Bitcoin – The Price is Making a Revival – Will it Last?

2018 was a troublesome year for cryptographic forms of money, besides the last two months have been significant all the more trying for the main advanced currency, Bitcoin. In November, Bitcoin exchanged at under $4000, the most minimal amount it has landed since October 2017. This value drop sent rushes of fear over the market even as the costs of different digital forms of money drove in a pattern that kept going for several weeks.

Current Statistics

As per the recent survey, the number of digital currency users hit 35 million records in 2018, up from 18 million in the year 2017, and 5 million in the year 2016. The number of cryptographic money accounts additionally expanded significantly to achieve 139 million in 2018, up from 85 million out of 2017.

Towards the end of March, after the Bitcoin cost had raised by 25% from its mid-December low, a new Bitcoin bull market trending business sector was in advancement, and the estimation of the cryptographic money could rise significantly further as speculators came back to the asset.

Key indicators which demonstrate that the traders are returning

Bitcoin Price rises practically 25% in February alone. The cost of Bitcoin on Binance has gone from $3350 on 29th January 2019 to $4198 on 24 Feb 2019, rising practically 25% under one month.

Bitcoin Trading Volume is developing steadily. The number of bitcoins being exchanged has been consistently growing since the last couple of months. The volume development is not merely on the crypto trades yet additionally on P2P (Peer-to-peer) platforms like local bitcoins. Moreover, the number of exchanges being recorded on the Bitcoin blockchain is on rising.

Exchanging Activity on Binance achieves an unequaled high. Binance is one of the top trades for exchanging digital forms of money with a robust exchanging framework. It encountered a system overload on Sunday when the exchanging action hit a record-breaking high. This means that traders are returning to the market.

So, considering how the cost of Bitcoin has moved since December a year ago, it is unmistakable that crypto resource is making a rebound. The specific issue presently is how long this will last.

Demand

It is continuously precarious to attempt and tell what the standpoint is for the cost of an asset as the future is doubtful. This is especially valid for cryptographic forms of money. The market is still so immature, and these technical resources do not produce money flows, so it is confused to work out the amount they are individually worth. What we do know is that interest for Bitcoin is lifting back up again, that the cost of the cryptographic money is controlled by demand. Much the same as with any stock, when there are a more significant number of buyers than vendors in the market, costs will increase. This information is confirmed by Bitcoin exchange data.

Most recent Trend

As indicated by the report, the number of Bitcoin exchanges has dramatically increased in the past months. Last year, when the cost of Bitcoin was descending from its untouched high, the number of every day affirmed trades dropped to 150,000. However, back in February, the number of day to day confirmed exchanges spiked over 300,000 and has kept rising from that point forward. The latest information proposes that more than 350,000 exchanges every day are being completed. If this pattern proceeds, we can believe it is sensible to state that Bitcoin cost will keep on ascending as more individuals get tied up with the digital currency.

Day-to-Day Transactions

Moreover, exchange information proposes that this revival in the Bitcoin cost may be more manageable than it has been before. The unprecedented high number of every day affirmed exchanges is around 405,000 a record printed toward the end of 2017 when every unit of the digital currency was valued at more than $15,000.This high cost, combined with the unpredictability that accompanied it, without a doubt scared away many potential assets. From that point forward, the price has balanced out and, at just $5,100 a piece, it is currently less expensive to execute in Bitcoin. This appears to propose we could see the number of day by day exchanges break another high in the near term.

Wrap up

Generally speaking, the way that more individuals are utilizing Bitcoin suggests the cost may rise further from current dimensions. Following a challenging last year, which saw the crypto markets tumble from a stature of happiness to blankness with various skeptics writing end of bitcoin and digital forms of money in general, we are seeing new indications of crypto-markets returning to life.

Scott Cook

April 14, 2019

Alan Zibluk Markethive Founding Member

Bitcoin (BTC) Price Signaling Bullish Continuation With Bulls In Control

• Bitcoin price corrected lower recently and tested the $4,920 support area against the US Dollar.

• The price recovered nicely recently and traded above the $5,040 and $5,100 resistance levels.

• There is a major breakout pattern in place with resistance at $5,130 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair is likely to accelerate higher and it could even surpass the $5,180 and $5,220 resistances.

Bitcoin price likely completed a downside correction near $4,900 against the US Dollar. BTC is grinding higher and the current price action is indicating bullish continuation above the $5,200 level.
 

Bitcoin Price Analysis

Recently, we saw a solid downside correction from the $5,460 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined below the $5,300 and $5,200 support levels. There was even a close below the $5,200 level and the 100 hourly simple moving average. However, as discussed in one of the recent analysis, bitcoin did find a strong support near the $4.9K-5.0K zone. The price traded towards the $4,900 support and formed a low near the $4,922 level.

Recently, there was a solid upward move and the price recovered above the $5,000 and $5,040 resistance levels. There was even a close above the $5,080 level and the 23.6% Fib retracement level of the last decline from the $5,462 high to $4,922 low. The price is now approaching a significant resistance near the $5,150 level. Besides, the 100 hourly SMA is also positioned near the $5,160 level to act as a resistance. More importantly, there is a major breakout pattern in place with resistance at $5,130 on the hourly chart of the BTC/USD pair.

Above $5,160, the price could test the 50% Fib retracement level of the last decline from the $5,462 high to $4,922 low. If bitcoin gains pace above the $5,180 and $5,200 resistance levels, there could be a solid upward move towards the $5,300 and $5,350 levels. In the mentioned case, the crypto market could gain traction, with bullish moves in Ethereum, ripple, litecoin and others.

Looking at the chart, bitcoin price is showing signs of a solid comeback above $5,100. Having said that, bulls need to surpass the $5,180 and $5,200 resistance levels. If they fail, the price may decline once again below the $5,100 and $5,040 support levels. On the upside, the main target for bulls could be $5,350.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 50 level, with a bullish angle.

Major Support Levels – $5,040 followed by $5,000.

Major Resistance Levels – $5,150, $5,180 and $5,200.

AAYUSH JINDAL | APRIL 13, 2019 | 4:08 AM

Alan Zibluk Markethive Founding Member

Chinese Crypto Legend Doesn’t Expect Bitcoin (BTC) Breakout, But He’s Still Bullish

BTC Set To Range Between $4,000 And $6,000

According to 8BTC, an Asia-centric crypto outlet, Zhao Dong, one of China’s biggest names in the Bitcoin space, has taken to Weibo to express his thoughts on the current state of this embryonic market. Interestingly, Zhao was adamant that BTC’s rally seen last week, which brought the asset above $5,000 for the first time since November, isn’t a clear sign that the bear market is over. This quip comes as some notable industry specialists, like Fundstrat’s Tom Lee, have claimed that bears are readying themselves for hibernation, not continuing their bloodshed.

Zhao explains that more likely than note, Bitcoin will likely trade within a relatively tight range, between $4,000 and $6,000 (many see this as a make or break point for BTC), for a few months. He explained that while there are unlikely to be lower lows, this market will remain relatively stagnant for half a year, but may begin to see a resurgence in October.

This isn’t the first time that a trader has called that Bitcoin is likely to take a chill pill from here, so to speak.

Stagnation

Vinny Lingham, the chief executive of Civic, explained earlier this week that the ongoing rally for BTC might not be sustainable. Lingham pins his thought process to a single fact: altcoins, or what the blockchain entrepreneur calls “various crypto assets” have yet to decouple from the price action of Bitcoin, the de-facto grandfather of digital assets. This, he sees, as fact that cryptocurrencies en-masse remain somewhat immature, meaning that there is still a need for a further shakeout, whether that is through range trading or a fresh low.
 

As reported by Ethereum World News previously, CryptoHamster expects for digital assets’ price action to slow henceforth. A chart posted by the analyst depicted that Bitcoin’s price action from the December bottom at $3,150 to the recent move past $5,200 and beyond eerily resembles that seen in 2015 and 2016, when BTC double bottomed and rallied. The only effective differences in the shape of the charts were late-2015’s final capitulation event, in which the low under $200 was retested, and the fact that the ongoing move is compressed by about to about one-fourth the time frame. If 2015 and 2016’s price action plays out here, this means that BTC will stagnate in the low $5,000s for the coming two months.
 

Zhao Is Still Long-Term Hyped

Zhao and his peers seem to be convinced that fresh all-time highs for Bitcoin aren’t in its short-term scopes, but he sees a stellar future for the cryptocurrency. Per previous reports from this outlet, he claims that now is the optimal time to stack up BTC holdings, as the general public has avoided this industry like the plague in recent months. He adds:

Meanwhile the next wave of more promising ones will emerge from ashes, making 2019 both the best time and the worst time for investors and entrepreneurs.
 

And with that, he concluded that once “crypto summer” returns, BTC could easily swell to $50,000, especially as the halving boosts the market across the board.

By Nick Chong April 12, 2019

Alan Zibluk Markethive Founding Member

Bitcoin Price Prediction – Is BTC to Break $5,300 Resistance or Will It Retreat to $4,800. What’s More Likely?

• Now that BTC is a little bit stuck, traders are worrying. Will BTC overcome the $5,300 resistance, or is it doomed to retreat to $4,800? Read BTC price predictions from Twitter

Will BTC break the $5,300 resistance?

But what if..?

Upon reaching $5,240 mark, Bitcoin has ceased its overwhelming growth, which made some traders a little bit skeptic. Just one short pause and people start foretelling BTC dumps. What to believe? We know that Bitcoin price predictions cannot be trusted unquestionably. However, many appear to have a grain of truth about them. Let’s check out Twitter posts to see what the crypto community thinks about Bitcoin’s short-term future.
 

Let’s start with good news first: Bitcoin futures are also selling well – the volume is growing, which only lays stronger foundation for Bitcoin’s prosperity:

One more piece of proof that Bitcoin is growing naturally and steadily:

That means that unlike Ethereum, Bitcoin is gaining value that’s backed by its market cap and financial activity around. A very good sign!
 

Will BTC break the $5,300 resistance?

At the moment, Bitcoin has stopped its incredible growth for a while, but traders are sure that it’s simply the calm before the storm.

Based on the RSI index, there’s a very bright future ahead:

Other technical indicators are also helping to form Bitcoin’s future breakout. We’re anticipating EMA & VWAP cross:

But what if..?

At the same time, 1D analysis shows that there’s a possibility for BTC to touch the $4,800 level or lower:

According to 1W analysis, a fall is also expected, though it won’t be lower than $5,000:

Vera Thornpike

Alan Zibluk Markethive Founding Member

Bulls Continue To Roar As Bitcoin (BTC) Maintains Bullish Action, Tops $5,300

Bitcoin Closes Weekly Candle Strong, Sparking Hype

After a week of nail-biting price action, Bitcoin (BTC) closed last week undoubtedly positive mere hours ago. As of the time of writing this, BTC is trading at $5,250, as buying pressure continues to prop up the market. The past week marks the first sustained, four-digit ($1,000+) rally that BTC has seen since the middle of 2018.

This simple fact, which comes after the cryptocurrency market was bruised and beaten to hell and back, has made some crypto traders extremely bullish.

One trader, going by the moniker “CryptoHamster,” in fact, recently took to Twitter to claim that if history rhymes and if Fibonacci retracement, a form of technical analysis, is valid than BTC could be in for a further move to the upside. Per previous reports from Ethereum World News, the analyst explained that Bitcoin’s current price action has started to resemble that seen in the 2013 to 2015 market cycle. Thus, if history continues to repeat itself and if BTC continues to hold key Fibonacci levels (depicted in the chart below), the asset could rally to $7.5k in the coming weeks and months, before a correction to $4.3k.

Brad Metz, a lesser-known yet astute asset trader, continued with the theory that the Bitcoin market might just be reenacting historical bullish price action, but on a different time frame and price scale. Metz recently noted that BTC’s recent push above $5,000, which have led some to claim that the asset is dramatically overbought, is eerily similar in structure to a move seen in mid-2016, which was Bitcoin began a push beyond its previous all-time high.
 

If the trend continues as it did in 2016, BTC could see a ~60% move higher from here in the coming months, bringing the asset to ~$8,000, prior to a drawdown from overbought levels.

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The aforementioned two are far from the only bullish in these conditions. Brian Kelly, for example, recently took to CNBC to claim that this ongoing move is likely to bring BTC to $6,000 at the max. Per previous reports, Kelly claims that “high net-worth individuals, family offices, are starting to take a serious interest” in Bitcoin, all as custody solutions have propped up, volumes have spiked, and short sellers looking to cover their rear ends — presenting a strong case for a 20% rally from here.

Long-Term Bitcoin Bulls Enthused

Even if BTC doesn’t move higher, many are adamant that the bottom is in and that new highs are more of a “when” than an “if.” Per previous reports from this outlet, Josh Rager, a team member at crypto exchange startup Level, recently claimed that after some thinking about Bitcoin’s potential bottom, $3,100 might have been it “for two reasons.”

He looks to the fact that retail investors had many buy orders in the $1,800 to $3,000 range, especially due to analysts calling for further lows as an indicator that $3,100 may have been the bottom. This, of course, is in reference to the theory that going against the crowd in markets often proves better than going with it.

The second theory that Rager drew attention to is the fact that $3,100 is a very attractive investment point for institutional players and high net-worth individuals, making it less than likely that Bitcoin could fall under that region.

So while there’s an chance that BTC could near its lows in this cycle, by and large, traders are convinced that new highs will come prior to fresh lows.

By Nick Chong April 9, 2019

Alan Zibluk Markethive Founding Member