Bitcoin Pullback Nothing to Worry About, Bull Market Will Follow

Every time Bitcoin dumps a double digit percentage panic floods the crypto community and the doom merchants start rejoicing. This has happened so many times before and every dump has eventually turned into a sustained rally. Nothing is new this time as previous corrections have shown.

Bitcoin Market in 2013 Compared to Now

Observing previous market movements may help us predict the current one. Naturally things are very different in 2019 than they were in 2013 but the chart patterns show similarities. Back then Bitcoin was largely a plaything for geeks with mining rigs made out of gaming PCs in their garages. Today it supports a multi-billion dollar industry but the volatility remains.

One thing that is guaranteed with Bitcoin is price corrections. When it surges things happen fast but when it corrects the price drops even quicker. At the moment BTC has corrected 42 percent from its high this year. A correction of this magnitude had been predicted by many a couple of months ago and it was largely expected by analysts that prices would drop to $8k.

Trader and analyst Josh Rager has been looking at previous corrections and noted that this one is relatively minor in comparison.

“2013: Bitcoin bull market pulled back 75% over 89 days before a 1600% run-up to new highs later in the year.

2019: Bitcoin has currently retraced 42% over 91 days,”

Compared to a pullback of 75% this current correction is ‘no big deal’ he added. Rager also expects price to fall further and eyed the mid-$6,000 region in a more recent tweet.

“IMO, the lowest $BTC will hit: between $6300 to $6600 where there is major interest. Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames,”

A drop to $6,500 will mean a correction of around 53 percent which is still less than that of 2013. In 2018 BTC corrected a whopping 84 percent from its all-time high to the low just below $3,200 in December.

So far this year Bitcoin is still up 110 percent and the predicted plunge deeper will still keep it 70 percent higher than January’s prices. Corrections provide buying opportunities and traders and investors around the world know this.

It is very difficult to catch the bottoms to buy and the tops to sell so getting somewhere close should be good enough. It seems that traders are aware of this and are holding off buying in at $8k where many expected as further losses now seem very likely.

Those looking at the big picture would have simply been accumulating this year and will continue to do so during this correction. Granted, there has been the biggest weekly dump since early 2018 and many have gone into manic mode – the fear and greed index is a good indicator of this – but this has all happened before, and will all happen again.

 

Martin Young

David

Mark Yusko – Everyone Should Be Purchasing Bitcoin

 

When it comes to bitcoin, most analysts seem split right down the middle, with some like Warren Buffett telling us to avoid it all costs, and hedge fund manager Mark Yusko telling us to buy it at all costs.

Yusko: BTC Is an Important Asset

In a recent interview with CNBC, the CEO of Morgan Creek Capital told his listeners to “buy it” when it came to bitcoin and said that we should not be thinking about the recent price drops. He said that while all assets will fluctuate, bitcoin is still in its development stage, and the user base, while it’s growing steadily, is still relatively small.

This, he says, is a major advantage for investors, particularly for new ones, in that they’ll still be one of the early figures to get involved in cryptocurrency, thus heightening their chances to build wealth in the future. He commented that the price of bitcoin “doesn’t matter,” and says that the focus should not be on what’s happening today.

Last summer, when the currency was trading at roughly $12,000, Yusko said he was confident the asset could potentially reach $30,000 before the next major pullback. He’s certain that pullbacks tend to occur regularly; you just need to know how to read them. Granted you don’t sell your stash before it occurs, the best idea could be to sit and wait, as every asset must go up before coming down again.

His advice seems to go against several bitcoin notables including Tom Lee of Fundstrat fame, who just yesterday was quoted as saying that right now is a very bad time to be trading or buying bitcoin. Lee appears more affected by the price than Yusko does and commented that until the S&P goes up, bitcoin has zero chance of breaking out.

This is coming from the man who despite 2018’s numerous bitcoin crashes, predicted repeatedly that the currency would end the year in the $15,000 or $20,000 range. Lee later stated that bitcoin could potentially end 2019 at $40,000 per unit.
 

Crypto Making a Comeback?

At press time, the currency has recovered somewhat from the recent bloodbath that knocked several digital assets down by anywhere between six and 23 percent. Bitcoin fell by roughly 11 percent within a few short minutes, dropping from the mid-$9,000 range to about $8,100. It later fell below $8,000 and was trading at approximately $7,868 during today’s early morning hours. It has since hopped back up to about $8,030.

Ethereum, on the other hand, has risen by about ten dollars since its recent fall, currently trading at $167 per token. It’s a welcome change from the dismal $157 it was trading at roughly 48 hours ago, and while there’s still plenty of room for improvement, it’s nice to see all the major coins working hard to return to their previous marks.

 

NICK MARINOFF · SEPTEMBER 27, 2019 · 3:00 PM

David

Bitcoin – $0 or $100,000?

Bitcoin has long toiled in obscurity. Despite the cryptocurrency now being valued at some $180 billion — the size of a large Silicon Valley firm — it is still relatively small in the grand schemes of things. Yes, it is one of the largest base monies in the world, but is still pitiful when put up against the size of, say, the equities or housing markets.

Some cynics have postulated that this is the biggest that the cryptocurrency will ever grow. Ever.

For instance, Larry Summers, the former Vice President of Development Economics and Chief Economist of the World Bank, said that gold, at $7 trillion, is around 1% of global wealth. And, cryptocurrency, he added, is approximately 5% of that. These proportions, he claims, are “just about right”.

 

In a recent Youtube video, the prominent commodities trader said that Bitcoin has a 50% chance of succeeding and a 50% chance of failing — no in-betweens. He defines success as a rally to $50,000 to $100,000 — meaning that Bitcoin would be valued at around $1 trillion to $2 trillion; and failure as a move for BTC to become “basically worthless”, which he claims is a sub-$1,000 price point.

 

While he believes that Bitcoin is more than a 50/50 binary than anything, Brandt has been leaning long over recent months, touting lofty predictions that were seemingly music to the ears of HODLers. As reported by Ethereum World News previously, the leading trader said that [there is a] “Possibility that $BTC has entered fourth parabolic phase,” Brandt noted while pointing to the chart seen below.

 

This uptrend, he has claimed will bring BTC to $50,000 and beyond.

Interestingly, $50,000 isn’t as crazy as it may sound from an outsider’s perspective.

A price model from Twitter analyst PlanB, which has been accurate to a 95% R2, has shown that after the May 2020 halving, BTC’s fair market capitalization will swell to $1 trillion. This market capitalization translates to $50,000 per coin as aforementioned.

That’s not all. ByteTree’s Charlie Morris wrote in a note earlier this year that Bitcoin is currently trending above a trendline that has an internal rate of return of 115% per annum. Should this trend continue, the analyst remarked that Bitcoin could “touch a trillion dollars by 2025”.

 

By Nick Chong September 22, 2019

David

Something Very Strange Is Going On With Bitcoin And BTC Google Searches

Bitcoin and cryptocurrency prices are well known to be closely tied to media and general public interest–-though that could be changing.

The bitcoin price has been climbing so far this year, rising some 200% since January, though has recently plateaued at around $10,000 per bitcoin after peaking at more than $12,000 in June.

Now, it appears Google searches for bitcoin and BTC, the name used by traders for the bitcoin digital token, could be being manipulated–-possibly in order to move the bitcoin price.

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Google searches for "BTC" (red) have suddenly eclipsed "bitcoin" (blue) searches in the U.S. and around the world. GOOGLE TRENDS

This week there has been a massive leap in Google searches for "BTC," which usually is lower than searches for "bitcoin"–with search volume for "BTC" around the world now far higher than it was even at the top of bitcoin's epic 2017 bull run.

The trend may have started in Romania, Swedish cryptocurrency website Trijo News first reported.

"It is reasonable to assume that someone is behind these radical changes," wrote Kryptografen's Bendik Norheim Schei.

"That the same pattern can be seen all over the world may indicate that VPN services have been used to distribute the search across the world, thus achieving a global trend. Google Trends points out that changes have been relatively large in Romania. Is this the source, or is it just because there have been fewer searches for BTC previously? Whatever the answer is–something very strange has happened to the interest in the keyword 'BTC' this past week."

 

The bitcoin price has in the past tracked searches for "bitcoin" and "BTC" quite closely, with a sudden rise in searches for "BTC" without a similar rise in the price highly unusual.

Meanwhile, Totte Löfström of Trijo News, which first reported the Google search discrepancy, found that, "if you choose to display the Google Trends result for the topic 'bitcoin', all searches containing that keyword are included: 'buy bitcoin,' 'bitcoin price,' 'where can I buy bitcoin,' and so on, the number of Google searches containing the word 'bitcoin' has increased very significantly lately."
Searches for "BTC" (red) have never been higher, with Romania a possible the source of the surge. GOOGLE TRENDS

Other bitcoin and cryptocurrency analysts were quick to join Schei in pointing to potential market manipulation.

"Somebody's trying to game the trading algorithms," said Glen Goodman, trading veteran and author of bitcoin investment book, The Crypto Trader, who explained how this could be used to move bitcoin prices on the market.

"There are algorithms programmed to look at Google Trends data and try to find correlations between numbers of searches for the word 'BTC' and the movements in the bitcoin price."

"If they detect patterns, it may be profitable to trade off that data. This hacker may be buying some BTC, then sending a ton of 'BTC' search queries to Google, the algos see search numbers have risen and are triggered to buy a lot of BTC which pushes the price up, and the hacker then sells their BTC at a profit. Easy money!"

Meanwhile, it seems whoever is trying to manipulate the search results for "BTC" is doing it in an organised way.

The bitcoin price usually moves higher if Google searches for "bitcoin" and "BTC" rise, though this hasn't happened to a significant degree. COINDESK

"These searches appear to be timed to coincide with the quietest time in each country–around 4am or 5am, when search traffic is subdued, so the spam search queries will have maximum impact on the graph," Goodman added.

Billy Bambrough

Billy Bambrough

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported …

 

David

Crypto Market & Bitcoin Rebounding – BCH, Litecoin, TRX, XLM Analysis

 

• The total crypto market cap bounced back sharply after testing the $245.0B support area.

• Bitcoin price is back above the $10,000 and $10,100 levels, with positive signs.

• Litecoin (LTC) price is showing positive signs and it could soon revisit the $80.00 resistance.

• BCH price is gaining pace and it could rise towards the $325 and $340 resistance levels.

• Tron (TRX) price settled above the $0.0170 level and it could continue to climb higher.

• Stellar (XLM) price surged recently and it is likely to march towards the $0.0850 level.

The crypto market cap and bitcoin (BTC) are back in a positive zone. Ethereum (ETH), litecoin (LTC), ripple, BCH, tron (TRX), stellar (XLM) and other altcoins could continue to climb higher.

Bitcoin Cash Price Analysis

BCH price corrected lower recently and tested the $305 support area against the US Dollar. Later, the price bounced back above the $310 and $315 levels. It seems like the price is about to break the $320 resistance and it could continue to rise towards the $325 and $340 levels.

On the downside, there is a strong support forming near the $305 level. As long as the price is above $305, there are high chances of more gains in the coming sessions.

Litecoin (LTC), Tron (TRX) and Stellar (XLM) Price Analysis

Litecoin price remained well bid above the $72.00 and $70.00 support levels. LTC price is now trading above the $75.00 level and it seems like it could revisit the $80.00 resistance. Any further upsides will most likely push the price towards the $85.00 and $88.00 levels.

Tron price corrected lower and tested the $0.0165 support area. TRX price is back in a positive zone and is trading nicely above the $0.0170 level. It seems like the price may perhaps recover further and trade towards the $0.0180 and $0.0182 levels in the near term.

Stellar price surged higher this week above the $0.0700 resistance level. XLM price is now trading above $0.0750 and it may soon break the $0.0800 resistance level. If there are more gains, there are high chances of a run towards the $0.1000 resistance area.

Looking at the total cryptocurrency market cap 4-hours chart, there was a test of the key $245.0B support area. The market cap stayed above the $245.0B support area and recently bounced back. There was a sharp rise above the $255.0B and $260.0B resistance levels. However, the market cap is again struggling to clear the $265.0B resistance area. If there is an upside break above $265.0B, there could be a decent rally towards the $280.0B and $285.0B resistance levels. Overall, there could be more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, BNB, TRX, ADA, XMR, and other altcoins in the coming sessions.

 

 

Aayush Jindal

David

Bitcoin Gets a Blow of 1%; Falls below $10,300

• Bitcoin loses 1% in the last 24 hours and goes below 10,300 USD.

• The next resistance may come at 10,481 USD.

Bitcoin has almost lost 1% over the last 24 hours and ditching the growth pattern it is now below 10,300 USD. The trading range of Bitcoin’s price in the last one day has been between 10,380 USD and 10,102 USD. The medium-term outlook is expected to be bullish.

BTC to USD Price Analysis-

The first blow for Bitcoin happened between 01:30 and 10:30 UTC and this fall took 79.22 USD away from it and placed it at 10,301 USD. The second variation started at 10:42 UTC and over the next 5 hours and 27 minutes, it lost 208 USD and the value of the coin was dragged to 10,102 USD, the lowest point for the day. However, it got stronger after that and by 21:01 UTC, it got a lift of 2.32% and reached 10,338 USD. Towards the closing of the day, it started weakening and after losing 1.45% it got placed at 10,188 USD by 00:56 UTC, today.

Bitcoin Price Chart by TradingView

Bitcoin Price Prediction-

Bitcoin is the top coin of the market and this volatility of Bitcoin’s price movement shows the overall health of the market. Though, no big rise is anticipated for the short-term, long-term outlook is likely to be bullish. The next resistance may fall at 10,481 USD.

 

Support & Resistance Levels-

R1- $10379.19, R2- $10481.59, R3- $10576.32

S1- $10182.06, S2- $10087.33, S3- $9984.93

 

Mehak Punjabi Mehak Punjabi 17 mins ago

 

David

Opinion – We Want Bitcoin Results, Not Predictions

Is it safe to say that people are tired of talking about bitcoin? While not necessarily bored by it, they are tired of hearing the same things over and over, one of which is that the currency is about to enter a huge rally of sorts.

No More Bitcoin Predictions; We Want to See Change

Tom Lee, as reported by Live Bitcoin News earlier today, is back in the limelight again, commenting that the currency is about to hit a new all-time high once the S&P jumps up. Lee, despite claiming that he would never try to predict the bitcoin price again, has come out a few times this year to discuss where it could wind up, even stating the bitcoin could potentially strike the $40,000 mark in 2020.

This is a big prediction, but he’s not alone in the playing field. Others, such as venture capitalist Tim Draper, have commented that one unit of bitcoin could hit the six-figure range by 2022, spiking to as much as $250,000 each. He later revamped this statement to say that the currency would hit this mark six months later, so a bit of a delay is at hand, but not much.

This is all fine and dandy and likely to get some people breaking out the champagne, but for the rest of us, we’re getting a little tired of just hearing these predictions regarding where it will go later. We want to see change now and given how often everyone talks about the potentially bull rallies that the coin will soon allegedly enter, we can’t help but feel a little disappointed with the present results.

Everything takes time; we’re not children, and we understand this. In addition, bitcoin has shown major improvements this year considering how “in the trash” it was by the time 2018 said goodbye. At that stage, the currency was trading in the mid-$3,000 range and had lost more than 70 percent of its overall value.

Many of us thought recovery was completely out of the question, but five months later, it did begin to show signs of life once again, spiking to $5,000 per unit by the time April 2019 rolled along.

Things Need to Improve

Since then, it’s more than doubled in price, but for the most part, it’s underperformed as of late, especially given the situation involving the trade war. While BTC did spike at certain points during the early moments of the trade conflict, these spikes didn’t last long, and many times the currency has dropped to new lows in the $9,000 range.

Everyone seems to have an opinion regarding where it will go and what will happen, and some are claiming good things will happen very soon, but at this stage, we’re tired of just hearing about it. We just want to see it happen already.

 

 

NICK MARINOFF · SEPTEMBER 15, 2019 · 6:30 PM

David