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Analysis

Bitcoin Price Analysis: BTC Is On A “Slow And Painful” Way To $20,000

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bitcoin price analysis

In the latest cryptocurrency news, we are focusing on the Bitcoin price analysis as a main topic – especially because of one analyst who went in with a statement that BTC could be leading its way to $20,000 in a slow and painful process.

As the crypto news featured on Forbes wrote, quoting Kevin Dennean as a top tech analyst at the Swiss bank UBS:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

He also went on to add that “crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs,” saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery.

Featured on many best cryptocurrency news sites, Dennean’s statement also likened the Bitcoin price “bubble” to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.

“The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,”

In his Bitcoin price analysis, Dennean said:

“The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past.”

He also compared the rapid rise and fall of the Bitcoin price and warned the public:

“Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs.”

In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future – and all of this alone gives hopes to many traders and BTC price believers.

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Analysis

Stock Market Outperformed By Bitcoin By 10 Times This Year

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Stock market was outperformed by the number one cryptocurrency by 10 times since the start of 2019. According to the coming altcoin news, bitcoin’s price is up by 111 percent this year while stocks have an increase by 12 only. Morgan Creek Digital CEO Anthony Pompliano made clear that bitcoin did amazingly since the start of the year. Between April and May alone, the price of BTC added $2,000 to its market price. As e-Toro’s Mati Greenspan put it:
‘’At this point, a $200 move in the price of Bitcoin could easily lead to a move of $2,000.’’
The billionaire venture capitalist Tim Draper, spoke to CNBC and pointed out that the newly established brands which go public such as Uber, aren’t going to experience huge price growths. Instead, he expects that the stock market and its value will increase by 10 to 20 percent. Bitcoin bulls, on the other hand, don’t get a headache for the top-ranked cryptocurrency since BTC has so far remained close to the $8,000 price point despite the recent downturns. Mary Yusko, the Managing Director of Morgan Creek Capital Management, stated in an interview with one of the best cryptocurrency news sites and described BTC as a great investment portfolio diversifier. Many other commentators have stated previously that BTC will constitute at least one percent of every investment portfolio. Yusko also expressed his opinions similar to Pompliano’s saying that BTC is always a better investment than stocks. Back in 2019, Yusko spoke about the potential of the cryptocurrency saying it was the greatest wealth opportunity of our time. Bitcoin’s stock would be a great investment portfolio diversifier that could come into more significant prominence during a market decline. According to Yusko, the Federal Reserve and their comments on slashing interest rates show the awakening of the economic weakness. Central banks across the world are also on considering adding similar monetary policies. The history of price precedence shows that the rate cuts can lead to market weakness as it was in 2001 or 2008. For some people such as the bitcoin bull Max Keiser and Travis Kling, Bitcoin is a hedge against the fallback from the ‘’irresponsible’’ central bank policies.
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Analysis

CME Futures Gaps Show Bitcoin Could Be Headed To $18,000 (Or Higher)

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The Bitcoin price is still a hot topic re-shared by many best cryptocurrency news sites. However, what's interesting in the latest news is a hint by CME Futures gaps which shows that if all goes well, Bitcoin is headed to $18,000 or higher. Even though most of the analysts first want to see BTC at the $9,000 or $10,000 price targets, one trader believed that BTC may be heading higher - to price points which have left gaps in the CME Bitcoin Futures charts that yet need to be filled. After going parabolic in the recent weeks, Bitcoin has corrected to a level below $8,000 and further dropped down to $7,500. Currently, the price action shows that BTC is increasing and colliding with the hints and predictions from CME Futures gaps. Ever since the start of April, Bitcoin has been the main talk of the finance and tech industries - and a hot topic in the latest cryptocurrency news. It was also the first-ever cryptocurrency that has bounced back from bear market lows and captured the attention of the market and media once again. So, is a new parabolic move coming in for Bitcoin? The CME Futures gaps show that this is entirely possible, mostly because of Bitcoin's move in late December 2017 which left two unfilled gaps on CME Group's Bitcoin Futures chart. These two gaps, according to some altcoin news analysts, could mean that Bitcoin is targeting $17,700 and $18,500 - which are two price levels without candle bodies as can be seen in the chart shared by the self-proclaimed “shitcoin trend trader,” Rampage. https://twitter.com/Thrillmex/status/1130910351757852674 The CME Futures gaps show that certain filling is needed. Speaking of, in the financial market, "filling the gap" is basically a process in which an asset returns to its previous price levels where a void in the chart has formed - due to the price of the asset which is rising or declining quickly while the trading is offline. When the trading resumes, the price of the asset is significantly lower or higher than it was at close - thereby leaving a gap. This Bitcoin gap is a major topic right now and could hint on something bigger than many expect.  
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Analysis

Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning

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Bitcoin's price goes to $8K, btc
Bitcoin’s price goes to $8K price level again and continues to follow a steady ascending triangle pattern. The altcoin news today will give you some more detail on the price analysis of the number one cryptocurrency. The Bulls managed to go past the $7,500 price level yesterday and will now focus on the psychological $8K level.  On the daily BTC/USD charts we can see that the ascending triangle is continuously forming since the asset made a strong recovery off the uptrending pattern yesterday. Currently, the $8,000 level seems to be making slight friction in the uptrend as selling pressure from the short-term traders is reaching the market. Bearish signals on the MACD indicators are seemingly worsening since the analysis made a day ago despite the price surge in Bitcoin by 5.24% in the last 24 hours. The selling volume is also growing and the 12-MA has yet to show signs of converging above the 26-MA point. We should also consider that the MACD is a lagging indicator so the signals can often trail behind the current price activity. If the bulls come close to the $8K price point, we could expect a bullish convergence to appear during the early hours of the day. But if BTC ends the day below the said price point, we could see another bearish breakout which will take Bitcoin’s price below the uptrending support near the $7,600 mark. Bitcoin's price goes to $8K level strongly despite the insignificant bearish sentiment. As noted in the latest cryptocurrency news, the RSI indicator shows that the sentiment remains bearish as the momentum shows a slight decline along the support line. From this, we can all see that the buying momentum is weak and could result in a reversal trend unless new support comes. On the 4-hour charts, the BTC/USD pair shows a totally different picture. Here it appears that the price action is breaking out of the bullish pattern. The indicators also track the price action closely and will give the traders a better idea of the bitcoin’s price movements. Over time, traders will be able to see smaller changes in momentum clearly which is why the bullish signals are appearing on the MACD and RSI. Overall, we could expect to see Bitcoin test the $8,100 level in the new few days if the momentum continues to improve.
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Analysis

Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%

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Expected bitcoin drop that happened over the past 24 hours has led the other major crypto assets to plunge by 7 percent. Bitcoin’s price dropped by around four percent against the US dollar and we find out more in the coming altcoin news. The anticipated drawback of both bitcoin and all of the other major crypto assets comes after the technical analyst Josh Rager proposed that a healthy bitcoin pullback will surely come due to the coming off a massive 100 percent gain. He pointed out:
“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.’’
Over the night, the value of the entire crypto market dropped by around $12 billion from the previous $249 billion and reached $237 billion. In the past 30 days, the price of the number one crypto asset started climbing from $5,100 and reached $8,000 which an increase of $3,000. This is a massive monthly gain against the US dollar by 56 percent. On another occasion, bitcoin came out as a winner in the short-term gains since it corrected itself by 20-30 percent as mentioned in the latest cryptocurrency news. The 20-30 percent correction could have meant a drop to the $6,000 price range which some technical analysts believe could happen in the previous weeks. Similarly, another crypto trader better known as ‘’Mayne’’ suggested that a drop below the $7,500 could lead the major asset to plunge below the $7,000 support level. He said:
 “BTC – Need to hold $7,884 and red OB for upside target $9k+. Break below red OB I expect $7,300 and maybe lower to $6,400. ETH – USD pair needs to break and close thru $260 to get to $300. BTC pair had a nice reaction of range low if we can hold EQ and flip grey OB looks good.’’
The expected bitcoin drop from its position is considered as a healthy step for bitcoin that could strengthen the foundation for the market to start a strong upside movement soon. The founder of Morgan Creek Digital stated that the average return for bitcoin over the past years could appeal to institutions that have billions of dollars to pour in the asset.
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