BTC On-Chain Metrics: Investors Bullish & Busy with Accumulation as Halving Approaches

  • Long term holders’ confidence largely unaffected by Bitcoin’s price drop
  • Investors capitalized on the discounted BTC and increased their positions

In less than a fortnight, Bitcoin reward halving would be here that will cut down Bitcoin’s inflation rate in half. And it’s to be seen how this supply deficit would be greeted by the market this time.

While price-wise the world’s leading cryptocurrency has already started to see action, in the past five days BTC/USD has jumped over 13% to $7,700.

Just like price, on-chain metrics are also suggesting bullish sentiment among the market with investors increasing their positions and HODLing on tight to their BTC.

glassnode-btc-miner-revenue
Source: Glassnode – BTC Miner Revenue

Investors optimistic as halving approaches

According to crypto analyst Glassnode, long term hodlers remain unfazed by the volatility, with 42.83% of all circulating BTC not moved for at least two years. In the past year, it increased by 10.4% despite the investors experiencing one of the largest market crashes in history.

One month from the Black Thursday, the number of BTC last active between one and three months ago also began to spike and has now hit YTD highs to 2,037,503.

This lack of movement means those that bought the bottom have been holding onto their new positions and market recovery has market participants favoring mid to long term holding strategies.

HODLer Net Position Change also remained positive during the bear onslaught only to climb to yearly highs in the latter half of April, suggesting long term holders not only held steady but also capitalized on the BTC discount to increase their positions.

Interestingly, the BTC balance on exchanges declined by over 10% since the February high. The outflow trend briefly interrupted when the price crashed only to accelerate after and since continuing.

“Withdrawal of funds from trading platforms could further reinforce the idea of more bullish long term expectations from traders,” noted Glassnode.

Source: Glassnode – BTC Exchange Balance

The increased interest in bitcoin is primarily from the retail sector as the total number of addresses holding BTC grew by nearly 25% with lower balance brackets hitting all-time highs.

Whales meanwhile are also making a comeback, with those entities holding at least 1,000 BTC hitting a 2-year high “exhibiting an accumulation pattern similar to one that we had seen in the lead up to Bitcoin’s previous halving.”

Both price and on-chain metrics are pointing towards an “optimistic outlook” from the investors ahead of halving but we are still in the midst of instability and uncertainty in both traditional and crypto markets.

As such, it is to be seen if the bullish momentum will continue or take a back seat after halving.

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Author: AnTy

Bitcoin in the Re-accumulation Phase But Market Not Confident about Price Escalation

  • Long term sentiments bullish but in the short term, the market is still fearful of another decline

Since yesterday’s lowest point, Bitcoin has risen over 20%, going to nearly $6,900 on Bitstamp. At the time of writing, BTC/USD has been trading around $6,700 while managing $2.5 billion on top ten exchanges with real volume.

Bitcoin has made a good jump that according to some traders could go to $7,500 level with the “crucial area to break is still the $6,800-6,950 zone.”

Last week, before the weekend, the world’s leading cryptocurrency jumped to about $7,000 level but the same day we went down to below $5,700. So, there’s yet to be known if we would be holding this level this time.

According to Trader XO, this rally might not be a real one as bitcoin tends to revisit the previous levels after making a pullback. He said,

“Don’t be surprised if we see one more raid around $6,500s before a bigger drop – wiping out a large number of late shorts / tight stops.”

Another trader Jonny Moe, who is “bullish as hell” where Bitcoin is heading fundamentally in the next few months, sees a “large bear flag right into horizontal resistance” that could see us revisiting the $3,000 to $4,000 range.

Tuur Demeester of Adamant Capital is also “not sure” that bitcoin will hold the current levels and believes it to be in the re-accumulation phase.

Has Bitcoin Bottomed?

Over the past few weeks, the price of bitcoin has been in a downturn that saw the digital asset crashing to $3,850. Could it be the bottom of this cycle? According to many, it might not be and we could very well visit new lows.

If equities fall another 30%, BlockTower Capital CIO Ari Paul says, both bitcoin and gold could go lower. Although they are still risk assets, with Wall Street focusing on inflation and depreciation 10x as much as 2009 and Fed announcing “infinite” money supply, both the assets can “catch a sustainable bid even before equities start recovering.”

In the long term, the market is confident and bullish on cryptos while seeing the pullbacks as buying the dip opportunities. But in the short term, the market is having a mixed reaction, with some expecting the world’s leading digital asset to continue to see high volatility and fall back to $4,200 level while others believe it’s time for BTC to soar 50 days before the halving. Analyst with pseudonym Ceteris Paribus said,

“Bitcoin is going to pump so fucking hard at some point, but there can be some nasty swings before it happens. Cut down on your margin positions heavily, hold the majority spot. Don’t get wiped out.”

“You think the worst case scenario is being in cash during the BTC pump? It’s not. It’s being early, getting liquidated before the pump, and then missing out on all the gains you could have had if you played it conservatively.”

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Author: AnTy

Analyst: A New 2019 Bitcoin High Not Coming, Here’s the Possible Scenarios for Bitcoiners

  • Next move to take Bitcoin to $9k but not expected to hit $14,000 in 2019
  • Long term scenario: Bitcoin will range above $100k

Bitcoin is continuing its downward momentum that started on Oct. 26 after hitting $10,500 in a sudden burst of gains, driven by Chinese President Xi Jinping publicly promoting blockchain technology.

But looks like a move to $9,000 is coming, according to analyst and trader Bob Loukas.

Currently, Bitcoin is trading at $8,568 with 24 hours gains of 1.03%, as per Coincodex, before dropping to as low as $8,375 today.

Loukas is expecting the next Bitcoin move to take us to $9k. But it isn’t the time to start celebrating yet because it won’t be a sustainable move.

Though the next jump after $9,000 would be above $10,000, Loukas projects the leading cryptocurrency to drop back under $8,400 in mid-December.

And then would be the time for BTC to go on a tear. Once the flagship cryptocurrency hits below $8,400, it would be the time to shoot up. But even then, Bitcoin won’t be able to make a new 2019 high before 2020.

On June 26, Bitcoin made its 2019 high at $13,900 after recording a surge of 160% in Q2 2019.

As we recently reported, a sell signal could be triggered if the BTC price drop below the 200-day moving average. Bloomberg Analyst, Mike McGlone also pointed out that the market is “in no hurry to take out the old highs.”

While trader Josh Rager sees more downside in future if Bitcoin makes a close below $8,235 with every time frame under monthly looking “ugly,” analyst Galaxy sees a drop below $8,200 soon but only after a few fakeouts. Don Alt also sees Bitcoin turning bearish if we close below $8.2-$8.3k.

The on-chain metrics aren’t any good either. As Bitcoin Exchange Guide reported, investors’ sentiments are mixed and retail investor interest has “plateaued.” As such it is “deciding moment” for BTC.

Long Term: Bitcoin Ranges above $100k

In the short term, Bitcoin is struggling to make it way back above $10,000. But what about the long term?

Changpeng Zhao, the co-founder, and CEO of the leading exchange Binance sees the price going higher as the industry gets bigger.

As for what the CT thinks, economist and trader Alex Kruger conducted a poll on Twitter trying to find Bitcoin’s most likely long-term scenario.

The majority of the CT, 46% of 4,105 voters, believes after a few more epic runs, BTC will eventually mature and settles into a wide range. 44% of 3,273 voters see it ranging above $100k and 24% between $30k to $100k.

A higher percentage (20%) of people think Bitcoin will dump into oblivion and Bitcoiners will get REKT than those who see Bitcoin becoming a global reserve currency (17%) with hodlers getting “immensely rich” and for the leading cryptocurrency to continue to outperform as scarcity keeps prices going up “forever” (16%).

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Author: AnTy

After A $4.4B Ponzi Scheme, OneCoin Co-Founder Faces 90 Years In Jail; CryptoQueen Yet To Be Found

Konstantin Ignatov now faces a ninety-year jail term for his role in the multi-billion-dollar fraud. A report released by the BBC in the past week noted that Ignatov entered into a plea agreement on October 4th. The BBC notes that details of the plea agreement were made public on November 12th.

Ignatov was arrested earlier this year at the Los Angeles International Airport. Upon his arrest, he went on to plead guilty to numerous charges including those of fraud and money laundering. Even though he is looking at a sentence of close to 90 years, reports indicate that he is yet to be formally sentenced.

In addition, there is a high possibility that he will not face any new additional charges for the role he played in the OneCoin crypto scam. But this does not exempt him from being slapped with would-be tax violations.

The OneCoin Ponzi Scheme

As previous reports have noted, the OneCoin crypto exit is very similar to another scam known as the BitConnect crypto scam. OneCoin, which is based in Bulgaria was launched in 2014 and has remained operational despite its being accused of being a Ponzi scheme by various investigators. During its peak period, the scheme is rumored to have raised as much as 4 billion euros, or 4.4 billion dollars.

Apart from pleading guilty on the various charges facing him, the BBC report indicates that he has also provided additional details against the “crypto queen”. Ruja Ignatova as she is known is his sister and is also one of the Co-founders at OneCoin. During his testimony against Mark Scott, he went on record to state that his sibling had obtained tickets and a passport to Greece and Austria from her Bulgarian home.

Mark Scott is said to have laundered close to four hundred million dollars using the OneCoin platform.

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Author: Daniel W

Bitcoin Searches on Google, Baidu, & WeChat Jumps over 200%

  • An increase in the internet searches for the term blockchain is much higher than bitcoin

On Oct. 25, Bitcoin price took flight, going from around $7,300 to $8,600 level that further continued the next day when it jumped to as high as $10,600. This surge marked the 3rd largest one day gain in Bitcoin’s history.

As Bitcoin jumped to early September level, after dropping to the 5-month low, the interest in Bitcoin also edged up.

Economist and trader Alex Kruger shared on Twitter that Bitcoin internet searches on Google, Baidu, and WeChat have seen a spike of 233%, 200%, and 145% respectively.

This spike in internet search is the result of price and not the other way around. However, an increase in the internet searches for the term blockchain is much higher.

On Oct. 23, the term blockchain saw 77k searches in comparison to Bitcoin’s 572k on WeChat. But two days later, on Oct. 25, these figures changed drastically, as while Blockchain registered 9.2 million searches, the term Bitcoin accounted for only 1.3 million, as per the data provided by Cole Kennelly.

Baidu searches for Bitcoin and Blockchain, Source: https://twitter.com/krugermacro

This is because of China’s latest move towards blockchain technology. President Xi Jinping recently talked about seizing the opportunity and take the “leading position” in the emerging field of blockchain technology.

Then as we reported, China passed a new law to regulate cryptography that will be implemented from January 2020.

Detailing the Price Action

But how did the interest in blockchain transferred to Bitcoin? Kruger explains that Xi Jinping endorsing blockchain had investors buying Bitcoin as “many in China associate blockchain with bitcoin.” Now, speculators speculate on that and front-run it or use the news to drive price.

This, Kruger says is just like the fake China macro hedge narrative, further explaining that there was no actual hedging going on, just speculation on such hedging that drove prices up.

But, “this narrative has more weight than the macro one, as odds of it creating mainland flows are higher,” he added.

Nic Carter, founding partner of Castle Island Ventures also found fault in this narrative as he says, “Much of the time it’s a big ol fund no one has heard of liquidating /buying in.”

Dovey Wan, the founding partner of Primitive Ventures, further provides an insight into the price action.

The CCP meeting where Xi gave the talk was held on Oct. 24 which was broadcasted to the billions the next day.

As a result, WeChat, where mostly industry people come to know about news on first hand, saw a significant spike in Blockchain but Bitcoin didn’t saw a hike until the next day. Baidu, which is usually visited by newbies, saw an increase of 1300% in Blockchain surpassing BTC.

“The Blockchain shill from Xi definitely helps Bitcoin awareness as well, the two concepts are interrelated, hard to isolate one from each other,”

she said.

Latest Bitcoin Price News and Crypto Market Updates

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Author: AnTy

Novogratz Is Bullish On Bitcoin; As Galaxy Digital, Leads $20M Funding For Current Mobile Banking App

Galaxy Digital CEO, Mike Novogratz remains bullish on Bitcoin’s long term price while speaking in an interview with CNBC on Thursday. The bullish statements follow the recent investment in Current, a millennial and Gen-Z focused bank with a blockchain wallet, by Galaxy Digital, who led the $20 million Series B funding round. Mike further confirmed the company is planning to launch BTC custodian services through a Bitcoin Fund in the future.

Current raises $20 million in a Galaxy Digital led Series B round

The fundraising attracted a number of top firms in the crypto and traditional finance industry including Galaxy Digital EOS Fund, Wellington Management Company, CMFG Ventures, and the venture capital arm of CUNA Mutual Group, a mutual insurance company. The company aims to develop effective and fun applications for teens and younger generations to easily access financial systems.

According to the official release, the company claims to have raised a total of $45 million in total so far and has registered close to 500,000 customers.

Speaking on the investment on Current, Galaxy Digital co-founder, Sam Engelbardt said,

“In a competitive neobank market, Current stands out for its focus on delivering better outcomes for the modern family, by empowering them with the financial tools to meet their underserved needs.”

The latest investment by Galaxy Digital comes on the back of bullish statements from CEO, Mike Novogratz, who believes the current drop in BTC’s price below $7,500 is a short term correction.

Novogratz confirms the launch of Galaxy Digital BTC fund

In an interview on CNBC, Mike Novogratz – who earlier predicted a possible bearish momentum in price at the close of October – said he is not sure of the exact direction BTC’s price will take in the short term. He, however, remains bullish on the long term prospects of BTC, targeting the $10,000 level.

He said,

“I’m hoping it holds here. $6,500 would be the next downside…I think you got to get back through $8,200 first and if it gets back through $8,200 we’re then back at the $8,000-$10,000 range. It’s going to need new energy to really make the big move.”

In the interview, Mike also confirmed his firm is looking forward to launching a Bitcoin fund with the project in the works. The Bitcoin mogul said the fund will act as a custodian, protecting the customers’ assets on the platform.

He explained,

“It’s just a bitcoin fund that takes care of custodying it, takes care of pricing it…It’s got one-week liquidity. So it just allows people to invest in bitcoin without setting up a Coinbase account, without worrying that their phone is going to get lost.”

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Author: Lujan Odera

RAVENCOIN Price Prediction Today: Daily (RVN) Value Forecast – June 10

Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market
  • The short term is in a bullish trend while the medium-term outlook is in a range-bound market.
  • Patience should be exercised trading the consolidation.

RVN/USD Medium-term Trend: Ranging

Supply zone: $0.09000, $0.11000, $0.12000
Demand zone: $0.05000, $0.04000, $0.030000

RVNUSD is in a range-bound market in the medium-term outlook. The cryptocurrency enters into consolidation from 4th June. The bulls retained the control of the market from 6th June after the bullish marubuzo candle formation breaking the resistance at the 10-EMA. Exhaustion was noticed at $0.07127 in the supply area as the bears stage a return within the range during yesterday session.

$0.06065 in the demand area was the low the bears’ pressure on price could go as the bulls gather for another journey to the upper supply area during today’s session. This was further justified by the signal of the stochastic oscillator pointing up at 60%.

RVNUSD is in consolidation and trading between $0.07200 in the upper supply area and at $0.05800 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

RVN/USD Short-term Trend: Bullish

The bulls sign of the dominance of the market occurred as today’s market opens with a bullish candle at $0.06209. The break out the key resistance at 10 and 50-EMAs confirmed the bulls takeover. RVNUSD rose to $0.06821 in the supply area.

The formation of the bullish flash was to serve as a correction in the market and also to confirm the bullish continuation.

$0.07100 in the supply area is the bulls initial target in the short-term.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez M

Bitcoin Parabola Still Intact, Price Explosion to Benefit These Two “Surprising” Additions to Bitcoin Billionaire List

Bitcoin Parabola Still Intact, Price Explosion to Benefit These Two “Surprising” Additions to Bitcoin Billionaire List
  • Interest from institutions and non-crypto pubic growing
  • The short term and parabolic rise still intact, however, each bull cycle keeps on rising

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The Bitcoin rich list led by Satoshi Nakamoto includes Bulgaria and the US government as well. In past 3 days, Bitcoin fell down from going above $9,000 to below $8,000, however, it was just a tiny bump in its way to the moon. Bitcoin bull trend remains unbroken despite the loss of more than $1000 in a few hours seen on May 30.

In the short term, Bitcoin is in a wedge that cryptocurrency trader and investor Josh Rager says could present an opportunity to short. However, with dollar expected to roll over in the next few months, Bitcoin might take an upswing.

Interest from Institutions and Non-Crypto Pubic Growing

May has been without any doubt one of the biggest gainers not just in 2019 or 2018 but since 2017. It is further validated by Binance’s latest report where it states May was “a much more active month in terms of OTC trading” compared to March and April.

Almost 40 percent premium for Grayscale Bitcoin Trust over BTC spot price at the end of last month further means institutional investors are “growing their exposure to digital assets and cryptocurrencies” wrote Binance. The month also saw interest from the non-crypto public and it continues to build.

This interest is building in the expectation of another bull run in the wake of the upcoming halving event in 2020. And the parabolic rise of Bitcoin that leads to such bull cycles is still very much intact.

However, these bull cycles are becoming increasingly longer for Bitcoin. The first one in 2011 was 245 days long while the second one was of 742 days length. The last bull cycle in 2017 was of 840 days long, so the next one is expected to be even longer say 903 days.

Bitcoin Rich List

As Bitcoin goes through its parabolic rise, it is expected to hit $1 million, though there are such bold predictions made by some like John McAfee, it is hard to know yet if we will go that high or even higher.

Whatever may be the price, if we take a look at the Bitcoin billionaire list, the first spot is the most obvious one that is unknown BTC creator Satoshi Nakamoto who owns 1.1 million BTC. However, what’s interesting is the second spot that goes to Bulgaria government that has 213,519 BTC.

The next six positions goes to Winklevoss twins (1,76,000), Roger Ver (50,000), Barry Silbert (48,000), Anthony Gallippi (34,000), Tim Draper (30,000), and Charlie Shrem (20,000).

Another surprising addition is of the US government that has about 10,000 BTC. The US government has actually confiscated 453,000 BTC which is at 2.6% of the total circulating supply that came from Silk road and SELEC.

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Author: AnTy