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Bitcoin Rides on USD 8,000 as Bulls Ignore Bear Signals

Bitcoin Rides on USD 8,000 as Bulls Ignore Bear Signals

At the end of Friday yesterday, as North American markets closed out the trading week, Bitcoin price enjoyed long periods above USD 8,000 as bullish traders ignored technical signs of bearish sentiment.

Prices today are slightly higher than they were 24 hours earlier (0.1%), trading right now at USD 7,985 (9.30 am UTC, CoinDesk), but it hides a story of a fight between bears to plunge new depths below USD 7,900 and bulls to remain breathing above USD 8,100 — both these are the day’s high and low.

As mentioned in yesterday‘s analysis, several crypto analysts and technical commentators believe that Bitcoin’s sliding price in the last week and inability to push beyond key resistance levels point towards a further correctional wave in the short term. However, psychological attempts to push above yesterday’s levels indicate that the bulls are far from ready to give up even in the short term.

Interestingly, volumes continue to show great strength across the major exchanges worldwide, and even peer-to-peer platforms such as LocalBitcoins and Bisq are showing no letdown in trading activity, indicating that there are still many traders on both sides of the fences willing to push their agendas.

This just as Coinbase recorded the highest volume it has seen for over 14 months:

Bitcoin trading volume on the largest US-based cryptocurrency exchange, Coinbase, hit the highest amount seen in 14 months in May. https://t.co/SrDW22wDRg @samadamsSAO reports

— CoinDesk (@coindesk) June 7, 2019

Whatever the outcome this weekend, people have not stopped buying Bitcoin.

My First Bitcoin Purchase https://t.co/AVMejy4l1G pic.twitter.com/Fndxf4dXEK

— Joel Comm (@joelcomm) June 7, 2019

 

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Bitcoin Price Stops Shy of $9,000, Support at $8,700

Bitcoin Stops Shy of ,000, Support at ,700

After springing yet another weekend surprise yesterday, Bitcoin price made another attempt at USD 9,000 in the last 24 hours but ultimately accepted the resistance to settle around its current price of USD 8,750, after finding very solid support levels just around USD 8,700 (2:40pm UTC, CoinDesk).

Bitcoin bulls will take a lot of cheer from the price action today, which generally showed a positive inclination to go up, right after a tight pullback from the 24-hour high of USD 8,921. European markets saw trading see-saw in a tight range, breaching USD 8,800 several times but eventually falling to support levels, as the markets now give way to North America.

On the back of Bitcoin’s impressive double-digit gains, other altcoins have enjoyed strong rallies, with EOS, Ripple (XRP), Ethereum and Litecoin all recording strong gains, with the expectation that the Bitcoin trudge towards USD 10,000 is all but an eventuality.

To put things in perspective, Bitcoin was last at this price 12 months ago, before embarking on a descent ever since until January 2019. It is now 70% higher than it was last month.

Along with this most recent spike in price, Bitcoin has dragged the entire market capitalization for cryptocurrency up by over USD 20 billion, with 75% of that thanks to Bitcoin itself.

Bears will remind that even the bullish 200-day moving average (200-MA) is still hovering around USD 4,500, so even a sudden crash could hurt speculators quickly. Despite the lack of bad news and negative developments in the industry, the equal dearth of particularly positive news or even Bitcoin whale movements still has most analysts puzzling over this recent turn of events.

Others like eToro crypto analyst Mati Greenspan feel perhaps they shouldn’t jinx the market by hoping the Bitcoin market stays for a while near its current highs in consolidation.

Maybe should’ve kept my big fat mouth shut. 😂🤣https://t.co/8t1EVgeIg9

— Mati Greenspan (@MatiGreenspan) May 28, 2019

 

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Morgan Creek Digital: Bitcoin Could Be Entering Multi-Year Rally

Morgan Creek Digital: Bitcoin Could Be Entering Multi-Year Rally

Digital asset fund manager Morgan Creek Digital‘s CEO, Anthony Pompliano, has come out to say that all the signals are pointing towards a possible multi-year rally and Bitcoin bull market that could last two to three years, as quoted by Bitcoinist.

His sentiment comes on the back of strong performances by Bitcoin in recent weeks and months to completely overturn a year of sliding prices, soaring from a low of USD 3,100 in January to its current range of USD 8,750 in less than five months. Pompliano has advised investors during an interview with CNBC to keep Bitcoin in their portfilios because it was a “non-correlated asymmetric return asset”.

The influencer, who also runs the Off the Chain podcast, pointed to growing fundamentals that support the theory of a returning bull market, such as ever-increasing trading volumes on exchanges, and evidence that investors — both retail and institutional —  were moving funds back into cryptocurrency.

The current trade tensions developing between China and US, the world’s two largest economies, are also showing Bitcoin as a safe haven for value, with more money pouring into it. This is a view supported by the likes of Grayscale CEO Barry Silbert.

Pompliano argues:

“We hit the bottom of the bear market, and now we have entered into this bull market. It would not surprise me if we entered a kind of two to three-year bull market now.”

To underline his point, he also pointed out that more than three-quarters of Bitcoin supply had already been created, signaling a scarcity factor that would only increase with Bitcoin rewards for every new block found by miners due to be halved a year from now in May 2020.

Given that price is now approaching USD 9,000, it would seem that Pompliano is on the right path with his prediction of a multi-year rally.

 

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Grayscale CEO: Bitcoin’s Price Uptrend Likely Due to US-China Trade War

Grayscale CEO_ Bitcoin’s Price Uptrend Likely Due to US-China Trade War

In the past few months – for the most part of 2019, Bitcoin has been bucking the trend, attracting onlookers from the traditional investment circles, and while the reason behind the sudden increase in Bitcoin’s price may have been unclear, critics have engaged numerous sound reasoning wavering from strong fundamentals to typical bullish technical trends sponsored by whales.

In an interview with Forbes, owner of Digital Currency Group Barry Silbert noted how Bitcoin’s sudden uptrend began just as the trade discussions between the US and China broke down:

“It’s certainly interesting that the [Bitcoin] price started its acceleration, moving up and to the right, when the trade discussions broke down.”

He explained Bitcoin as a non-correlated asset and which has performed better than historical stores of value investments like gold, citing other events such as Brexit and Grexit and how Bitcoin price was up at both instances.

According to the Bitcoin bull, whose investment firm has a share in over 145 crypto-related ventures, and has its Grayscale Investments arm holding over USD 2 billion AUM, its 2019 Q1 reports suggested a heavy influx of institutional investors into the Bitcoin portfolio and significant interest from hedge funds.

Silbert has always been strongly opinionated about Bitcoin investments as against traditional investment hedge such as gold, and recently started a #DropGold campaign – as a zero-sum game – to intentionally place Bitcoin on the path of investors of all types – specifically targeting older generations. His reasoning is that as Bitcoin becomes more mature and becomes more resilient, there’s a possibility gold is not going to play the role it did for the older generation of investors, and perhaps Bitcoin may play that role at least for the younger generation. He said:

“Bitcoin has real utility. [It’s] creating a new financial system, eliminating middlemen, friction, cost, removing barriers. And if you think about the value it can bring from the remittance perspective –banking the underbanked and unbanked, that is [the] real true utility. Bitcoin has the potential to create real economic opportunity around the world. [Whereas], gold, the more expensive it gets, the less useful it becomes.”

It appears over the years, Bitcoin has been maturing to become the digital gold of an emerging economy. Silbert explained the trend in Bitcoin’s price history suggesting that its pattern of ups and downs over the past 5, 6, or 7 years with significant drops in the price of up to 60, 70, or 80% while testing new highs – up to 4 record highs – so far, were maturity indicators.

A major indicator is the infrastructural growth of the Bitcoin ecosystem since the last bubble in 2017 and to Silbert it is as clear as night and day. These growths are explained as the on-ramps of institutional grade bitcoin-related services as well as custody providers such as Fidelity and Bakkt, revamps of trading infrastructures, compliance structures, and increased awareness.

According to data from CoinMarketCap, Bitcoin is currently trading at about USD 7,938.01 after recently hitting its year-to-date high of USD 8,320.82 – a figure trending close to its 12-months-high of USD 8,424.27 in July 2018.

 

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Tim Draper Insists Bitcoin Will Hit $250,000

Tim Draper Insists Bitcoin Will Hit 0,000

Crypto billionaire and venture capitalist Tim Draper has refused to back down from his past prediction that Bitcoin would one day achieve a value of USD 250,000.

During a Youtube interview with crypto influencer @cryptoWendyO, he did, however, extend his prediction’s deadline by a year, from his initial date of 2022 to 2023. Speculators may probably take some positive vibes from this mere one year delay, given that the market has been struggling to put forward a recovery since hitting 2018 lows of USD 3,000.

Throughout the interview, Draper maintained a bullish outlook for the world’s most popular cryptocurrency, believing that people will continue to use Bitcoin as a method of payment and peer-to-peer value transfer, as originally intended:

“I think eventually they’ll spend it when they feel like the value has come to a pretty good place. But, USD 250,000 per Bitcoin in 2022 is what I predicted. It might be 2023, but it’s in that range. And that’s only a 5% market share of all the currency in the world. So, I can see why people who are real believers are holding on.”

He also retained his views of Bitcoin as a store of value, believing that it would even one day outpace gold as the world’s choice of storing value. He says that gold “is so gone” despite many people still holding on to it:

“What would you use gold for when you can store value with Bitcoin? It’s nonsense. But I’m sure a lot of people still do it, and they think of the gold standard as the good coin. But I look at it and I say, ‘What? You’re comparing Bitcoin to gold?’ It’s like 10 generations from when we used gold to transfer value.”

 

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