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Bitcoin to rise to 333333 following a 2500 imminent bottom: Bobby Lee

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Bitcoin to rise to $333,333, following a $2,500 imminent bottom: Bobby Lee

Bitcoin to rise to $333,333, following a $2,500 imminent bottom: Bobby Lee

Bobby Lee, the co-founder of the Hong-Kong based cryptocurrency exchange BTCC and a board member of the Bitcoin Foundation, has predicted that Bitcoin [BTC] could skyrocket to $333,333, after it plummets to a bottom of $2,500.

Lee expects the bears to continue to torment the cryptocurrency market, leading to a fall of 27.4 percent against the current BTC price, dropping down to $2,500 by January 2019, its lowest point since July 2017.

He further stated that the next upswing would begin in late 2020, achieving an unprecedented high of $333,333 by December 2021 following another market crash to $41,000 by January 2023.

If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019.

And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.

Something like that????? https://t.co/M8ljIVnt73

— Bobby Lee (@bobbyclee) December 7, 2018

Basing his chronological prediction on the market trends, as far back as December 2013, when Bitcoin reached an all-time high of close to $1,200, before settling back down to under $300 by 2015. As Bitcoin approached 2017, the top crypto held well over 80 percent of the entire virtual currency market.

Investors began to notice the dominance of cryptocurrency in early 2017, when the coin’s price broke the $1,000 mark in January and the $3,000 in the next eight months, following which it soared to as high as $19,000 during the infamous December 2017 bull-run.

On a year-to-year basis, Bitcoin has dropped by 82.57 percent from its highest valuation of $19,783 in December to its current price of $3,447. The cryptocurrency markets, which has a 54 percent Bitcoin stake currently, has felt the brunt of the Bitcoin collapse, falling by over $100 billion in a month since the beginning of November.

Crypto-proponents were gunning for a December 2018 bull run mimicking the previous year, but were taken aback by the November meltdown, triggered by Bitcoin Cash. Mike Novogratz of Galaxy Investment Partners predicted a rally at the end of 2018, pushing Bitcoin up to $8,700. At press time, the coin has fallen by 60.3 percent from the aforementioned prediction to the current price $3,447.

Tom Lee, the head of research at Fundstrat Global Advisors in mid-November during the peak of the crash, affirmed his earlier prediction that Bitcoin would reach $15,000 by the year’s end. Lee pegged his hopes on investors viewing the virtual currency, not as a “commodity,” but as an “emerging asset class.”

 

By aakash

Dec 08?2018 11:17 AM

Alan Zibluk Markethive Founding Member

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Bitcoin BTC Price Analysis – Bears Push for Wedge Break

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Bitcoin (BTC) Price Analysis - Bears Push for Wedge Break

Bitcoin (BTC) Price Analysis – Bears Push for Wedge Break

Bitcoin recently broke below its falling wedge consolidation to signal that selling pressure is picking up.

Bitcoin broke below its falling wedge consolidation pattern to signal that bearish momentum is picking up. However, price seems to be stalling at the $3,300 level so a pull back to the broken areas of interest may be in order.

Applying the Fib retracement tool on the latest swing high and low shows that the 50% level lines up with the broken wedge support which might be enough to keep gains in check on a correction. The 61.8% Fib is back inside the wedge but might still serve as resistance since it’s close to the 100 SMA dynamic inflection point.

On the subject of moving averages, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the sell off is more likely to resume than to reverse. In addition, the gap between the moving averages is widening to reflect increased selling momentum.

RSI is already indicating oversold conditions, though, and turning higher could show that buyers might be ready to take over. Stochastic is heading south but is also in the oversold region to signal that sellers are feeling exhausted.

Bitcoin seems to have gotten another blow from the SEC announcement to once again delay their ruling on the bitcoin ETF. Although there were already hints earlier from SEC Chairperson Clayton that they’re not likely to approve the proposed rule change anytime soon, the actual decision still seemed to inspire a wave of selling.

However, it’s also important to note that this decision comes after a meeting with representatives from VanEck and SolidX on how ETFs on gold and other commodities may be comparable to the one they’re proposing on bitcoin. In fact, the companies pointed out that bitcoin ETFs may be less prone to market manipulation, so the decision to delay instead of completely reject might prove to be a positive development.

 

Rachel Lee by Rachel Lee December 7, 2018 in Bitcoin Price Analysis

Alan Zibluk Markethive Founding Member

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Bitcoin going to 1500- Bloomberg Analyst

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Bitcoin going to $1500- Bloomberg Analyst

Bitcoin going to $1500- Bloomberg Analyst

Mike McGlone, a Bloomberg intelligence analyst has predicted that bitcoin is possibly going to fall to $1500 soon. Bitcoin price fell down yesterday up to $3668 which is quite near the yearly low of $3522 that was achieved just a few days back on November 26. Bitcoin remained stable above $3900 for a few days but could not hold on to the selling pressure and crashed hard yesterday and may soon test the $3500 support yet again.

 

Bloomberg Report

Bitcoin price started its crash in May this year while trading above $9000 and falling to $6500 in July due to massive selling in just a matter of two months.

According to the report published by Bloomberg intelligence analyst, bitcoin and other prominent cryptos will likely fall and bitcoin can turn up to $1500 soon. The price of bitcoin has fallen more than 80% from the last December when it was trading around $19500. According to Mike, the price would fall around 60% from the current price.

Mike also mentioned that there is quite little to stop the price of bitcoin to fall to $1500, the reason starting from bitcoin cash hard fork and year-end tax purposes, and many other matters.

The cryptocurrency market has experienced a huge amount of selling in the month of November which resulted in billions being washed off from the crypto market. Mike mentioned that the market is currently reversing the rise of 2017.

 

Crackdown by SEC

The SEC is continuously engaged in cracking down the cryptocurrency space. In November, SEC had imposed huge fines on two companies that did not register their ICO as securities with the SEC. Cryptocurrency investors have been waiting for the approval of Bitcoin ETF from a long time but according to last week’s statement of SEC’s head, there is still an absence of investor protection in the crypto space, therefore the approval of Bitcoin ETF will not be done anytime soon.

 

Market Crash

The market crash of November this year has been the worst crash since 2011. According to Mike, lower prices help to reduce volatility in the market. Mike also mentioned that the current price drop is somewhat positive as due to lower prices there is lower volatility, less speculation, and the preponderance of stable coins.

Other cryptocurrency analysts also predict a drop in prices but higher than $1500. Some are predicting $2500 to be the lowest price while other predict $3000. On the other side, Tom Lee, the bitcoin bull is still predicting $15000 price at the end of this month.

 

Published 44 mins ago on December 5, 2018 By Layla Harding Mike McGlone,

 

 

Alan Zibluk Markethive Founding Member

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Bitcoin Price Analysis – One More Triangle Bottom

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Bitcoin Price Analysis - One More Triangle Bottom

Bitcoin Price Analysis – One More Triangle Bottom

Bitcoin broke below a previous triangle consolidation but may be finding support at a larger one.

Bitcoin made a triangle breakdown earlier on but seems to be finding some support at a larger triangle bottom. Price bounced off the $3,800 area but is making another test and might be attempting another break.

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. In that case, bitcoin could slide by the same height as this chart formation, which spans $3,500 to $4,600.

RSI is still heading lower to reflect the presence of bearish pressure. However, the oscillator is nearing the oversold region to reflect exhaustion. Turning higher could confirm that buyers are ready to return and might push for a move back to the triangle top at $4,100. Similarly stochastic is dipping into the oversold region but has yet to turn higher to signal a return in bullish pressure.

More and more mainstream coverage on the recent slump in bitcoin and other cryptocurrencies is piling on the FUD that’s currently weighing on prices. Although the improvement in sentiment last week from revived expectations on institutional investment propped bitcoin higher, it seems that traders are hoping to get actual developments before sustaining any rallies.

Still, a lot of analysts are holding on to their bullish bets and this may be why bulls continue to defend nearby support levels. Some expect bitcoin to make a strong rebound before the end of 2019 while some believe that it could take place as early as Q1 2019.

According to a recently published A.T. Kearney report:

“By the end of 2019, Bitcoin will reclaim nearly two-thirds of the crypto-market capitalization as altcoins lose their luster because of growing risk aversion among cryptocurrency investors. More broadly financial regulators will soften their stance towards the sector.”

 

Author Rachel Lee December 5, 2018

 

Alan Zibluk Markethive Founding Member

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Bitcoin Price Analysis – BTCUSD Another Day Another Breakdown

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Bitcoin Price Analysis - BTC/USD Another Day, Another Breakdown

Bitcoin Price Analysis – BTC/USD Another Day, Another Breakdown

Bitcoin previously consolidated inside a symmetrical triangle to pause from its selloff, but it looks like bears are still in control. Price broke below the triangle bottom at $4,000 major psychological level to signal that another slide is in the works.

The 100 SMA is starting to cross below the longer-term 200 SMA as additional confirmation of bearish pressure. However, RSI seems ready to climb out of the oversold region to indicate that buyers might take over while sellers take a break. Similarly stochastic is moving north so bitcoin could follow suit.

Bitcoin is also trending inside a small descending channel and is bouncing off the bottom. A pull back to the top might be due before sellers return again. This lines up with the broken triangle support that might now hold as resistance and also the moving averages dynamic inflection points.

Bitcoin has given way to FUD once more as last week’s updates didn’t seem enough to sustain any recoveries. As it is, more and more media outlets continue to cover the bloodbath and are likely convincing more holders to liquidate. Recall that revived focus on institutional investments allowed bitcoin to pause from its sell off and many hoped that it could be followed by an even larger bounce.

Traders might have been able to digest the latest SEC commentary on how the lack of consumer protection measures in the crypto market means that they’re not likely to approve any bitcoin ETF applications anytime soon. This puts the industry a huge step back as it would mean other altcoins would have to wait much longer.

Bulls are also likely holding out for bigger developments instead of mere speculations. For now, it looks like the slide could carry on until actual evidence of a pickup in volumes from institutional investors early next year are seen.

 

SARA JENN · DECEMBER 4, 2018 · 12:30 AM

Alan Zibluk Markethive Founding Member

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Bitcoin Prices Down – Leaders Call for Crypto Taxation

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Bitcoin Prices Down - Leaders Call for Crypto Taxation

Bitcoin Prices Down – Leaders Call for Crypto Taxation ?

Investing.com – Bitcoin and other major cyptocurrencies all slipped on Monday in Asia, pressured by reports that G20 leaders had called for taxes on cryptocurrencies during a summit over the weekend in Argentina.

Bitcoin lost 5.04% to $4,041.3 by 10:31 PM ET (03:31?GMT) on the?Investing.com index.?Ethereum was down 4.59% to $114.34, and XRP dropped 3.37% to $0.36319 on the?Poloniex?exchange.???

Litecoin?also slid?5.53% to $32.10?on the?Bitifinex?exchange.?

Bitcoin continues to hover at the $4,000 range after losing roughly 40% of its value since mid-November.

On Monday morning, media reported that members of the G20 agreed to work on international effort to regulate cryptocurrencies in line with standards stipulated by the Financial Action Task Force (FATF), an intergovernmental organization launched in 1989.

The move is seen as an effort to curb tax evasion by investors and traders of crypto-assets. G20 members, included crypto-assets in the joint declaration at the end of the summit.

“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed,” reads a section of the declaration.

G20 members are also looking to build a system of taxation for cross-border electronic services, with the joint declaration noting that the group will “work together to seek a consensus-based solution to address the impacts of the digitalization of the economy on the international tax system with an update in 2019 and a final report by 2020.”

 

Source Investing.com Cryptocurrency News

 

Alan Zibluk Markethive Founding Member

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Report: Bitcoin Mining Benefits Global Economy is Not Detrimental to Environment

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Report: Bitcoin Mining Benefits Global Economy, is Not Detrimental to Environment

Report: Bitcoin Mining Benefits Global Economy, is Not Detrimental to Environment

A new study by Coinshares has revealed that about 78 percent of Bitcoin miners use renewable energy when operating their mining businesses, while China has taken steps to prevent wastage of surplus electricity. Contrary to the mainstream media demonising Bitcoin mining operations as environmentally degrading, the UK-based digital asset management company argues that nost mining operations buy electricity as a “last resort”.

China has taken some major leaps in terms of generating clean energy, with the government pouring billions of dollars into solar, wind and hydroelectric power. With almost 60% of the world’s bitcoin mining operation happening in China itself, the clean power move has resulted in an excess of that energy being used, the report noted.

Situations are similar in the Pacific Northwest, with renewable energy dominating mining operations all across British Columbia, Washington and Oregon. Scandinavia, whose mines generate almost 35% of the global Bitcoin share is also seeing an upsurge in the use of renewable energy.

China’s large-scale investments have caused stress on the electricity grids, resulting in grid operators to refuse to accept surplus renewable energy capacity, in a move termed as ‘curtailing’. According to the report, most of the Chinese miners are using this curtailed electricity instead of letting it go to waste.

The report noted that large sections of these mining operations were using renewables. For example, China’s Sichuan province which is home to a big chunk of the country’s mining operation is using almost 90 percent of its energy from renewable sources.

Researchers from the University of Hawaii looked at how Bitcoin mining contributed to the world’s carbon emissions as compared to other conventional forms of technology that are used in our daily lives. But it turned out to be a difficult task to quantify its carbon footprint due to its computationally demanding process and the use of multiple, expensive pieces of technology.

The report reveals that 77.6 per cent of the world’s cryptocurrency miners use renewable sources of energy such as hydro power, making it “greener than almost every other large-scale industry in the world.” The researchers also noted that miners were environmentally conscious themselves, with cooler mining regions of Northern China saving up electricity on cooling systems for the mining hardware.

The report concluded by stating that although the miners were self-serving in that they simply looked for the most cost-effective sources of energy to mine cryptocurrency, they inadvertently also made the majority of the industry more environment-friendly than most other industries.

 

By Debarun Gupta

Alan Zibluk Markethive Founding Member

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Bitcoin bulls ask where’s the bottom?

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Bitcoin bulls ask, where's the bottom?

Bitcoin bulls ask, where's the bottom?

  • Bitcoin lost 37 pct in the month of Nov.

  • The bottom not yet in sight as bulls scramble for stability.

Bitcoin, the largest cryptocurrency by market capitalisation and the coin that gave blockchain to the world, has lost 37 percent of its value in the month of November, has still not been able to find a stable bottom, as the prices fell back again after rallying back above $4,000 during the week.

BTC/USD is down nearly one percent on day at $3,942, but trading in less than 0.3 percent range for the day, thanks to lower volumes and resulting in lower volatility for the crypto whose second cousin is volatility.

A quick look at various time-frames of the chart reveals us that although volatility has come down a but after November sell-off, by no means a long term meaninful bottom has been placed yet. BTC may well touch and even break recent lows and head towards $3,000 as mentioned last week. (Read here) Even as experts such as Morgan Creek Capital Management's CEO, Mark Yusko, believe that there is long term value for the largest coin and bottom should be somewhere around the corner.

BTC/USD daily chart:

Manoj B Rawal

FXStreet

 

Alan Zibluk Markethive Founding Member

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Bitcoin volatility fading away -where from here?

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Bitcoin volatility fading away -where from here?

Bitcoin volatility fading away -where from here?

  • BTC/USD is hovering around $4,300.

  • Mati Greenspan says volatility is good for Bitcoin's popularity.

Bitcoin is hovering around $4,300 handle, locked in a narrow range with the upper border at $4,400. The first digital coin has calmed down after a volatile week as the market players seek to understand what comes next.

According to Mati Greenspan, a senior market analyst at eToro, volatility growth brought the discussion of crypto mass adoption issues to the forefront.

“Certainly, it would be better for the use case of cryptocurrencies if they remained more stable, or to see a slow but steady increase in prices. But let’s be straight, would bitcoin be as popular as it is today if not for the wild volatility?” he commented.

Mr. Greenspan believes that the bull run of 2017 brought a vast amount of new users to the crypto universe.

“The outrageous bull run of 2017 has been largely responsible for bringing an unprecedented number of new users into the network but it seems that excitement can be generated on the way down as well.”

Bitcoin's technical picture

From the short-term point of view, BTC/USD is supported by SMA50 (1-hour) at $4,166. Once this level is cleared, the downside may be extended towards critical $4,000 with SMA200 (1-hour) on approach. A sustainable move under $4,000 with expose $3,900-$3,870 area

On the upside, the nearest resistance lies with congestion zone $4,500, which needs to be cleared before we can proceed to the next psychological hurdle $5,000.

BTC/USD, 1-hour chart

 

Tanya Abrosimova

FXStreet

Alan Zibluk Markethive Founding Member

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Bitcoin Prices Soar -Nasdaq to Launch Bitcoin Futures in Q1 2019

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Bitcoin Prices Soar -Nasdaq to Launch Bitcoin Futures in Q1 2019

Bitcoin Prices Soar -Nasdaq to Launch Bitcoin Futures in Q1 2019

Investing.com – Bitcoin and other major digital coins’ prices all traded higher on Thursday in Asia on news that Nasdaq is set to introduce Bitcoin futures in the first quarter of next year. ?

Bitcoin jumped 6.55% to $4,187.5 by 09:31 PM ET (02:31?GMT) on the?Investing.com index.?Ethereum added 4.49% to $118.77 and XRP gained 2.48% to $0.37633?on the?Poloniex?exchange.???

1337/LTC?also advanced?8.68% to $33.550?on the?Bitifinex?exchange.?

Bitcoin regained a bit of momentum following a second low this week. The most traded digital coin dropped below $3,800 in mid-week before bouncing to this week’s peak at $4,395 on early Thursday morning.

However, Bitcoin remains trading 30% less of its value since mid-November, when the digital coin dropped from above $6,500.

On Thursday, media reported that Nasdaq is set to launch bitcoin futures in the first quarter of 2019 despite the current bearish sentiment for cryptocurrencies.

Bitcoin futures will provide investors with a centralized marketplace where participants can speculate on the future price movements of Bitcoin.

Nasdaq has reportedly been working closely with the Commodities Futures Trading Commission (CFTC) to secure regulatory approval for its proposed Bitcoin futures launch together with investment management firm VanEck.

Gabor Gurbacs, VanEck's director of digital asset strategy, said the firm "ran a few extra miles working with the CFTC to bring about new standards for custody and surveillance."

Nasdaq is not the first one to enter the digital currency space. The CFTC has so far approved two crypto futures products. One is from the Chicago Board Options Exchange and another from the Chicago Mercantile Exchange.

Nasdaq showed interest in tapping into the crpyto space earlier. In April, its CEO Adena Friedman told media that “certainly Nasdaq would consider becoming a crypto exchange over time.”

 

Alan Zibluk Markethive Founding Member