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Analysis

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

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Bitcoin May Fall To $5k

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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Analysis

High Bitcoin Volatility Expected Soon: Price Analysis

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high bitcoin volatility
High bitcoin volatility is expected soon according to price analysts since, over the last 48 hours, the largest cryptocurrency managed to break the upside as the bulls attempted to regain control of the price so in today’s altcoin news we take a closer look at the price analysis. On the 4 hour charts, we can see that the downtrend over the past nine days and it formed a descending trend that was broken to the upside in less than two days ago. Since then, the Bitcoin price levels reached $10,120 whilst the POC moves up to $10,560 around the current price which shows there is a good amount of support in the current market price. The 200EMA is running through the same channels and both moving averages are the closest they have even been to each other in more than a month. When both moving averages are close to each other after a high bitcoin volatility period, it’s a sign there will be more volatility in the future. This could be started with a massive move in any direction as the bullish trend is still present so Bitcoin will be holding above the key support at $8,000. On the hourly charts we can see that the breakout price levels have been trading close to the points of control at $10,600 and the retest of the 50MA highlighted on the chart that shows a strong wick that is usually a sign that bulls are in control and the Bitcoin price levels will move up further during the intra-day trading session. As the latest cryptocurrency news show, the 200EMA and 50MA are in a sandwich price action as it looks as the 4-hour analysis above which shows there is a strong sign of suppression that can be noticed on the short-headed candles with large wicks. This also means that the whales are fighting for the price levels to try and maintain the tight trading range in the short-term. In the further BTC upside in the coming days and weeks, the key resistance levels are looking to reach the $10,600 and $11,900 and even the $13,270.
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Analysis

Ether Is Consolidating The Losses Against Bitcoin

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The coming altcoin news show that the price of Ether is consolidating after declining heavily below the key $300 support area against the US dollar. The price of Ethereum traded close to the $260 support level but is currently consolidating the losses and making a new push towards the $280 mark. It all started yesterday, when the altcoin news showed that Ethereum, Ripple and other major altcoins fell against the US dollar after the massive drop in Bitcoin was made. ETH/USD declined heavily below the key $300 support area and even broke the $285 support. Right now, Ether is consolidating but the price before this consolidation period traded close to the $262 level and bled a lot. Many best cryptocurrency news sites show that traders are concerned about the performance of Ethereum (ETH). The fact that Ether is consolidating is backing up their beliefs. The bad news is that there is a short term bearish trend line forming with resistance near $274 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from $290 to $262 swing low is also acting as a major resistance. The latest cryptocurrency news show that the price of Ether is consolidating but also forming a support base above $275. If it manages to clear the trend line, the next stop for the bulls could be near the $280 and $282 zone. The $61.8 Fibonacci retracement level of the recent decline from the $290 high to the $262 swing low is also likely to act as a major resistance. In order to initiate a fresh increase, however, ETH must settle above the $285 resistance. In that manner, if there is no upside break above $275 and $280 while Ether is consolidating, the price could continue its losses. The initial support is right now set near the $262 level below which the price will likely break the $260 support level. In such case, the next major support will be set near the $250 level. When looking at the chart, the Ethereum price seems to be improving and consolidating losses above $262. There are signals of potential correction higher which is why ETH is very likely to face resistance near the $280 or $285 level in the near term.  
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Analysis

Cameron And Tyler Winklevoss: It’s Bitcoin’s Bottom Of The First Inning

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cameron and tyler winklevoss
Cameron And Tyler Winklevoss, the popular Gemini exchange owners seem to be having some great expectations for bitcoin. Let’s read more about what they had to say in the latest cryptocurrency news below. In a panel discussion with ‘’Bitcoin Billionaires’’, Cameron and Tyler Winklevoss discussed the current crypto landscape. Excerpts from the event were tweeted by a crypto analyst who goes under the Twitter handle @WillTradercipher whose tweet Gemini retweeted. While the bitcoin price is currently with a market cap of $229 billion, the twins believe that it’s early days for the entire crypto ecosystem by saying:
"We still think it’s the bottom of the first inning."
The Winklevoss twins first invested in bitcoin back in 2013 and they said that at first bitcoin didn’t sound like a good idea but after a few tequila shots it started making sense. Now, they have about 1 percent of all bitcoin outstanding. The twins reportedly plowed millions from their settlement with Facebook into bitcoin of course. After they saw that the investment balloon will be estimated for billions of dollars, they claim to have taken away the sting from having Facebook kidnapped from them. The Wall Street Journal apparently asked them what happens when the twins meet with Zuckerberg at a crypto conference and the twins answered:
 “Welcome to the party, what took you so long?”
Regarding Libra, Facebook’s cryptocurrency is looking less as a cryptocurrency. David Marcus who works at the development center for Libra reportedly wrote to the lawmakers:
"We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”
Meanwhile, the policymakers have a hard time to understand and to find a way how to handle Libra but they can’t stop bitcoin at least not anymore. Cameron and Tyler Winklevoss noted:
"To shut down bitcoin you have to shut down the internet...like North Korea. Countries will have to play with it."
As per the coming altcoin news, the twins see future where Zcash and Ethereum will have a very important role mainly because of their privacy features. As for Gemini, the competitive landscape is only warming up. Poloniex, for example, allowed purchasing cryptocurrency by using credit and debit cards, Binance is coming to the United States and CEX.io also opened a new US office.
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Altcoin News

ECB Official Warns: Libra Could Be Very Dangerous Without Rules

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ecb official
ECB Official Warns that Facebook’s Libra crypto project could become very dangerous without having the proper financial regulations in place. As previously reported in the altcoin news here, Libra has been analyzed hundreds of times and still hasn’t got the approval that it is seeking. Facebook’s motto was to break things and move fast so now regulators across the world are working fast to prevent the tech giant to develop the cryptocurrency into a ‘’regulatory void.’’ The ECB official says that it is ‘’too dangerous’’ for companies such as Facebook to develop these kinds of projects:
‘’It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.’’
The entire ECB executive board believes that digital currencies will represent the ‘’wake-up call’’ for regulators around the world. He believes that this could result in regulatory entities making improvements in their operations. Facebook’s plan is to launch a digital currency which will trigger central banks and all policymakers across the world. The U.S. congressional committee asked the social media giant to stop the operations regarding Libra. Also, the House Financial Services Committee noted issues that touch the security nature of the cryptocurrency and Facebook’s troubled past regarding data privacy:
‘’Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action.’’
The House Financial Services Committee also warned that if Facebook decides and launches Libra prior to the legislative solutions, the result will be a new ‘’Swiss-based financial system that is too big to fail.’’ The committee also stated that it will further hold public hearings on crypto-related matters next week. As noted in the latest cryptocurrency news, the Reserve Bank Of Australia Governor Philip Lowe indicated there are a lot of regulatory issues regarding Libra. In Asia, the Bank of Japan also warned that Libra poses a huge threat to the current financial systems.
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