Bitcoin (BTC) Price Analysis: Heading For $7,000?

Bitcoin (BTC) Price Analysis -  Heading For $7,000?

Bitcoin (BTC) Price Analysis: Heading For $7,000?

Bitcoin continues to slide and may be setting its sights on new last month's lows.

Bitcoin has formed higher lows and lower highs on its 4-hour time frame to create a symmetrical triangle. Price is on its way to the bottom around the $7,000 level.

The 100 SMA has crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff could continue from here and support might even break. Note that the chart pattern spans $6,000 to $12,000 so the resulting downtrend could be of the same height.

RSI is on the move down so bitcoin could follow suit while sellers have the upper hand. Stochastic is also moving down to signal that bearish pressure is in play. If support holds, though, bitcoin could make another move to the top at $9,000 or even attempt to break higher.

Investor sentiment appears to have turned sour as bitcoin has been unable to break out of its slump, drawing even more selling pressure. Traders could keep holding out for positive industry updates before reviving their long positions.

Meanwhile, the dollar has been on a tear for the most part of the week, drawing strength from both fundamentals and risk sentiment. Geopolitical risk has supported the flight to safety while a few upside data points have supported tightening expectations and US bond yields, making the dollar the preferred safe-haven currency.

For now, it looks like bitcoin is still reeling from the selling of Mt. Gox units and the ongoing investigation into South Korea’s UPbit. This has revived regulatory concerns and once again put the trust of bitcoin exchanges to question.

Looking ahead, this slump could go on until there’s another set of developments in the industry. For now, the focus seems to be on institutional investors looking to trade products based on digital assets as firms and exchanges prepare to include these in their offerings.

 

By Rachel Lee On May 18, 2018

posted by David Ogden Entrepreneur

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

Bitcoin price CRASH – Cryptocurrency price falls to almost $8,000 after turbulent 24 hours

Bitcoin price CRASH - Cryptocurrency price falls to almost $8,000 after turbulent 24 hours

Bitcoin price CRASH – Cryptocurrency price falls to almost $8,000 after turbulent 24 hours

BITCOIN has dramatically crashed to almost $8,000 in a major drop as it loses almost three per cent of its value in 24 hours, after a shocking 6 per cent decrease the day before.

After falling below $9,000 less than a week ago, Bitcoin is now trading at $8,288.

Despite the fall, Bitcoin has actually made three per cent gains over the last 30 days.

Price trends aren’t looking good for other online currencies either.

Crypto markets have struggled in the last 24 hours.

Almost all of the top 100 listed currencies are currently experiencing drops in value.

Etheream has dropped below $700, making a fall of more than two per cent in 24 hours.

The entire crypto market has lot almost $100 billion over the last ten days.

Despite the falling markets, BitMex CEO, Arthur Hayes, predicted that Bitcoin will be at “$50,000 by the end of the year”.

The former Citigroup trader told CNBC: “It’s my job to make predictions – whether or not they are right or wrong – it doesn’t really matter to me”.

He continued: “I’m a volatility trader at the end of the day.

“We make our money if its volatile.

“If it goes up, if it goes down, if you have Bill Gates calling it a fraud, great. Short it. I don’t care.

Or if you think it is going to be a million dollars in a few months, great, buy it.

“We just match trades.”

Cryptocurrencies such as Bitcoin are highly volatile and are subject to sudden extreme price changes.

 

 

Author CAITLIN DOHERTY UPDATED: 04:55, Thu, May 17, 2018

 

Published by David Ogden Entrepreneur

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

Crypto Watch -Price Drops for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin

Crypto Watch -Price Drops for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin

Crypto Watch -Price Drops for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin
 

Following a rough and tumble week where most major cryptocurrencies and altcoins were trapped in the red, brief signs of recovery on Monday have reversed as Bitcoin, Ethereum, and Ripple continue to drop in price. Recent activity on the United States’ east coast also shows that hype surrounding digital currency and blockchain technology hasn’t died down, despite price dips and market volatility.

Bitcoin (BTC)

The father of cryptocurrencies is swiftly rising through the ranks and sits at $8,200 at press time. In just the last four days, the currency has spiked tremendously following a huge Thursday drop to $8,250 – the lowest it’s been since early April – from last weekend’s trading high of $9,800.

Bitcoin is down 5.77% over the past 24 hours.

One of the reasons for Monday’s spike may be the Coindesk Consensus Conference, which is a three-day event that began in New York on the morning of Monday, May 14. The event’s organizers expect to see over 8,500 visitors and are selling tickets for over $2,000 each. Overall, organizers are expecting revenue of roughly $17 million this year from ticket sales alone.
 

“It’s a bit chaotic here,” said Ronnie Moas, Conference attendee and head of the independent market research firm Standpoint Research. “I think they sold too many tickets.”

Reports have emerged that the line for entry saw attendees occupying both the lobby and second floor of the hotel where the Conference was taking place.

 

“I’ve never seen anything like this for registration,” says Jeff Denton, senior director of global secure supply chain at AmerisourceBergen in Philadelphia. Denton says he waited for over an hour to gain entry to the event. “It’s expensive, but it’s the largest conference in the U.S., so hopefully that brings the value for the cost.”

 

Ethereum (ETH)

Since our last price piece, ETH has experienced a price dip and is now trading for $686.90 – about the same from where it previously stood.

Ethereum is down 5.77% over the past 24 hours.

The Ethereum Ethereal Summit took place on May 11 and 12 as part of the state’s ongoing “Blockchain Week.” The two-day event saw several speakers, business owners and blockchain experts joining together to offer attendees information regarding the powers behind the blockchain and how it can assist in the decentralization of modern society.
 

The high attendance marks for both the Consensus and Ethereum events suggest that investor interest in cryptocurrency remains high despite ongoing volatility.
 

Ripple (XRP)

At press time, XRP is trading for 67 cents. This is about two cents lower than where the currency sat during our last price discussion.

Ripple is down 8.46% over the past 24 hours.

For the most part, big things appear to be happening for Ripple. The company recently announced its new “Xpring” initiative, in which executives are targeting entrepreneurs and startup ventures to build partnerships and expand the XRP ecosystem.
 

According to TechCrunch, the project will be a mixture of “investments, grants and incubation to lure companies and expand the use of XRP whilst allowing Ripple to focus on its financial services business.”
 

Bitcoin Cash (BCH)

Bitcoin Cash has witnessed a solid drop in its price since our last article. Previously trading at just over $1,400, the currency is now trading for about $1,253.86.

700

Bitcoin Cash is down 11.78% over the past 24 hours.

On Monday, the Winklevoss Twins announced they were adding Bitcoin Cash to their New York-based cryptocurrency platform Gemini Exchange.

 

While trading details (i.e. when the currency will be officially added) have not yet been released, the company has also stated that it will enable Zcash deposits beginning on May 19, making Gemini the first official Zcash trading platform in the U.S.
 

Litecoin (LTC)

Litecoin is trading for about $136. This marks a four-dollar decrease since our previous price piece.

Litecoin is down 6.51% over the past 24 hours

Litecoin will be joining Bitcoin Cash on the Gemini Exchange, and while details are scarce for now, the news may have instigated the currency’s

 

temporary rise beyond the $145 mark. CryptoSlate will bring you more on this story as it develops.

Market Summary

The total cryptocurrency market cap sits at $374 billion, roughly $12 billion lower than where it stood during our previous article.
 

While the market is showing signs of recovery, investors are warned that the volatility of the industry remains serious and that cryptocurrency figures are never “set in stone.” Thus, they should always remain cautious during trades, and only invest what they can afford to part with.
 

Author Nick Marinoff

Posted by David Ogden Entrepreneur

 

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

Bitcoin price analysis: BTC/USD goes below $8,400 again, will Consensus bring relief?

Bitcoin price analysis: BTC/USD goes below $8,400 again, will Consensus bring relief?
 

  • BTC reversed weekend gains, lost 4.5% since the beginning of the day.

  • Fundstrat experts expect that Consensus conference will reverse the trend.

Bitcoin is back below $8,400 again. A recovery attempted on weekend, failed to get the digital currency No.1 above $9,000 threshold. BTC/USD is trading at $8,346 at the time of writing, off the Asian high of $8,712. The coin has lost 4.5% since the start of the day and reversed all Sunday and Saturday gains.
 

Meanwhile, crypto enthusiasts are flocking to New York for one of the largest crypto event of the year – CoinDesk's Consensus conference. Fundstrat's managing director and technical strategist Robert Sluymer expect that the event will serve as a good bullish trigger for Bitcoin and other coins, dispelling pessimism about regulatory risks.

"The regulatory risk, the fundamental risk around what's happening with cryptos has hit a bottom and now we're in a state of general recovery," he said on CNBC's "Fast Money" Thursday.

He explained that Bitcoin increased each year after Consensus, though it remains to be seen if the market follows the tradition this year.
 

Bitcoin's technical picture

On the longer-term scale, Bitcoin is jammed between 100-DMA and 50-DMA ($8,826 and $8,263 respectively). A sustainable break in either direction will trigger a strong movement with the next upside target seen at psychological $9,000 and support at $8,000. Both levels are critical for Bitcoin, as move below $8,000 will signal that a recovery from April's low at $6,400 is over.

BTC/USD, the daily chart

 

Author  Tanya Abrosimova FXStreet

 

Posted by David Ogden Entrepreneur

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

Bitcoin runs into selling pressure for the week

Bitcoin runs into selling pressure for the week

Bitcoin tried to reach above the resistance barrier, but of course has failed again. It looks as if the crypto currency markets are going to struggle, and we are starting to get very negative technical signals in this market. I think that the next move seems to be lower.

BTC/USD

Bitcoin fell against the US dollar during the week, slicing through the $9000 level, an area that I thought was a bit of a barrier or “zone” that extended down to the $8800 level. Now that we are below there, I think the market unwinds, with an initial target of $8000, perhaps followed by $6000. When you look at the chart, you can see that the highs in this market continue to go lower, and I think that $10,000 has just proven itself to be an even more significant barrier than originally thought. Because of this, it’s obvious that we will continue to struggle in that general vicinity.

BTC/JPY

Bitcoin has also fallen against the Japanese yen, well below the ¥1 million level. I think that the market is going to test the ¥900,000 level, and then possibly even as low as the ¥700,000 level as it is the bottom of the overall consolidation. Whether we break down below there, I don’t know yet, but I do know that it certainly makes a nice target. I believe that the markets continue to punish Bitcoin, with the ¥700,000 level being massive support. If we were to break down below that level, things could get ugly, especially if we break through the “zone” that extends down to the 600,000 level. In fact, if we break down below there I think we are looking at a multi-year bear market. The alternate scenario is that we turn around and break above the ¥1.1 million level, but that doesn’t look likely right now.


 

Author Christopher Lewis

 

Posted by David Ogden Entrepreneur

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

Bitcoin set to be SURPASSED in the crypto realm? Expert predicts SHOCKING future for BTC

Bitcoin set to be SURPASSED in the crypto realm? Expert predicts SHOCKING future for BTC

BITCOIN will be surpassed in the cryptocurrency realm by the end of 2018 according to an expert that predicted a shocking future for the virtual money during a period of BTC market gains.

Roger Ver, made the unprecedented announcement that he believes other cryptocurrencies will exceed Bitcoin in value.

He stated: “I see it happening, and I believe it’s imminent.”

Mr Ver declared Ethereum possesses the technological capabilities to overtake Bitcoin by the end of 2018 while Bitcoin Cash could surpass its crypto brother “before 2020”.

He told the Independent: “Ethereum could overtake Bitcoin by the end of the year and Bitcoin Cash could do the same before 2020.”

Mr Ver claimed Bitcoin Cash could “double” in value by next week thanks to a slew of funding from “big investors”.

He went on: “It’s not guaranteed but it is much more likely to happen than not.

“Bitcoin Cash has more than doubled in value in the last month and big investors coming in soon could see it double again by next week.

“People love to chase a rising star.”

However Michael Jackson, from venture capital firm Mangrove Capital Partners, emphasised Bitcoin is able to adapt thanks to people who are working to solve its “scalability problems”.

He stated: “There is so much talent in the crypto space, and people are working on solving these scalability problems.

“I don’t see why Bitcoin shouldn’t remain in the number one spot.

“It is still by far the best known and it is ultimately the reserve currency in the space.”

Bitcoin is trading at $8,295.85 at the time of writing while Ethereum is selling for $730.86.

Both cryptocurrencies have seen incredible spikes in value over the course of the last month.

Bitcoin has added a whopping $2,091.97 to its value in the last month.

This marks a sharp value increase of 30.61 per cent.

Meanwhile, Ethereum has seen a sharp 75.85 per cent increase in price in the last month, marking a rise of $315.25.
 

However, the persistent peaks and troughs of cryptocurrencies demonstrate the market’s monstrous volatility.

Author JOSEPH CAREY UPDATED: 05:23, Fri, May 11, 2018

 

Posted by David Ogden Entrepreneur

Bitcoin set to be SURPASSED in the crypto realm Expert predicts SHOCKING future for BTC

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

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS – Price Analysis, 4th May

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS - Price Analysis, 4th May

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS – Price Analysis, 4th May

Goldman Sachs, one of the biggest investment banks in the world, is taking the plunge into the exciting world of cryptocurrency trading. The bank’s decision was made because of the overwhelming client requests.

This is a very positive sign for the crypto market’s future along with the news about analysts from BlackRock, an American global investment management company, leaving the firm to fund a Blockchain-focused venture capital fund. Other places where the banks or institutions are still pondering over their decision, the analysts are quitting to open their own ventures. Investors plowing money into these funds shows a growing interest.

After the decline from the frothy levels in December 2017, the investors are getting a favorable entry opportunity. In the past few weeks, the volatility has also reduced, which is an added attraction to get in early.

While the number of crypto optimists has increased, there is no dearth of the naysayers as well. Economist Nouriel Roubini continued his criticism of cryptocurrencies. While he may have forecast the 2008 Financial crisis correctly, his crypto prediction seems to be way off.
But there are positive predictions as well.  Alexis Ohanian, a co-founder of Reddit, claims that Ethereum is on its way to $15,000 this year.

We already hold a few positions. Let’s see if the charts present us any fresh buying opportunities?

BTC/USD
Bitcoin broke out of the small symmetrical triangle pattern and entered the ascending channel on May 03, which is a bullish sign. Currently, it is facing resistance close to the April 25 highs, but we remain bullish because it has not given up ground.

If the digital currency rises from the support line of the ascending channel, it increases the possibility of a break out above the immediate resistance zone of $9,800 to $10,000.

Following the breakout, the first target is $11,000, and the next target is $12,000. We anticipate a strong resistance at the $12,172.43 mark.

On the downside, if the BTC/USD pair breaks below the support line of the ascending channel, it can fall to $9,178 and then to the 20-day EMA, close to $9,000 levels.

The up move will be in danger only on a break below $9,000 levels. Therefore, we suggest raising the stops on the long positions from $8,600 to $8,900.

ETH/USD
Ethereum broke out of $745 on May 03, which completed a ‘V’ shaped bottom formation. This bullish set up has a pattern target of $1,130, with minor resistances at $900 and at $1,000.

On the downside, $745 will act as the first support. If this breaks, the bulls will defend the trendline close to $700 and the 20-day EMA at $645. The trend will turn bearish or range bound only if the ETH/USD pair sustains below $700.

Traders can wait for a retest of the breakout levels and buy if the $745 level holds. The stop loss can be placed just below the 20-day EMA at $640. Traders should confirm that the levels are holding before entering long positions. No trade should be initiated if the digital currency closes (UTC) below $700.

BCH/USD
Bitcoin Cash has reached close to the upper end of the range at $1,600, which should act as a stiff resistance. If the price fails to break out of this level, the range-bound action between $1,221 and $1,600 will continue.

The BCH/USD pair will become positive if the bulls break out and close (UTC) above $1,600. The immediate target objective is a move to $2,000; above it, the rally can extend to $2,400 levels.      

Aggressive traders can buy on a close (UTC) above $1,600 and keep a close stop loss of $1,400. Due to numerous overhead resistances, we consider this as a risky trade, hence, keep the allocation size less than 50 percent of usual.

XRP/USD
Ripple continues to trade inside the range of $0.76 to $0.93777. A break out of this range will indicate bullishness, and a rally to $1.229 is likely.

If the XRP/USD pair fails to break out of $0.9377, a few more days of range-bound trading can be expected.

On the downside, support exists at the 20-day EMA and below that at the lower end of the range at $0.76.

The longer the cryptocurrency trades inside the range, the stronger will be the ensuing breakout. We propose waiting for it before entering any long positions.

XLM/USD
Stellar is facing a stiff resistance at the $0.47766719 mark. Though it has failed to cross above this level, it is undergoing a shallow pullback.

he XLM/USD pair should find support at the trendline, but if it breaks, a slide to $0.335 is probable. The negative divergence on the RSI is a bearish development, hence, traders should wait for a breakout and close (UTC) above the overhead resistance of $0.47766719 before initiating any long positions.

LTC/USD
After remaining in a tight range for the past few days, Litecoin finally scaled above the overhead resistance of $160 on May 03. However, it could not reach our target objective of $180, as the bears strongly defended the April 24 highs of $167.399.   

If the LTC/USD pair doesn’t breakout within a couple of days, it will continue to be range bound. On the downside, any break of the $141 levels will be a negative sign.

Therefore, we suggest retaining the stops at $140. We shall trail the stops higher once the digital currency breaks out of $168.

ADA/BTC
Cardano has failed to extend its uptrend after breaking out of 0.00003445. We had suggested raising the stops higher if the virtual currency crosses above 0.000042 levels, but it did not happen.

The ADA/BTC pair should now find support at the 0.00003445 levels because there are three major supports close to it.

The first level is the horizontal support, the second one is the trendline support, and the third is the 20-day EMA.

We shall retain the stops at 0.000029 until we see a rally above 0.000042 levels.

Our target objective on the upside is a move to 0.000045, followed by 0.00005217 levels.  

IOTA/USD
IOTA broke out of the overhead resistance at $2.2117 on May 02 and followed it with another up move on the next day. However, it couldn’t break out of the resistance line of the ascending channel.   

Currently, the IOTA/USD pair is retesting the breakout levels of $2.2117. If the level holds, the bulls will try to break out of the channel and push prices towards $3 and $3.5.

If the digital currency breaks below $2.2117 but finds support close to $2 levels, then the ascending channel will be in play, and a move to the resistance line of the channel can be expected.

Due to the uncertainty, it is better to wait for a couple of days and then buy if the support levels hold. Presently, we don’t have any buy recommendation.

EOS/USD
EOS, after the recent rally, has entered into a period of consolidation. Though it found support at the 38.2 percent Fibonacci retracement level on May 01, it could not scale the $20 levels in the ensuing up move.

On the downside, $16 should act as a strong support, below which, the EOS/USD pair can slide to the 20-day EMA.

We shall wait for the consolidation to play out and a new buy setup to form before recommending any fresh long positions.

By  Rakesh Upadhyay

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

Bitcoin Price Technical Analysis for 05th May2018 – Long-Term Double Bottom

Bitcoin Price Technical Analysis for 05th may – Long-Term Double Bottom

Bitcoin Price Technical Analysis for 05/04/2018 – Long-Term Double Bottom

Bitcoin Price Key Highlights

Bitcoin price appears to be gaining traction on its climb as it approaches a key resistance.

A break past the $10,000 barrier could complete the creation of a double bottom reversal pattern.

Rallying past the neckline of the formation could lead to an uptrend of the same height.

Bitcoin price is forming a double bottom on its daily time frame to signal that a longer-term uptrend is due.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff could still resume from here, possibly leading to another test of the bottoms at $6,000.

The 100 SMA appears to be holding as dynamic support, though, and a move past the 200 SMA dynamic inflection point could draw more buyers in.

Stochastic looks ready to turn lower from the overbought region to signal a pickup in selling pressure as well. But if buyers stay in control, a mov past the $12,000 area of interest and neckline could lead to a climb of around $6,000 or a rally up to the record highs.

Market Factors

Developments in the industry have been mostly positive, especially after Goldman Sachs announced plans to start a bitcoin trading operation. Execs also noted that bitcoin is not a fraud, contrary to CEO Blankfein’s statement on how it is in a bubble earlier on.

Apart from that, South Korea’s lawmakers are working on a bill to legalize ICO launches, also helping to add legitimacy to the industry. Japan has already created its regulatory body for ICOs, which means that the top markets for bitcoin are making good progress.

Dollar demand is also sinking leading up to the release of the NFP report as traders are wary that weak results could reinforce the less hawkish stance shared by the FOMC in their latest statement. Weaker than expected data could lead to even more dollar selling and bitcoin price could take advantage.

 

 

Author SARAH JENN | MAY 4, 2018 | 4:20 AM

 

Posted by David Ogden Entrepreneur

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

Upcoming Bitcoin Cash Hard Fork

Upcoming Bitcoin Cash Hard Fork

Upcoming Bitcoin Cash Hard Fork

The update and modernization will quadruple the Bitcoin Cash blocks size from eight megabytes to 32 megabytes. Also, some operating codes are expected to be reactivated, which will allow Bitcoin Cash’s Blockchain to be used not only for BCH transactions.

Furthermore, an update is called Bitcoin Adjustable Blocksize Cap (Bitcoin ABC). This will change the base code on which Bitcoin cash is based, in an attempt to solve some of the major problems that limit the wider adoption of Blockchain technology. The key problem that fork seeks to solve is scalability.

In  2009, when Bitcoin has been just started up, the cryptocurrency could only recycle about seven transactions  in a second. Later, in August 2017, Bitcoin Cash shattered the original Bitcoin to increase Bitcoin transactions’ speed. Bitcoin ABC is now the continuation of this project and aims to decrease transaction time to 2.5 minutes. In comparison, the original Bitcoin network takes about 10 minutes to produce one block.

Benefits of Bitcoin Cash Hard Fork.

After that, the update will also allow more people to make transactions at the same time. Moreover,  Bitcoin ABC will allow you to conduct more types of transactions in the Bitcoin Cash network. Actually, it is belived that users will be able to archive and track real assets and even CryptoKitties. Transactions will be stored in Blockchain as so named “colored coins.” These tokens can represent any real-world assets.

Colored coins will provide users with the ability to store some important data and information, taking advantage of all the security benefits of Blockchain. Due to the expected larger size of Bitcoin Cash units, users will be able to use the network not only for the transmission of cryptocurrency. According to online reports, the network can also be used to place legally binding contracts or some other important documents without the involvement of a third party.

It is expected that bitcoin Cash hard fork will put BCH in competition with other altcoys, such as Ethereum, in terms of the ability to allow users to post more than just monetary transactions. Updating the block size will appear as a key step that will bring the network closer to solving the scalability problem.

 

Author Mari T. -April 26, 2018

Posted by david Ogden Entrepreneur

 

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

Pantera Fund CEO Calls Bitcoin “A Screaming Buy,” Highly Optimsitic

Pantera Fund CEO Calls Bitcoin “A Screaming Buy,” Highly Optimsitic

Cryptocurrency hedge fund Pantera CEO called Bitcoin a “screaming buy” and made a ten year $40 trillion dollar prediction.

Hedge Fund CEO Looks for Big Gains in the Remainder of the Year.

CEO of Pantera capital management LP. cryptocurrency hedge fund Dan Morehead went on Bloomberg Television again to talk about the future of Bitcoin and the state of the cryptocurrency space in general. Morehead who is always bullish on cryptocurrency forecast some big returns for 2018 including Bitcoin regaining its maximum value from 2017 in the next twelve months.

Morehead had recently made only his fourth buy prediction in his seven years of trading in cryptocurrency when Pantera issued a notice to its investors to buy when Bitcoin dipped to what he called its ultimate low at 6,500. It’s gained and held over $2,000 since then but still, Morehead told Bloomberg it is a “screaming buy” today.

The interview moved on to how the appearance of cryptocurrency is changing. Morehead said that Bitcoin had shed its “skanky” reputation and this was attracting more institutional interest which would drive prices up across the entire space. He continued saying,

“Obviously, we’re very bullish on the space. We think we’re way below, maybe an order of magnitude — or two — below the real fundamental fair value of blockchain, the industry as a whole is $400 billion. It easily could go to $4 trillion, and $40 trillion is definitely possible.”

Morehead’s acumen at reading the volatile crypto market was proved out when he said at the height of the mid-December trading frenzy that Bitcoin could lose half of its value at the beginning of the new year. After which, Bitcoin, and almost all other cryptocurrencies slipped into a bear market that we are just coming out of now.

Pantera Capital handles an estimated one billion dollars in assets of which 10 percent is in Bitcoin. When asked about Pantera’s investment breakdown Morehead revealed that presently their biggest position is in the Korean Blockchain Icon.

 

Mt. Gox may be Dumping more Bitcoin on the Market

In the short term though Bitcoin may be headed for another price dip as information regarding a 16,000 coin block of Bitcoin and an equal amount of Bitcoin cash from the Mt. Gox reserve has been transferred out of cold wallet storage. Large transactions made by the trustees of the Mt. Gox estate since December of 201 have been blamed for causing the price of Bitcoin to crash. The last time Mt Gox transferred a large amount of Bitcoin from its cold wallets was on February 5, the next day Bitcoin fell to its all-time low for the year at $6,000

 

 

Author JOHN MCMAHON | APRIL 27, 2018 | 6:00 AM

 

 

Posted by David Ogden Entrepreneur

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