Monthly Archives: December 2018

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Number of Crypto Users Increase Despite 85 Market Correction

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Number of Crypto Users Increase Despite 85% Market Correction

When all is said and done, people remained relatively loyal to bitcoin and crypto in 2018.

Crypto Says Goodbye to the Last 12 Months

This year has not been particularly kind to BTC, especially when compared with 2017, the year of the bitcoin boom. Last December, cryptocurrency enthusiasts and traders everywhere were treated with a special Christmas treat when bitcoin rose to just under $20,000 during the final weeks of the year. After a series of extensive price spikes throughout 2018, it appeared bitcoin had finally hit its mark.

But just a month later, bitcoin began to take a nasty fall, and that fall has never let up. At press time, bitcoin has lost virtually 85 percent of its previous value, and today, it’s trading for just over $3,400.

People Still Love Their Crypto

But that doesn’t mean people gave up on bitcoin and cryptocurrency altogether. A new report issued by the Cambridge Center for Alternative Finance suggests that the number of “newbies” entering the crypto space in 2018 practically doubled from the numbers listed for 2017. Despite bitcoin’s record (and consistent) drops, BTC and crypto users shot up more than anyone likely anticipated.

The authors explain:

“Conforming with popular narratives, survey data indicates that most users – both established as well as new entrants – are individuals and not business clients. Individuals can by hobbyists, retail investors, consumers or users seeking a better investment or payment alternative… Growth rates were at their highest in 2017, and the number of new users’ accounts as well as ID-verified users continued to rapidly grow in 2018 as well.”

Will Bitcoin Return to Greatness?

The data suggests one hugely positive thing: that bitcoin is potentially in line for another rally. If users continued to flock to bitcoin even during times of extreme crisis, that could mean recovery is on the way in the coming months – especially if new customers continue to flock to the space. It’s a nice little push forward considering some analysts predict bitcoin to fall even further.

Data issued in the report show that the number of user accounts on digital exchanges nears the 150 million-mark for 2018. This is almost double the number of accounts in 2017, which was only at about 80 million. In addition, the number of ID-verified accounts sprung from about 20 million to 40 million between 2017 and now.

However, the study confirms that bitcoin is still largely being used for investing purposes rather than for commerce or making purchases. Volatility remains extremely high, which has prevented bitcoin from being used as a potential “money replacement” more often.

 

NICK MARINOFF · DECEMBER 13, 2018 · 12:07 AM

 

Alan Zibluk Markethive Founding Member

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The Idolatry of People-Pleasing

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What if I'm more afraid to displease important people than God?

Written by GodLife on 13/09/2016
Series: Weekly Devotional
Tags: Idolatry, Influence, Relationships, Submission
So now run away to your place. I said I would give you much honor, but the Lord has kept you from honor.

Numbers 24:11
A story in the Bible's book of Numbers shows how dangerous the desire to “please men” can be (Colossians 3:22). This story is mentioned a lot in the Bible. Each mention comes with a warning.

God wants us to take note: what can this story teach us about ourselves?

1. It is Dangerous To Look For God’s Permission And Not His Approval
Fearing Israel, King Balak sent for the prophet Balaam. God told Balaam not to go. King Balak persisted, so Balaam asked God again.

God seemed persuaded: he gave Balaam permission to go. On his journey, the donkey he was riding was blocked by an angel with a drawn sword. The donkey refused to keep going, angering Balaam so much that he beat the animal. Before he could kill her, God allowed the donkey to speak, warning him of the danger. God then opened Balaam’s eyes to see the angel standing ready to kill him!

Just as the donkey’s actions went against Balaam’s plan for her, Balaam himself had nearly been killed for resisting God. But Balaam presses again, and finds the permission, (not the approval), of God.

2. There is Danger in Getting Around God’s Purposes
Accompanying the messengers back to Midian, Balaam at first blesses Israel instead of cursing them. God had warned him to do only as he was told. (Numbers 22:20) Balak is furious. Later we’re told (Numbers 31:16) that Balaam taught the Midianite women to seduce the Israelite men into idolatry. (Numbers 25:1-3) Terrified by Balak, Balaam cunningly thought of a way to curse the Israelites without speaking the curse himself, still a violation of God's instructions.

3. The Outcome of the Fear of Man
Balaam’s conduct shows perversion in a believer's walk:

The “way of Balaam” (2 Peter 2:15) — “against” God. (Numbers 22:32) If it was to his advantage, Balaam didn’t fear taking God's mercy for granted. In his heart, he said, “God has said ‘no’ to this–maybe there's a way I can do it anyway.”
The “error of Balaam” (Jude 11) — failing to learn the lesson of the encounter. Balaam was physically stopped and even threatened.
The “doctrine of Balaam” (Revelation 2:14) — passing this attitude along. Balaam was willing to try to spoil the purpose of God.

Presumption leads to the error of trying to get around God’s will. This means we manipulate, teach or become a bad example, leading others down the same corrupt path. Balaam may have said the Lord was his God. But he had idolatry in his life all along: respect of human favor over God’s. How much will God allow if we presume upon His grace? Balaam’s idolatry led him to serve God’s enemies, curse himself (Numbers 23:9) and demonstrate God’s denial of his prayers (Numbers 23:10) in the manner of his death. (Numbers 31:8)

Pray this week:
Father, I surrender myself to you again. I want your way to prevail in my life. Protect me from presumptuous sin.

How can you know God’s good, pleasing and perfect will for your life?

Alan Zibluk Markethive Founding Member

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Bitcoin BTC Daily Price Forecast December 12

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Bitcoin (BTC) Daily Price Forecast – December 12

Bitcoin (BTC) Daily Price Forecast – December 12

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000

Support levels: $3,300, $3,200, $3,100

Yesterday, December 11, the price of Bitcoin was in a bearish trend. In the last 48 hours, the price of Bitcoin had been in the bearish trend zone. The crypto's price had been fluctuating above the $3,400 price level. It was suggested that if the bears broke the $3,400 price level, the crypto will resume the downtrend and price is expected to test the $3,000 price level.

Today, the crypto's price is below the EMAs and price is fluctuating above the $3,400 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Bitcoin is in a bearish trend. In the bearish trend of yesterday, the crypto’s price fell to the low of $3,413.3 and commenced a bullish movement on the upside. The bulls broke the 12-day EMA but were resisted by the 26-day EMA and price fell back to the bearish trend zone.

Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The Relative Strength Index period 14 is level 37 which indicates that price is nearing the oversold region.

 

By Azeez M – December 12, 2018

Alan Zibluk Markethive Founding Member

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Ways God Meets Your Needs

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Jesus promises to meet your needs

Written by Ruth on 11/12/2018

Series: Weekly Devotional

Tags: Need, Faith, Contentment, Faithfulness

Seek first the kingdom of God and His righteousness, and all these things will be added to you.

Matthew 6:33

Do you trust God to meet your needs and direct your life His way, or demand them your way?

Today, let’s talk about a Bible character named Elizabeth as an example of how God meets our needs. 

Elizabeth's circumstances

Luke 1:5 – In the days of Herod, king of Judea, there was a priest named Zechariah, of the division of Abijah. And he had a wife from the daughters of Aaron, and her name was Elizabeth.

Luke 1:7 – But they had no child, because Elizabeth was barren, and both were advanced in years. 

Elizabeth had a need which had consequences for her marriage as well as for her connection with other people around her – she could not have children. She had probably given up on this dream since she was now old enough that having a child was no longer possible. Yet, her deep need remained in her heart. While the Bible does not tell us this, I am sure she wept with her husband many times over this lack in their family.

When you have a need, what do you do about it? What do you think would happen if you would ask and trust Jesus to know and solve your need His way?

Elizabeth’s Faith

Luke 1:13 – But the angel said to him, “Do not be afraid, Zechariah, for your prayer has been heard, and your wife Elizabeth will bear you a son, and you shall call his name John. 

Luke 1:24 – After these days his wife Elizabeth conceived, and for five months she kept herself hidden…

When her husband returned home from his time of serving in the temple, Elizabeth must have been afraid because of the change in him – he could not speak. But he must have written God’s promise to him and her, because we know she knew all about what the angel had said to him.

Then it happened – she was pregnant! She was going to have a baby even when it was impossible because of her age. Did she hide herself because she did not want to be the subject of gossip in her town? How do you hide what Jesus is doing in your life?

Elizabeth’s Happiness

Luke 1:36 – And behold, your relative Elizabeth in her old age has also conceived a son, and this is the sixth month with her who was called barren. 

Luke 1:39-41 – In those days Mary arose and went with haste into the hill country, to a town in Judah, and she entered the house of Zechariah and greeted Elizabeth. And when Elizabeth heard the greeting of Mary, the baby leaped in her womb. And Elizabeth was filled with the Holy Spirit, 

When Mary, a young woman who was also pregnant by a miracle, came to visit Elizabeth, however, Elizabeth began to rejoice in the miracle God had given her. But an interesting thing to see here is that Elizabeth was not jealous of Mary! Elizabeth did not want the honor Mary had received, she just remained glad of her own miracle.

When something good happens to you, and then you see something better happen to someone else, how do you respond to either God or the other person?

Elizabeth’s Faithfulness

Luke 1:57 – Now the time came for Elizabeth to give birth, and she bore a son. 

Luke 1:58-62 – And her neighbors and relatives heard that the Lord had shown great mercy to her, and they rejoiced with her. And on the eighth day they came to circumcise the child. And they would have called him Zechariah after his father, but [Elizabeth] answered, “No; he shall be called John.” And they said to her, “None of your relatives is called by this name.” 

Elizabeth followed God’s plan for her child even though everyone around her urged her to do what tradition expected. Naming the child should have followed their rules, but God had said they should follow His plan instead.

Pray this week:

Lord Jesus, help me to be faithful to Your will for my life, no matter how impossible it seems, or how much others urge me to follow a different path.

When God asks you to do something that does not follow the traditions or plans others around you expect, how do you choose?
 

Alan Zibluk Markethive Founding Member

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Bitcoin price weekly analysis 11122018

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Bitcoin price weekly analysis – 11.12.2018

Bitcoin price weekly analysis – 11.12.2018

Bitcoin price continued on plummeting throughout last week’s trading sessions, recording a week low of $3,277 last Friday. However, after the week low was recorded, the market began recovering slightly and the bulls managed to push bitcoin price above $3,600 on Sunday. Despite the 14% drop we witnessed last week, the market’s bears failed to pull bitcoin price below $3,192, which represents a critical support level, as per the current market conditions. If bitcoin price continues on recovering during the upcoming week, it won’t face significant resistance except near $4,282, which corresponds to the 76.4% Fibonacci retracement level.

Bitcoin price and the news:

In another disappointing week for cryptocurrency enthusiasts, the price of bitcoin continued on dropping to record a new low during 2018. As such, bitcoin price lost more than 50% of its market capital in less than a month. The bearish wave also affected Ripple (XRP), Stellar (XLM), Ethereum (ETH), EOS, Litecoin (LTC), and Bitcoin Cash (BCH), which witnessed 10-20% price drops during last week’s trading sessions.

Last week, the SEC announced that they are to postpone the ruling of Bitcoin’s ETF until late February. This did not help boost the confidence of crypto investors who seem to be reaching a point of capitulation.

The Bitcoin Network overall hash rate continued on dropping throughout the previous week. Bitcoin’s hash rate has been dropping since the beginning of November, even though it has been steadily rising all through 2018, recording historical highs last August. The reasons behind this decline include:

– Shutting down of mining operations by the Chinese government

– Hash power of mining facilities being redirected away from bitcoin to mine other cryptocurrencies

– Decline of mining profitability forced a considerable percentage of miners to cease mining operations entirely.

 

Red Ichimoku Cloud on the 1 day BTCUSD chart:

Let’s examine the 1 day BTCUSD chart from Bitfinex, while plotting the Ichimoku Cloud, the Williams Alligator’s SMAs, and the MACD indicator, as shown on the below chart. We can note the following:

– To identify key resistance and support levels as per the current market, we will plot Fibonacci retracements extending between a low of $3,192 and a high of $7,758. Last week, bitcoin price dropped significantly, after the market’s bears managed to breach the support level around $4,282, which corresponds to the 76.4% Fibonacci retracement. Now, the next significant support level lies around $3,192. Last week, bitcoin price began recovering after a low of $3,277 was recorded, which is around $90 higher than the critical support level around $3,192. On the upside, the market’s bulls will face significant resistance around $4,282 (previous support turns into resistance).

– The Ichimoku Cloud is exhibiting multiple bearish signals, which denotes that bitcoin price is most likely to continue on dropping during the upcoming week. The Ichimoku Cloud is red. Bitcoin price is way below the cloud (bearish signal). Also, the Conversion Line (blue line) has crossed below the Base Line (red line), which represents another bearish signal.

– The Williams Alligator’s SMAs are exhibiting a bearish alignment, as the teeth (red SMA) is between the jaw (blue SMA) from above, and the lips (green SMA) from below.

– The MACD indicator is in the negative territory, yet the blue MACD line has crossed above the red signal line.

 

Bullish reversal signs on the 4 hour BTCUSD chart:

Now, let’s examine the 4 hour BTCUSD chart from Bitfinex, while plotting the Williams Alligator’s SMAs and MACD indicator. We will also keep the Fibonacci retracements we extended on the 1 day chart, as shown on the below chart. We can note the following:

– Right after the week low was recorded, a “bullish engulfing” candlestick pattern was formed on the chart (the pair of candlesticks highlighted by an ellipse on the above chart). This candlestick pattern serves as a bullish reversal signal denoting that bitcoin price can recover and attempt rising towards $4,282 during the upcoming week.

– Even though the Williams Alligator’s SMAs have been exhibiting a bearish alignment since the beginning of December, this alignment began to change on Sunday to form a bullish alignment. This serves as a bullish reversal signal that denotes that the bears are losing their market grip.

– The MACD is bullish. The MACD blue line has crossed above the signal red line and both are sloping in an upwards direction, which represent another bullish reversal signal.
 

Conclusion:

Bitcoin price continued on dropping during last week’s trading sessions. Even though the 1 day BTCUSD charts are still exhibiting multiple bearish indicators, analysis of the 4 hour BTCUSD charts shows multiple bullish reversal signals that indicate that bitcoin price is likely to recover during the upcoming week.

 

POSTED BY: TAMER SAMEEH DECEMBER 11, 2018

Alan Zibluk Markethive Founding Member

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Living and Teaching

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A modern proverb states, "Those who can, do; those who can't, teach." However, for followers of Jesus, a lot of the "doing" is teaching. The Lord has directed His people to share His message of love with the world.

Written by Hope on 15/12/2013
Series: Weekly Devotional
Tags: Evangelism, Living, Teaching
"Go and make disciples of all the nations, baptizing them in the name of the Father and the Son and the Holy Spirit. Teach these new disciples to obey all the commands I have given you." Matthew 28:19-20

A modern proverb states, "Those who can, do; those who can't, teach." However, for followers of Jesus, a lot of the "doing" is teaching. The Lord has directed His people to share His message of love with the world.

Right Living
While leading others in their faith, we must keep an eye on our own lives, making sure that we are living what we are teaching. Jesus said, "Why worry about a speck in your friend’s eye when you have a log in your own? First get rid of the log in your own eye; then you will see well enough to deal with the speck in your friend’s eye" (Matthew 7:3-5). You will harm your disciples if you display a lifestyle of saying one thing while doing another. "Those who say they live in God should live their lives as Jesus did" (I John 2:6).

Bible-based Teaching
The Apostle Paul wrote to his disciple, Timothy, "All Scripture is inspired by God and is useful to teach us what is true and to make us realize what is wrong in our lives. It corrects us when we are wrong and teaches us to do what is right" (II Timothy 3:16). To properly lead another in godly growth, our foundation must be God's Word. "Those who obey God’s Word truly show how completely they love Him" (I John 2:5).

Follow Up Faithfully
When you commit to helping a new believer, don't give up on them. Many of the books of the New Testament exist because God didn't let His Apostles abandon the churches they'd planted throughout the region.

Instead, they wrote to them and visited them to ensure that they learned and obeyed God's Word. St. Paul called his fellow Christians in Philippi "…my partners in spreading the Good News about Christ from the time you first heard it" (Philippians 1:5). The Apostles' follow-up contributed to the amazing growth of the Early Church, and when you help a new believer, you are walking in the Apostles’ footsteps.

Prayer, Care, and Share Jesus
“Teaching How to Share the Gospel”
Scripture: Matthew 28:19-20

People who have recently become believers are often in the "first love" stage of their relationship with Christ (Rev 2:4). They are in a good position to tell others about the gospel. As their spiritual leaders, we should teach them as soon as possible how to share their faith with others.

We suggest that you start by teaching your disciple some simple methods to share the gospel:

A proven tool for sharing the gospel verbally is the Four Spiritual Laws, which you will find at www.godlife.com/gospel.
To share Christ visually, consider using a simple diagram that explains Jesus as the "bridge" to life: http://www.navigators.org/Tools/Evangelism Resources/Tools/The Bridge to Life
A personal and powerful way for your disciple to share the love of Christ is through their personal testimony. (Rev 12:11) This will be fresh on their hearts, and we encourage you to have your disciple write out their testimony and practice sharing it with you.

A concise testimony that can be shared verbally in 3 to 5 minutes should follow this simple outline:

How was your life before you met Christ?
How did you accept Jesus as your Lord and Savior? (Give a brief summary of the gospel message)
How has your life changed since you accepted Jesus as your Lord and Savior?
Encourage your disciple, after presenting the gospel, to bring the person to a point of decision. Have them ask, “Would you like to accept Jesus as your Lord and Savior right now?” If they are ready, lead them in a prayer acknowledging that Jesus died and rose from the dead, asking God's forgiveness for their sins, and inviting Jesus to be their Lord and Savior.

Teach your disciple not to lose heart if someone does not respond to the gospel right away. Your disciple should realize that their responsibility is just to share the gospel, and the Holy Spirit who brings understanding that leads to salvation (2 Corinthians 4:3-4).

Pray this week:
You will teach Bible-based truths.

What does it mean 'to live for Jesus?' If you're not sure, talk to a Christian and find out.

Alan Zibluk Markethive Founding Member

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Bitcoin Price Recovers 12 in 72 Hours While Traders Remain Cautious in Short-Term

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Bitcoin Price Recovers 12% in 72 Hours While Traders Remain Cautious in Short-Term

Bitcoin Price Recovers 12% in 72 Hours While Traders Remain Cautious in Short-Term

ince December 8, the Bitcoin price has increased from $3,210 to $3,588, by just about 12 percent against the U.S. dollar.

In the same time frame, the cryptocurrency market added $11 billion to its valuation, avoiding a further drop below the $100 billion mark, which could have been critical for the short-term trend of the market.

Most major cryptocurrencies including Ethereum (ETH) and Bitcoin Cash (BCH) have been able to rebound from low double digits, as technical indicators started to demonstrate extremely oversold conditions.

But, traders and technical analysts remain cautious towards the short-term price trend of cryptocurrencies until major resistance levels are broken.

$3,700 For Bitcoin

Since early December, the value of Bitcoin has continuously fallen from the mid-$4,000 region, struggling to maintain its momentum and show any sign of stability.

According to DonAlt, a prominent cryptocurrency technical analyst, until Bitcoin breaks out of the $3,700 resistance level, it will remain in a tight range between $3,300 to $3,600, unable to engage in a major price movement.

The analyst said:

“Another good day for BTC. That said it’s still nowhere close to turning bullish on the higher time frames. While the low timeframes look decent, BTC hasn’t even reclaimed the previous trading range. Until it does, no swing long trades.”

As Alex Krüger, an economist and a cryptocurrency trader, recently emphasized, BTC is in a significantly better position to enter an accumulation phase and a consolidation period because it has been able to minimize its loss during several steep market sell-offs.

When compared to both Ethereum and Bitcoin Cash, Bitcoin has kept its value fairly well given the intensity of the market crash throughout the past two months.

ETH and BCH have recorded 93 percent and 95 percent losses respectively against the U.S. dollar, and BTC would have to drop another 72 percent from the current price range to experience a similar drop as the two digital assets.

“Performance from all-time-highs to date, for the main cryptoassets: BTC -82%, XRP -86%, ETH -93%, BCH -95% (using Bitfinex’s data). These may all look equally bad. It is not so. The difference between -82% and -95% is a further 72% drop,” Krüger explained.

Market Still Nervous

Several analysts have reaffirmed that as long as the dominant cryptocurrency remains below $3,700 and struggles to demonstrate a major breakout, the market is at risk of dropping to a new yearly low.

Historically, the cryptocurrency market has taken around 67 weeks on average to recover from a large correction and achieve a new all-time high.

While positive developments like the Nasdaq, Bakkt, and NYSE futures markets are around the corner and are expected to launch in the first quarter of 2019, it could easily take until the second quarter of next year for the cryptocurrency market to begin its recovery.

A proper bottom has not been established by BTC and other major cryptocurrencies, as well as small market cap ERC20 tokens, have not shown any signs of a large corrective rally.

Featured Image from Shutterstock. Charts from TradingView.

POSTED IN: BITCOIN PRICE NEWS, NEWS

AUTHOR

Joseph Young

Alan Zibluk Markethive Founding Member

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Powerful Gospel

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Have you ever not trusted in the power of the gospel to bring people to Christ?

Written by Malcolm Riley

Does the gospel have the power to save anyone?

Have you ever been tempted not to trust in the power of the gospel to bring people to Christ? Sometimes, we as Christians apologize for the message of Christ when talking to those who don’t believe. Romans 1:16 should be a life verse for every Christian! Paul says at the beginning of his letter to the Roman Christians, “I am not ashamed of the gospel, because it is the power of God for the salvation of others.” The same gospel that has been saving people for thousands of years is still saving people today. This gospel, the good news of Jesus Christ’s life, death, and resurrection, can change any hard heart—if we will tell it! Our job is to pray and tell people about Christ. For as Paul went on to say, “How will they know if someone doesn’t tell them?”

The Whole Truth and Nothing but the Truth

We need to tell people about the whole gospel and not leave out the difficult bits like sin, judgment, and Hell, and only talk about the amazing forgiveness that Christ offers at the cross. This means we will really have to trust the Holy Spirit when we tell people of the gospel. Jesus said, “If I be lifted up, I will draw all men to Me.” The power is not in our “sales pitch” of the gospel; the power is in telling the truth about Jesus.

Bring Them to Jesus

We also want to be the kind of people who, like Billy Graham, “Call people to decision!” A great prayer is that we might be like a crossroad in the lives of those we meet: that meeting us would draw someone in one of two directions—either towards Jesus Christ or further away from Him. We don’t want our lives to leave people ignorant about the gospel or comfortable with being neutral. The great preacher Charles H. Spurgeon said we should preach “the whole gospel with a call to decision.”

Push Past the Awkwardness

Every time I come to a point when I am going to challenge someone to pray to receive Jesus Christ, it never feels right. It always feels awkward. But so many have come to Christ when I have felt like this and chosen to go past the pain barrier and preach the gospel with a call to decision. We’ve got to challenge people in spite of being nervous or feeling awkward. It’s so important to not just tell people the gospel but to also challenge them to receive the greatest news in the world! Ask them, “Do you believe that Jesus is the Messiah? Do you wish to follow Him?” If their answer is yes, lead them in confessing their faith in Christ and assure them of their salvation. Ask the Holy Spirit today to make Romans 1:16 your life verse: “I am not ashamed of the gospel, because it is the power of God for the salvation others.”

Alan Zibluk Markethive Founding Member

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Experts Forecast Future of Bitcoin in 2019

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Experts Forecast Future of Bitcoin in 2019

Experts Forecast Future of Bitcoin in 2019

Bitcoin has had a yearlong anticlimax after it rose above $19,000 in December 2017. It currently has fallen below the $3,000 mark and might likely be ending the year on a record low.

Many have called the gradual deflation in the value of crypto signs of a burst. Die-hard proponents think it’s the fall before the rise to new impressive heights. What do the experts say?

Verdict pooled the opinion of crypto experts asking one simple question: What will the price of Bitcoin be in 12 months’ time?

Here are their thoughts.

 

Safer speculation

‘After having experienced a turbulent year in 2018 – one which saw its value collapse from circa $15,000 in January, to just above $3,000 at the time of writing – I do believe that Bitcoin will recover to a value of between $10,000 to 15,000.

‘The inherent volatility of the cryptocurrency means that it is difficult to predict with any kind of finite accuracy. However, the outcome of upcoming events will go a significant way to determining the price.

‘Intercontinental Exchange, the operator of the New York Stock Exchange is planning to launch Bakkt – a federally regulated market which will seamlessly and safely enable institutions and consumers to buy, store and sell crypto assets. Bakkt is supported by corporate leviathans like Microsoft, Starbucks, and the Boston Consulting Group, and stands to bring levels of trust and transparency to the market currently unseen.

‘Similarly, the crypto exchange ErisX recently raised $27.5m from Fidelity Investments and Nasdaq and plans to launch crypto derivatives in the top half of 2019. Fidelity is one of the world’s largest asset managers, controlling resources worth about $2.5trn. Likewise, the Nasdaq operate the second largest stock exchange in the world, after the NYSE.

‘The involvement of such significant financial institutions and ‘mature’ crypto trading products will lead to an appreciation in Bitcoin’s price.

‘A defined regulatory movement will also lead to an improvement in Bitcoin’s price. Proper regulation will make it safer for speculators and will lessen the presence of fraudsters or ill thought out products in the market. Further, it may encourage involvement from institutions, who to this point have been wary of engaging in anything crypto related for reasons of compliance.’

Samuel Leach, CEO, and founder of Yield Coin

 

Regain its footing

‘Our 2019 outlook for Bitcoin is far more constructive than what we had been projecting for 2018. As 2017 came to a close, we had warned Bitcoin had rocketed ‘past the point of rational appreciation’ and highlighted massive downside risk in a bubbling market with far too many holes (regulation, development, hard forks).

‘As we head into 2019, Bitcoin has retraced that move and then some, with a recent breakdown below the $6,000 area, opening this next downside extension that targets a bigger drop towards the September 2017 low at $2,975.

‘While we wouldn’t rule out a downside extension that takes Bitcoin through $2,000, we don’t believe the price will spend too much time below this barrier and will start to find renewed demand ahead of an eventual push back to the topside.

‘As much as the crypto market would like to make the argument for Bitcoin as a store of value asset, at this stage in the game, Bitcoin is not yet mature enough in its ten-year life to be taking on such a role as a harbour for flight to safety. Ultimately, we believe risk markets are still quite exposed to the reality of exhausted monetary policy accommodation, and investor profit taking in elevated equities, will likely lead to a flight to safety bid that has a lot of that speculative money in Bitcoin, heading for safer horizons into traditional risk off plays.

‘But we also believe there is tremendous potential that comes with decentralized, digital, peer to peer currency, and as we begin to see the possibilities more clearly, Bitcoin will regain its footing and get back to trading to the topside.

‘This leaves us with an outlook for Bitcoin in 2019 that could see a continuation of weakness in the first half of the year, before the market finally stabilizes and starts to make its way back up in anticipation of what should be an impressive second wave for crypto assets.

‘We’ll look for Bitcoin to round out 2019 trading back in the $5,000 to $8,000 region, after recovering from lows that may have extended below $2000 between now and the end of H1 2019.’

Joel Kruger, currency strategist at LMAX Exchange

Surviving the crash

‘Despite Bitcoin’s fairly limited use cases, and even though its technology may be less sophisticated when compared to some other projects, it will likely continue to remain the market leader in 2019. Bitcoin still has the reputation and the liquidity that make it preferable to other cryptos.

‘It’s difficult to put my finger on a price, however: Bitcoin’s value will continue to be driven by a great deal of financial speculation.

‘It’s important to remember that the crash we saw with Bitcoin this year doesn’t indicate lack of long-term value. The bubble may have burst in 2018, but there’s still enormous substance and potential in the crypto market at large.

‘The dot-com bubble was a great example of this in action. What old school analyst saw tangible value in the internet? Amazon’s stock dropped to a low of $6 when the .com bubble burst, and today, the company trades at $1,500 per share.

‘The cryptos that survive this crash will continue to gain strength next year, and in the years to come. Like Amazon and eBay, out of a collection of cryptos that fail, a small but significant minority will succeed.’

Kevin Murcko, CEO of CoinMetro

 

High volatility

‘We expect a high degree of volatility in the very near future.

‘A high level of Bitcoins has recently been moved from cold storage to hot storage by significant influencers in the cryptocurrency market. What this means is that investors who have the ability to move the market are gearing up to trade. This could mean moves greater than 10% in either direction.

‘There are notable levels of support and resistance with support around the $2,850 level for Bitcoin and resistance around $4,000 therefore a break either below $2,850 or above $4,000 could lead to momentum in that direction.

‘We believe that Bitcoin will eventually shrug off the recent weakness during 2019 and expect the price to retest record highs of $20,000 by December 2019. This is justified on a number of fronts.

We expect an ETF in Bitcoin to be authorised by the SEC in 2019. We expect continued adoption of certain cryptocurrencies such as Ripple (XRP) by banking institutions during 2019, which will have the knock-on effect of positivity for Bitcoin as other cryptocurrencies tend to be ‘pegged’ to Bitcoin.

‘We also believe that once the sell off has finished there will be modest headroom above the current price which will allow for buying momentum.

‘During the dotcom boom, the price of Apple shares went from $1 to $4 before ‘collapsing’ to $1 again. It now trades at around $176 per share at the time of writing, therefore anyone fearing the worst after the dotcom boom would have missed out whereas anyone with a bit of courage and forward thinking would have seen significant returns.’

Mitch Blakeway, Head of Trading at Quantatex

 

Positive outlook

‘Previous Cryptreium research identified a Bitcoin support area in the range between $3,000 to $5,000. At the moment, Bitcoin is actively trading in this range.

‘Based on the existence of important fundamental factors such as the launch of BAKKT ICE and NASDAQ futures, 2019 is expected to be positive for price dynamics.

‘Technical analysis based on logarithmic scale shows the expected price levels that bitcoin can reach in 2019. Bitcoin is likely to reach a price of around $12,000, which will be an excellent result and can initiate a further growth in 2020. 2020 is close to another important date – the BTC ‘halving’.’

George Ermakov, Head of Research & Development at Crypterium

 

Alan Zibluk Markethive Founding Member

Markethive

Bitcoin to rise to 333333 following a 2500 imminent bottom: Bobby Lee

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Bitcoin to rise to $333,333, following a $2,500 imminent bottom: Bobby Lee

Bitcoin to rise to $333,333, following a $2,500 imminent bottom: Bobby Lee

Bobby Lee, the co-founder of the Hong-Kong based cryptocurrency exchange BTCC and a board member of the Bitcoin Foundation, has predicted that Bitcoin [BTC] could skyrocket to $333,333, after it plummets to a bottom of $2,500.

Lee expects the bears to continue to torment the cryptocurrency market, leading to a fall of 27.4 percent against the current BTC price, dropping down to $2,500 by January 2019, its lowest point since July 2017.

He further stated that the next upswing would begin in late 2020, achieving an unprecedented high of $333,333 by December 2021 following another market crash to $41,000 by January 2023.

If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019.

And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.

Something like that????? https://t.co/M8ljIVnt73

— Bobby Lee (@bobbyclee) December 7, 2018

Basing his chronological prediction on the market trends, as far back as December 2013, when Bitcoin reached an all-time high of close to $1,200, before settling back down to under $300 by 2015. As Bitcoin approached 2017, the top crypto held well over 80 percent of the entire virtual currency market.

Investors began to notice the dominance of cryptocurrency in early 2017, when the coin’s price broke the $1,000 mark in January and the $3,000 in the next eight months, following which it soared to as high as $19,000 during the infamous December 2017 bull-run.

On a year-to-year basis, Bitcoin has dropped by 82.57 percent from its highest valuation of $19,783 in December to its current price of $3,447. The cryptocurrency markets, which has a 54 percent Bitcoin stake currently, has felt the brunt of the Bitcoin collapse, falling by over $100 billion in a month since the beginning of November.

Crypto-proponents were gunning for a December 2018 bull run mimicking the previous year, but were taken aback by the November meltdown, triggered by Bitcoin Cash. Mike Novogratz of Galaxy Investment Partners predicted a rally at the end of 2018, pushing Bitcoin up to $8,700. At press time, the coin has fallen by 60.3 percent from the aforementioned prediction to the current price $3,447.

Tom Lee, the head of research at Fundstrat Global Advisors in mid-November during the peak of the crash, affirmed his earlier prediction that Bitcoin would reach $15,000 by the year’s end. Lee pegged his hopes on investors viewing the virtual currency, not as a “commodity,” but as an “emerging asset class.”

 

By aakash

Dec 08?2018 11:17 AM

Alan Zibluk Markethive Founding Member