Bitcoin Price Rally Targets Between $12K and $22K Based on BitMEX History

The 2019 Bitcoin disbelief rally has recaptured some of the public frenzy and media attention experienced at the height of the last bull run, despite the next bull run barely beginning. The powerfully bullish momentum has crypto investors and analysts reviewing price charts hoping to figure out where the rally might end.

One particular swing trader believes that by analyzing historic price action on BitMEX, the targets for the parabolic Bitcoin rally can be predicted. The two “take profit” targets the trader has come up with, are $12K and $22K.

BitMEX Price Action Helps Trader Identify Take Profit Targets on Bitcoin Rally

Throughout the bear market, BitMEX became a clear market leader as one of the few cryptocurrency exchanges offering short-selling and leverage, allowing crypto investors to profit from the falling prices of cryptocurrencies across the board.

Because so much price action occurred at the Seychelles-based trading platform, traders and analysts often look to BitMEX price charts to get an accurate read on the market’s next movements.

According to former CME Group trading-competition winner Eric Choe, the take profit targets for Bitcoin price during the current rally, is between $12,600 and $15,100. The two prices would put Bitcoin price between the 0.5 and 0.618 Fibonacci extension. The second take profit level, the self-proclaimed swing trader says, is at $22,600 – a price that would set a new all-time high for the leading cryptocurrency by market cap.

With a bull market all but confirmed, most crypto traders have switched into “buy the dip” mode. Choe says that the ideal zone to buy dips is between $5,200 and $6,300 where there is a significant volume confluence located.

But Will Bitcoin Even Dip With This Much FOMO in Crypto Markets?

This much FOMO has not been witnessed in the crypto market since the height of the crypto hype bubble in late 2017. The recent spike in Bitcoin has reignited interest across the board, from retail investors to institutions looking to gain their first exposure to the emerging asset class.

Such buying pressure has not allowed Bitcoin to fall more than 8% since the early April rally first began. Bitcoin was also able to stay strong in the face of last month’s accusations from the New York AG’s office made against Bitfinex, and a hack of Binance – among the crypto exchanges with the most trading volume.

It’s FOMO that creates the sharp parabolic climbs that Bitcoin has become accustomed to. It’s also FOMO that has helped the digital currency reach its all-time high in the past. Should Bitcoin break above
 

Tony Spilotro

3 hours ago

Alan Zibluk Markethive Founding Member

Bitcoin Bulls Unleashed as Crypto Begins Trading on Good News

Another day, another new high for the bitcoin price. Bitcoin is currently trading at nearly $8,300, which according to CoinMarketCap data is a new 2019 high for the biggest cryptocurrency. On Coinbase, the BTC price already attained $8,300 though it has pulled back slightly. While it’s not the first time that the bitcoin price has surpassed this level historically, the market has stronger fundamentals fueling the gains this time around.

The excitement in the crypto community is palpable. Gemini Co-Founder Tyler Winklevoss noted that “breaking 8k this time feels a lot different than the last time.”

t

Trader and analyst Luke Martin noted that bitcoin reaching new highs “never gets old.”

FINALLY! BITCOIN PRICE IS TRADING ON GOOD NEWS

One of the frustrating themes of 2018 was that the BTC price ignored signs that the industry was becoming stronger as developers kept “buidling.” 2019 is a completely different story. Now that bitcoin is barreling toward $10,000, Fundstrat’s Tom Lee suggested that it is more likely to capture the attention of traditional investors outside of the crypto space. He told CNBC:

“That’s really important because bringing in that new interest into managed crypto can really push bitcoin to its all-time high.”

NO SHORTAGE OF CATALYSTS

There are plenty of reasons for the bitcoin bulls to be out in full force. As Fundstrat’s Lee told CNBC, the BTC price has been rising steadily since November 2018. But in recent weeks, the gains have become “more parabolic” in nature. The stars have aligned for the bitcoin price for several reasons, not the least of which involves geopolitical tensions unfolding between the U.S. and China. Not only have these conditions made bitcoin look better than ever to investors because of its uncorrelated nature to stocks, but bitcoin has become the “safe haven” investment, according to Morgan Creek Digital Co-Founder Anthony Pompliano. He tweeted:

“JPMorgan is telling people that the trade war between the U.S. and China could boost safe-haven currencies. Bitcoin is the best safe haven currency in the world. Nervous about global chaos? Buy the strongest non-sovereign currency.”

There’s no shortage of catalysts, really. Regulated BTC futures exchange Bakkt has provided greater clarity on its imminent launch, which will likely unlock institutional capital from the sidelines. And crypto exchange Gemini has thrust bitcoin into the spotlight by making it possible for thousands of merchants to accept the cryptocurrency as a form of payment. While investors may be grappling with sell in May and going away in the stock market, bitcoin it seems is just getting started.

Gerelyn Terzo 15/05/2019

Alan Zibluk Markethive Founding Member

Bitcoin is Hitting $10,000 Before the Week Ends Plus Four Possible Reasons For Recent BTC Price Surge

The price of Bitcoin has been a hot topic lately, rising from under $4,000 to over $8,000 in a matter 5 weeks and has already posted its best monthly value gains since its epic November 2017 run. Let's take a look at why a recent twitter poll puts BTC/USD exchange rate value at $10,000 within 4 days and go over four plausible reasons as to why Bitcoin is finally shaking free of its 17 month bear market slumber and hibernation.

• Bull Season 99% – Crypto analyst

• Only a 23% to 38% retracement expected – Crypto trader

• “Pay me in Bitcoin” – Russell Okung, American football offensive tackle (OT) for the Los Angeles Chargers

• Last 24-hours further making a bullish case for Bitcoin

Bitcoin is not showing any sign of stopping. It keeps on climbing and the price of BTC has now reached $8,142 level with 24-hours gains of over 12 percent.

Given the speed at which BTC/USD is surging, before we hit the weekend, the flagship cryptocurrency is going to smash through $10,000. However, it’s not just the ongoing trajectory, bitcoin has a number of factors that would take it to the 14-months high level.

Recently, economist and crypto trader, Alex Kruger conducted a poll on Twitter about when we are hitting $10,000? Well, it’s a tie!

Out of the total 2,216 votes cast, the majority of the votes that is by 31%, BTC is reaching $10k in 4 days. Meanwhile, 31% also don't see BTC going for $10k before September. A huge percentage of people, 27% also believe it is coming in 4 weeks.

Bull Season 99%

Crypto analyst Willy Woo, took to Twitter to share that it is the bull season. Talking about the 200-day moving average, Woo says in Bitcoin’s entire 10-year trade history, whenever BTC has crossed above this line for any “sizeable time” for instance eight weeks, it has signaled the bull season.

“Even a super conservative trend line support puts us above the 200 DMA. Bull season is now 99%,”

says Woo.

As for the 1 percent, Woo says they are now awaiting the on-chain volume to climb as it is proxy to longer-term investor activity. Once it does, it will be 100% confirmation of a bull run. This confirmation will come after the price pulls back from the current exponential climb as investors BTFD.

As for this retracement, 23% to 38% is expected which is the spot to buy the dip and after that, straight to the moon.

Meanwhile, all eyes are on the top of Bitcoin from where this retracement will start. However, it is hard to say where exactly Bitcoin will stop as it has been on a tear for the entire May so far.

It seems like that we would get to see $10,000, given the way the news of Bitcoin mainstream adoption, institutions going crazy with trading Bitcoin as evident from record CME BTC futures volume and breaking the resistance of $8k have started this week.

4 Possible Reasons for Bitcoin’s Weekend Price Increase

Bitcoin reached over $8,000 over the weekend and there may be five factors that have influenced this price boost.

The first is front running institutions. For instance, Fidelity announced that it will offering Bitcoin trading in a few weeks’ time. Fidelity manages around $2.4 trillion in assets, thus its proposal to begin bitcoin trading could provide a significant amount of exposure.

The second is coordinated buying by whales. This could be apparent by looking at trading volume and price action.

The third is stock to flow value of the next halving. PlanB’s tweeted and continued, “Although this is not my S2F model but a Time model, this chart seems to suggest that we will see red within a couple of months … which is much earlier than I expect (ATH after May 2020 halving) …”

The fourth possible reason is an epic short squeeze. Bitcoin’s increase in volume through a resistance to reach approximately $7,500 is an example of a short squeeze.

And finally, it is also possible that these reasons did not contribute at all. But at least according to the recent crypto twitter community survey, Bitcoin's price will see $10,000 USD within the next 4 days .. as hopeful as some might be for this to be reality, the last time the price of BTC was at $10,000 was March 6, 2018, a mere 434 days ago. #TimeWillTell

Bitcoin’s price is $8,012.40 BTC/USD exchange rate today. The real-time BTC market cap of $141.83 Billion currently ranks #1 with a chart dominance at 58.12%, daily trading volume of $9.96 Billion and live coin value change of BTC 0.50% in the last 24 hours.

By AnTy – May 15, 2019

Alan Zibluk Markethive Founding Member

Bitcoin tops $8,000 as it hits highest since July 2018

There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Monday.

Bitcoin surged to more than $8,000 late on Monday, its highest level since July last year, as the cryptocurrency's rally gained further momentum.

There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Monday.

But there is an ongoing blockchain and cryptocurrency conference in New York called Consensus, with big investors and influential market players gathered to network and discuss the current state of the industry. Bitcoin had also rallied during previous Consensus conferences.

Bitcoin was last up nearly 17 percent at $8,131 on the Bitstamp exchange, the largest daily percentage jump since early April. It hit a high of $8,167.50, a roughly 10-month peak.

Some analysts pointed out that bitcoin's rally coincided with the escalating trade war between the United States and China, which eroded overall market risk sentiment. But it is too soon to declare bitcoin as a safe-haven asset, they said.

David Thomas, of London-based cryptocurrency broker GlobalBlock, said the breaching of a key $6,000 support level last week fuelled interest among investors.

In addition, Lukman Otunuga, research analyst at FXTM, said the bullish "golden cross" is already in play on the daily charts. This occurs when the 50-day simple moving average has crossed above the 200-day moving average.

Other market participants said perceptions of bitcoin's resilience in the wake of last week's $40 million theft from the major Binance exchange was supporting sentiment. Cryptocurrency markets have previously fallen after high-profile security breaches.

Bitcoin has almost doubled in price this year, underscoring its volatility after a bruising 2018. Last year it lost some three-quarters of its value amid tighter regulation across the world.

But so far on the year, bitcoin has been up a sparking 119 percent.

Reuters

@moneycontrolcom

Alan Zibluk Markethive Founding Member

Bitcoin to resume growth once the short-term correction is over

• Bitcoin settles at $7,000 after a strong weekend rally.

• Critical support is seen at $6,500.

BTC/USD hit $7,582 on weekend. This is a new 2019 maximum and the highest level since September 2018. While the coin has retreated to $7,000 by the time of writing, the long-term trend remains strongly bullish with the next focus as high as $8,000.

Looking technically, BTC/USD broke above SMA200 on a weekly chart. The price moved above this technical barrier for the first time since November 2018. While this development can be interpreted as a bullish signal, traders should pay attention to some bearish signs – like weekly RSI reversed to the downside – that imply some short-term correction from an overbought territory. However, the bullish trend is intact as long as the price stays above $6,600-6,500 area supported by SMA200 weekly (currently at $6,590).

On the intraday charts, the local support comes at $6,750 (the middle line of 4-hour Bollinger Bands), once it is cleared the sell-off may be extended towards the above said $6,600 barrier and $6,200.

On the upside, we will need to see a sustainable move above $7,100 strengthened by the intraday low and the middle line of 1-hour Bollinger Band, for the recovery to gain traction. Ultimate resistance lies with $7,500 followed by he recent high of $7,582.

BTC/USD, 1-day chart

Tanya Abrosimova

FXStreet

Alan Zibluk Markethive Founding Member

Bitcoin jumps to nine-month high as cryptocurrencies extend rebound

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its Dec. 14 trough and is now rising for a sixth-straight day on Bitstamp.

Bitcoin surged to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the New York attorney general’s investigation of a key part of the market.

Bitcoin rose as much as 6.9 per cent to $7,445, before trading at $7,341.37 as of 7:45 a.m. Hong Kong time on Sunday, according to Bitstamp. All five members of the Bloomberg Galaxy Crypto Index are up more than 10 per cent since Friday, based on pricing from Bitstamp and Bitfinex.

The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its Dec. 14 trough and is now rising for a sixth-straight day on Bitstamp. The decade-old token surged as intensifying trade tensions hammered global stocks in the past week to set fresh milestones for Bitcoin’s wild ride after it crashed last year from 2017’s peak above $19,000.

Virtual currencies slumped last month as New York Attorney General Letitia James alleged an $850 million coverup by the companies behind virtual currency Tether and Bitfinex — one of the world’s largest crypto exchanges. The Bloomberg Galaxy Crypto gauge tumbled 11% in the week to April 26 for its biggest one-week slide this year.

Garfield Reynolds | Bloomberg

Last Updated at May 12, 2019 08:53 IST

Alan Zibluk Markethive Founding Member

Bitcoin – Crucial weekly close for the bulls

• BTC at a crucial spot in its journey to the North.

• Weekly close above key resistance would be final nail in the bears' coffin.

Bitcoin, the poster boy of the cryptocurrency world has given yet another breakout on the daily and weekly charts, which would only be long term positive in its journey to the North after a tumultuous past that saw prices crash like nine pins.

BTC/USD is up more than three percent on day at $6,546 in about four percent range for the day. Saturday's rally is supported by a breakout of a horizontal resistance line drawn from February 2018 low that broke down in November which resulted in prices nearly halving within a month.

Now that the price of the largest crypto coin is back above this key resistance line, all that the bulls need is a close above this key resistance line, which would now act as a support – placed at $6,137 currently while it faces resistance in the form of 100 weeks SMA exactly where the price is – $6,539.

BTC/USD daily chart:

Manoj B Rawal

FXStreet

Alan Zibluk Markethive Founding Member