazakhstan continued its trading boom, also setting higher volumes last week than ever before – 55 million tenge ($145,000).

The uptick accompanies political upheaval in the Central Asian country, after veteran president Nursultan Nazarbayev unexpectedly quit his office last month.

In a fresh wave of interest, Tanzania also produced recent highs, with 165 million shillings ($71,000) across Localbitcoins. The country’s all-time high of 294 million from April last year, however, remains intact.

As Bitcoinist noted, the Bitcoin price surge also led to the reemergence of other Bitcoin financial phenomena. Focused on Asia, both Chinese and South Korean buyers began paying fiat premiums for cryptocurrency this month.

In China, over-the-counter purchasers of stablecoin Tether (USDT), from which they can diversify into other assets, faced higher CNY prices than their USD counterparts.

South Korean exchanges meanwhile saw the return of the so-called ‘Kimchi Premium,’ a mark-up for Bitcoin and other assets in won terms which last week averaged around 1.5 percent.

According to data from CoinMarketCap, overall 24-hour trading volumes for Bitcoin on regular exchanges totalled approximately $10.9 billion Monday. Adding altcoins, the figures reaches just over $38 billion.

What do you think about last week’s Localbitcoins volumes? Let us know in the comments below!


Images via Shutterstock, Coin.dance

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Dub 06

Bitcoin Price Bulls Show Up on Saturday, Push BTC Back Above $5100

BTC bulls continue to push the bitcoin price higher, with the market-leading cryptocurrency up 2.56 percent on Saturday — as of this writing. 


Bitcoin’s Hourly EMA Ribbon Providing Support

On the one-hour chart for Bitcoin, the exponential moving average (EMA) ribbon has, thus far, provided significant support for the price of BTC.

bitcoin hourly ema ribbon

Bitcoin chart provided by TradingView.

The bitcoin price only dropped below the EMA ribbon once, on April 4 for a few hours, since commencing on its uber-bullish breakout rally. Since then, the ribbon has held strong as support for Bitcoin (BTC). This strong support has undoubtedly assisted in the price jumping up in recent hours.

Bitcoin’s Weekly EMA Ribbon Under Siege

Bitcoin’s recent price surge has, thus far, topped out almost exactly at the upper band of the weekly EMA ribbon. However, price continues to knock on the door, with the bulls working hard to get a weekly close above $5400. Such a weekly close would be exceptionally bullish but nonetheless remains a tall order.

bitcoin weekly ema ribbon

Weekly Stochastic RSI Refuses to Come Down

One potentially alarming factor for the sustainability of this impressive bitcoin rally is the fact that the weekly Stochastic Relative Strength Index (Stochastic RSI) refuses to come down from its extremely overbought levels. Instead, it is simply moving sideways while remaining maxed out.

bitcoin weekly stochastic rsi

What goes up most certainly must come down, but the Stochastic RSI is far from the be-all-end-all of technical indicators. The bitcoin price could well keep surging towards what will undoubtedly prove to be a staunch resistance at $6,000 before the weekly Stochastic RSI comes back down to Earth.

Where Does Bitcoin Price Go From Here?

Nobody has a crystal ball, but it stands to reason that bitcoin could very well continue to rally as FOMO (fear of missing out) continues to build. However, there remains very little chance that the price of BTC will be able to sustain levels above $5,500 for very long without a corrective move.

The $6,000 mark will almost certainly provide extremely strong resistance. Should price reach this point, a profit-taking event or corrective move is probable. Such a move could potentially turn out to be a significant shakeout before truly confirming a bull run — but such speculation on the future movements of Bitcoin are purely educated guesswork at this stage.

Trade Bitcoin (BTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Disclaimer: The views expressed in this article are not intended as investment advice.

What do you think about the current price of Bitcoin (BTC)? Let us know your thoughts in the comments below!


Images via TradingView, Shutterstock

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Bře 24

Bitcoin Price Analysis: Bears Look to Trap Bulls Into Weekly Close

Table of Contents

As the Bitcoin price weekly candle draws towards a close for the week we take a look at what the performance over the week looks like going into the final week of March.


Bitcoin price: 4-HOUR CHART

Looking at the4-hour chart, we can see that the bitcoin price has spent the last few days oscillating around the weekly opening price of $3965, with the bears continually attacking this level.

The MACD has broken through it zero line having turned bearish on the dump from the weekly highs at over $4056 all the way down to $3920, which along with a generally downward trending MACD implies that the bears are in control going into Sunday evening, however the bulls have proven to defend the weekly candle in the last two weeks of asking.

Should the bears want to define the weekly candle, the mid-week lows of $3920 will be the target, whereas the bulls will want to close above the weekly open of $3965.

1-DAY CHART

A look at the 1-Day Chart shows that bitcoin price is showing signs of struggle to complete the Adam and Eve and Inverse head and shoulders classical charting patterns, which would imply an upside target between $4800 and $5200.

Failed moves typically lead to fast moves, so if BTC cannot break back to test the $4,000 and loses the weekly lows, the 50 and 100 DMA at $3780 and $3730 respectively will be the first line of defense for the bulls. These levels have acted as support since Mid-February when they turned from resistance and into support.

WEEKLY CHART

With only a few hours remaining, the weekly chart shows that bitcoin price is still being capped by the center line of the Bollinger Bands, which is the 20 week moving average.

Should BTC manage to hold the mid $3900s, bitcoin will open the final week of March above the 20 WMA will be for the first time of 2019. It is clear to see that a more definitive move is on the brink of occurring with the pinch of the 200 WMA and the 20 WMA being clearly defined on the chart.

The weekly MACD will print a fifth green bar on the histogram and continues to trend upwards, but has some way to go before it crosses its zero line and is in bullish territory.

BITCOIN SENTIMENT

Looking at sentiment in the Bitcoin market, we can see that the Bitcoin September Futures contract at Bitmex is currently trading around $40 below the spot price, meaning that the expectation of the market is that BTC prices will be lower moving forwards.

This of course presents an opportunity for the bulls who believe the opposite to be true. So they’ll be able to pick up bitcoin at a discounted rate. But this would be against market expectation and the discount is to be expected in a bear market environment.

The Long/Short ratio at Bitfinex has crept higher in contrast to the futures movement, and is now up at 1.18, which has room to manoeuvre higher towards where it usually tops out around 1.5 if there is a break to the upside.

The longs and shorts total open interest at Bitfinex is down to 44k BTC – down from nearly double that in Dec-2019. This implies that there are speculators awaiting the bigger move to commence before taking on any risk in the market, which further supports the idea the next move will be a sharp one.

Overall, bitcoin price remains locked in a bear market and is grinding on upwards in an encouraging fashion. But the bulls must take control of the market in the final week of March as the 20 week moving average continues to suppress the price.

Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets

To get receive updates for the writer you can follow on Twitter (@filbfilb) and TradingView.

The views and opinions of the writer should not be misconstrued as financial advice.  For disclosure, the writer holds Bitcoin at the time of writing.


Images courtesy of Shutterstock, Tradingview.com

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Led 31

Civic CEO: Bitcoin’s Crypto Winter Could Soon Turn ‘Nuclear’

The term “Crypto Winter” has been thrown around a lot lately to describe the more-than-one-year-long bear market in Bitcoin and broader cryptocurrency space. However, Civic’s CEO thinks that the phrase “Nuclear Winter” might soon be more appropriate.


‘Winter has come’ for Bitcoin (BTC) and the broader cryptocurrency market, but any hopes for a bull run in the immediate future might still be ‘A Dream of Spring.’

bitcoin price

Bitcoin has fallen hard from highs of approximately $20,000 in December 2017 to lows near $3,000 late last year — and the near-term forecasts aren’t very promising. According to Civic CEO Vinny Lingham, a fall below current support to levels below $3,000 would prolonge the bear market and turn ‘The Crypto Winter’ “nuclear.”

Lingham isn’t wrong. With capitulation on everyone’s mind, few buyers are stepping up. Instead, Bitcoin speculators and investors are eagerly awaiting ‘the bottom’ — or the lowest possible entry point to ride the next bull run.

A fall below $3,000 feels expected in the current investing environment, though targets for a bottom are still up for debate. Civic’s CEO, however, thinks Bitcoin won’t find its floor until it finds real use in the real world. Lingham told Micky recently:

The reality is that crypto needs real adoption and use cases. Until we have that we’re not going to have another bubble. The speculative mania is over. People want real numbers and usage and transaction volumes.

bitcoin atm

Fundamental developments behind-the-scenes for the market-leading cryptocurrency are promising, to say the least. Bitcoin is also continually gaining ground as a bucket to store wealth without the need for an intermediary, even if mainstream adoption as an alternative currency for daily transactions is still a ways off.

What do you think about Lingham’s statements regarding Bitcoin’s nuclear winter? Let us know your thoughts in the comments below!


Images courtesy of Twitter, Shutterstock.

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Pro 23

Bitcoin Price to $17K in 2020, Says ‘Unorthodox’ Mining Difficulty Prediction

An ‘unorthodox prediction’ of mining difficulty increases puts the bitcoin price somewhere around $17,000 in 2020 — due to the possible power law relationship between the two.


Bitcoin price and difficulty ‘power law relationship’

Twitter user @100trillionUSD is back again with another intriguing chart — this time plotting the relationship between BTC price 00 and expected bitcoin mining difficulty in the coming years.

The previous graph visualized the relationship between the bitcoin mining reward halving and its impact on price over time, plotting the months before the halving event took place. This time the focus was on mining difficulty and price, since many analysts consider it to be inextricably linked to network hash rate.

 “Price follows hashrate,” said Max Keiser earlier this year. Adding that it’s been his “mantra” since bitcoin was at $3.

Mining is undoubtedly profitable when the hash rate is rising. It also means miners are confident in the future of Bitcoin if they are adding hardware to scale up their operations. However, a high hash rate also causes the Bitcoin mining difficulty to increase. This makes the mining process more resource-intensive as more hash power is needed to achieve the same results as at lower difficulty levels.

If the hash rate is too high relative to the price at which miners can sell their mined bitcoin (as we’ve seen this year), the most unprofitable miners will likely drop out. They may sell their equipment or simply turn off their rigs until the price recovers or it becomes easier to mine as difficulty adjusts. 

“Based on the poll results on bitcoin difficulty and the possible power law relationship between bitcoin price and difficulty (see formula below), an unorthodox prediction of the 2020 bitcoin price would be: $17,317,” explains 100trillionUSD.

Overall, 85 percent of respondents believe the difficulty will increase 10-100 times in the next two years. Meanwhile, only 10 percent think this is the beginning of the end for Bitcoin mining frequently referred to as the ‘death spiral’ (more about this later).

The biggest share of respondents (59 percent) expects the difficulty to rise 10x between today and the end of 2020. A smaller group (27 percent), however, believe the increase could be as high as 100X, which would translate into a price above $28,000.

Granted, the poll sample size was rather small with just over 250 votes. Nevertheless, mining difficulty is an important factor to consider for not only predicting BTC price but also evaluating the state of the network as a whole.

Difficulty Drops But No ‘Death Spiral’

Bitcoinist recently reported that the Bitcoin network mining difficulty just had another downward adjustment to lower price. The biggest in seven years, in fact, amid a year-long bear market that saw an 85 percent drop in market capitalization from its all-time high in late 2017.

But contrary to many ‘experts’ equating a break in the trend to the start of a mining ‘death spiral,’ the difficulty adjustment is an important counterbalance for the Bitcoin network. In other words, the adjusting difficulty (every 2016 blocks) relative to hash rate is a feature that enables the Bitcoin network to find the equilibrium for mining profitability.

What’s more, this is similar to what central banks do by raising and lowering interest rates with changing market conditions. However, in Bitcoin’s case, the adjustment is entirely baked into the code and thus, entirely predictable. 

Is mining difficulty a good metric to consider when predicting price? Share your thoughts below! 


Images courtesy of Shutterstock, blockchain.info, @100trillionUSD.

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Pro 09

Bitcoin Price Analysis: BTC Bounces But Bears Still in Control

Bitcoin price just pulled off a nice 10% bounce with the next level of resistance at $3,700. Let’s take a look at what can happen next?


Bitcoin Price: Market Overview

Bitcoin price 00 dropped to a new yearly low at $3,210 and the overall market cap now rests at $110.6 Billion. Clearly, bears are still running the show for BTC and the SEC’s  final postponement of a Bitcoin exchange-traded fund decision didn’t seem to help.

Crypto-fanatics will now need to wait until January 24th for the launch of Bakkt and February 26th for a final approval or denial of a Bitcoin ETF from the SEC. If the cryptocurrency markets’ trend reversal is dependent upon either of these events then we’ve got a long way to drop waiting on the unpredictable outcomes of each of these events.

4-HR Chart

Bitcoin 00 broke below the $3,550 and $3,400 supports and the cryptocurrency will likely mean that $3,700 will post a stiff resistance to overcome. However, at press time, BTC price has managed to break above the $3,600 mark and now looks poised to test $3,700.

The bounce from $3,210 to $3,615 was pleasant and seems to have caused shorts to cover, but bulls couldn’t muster enough follow through to maintain the move and BTC’s failure to cross above any of the overhead exponential moving averages show bears are still running the show.

This is also backed up by the extremely high number of shorts on BTC/USD and the fact that they snapped right back into place after yesterday’s bounce.

BTC Shorts

After taking a glance at the daily and weekly RSI, Stoch, and MACD there’s not much positive to say about BTC short-term future. Perhaps the silver lining of all this will be that the bears are uber-confident right now and an all-time high amount of shorts can be forced to cover (like yesterday) when Bitcoin pulls off a 10% bounce.

In the past, Bitcoin has shown a propensity for weighty 20%+ rallies. A strong upside move would force shorts to cover and provide rapid gains for those trading BTC at the current range.

Daily RSI / Stoch / MACD

Weekly RSI / Stoch / MACD

Monthly Chart

Now for a dose of reality. If bears don’t let up, BTC can drop to 3,000, $2,545, and $1,400.

Safe trading friends and please remember to always use a stop loss. More cautious traders might want to wait until Q2 and Q3 of 2019 in hopes of a trend reversal.

[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 will go over the short-term? Share your thoughts in the comments below!


Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.

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Pro 07

‘Buffett Bet 2.0’ – Investment Fund Puts $1M on Bitcoin to Outperform S&P 500

Asset manager, Morgan Creek Digital, is offering an interesting wager if anyone is willing to take it. It’s willing to bet $1 million, that its Bitcoin-focused Digital Asset Index Fund outperforms the S&P500 over the next ten years.


Buffett Bet 2.0

The fund tracks ten major cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, although the bulk (78%) is Bitcoin. Morgan Creek is so sure of their success, that the partners are putting up the stake themselves.

The wager has been dubbed ‘Buffett Bet 2.0’, after a similar bet made by Warren Buffett, that the S&P500 would outperform a selection of hedge funds over a ten year period. Buffett won that bet, collecting his prize just last year.

Morgan Creek partner, Anthony Pompliano, says the plan is to donate the proceeds to charity, win or lose.

Cold Winter

The bet comes at an interesting time, as Bitcoin (BTC) 00 and other cryptocurrencies are enduring a prolonged crypto-winter. However, US stocks have also fallen recently, due to a number of concerns over global outlook.

Pompliano explained that the company was not just being bullish on crypto, but that its competition was also not exactly at an all-time high.

This is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities.

Bad Form

Morgan Creek had better cling to the mantra of ‘past performance is not indicative of future results,’ however. The last big bet on Bitcoin is just weeks away from losing.

A call option costing $1 million was placed on a bitcoin price of $50,000 at the end of last year. Following a year which saw the price move from $1000 to $20,000, that may have seemed like a safe bet. However, for the contract to be worth anything now, Bitcoin must see an increase of almost the same magnitude in just three weeks.

Let’s hope that Morgan Creek Digital has stocked up on rabbit’s feet, horseshoes, and four-leaved clovers.

Earlier this year, an Australian investor tried to make a $6.3 million bet with Berkshire Hathaway, that Bitcoin would top its share price by 2023. It’s not thought that the famously crypto-skeptic company took him up on the offer.

Who will win the bet? Share your prediction below!


 Images courtesy of Shutterstock

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Pro 06

Where Will Bitcoin Price Go as It Nears November Lows?

The Bitcoin price was hovering near its lowest levels in 14 months December 6 a fresh downturn continued to take its toll on investors.


Another Grim Day For Bitcoin Traders

Having lost support at $4000 Tuesday, 00 slipped further towards lows set last month around $3500, reaching $3680 before appearing to claim new support at $3700.

In common with behavior which has prevailed since the Bitcoin Cash contentious hard fork November 15, altcoin suffered similar and often worse losses, led by Bitcoin Cash itself.

The troubled asset, which split into two rival chains following the forking event, was trading at its lowest price ever Thursday at just $118.

BCH00, which has come to refer to the BCH ABC chain of Bitcoin Cash favored by Bitcoin.com owner Roger Ver and Bitmain co-founder Jihan Wu, has consistently performed the worst out of the top twenty cryptocurrencies by market cap.

Rival chain Bitcoin SV00, by contrast, was showing rare strength at press time, extending its inverse correlation with BTC.

ABC’s woes have increased this week after rumors Wu’s Bitmain had sustained Q3 losses amounting to around $740 million – the company’s worst ever result.

Eyeing ‘Final Capitulation’

For Bitcoin itself meanwhile, commentators appeared displeased yet undisturbed by the latest dip.

In an analysis on December 2, technical guru Willy Woo produced his latest mid-term forecast for BTC, which forecast a “final capitulation” followed by a decisive end to the 2018 bear market should Bitcoin hit its current levels.

“…We can expect more range bound sideways action, followed by final capitulation, and an end of the bear market earlier, around Q1 2019,” he wrote on Twitter, adding in a subsequent comment:

If capitulation has indeed happened then we would be in an accumulation phase right now. But the key signs of this have not happened.

What do you think about the Bitcoin price? Let us know in the comments below!


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