Bitcoin (BTC) Following Parabolic Trend, $50,000 By 2022 Expected

Bitcoin Holding Parabolic Trend, Even In Crypto Winter

Over the course of 2018, Bitcoin (BTC) broke a number of key technical levels. In some cases, the cryptocurrency fell so fast (and hard) that its moving averages didn’t catch up to it for months. And while nearly every notable support line, like the $10,000 and $6,000, have been snapped, an analyst argues that BTC remains in its most essential uptrend to date, one that could bring the digital asset to the moon.

Cane Island Crypto, the creator of Network Value to Transactions (NVT), a popular fundamental measure used for cryptocurrency valuation models, recently took to Twitter to explain that when BTC isn’t “manipulated by jack leg exchanges,” it remains in a perfect parabolic trend. Giving his point further credence, he posted a chart, which showed that since BTC started trading at sub-$1, it has held a consistent uptrend, save for a few nuances here and there that came after a significant drawdown.

Extending the trend, the Texas-based analyst determined that if Bitcoin’s implied price for 2019’s end will be $7,800, 2020’s end will be $15,426, and so on and so forth. The Cane Island investment manager noted that if Bitcoin continues to hold this line, by the end of 2022, BTC will be valued at $52,321 and just under double that just 12 months later.

The Cane Island analyst isn’t the only industry commentator to claim that BTC remains in a multi-year uptrend. Magic Poop Cannon, a seeming BTC permabull, recently took to TradingView to explain why he believes that the leading cryptocurrency remains in a “very clear cyclical uptrend,” in spite of the downturn seen last year.

He argues that the logarithmic uptrend line (seen in pink below), which is kept in place by two upper bound and lower bound trendlines, is still being held. Doing some calculations and historical analysis, Magic argued that while Bitcoin will range between $3,000 and $5,000 for much of 2019, the asset could begin to rally as the uptrend line begins to gain steam, as it were.

In fact, he notes that by August of 2023, if BTC holds above the aforementioned key level of support, it will be worth right around $150,000 a piece. This is bounds ahead of the aforementioned $93,382, but more and more analysts seem to be coming to the conclusion that the sky’s the limit for Bitcoin.

But, some have made it clear that the journey past $20,000 and beyond won’t come easy. Leah Wald, for instance, who subscribes to the Hyperwave theory, claims that BTC moving under $2,000 is far from off the table. To accentuate her belief in this theory, the popular trader recently took up a one BTC bet with Filb Filb, as she believes the Bitcoin price will hit $1,500 before it trades above $6,500 on Bitstamp.

By Nick Chong March 8, 2019

Alan Zibluk Markethive Founding Member

Canadian Police Call Bitcoin Expert Witness In $1.4 Million BTC Case

In a case against drugs, CipherTrace CEO David Jevans testifies as a Bitcoin expert

CipherTrace, a blockchain forensics company, makes headlines today for its role in the seizure of $1.4 million in bitcoins that may have been destined for illicit usage. In the resulting court case, David Jevans, CEO of CipherTrace was called upon to serve as the first ever Bitcoin expert witness.

As with any medium or store of value, those with specific intentions can use Bitcoin for illicit transactions. Thus, the “Darkweb” or online black market has created cause for concern for law enforcement, regulators and cryptocurrency speculators alike, because users can purchase and sell virtually anything using crypto without having to reveal their identity.

As the volume of illegal Bitcoin transactions rises, so does the demand for blockchain intelligence firms like CipherTrace.

CipherTrace played a pivotal role in convicting a suspect accused of using 288 bitcoins (valued at approximately $1.4 million today) to purchase a handgun and facilitate the sale of illicit drugs. In an Ontario court, the Bitcoin expert witness testified that his firm was able to trace transactions from dark web markets into the defendant’s account. Jevans reports:

“If I knew nothing about the case, other than being presented with the bitcoin addresses that Mr. Phan controlled, my analysis would indicate that this individual was dealing in drugs online,”

During the seizure, Canadian police also discovered $2.5 million in illegal narcotics, addressed envelopes, scales, and other drug trafficking paraphernalia.

Blockchain forensics groups like CipherTrace will likely continue to play a crucial role in thwarting cyber crimes in the future, according to the lead investigator on the case, Detective Dwayne King.

King said:

“I would have loved to have access to a tool such as CipherTrace when I originally conducted this investigation in May of 2015. The report prepared by Dave really was the pivotal piece in the Crown’s case for forfeiture.”

The courts are currently pursuing confiscation of all the defendant’s Bitcoins, among other legal consequences, while he argues that half of his digital assets should be retained since they were not realized through nefarious actions.

By Jalen Fargharson On Mar 6, 2019

Alan Zibluk Markethive Founding Member

Bitcoin update -BTC bulls claws back some ground

• Bitcoin has reversed the losses of the previous week.

• Short-Term recovery needs a new stimulus.

A move above $3,800 ended in a sharp recovery that followed a strong sell-off on Monday. BTC/USD is changing hands at $3,823 at the time of writing, gaining over 3% in recent 24 hours. Also, the coin managed to claw back ground lost since the end of February. The trend remains positive, though a short-term bearish correction cannot be excluded.

Looking technically, DMA100 and DMA50 clustered in the area $3,680-$3,630 will continue to serve as formidable support for BTC. Now that the bears are in retreat, we may see an extended recovery towards $3,870-$3,900 area strengthened by 38.2% Fibo retracement levels (monthly and weekly).

A sustainable move higher will attract more speculative buyers and pave the way towards psychological $4,000. The ultimate resistance is created by $4,187-$4,200 area that encompasses February high.

On the downside, a return below $3,800 will upset the bulls. This development may lead to an extended sell-off with the aim at the above-said DMA100 at $3,680. If this strong barrier gives way, the next critical support at $3,630-3,600 will come into focus.

BTC/USD, 1D chart

Tanya Abrosimova

FXStreet

Alan Zibluk Markethive Founding Member

Spanish Hotel chain launches pilot program to accept Bitcoin payments

“Casual Hoteles,” the Spanish hotel chain, has launched a pilot program to accept payments via Bitcoin and Amazon Pay.

The pilot program will begin at the Casual Málaga del Mar hotel.

The Spanish hotel chain, Casual Hoteles, has launched a pilot program to accept payments via Bitcoin and Amazon Pay. The chain operates hotels in several locations like Madrid, Valencia, Lisbon, and San Sebastián. The pilot program will begin at the Casual Málaga del Mar hotel under the guidance of the company’s blockchain project.

Casual Hoteles said that they are exploring the latest technological trends so that they can appeal to the modern, more technologically savvy customers:

“Casual Hoteles is committed to a relationship with its customers and other interest groups based on active listening to the market and the successive generation of added value, with the aim of anticipating their needs, exceeding their expectations and creating new formulas for tourism profitability.”

Alan Zibluk Markethive Founding Member

Another Bitcoin Indicator Signals Price Bottom May Be Forming

A technical indicator that incorporates both bitcoin’s price and trading volume is signaling the cryptocurrency may have bottomed in December.

The money flow index (MFI), also known as the volume-weighted relative strength index, is used to identify buying and selling pressure and oscillates between zero to 100. A rising MFI indicates an increase in buying pressure, while a falling MFI is considered a sign of increasing selling pressures.

Essentially, the MFI validates or confirms price trends. Many times, however, the indicator diverges from the prevailing market trend.

For instance, BTC dashed hopes of a long-term bullish reversal with a break below $6,000 on Nov. 14 and hit a 15-month low of $3,122 on Dec. 15. The 14-week MFI also nosedived from the high of 43.00 in mid-November, confirming the sell-off in prices.

The indicator, however, bottomed out with a higher low at 22.00, contradicting the lower low in bitcoin’s price. That bullish divergence is widely considered an early warning of a bearish-to-bullish trend reversal. Supporting that argument is the fact BTC snapped its record six-month losing streak with a 10 percent gain in February and the MFI rose from 25 to 44.

Other indicators like the moving average convergence divergence (MACD) and the bearish crossover of the 50- and 100-week moving average are also signaling long-term bearish exhaustion. These tools, however, don’t incorporate trading volumes. The MFI, therefore, stands out as a more reliable technical tool.

That said, with a number of indicators pointing to bullish reversal, the probability of BTC picking a strong bid a year ahead of the mining reward halving appears high.

As of writing, BTC is trading at $3,785 according to CoinDesk data.

Weekly chart

As seen above, the MFI diverged in favor of the bulls in mid-December, despite BTC sliding to lows near $3,100. Further, it carved out another higher low at 25 at the end of January and is now rising toward the upper edge of the channel. A breakout on the MFI, if confirmed, would reinforce the bullish divergence witnessed in December.

When it comes to BTC, $4,190 is the level to beat for the bulls, as it is the high of the inverted bullish hammer carved out last week. That candlestick pattern indicates the bulls are beginning to test bears’ resolve to keep prices low – a sign the market is bottoming out.

A convincing move above $4,190, if backed by a rise in the money flow, could yield a rally toward the psychological resistance of $5,000.

The bullish case presented by the MFI would weaken if the February low of $3,328 is breached with high volumes.

Omkar Godbole

Mar 4, 2019 at 05:00 UTC

Alan Zibluk Markethive Founding Member

A Look at the Top Headlines Across Bitcoin and Blockchain
 

Crypto Bear Market Caused Nearly 1 Million Bitcoin Mining ASICs in China to Hibernate but May Be Back Online Soon

The crypto winter has been strenuous for the entire industry, from investors to miners to exchanges. With such a stressed market, many companies had to shut down, resulting in almost one million mining ASICs being put into hibernation. However, there is a group of miners that want to bring all of those ASICs back.

United States Will Soon Have the First Digital Asset Bank, FreeRange, Thanks to a Wyoming Holding Company

Wyoming’s blockchain infrastructure has been evolving steadily over the last year and has been becoming the go-to place for companies in the United States. Based on recent legislation passed for special purpose banks, the opportunity has arisen for the first digital asset bank, which FreeRange is seeking to be.

COs 2017, Stablecoins 2018 and 2019 the ‘Crypto Intranet’ or Bankcoins or Corporate Coins

Ari David Paul took to Twitter over a series of posts to discuss the potential for a permissioned blockchain, which he also calls the crypto internet. Going after JPM Coin, Facebookcoin, and similar tokens, Paul attacks the lack of censorship resistance and depreciation resistance, among other issues. However, Bitcoin and decentralized cryptocurrencies could be necessary to the progress of these blockchains in the future.

Looking into the Polarity of Facebook Entering the Cryptocurrency Space: Intentions Become Talking Point

Though Facebook has been highly secretive about their alleged plan to enter both blockchain technology and cryptocurrency markets. However, concerns have arisen amongst the community, since Facebook has become involved in some unfortunate scandals that could inhibit their progress.

Ernst & Young’s Examination of Missing Funds from QuadrigaCX Continues Down the Rabbit Hole

The QuadrigaCX court case involves thousands of creditors that are missing close to $150 million in cryptocurrencies. Though statements from the CEO’s widow have consistently suggested that the missing funds were in cold wallets on his computer, a report from Bloomberg shows a much different narrative, claiming that the wallets have been empty for almost a year.

Crypto Analyst: Crypto Winter is Far from Over, Bitcoin Should peak in 2023

The investors of the cryptocurrency industry have been hopeful that the long winter of cryptocurrency would soon end, clinging onto the hope of new products and exchanges for institutional investors. However, one crypto analyst decided to break down some research, demonstrating his theory of exactly when the market will turn around. Unfortunately, that projection lengthens the winter by four more years.

Cryptocurrency Critics (Wrongly) Predict the Death of Bitcoin Where BTC Development Is Flourishing

Even though Bitcoin’s prices are down, their development of the network is flourishing, as well the networks of altcoins and related exchanges. However, opponents of the market are still digging their heels into the idea that BTC is on its way to its untimely end.

By Krystle M – March 3, 2019

Alan Zibluk Markethive Founding Member