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Fundstrat: Bitcoin Fall to 10000 Healthy 20000 EOY Possible

Fundstrat: Bitcoin Fall to $10,000 Healthy, $20,000 EOY Possible

Bitcoin Correction to $10,000 is “Healthy”?

Bitcoin (BTC) has been absolutely slammed over the past five days. Since passing above $13,000 for the second time this year on Wednesday, the cryptocurrency has been on a clearly downward-sloping trend. As of the time of writing this, Bitcoin sits at $10,600 — down by around 25% from its year-to-date high of $13,900.

Despite this harrowing price action, which has resulted in a sentiment of “extreme fear” according to the Bitcoin Fear and Greed Index, Fundstrat’s Tom Lee is still quite bullish.

In a recent response to Morgan Creek’s Jason Williams, the Wall Street’s resident staunch cryptocurrency optimist, explained that it is “healthy” to see Bitcoin pullback here.

Backing his claim, Lee suggests that as Bitcoin’s search traffic, as calculated by Google Trends, is still low, the recent drawdown makes sense and could be deemed a “good sign”. You see, the fact that search interest for the “Bitcoin” and “crypto” keywords haven’t rallied to 2017 levels suggests that there isn’t “massive hype” gracing this budding market, which means that BTC has room to run and is only in the early stages of its next cycle.

And as The Crypto Monk, a popular trader, remarked in a tweet, in previous bull runs, BTC established a pattern of entering parabolic uptrends, breaking them, consolidating, before embarking on more parabolic uptrends. Barring that Bitcoin currently isn’t in a bull market, this same series of events could easily play out now.

$20,000, Maybe $40,000 by the End of 2019?

Lee’s persistent optimism comes as he has continued to eye $20,000, even $40,000 as price targets for Bitcoin to reach by the end of 2019. Here’s why he’s bullish.

In the interview, Lee said that all things considered, Donald Trump’s tweets regarding this industry are “positive” because they cement the idea that cryptocurrencies are a relevant topic on the global geopolitical and macroeconomic stage. Indeed, over the past few weeks, the words “Bitcoin”, “Libra”, and “Crypto” have begun to grace mainstream outlets and government hearings time and time again.

Lee expounded: Trump’s comments “makes the other 99% [of the world] more aware [of cryptocurrency].” And if 1% of this new audience somehow finds value in the cryptocurrency market, the size of the community surrounding this asset class would de-facto double instantly.

In previous interviews, the Fundstrat co-founder also looked to the launch of Libra; a growth in cases of dovish fiscal policy, which some say will increase the chances of a recession and large inflationary events; and geopolitical tension that could only bolster the fundamental need for decentralized money as other bullish catalysts.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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New Model: Bitcoin BTC to Reach Peak of 80000 in Next Cycle

New Model: Bitcoin (BTC) to Reach Peak of $80,000 in Next Cycle

Long-Term Outlook for Bitcoin

With Bitcoin (BTC) rapidly rallying by over 300% from 2018’s brutal bottom of $3,150, analysts have been wondering where this asset is going to head in the long term.

You see, while BTC is at $13,000 — which many say is already expensive enough for a digital asset that isn’t tangible — many proponents of cryptocurrency and technological idealists have come to the conclusion that this isn’t where Bitcoin’s story ends. On the contrary, actually. This may be Bitcoin’s true story begins. Sound dramatic, I know, but this may very well be the case.

CryptoHamster, an up-and-coming Twitter cryptocurrency analyst, recently posted the chart below, speculating as to where BTC could end up at the end of this cycle, which is likely to end in late-2020 or early-2021. Per his projections, which is based off an ascending channel on the logarithimic chart, Bitcoin will peak at around $80,000 in the coming year or two. A move to $80,000 from current levels would represent a 515% rally from $13,000 — crazy, right?

Interestingly, this hasn’t been the first time that the $80,000 figure has been mentioned by a prominent analyst. Per previous reports from Ethereum World News, Level’s Josh Rager notes that over Bitcoin’s three completed cycles, the trough to peak gains decreased by around 80% each time, which is a concept defined by the law of diminishing returns.

As Rager notes, 2011’s rally saw a return of 320,000%; 2014, 58,500%; and 2017, 12,000%. Thus, if history is followed to a tee, BTC will rally by 2,400% off its bottom, giving it a potential high of just shy of $80,000, this being $78,500.

Some have frankly been even more optimistic. Earlier this year, prominent trader Galaxy, claims that Bitcoin’s current monthly chart looks eerily similar to that seen in late-2015, when BTC finally began to embark on a rally yet again.

This is notable, as the last time BTC’s chart structure looked as it did now (a massive green candle after ~one year of selling pressure), what followed was a 6,500% price surge in a two-year time frame. Thus, Galaxy notes that if historical precedent is followed to a tee, a bull run of the previous one’s magnitude will place BTC at over $333,000 per unit by the end of 2021.

That may be a tad optimistic, for now anyway.

What Will Drive BTC Growth?

But what the hell is going to drive Bitcoin’s long-term growth?

According to Mark Yusko and Anthony Pompliano of Morgan Creek Digital, the answer to this pertinent question is rather simple.

This being continued institutional involvement from investors and groups that want to gain exposure to one of the best asymmetric bets in finance, and a ticket to the future of finance; and irresponsible fiscal policy, which will both drive demand for Bitcoin in the short term and in the long term.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Today’s Teens Don’t Like Bitcoin amp Crypto: What?

Today’s Teens Don’t Like Bitcoin & Crypto: What?

Gen Z Not in Love With Crypto Like Some Thought

You’ve heard what the talking heads say, Millennials, Generation Xers, and Generation Zers will be the first crypto-adopting demographic. You see, unlike baby boomers and those in and above that age range, those in recent generations grew up with technology in their hands, including video games that involved some form of digital money or digital item system, be that gold in Clash of Clans, skins in Counter-Strike or Team Fortress, EVE’s ISK, or what have you.

And, it has been a common trend that some of Bitcoin’s most staunch critics would be deemed “senior”. Just look to Warren Buffett, Peter Schiff, and Kevin O’Leary. These three investors have all bashed the leading crypto asset within the past few months.

Thus, many have drawn conclusions that the logical step will be for these technology adopters to find their way into the cryptocurrency industry to instantly fall in love with Bitcoin and its ilk.

According to a recent Business Insider report, a majority of those aged 13 to 21 surveyed by the outlet are not entirely bullish on Bitcoin. In fact, 52% of the 1,884 American respondents claimed that they are likely not going to invest in digital assets within the next six months.

It is important to note that this doesn’t mean Generation Z is bearish on Bitcoin per se. Instead, the harrowing figure may suggest that there is a lack of fiat onramps into the ecosystem for younguns, made clear by the fact that if you are legally considered a minor, it is very difficult for one to obtain Bitcoin or other digital assets with a debit card or PayPal. Also, this statistic could also be a sign that there aren’t enough proper educational portals for American teens about the value proposition of Bitcoin and cryptocurrency.

Still, with a mere 5% of Americans between 13 and 21 years of age claiming that they are most likely going to purchase cryptocurrency within the next half-year, it is apparent that there’s a copious amount of upside to be had. How can the upside be captured though? This writer has a few ideas

More likely than not, Bitcoin and crypto adoption via this demographic will not be had through inundating social media feeds with macroeconomic trends and why BTC is fiscally better than fiat currencies. Instead, adoption of this budding asset class could be achieved by showing how crypto and related technologies can improve the efficiency of transactions and digital processes.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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FT: Bitcoin BTC Rally Past 10000 is Making Wall Street Return

FT: Bitcoin (BTC) Rally Past $10,000 is Making Wall Street Return

Institutions Now Foraying into Bitcoin, Report Suggests

Bitcoin (BTC) may have lost its bullish momentum over the past few days, but institutions are purportedly still well on their way back to the crypto space.

Ever since 2017, crypto investors across the board have been eyeing institutions, trying to determine if giants in finance, technology, and retail were going to make a play in this embryonic industry. At first, Wall Street was all for Bitcoin: the CME and CBOE launched futures for the leading digital asset, Goldman Sachs hinted at its interest to launch a crypto asset trading desk, ETF giant BlackRock purportedly had a “task force” for digital assets, and a number of over-the-counter desks were propped up.

But, once BTC started to fall, institutions fell silent. Executives in finance stopped mentioning “cryptocurrency” or related buzzword, and some firms, like Goldman, dropped plans to make any ventures in the space. However, over the last couple of months, institutions have begun to express interest and Bitcoin and its ilk once again, likely recognizing that cryptocurrencies aren’t dead after all.

The New York Stock Exchange/Intercontinental Exchange launched Bakkt, a Bitcoin futures exchange and infrastructure play; Fidelity Investments launched its own crypto custody & trade execution service, all while continuing to mine BTC in-house; Nasdaq has claimed that it is working on cryptocurrency futures; and TD Ameritrade and E*Trade, two retail brokerage giants situated in the United States, are reported to have plans to launch spot Bitcoin trading to millions of investors shortly.

But, according to a recent report from the Financial Times, which, like many other mainstream outlets, have ramped up their coverage of cryptocurrency, the recovery in the Bitcoin price has rekindled Wall Street’s interest in crypto more than we may realize.

The outlet writes that “senior figures in the financial services industry” have begun to eye cryptocurrency. For instance, a Dutch exchange-traded fund firm, Flow Traders, added crypto assets. And, over 50 companies, including high-frequency trading/market making firms DRW and Jump Trading, have formed a group to “develop a ‘deep, efficient, and secure’ market”.

The Financial Times adds that there has been a resurgence in interest in the Asian market, especially Japan and China. Per David Mercer of LMAX Exchange, this shift in the market can be pinned to Bitcoin finding use as a hedge “against a deflationary monetary environment.” Indeed, Deutsche Bank analysts recently admitted that Bitcoin may find use as a way out of traditional finance, which many believe is on the edge of collapse, due to dovish fiscal policies on behalf of the world’s central banks.

Regardless of the exact reasoning institutions have for returning to the space, it seems that Wall Street and their counterparts in Asia and Europe believe that at long last, crypto is here to stay.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin BTC May Fall by 25 to 9000 After Reaching 12400: Analyst

Bitcoin (BTC) May Fall by 25% to $9,000 After Reaching $12,400: Analyst

Bitcoin Ready to Fall by 25%?

Wow. After collapsing just the other day, Bitcoin (BTC) bulls are right back at it. Just yesterday, BTC was sitting at $10,400, having fallen by over $3,000 from its local peak at $13,800 — a key resistance level and the 0.618 Fibonacci Retracement level of the entire bear market. Now, the leading cryptocurrency sits at $12,300, still shy of $13,800. While this rapid recovery has many claiming that BTC is ready to take on new all-time highs once again, one analyst suggests that this recovery sits Bitcoin right up for yet another collapse.

In a recent TradingView analysis, known trader Financial Survivalism claimed that the chances of a strong correction have been building for a while now, ever since Bitcoin broke past $5,800 and then $8,000.

The analysis, posted some 24 hours ago as of the time of writing this report, predicted the rebound to $12,400, which is just over where Bitcoin sits now.

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This is important, as Survivalism predicted that once $12,400 has been hit, a correction to $9,000, which has acted as an important level of both support and resistance over the past few weeks, will begin to take place. This has yet to occur, but considering the accuracy of the target of $12,400, this 25% drop may come to fruition in the near future.

As to technical reasons for this reversal, Survivalism seemed to point out three. Firstly, a move to $9,000 would give Bitcoin a chance to revisit an uptrend support that BTC followed closely from late-April to just two weeks back. Secondly, the BitMEX funding rate has hit very high levels, implying that longs may need to close their positions, leading to a devaluation of the cryptocurrency. And lastly, the Average Directional Index, a technical analysis indicator meant to determine the strength of a trend, is “looking ready to roll over soon on the daily”, implying weakness.

Some Analysts Still Bullish Beyond Compare

While $9,000 seems to be on the table, especially considering the technical factors, some have been entirely optimistic. Naeem Aslam has remarked that as long as BTC stays above the 242-day moving average, which is somewhat unorthodox compared to the traditional 50 or 200-day, a correction is unlikely. In fact, he quips that in the short term, $20,000 is likely; and in the long run, Bitcoin could foray into the $60,000 to $100,000 range — just around five to eight times higher than current levels. Crazy, eh?

This may sound crazy to investors in traditional markets, most of which are used to 10% yearly gains, but many agree with Aslam’s cheer. In an email to CoinTelegraph, Simon Peters suggested that Bitcoin could reach $20,000 within one to two weeks.

The eToro analyst backed this claim by noting that when BTC first broke past $11,800 in 2017, it took just around a week or two to blast to $20,000. It is important to note that during the last boom, the conditions were different: the CME and CBOE had just announced their futures and retail investors were FOMOing.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

CNBC Anchor Jumps Aboard the Bitcoin BTC Gravy Train

CNBC Anchor Jumps Aboard the Bitcoin (BTC) Gravy Train

To most in the Bitcoin (BTC) community, mainstream media is viewed with intense skepticism. This isn’t a baseless fear, 99Bitcoins has revealed that the cryptocurrency has been “declared dead” over 360 times in its life, mostly by mainstream media outlets, from CNBC and Forbes to the New York Post and Bloomberg. For instance, one Bloomberg op-ed headline published in January 2018 reads: “Sorry, Bitcoin Fans. Digital Currency Is Still a Dream.”

Bitcoin Community Gets TV Ally

But, over the past few days, the cryptocurrency industry has secured an ally on CNBC’s “Squawk Box”, a morning segment covering Wall Street buzz. The anchor’s name is Joe Kernen.

Ever since Facebook launched Libra, the pseudo-centralized cryptocurrency, Kernen has taken a profound approach towards Bitcoin. First, when “Squawk Box” first covered the news, he questioned the “inherent value” of Libra, citing the fact that central banks have begun to debase their currencies. He specifically drew attention to the Euro, which many cryptocurrency pundits have targeted as the first big fiat money to fall from glory.

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And to put a cherry on the proverbial Bitcoin cake, Kernen even made the argument that a “real Bitcoin” may have more value than Libra due to the former’s decentralized blockchain. He elaborated:

“Blockchain transactions create inherent value. But making a digital currency that’s based on a fiat currency doesn’t make any sense. If you put in a dollar and out pops a cryptocurrency worth a dollar, that’s not a cryptocurrency.”

He continued his rant-esque take on Libra this Monday. Almost like a Satoshi Nakamoto excerpt, Kernen explained that Libra is a currency for corporations, but Bitcoin is a currency built and used by “the people”.

And most recently, speaking to the author of the “Bitcoin Billionaires”, Ben Mezrich, Kernen noted that the beauty of Bitcoin is “decentralization”, but that Libra is not that. In fact, he joked that instead of being decentralized, this Silicon Valley-backed coin has been “Zuckerberfied”, evidently something that is not confined by the unspoken rules of open networks.

Not Entirely Anti-Crypto

To CNBC’s credit, Kernen isn’t the only Bitcoin bull frequently hosted on the show. Over the outlet’s history covering this space, it has played host to a number of prominent cryptocurrency optimists: investor Brian Kelly, Tom Lee of Fundstrat Fame, Morgan Creek’s Anthony “Pomp” Pompliano, and Ran NeuNer to name a few.

With this new knowledge that Kernen and his peers know more than they previously let on, many in the cryptocurrency ecosystem are hoping that CNBC can begin to take more balanced approaches towards this space.

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Bitcoin BTC Rallying to 10000 is Only a Matter of Time: Analyst

Bitcoin (BTC) Rallying to $10,000 is Only a Matter of Time: Analyst

Bitcoin Rally to $10,000 on the Horizon

Over the past few days, Bitcoin (BTC) has stopped dead in its tracks. After rallying from a multi-week low of $7,450 to briefly flirt with $9,400, the cryptocurrency stopped its upward momentum. Since then, BTC has been rather flat, trading between $9,000 and $9,300. But, one analyst claims that the asset is poised to break out — upward that is. In a recent tweet, he laid out his thoughts.

As seen below, the analyst, Smart Contracter, who correctly called that Bitcoin was going to bottom around $3,500 at the start/middle of 2018, believes that BTC is soon poised to hit $10,000 for the first time since early-2018.

He claimed that BTC is currently trading in a triangle pattern, marked by an increasingly tighter range. With there being dropping volume, a break out is becoming increasingly likely. Per Smart Contracter’s use of wave analysis, this breakout will bring Bitcoin to $10,000. As he claims, “I think its only a matter of time now before we break up again.”

He isn’t the first to have claimed that $10,000 is inbound. In Tuesday’s segment of CNBC “Futures Now”, the two guest traders and Fundstrat’s Tom Lee claimed that they are currently bullish on cryptocurrency. One of the traders claimed that as long as BTC holds $9,100, he would be inclined to believe that Bitcoin can soon reach $10,200.

This comes briefly after Lee and his peers at Fundstrat claimed that $10,000 is the level to watch for Bitcoin. They claim that once Bitcoin reaches $10,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above $4,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once $10,000 is breached. As the analyst wrote on Twitter earlier this month, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”

Once $10,000 is broken past, Lee expects a “fast and furious” move to $20,000. And from there, the analyst claims that Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.

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Sentiment Wildly Bullish

The crypto community also seems to convinced that a further rally is only a matter of time. According to recent sentiment analysis compiled by analytics startup The TIE, there were 38,889 Bitcoin-related tweets yesterday — the highest daily count in June so far. 61.4% of tweets mentioning both Bitcoin and Libra were purportedly positive, marking overall bullish sentiment.

What’s more, overall crypto community sentiment is at its highest since May 15th, which was when BTC first started to move past $8,000 in this cycle. The TIE writes: “Despite a 2.5% drop in the price of Bitcoin it appears that the markets response to Facebook’s Libra release has been strongly positive.”

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Investing in Bitcoin is it the Right Thing to Do?

Investing in Bitcoin, is it the Right Thing to Do?

All this talk about Bitcoin and the Blockchain has gotten me into doing additional research. So, what is Bitcoin? How do you get Bitcoin? Is Bitcoin legit, and is it what some people call, "The New Gold Rush"?

These and many other questions are answered in the Bitcoin Complete Guide ebook. Many have also concurred that Bitcoins are the future of currency worldwide. However, many Governments have only begun to sit up and take notice, whether of its value or validity.

If you're like most people, sceptical and unsure, the Bitcoin Complete Guide will give you the knowledge so you can make the right decisions about wheteher to invest in Bitcoin or not. If you're like a lot of the nay-sayers that are saying it's too late to invest, you may be missing out on one of the BIGGEST revolutions of our lifetime.

Bitcoins have ONLY been around since 2009; if you would have purchased Bitcoins back in 2012, you would have been graced with a greater than 6600% return. Today, most experts predict that Bitcoin will continue to increase in value and may even reach as high as $100,000 (USD).

No one knows, or can predict, the future, however, the writing is on the wall. Is it worth your time to learn more about the Bitcoin revolution? That's the question ONLY you can answer. If you don't know where to start, click on the following link to learn more about the Bitcoin Complete Guide ebook.

It may just be what the doctor ordered!

Posted on Markethive by Jeffrey Sloe

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If Bitcoin BTC Closes Week Above 8800 Crypto Set for Move Even Higher

If Bitcoin (BTC) Closes Week Above $8,800, Crypto Set for Move Even Higher

Bitcoin Rallies Hard Past $9,300

And just like that, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been absolutely stellar for the crypto market, as it saw all digital assets gain notably across the board. BTC, most notably, moved from the low-$8,000s, where analysts expected heavy resistance, to $9,150 where it stands right now.

With this, the bullish cries of traders all across the industry have returned, despite the fact that they were calling for a massive pullback just weeks earlier. And more importantly, some have begun to claim that a massive move higher is still on the horizon.

In a recent tweet, prominent analyst Josh Rager, who has risen to prominence amid the crypto bear market of 2018, remarked that Bitcoin’s weekly chart is currently experiencing a massive “bullish engulfing candle”. This means that last week’s losses, which saw BTC fall from $8,800 to briefly tap $7,450, have been reversed, barring that we don’t close under $8,800 at 0:00 UTC on June 17th.

Rager claims that this pattern, which includes a strong pullback (black candle) and a subsequent bullish reversal (engulfing white candle), is what “led to continued uptrend last bull cycle.” Thus, he notes that if Bitcoin manages to finish this week strong, and not scale back by the 3% or 4% to $8,750, he will be convinced that BTC will continue on to post new yearly highs in the coming weeks and months. Analyst Nunya Bizniz pointed out this pattern exact too.

But where is that exactly? According to analyst Credible Crypto, BTC’s next stop would be in the high-$9,000s and low-$10,000s, which is where the next line of heavy resistance lies.

$10,000 is where BTC topped in last years’ bear market rallies, and where the asset found heavy resistance on its way up during the legendary 2017 boom.

Bulls on Parade

Regardless of what exactly plays out over the next few days, many are sure that a bull run is surely on. Rager recently noted that the Super Guppy, an indicator that singles out overarching trends, has flipped from red to grey on Bitcoin’s one-week chart after it flipped from grey to green on Bitcoin’s three-day chart. This occurred when BTC pushed past $7,000 just weeks ago. While the one-week Super Guppy isn’t green yet, signaling a clear uptrend, Rager notes that Guppys are “lagging indicator”, meaning that the change from red to interim grey makes for a “strong confirmation” of a bull trend.

This isn’t the only confirmation of a bull trend that BTC has recently seen. Per Josh Olszewicz, an analyst at Brave New Coin, the 100 exponential moving average (EMA) and 100 daily moving average (SMA) on Bitcoin’s daily resolution has only crossed six times in BTC’s history as a liquid asset. Most recently, BTC’s 100 EMA has crossed above its 100 SMA, a “bull cross” according to Olszewicz. The last time this technical signal came to fruition (late-2015, pre bull run), BTC rallied parabolically in the months that followed, peaking at $20,000 as we know well know.

And most importantly, Bitcoin recently closed its fourth consecutive weekly candle above its 50-week moving average, a series of events that have never failed to mark a bull run in the past.

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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Bitcoin BTC Needs to Pass 8200 to Kickstart Next Leg Higher

Bitcoin (BTC) Needs to Pass $8,200 to Kickstart Next Leg Higher

Bitcoin Needs $8,200

Over the past few days, Bitcoin (BTC) bulls have made their presence known once again, boosting the leading cryptocurrency from a multi-week low of $7,450 to $8,150 as of the time of writing this. While this solid price action, which comes after BTC has ostensibly topped at $9,100, has many enthused, the trend isn’t bullish just yet.

In a recent podcast with Forbes contributor Benjamin Pirus, prominent analyst Ledger Status, known as Brian Krogsgard off of the ‘interwebs’, explained that Bitcoin has one more key level to breach before resuming a clearly bullish trend.

In a recent podcast with Pirus (all credit to him), Ledger remarked that Bitcoin is currently in the midst of trying to determine whether it will consolidate at higher levels and eventually push higher, or is topping out to precede a strong retracement. Krogsgard notes that “$8,200 [is a key level] on the daily,” explaining that this coincides with the Bollinger Band midline (a key technical indicator meant to determine ranges, key support/resistance). From Ethereum World News’ point of view, $8,200 also lines up with the 0.786 of the Fibonacci Retracement from $9,100 to $5,000, meaning that it is a level to watch.

If $8,200 is surmounted, presumably meaning a daily close above that level, Krogsgard expects for Bitcoin to begin its next leg higher, meaning a move to retest its year-to-date highs and potentially continue even higher. So, is $8,200 possible?

According to a number of analysts, for sure. Per previous reports from this outlet, the asset’s four-hour chart is looking like an Accumulation pattern laid out by technical analysis guru and legend Richard Wyckoff. If the textbook pattern plays out in full, analyst Financial Survivalism explains that he expects for BTC to break past $8,040, fall back to $7,700, and then return back to the mid to high-$8,000s.

This isn’t the only bullish sign that the analyst observed. In a subsequent tweet, Survivalism explained that if the nine four-hour exponential moving average crosses above the 50, Bitcoin will be “fully bullish” on the four-hour chart, implying “another leg up in the market.”This has yet to happen, but if BTC keeps the upward pressure, it will likely happen within the coming day.

Survivalism isn’t the only one that is short-term bullish. In a recent tweet outlining an astute observation, analyst Filb Filb noted that movements in Tether’s market capitalization have accurately predicted moves in BTC. With the number of Tether rapidly rising, recently surmounting a jaw-dropping $3 billion, Filb seems to be predicting that Bitcoin will soon shoot higher. While Tether was found not to directly be manipulating markets, more USDT in circulation is supposed to mean more money flowing into this space.

Pullback Still on the Table

Krogsgard was sure to leave skepticism on the table, however. Despite the fact that he expects for Bitcoin to likely revisit $9,100 and potentially move even higher, he reminds listeners to Pirus’ podcast that he “I wouldn’t say $8,000 bitcoin is a particularly attractive place to buy.” He adds that the cryptocurrency market has evidently moved fast this year, meaning a that an eventual correction to lower levels, like the $6,000s, is more than likely. Put best,

Even in bull markets, corrections of 30-40% are normal, so I’m waiting for when that occurs. It could be now, with an outside chance of another high, maybe into that $9,600 range first.”

When that comes, though, no one is all too sure.

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

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