Examining Both Sides of Bitcoin Bulls and BTC Bears – What Separates Supporters from Opponents?

Of Bulls and Bears: What Distinguishes Bitcoin Supporters from BTC Opponents?

Bitcoin (BTC) is the first and largest cryptocurrency in the market that currently features over 2,100 digital coins. However, ever since it appeared, BTC had those who supported it and those who did everything in their power to discourage others from dealing with it. While it is true that BTC has its own problems, it is still interesting to notice that those who support it tend to be people who understand new technologies, while the new trend's opponents are mostly those who represent the current financial structure.

What Separates Bitcoin Bulls from the Bears?

According to a recent tweet by Digital Currency Group's CEO, Barry Silbert, it is very clear to see what separates Bitcoin bulls from Bitcoin Bears.

The list of bulls mainly consists of some of the best-known names in the tech industry, such as Jack Dorsey, the CEO of Twitter and Square, who expressed interest in digital currencies several times. He has also supported many crypto-based projects, such as the browser extension that would bring Lightning Network tipping to the Twitter platform. He also provided monetary support to a leading firm in the area of Lightning Network development, indicating that Dorsey wishes to see Bitcoin's scalability problems resolved.

He even said many times that he believes that the internet will have its own currency some day. As far as he is concerned, it might as well be Bitcoin.

Then, there is the CEO of Tesla and SpaceX, Elon Musk. Musk has mostly been neutral regarding the whole crypto and Bitcoin dilemma, although his attitude seemingly started to change recently. Not long ago, Musk said that he thinks that Bitcoin is quite a brilliant innovation, while he also found many altcoins to be just as interesting.

Then, there is the co-founder of Apple, Steve Wozniak. Wozniak had the misfortune to be a victim of a crypto-related scam some years ago, during which he lost a number of coins. Even so, he still believes in the idea of Bitcoin, and crypto, in general. After 2018 was struck by a crypto winter and the markets turned bearish, Wozniak stated that it should now be seen in a negative light, as there were many positive developments in other areas of the crypto industry, even though the prices were continuously dropping.

The Opposing Side: Bears Strike Down and Bulls Strike Up

Now, let's take a look at who is opposing the cryptocurrencies. Names like Jamie Dimon and Warren Buffett are well known in the anti-Bitcoin team. They, as well as many others who are against cryptocurrencies, are quite interestingly all coming from the world of traditional finances. Considering Bitcoin's potential to disrupt this world and bring radical changes to how money is used, controlled, and transferred, it is hardly surprising that they found themselves endangered and did everything in their power to bash Bitcoin whenever possible.

Dimon and Buffet have called Bitcoin a fraud, a delusion, and Buffet even went as far as to call it ‘rat poison squared.' Meanwhile, they never gave any clear arguments as to why they believe this to be true, and they simply continued to repeat their claims.

There is also Ben Bernanke, the former Federal Reserve Chair, who was also mentioned on the Bitcoin bears list. However, while Bernanke opposed Bitcoin from the start, at least he found the concept of blockchain technology to be interesting. He still sees BTC as an attempt to evade regulations and expects the government to crack down on it, which is unlikely to happen since the SEC itself confirmed the Bitcoin is not a security.

Finally, there is Nouriel Roubini, the lecturer from the New York University, who criticized Bitcoin many times, even calling it a ‘stinking cesspool.' Of course, this is not the end, and there are many others who took a swing at Bitcoin, but Barry Silbert's point remains — BTC is mostly attacked by those who are not familiar with new and advanced technologies.

One recent development indicates that even these people may end up changing their mind, provided that they understand the benefits of cryptocurrencies. That is, of course, the announcement of JPM Coin, a supposed cryptocurrency (which is not a real cryptocurrency), and which is launchedby JP Morgan, despite Jamie Dimon's previous claims and criticisms. It is unknown whether Dimon actually changed his mind about cryptocurrencies, but the move means that the institutions are learning, and that they are taking steps towards crypto, instead of continuously running away from them.

Cryptocurrencies still have a long way to go before reaching mass adoption, and bears are unlikely to stop that process. They may slow it down, as there are many who respect their opinion, and will likely be more hesitant to go crypto becouse of it. However, the crypto trend is rising continuously, the coins are developing further, becoming better, faster, and their issues are slowly but surely being taken care of. It may take years, or even another decade, but it is highly unlikely that Bitcoin and the rest of the coins are going away.

 

By Bitcoin Exchange Guide News Team – March 11, 2019

David Ogden – Http://markethive.com/david-ogden

Bitcoin (BTC) Price Weekly Analysis – Trend Overwhelmingly Bullish To $4,200

• Bitcoin price slowly moved higher and dips remained supported above $3,800 against the US Dollar.

• The price fell significantly recently, but buyers protected the $3,800 support area.

• There is a crucial ascending channel is in place with support at $3,830 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

The pair remains in an uptrend and it is likely to accelerate above $4,000 and $4,100 in the near term.

Bitcoin price is grinding higher with a positive bias above $3,800 against the US Dollar. BTC/USD buyers are in control and they seem to eye a test of the $4,200 resistance level.

Bitcoin Price Analysis

This past week, there was a steady rise from the $3,700 support area in bitcoin price against the US Dollar. The BTC/USD pair climbed higher and settled above the $3,800 resistance level and the 100 simple moving average (4-hours). However, the price faced a strong resistance near the $3,900 level. There were many attempts to clear the $3,900 barrier, but buyers failed to gain momentum. As a result, there was a sharp decline recently below the $3,850 level. The price even spiked below the $3,800 support and the 100 simple moving average (4-hours).

Buyers took a stand near the $3,760 level and later the price bounced back sharply. It broke the $3,900 resistance and settled well above the 100 simple moving average (4-hours). A new high was formed near the $3,945 level and the price is currently consolidating gains. It is testing the 23.6% Fib retracement level of the recent wave from the $3,765 low to $3,945 high. On the downside, there is a strong support formed near the $3,850 level. The 50% Fib retracement level of the recent wave from the $3,765 low to $3,945 high is also near $3,855.

More importantly, there is a crucial ascending channel is in place with support at $3,830 on the 4-hours chart of the BTC/USD pair. Therefore, the pair remains well supported on the downside near the $3,850 and $3,830 levels. On the upside, the price must break the $4,000 barrier for more gains in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price is clearly trading in an uptrend above the $3,850 and $3,830 supports. The main support is at $3,800, below which there is a risk of more losses. To the upside, a break above the $4,000 resistance may clear the path for a test of the $4,100 and $4,200 levels.
 

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is correcting towards the 55 level.

Major Support Level – $3,830ser

Major Resistance Level – $4,000

 

AAYUSH JINDAL | MARCH 10, 2019 | 5:00 AM

David Ogden – Http://markethive.com/david-ogden

Seized Bitcoins soon to be disposed by the oldest law enforcement agency in the U.S

The oldest law enforcement agency in the United States, U.S Marshals Service, is calling on cryptocurrency firms to help in disposing seized Bitcoins.

The law enforcement agency is looking for cryptocurrency firms that have a secure way to store the seized Bitcoins and also firms that are capable of facilitating a refund of the Bitcoins or other cryptocurrencies to their owners.

This will lead to the first U.S Marshals’ Bitcoin and cryptocurrency disposal event this year. Last year, the law enforcement agency auctioned Bitcoin worth more than 80 million U.S dollars. However, in its current request for help in disposing and storing seized Bitcoins, the law enforcement agency did not quote the amount it is seeking to be disposed.

In an announcement posted on FedBizOpps, titled ‘Cryptocurrency Management and Disposal Services’ the U.S Marshals Service which falls under the United States Department of Justice, issued a Request for Information (RFI) where it is urging cryptocurrency companies to furnish the agency with how best to store and maybe dispose seized Bitcoins and other cryptocurrencies.

The announcement noted that:

Once all submissions have been received and reviewed, the Government anticipates posting a Request for Proposal (RFP).

Those who may be interested in working with the U.S Marshals Service must be able to convert the seized Bitcoin to fiat which can be conducted through an auction using sealed bids. The RFI expires on March 19 this year.

During last year’s auction of seized Bitcoins, the law enforcement agency required bidders to deposit $200K which would be returned to non-winning bidders. For registration purposes, the bidders had to submit a manually signed copy of the registration form, a government-issued ID, and a copy of the EFT receipt.

In the past, sealed-bid auctions of seized Bitcoins manifested a chance for Bitcoin whales to pile up their Bitcoin reserves. For example, in 2014, during the auction of the Silk Road proceeds, Tim Draper, a venture capitalist, increased his Bitcoin reserves by over 30,000 Bitcoins.

After the completion of the RFI phase, do you think Bitcoin whales will use the seized Bitcoins to increase their reserves?
 

Philip Maina

March 9, 2019

David Ogden – Http://markethive.com/david-ogden

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

David Ogden – Http://markethive.com/david-ogden

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

 

David Ogden – Http://markethive.com/david-ogden

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

David Ogden – Http://markethive.com/david-ogden

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.”

 

 

 Rajarshi MitraFXStreet

 

David Ogden – Http://markethive.com/david-ogden

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

David Ogden – Http://markethive.com/david-ogden

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

David Ogden – Http://markethive.com/david-ogden

Bitcoin – Cup and saucer breakout on the horizon?

• BTC in the process of handle formation of the pattern.

• Bullish once handle consolidation completes, breakout likely soon.

Bitcoin, the largest cryptocyrrency by market capitalisation, after running up and breaking past the psychologically important $4,000 mark, gave up those gains and is now in the consolidation phase of the cup and saucer technical pattern, which is bullish for the poster boy.

 

BTC/USD is down two cents of a percent at $3,800 and trading in less than one percent range for the day so far. On the 480-minute chart of this largest coin, it has formed a cup and saucer technical pattern which is a bullish sign, once the consolidation phase is complete.

 

Consolidation phase is the formation of handle, which is final phase of this pattern, after completion of which, the crypto should head upwards and the breakout point would be recent high, $4,187 that is. Target after the breakout would be around $5,100 – exactly around the 200 days SMA and EMA.

 

BTC/USD 480-minute chart:

 

| 33 minutes ago

Manoj B Rawal Manoj B Rawal

FXStreet

David Ogden – Http://markethive.com/david-ogden