Category Archives: Bull Run

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First Golden Cross on Weekly Bitcoin Chart Since May 2016

  • A golden cross, a possible bullish indicator, has occurred on the weekly Bitcoin chart after a 3-year absence

Bitcoin just had a golden cross on the weekly chart for the first time since May 2016, which is approximately 3.5 years ago. A golden cross is a bullish sign for the crypto space. Indeed, the last time Bitcoin had a golden cross on the weekly chart it marked the beginning of a major bull run that eventually took Bitcoin to its all-time high of USD 20,000 in late 2017.

A golden cross is when a short period moving average of Bitcoin’s price moves above a long period moving average. In this specific case, the 50-week moving average has moved above the 100-week moving average. Equivalently, the price of Bitcoin over the past year is higher than the price of Bitcoin over the past two years, which is an indication that market conditions are improving.

However, a golden cross is a lagging indicator, meaning that it just confirms a trend that is already prevalent. That being said, this golden cross is still positive news, and oftentimes heralds a bull market in the short to medium term. Only time will tell, but another positive factor is that the Bitcoin block halving is coming in May 2020, which is only about five months away.

 

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“2019 is the new 2017” Claims CoinBits Creator

“2019 is the new 2017” Claims CoinBits Creator

A Bitcoin millionaire is now looking at Bitcoin from another perspective after writing it off in 2018 as he now plans to tap into the market recovery with his own new company.

Erik Finman, Founder of CoinBits, a startup which allows users to buy Bitcoin by converting small fractions of real-world purchases made with a credit card into Bitcoin, is on a roll.

Finman is one of many who was quick to predict the demise of Bitcoin in 2018 after the market lost 90% of its value after its 2017 peak, but happy to pick up where they left off as the bull market gains in strength. So much so, in fact, the entrepreneur and startup CEO sees Bitcoin back to its highs of 2017 by the end of this year.

He sees Bitcoin’s latest fortunes resting on the success of Facebook’s new launch into the cryptocurrency sector along with positive press Bitcoin is getting from presidential hopefuls in the run-up to the US elections. Based on the market’s recent resurgence Finman’s latest venture CoinBits now has 10 full-time employees and 10,000 users. He comments enthusiastically:

“2019 is the new 2017 for bitcoin and cryptocurrency… hitting its stride and all the things happening in the tech and finance industry right now are boosting bitcoin and crypto. Blockchain is the cutting edge.”

However, for this to continue, Finman suggests that certain things need to improve such as lowering Bitcoin’s transaction fees and increasing speeds and halting bickering between users and suppliers. The 20-year-old who bought his first Bitcoin at the age of 12 argues that the whole view of Bitcoin as a money making scheme needs to go:

“The friends I went to high school with know the words ‘Bitcoin,’ ‘cryptocurrency,’ and ‘blockchain,’ but they don’t really understand what they mean. They know Bitcoin as a get-rich-quick tool and little more. That needs to change if Bitcoin is going to be around much longer.”

 

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Bitcoin’s Price Grazes $8,000 Next 2019 Milestone $10,000?

Bitcoin's Price Grazes ,000 Next 2019 Milestone ,000?

Bitcoin’s price recently pierced through USD 8,000 for the first time since July 2018, could the bulls be trailing their steps back to USD 10,000 and beyond? Especially given that the first time Bitcoin hit USD 10,000 in November 2017, it had continued in an uptrend rally from around USD 6,000 and reached the hallmark within a month, similar to recent milestones.

Source: CoinMarketCap

As Bitcoin continues in a sustained uptrend for the most part of 2019, the months of April and May happen to stand out so far with as much as 55% gain in just 30 days. Overall, year-to-date price of Bitcoin has seen an upsurge of about 113%. The cryptocurrency market has seen as much as the addition of over USD 20 billion. Bitcoin currently trades along the edge of USD 8,000 as at press time.

 

Source: CoinMarketCap

Perhaps both the fundamentals and the technicals are on the sides of the bull trend, helping the flagship cryptocurrency crawl out of a prolonged bear market plague. Some analysts have pinned the onset of the bull run on such events as the next Bitcoin halving, Fidelity Investment’s recent announcement of its over-the-counter Bitcoin trading service to institutions, and likely spillovers from the US-China trade wars – as Head of International Fixed Income at National Alliance Securities Andy Brenner pointed out:

“If you were in China and you wanted to diversify, it would seem logical that Bitcoin would be a short term alternative.”

Although many onlookers are weary of the parabolic development of the price actions, however, there could be no better news for cryptocurrency hodlers – perhaps a few – who held out their breath to weather the fiery winter storm.

A few industry players have explained their side of the bull trend, with different entities coming forward to claim their role in the price surge. One of such is CEO of TRON Justin Sun, who claimed his Tweet about helping the recently hacked Binance exchange with the sum of USD 40 million USDT had reversed the slight downtrend from USD 5,900 to USD 5,700 upon news of the hack.

At least BitMEX CEO and Co-Founder Arthur Hayes thinks the bulls are here to stay, suggesting Bitfinex’s USD 1 billion raise in 10 days is enough evidence. He also recently celebrated a new trading volume record of over USD 10 billion in 24 hours.

A $1bn IEO raised in less than one month. Bull market is here, buckle-up buckaroos!! https://t.co/4DaZ0fNtXe

— Arthur Hayes (@CryptoHayes) May 13, 2019

And he’s saying too bad to those who shorted: “When you mess with the bull you get the horns!!!”

Regardless of the claims, one plausible explanation to the recent price surge is that the market is seeing more buyers than sellers and hence with fewer sellers in the market and a steady increase in the demand for the asset, a price surge is a better incentive to sway sellers to let go of their Bitcoins. Would sellers cave-in or let the bulls ride a while longer?

 

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Wall Street, Institutional Investors Prime for Next Crypto Bull Run

Wall Street, Institutional Investors Prime for Next Crypto Bull Run

Analysts are looking ahead to the potential for a sustained bull run on cryptocurrency markets in 2019, and many are expressing an expectation this will be the signal for Wall Street and institutions to up investment.

Many see large-scale investment being re-examined in 2019 after being scared off by Bitcoin’s December dip. Wall Street notably stood back prior to the end of the year with Goldman Sachs’ much-publicized plans to open a crypto trading desk called “top-of-the-market-hype thinking” by one New York executive.

Travis Scher of New York’s venture capital firm Digital Currency Group sees a change in indirection from Wall Street and large investment as imminent suggesting that Wall St has lagged behind. He has been watching the industry, choosing to remain on the fringes waiting for signs of an upturn before making a move.

Canadian entrepreneur and activist Jeff Berwick (aka Dollar Vigilante) sees 2019 as the year that cryptocurrency prices will take off once institutions finally make their move. He suggests that trillions of dollars are waiting to be invested in the cryptocurrency market.

Despite Bakkt’s delay, the recent seed funding of over USD 182 million goes on to show that a lot of institution key players are supportive of a successful launch of the platform, after particularly after the New York-based platform acquired “certain assets” and employees of Rosenthal Collins Group (RCG) to expand the company.

With Nasdaq also waiting in the wings and the potential for non-fungible tokens (NFTs) and ETFs predicted to push blockchain adoption and kickstart a crypto bull run, 2019 already offers high expectations for both analysts and investors.

 

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