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Analysis

Analysts: Bitcoin May Fall To $5,000 Before Initiating Another Mid-Term Rally

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This week has been quite interesting for Bitcoin, the largest cryptocurrency by market cap and the most popular digital coin out there. However, the interesting appeal was not because of its new surge (which was quite minimal but important) – but the fact that even the biggest Bitcoin bulls are confident about a new price drop.

Despite Fundstrat’s Tom Lee who again reaffirmed his $25,000 to $30,000 Bitcoin price projection by December 2018, other bulls are not as optimistic and think that the BTC price may fall to the $5,000 region before recovering and initiating a new rally.

One of them is the ShapeShift CEO, Eric Voorhees and the cryptocurrency investor Anthony Pompliano, who is known as Pomp in the crypto waters. Both of these analysts recently stated that the bear market for Bitcoin is not over yet – and that the dominant cryptocurrency may see a drop to $5,000 just before it initiates another major rally.

Voorhees was a guest at the CNBC Crypto Trader show, where he stated:

“I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while… But I think we are done with a majority of the collapse.”

The founder and CEO of the major digital asset trading platform ShapeShift also noted that while the bear market for Bitcoin is not close to an end, the worst part of the correction has slowed down.

This, coupled with the fact that Bitcoin’s volatility has dropped to a 14-month low, are enough proof that the stability of BTC is quite weak – despite the recent gains that pushed Bitcoin near the $7,000 mark.

Pomp, on the other hand, is more pessimistic about the BTC price than Voorhes. As he wrote in his latest newsletter:

“The final data outputs left me with a few uncomfortable conclusions. The most notable one is that we are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again. If this is true, that means we still have ~50 percent price decrease to go. Things may get really, really ugly if this happens.”

Many analysts are seeing Bitcoin falling to $5,000, $4,000 and even as low as $3,000 before another mid-term rally occurs. However, they also believe that the resistance levels for BTC are right now set to $10,000 to $15,000 by the end of December, which gives many investors additional confidence about buying BTC at its lowest price.

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Altcoin News

Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously

At the start of the week, today, Monday 18th, most of the top 20 cryptocurrencies are experiencing some slight losses and in today’s altcoin news we take a look at the crypto market price analysis. The number one cryptocurrency dropped down by one-tenth of a percent today and is now trading at $4,024 according to the data from CoinMarketCap. If you take a look at the weekly chart, the current price is higher about three percent than $3,906 which was the price at the start of the week. Ethereum (ETH) is still the largest cryptocurrency by a market cap which reached up to $14.6 billion. ETH is down by one percent over the past 24 hours. Currently, ETH is trading around $139 after starting the day at $140. On the weekly chart, Ethereum saw some increase action by more than four percent. The second-largest altcoin Ripple lost about three-quarters of a percent over the past 24 hours and is currently trading at $0.315. By looking at the altcoin’s weekly chart, we can see that the current price higher by a one and a half percent than $0.310 which was the starting price of the week. Among the top 20 cryptocurrencies, Bitcoin Cash (BCH) is the one altcoin that experienced growth by more than 5 percent. Dash and Maker both increased by one and a half percent. The total market cap of all cryptocurrencies is now $139.3 billion which is higher by four percent from its position a week ago. Among the other altcoins which see green are Digitex Futures and Lisk, both surging by 17% on the day. The other token of Crypto.com, MCO, is also up 17% right now. It is also important to make a comparison between the crypto and the stock market. The stock market also achieved some slight gains today after the S&P 500 increased by 0.15 percent and Nasdaq by 0.17 percent. The CBOE volatility index also gained a little less than 3 percent to press time. On the EU market, we can also notice that shares at Deutsche Bank and Commerzbank jumped by 3 percent after the banks announced a possible merger. The oil futures show mixed movements today after the WTI Crude increased up by 0.05 percent and Brent Crude increased 0.22. Opec Basket is also up by 1.04 percent.
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Altcoin News

Analysis: Bitcoin Finally Pushes Over $4,000 As Other Cryptos Experience Growth

As of today, Saturday, March 16, most of the top 20 cryptocurrencies are reporting noteworthy gains. In our latest altcoin news, the crypto market analysis shows that Bitcoin and other cryptocurrencies are in for a good weekend. Bitcoin (BTC) has gone past the $4,000 price point according to the data from CoinMarketCap. Currently, Bitcoin is up by two percent during the day and is trading at $4,022 at press time. By looking in the weekly chart, the current price is two percent higher than where the price was at the start of the week which is at $3,958. The data gathered from CoinMarketCap also shows that Bitcoin’s trading volume from yesterday, surpassed $11 billion which means that it has reached its highest value since April 25, 2018, when the price of the number one cryptocurrency was at $8,845. Ethereum, on the other hand, is still the largest altcoin by market cap which reached about $14.9 billion. Ripple, on the contrary, has a market cap of about $13 billion at the time of writing. Ethereum (ETH) is up by four percent over the past day and is currently trading around $141 after starting the day at a lower position at $135. On the weekly chart, the value of ETH seems to have increased by more than two percent from 138 which was the price at the start of the week. Ripple (XRP), as the second-largest altcoin gained more than 1.2 percent over the past 24 hours and is currently trading at $0.318. By looking at the altcoin’s weekly chart analysis, you can see that the current price is up by more than a percent which is higher than $0.314, the price at the beginning of the week. Among the top 20 cryptocurrency performers, Bitcoin Cash (BCH) is experiencing some notable growth by increasing in value over 10 percent on the day of writing. The total market cap of all cryptocurrencies combined is now reaching $140 billion which means there has also been some increase of approximately 3.7 percent higher than the value the market was at the start of the week which was $134.8 billion.
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Altcoin News

Bitcoin Dominance Falls To 2019 Low: Is The Altcoin Season Here?

The latest crypto news show that the markets are consolidating as we round off another week. The volume has crept up a little over the past few days and the total market cap is nearing the $137 billion mark, up $2 billion from the past few days. Bitcoin, however, hasn't had a proper stake in the new surge. In fact, the most dominant cryptocurrency has moved very little over the past 24 hours. BTC has already hit an intraday high of $3,945 before dumping to $3,900 and then slowly building back up to $3,952 where it is trading right now. The volume is back over $10 billion which is another good sign, along with the key technical indicators such as the MACD and hourly RSI which are now in the bullish zone. Ethereum, on the other hand, has been slowly sliding forward and made a percent on the day taking it to $136 with a 2% increase. The move has taken ETH through the weekly down trend line so that further momentum could follow, especially if Bitcoin turns bullish. Meanwhile, XRP has made a minor increase on the day and is now rising to $0.315. The top ten is still mixed right now but the green is dominating everywhere across the markets. Larger gains have been made by Cardano (ADA) as it climbed 5.5% to $0.049. NEM is also having a big pump with about 9% added on the day to take the token to $0.050. Right now, there is a speculation about a possible link between NEM Malaysia and Air Asia which may be driving the FOMO. Meanwhile, IOTA, NEO and ethereum Classic are all in the green making over 3% in the past 24 hours as the "altcoin season" gathers its momentum. The Crypto.com Chain is continuing its epic surge and has added another 50% as it nears the top twenty. This has been the best performing altcoin over the past week. CRO has made an epic 900% pumping, going from $0.013 to $0.092 and driving a new move forward. Among the other altcoins which see green are Digitex Futures and Lisk, both surging by 17% on the day. The other token of Crypto.com, MCO, is also up 17% right now. The total market capitalization looks very positive, adding two billion dollars since yesterday. Similarly, the daily volume is increasing and is now at $33 billion as altcoins lead markets at the moment.
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Analysis

Bitcoin (BTC) Could Be Heading For Another Downward Run: Bloomberg Report

A new Bloomberg report is in the news on our DC Forecasts Bitcoin news site - in which the key price movement indicators show that the most dominant cryptocurrency, Bitcoin (BTC), could be heading for another move downward. The report states that “technical gauges signaling long-term buying demand for Bitcoin are deteriorating” and in that manner, the buying pressure could soon increase. Bloomberg also noted that seminal crypto's Moving Average Convergence Divergence (MACD) indicator has been mowing in the low levels since mid-February. For ones of you who don't know, the MACD is a trend-following indicator of momentum which presents the direct relationship between the two moving averages of the price of a security. Meanwhile, Bitcoin has tested the $4,000 mark many times over the past weeks. However, the most dominant cryptocurrency has not been able to break above it for a meaningful period of time. As Bloomberg states, until Bitcoin breaks through this level, it is very likely to face selling pressure. The featured analyst in the post, Mike McGlone, said:
“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November [2018], just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”
Many other industry experts have suggested that investors are forgoing Bitcoin in order to move their money into altcoins. As one senior analyst at eToro named Mati Greenspan said in an email sent to Bloomberg:
“Bitcoin's 20% gains isn’t a poor performance. It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”
He also noted the following:
“It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”
Right now, data shows that the Bitcoin MACD is right now at 44.3, pointing to a new "sell" recommendation while the coin is trading below $3,900 and is stable on the day.
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