Bitcoin Gets Market Analysts Worried; Here’s Why?

Unlike its popular trend, the largest Cryptocurrency token, Bitcoin, has experienced close to zero price movement during the weekend. This has got the think tanks thinking about the possible reasons why the Bitcoin suddenly showed this trait when it usually is dynamic during the weekends. According to followers of the Cryptocurrency, the token had a minuscule upward move of 0.11 percent.

Till date, especially after the Crypto Winter, Bitcoin had always been bashed for its volatility. But, during the weekend, it was more stable than most of the stable coins. There, however, were great changes in the Cryptocurrency industry as such. It is worth mentioning that there was a great amount of reshuffle in the positions of Cardano (ADA) and Tron (trx), which was kicked out of the top 10 on Saturday. Cardano, meanwhile, held its place firmly on the 10th position. Stellar or XLM faced a dash down after the recent IBM hype died down. Binancecoin, however, gained the most with a 12 percent price hike.

More on Bitcoin

Bitcoin and Bitcoin cash are no longer the payment option on streaming site Twitch. In a silent but sudden move, the popular live streaming video channel removed its payment option with Bitcoin and Bitcoin Cash. This shows the company in a negative light because of the worldwide adoption of the cryptocurrency and its increasing popularity among the industries as a progressive step.

This seemed to be a trend for all the live streaming management sites. For instance, StreamLabs also removed the option to pay with virtual currencies. This was spotted by Bitcoin’s Reddit community. Analysts are trying to reason it out why the video platforms did away with the option, some reasoning the lack of knowledge and the latest developments that the industry is going through. Cryptocurrency companies, meanwhile complain that many companies add this as a mode of payment without informing the Crytpo company. And when the transaction volumes drop, the same option gets removed randomly.

This has a greater effect on the cryptocurrency industry because it suddenly loses a number of potential customers that are affiliated to the company that delisted it. For instance, when Twitch introduced the Bitcoin, Ethereum and Litecoin payments, its 2,2 million users and 15 million viewers got to know of the crypto industry. Delisting the tokens might show the cryptocurrency industry in bad light. Other notable platforms that have delisted the cryptocurrency include the travel booking site, Expedia.com and Chess.com, the online chess portal.

Trevor Holman

March 26, 20193 Min Read

Alan Zibluk Markethive Founding Member

Analyst – Bitcoin (BTC) Reaching 5,500 is a Strong Likelihood, But Possibility of Drop to 3,000 Remains

Bitcoin has been experiencing a quiet weekend trading session and is currently firmly in the middle of its long-established trading range between $4,000 and $4,100. It is unclear how long this range will persist, but historically BTC has experienced fairly significant price swings after long bouts of sideways trading.

Now, analysts seem to concur that Bitcoin is posed to make a large upwards swing towards $5,500 in the near future, but it is important to note that the possibility of further downside still remains.

Bitcoin (BTC) Caught in Persisting Trading Range

At the time of writing, Bitcoin is trading down marginally at its current price of $4,020. Over the past several days, BTC’s volatility has been declining as its trading range grows tighter.

Although the upper bound of BTC’s current trading range will most certainly act as a level of resistance in the near-future, the key level that analysts and traders alike are closely watching to see how Bitcoin responds to is $4,200, which is where the crypto faced strong resistance and spiraled downwards from late last month.

Crypto Krillin, a cryptocurrency analyst on Twitter, recent discussed where he sees Bitcoin heading next, importantly noting that he believes the crypto will make an upwards swing towards $5,500 next, but further added that a downside target of $3,000 is still a possibility.

“The moment of truth for Bitcoin is very near. We fly straight through the cloud to 5500, or we visit 3000. I’m leaning bullish,” he explained in a recent tweet.

Tweet

$5,500 Becoming an Important Level For Bitcoin

Crypto Krillin is not alone in his belief that Bitcoin’s upside target currently exists around $5,500.

Yesterday, Galaxy, another popular cryptocurrency analyst on Twitter, explained to his nearly 50k followers that BTC is currently nearing the end of an ascending triangle formation, which means that the crypto is, statistically speaking, likely to make a large upwards price swing towards $5,500 in the next month or two.

“According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards… with an average price rise of 35%. That gives us a target of $5500 BTC once the breakout is confirmed,” he noted.

As the new week starts and trading volume begins to ramp up, the crypto markets will gain greater insight into just how strong Bitcoin’s current trading range is, and as to where it will head next.

COLE PETERSEN | MARCH 24, 2019 | 7:30 PM

Alan Zibluk Markethive Founding Member

Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favoured

• Bitcoin price traded to a new monthly high at $4,064 and later corrected lower against the US Dollar.

• The price declined sharply below $3,950, but dips remained supported above $3,900.

• There is a crucial bullish trend line formed with support at $3,920 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

The pair remains well supported on dips near the $3,920 level and the 100 simple moving average (4-hours).

Bitcoin price is still in a strong uptrend despite recent bearish moves against the US Dollar. BTC/USD is likely to find a solid buying interest if it dips towards $3,940 or $3,920.
 

Bitcoin Price Weekly Analysis (BTC)

This past week, there was a decent upward move above $4,000 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $3,940 support level and finally broke the $4,000 resistance level. Buyers pushed the price above the $4,020 resistance and a new monthly high was formed at $4,064. However, buyers failed to hold gains above $4,020, resulting in a sharp decline below $4,000. The price dropped heavily and broke the $3,960 and $3,940 support levels.

There was even a spike below the $3,900 support and the 100 simple moving average (4-hours). Having said that, buyers defended the $3,900 support and the price bounced back sharply above $3,940. There was a break above the 50% Fib retracement level of the last decline from the $4,064 high to $3,869 low. The recent recovery was solid, but the price faced a strong offer zone near the $4,000 resistance. The 61.8% Fib retracement level of the last decline from the $4,064 high to $3,869 low also acted as a hurdle.

At the moment, the price is consolidating below the $4,000 resistance. Besides, there is a short term connecting bearish trend line in place with resistance at $3,990 on the 4-hours chart of the BTC/USD pair. A clear break above the trend line and $4,000 could open the doors for a fresh upward move. On the downside, there are many supports near the $3,940 and $3,920 levels. There is also a crucial bullish trend line forming with support at $3,920 on the same chart.

Looking at the chart, BTC price is clearly well supported on the downside near the $3,940 and $3.920 levels. As long as the price is above the $3,900 support and the 100 SMA, there are chances of a steady rise in the coming sessions. Buyers may wait for a clear break above the $4,000 and $4,020 resistance levels to gain control.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slightly placed in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Level – $3,900

Major Resistance Level – $4,020

AAYUSH JINDAL | MARCH 24, 2019 | 5:00 AM

Alan Zibluk Markethive Founding Member

Bitcoin – Base formation or rising wedge?

• BTC bears unable to break on the downside.

• Bulls unable to cross past range $4,100-$4,400.

Bitcoin, the largest cryptocurrency by market capitalisation has been forming a technical pattern that's making it difficult for the bulls as well as bears to break past easily. However, as soon as it breaks on either side, the moves would be large enough
 

BTC/USD is trading flat on day at $3,986 and in less than one percent range for the day – proof of consolidation days of the poster boy of cryptos. On the 720-minute chart, after forming bottom of $3,126 in the month of December last year, the king of cryptos has been slowly and gradually moving up.
 

Inspite that, the bulls have not been able to cross past the range of $4,100-$4,400. Resulting in a base formation on the downside and a rising wedge like formation. If rising wedge holds true (which it may not, given past failures of falling wedges) then the next downside on BTC would be chaotic as the fall would then bring about sub-$2k levels.
 

BTC/USD 720-minute chart:

Alan Zibluk Markethive Founding Member

Bitcoin can surge as high as $400,000

Naeem Alsam, Chief market analyst at Think Markets, columnist at Forbes, and crypto enthusiast, said that he personally believes that each Bitcoin can go up as much as $400K.

Naeem Aslam, the chief market analyst at Think Markets U.K., explained why the $4,000 level is of such importance for Bitcoin, as it will set the trend for which direction the markets will take next.

'Questions are being asked constantly when it comes to Bitcoin's battle with the $4000 mark', Aslam said.

'The result of this battle sets the tone for a bullish or bearish trend. Since December 14, 2018, there have been several battles between bulls and bears at the price level of $4K. In each of this battle, bulls have lost the war because, after the first attack at the $4K level, the bears have been able to gain enough strength to push the price back below this critical mark. It is in this essence, that this level has become a matter of death or life for crypto traders.'

The chief market analyst went on to say that 'if you are a long-term investor, you will not really worry about these short-term levels', referring to the fact that Bitcoin's current price levels do seem to be significant in the short term, in the long term these prices may turn out to be highly insignificant, as Aslam believes that BTC could eventually surge as high as $400k.

'This is because there is a high chance that the next bull run has a minimum potential of pushing the price 5 times higher. That is over $100K', Aslam said.

'I personally believe that each Bitcoin can go up to as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.'

In the beginning of December 2018, Aslam already mentioned that the feeling of panic which was and (still is) spreading throughout the crypto universe was a good indicator that a Bitcoin bottom was close enough.

Chepicap reported recently that another prominent cryptocurrency trader, going by the Twitter handle Galaxy, tweeted to his 49K Twitter followers that April will be the last month where you will be able to grab yourself some cheap Bitcoin.

The analyst said that more often than not, the Bitcoin price seems to move in a random manner. However, BTC creates repeating patterns and trends, and according to Galaxy, this observed pattern will make April 2019 the last month of cheap $BTC … ever again!

22 MAR, 2019 BY JOERI CANT

Alan Zibluk Markethive Founding Member

Bitcoin Cash price analysis – BCH/USD capped by $160.00, bears are on the alert

• BCH/USD has gained over 22% in recent 7 days.

• The upside may be limited due to technical correction.

Bitcoin Cash (BCH), the sixth largest coin by market value, is changing hands at $156.23. The coin has gained 1.2% since this time on Wednesday, though it is still 6% lower from the recent high touched at $166.53 on March 18. Bitcoin Cash has a capitalization of $2.8B and an average daily trading volume $376M.

On the intraday level, BCH/USD is supported by SMA100 (1-hour) currently at $156.49. Once it is cleared, the downside is likely to gain traction with the next bearish target $152.90 (Wednesday’s low) followed by psychological $150.00. Meanwhile, a sustainable move lower will open up the way towards $147.50 (SMA50, 4-hour) and $146.70 (SMA200, 1-hour).

On the upside, the major short-term target is $160.00, followed by the recent high at $166.53. The ultimate bullish target at this stage is $170.00; however, the move towards that area seems less likely considering flat intraday RSI and an extended consolidation below recent highs.

BCH/USD, 1-hour chart

Tanya Abrosimova

FXStreet

Alan Zibluk Markethive Founding Member

Bitcoin Mining Hardware Market Analysis 2019 – ASICrising GmbH, Bitmain Technologies Ltd.

Global Bitcoin Mining Hardware Market Trends, Size and Segment Forecasts, 2019-2026 published by Market Research Place includes data of the key industry players and their scope in the market. The report offers a comparison of key countries based on contribution to global as well as regional level with types, applications, manufacturers, opportunities, challenges. It delivers a balanced mix of main and subordinate research methodologies for its analysis. recent developments and latest contracts awarded in the market across different regions are demonstrated in the report.

Competitive Analysis:

The research analyses market size and forecast of Bitcoin Mining Hardware by product, region, and application. Market competition situation among the vendors and company profile is featured in the report. A section dedicated to company profiles covers business profiles, SWOT analysis, project feasibility analysis, product portfolio, cost structure, and project feasibility analysis of key manufacturers. The buyer of this report will be able to take accomplished decisions, plan new projects and business strategies evaluate drivers and restraints, know upcoming opportunities and difficulties, and offer you an industry forecast for 2019 to 2026.

The study focuses on industry chain analysis and all variables including upstream and downstream. These comprise equipment and raw materials, industry trends and proposals, raw materials, client surveys, and marketing channels. Furthermore, researchers have performed a top to bottom investigation of the market measure, different geographic locales, premium industry patterns, and real market portions.

Segment by product type, this report focuses on consumption, market share, and growth rate of the market in each product type and can be divided into: Type 1, Type 2, Type 3, Others

Segment by application, this report focuses on consumption, market share, and growth rate of the market in each application and can be divided into: Enterprise, Personal,

Key Takeaways From This Report:

Explore market potential through examining growth rates, price, and volume for products type, end use applications.

Understand the various dynamics influencing the Bitcoin Mining Hardware market –hidden opportunities, key driving factors, and challenges.

The market report estimates the sales and distribution channels across key geographies to boost top-line revenues.

Evaluate the supply-demand gaps, import-export figures and restrictive landscape for prime countries globally for the industry.

The Scope of The Report: This report focuses on the Bitcoin Mining Hardware in the global market, especially in North America, Europe, Asia Pacific, South America and Middle East & Africa

ACCESS FULL REPORT: https://www.marketresearchplace.com/report/global-bitcoin-mining-hardware-market-trends-size-and-128450.html

Market competition by top manufacturers/players includes key players such as Antminer, ASICrising GmbH, Bitmain Technologies Ltd., BIOSTAR Group, BitDragonfly, BitFury Group, DigBig, Ebang, Gridchip, BTCGARDEN, Butterfly Labs, Inc., Clam Ltd, CoinTerra, Inc., Black Arrow, Btc-Digger, Gridseed, HashFast Technologies, LLC, iCoinTech, Innosilicon, KnCMiner Sweden AB, Land Asic, LK Group, MegaBigPower, SFARDS, Spondoolies-Tech LTD, TMR,

The report can reduce risks involved in making decisions and strategies for companies and other individuals who want to enter the Bitcoin Mining Hardware market. Performance of contestant operating in the market with respect to market shares, strategies, monetary benchmarking, product benchmarking and additional is measured. Additionally, the report provides a fast outlook on the market covering aspects such as deals, partnerships, product launches of all key players for 2013 to 2018.

Barry Collins

March 20,

Alan Zibluk Markethive Founding Member