Bitcoin price has hit bottom -Â Â coldest days of Crypto Winter are over â Ran Neuner and Steven Sidley

Bitcoin price has hit bottom – coldest days of Crypto Winter are over – Ran Neuner and Steven Sidley

With Bitcoin’s price bottoming below $20K in June, the worst days of the Crypto Winter are over, according to Ran Neuner and Steven Sidley, who joined Kitco’s Editor-in-Chief and Lead Anchor, Michelle Makori, in a panel discussion.

“We’ve hit the crypto bottom,” said Neuner, Host of Crypto Banter, a popular crypto-themed podcast. “Crypto suffered one of the biggest liquidations we’ve ever seen. We had the LUNA ecosystem collapse, which is a $100 billion ecosystem, which caused a cascade of liquidations throughout the market.”

Sidley, Professor at the University of Johannesburg and Head of the university’s Blockchain and CryptoVerse Research Group, agreed with Neuner, albeit with a few caveats.

“There are a couple of things still staring us in the face,” cautioned Sidley, who is also a best-selling author and a Director at Bridge Capital Future Advisory. “China deciding to invade Taiwan is a possible Black Swan event. If Russia decides to step up its aggression all the way to nuclear weapons, that’s another Black Swan event… but in most respects, I agree with Ran that we’re at the end of [The Crypto Winter.]”

A Black Swan event is an unexpected occurrence that has a significant impact on markets.

Crypto Winter thawing

Neuner, who is also the Co-founder and CEO of Onchain Capital, used the 200-week moving average of Bitcoin to support his claim that the cryptocurrency would continue its upward rally. The 200-week moving average is the longest measure of Bitcoin’s upward trend. Bitcoin’s spot price has only moved below this metric three times: in 2015, in 2020, and in 2022.

“Every time [Bitcoin’s spot price hit the moving-average], it has rebounded and given investors huge returns,” said Neuner. “The times it has gone under the 200-week moving average have been Black Swan events.”

However, Neuner said that investors should watch the “macro environment,” which could impact Bitcoin’s price.

“For as long as the macro environment continues to perform, I think we’ll be okay,” he said. “The probabilities are about 50-50 as to whether the Fed will increase [rates] by 50 basis points or 75 basis points, and I think that the market has already priced those rate increases in. In terms of whether we’re at the bottom or not, I’m confident to say that we’ve probably hit the bottom in crypto, unless another Black Swan event happens… but I think we’ve had the coldest days of winter.”

Bitcoin adoption

Asset-management firm BlackRock recently announced a partnership with Coinbase to provide institutional clients with Bitcoin access. However, this seemed to have no significant impact on Bitcoin’s price.

“In a bear market, the market does not respond to good news, and we know that we’re very much that we’re currently in a bear market,” said Neuner. “We thought that the BlackRock news would move the market, and it didn’t at all.”

Sidley added, “The BlackRock announcement was very profound. This [firm has] $10 trillion in assets that they manage.”

However, he said that Bitcoin’s price did not move after the BlackRock announcement because of unfavorable regulatory developments.

“There’s a regulatory pushback,” said Sidley. “Whereas BlackRock may say, ‘we’re going to give our clients exposure to [Bitcoin],’ everybody’s now looking to the other side, which is the regulators who are trying to control it and slow this thing down.”

To find out Neuner and Sidley’s forecasts for Bitcoin’s price, watch the video above.

By Cornelius Christian

For Kitco News

Time to buy Gold and Silver on the dips

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Gold bull Peter Schiff regrets not getting into bitcoin, and now its too late as its days are numbered

Prominent gold bull Peter Schiff is once again making waves in the crypto economy after saying in a recent podcast that he regrets not buying bitcoin when he first heard about it; however, he added that it is now too late to get into the digital currency as its future is limited.

In a conversation with Natalie Brunell during her Coin Stories Podcast, Schiff, chief economist and chief global strategist at Euro Pacific Capital and chairman of Schiff, said that people started talking to him about bitcoin when the price was under $10 a token. He added that the concept behind the digital currency was intriguing.

He explained that the idea of having a decentralized currency sounded appealing; however, he saw some faults in the fledging market and couldn't see its potential.

"I did not at that point in time foresee that it could be so widely adopted by so many people. Certainly, I didn't foresee major uh companies or investment banks getting involved. I know that I was mistaken that this thing could ever get to such a big bubble," he said during the podcast. "I mean, I appreciated what it was trying to do. As a hard money guy, as a libertarian, I appreciated it. I just was more focused on the underlying flaws."

Although Schiff shows some regret for missing the initial bitcoin boat, he said that he has moved on and it wouldn't invest in it now as he expects the digital currency market to eventually become worthless.

"I wouldn't even consider buying it now. As far as I'm concerned, it's all risk. The upside is limited, and the downside is huge," he said.

While people are still making money on bitcoin as an investment, Schiff said that bitcoin is in a bubble and its future is limited. He compared the crypto market to the early 2000s dot-com rally and the 2008 housing market.

"There are a lot of smart people that are in bitcoin. There are a lot of smart people in dot com stocks that went bankrupt in 2000. There were a lot of smart people in the mortgage market," he said. "there's always a lot of smart people on the wrong side of the trade. But there's also a lot of smart people who have completely rejected bitcoin. I think there are more smart people on my side."

When it comes to real value, Schiff said that he still prefers gold. He said that he doesn't believe that bitcoin's popularity is taking momentum away from the precious metal.

He added that bitcoin can't compete with gold's 5,000-year history as a store of value.

"The headwind for gold right now, temporarily, is the false belief that inflation is transitory; that the Fed is going to normalize interest rates and shrink its balance… that it's going to bring inflation back down to 2%. I think that view is completely wrong, but that is the view that dominates the market. At some point, that view is going to change either because the Fed admits that it's not going to do those things or the market figures it out on its own."

By Neils Christensen

For Kitco News

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Bitcoin versus gold, you need THIS during outbreaks like coronavirus – analyst

Bitcoin has risen 48% since the start of 2020, far outperforming gold, and this may be due in part to the coronavirus, said Clem Chambers of Investorshub.com, who considers the largest cryptocurrency to be the “flight asset of choice”.

“Bitcoin is now proven to be of use, because you can buy it and turn it into fiat very, very quickly and very, very easily international. So, if you had to make plans quickly, as a lot of people in Asia I’m sure are worried about being kettled in their cities, not just in China, you’d want to have the ability to take $100,000, $200,000, a million five million dollars worth of assets abroad with you,” Chambers told Kitco News

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DOES THIS MARKET INDICATOR CONFIRM THE NOVOGRATZ PREDICTED REBOUND?

Bitcoin bull and highly cited cryptocurrency proponent Mike Novogratz called “bottom” this week on Twitter. On Friday, Bitcoin’s market performance and key market reversal indicated a possible turning point. What will Monday bring? Is the market still too bearish?

BITCOIN COULD HAVE OVERSOLD

According to a Friday report from Bloomberg, a key market sign — the Williams %R Indicator — is showing the market for Bitcoin (BTC) $6517.38 -0.04% has “oversold.”

This may portend that the great Bitcoin selloff is finally over. The Williams %R Indicator moves between a level of 0 and -100, showing an overbought or oversold market.

According to Bloomberg’s chart below, that measure is sitting at -83. This equates to an oversold market. The last time this level was reached Bitcoin price subsequently rose 22%, says Bloomberg.

NOVOGRATZ FORECASTS BOTTOM AND REBOUND TO EQUAL 2017 BOOM

On September 13, 2018, Mike Novogratz referred to the Bloomberg Galaxy Crypto Index Chart, asserted a low, and likened market performance to “the point of acceleration that led to the massive rally/bubble.” He finished his tweet with the hashtag #callingabottom.

PRE-WEEKEND RALLY… WHAT WILL MONDAY BRING?

On the day of Novogratz’ tweet, Bitcoin’s value began at $6337.46 before rising to $6589.32. Over the weekend the price has fallen back, but not too far —$6495.18at the time of writing. Monday and next week’s trading will likely prove or disprove Novogratz and Bloomberg’s theories.

As per Bitcoinist’s analysis today, we could be looking at a slow and steady recovery towards $7000 or it could be an “oversold” bounce. We predict Bitcoin is “well situated” for short-term gains, but could still be victim to a bearish market.

Novogratz isn’t the only confident bull. Tim Draper, speaking at a DealStreetAsia summit in Singapore last week predicted the total market capitalization for cryptocurrencies will reach a whopping $80 trillion by 2023. As of today, Bitcoin is still dominating the cryptocurrency markets, with 55% of the total market capitalization invested in Bitcoin alone.

Bullish or Bearish? Where are your sentiments today? What do you think next week will bring?

MELANIE KRAMER | SEP 17, 2018 | 00:00

David

Cryptocurrencies Pick Up – Bitcoin Emerges As Safe Haven

Cryptocurrencies Pick Up - Bitcoin Emerges As Safe Haven

Cryptocurrencies Pick Up – Bitcoin Emerges As Safe Haven

Investing.com – Bitcoin and other major cryptocurrencies steadied on Thursday morning in Asia after days of plummeting.

Bitcoin rose 2.08% to $6,394.7 at 10:30AM ET (02:30 GMT) on the Bitifinex exchange.

Ethereum climbed 4.29% to $188.72 on the Bitifinex exchange.

XRP/USD also edged up 4.9% to $0.27088 on the Poloniex exchange, while Litecoin rose 3.83% to $52.866 on the Bitifinex exchange.

Despite the volatility of recent weeks, Bitcoin’s value has risen 0.1% over the past 30 days, making it something of a safe haven among digital currencies. Ethereum, on the other hand, has slumped about 45% over the past 30 days.

“In this case, Bitcoin is acting like more of a safe haven for cryptocurrencies – it’s kind of consolidating,” said Mati Greenspan, senior market analyst at cryptocurrency brokerage eToro.

Market Intelligence platform CoinFi’s data revealed that short-sellers are putting pressure on markets as bets against Ethereum is at all-time high.

“Retail investors were completely euphoric a few months ago. Now, that emotion has flipped and they’re panicking. Shorts are going to ride that wave,” said CoinFi CEO Timothy Tam.

Chinese Wuhan General Group (China) Inc. is seeking to acquire a former U.S. Department of Defense data center to transform it into a digital currency mine and house 1,200 mining machines there.

“We had planned to build this operation three months ago, but with the bearish cryptocurrency market, we took a step back to reassess our strategy,” said Wuhan Group’s CEO Ramy Kamaneh.

On Tuesday, U.S. securities regulator announced tighter measures on companies involved with cryptocurrencies.

On Monday, Mexico also took steps to required crypto exchanges and banks offering crypto services in the country to obtain a permit from the Bank of Mexico. Users will also not be allowed to access cryptocurrencies on the same day their accounts are created, under new rules.

Assets acquired by crypto beneficiaries need to undergo additional validation checks to prevent money laundering and illicit activities.

David

Bitcoin rises above $6,300 as NY approves dollar-linked digital currencies

Bitcoin briefly climbed above $6,300 on Monday after New York state’s Department of Financial Services approved the Gemini Trust Company’s and Paxos Trust Company’s dollar-linked digital currencies, the first stable coins to get the nod from the regulator.

At 9:24am (1324 GMT), the world’s biggest and best known virtual currency was up 0.58% at $6,268.50 on the Luxembourg-based Bitstamp exchange.

David

BTC/USD consolidates the weekend losses despite Citigroup plans to tap cryptocurrency trading

Bitcoin price analysis - BTC/USD consolidates the weekend losses despite Citigroup plans to tap cryptocurrency trading

Bitcoin price analysis – BTC/USD consolidates the weekend losses despite Citigroup plans to tap cryptocurrency trading

Bitcoin has gained 2% since his time yesterday, but the upside is limited.
Citigroup has reportedly invented legal way to trade cryptocurrencies.

BTC/USD is changing hands at $6,301 with 2% gains on a daily basis. The coin has partially recovered from the weekends' slump, however, the upside momentum is weak despite some positive news about Citigroup taking cryptos closer to institutional investors.

Citigroup solves the puzzle

Citigroup has developed a new way to get exposure to cryptocurrency market without actually owning the assets, according to Business Insider. The new structure is called Digital Asset Receipt or DAR and it would place digital assets within the regulatory framework, allowing institutions, hedge funds and other big investors to tap this profitable market in a less risky way.

The instrument will work like an American Depository Receipt or ADR, which allows US investors owning foreign stocks that are not traded on US exchanges.

"In this case, the cryptocurrency is held by a custodian and the DAR is issued by Citigroup, the people said. The bank will alert the Depository Trust & Clearing Corp, a Wall Street middleman that provides clearing and settlement services, once it's issued the receipt," a person with knowledge of the plans explained to Business Insider.

Bitcoin's technical picture

On the intra-day basis, BTC/USD is capped by SMA50 (1-hour) at $6,316, followed by SMA100 (1-hour) at $6,373. Once these areas are cleared, the recovery may be extended towards $6,400, though the ultimate bulls' goal is created by 23.6% Fibo retracement at $6,800, strengthened by SMA200 (1-hour).

On the downside, the nearest support comes at $6,116 (September 8 low), followed by critical $6,000.

BTC/USD, 1-hour chart

Tanya Abrosimova

FXStreet

David

Bitcoin (BTC) Price Watch- Nearby Inflection Points to Watch

Bitcoin Price Key Highlights

Bitcoin price continues to crawl higher and is moving closer to completing its double bottom.
Once completed, price would need to break past the neckline at $8,400 to confirm a long-term uptrend.
Corrections from the climb could find support at the short-term rising trend line that held since last month.

Bitcoin price is slowly moving up to form a double bottom reversal pattern, and a neckline break could lead to more gains.

Technical Indicators Signals

The 100 SMA is also completing its bullish crossover from the 200 SMA to indicate that the path of least resistance is to the upside. This would mean that the rally is more likely to resume than to reverse. Price is also moving above a rising trend line connecting the lows since mid-August and the moving averages could serve as dynamic support close to this area.

However, RSI is pointing down after recently reaching overbought territory, which means that selling pressure might still return. Similarly stochastic is on the move down so bitcoin price could follow suit while bearish pressure is in play.

Market Factors

In the absence of any major updates lately, bitcoin appears to be taking its cues from the improving sentiment in the industry. More and more analysts are renewing their bullish calls, with one group even predicting that it could reach $33,000 in 2019.

Furthermore, Satis ICO Advisory Research projects that bitcoin price could surge to $96,000 over the next five years then to $143,900 in 10 years. The firm is also bullish on Monero, predicting it will reach $18,000 over the next five years.

On the flip side, it is less optimistic about ethereum and litecoin while being bearish on Ripple, Bitcoin Cash, EOS. The report also wasn’t optimistic on utility tokens either, and this “weeding out” sentiment appears to be more favorable to bitcoin.

SARAH JENN | SEPTEMBER 4, 2018 | 4:19 AM

David

Bitcoin (BTC) Price Watch – Don’t Miss This Bullish Pullback

Bitcoin Price Key Highlights

Bitcoin price is trending higher inside an ascending channel on the 4-hour chart and is testing the top.
A pullback to support might be due from here, so as to gather more bullish energy on the climb.
The uptrend is likely to resume since the 100 SMA is completing a crossover above the 200 SMA.

Bitcoin price hit resistance at the top of the channel but might be ready to resume the climb on a test of support.

Technical Indicators Signals

The 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This suggests that the uptrend is more likely to resume than to reverse or that support is more likely to hold than to break.

However, RSI is pointing down to indicate that sellers are trying to regain control from here while buyers take a break. Similarly stochastic is moving south so bitcoin price might follow suit while bearish pressure is in play.

Price could bounce upon hitting support at the Fib levels or the channel bottom, which lines up with the 61.8% level in particular. This also coincides with a former resistance around $7,000, which might also hold as an area of interest.

A larger pullback could last until the swing low just above the moving averages, which might be the line in the sand for any bullish correction.

BTCUSD Chart from TradingView

Bitcoin price does seem to remain support, especially after landing back above the $7,000 major psychological mark that many are watching. Optimism for approval by the SEC in bitcoin ETF applications appears to be keeping bulls present for fear of missing out on a big rally.

Apart from that, many analysts are renewing their bullish calls on this particular cryptocurrency, with Tom Lee even citing that the launch of ethereum futures might wind up positive for bitcoin.

Sarah Jenn – NewsBTC – 1 hour ago

David