Bitcoin Price Prediction – Is BTC to Break $5,300 Resistance or Will It Retreat to $4,800. What’s More Likely?

• Now that BTC is a little bit stuck, traders are worrying. Will BTC overcome the $5,300 resistance, or is it doomed to retreat to $4,800? Read BTC price predictions from Twitter

Will BTC break the $5,300 resistance?

But what if..?

Upon reaching $5,240 mark, Bitcoin has ceased its overwhelming growth, which made some traders a little bit skeptic. Just one short pause and people start foretelling BTC dumps. What to believe? We know that Bitcoin price predictions cannot be trusted unquestionably. However, many appear to have a grain of truth about them. Let’s check out Twitter posts to see what the crypto community thinks about Bitcoin’s short-term future.
 

Let’s start with good news first: Bitcoin futures are also selling well – the volume is growing, which only lays stronger foundation for Bitcoin’s prosperity:

One more piece of proof that Bitcoin is growing naturally and steadily:

That means that unlike Ethereum, Bitcoin is gaining value that’s backed by its market cap and financial activity around. A very good sign!
 

Will BTC break the $5,300 resistance?

At the moment, Bitcoin has stopped its incredible growth for a while, but traders are sure that it’s simply the calm before the storm.

Based on the RSI index, there’s a very bright future ahead:

Other technical indicators are also helping to form Bitcoin’s future breakout. We’re anticipating EMA & VWAP cross:

But what if..?

At the same time, 1D analysis shows that there’s a possibility for BTC to touch the $4,800 level or lower:

According to 1W analysis, a fall is also expected, though it won’t be lower than $5,000:

 

Vera Thornpike

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

 

Bulls Continue To Roar As Bitcoin (BTC) Maintains Bullish Action, Tops $5,300

Bitcoin Closes Weekly Candle Strong, Sparking Hype

After a week of nail-biting price action, Bitcoin (BTC) closed last week undoubtedly positive mere hours ago. As of the time of writing this, BTC is trading at $5,250, as buying pressure continues to prop up the market. The past week marks the first sustained, four-digit ($1,000+) rally that BTC has seen since the middle of 2018.

This simple fact, which comes after the cryptocurrency market was bruised and beaten to hell and back, has made some crypto traders extremely bullish.

One trader, going by the moniker “CryptoHamster,” in fact, recently took to Twitter to claim that if history rhymes and if Fibonacci retracement, a form of technical analysis, is valid than BTC could be in for a further move to the upside. Per previous reports from Ethereum World News, the analyst explained that Bitcoin’s current price action has started to resemble that seen in the 2013 to 2015 market cycle. Thus, if history continues to repeat itself and if BTC continues to hold key Fibonacci levels (depicted in the chart below), the asset could rally to $7.5k in the coming weeks and months, before a correction to $4.3k.

Brad Metz, a lesser-known yet astute asset trader, continued with the theory that the Bitcoin market might just be reenacting historical bullish price action, but on a different time frame and price scale. Metz recently noted that BTC’s recent push above $5,000, which have led some to claim that the asset is dramatically overbought, is eerily similar in structure to a move seen in mid-2016, which was Bitcoin began a push beyond its previous all-time high.
 

If the trend continues as it did in 2016, BTC could see a ~60% move higher from here in the coming months, bringing the asset to ~$8,000, prior to a drawdown from overbought levels.

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The aforementioned two are far from the only bullish in these conditions. Brian Kelly, for example, recently took to CNBC to claim that this ongoing move is likely to bring BTC to $6,000 at the max. Per previous reports, Kelly claims that “high net-worth individuals, family offices, are starting to take a serious interest” in Bitcoin, all as custody solutions have propped up, volumes have spiked, and short sellers looking to cover their rear ends — presenting a strong case for a 20% rally from here.

Long-Term Bitcoin Bulls Enthused

Even if BTC doesn’t move higher, many are adamant that the bottom is in and that new highs are more of a “when” than an “if.” Per previous reports from this outlet, Josh Rager, a team member at crypto exchange startup Level, recently claimed that after some thinking about Bitcoin’s potential bottom, $3,100 might have been it “for two reasons.”

He looks to the fact that retail investors had many buy orders in the $1,800 to $3,000 range, especially due to analysts calling for further lows as an indicator that $3,100 may have been the bottom. This, of course, is in reference to the theory that going against the crowd in markets often proves better than going with it.

The second theory that Rager drew attention to is the fact that $3,100 is a very attractive investment point for institutional players and high net-worth individuals, making it less than likely that Bitcoin could fall under that region.

So while there’s an chance that BTC could near its lows in this cycle, by and large, traders are convinced that new highs will come prior to fresh lows.

 

 

By Nick Chong April 9, 2019

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

Trader Who Predicted Bitcoin’s 2018 Bear Market Now Sets a $50,000 Price Target

 

Peter Brandt, a well-known trading veteran predicted in January last year that Bitcoin was going to decline by 80%. Now, Brandt has revealed that he has set a $50,000 price target for Bitcoin.

In an interview with Yahoo Finance YFI PM, Peter Brandt, the founder of Factor Research and Trading, revealed that after a year of bearish predictions, Brandt has now set a $50,000 price target for Bitcoin in the next two years. Furthermore, Brandt added that he sees similarities between last year’s bear market and the bear market of 2013-2015.

Peter Brandt said:

“What’s happened from December of 2017 to 2018 is really an analog to what happened in the 2013 to 2015 bear market, where we saw sequential 10 up-and-down moves in the bear market and we’ve almost identically formed that same sort of pattern.”

During the interview, Brandt pointed out that he sees the analogs are holding remarkably well and that, therefore, he believes Bitcoin will back into a parabolic bull market. Brandt said:

“I think the analogs are holding remarkably well and based on those analog studies, I think cryptos now will go back into a parabolic bull market. The only question I have is do we rally here some and then sometime in late summer check the late 2018 lows or not? There is a chance that it does, there’s a chance that it doesn’t.”

See the full interview with Peter Brandt here:

 

By

 Luc Lammers –
April 6, 2019

 

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

Bitcoin Price Prediction – Long-term (BTC) Value Forecast – April 6

• On the upside, if the bulls break the $5,200 resistance level, the crypto’s price will reach the previous high of $5,500.

• On the other hand, if the bulls fail to break the $5,200 resistance level, the BTC price will continue its range bound movement between the levels of $4,900 and $5,200.

BTC/USD Long-term Trend: Bullish

Resistance levels: $7,200, $7,400, $7,600

Support levels: $4,900, $4,700, $4,500

The BTC/USD pair is in a bullish trend trading above the $4,900 price level. Since February 24, the BTC price had been trading below the $4,200 price level. In the month of March, the bulls broke the resistance levels of $4,000 and $4,100. On April 2, the BTC price had a price rally which broke the $4,200 resistance level.
 

The crypto’s price is ranging between the levels of $4,900 and $5,200. The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise. On the upside, if the bulls break the $5,200 resistance level, the crypto’s price will reach the previous high of $5,500.

Live Bitcoin (BTC) Price:

1 BTC/USD =$5,013.45 change ~ 1.20% 24 Hour VWAP 24 Hour Change

Coin Market Cap 24 Hour Volume $5.01 K $ 59.4700

$88.54 Billion $5.98 Billion

 

By Azeez M – April 6, 2019

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

Bitcoin trading volume drops to a two-year low in March

Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when volume was just $845.7 million

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when volume was just $845.7 million.

The original cryptocurrency, bitcoin has dropped more than 70 pper centsince hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies.

A global regulatory crackdown led by the US Securities and Exchange Commission has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets.

Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the Bitstamp platform, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.

TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies – Ripple and Stellar Lumens – over the last few months.

Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed.

TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019.

"An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said

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

 

Algo-Influenced Crypto Traders Could’ve Catalyzed Bitcoin (BTC) Surge To $5,000

Algorithms Might Have Boosted Bitcoin

Just 72 hours ago, Bitcoin (BTC) suddenly spiked. Within minutes, the asset surmounted $4,200, $4,400, and $4,600, causing a cascade of Twitter activity related to the cryptocurrency market. And since then, BTC has been on the up-and-up, somehow grinding higher to $5,300 on Wednesday night — the highest level the asset has traded at since November, during the sell-off following the contentious Bitcoin Cash hard fork. Save for a few soothsayers, this move caught many traders with their pants down.

But, it purportedly didn’t catch advanced trading bots, which harness complex algorithms, off guard. In fact, Bloomberg claims that the move was catalyzed by such “algos.” The outlet explains that these “computer-run strategies” have historically been notorious for catalyzing market volatility and exaggerated price movements. And with algo-centric crypto traders recently flooding into the market, with there being 17 algo hedge funds launched since September, a series of computers might be what was behind Bitcoin and its brethren’s sudden moonshot.

In fact, The now-infamous $100 million order, spread across platforms like Coinbase, was described by Oliver von Landsberg-Sadie, chief executive officer of London-based crypto firm BCB Group, as likely triggered by automated software. Interestingly, Landsberg-Sadie describes algos as a way to make markets more efficient, potentially hinting that a move higher was in the works for a while now.

Other Crypto Catalysts?

While algorithms are purported to be behind this move, but not the subsequent slow and steady uptrend, others claimed that this move was catalyzed by something else entirely.

As reported by Ethereum World News following Monday’s price action, industry trader The Crypto Dog explained that this move was simply price seeking liquidity. With there being relatively little volume, as seen by the lack of a large green candle below, this might not have been the ‘whale buy order’ that some looked to. And once $4,200 was breached, there was little friction in the order books in the mid-$4,000s, in spite of there being important resistance zones in that region. Thus, a short squeeze, or “cascading liquidations” as The Crypto Dog called it, perpetuated Bitcoin’s brief spike to $5,000+.

Crypto Quantamental expressed a similar sentiment, but with a more bullish tone. He explained that the move was simple, with there being weeks of consistent gains, a clear move to test the $4,200 resistance, a declining long-short ratio, and massive “air” above $4,200 to drive the move.

However, these clear-cut explanations haven’t stopped mainstream media outlets and common Joes and Jills from continuing to throw theories, as they try to make their narratives stick. As we explained earlier today, CNBC’s “Squawk Box” drew attention to an April Fools’ Day joke from a fellow trade publication as a catalyst. This, of course, wasn’t the case at all, as the article in question was released 18 hours prior to the price surge. By the same token, Gizmodo explained following the price bump that Bitcoin wasn’t sustainable, bringing up the whole debate of a monetary asset that uses electricity isn’t viable

 

By Nick Chong April 4, 2019

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

Crypto Strategist Says Bitcoin Futures Pushed BTC Price, As Bitcoin Cash and Litecoin Futures Volumes Soar

Bitcoin futures had a strong start on Tuesday as the Cboe and CME April contracts increased by over 16% to $4,805.

#Bitcoin futures soaring 16 percent to their highest levels since November pic.twitter.com/WLW4yDumYv

 

— CNBC Futures Now (@CNBCFuturesNow) April 2, 2019

In a note to Barron’s, Gabor Gurbacs, digital asset strategist at VanEck, says he believes Bitcoin’s recent price spike to its highest level since November 2017 was triggered by the futures market.

Says Gurbacs,

“CME Bitcoin futures expired last Friday. A large chunk of positions were rolled (buying) into the new front month BTC futures contract. Over the weekend, heavy spot Bitcoin and over-the-counter buying followed the Bitcoin futures contract expiration pushing BTC price up slowly and gradually. As the price moved up in increments, over $500 million shorts have been liquidated on leveraged crypto derivatives trading platforms around the world.”

Bitcoin surged over 17%, reaching as high as $5,100 on Tuesday, followed by a widespread altcoin rally with double-digit gains. Bitcoin is currently trading at $5,012 at time of writing, according to data compiled by CoinMarketCap.

Trading volumes of altcoin futures including Bitcoin Cash and Litecoin have also experienced higher growth in recent weeks. Crypto Facilities, a subsidiary of San Franciso-based crypto exchange Kraken reports trading volume of $150 million for its crypto-derivative products.

Before Crypto Facilities was acquired by Kraken, its Litecoin futures contracts had an average notional volume of $15 million per month, and its Bitcoin Cash contract volumes were roughly $10 million per month.

Last month those volumes soared, reaching $100 million and $50 million for Litecoin and Bitcoin Cash, respectively.

In an interview with CoinDesk, Sui Chung, head of indices and pricing products at Crypto Facilities says,

“We began to onboard Kraken users … [and] that’s basically given us better exposure to the communities around Litecoin and Bitcoin Cash, and I think what we’re seeing is those communities have a pretty strong interest in trading derivatives for Litecoin and Bitcoin Cash, respectively,”

Based in London, Crypto Facilities is regulated by the Financial Conduct Authority. According to Chung, customer demand for regulated crypto futures that pay out in the underlying cryptocurrencies are driving the market.

“I think there was always demand from those communities for a strong derivatives contract that is collateralized and paid out in that coin because there are contracts in other markets … where the base asset is Litecoin but they pay out in Bitcoin. Our contracts are paid out in Litecoin and Bitcoin Cash.”

In February, after the Kraken acquisition, Crypto Facilitates reported that $1 billion in Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash futures were traded on its platform.

 

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

Bitcoin (BTC) Encounters Resistance As Crypto Attempts To Break Higher

Bitcoin Holds Key Support But Remains Under Resistance

On Monday, Bitcoin (BTC) continued to move higher. As of the time of writing, the cryptocurrency is currently sitting at a valuation of $4,164, up 1.25% in the past 24 hours.

Per Josh Rager, an advisor to Blackwave and TokenBacon, this only cements the fact that Bitcoin is holding above its 200-week moving average (200 WMA), which has been an essential level of resistance for the asset since 2015. In fact, a number of analysts have looked to this line of support as an indicator of Bitcoin’s long-term health. Rager touches on this himself.

He writes that if BTC breaks under the 200 WMA, “new lows and a prolonged bear market” would likely be in the asset’s cards, underscoring the importance of that level. And he may have a point. Considering the fact that Bitcoin has held above this support for years, and at extremely important ‘make or break’ periods, like now, a foray under the level could deal a large blow to long-term believers.

However, taking Bitcoin’s recent price action into account, some are adamant that a continued move higher is more likely. But, Rager makes it clear that are continued rally isn’t likely to come easy. The 200-day moving average (200 DMA) — the spiritual successor of the 200 WMA, if you will — has been a foreboding presence in crypto markets since early-2018, as it has become an overarching level of resistance for Bitcoin. And in spite of BTC’s recent move above the auspicious $4,000 level, the 200 DMA still sets above, at a casual ~$4,500.

If history is any indicator, BTC will have immense trouble breaking past that level, unless there is an ample amount of buying pressure.

Bitcoin’s Move Higher Won’t Be Easy

Recent order book analysis done by Bleeding Crypto has confirmed that Bitcoin perpetuating the ongoing rally won’t exactly be an easy task. He explains that as it stands, there is an $80 million sell wall above BTC at $4,200. This, of course, is a sign that should make bulls wary. It accentuates that market whales aren’t exactly ready for a move higher, as such entites look to continue to depress the cryptocurrency market through foreboding sell orders.

And this sell wall, which recently resulted in a rejection of a $4,200 breakout, has led some traders to lean bearish for the time being. Crypto UB recently explained that with this market continuing to see “long lower wicks” with little follow through, coupled with decreasing buy orders heading into resistance at $4,200, he remains in a “day trade short position.”

In other words, unless Bitcoin sees an uptick in buying pressure shortly, a slight pullback could very well be in the cards.

 

By Nick Chong April 2, 2019

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

 

Bitcoin market update – BTC/USD has the second positive monthly closing in succession

• BTC/USD settled above $4,100 during Asian hours.
• The coin is positioned for further upside towards $4,200.
• Bitcoin (BTC) hit the highest level since the end of February during early Monday trading and settled above $4,100. Moreover, the first digital asset logged the second winning month in succession for the first time since the end of 2017.

At the time of writing, BTC/USD is changing hands at $4,110, mostly unchanged both since the beginning of Monday and on a day-on-day basis. Meanwhile, compared to the previous Monday, the coin grew by 2.4%.

“Bitcoin is at its highest level in more than a month this morning, currently testing resistance around $4,200 per coin. Some analysts might note that it seems the long-term bear trend line has now been broken. However, trendlines may be drawn differently by each chartist so this isn’t the purest indicator out there. What’s more pertinent at the moment is the 200-day moving average that draws ever nearer,” Mati Greenspan, senior market analyst at eToro commented.

Bitcoin’s technical picture

BTC/USD continues moving within an upside channel with the upper boundary at $4,161. As the RSI points to the North, which means that BTC/USD has a chance to test the above-said barrier. This level may serve as a short-term resistance and trigger a downside correction towards $4,100, and, possibly, $4,000. This critical support must remain unbroken to allow for another bullish leg towards $4,200.

On the downside, a sustainable move below $4,000 will trigger a strong sell-off with the initial aim at $3,900.

BTC/USD, 4H chart

 

Tanya Abrosimova

FXStreet

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