Bitcoin price prediction – BTCUSD barely holding at the edge of a cliff Confluence Detector

Bitcoin price prediction – BTC/USD barely holding at the edge of a cliff – Confluence Detector

Bitcoin futures contracts are likely to be banned from Britain’s retail market.

Bitcoin stares into the abyss after testing the $8,000 weak support area.

Bitcoin continues to lead the market in consolidation. However, a keen observation of the Bitcoin trend, one can clearly tell that the price has a high affinity to declines in the near-term. Its potential to hold above the critical $8,000 is almost non-existent. This follows a correction from an opening price of $8,231 and a bearish leg to $8,063.

In other news, Bitcoin futures contracts are likely to be kicked off the retail market in Britain if the consideration being made by the Financial Conduct Authority (FCA) sees the light of the day. Although matter came to light during a consultation on October 3, a ruling on it will have to wait until 2020.

Consequently, as mentioned above Bitcoin is hanging on a thread above $8,000. The confluence detector places the first support at $8,044 (weak support). Glancing lower, the only next viable support area is $7,792 as highlighted using the previous week low, pivot point one daily support three.

On the upside, huge resistance awaits the bulls at $8,297. The indicators converging in this zone are the simple moving average five one-day, SMA 10 one-day, Bollinger Band four-hour middle, Fibonacci 23.6% one-week and the Fibonacci 61.8% one-day.

On the brighter side, if the price manages to clear the resistance at $8,297 the remaining journey to $9,000 will be less bumpy except for a few hurdles at $8,549 and $8,969.

John Isige

FXStreet

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

Experts See Bitcoin Rallying to 20000 Before End of the Year – Here are the Reasons

Experts See Bitcoin Rallying to $20,000 Before End of the Year – Here are the Reasons

Bitcoin is down by over 40% from the 2019 high of $13,880. Any other asset plunging by 20% or more would have been in a bear market. But not the king of cryptocurrencies.

Bitcoin has retraced by more than 40% in previous bull runs and many market participants are comfortable holding the cryptocurrency.

To prove our point, we asked experts what are their year-end target for the top cryptocurrency. We were surprised to see that many of them are bullish on bitcoin and believe that it will regain the all-time high of $20,000 before this year expires.

$10,000 Appears to Be the Conservative Target

Experienced traders are not fond of doling out extreme target prices. They believe that it encourages some retail traders to think of how much money they can make instead of protecting their capital. This strategy often leads to tremendous losses.

Hence, some traders gave us conservative price targets. For instance, Elliotician Benjamin Blunts sees bitcoin recovering $10,000. He said,

I think we can be back at $10,000 by year end provided we get a strong bounce from the $7,500 support zone on [the] daily.

Crypto trader Beastlorion supports the call of Benjamin Blunts. The analyst told CCN,

Well, between $10,000 – $12,000.

Michael Terpin, founder and chief executive of Transform Group, also chimed in. He said,

The price of bitcoin historically advances sharply two quarters before the halving and has also averaged triple-digit gains in the fourth quarter if you remove the corrective years following all-time highs. This Q4 should most closely resemble Q4 2015, which saw an 85 pct gain in the quarter, which would put the price of BTC at $15,400.

In addition, the widely-followed Trader Mayne is sticking to his call. When asked about his year-end target, the trader said,

$16,000.

It seems that technical analysts have a wide range in terms of their target price for bitcoin this year. On the contrary, those who look at the fundamentals seem confident that bitcoin will reach $20,000.

$20,000 Attainable Due to Bitcoin’s Growing Fundamentals

While poring over charts might give analysts a target between $10,000 and $16,000, those who focus on bitcoin’s strengthening fundamentals are looking at $20,000 or higher.

For instance, Sean Barger, managing director of CPUcoin, said,

I believe BTC will pierce $20,000 by the end of the year. There’s simply too much being built on BTC as the foundation for the universal world currency, and there are signs of deep adoption from enterprise and consumers alike.

Tomàs Sallés a financial writer at FXStreet supports Mr. Barger’s call. He said,

If [bitcoin] resists above $7,750 we could see [it] closing in the $17,000 zone or above historical highs and $20,000 price level.

Nick Hellman, the president of LearnCrypto, was ready to up the ante but he extended the timeline. He told CCN,

Let’s just say new highs before May of 2020, probably somewhere from $24,000 – $32,000.

For those who are not aware, May 2020 is when the next bitcoin halving takes place. This is an ultra bullish event that even a German bank sees the cryptocurrency trading at $90,000 after the halving.

Thus, if a financial institution sees bitcoin valued at $90,000 after the May halving, it may not be so far-fetched to think that the cryptocurrency could be priced at $20,000 before the turn of the calendar.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

Kiril Nikolaev @kirilnikk123

October 2, 2019

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

Precipitous 20 Bitcoin Price Plunge to 8000 Caused by TradersData

Precipitous 20% Bitcoin Price Plunge to $8,000 Caused by Traders Data

Bitcoin hasn’t had the past ten days. Since the Sunday before last, the price of the cryptocurrency has shed some 15%, leaving many traders stumped as to what in the world took place to send digital assets plummeting.

Cynics of the Bitcoin market have suggested that the rally to $14,000 and the subsequent dump was “one final pump and dump” enacted by whales. Gold proponent Peter Schiff, for instance, claimed that this move is a precursor to a plunge to $4,000, potentially lower.

But, data has shown that it isn’t these whales causing Bitcoin’s recent volatility, it’s the short-term traders presumably looking to make a quick buck.

Bitcoin Drop Led by Traders

Coinmetrics recently published to Twitter a chart that tracked the “change in the number of Bitcoin by price at time of last on-chain movement” for September 20th to 29th.

As seen below, the industry analytics startup found that during the recent price decline, “there was activity from Bitcoin that last moved when prices were between $13,000 and $20,000”, implying that capitulation for those in the red “is complete”.

There were other optimistic signs. Two, in fact.

Firstly, quite heavy selling from Bitcoin last moved in the $10,000 to $12,000 range hints that the sell-off was a byproduct of “short-term traders that have weak long-term conviction”.

And secondly, as there was little profit-taking from long-term holders that accumulated under $8,000, meaning that this subset’s “bull market psychology remains unchanged.”

Cryptocurrency analytics firm Glassnode has corroborated this analysis. They found that the average age of moved coins over recent days “is between 20-30 days”, while the CoinDays Destroyed metric “hasn’t deviated significantly”.

This data can be interpreted as a sign that the “[price drop] was likely due to short-term holders,” which is partially proven by the massive volumes seen on BitMEX and other high time preference exchanges during this move lower.

Related Reading: Bitcoin Falls Below Stock-to-Flow Model, Will The Halving Be Front Run By Bulls?

The Accumulation Game

Short-term traders may have run for the hills, but HODLers, on the other hand, have been sticking to their guns.

According to an analysis completed by Twitter account “BitcoinEconomics.io”, accumulation by addresses it deems “companies”, “retail holders”, and “big holders” has been on a steady uptrend, even throughout the recent bout of volatility. They claim that this is a sign that the “outlook for Bitcoin looks great”.

What all these investors seem to be waiting for is Bitcoin’s next block reward reduction — known as a “halving” or “halvening”. You see, in May 2020, the issuance (inflation) of BTC will be cut in half as a result of baked-in facets of the Bitcoin protocol. Analysts say that this halving event, which equates to a negative supply shock, will boost BTC to fresh heights.

Due to this potential for upside, or at least the hype surrounding this narrative, investors are believed to be stacking satoshis (as they fondly call the game of Bitcoin accumulation) in anticipation of price upside.

Whether or not that upside comes to fruition, however, remains to be seen. But many sure seem to be betting on it.

Nick Chong

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

Bitcoin Pullback Nothing to Worry About Bull Market Will Follow

Bitcoin Pullback Nothing to Worry About, Bull Market Will Follow

Every time Bitcoin dumps a double digit percentage panic floods the crypto community and the doom merchants start rejoicing. This has happened so many times before and every dump has eventually turned into a sustained rally. Nothing is new this time as previous corrections have shown.

Bitcoin Market in 2013 Compared to Now

Observing previous market movements may help us predict the current one. Naturally things are very different in 2019 than they were in 2013 but the chart patterns show similarities. Back then Bitcoin was largely a plaything for geeks with mining rigs made out of gaming PCs in their garages. Today it supports a multi-billion dollar industry but the volatility remains.

One thing that is guaranteed with Bitcoin is price corrections. When it surges things happen fast but when it corrects the price drops even quicker. At the moment BTC has corrected 42 percent from its high this year. A correction of this magnitude had been predicted by many a couple of months ago and it was largely expected by analysts that prices would drop to $8k.

Trader and analyst Josh Rager has been looking at previous corrections and noted that this one is relatively minor in comparison.

“2013: Bitcoin bull market pulled back 75% over 89 days before a 1600% run-up to new highs later in the year.

2019: Bitcoin has currently retraced 42% over 91 days,”

Compared to a pullback of 75% this current correction is ‘no big deal’ he added. Rager also expects price to fall further and eyed the mid-$6,000 region in a more recent tweet.

“IMO, the lowest $BTC will hit: between $6300 to $6600 where there is major interest. Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames,”

A drop to $6,500 will mean a correction of around 53 percent which is still less than that of 2013. In 2018 BTC corrected a whopping 84 percent from its all-time high to the low just below $3,200 in December.

So far this year Bitcoin is still up 110 percent and the predicted plunge deeper will still keep it 70 percent higher than January’s prices. Corrections provide buying opportunities and traders and investors around the world know this.

It is very difficult to catch the bottoms to buy and the tops to sell so getting somewhere close should be good enough. It seems that traders are aware of this and are holding off buying in at $8k where many expected as further losses now seem very likely.

Those looking at the big picture would have simply been accumulating this year and will continue to do so during this correction. Granted, there has been the biggest weekly dump since early 2018 and many have gone into manic mode – the fear and greed index is a good indicator of this – but this has all happened before, and will all happen again.

Martin Young

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

Mark Yusko – Everyone Should Be Purchasing Bitcoin

When it comes to bitcoin, most analysts seem split right down the middle, with some like Warren Buffett telling us to avoid it all costs, and hedge fund manager Mark Yusko telling us to buy it at all costs.

Yusko: BTC Is an Important Asset

In a recent interview with CNBC, the CEO of Morgan Creek Capital told his listeners to “buy it” when it came to bitcoin and said that we should not be thinking about the recent price drops. He said that while all assets will fluctuate, bitcoin is still in its development stage, and the user base, while it’s growing steadily, is still relatively small.

This, he says, is a major advantage for investors, particularly for new ones, in that they’ll still be one of the early figures to get involved in cryptocurrency, thus heightening their chances to build wealth in the future. He commented that the price of bitcoin “doesn’t matter,” and says that the focus should not be on what’s happening today.

Last summer, when the currency was trading at roughly $12,000, Yusko said he was confident the asset could potentially reach $30,000 before the next major pullback. He’s certain that pullbacks tend to occur regularly; you just need to know how to read them. Granted you don’t sell your stash before it occurs, the best idea could be to sit and wait, as every asset must go up before coming down again.

His advice seems to go against several bitcoin notables including Tom Lee of Fundstrat fame, who just yesterday was quoted as saying that right now is a very bad time to be trading or buying bitcoin. Lee appears more affected by the price than Yusko does and commented that until the S&P goes up, bitcoin has zero chance of breaking out.

This is coming from the man who despite 2018’s numerous bitcoin crashes, predicted repeatedly that the currency would end the year in the $15,000 or $20,000 range. Lee later stated that bitcoin could potentially end 2019 at $40,000 per unit.

Crypto Making a Comeback?

At press time, the currency has recovered somewhat from the recent bloodbath that knocked several digital assets down by anywhere between six and 23 percent. Bitcoin fell by roughly 11 percent within a few short minutes, dropping from the mid-$9,000 range to about $8,100. It later fell below $8,000 and was trading at approximately $7,868 during today’s early morning hours. It has since hopped back up to about $8,030.

Ethereum, on the other hand, has risen by about ten dollars since its recent fall, currently trading at $167 per token. It’s a welcome change from the dismal $157 it was trading at roughly 48 hours ago, and while there’s still plenty of room for improvement, it’s nice to see all the major coins working hard to return to their previous marks.

NICK MARINOFF · SEPTEMBER 27, 2019 · 3:00 PM

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

A Change In Direction But Still In The Deep End

John McAfee, with the help of his lawyer, arranged his deportation from Guatemala to Miami in late 2012. He arrived in Miami with nothing but the clothes on his back, but ecstatic about his newfound freedom. In his first sit-down interview since his month on the run from murder accusations in Belize, where authorities had tried to implicate him in the 2012 murder of his 54-year-old neighbor, Gregory Faull, he said he is broke.

“All of my assets and all of my money is in Belizean banks,” McAfee said

He pulled out a wad of cash consisting of $5 bills and said grinning and very appreciative, that someone had slipped it to him in the dead of night help him out as he was entering his hotel room in Miami. This was his opportunity to start anew.

He then hired a prostitute with that brick of cash the day after he was deported. Her name was Janice Dyson and McAfee hired her for a day and a night after meeting her in a Miami Beach cafe. He was instantly besotted with her butt and then realized she was what he was looking for his entire life. McAfee reportedly rescued her from a violent pimp and years of sex trafficking. Meeting and hooking up with McAfee also allowed Janice to reconnect with her estranged son and rebuild her life.

Finding True Love

Although Janice Dyson is more than 30 years younger than McAfee he is deferential to her. He adores her and they were married in 2013. He has happily resigned himself to be a one-woman man and now both embarking on a new life together and the next adventure of John and Mrs. McAfee.

John and Janice McAfee spent the next few months constantly on the move from town to town and hotel to hotel as he believed he was constantly being hunted. He made it common knowledge he was always armed and had won numerous shooting contests, supposedly to warn his pursuers not to mess with him.

Meanwhile, back in Orange Walk, Belize, a bushfire burned his compound to the ground. When asked what he thought may have happened he replied,

“ I believe that there are a select few with great power in Belize that will go to great lengths to harm me. This fire was not just a strange coincidence.”

It was around this time the John McAfee began to embrace his public persona as an eccentric and self-destructive millionaire. Prior to that, he presented himself as a strict tea totaler, placing newspaper ads to expose drug houses in his neighborhood of Belize. According to many close associates, he ran his compound very strictly, not allowing or using any drugs or alcohol on the premises.

Reportedly, McAfee states that he spent most of 2014, on the road, bouncing from Ireland to Scotland and then to the southwest fleeing from the Sinaloa Cartel that he believes the Belizean government hired to either (a) kill him, (b) capture him, or (c) drive him bananas. However, in actuality, McAfee was residing was Montreal, Canada, where he worked as a consultant, before he, as his wife moved to a small city called Lexington in Henderson County, Tennessee.

While living on a rural property in Lexington, Tennessee, John and his wife Janice had fun making a rap video with the Coin Bros. basically depicting some of the events of McAfee’s time in Belize, quite aptly named The McAfee Effect.

Back To Business

By 2015, he started a company called Future Tense Central which acquired cybersecurity products. One such product was called D-Vasive which protected users from malicious apps attempting to gain access to a phone’s features that were sensitive to infiltration such as its camera and wifi. Unfortunately, D-Vasive ended up being a commercial failure.

McAfee became the chairman and CEO of MGT Capital Investments, after meeting its former head, Robert Ladd who asked him to come on board. At the time MGT was seemingly focused on acquiring, developing and monetizing intellectual property assets, but in reality, it functioned as a penny stock pump and dump scam that went on to be investigated by the SEC.

Needless to say, McAfee was implicated but surprisingly he got off relatively unscathed. MGT, the company, and the former President and CEO Robert Ladd of MGT were hit with a class-action lawsuit as it was alleged he manipulated the price of company shares by participating in the pump and dump scheme.

McAfee was mainly hired to be the face of the company, create a buzz and raise awareness of MGT which he did very successfully via his twitter page. When McAfee talks or condones something, people listen. MGT went on to be the second most traded stock in the US within a week. It saw a 1000% stock jump after McAfee was appointed CEO. The reality is MGT hired McAfee to pump the stock price. MGT was all about promotions and nothing about business operations. MGT was one big scam.

John McAfee left the company before the lawsuit and set his sights on the cryptocurrency craze. With his tech background and wild man image, he was well suited to become a major figure in the 21-century gold rush that is the cryptocurrency world. But not before he was publically displayed in a Showtime documentary as a murderer, rapist and so-called druglord.

John McAfee Continues To Make Headlines

In 2012, McAfee was all over the headlines when he fled his former home, Belize after local police sought to question him about the murder of a neighbor. (They eventually said he wasn’t a suspect) And in 2015, he made waves with a run for the Libertarian Party nomination for the President of the United States. (The nomination was eventually won by New Mexico Governor Gary Johnson.)

In 2016, McAfee was all over the news again. And the headlines ain’t pretty. The documentary about McAfee’s time in Belize alleges that he committed not one but two murders, and raped a Harvard biologist who was running a lab with him in the town of Orange Walk. The film was originally shown at the 2016 Toronto International Film Festival. Called Gringo: The Dangerous Life of John McAfee, it paints a disturbing picture of a man gripped by both power and paranoia. And, quite literally, according to the movie, a man who got away with murder.

Filmmaker Nannette Burnstein certainly was out to prove him guilty on all counts and she doesn’t leave much to the imagination. There has been a lot of controversy with regard to making the film, including payoffs by Burnstein and the subsequent retractions by witnesses.

McAfee did respond with a 4-page rebuttal stating he was falsely accused and tainted for years by the press. He asserts that he has been demonized and the film is completely wrong and a little hard to follow, let alone believe. As he writes in his rebuttal “Preposterous! Yes indeed. Entirely so. I had a hard time believing it myself”.

More to come…

David Ogden
Entrepreneur @Markethive, a global Market Network, and also a strong advocate for technology, progress, and freedom of speech. I embrace "Change" with a passion and my purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals.

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

Bitcoin BTC Makes Recovery Above 8000 Here’s Why Some Analysts are Bullish

Bitcoin [BTC] Makes Recovery Above $8000 – Here’s Why Some Analysts are Bullish

After a week of bearish moves, Bitcoin [BTC] price made a slight recovery on Friday. The rise attempted to break above the 200-Day Moving average, which acted as a resistance. It recorded a high at $8294.

The price of BTC at 3: 30 hours UTC on 28th September 2019 is $8176. It is trading 2.27% higher on a daily scale. The entire crypto market turned slightly green after a week of aggressive selling.

BTC/USD 4-Hour Chart on Bitstamp (TradingView)

While some traders see this as a momentary correction, others are also seeing a reversal.

The bears are eyeing sub $5k levels for a good entry point. However, it echoes with the situation earlier in Q1 this year. While the price has been bearish, the overall sentiments are bullish.

Moreover, even on the downside, crypto traders will be looking for a buying opportunity. UglyOldGoat, crypto trader and analyst tweeted on a sub $5k prediction

Just as I was bullish at 3,500 bearish at over 11,500 I can only be bullish at 7800 – 8200. Bakkt is bullish and structure changed when we rekt weak specs with future backwardation. The good thing is Bitcoin will be right regardless.

On-chain Vs. Price Movements

The recent uncertainty in price seems to be rising from opposing views of fundamental and technical analyses.

Bitcoin mining hashrate is at an all-time high, the transaction volume and realized price has also increased considerably. Moreover, long-term ‘hodlers‘ have also increased significantly. Leading on-chain analyst Willy Woo tweeted,

Structure is bullish, you can’t turn that around with a whiplash in price. Bull phases and bear phases of market cycles do not turn on a dime, especially on-chain.

However, the break-down below 200-Day Moving average is currently acting as a significant bear indicator. $7000-7500 has been the predicted range of this move. Sawcruhteez, a crypto-trader is turning bullish on technical indicators as well. He tweeted on why he is turning bullish, he said,

That was mainly due to the RSI bull div and the ADX rollover. I mentioned that final confirmation would come from a break of the 4 hour Lucid SAR, which just occurred. Now all systems are a go!

Bitcoin Price Analysis on the 4-Hour (Source: Twitter)

The next couple of weeks will be instrumental in confirming the year-end trend for Bitcoin. The speculations in Bitcoin [BTC] will further increase as halving comes closer well. The scheduled event in May 2020 has been creating a strong influence on market psychology.

Do you think December 2019 will be bullish or bearish? Please share your views with us.

Nivesh Rustgi Bitcoin News 1 min ago

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

Bitcoin’s sharp decline – The cryptocurrency falls below 8000

Bitcoin's sharp decline – The cryptocurrency falls below $8,000

Bitcoin lost about 20 percent of its value since Friday.

On Thursday, the Bloomberg Galaxy Crypto Index showed a decline of as much as eight percent for the cryptocurrency [File: Mary Turner/Bloomberg]

Bitcoin extended its five-day losing streak on Thursday and dropped below $8,000 for the first time since June as a growing list of concerns weighed on crypto assets.

Bitcoin fell as much as 9% to $7,736 in New York, according to Bloomberg composite pricing, before bouncing off the lows of the day. The Bloomberg Galaxy Crypto Index that tracks a basket of cryptocurrencies slumped more than 8% as peer coins, including Ether and XRP, also sold off. That's the lowest level since May for the index.

There is "no good catalyst to drive it higher," said John Spallanzani, portfolio manager at Miller Value Partners. Bitcoin was never able to regain the near-$14,000 highs it reached over the summer, he said, adding that the "market got tired and volume dried up."

Investors cited a variety of reasons for the slump that's seen Bitcoin lose about 20% of its value since Friday. Some pointed to a lackluster reception to the first Bitcoin futures contracts that were offered by the Intercontinental Exchange Inc.'s Bakkt platform. Others pointed to the U.S. Securities and Exchange Commission delaying a decision on a Bitcoin exchange-traded product. Still, others said the expiration of CME futures contracts set to take place this week is causing turbulence.

Here is what market-watchers are saying:

"As the volumes on these contracts have been particularly high this week, this month's close could be particularly volatile," Mati Greenspan, senior market analyst at trading platform eToro, wrote in a note in reference to the CME contracts.

"A Bitcoin ETF isn't likely to arrive on U.S. exchanges in 2019," James Seyffart, a Bloomberg Intelligence analyst, wrote in a note. "The SEC has made clear that it's concerned about Bitcoin price manipulation on exchanges without any regulatory oversight or surveillance."

"The crypto market drop will be a rude awakening for anyone who was starting to speculate that Bitcoin was becoming a 'safe haven' asset. However, compared to historical volatility patterns, a drop like this barely registers. There have always been sharp periods of volatility in crypto, and this kind of activity is only to be expected as the asset continues to grow," said Gavin Smith, chief executive officer at Panxora.

"There are many potential reasons for the recent fall in the price Bitcoin. It could be 'selling the news' on the launch of Bakkt, which has so far seen much lower than expected volumes of trading go through its platform following months of hype. It could also be in response to the rapid decline in Bitcoin's hash rate (amount of computation in the system) though this now seems less likely as the hash rate has somewhat recovered. Many cycle traders were also saying that Bitcoin was due a cycle low in early October, so that seems on point," said George McDonaugh, chief executive officer at KR1.

Falling below the $8,000 level could mean Bitcoin would test its 200-day moving average support, which sits around $7,000. And according to the Trading Envelope Indicator, a technical tool that smooths moving averages to map out higher and lower limits, the coin has fallen below its lower band.

Following a break below $8,000, "a quick move back to $6,000 would not be out of the question," said Spallanzani.

by By Vildana Hajric • Bloomberg

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

Bitcoin And Crypto Market Bearish Continuation – LTC BNB BCH TRX Analysis

Bitcoin And Crypto Market Bearish Continuation – LTC, BNB, BCH, TRX Analysis

The total crypto market cap dived more than $50.0B and tested the $200.0B support.
Bitcoin price is down more than 10% and it is currently consolidating below the $8,500.
Binance coin (BNB) price tumbled below the $18.50 and $16.50 support levels.
Litecoin (LTC) price is now trading well below the key $60.00 support area.
BCH price tested the $200 level and it is currently consolidating near the $220 level.
Tron (TRX) price spiked below the $0.0120 support area and it is currently correcting higher.

The crypto market cap and bitcoin (BTC) are signaling bearish continuation. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS are likely to extend their decline.

Bitcoin Cash Price Analysis

BCH price started a nasty decline after it broke the $300 and $285 support levels against the US Dollar. The BCH/USD pair even broke the $250 support area and declined more than $75 in the past two days. It even tested the $200 support area and is currently consolidating near the $220 level.

On the upside, an initial resistance is near the $235 level. However, the main resistance for a strong recovery is near the $250 level. On the downside, the key support is near the $200 level.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price declined more than 20% after it broke the $20.00 support area. BNB price traded below the key $18.50 and $16.50 support levels. Finally, it spiked below the $15.00 support and is currently consolidating losses near the $16.00 level. On the upside, there are many resistances near $16.20 and $16.50.

Litecoin price fell significantly after it failed to stay above the $70.00 and $65.00 support levels. LTC price declined below the $60.00 support and traded close to the $50.00 support area. A low was formed near $52.20 and the price is currently correcting towards the $58.00 and $60.00 resistance levels.

Tron price is down more than 25% and it recently broke many supports such as $0.0150 and $0.0140. TRX price even spiked below the $0.0120 level and traded towards $0.0112. It is currently correcting above $0.0125, but it is likely to face resistance near $0.0135 and $0.0140.

Looking at the total cryptocurrency market cap 4-hours chart, there was a nasty decline below the key $250.0B support area. The market cap declined around $50.0B and tested the $200.0B support area. It is currently consolidating losses above $210.0B. However, it seems like there is a bearish continuation pattern forming with resistance near $220.0B. If there is a downside break below $208.0B and $205.0B, there are chances of more losses in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.

Aayush Jindal

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

Bitcoin – 0 or 100000?

Bitcoin – $0 or $100,000?

Bitcoin has long toiled in obscurity. Despite the cryptocurrency now being valued at some $180 billion — the size of a large Silicon Valley firm — it is still relatively small in the grand schemes of things. Yes, it is one of the largest base monies in the world, but is still pitiful when put up against the size of, say, the equities or housing markets.

Some cynics have postulated that this is the biggest that the cryptocurrency will ever grow. Ever.

For instance, Larry Summers, the former Vice President of Development Economics and Chief Economist of the World Bank, said that gold, at $7 trillion, is around 1% of global wealth. And, cryptocurrency, he added, is approximately 5% of that. These proportions, he claims, are “just about right”.

In a recent Youtube video, the prominent commodities trader said that Bitcoin has a 50% chance of succeeding and a 50% chance of failing — no in-betweens. He defines success as a rally to $50,000 to $100,000 — meaning that Bitcoin would be valued at around $1 trillion to $2 trillion; and failure as a move for BTC to become “basically worthless”, which he claims is a sub-$1,000 price point.

While he believes that Bitcoin is more than a 50/50 binary than anything, Brandt has been leaning long over recent months, touting lofty predictions that were seemingly music to the ears of HODLers. As reported by Ethereum World News previously, the leading trader said that [there is a] “Possibility that $BTC has entered fourth parabolic phase,” Brandt noted while pointing to the chart seen below.

This uptrend, he has claimed will bring BTC to $50,000 and beyond.

Interestingly, $50,000 isn’t as crazy as it may sound from an outsider’s perspective.

A price model from Twitter analyst PlanB, which has been accurate to a 95% R2, has shown that after the May 2020 halving, BTC’s fair market capitalization will swell to $1 trillion. This market capitalization translates to $50,000 per coin as aforementioned.

That’s not all. ByteTree’s Charlie Morris wrote in a note earlier this year that Bitcoin is currently trending above a trendline that has an internal rate of return of 115% per annum. Should this trend continue, the analyst remarked that Bitcoin could “touch a trillion dollars by 2025”.

By Nick Chong September 22, 2019

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