Did We Just Get a Confirmation of a Bull Run in Bitcoin?

The world’s leading cryptocurrency is again back above $8,000 after falling to nearly $7,650 yesterday. Up 2.20% in the past 24 hours, BTC/USD is currently trading at $8,052, as per Coincodex.

Bitcoin, however, is further expected to go up, so much so that former hedge fund manager Mike Novogratz “added some at 7700.”

As BTC makes a positive movement, altcoins are surging as well, emerging as the winners of the green market.

Bitcoin SV is in the lead with 20% gains while trading at $161.24 and Bitcoin Gold with over 18% gains. Other big gains involve Zcash (9.30%), Dash (8.14%), ETC (7.41%), EOS (7.30%), Litecoin (6.05%), and Bitcoin Cash (5.77%).

The altcoin in focus here is Litecoin. On-chain analyst Willy Woo says on the low time frame, LTC has been leading BTC and it has “already has broken the next resistance.”

As we have seen, LTC is up by 3.52% against BTC in the past 24 hours and 5% in the past 7 days. And LTC Woo points out,

“often leads if you are scalping low time frames or macro trading. Right now there’s critical signals from it.”

As for where we could go from here, Woo takes on-chain investor activity into account. As per the chart shared by Woo, investor activity in Litecoin has taken a much bigger upswing than BTC. Woo noted,

“LTC is already very bullish, while BTC is still consolidating around an early bullish swing.”

Just recently, he had shared that Litecoin difficulty Ribbon is in recovery, after going through the largest miner capitulation that the digital currency has ever faced. It should have a bullish breakout of its bearish channel, projected Woo. At that time, he said,

“I wouldn’t be surprised if LTC to leads a bullish breakout of BTC.”

Then on Jan. 8, he further pointed out how 1 day RSI breakout of LTC will lead its price to break the six months long bear channel.

Promoted as the silver to Bitcoin’s gold, Litecoin uses much of the same code as Bitcoin’s blockchain but works on a cheaper and faster scale.

But Litecoin founder Charlie Lee selling all of his LTC holdings at its peak in December 2017 caused rumblings in the crypto community.

But Lee then tried to reignite some interest in LTC by announcing that privacy and fungibility would be coming to Litecoin. Currently, Litecoin Foundation along with David Burkett, a Grin++ developer are working on MimbleWimble implementation.

Also, LTC reward halving on August 5 triggered a short-lived price rally that has many trying to predict the Bitcoin price movement during its upcoming halving in May. Woo said,

“In a nutshell, I’m expecting a bullish run in BTC lead by LTC as a confirmation signal.”

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Author: AnTy

Bitcoin: Trend Reversal or Another Push Before We Fall Flat?

  • Bitcoin climbs to $8,000, market sentiments simmers down from “extreme fear”
  • Trader says Bitcoin still in a downtrend but analyst says a break above $8,100 bullish
  • BTC’s next move is crucial as it “will largely determine its course for the foreseeable future”

Ever since Bitcoin hit $6,850 on Jan. 3rd, the digital asset has been slowly making its way upwards.

First, on the same day, we went to $7,350 level than on Jan. 5 we made it to $7,450. On Jan. 6, we added another $100 only to surpass $8,000 level on Jan. 7.

Currently trading at $7,874, in the past 24 hours, the trading volume took a jump as well going from less than $200 million on the weekend to more than $1 billion.

With 4.18% gains, Bitcoin is today’s biggest gainer among the top 20 cryptocurrencies. These gains also have investors coming out of the “extreme fear,” a sentiment the market has been experiencing since November.

A Break above $8,100 will be Bullish

The flagship cryptocurrency might have everyone excited with investors expecting some big moves ahead. But according to analyst The Cryptomist, we won’t be reaching $8,800 level next, at least not this time around.

On Dec. 30, how a possible daily ascending triangle within a weekly falling wedge plays out, we would be breaking out to $7,900 and $8,800 would be possible as well, said The Cryptomist.

But only if BTC manages to break $8,100 then she will turn bullish.

A similar bearish sentiment is shared by TraderXO whos says Bitcoin is still in a downtrend which means the price can hit $8,200-$8,500 only to fall flat. However, analyst CL is calling for a trend reversal based on the 4hr 200MA.

When $10k?

The ongoing Bitcoin market movement, sideways ranges in a downtrend, trader Cold Blooded Shiller says represents re-distribution instead of accumulation.

The accumulation borns from a steady uptrend and that he says happens when we made the first strong move with $4k range before “establishing the grind.”

Trader Nik Patel meanwhile says if BTC manages to close above the trendline resistance from June 2019 at $7,413, it is a good sign for the leading cryptocurrency because Bitcoin failed to do so on numerous occasions.

The wing low at $6,490, in mid-December, was swept and closed with an engulfing candle. Then we had a consolidation below $7,700 resistance only to now have a breakout.

So, if or the first time in six months, we manage to close above the trendline resistance, we could climb to $10,630 in the coming months, but of course, that will be riddled with a couple of corrections.

Whatever is BTC’s next move, trader Scott Melker says, it “will largely determine its course for the foreseeable future.”

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Author: AnTy

PlanB: “Bitcoin Should be Over $100k Before Christmas 2021 or All Bets are Off”

Bitcoin is still hovering around $8,000, alternating between climbing to $8,500 and dropping to $7,700, while volume continues to disappoint, currently, registering less than $200 million on top ten exchanges with real volume.

However, we are just six months away from the third bitcoin reward halving in May 2020. In the past, during this period, Bitcoin saw an 80 to 140 percent increase in BTC price.

But what about after the reward halving?

Recently, Raoul Pal, founder and CEO of Global Macro Investor and Real Vision Group, had popular analyst PlanB, who uses stock to slow approach to determine Bitcoin’s future price, on his podcast and talked about just that.

“If we look at the stock to flow model, the only thing I take from that, I’m taking the co-integration into account, is that somewhere between a year and a year and a half after the halving so say before Christmas 2021, Bitcoin should be or should have been above $100,000,” said PlanB.

But what if Bitcoin doesn’t surpass the all-time high recorded in December 2017 to hit a six-digit figure?

“If that’s not the case, then all bets are off and it probably breaks down. I don’t expect that to happen but that’s the big test that going.”

And this is what a lot of people are waiting for but for now, he’ll just see how that plays out.

The halving, PlanB says will “obviously be a very, very interesting event,” which given the fact that it has been historically a bullish event for the Bitcoin price will definitely be.

But it’s not all. The leading digital currency is also seeing a lot of interest from other market participants.

“What I also see is more interest from the gold community,” said the analyst.

PlanB himself doesn’t invest professionally in gold “because it’s all mortgages and fixed income and stuff,” but he’s in constant communication with the well-known gold and commodity funds and managers and “all those gold people are looking at the digital gold that is Bitcoin.”

Last year, the Incrementum report, ‘In Gold We Trust’ report had a paragraph on Bitcoin, for the first time. “So, everybody is looking at this thing” and “the more open-minded the gold investors are maybe thinking about rotating a little bit into the digital gold,” he said.

Also make sure to watch this preview of Plan₿ interview here:

And remember, as we approach the notorious halving in the next six to seven months, the fixed supply will be reduced in half (the 18th million bitcoin was mined today), but that will not change the overall supply of bitcoins being minted into existence.

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Author: AnTy

XRP Leading the Top Cryptocurrencies, Altcoins Jump over 10% As The Market Turns Green

  • The cryptocurrency market has turned green today.

Yesterday, Bitcoin dropped below $8,000 to $7,914 level which Jeff Dorma, the chief investment officer of asset manager Arca said has been

“less about the magnitude and more about the correlation and direction.”

But today, with 24 hours gains of 1.52%, the leading cryptocurrency has gone back above $8k, trading at $8,112, as per Coincodex.

Though low, trading volume has also risen to $266 million, this Dorman said means

“shorts are incentivized to keep pushing prices lower until they hit resistance.”

Commentators, however, are expecting BTC to drop to $6,000 level.

Analyst Benjamin Blunts also notes,

“GBTC already broke down on daily yet spot BTC hasn’t. For the last few months, has GBTC also been leading spot price by about 24 hours or so. This doesn’t look good for btc tbh.”

BTC dominance meanwhile, remains below 70% at 68.31% as altcoins record a higher jump than that of Bitcoin.

According to Joshua Frank, co-founder of TheTIE.io, a cryptocurrency analytics platform, since Bitcoin’s bull run this summer,

“a large decline in retail interest in the cryptocurrency,”

has been seen.

Altcoins, however, are enjoying the gains currently.

Among the top cryptocurrencies, XRP is the winner. The digital asset today touched $0.30, hitting a 7-day high after rising almost 7% in the past 24 hours.

XRP is followed by Stellar (6.20%) and Binance Coin (5.21%).

However, the top mover of today’s market is Basic Attention Token which is up by 11.91, trading at $59.19.

Other coins registering a surge of more than 10% are Monero (10.43%), NEM (10.42%), Dogecoin (10.60%), and Siacoin (11.20%).

While Bitcoin has been trading sideways this month, altcoins like XRP and Link recorded gains. Though a few coins like BNB, Matic, and REN among others are up a whopping more than 400 percent, the alt season hasn’t started yet. But with the positive momentum seen in the last few days, we just might see the top altcoins and a few other selective ones move closer to their all-time highs.

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Author: AnTy