Bitcoin Reaches Its Highest In More Than 2 Months

Bitcoin prices rallied today, reaching their loftiest value since mid-November as the broader market pushed higher.

The digital currency climbed to $8,848.92 at roughly 1:15 p.m. EST, according to CoinDesk data.

At this point, the cryptocurrency was up 3.6% for the day, and was trading at its highest level since November 12th, additional CoinDesk figures reveal.

The digital asset has been following a broad, upward trend for the last several days, pushing higher after reaching a 2020 low of $6852.09 on January 3rd.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

When explaining bitcoin’s recent gains, analysts cited both technical and fundamental factors.

Christopher Brookins, founder and CIO at Valiendero Digital Assets, spoke to these developments.

“The sharp move is the confluence of uptick in fundamentals” and technicals, he stated.

“I think the bottom is firmly in,” said Brookins, pointing to the “strong uptick” in bitcoin’s hash rate and his analysis of the Hurst exponent, a momentum indicator that helps determine the strength of…

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As Bitcoin Struggles, This Minor Cryptocurrency Is Up Almost 500% Over The Past 12 Months

Bitcoin has had a mixed start to the new yearThe price has climbed, most likely for potentially controversial reasons—but, meanwhile, at least one minor cryptocurrency is going from strength to strength.

The bitcoin price has climbed over the first few days of 2020 but has failed to make meaningful gains and breakout of its long-running malaise, leaving many cryptocurrency traders and investors disappointed.

However, chainlink, a top 20 cryptocurrency traded under the name link boasting an $800 million market capitalization, has risen 25% already in 2020—bringing its year-on-year rise close to a staggering 500%.

The chainlink price reached its highest in late June of 2019, hitting $4.55 and up over 1800% from the start of 2019.

he massive rally was caused by interest in chainlink from China, the world’s largest bitcoin and cryptocurrency exchange by volume, Binance, working with chainlink developers so-called decentralized finance products, and search giant Google using chainlink’s blockchain to bridge legacy databases.

“As with most blockchain projects in their infancy given the low liquidity initially, any surge in demand is likely to cause significant impact on price,” said Simon Peters, bitcoin and crypto analyst at investment platform eToro.

The chainlink price has fallen back somewhat from its all-time high but has broken the broader cryptocurrency downward trend—with almost all so-called altcoins failing to recover after the brutal crypto winter of late 2018 and early 2019.

“With chainlink developers working with the likes of Swift to help connect banks to smart contracts, as well as major companies like…

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Elon Musk: Bitcoin Is Not My Safe Word

Bitcoin, despite being only 10 years old, has already left its mark on a lot of prominent and influential people. Elon Musk, who’s arguably one of the best-known and popular entrepreneurs in the whole world, has mentioned it again. And, moreover, staying completely true to his usual self, his statement could mean one of many different things.

Bitcoin Is Not My Safe Word: Musk Says

Elon Musk is the founder of PayPal, one of the world’s largest payment processors. He’s also the founder and CEO at SpaceX and the CEO at Tesla. Each one of his companies attempts to revolutionize the sector they occupy and it’s safe to say that this is where Musk places his focus.

That’s, perhaps, why he has received plenty of admirations throughout the years and is considered to be one of the most influential and, of course, wealthiest people.

This is why it comes as a very pleasant surprise for everyone in the cryptocurrency field when someone like Elon Musk mentions Bitcoin.

Just now, Musk tweeted that Bitcoin is not his safe word.

While it’s absolutely anyone’s guess to know what he meant by saying that, it’s definitely refreshing to see it coming out. And, undoubtedly, it gets Bitcoin in front of many more eyes. Elon Musk’s official Twitter account has upwards of 30 million followers, which is definitely to be considered.

Not The First Time

The best thing about all it is that it’s not the first time Musk mentions cryptocurrencies or Bitcoin. At the beginning of last year, he did a podcast with the investment company Ark and discussed his own views on the future of his companies, as well as his thoughts on cryptocurrency.

Interestingly enough, Musk was rather vocal about his stance, saying that “it bypasses currency controls… Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

However, he did express certain concerns related to the way blockchain networks are secured. He said that the process is “computationally energy-intensive.”

He also made a very mysterious tweet abut buying Bitcoin in October 2018, though he now says that it was a joke.

Featured image courtesy of Business Insider

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Bitcoin Price Analysis: Is The Bullish Sentiment Over?

Following the first mini-rally of 2020, Bitcoin had quickly reached our mentioned target of $8400 before getting rejected.

From there, the cryptocurrency saw a steep drop towards the 38.2% Fibonacci level (~$7850) of the last spike. As of writing these lines, Bitcoin is trading around $7900 – $8000 for the past hours, preparing for its next move.

The turning point of Bitcoin is not a coincidence. It happened just as the uncertainty around Iran’s revenge had disappeared, as President Trump was speaking. On the contrary, Wall Street surged to new highs.

In one aspect Bitcoin won: it proved its correlation to Gold, maybe as the new safe-haven asset of the new decade.

So far, it looks like a healthy correction to a short-term rising trend, until proven else.

Total Market Cap: $209.6 billion

Bitcoin Market Cap: $144.1 billion

BTC Dominance Index: 68.7%

*Data by CoinGecko

Key Levels To Watch & Next Targets

– Support/Resistance levels: Following yesterday’s blow-off top, Bitcoin is now facing $7850 as the first level of support. This is the 38.2% Fib level, together with an ascending trend-line on the 4-hour chart.

The next level lies at $7700 old resistance turned support (along with the mid-term descending trend-line. While further support lies at $7466 (the 61.8% Fib retracement level), and $7300 – $7400.

From above, $8000 had become resistance once again. In case of a breakout, then yesterday’s high would be the next level of resistance – $8400. Further resistance lies at $8600 and $8800.

– The RSI Indicator: The momentum was real. The RSI almost reached the 70 levels, and anyways, it was the highest RSI level over the past six months.

One bearish sign might be coming on behalf of the Stochastic RSI oscillator: The last had gone through a bearish crossover and is about to enter the neutral territory.

– Trading volume: Finally some volume. The past two days were the highest volume days of the past 30 days. Still, not the volume levels of June and July 2019, but this is improving.

BTC/USD BitStamp 4-Hour Chart


BTC/USD BitStamp 1-Day Chart


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Bitcoin set for growth in 2020 due to fixed supply and increasing adoption, says Bloomberg analyst

The price of bitcoin (BTC) is set to increase this year, according to a Bloomberg analyst.

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, has said that the two factors – bitcoin’s fixed supply (21 million coins) and increasing adoption – are likely to support the world’s largest cryptocurrency’s appreciation in 2020.

“Bitcoin is winning the adoption race, notably as a store-of-value in an environment that favors independent quasi-currencies,” said McGlone, adding: “In 2020, Bitcoin supply should increase about 2.5%, an all-time low on the way to zero growth.”

Increasing gold prices are also likely to favor bitcoin’s price this year, according to McGlone. “Gold prices will keep climbing in 2020 and so should Bitcoin,” said the senior analyst.

Bitcoin’s volatility should also continue to decline, according to McGlone, who sees $6,000 as bitcoin’s key support level and $10,000 as a resistance level this year.

The price of bitcoin, on the other hand, is…

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Bitcoin Surges, Altcoins Follow: Tuesday Crypto Market Watch

Bitcoin is on the move again, heading north. The largest cryptocurrency is recording impressive gains over the last 24 hours, and it even touched $8,000 before retracing to the current level of $7,900.

Just yesterday, BTC was trading around $7,300, and, in a few positive candles, surged with almost 10%. However, as Cryptopotato reported, the $8,000 mark served as a significant resistance line, which also contains the 100-days moving average, and BTC couldn’t break it, yet.

BTCUSD 4h Bitstamp. Source: TradingView
BTCUSD 4h Bitstamp. Source: TradingView

The recent price increase is spreading among most of the altcoins as well. This reduced Bitcoin’s market dominance slightly, and it now stands at 68.1%. Ethereum has been mostly in the green since the start of this year and is at $145 now.

Ripple, being listed on Binance Futures, is the biggest gainer within the top 10. Bitcoin Cash, Litecoin, EOS, and Monero record similar gains of around 2.5%, while TRON and Cardano are up by 5% and 6%, respectively. The recent move up brought the total market cap to be over $211 billion.

Total Market Capitalization: $211 B | Bitcoin Market Capitalization: $144 B | Bitcoin Dominance: 68.1%

Major Crypto Headlines

Qatar Blocks Cryptocurrency Services Throughout The Gulf. Qatar’s Financial Center, serving as the country’s regulatory authority, has recently issued a blanket ban on cryptocurrency-related services within its borders. Additionally, it affects “anything of value” that could substitute fiat currencies.

South Korean Commission: Korean Firms Should Be Allowed To Launch Bitcoin Derivatives. A new document coming from South Korea says that the government is considering to list Bitcoin directly on the Korea Exchange (KRX), which could lead to Bitcoin derivatives in the near future.

Ripple Surges 10% As Binance Futures Adds XRP/USDT Perpetual Contracts. As of yesterday, Binance Futures added the third-largest cryptocurrency in its portfolio of perpetual contract trading pairs. As a result, XRP has pumped with over 10% within the last 24 hours.

Significant Daily Gainers and Losers

Centrality (26.56%)

In a predominantly green market today, CENNZ rises above all coins in the top 100 at the moment. It surges with over 26% to just shy of $0.1 against the dollar and with 21% against BTC to 1251 SAT. In a series of videos, the company’s tech executives have recently been talking about Centrality’s developments.

DigixDAO (10.87%)

DigixDAO is next as the second most impressive gainer in the last 24 hours, with almost 11% to $20.36 at the time of this writing. The price records a 6% incline against the largest cryptocurrency to 0.0026 SAT. The company recently published a new incentive, saying that if investors hold 10 DGX for ten days, they will receive 0.44 as a reward.

Synthetix Network Token (-16.75%)

SNX stands today on the other way of the scale with a severe 17% drop against the dollar to $0.90. The decrease against Bitcoin is even more significant at over 20%, and SNX/BTC trades at 11468 SAT. Interestingly enough, the popular U.S.-based cryptocurrency exchange, Coinbase, recently published a report regarding DeFi that included Synthetix, as well.

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Bitcoin Price Analysis: BTC Reaches 14-Days High, But The Real Test Hadn’t Started Yet

So far, the new decade is in favor of Bitcoin’s Bulls. Following the break-out from two days ago, the price finally managed to get over the $7300 – $7400 resistance area, while setting a new 2-week high at $7600 (Bitstamp), as of writing these lines.

While the global stock markets are seeing heavy red, Bitcoin is enjoying the war talks between the US and Iran, following the death of General Soleimani by the US.

As can be seen on the following 4-hour chart, over the past days Bitcoin had been paving its way up in the marked ascending channel. However, the real test of this channel will arrive when Bitcoin will reach the $7700 – $8000 price area.

The last contains the 100-days moving average line (white), along with the most significant descending trend-line (started in June 2019, at the yearly high) and of course, the horizontal resistance lines of $7700 and $8000.

From below, the first support had now become the $7300 – $7400 area, along with the 50-days moving average line (marked pink). Further below lies $7200, along with the mid-term ascending trend-line on the daily chart. The next level is $7000 and $6800.

– The RSI Indicator: The momentum indicator wasn’t in this high of 56 for the past two months (!). This is a bullish sign and might indicate on a quiet accumulation of Bitcoin by the bulls.

– Trading volume: Despite the decent gains, the volume is not yet here. As mentioned in our previous analysis, January 3rd which ended as a reversal day, was followed by a decent amount of volume. However, heavy bag-holders are not here yet.

Total Market Cap: $203.6 billion

Bitcoin Market Cap: $137.6 billion

BTC Dominance Index: 67.6%

*Data by CoinGecko

BTC/USD BitStamp 4-Hour Chart


BTC/USD BitStamp 1-Day Chart


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Bitcoin Price Surges Following Iranian Quds Force’s Leader Assassination

Bitcoin’s price went on yet another quick rollercoaster throughout the past 24 hours. It dropped down to about $6,850 yesterday, only to get back up above $7,300 today. Interestingly enough, the move comes following a US airstrike, which had the leader of Iran’s Quds Force’s leader killed.

Bitcoin Price Surges $500 In Hours

Yesterday, the price of Bitcoin dropped down to a low of around $6,850 in a violent red candle. Naturally, it had the overall sentiment in a mixed state because it dropped below $7,000, which is a significant psychological level.

However, it didn’t take long for it to recover and even to increase. Just a few hours later, the price popped with $500, reaching $7,350 on Bitstamp. At the time of this writing, Bitcoin trades at $7,280, which is an increase of a little less than 2.5% for the past 24 hours.

Bitcoin Price TV
BTC/USD. Source: TradingView

As it’s almost always the case, the rise in Bitcoin’s price also pushed other cryptocurrencies in the green, as practically all of the top 20 projects are marking slight but positive increases. ETH is up 2.5%, Bitcoin Cash (BCH) is up 4.5%, while Binance Coin (BNB) charts an increase just shy of 1%.

Cryptocurrency Market Overview
Cryptocurrency Market Overview. Source: Coin360

Bitcoin’s dominance remains stable above 68%, showing that altcoins aren’t yet capable of reclaiming any serious grounds.

US Airstrike Has Iran’s Quds Force Leader Killed

Interestingly enough, the sudden move up in Bitcoin’s price coincides with a serious political event that took place at the same time.

The price started to increase almost immediately after it was reported that an airstrike at Baghdad’s airport, order by the president of the United States, Donald Trump, killed the head of the Iranian Revolutionary Guards’ Quds Force – General Qasem Soleimani.

As it has been brought up quite a few times before, Bitcoin has shown a negative correlation to traditional markets. Moreover, the Chair of the US Federal Reserve, Jerome Powell, said back in July 2019 that Bitcoin is a store of value like gold. This is perhaps why investors might use it as a hedge in times of political and economic turmoil.

The recent events are most certainly not a precedent. Last year, when President Trump said he would impose an additional 10% tariff on $300 billion worth of Chinese goods, Bitcoin surged $700, while traditional markets tumbled.

It’s also worth noting that Bitcoin is not the only commodity that increased its value following the airstrike. Global oil prices also rallied, charting gains by almost 3% in the wake of the event.

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Bitcoin Wizard Called $29k by Feb this Year, Will it Happen?

It’s 2020 already, and bitcoin’s price is still wallowing in the $7000 – $8000 range. However, one prediction from an anonymous 4chan account says that things are about to turn bright for BTC in the month of February.

$16,000 Bitcoin Price Prediction Missed
Calls of bitcoin price reaching $5300 in April and $9200 in July earned this anonymous 4chan user the title of “Bitcoin wizard” on Reddit.
However, the wizard may have gone a bit too overboard when out of a sustained hopium rush, he/she predicted BTC to keep flying in price all the way till November this year. An estimation of $16,000 bitcoin price by October didn’t materialize. The benchmark crypto did manage to hit $10k towards the end of the month though, post which Binance CEO CZ, called for BTC to hit the same price target, albeit “soonish”.
PlusToken dumping made matters worse as bitcoin could not hold the ~$10k stance and soon tumbled to the low $6k level. Since then, BTC has been trading around the $7000 mark.

Next Up – $29,000 by February
So what if bitcoin didn’t fulfill the Wizard’s October prophecy. There’s still time this year and according to the bold claims made on 4chan, February 2020 should see BTC hit $29,000. In July, BTC should hover around $56,000, culminating at $87,000 in November.

Along with the aforementioned predictions it can be seen that estimation is made at bitcoin’s supposed market valuation to be $1.5 trillion with BTC’s dominance being 40 – 46 percent in the ner future.

Can it Happen?
Popular Twitter-based bitcoin analyst Josh Rager, in his last tweet of 2019, pointed out the immense growth which bitcoin has registered in the past decade. Also, he commented on how bitcoin price has appreciated 90 – 95 percent over the last year. His tweet read:
$BTC One-Year Chart over the Past Decade Based on the BLX chart, Bitcoin will likely end the year between a 90% to 95% gain for the year of 2019 Not a bad year, especially compared to 2018 One heck of decade for Bitcoin with a gain of over 72 million % since 2010

$BTC One-Year Chart over the Past Decade
Based on the BLX chart, Bitcoin will likely end the year between a 90% to 95% gain for the year of 2019
Not a bad year, especially compared to 2018.

One heck of decade for Bitcoin with a gain of over 72 million % since 2010.

Such astronomical gains were accrued over the period of 10 years and considering Bitcoin Wizard’s prediction of $29,000 by February and the calls for July and November would most probably not be fulfilled. Why? Bitcoin is a highly unpredictable market as a certain period consists of persistent gains while there are a lot more other time frames where losses run amok.

It is very important to consider that bitcoin price may grow, but with a ‘non-diminishing returns’ stance, which would take the BTC market through its fair share of downturns and upturns. A price of $29,000 in just a month from now would require bitcoin to jump by 400 percent, which from the current market scenario appears somewhat impossible.

As mentioned earlier in one of the previous articles, bitcoin price appreciation at such a humongous rate would require an inflow of sufficient capital either from a large number of retail players or from magnificently wealthy investors. What exactly would trigger that situation still remains to be seen. What about BTC achieving a $1.5 trillion market valuation?

Recently Bitcoinist reported that, according to a pretty daftly worked out analysis by YouTube based analyst Benjamin Cowen, the total cryptocurrency market cap can achieve an $11 trillion valuation by 2023.

Bitcoin’s market value works out at $2.7 trillion based on this projection, with a price of around $141,000 with a 23 percent dominance. Even though it is nothing but a pure hypothesis, a rough conclusion can be made as to how the market situation might play out based on already followed price patterns.


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Source: Bitcoininst

Why is Bitcoin Price Growing Slower and Slower?

The potential short-term and long-term growth prospects of bitcoin can be gauged from the ongoing price activity. BTC price is facing increasing resistance on its way up. Volatility is decreasing with time. What does this mean for bitcoin’s overall outlook?

In his latest article, entrepreneur, engineer, and bitcoin optimist Harold Christopher Burger deeply analyzed the supposed reason behind BTC’s stunted market growth. As per his inference, two things become clear regarding bitcoin’s recent price evolution:

The case for bitcoin’s diminishing yearly returns is growing stronger
Bitcoin price fluctuations are becoming less extreme in the short term

A plausible explanation for the observations is investment capital. It takes more and more fiat currency to move BTC’s price higher. Apparently, it is becoming increasingly difficult to find the requisite capital to do so.
In HC Burger’s words:
Moving the price of bitcoin from $0.1 to $1 was possible with relatively few dollars. Moving the price of bitcoin from $1000 to $10000 required much more capital. This effect slows the potential growth of bitcoin in both the long- and short-term.
Future bull markets are expected to be much slower and long term bitcoin returns will be less as per the published study.
Capital to Move Bitcoin Price Not Easily Available
Gone are the days, when it was relatively easier to bring significant changes in the bitcoin price action. BTC trading was not physically possible until July 17, 2010. Then when bitcoin’s price was around $0.1, increasing BTC’s valuation by 100 percent required less capital. The situation wasn’t the same when the benchmark crypto’s price rose from $10,000 to $20,000 in late 2017 – early 2018, and earlier this year.
Although the rallies were mostly fuelled by retail interest and the ICO boom, the inflow of capital was sumptuous, resulting in a terrific surge of the total cryptocurrency market cap to around $800 billion.

This would be highly improbable now, as ‘attracting more and more people to invest in bitcoin, or finding exceptionally wealthy investors will become more and more difficult. Although institutional investment in bitcoin and the crypto market is expected to rise manifold according to noted global fintech leaders.
Just not long-term price growth even short-term explosive rallies will become increasingly less as volatility will reduce and bull markets will take longer timeframes to develop.

There’s Still Light at the End of the Tunnel
Mr. Burger’s analysis is heavily drawn from the bitcoin price model that considers growth with diminishing returns. That also puts all outrageous BTC predictions to rest, as they (over the top predictions) consider that bitcoin’s price will never slow down and always keep growing.
However, all hope is not lost. Even though the non-diminishing price model does not guarantee humongous returns, bitcoin will still continue to grow from strength to strength and outperform most traditional assets.
Bitcoin’s astounding growth over the last decade was covered today by Bloomberg. This is reminiscent of the fact over a considerable period of time, in spite of numerous bull and bear market cycles, Bitcoin’s long-term promise remains strong.
How do you think will bitcoin’s price grow over the next decade? Share with us your thoughts in the comments below!

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Source: Bitcoininst