WILL BITCOIN PRICE FINALLY REACH $10,000 THIS WEEK?

The Rundown

•  Bitcoin Price Must Overcome This Key Hurdle for $10K

• Looking Forward

Bitcoin price saw a 3% move to $8,833 is bringing the digital asset closer to a retest of the weekly high. Will it happen before this new week starts?

BITCOIN PRICE MUST OVERCOME THIS KEY HURDLE FOR $10K

Sentiment wise, bitcoin’s path to $10,000 remains strong and each week a number of positive media reports appear to be re-enforcing the bullish consensus for the top digital asset.

The growing premium on Grayscale Bitcoin Investment Trust (GBTC) and impressive data from CME Bitcoin futures show that there is a continuous rise in institutional demand for Bitcoin. In an email to clients, CME Group explained that:

“May is shaping up to be the strongest month ever for CME Bitcoin Futures.” And the exchange commented that “The number of unique accounts continues to grow, showing that the marketplace is increasingly using BTC futures to hedge Bitcoin risk and/or access exposure.”

Over the weekend Bitcoin consolidated in the $8,450 – $8,600 range for the majority of Saturday, then on Sunday the digital asset popped above the $8,530 support for a 3% move toward the $8,840 resistance before pulling back to $8,650.

The short profit taking was nothing like the 12% rejection at $9,081 that occurred last week and traders can take comfort in knowing that BTC remains in an uptrend. But it should be noted that the daily chart shows the digital asset trading within a rising wedge, which can be interpreted as a bearish signal.

Popular crypto-analyst Josh Rager tweeted that Bitcoin’s move above $8,530 and $8,731 shows the uptrend remains intact and Rager forecast that if BTC moves above $8,846 then a move to the “mid $9k’s” is on the cards.

A number of analysts are now suggesting that $8,200 represents a crucial support level and a dip below this point could see bitcoin revisit $7,000.

Recently Alex Kruger also shared his analysis of key support and resistance levels for BTC/USD $8590.73 -0.13% and similar to other forecasts, bitcoin has few immediate resistance points above $10,000.

LOOKING FORWARD

Over the short-term, Bitcoin appears to have shifted to a new range of $8,600 – $8,800 and it could spend the remainder of Sunday consolidating within this zone.

The 4-hour MACD remains bullish and the RSI has turned down from 60 and currently at 53. Traders should keep an eye on the hourly RSI is oversold bounces near 42.5 have proven to be quite reliable

EUSTACE CRYPTUS | JUN 03, 2019 | 00:00

Alan Zibluk Markethive Founding Member

Bitcoin could see 60% gains within the next two months, says analyst

With Bitcoin having just closed the month of May on a high note with gains of 63%. Many traders are becoming more and more optimistic about Bitcoin’s potential. The latest analyst to share their theory on Bitcoin’s future price is Robert Quantrillo with some rather bullish predictions.

According to Quantrillo, considering the month of May closed with Bitcoin trading above $8,300, he sees no reason why it eventually wouldn’t go “straight to $14,000 or $15,000 or more in the next one to two months.” Quantrillo has attached Bitcoin’s price history to support his theory.

f Quantrillo’s theory turned out to be correct, it would see Bitcoin surge 60%. The last time such a price movement occurred during a bear market recovery, the king of crypto spiked hundreds of percent in the weeks that followed.

Quantrillo isn’t the only one with a bullish sentiment. Popular trader, Josh Rager recently commented on Bitcoin’s May performance. He states that if Bitcoin can hold above $8,731 it becomes increasingly likely that we’ll see bitcoin push through the $9,000 level. Bitcoin is currently trading at $8,524.25, up 1.23%.

If Bitcoin can reclaim $8,700, a push past $9,000 is likely, say analysts

02/06/2019

Alan Zibluk Markethive Founding Member

Bitcoin (BTC) Price Recovers Sharply – Can Bulls Overcome Hurdles?

• Bitcoin price declined heavily and tested the $8,000 support area against the US Dollar.

• The price recovered nicely and traded above the $8,300 and $8,450 resistance levels.

• There is a rising channel forming with support near $8,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair is facing a solid resistance near the $8,600 area and the 100 hourly simple moving average.

• Bitcoin price is currently recovering above $8,450 against the US Dollar. BTC needs to surpass the $8,600 barrier to move back in a positive zone and climb further higher.

Bitcoin Price Analysis

Recently, bitcoin price declined sharply after pumping to a new 2019 high at $9,091 against the US Dollar. The BTC/USD pair collapsed below the $8,800 and $8,600 support levels. The decline was strong and gained pace below the $8,450 support plus the 100 hourly simple moving average. Moreover, there was a clear break below the $8,300 support and the $8,220 pivot level. The price traded close to the $8,000 level, where the bulls protected further losses.

A swing low was formed near $7,999 before the price started a strong recovery. There was a pump above the $8,300 level and the 23.6% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. More importantly, the price traded above the $8,450 resistance. At the moment, the price is trading above the 50% Fib retracement level of the recent decline from the $9,091 high to $7,999 low. Besides, there is a rising channel forming with support near $8,450 on the hourly chart of the BTC/USD pair.

On the downside, there is a strong support forming near the $8,450 level. If there is a downside break below $8,450, the price might restart its decline towards the $8,300 level. The next key supports are near the $8,220 and $8,150 levels. On the upside, the main resistance is near the $8,600 level and the 100 hourly SMA. The 61.8% Fib retracement level of the recent decline from the $9,091 high to $7,999 low is also near the $8,670 level. Therefore, a successful break above the $8,600 and $8,670 levels is needed for more gains in the near term.

Looking at the chart, bitcoin price recovered nicely above $8,450 and it is currently showing positive zone. If the bulls remain in action and push the price above $8,600, there are chances of bullish continuation.

Technical indicators:

Hourly MACD – The MACD is back in the bullish zone, with positive signs.

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

Major Support Levels – $8,450 followed by $8,300.

Major Resistance Levels – $8,600, $8,670 and $8,800.

Aayush Jindal

1 min ago

Alan Zibluk Markethive Founding Member

Bitcoin [BTC] Falls Below $8300 – FOMO Comes to End as Analysts Extend Bearish Target

Bitcoin [BTC] nearly touched $9100 on 31st May 2019 before after which it went through a swift fall to a low near $8000. Hence, while Bitcoin [BTC] did break-out of the ascending triangle it has fallen back to test the breakout level.

BTC/USD 4-Hour Chart on Bitstamp (TradingView)

The price of Bitcoin [BTC] at 3: 15 hours UTC on 31st May 2019 is $8264. It is trading 4.37% lower on a daily scale. The total market capitalization of Bitcoin fell below $150 billion.

There was evident FOMO in the market above $8700, with the price breaking new highs almost every week in the past month. Peter L. Brandt expressed the sentiments in a tweet.

“Was today’s correction enough to shake the monkeys (FOMO buyers) from the trees?”

He also suggested that there might be more downside to it, with targets given at $7881 and $7467. Earlier, he had almost correctly predicted the swing trade buy on Bitcoin, which could turn extremely bearish.

A pullback in Bitcoin [BTC] prices was due for a long time. Nevertheless, if the increased demand remains intact, the orders will be filled by people looking to buy the dip. B.Biddles who is bullish in Bitcoin [BTC] tweeted in a small hint,

“So the gap fill crowd is bullish now right?”

While the parabolic rise looks like has come to an end, a correction in price only natural of any asset. However, there are traders like Tone Vays who were expecting about 30% pullback from $8700; a fall to around $6090. Moreover, according to Vinny Lingham, a drop below $6200 would revive the bearish movement experienced during the beginning of the year.

On a further bearish note, a rising wedge pattern has been recognized in the daily chart on Bitcoin [BTC] might break down soon. Furthermore, the MACD is bullish on a weekly chart, but bearish in on a daily and 4-hour chart.

Nivesh Rustgi 4 mins ago

Alan Zibluk Markethive Founding Member

Crypto Influencer Says Bitcoin Poised for 244% Surge – BTC, Ripple and XRP, Ethereum, Litecoin, Tron, Stellar, EOS, Cardano Forecasts

The co-founder and managing partner at Kenetic Capital, a blockchain investment firm, says the increasing presence of institutions in the world of cryptocurrency is providing a strong backbone for the future of the emerging industry.

Jehan Chu told Bloomberg he believes Bitcoin will rise 244% to $30,000, as investors look for alternative types of technology investments.

“What people are really seeing now is that cryptocurrency is not going away. And you don’t have to take my word for it. It’s Facebook, it’s Jamie Dimon, it’s Rakuten, it’s Fidelity – all who are getting in the space either in building infrastructure or providing services. So that’s first. It’s going to drive mindshare and drive adoption. Second, I think what we’re seeing is a counter-cyclical argument. With the recent disappointments of Uber and Lift IPO-ing in the market, people are looking for a different type of tech story, and one that’s perhaps accessible to all. And finally, the Bitcoin halving is coming. And traditionally that’s pushed the price in double-digit percentages. So a combination of these three factors, I think, will really see us getting from where we are now to $30,000.”

Although Bitcoin is top dog, Chu says the blockchain and crypto movement at large is about much more than BTC.

“Bitcoin is the biggest brand. It’s the massive elephant in the room and it definitely has a center of gravity that many other cryptocurrencies and coins benefit from. It’s going to pull up the rest of the market. But in truth, many of the different applications that back the cryptocurrencies in their own right are developing on their own story and developing utility. So these are the other altcoins that have their own large market caps, like Ether, which is coming up to its own on-year highs.”

Chu says the potential of Ethereum, along with Ripple and XRP, are not to be underestimated.

“From a utility standpoint, we’re seeing Ethereum as the lead. The rate of adoption and the rate of development that the Ethereum team, providing a decentralized global computer, is just astounding. People keep saying Ethereum is going away, but it’s not going away. It’s still one of the largest coins in the world with the largest developer audience. And I think Vitalik Buterin, the 24-year-old founder of Ethereum being on stage with Sache Nadala at the recent Microsoft conference really shows not just how much traction there is on the ground, but also with the major institutions who are determining the future of technology. So I think Ethereum is definitely a bullish call. I’m also interested to see what Ripple does. I think Ripple’s made great headway in providing different types of payment currencies to many of the banks and getting key partnerships around the world.”

When it comes to whether the SEC will approve a Bitcoin ETF, Chu says it would be great, but not central to the success of the industry.

“Commissioner Peirce has said it is the time for an ETF, but there are still questions which are outstanding. And that’s fair. To be honest, I’m not waiting with bated breath for an ETF to be listed anytime soon. If it does, great. But to be honest, we’re going to be getting major traction and major volume increase from people like Fidelity who’s offering institutional custody and trading, to eTrade to Ameritrade to Rakuten. Samsung is now putting out a cryptocurrency wallet and all these factors are going to drive adoption regardless of whether an ETF comes tomorrow or in 10 years.”

Right now, Bitcoin is down 0.30% at $8,632 according to COIN360. Ethereum is up 1.12% at $271.53, and XRP is up 0.91% at $0.4437.

Daily Hodl Staff

May 29, 2019
 

Alan Zibluk Markethive Founding Member

Bitcoin Breaking Past $9,000 And $11,700 Would Confirm Bull Rally

Bitcoin Not Decidedly Bullish Yet

The Bitcoin (BTC) price action on the weekend shocked investors across the board. Some, however, aren’t sure that BTC is in the clear just yet, choosing to be skeptical instead of adopting the “Fear of Missing Out” that many cryptocurrency investors have surging through their veins. What will convince these cynics that this market is in a solid uptrend, and is ready to establish new all-time highs?

According to HornHairs, a cryptocurrency trader, a key price point that BTC needs to surmount in the near-term is $9,000. Earlier this week, we saw the digital asset run to just short of that level, flirting with $8,970. HornHairs opines that $9,000 is key, as that was the equilibrium of Bitcoin’s range from late-2017 to late-2018, suggesting that it will act as resistance.

Once Bitcoin closes above that level on the daily and weekly chart, just as BTC did with the $8,400 level, the analyst believes that a move to $11,800 has a “high probability of breaking out.” And according to analyst Teddy Cleps, a break and close above $11,700, in his eyes, would confirm the bull market, as Bitcoin’s collapse below this level is “what made the bear market official.” As seen below, BTC touched that level three times in early-2018, accentuating that it is a level of importance.

Can This Happen?

Sure, the technicals show that Bitcoin needs to surmount the aforementioned price levels to enter a full-fledged rally. But, are the technicals and fundamentals there to back such a move? Let’s take a look.

In a recent poll, analyst Josh Rager asked his followers where Bitcoin could head next. Surprisingly, 67% of 3,000-odd respondents picked the option that read “pushes up to at least $9,600”, while the remaining chose “breakdown to at least $6,400.” This would suggest that the sentiment of most cryptocurrency investors is clearly bullish.

Fundamentally, BTC and its respective market still look strong. In fact, Binance, one of the largest digital asset exchanges, purportedly — according to CEO Changpeng Zhao — saw a system traffic all-time high “by far” on Monday. Considering that the cryptocurrency industry is barely out of a “crypto winter”, and the market is still 70% down from its all-time highs, this fact is jaw-dropping.

More broadly, the underlying infrastructure of the industry is nothing like it was in previous cycles, even at the peak of 2017’s rally. In 2014, were Fidelity Investments, E*Trade, Microsoft, TD Ameritrade, Nasdaq, and their Wall Street and Silicon Valley brethren involved in cryptocurrency and related technologies? No.

By Nick Chong May 29, 2019

Alan Zibluk Markethive Founding Member

Anthony Pompliano – More bullish on Bitcoin than ever

• Pompliano has always been a supporter of Bitcoin.

• He feels that Bitcoin has the chance of a 20-50x increase in value in the coming five years.

Anthony “Pomp” Pompliano has shown his adherence towards the world’s most valuable cryptocurrency, Bitcoin. Pompliano has always been a supporter of Bitcoins and now has also been at the forefront of Bitcoin Evangelists. Pomp believes that there might be two strong reasons for the sudden surge of Bitcoins. Firstly, top exchanges like the CME and others are getting high trading volumes on Bitcoin. It indicates that institutional traders and retail investors are thoroughly convinced about Bitcoin.

Secondly, the 2020 block reward halving on the Bitcoin network is a major propeller of the Bitcoin rally. He has also mentioned the importance of halving in his tweet. He relates Bitcoin halving to the United States Treasury Department to cut the amount of dollar note printed into half. He believes that this may result in the rise of the dollar’s value. Pomp reckons that Bitcoin has the chance of a 20-50x increase in value and has also predicted that it may hit $275,000 in the coming five years.

Rajarshi Mitra

FXStreet

Alan Zibluk Markethive Founding Member