The $8,000 mark for Bitcoin seems to be an important price point for the cryptocurrency market leader, Bitcoin (BTC). Ever since its breakdown from $9,400 to around $7,700, the Bitcoin news showed that there is a bearish momentum all around the marketplace. However, knowing that over the past two days we have seen some upticks in both the Bitcoin and altcoin market cap, a CNBC crypto analyst is now featured in the news for stating that the current market state may rise as a whole.
After the $1,800 drop in price on September 24, Bitcoin and the rest of the crypto market seem to have taken a few steps back regarding the overall trend, which showed significant exuberance in June 2019. As the popular crypto Twitter analyst Big Cheds said, the upcoming days will likely be bearish for the crypto space in the short term – but they are definitely bullish over the long term.
Big Cheds also noted that on October 6, Bitcoin closed out another weekly candle with a new tweezer bottom. The CNBC crypto analyst with this indicated that tweezer patterns can be indication of a reversal in the price of an asset. For those of you who haven’t been following our crypto news today, it is important to note that despite all, Bitcoin is still 2019’s most valuable asset.
The CNBC crypto analyst noted that a tweezer pattern occurred near the bottom arm of the Bollinger Band indicator (which shows that BTC has a relatively low price). Big Cheds also noted that the above signs show oversold conditions – even though he added that Bitcoin’s most recent weekly candle did not close with strength.
“There is support here from July 2018 as well as May 2019, so it is not unlikely that we will see a short-term bounce. In addition there is a hidden bullish divergence with OBV’s lower low versus price, suggesting bullish continuation,” he noted.
In the ETH news, the situation is quite the same. When it comes to Ripple’s XRP token, we can see that the coin managed to add a lot to its price over the past couple of days. All in all, the market is probably recovering and may spark soon, according to many analysts.
Growth Of BTC Millionaires Now Matches The Early Years: Report
“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network.”
Source: charts.woobull.comWoo was expanding on his original data from blockchain analysis resource Glassnode. According to him, the fresh desire for major Bitcoin balances at vastly higher prices than five years ago tells that wealthier individuals coming into the space.If the generating addresses with over 1,000 BTC at the time were doing so out of technical curiosity, the incentives in 2019 are purely financial. Willy Woo talked about this in his growth of BTC millionaires report and summarized:
“IMO we're likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”Meanwhile, the crypto news show that the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth which started in late 2013 prior to the implosion of the major exchange Mt. Gox.As many news sites reported last month, the number of addresses containing more than $100,000 has also hit a new all-time high. At press time, around 3,070 addresses hold more than 1,000 BTC each, representing around 0.01% of the total, according to the BitInfoCharts' Bitcoin Rich List.What's also important is that many of the richest addresses - specifically the top four - belong to exchanges such as Binance which are holding Bitcoins belonging to millions of users.Besides the growth of BTC millionaires, the situation on the market remains the same - and the total market cap is nearing $225 billion.
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Brian Kelly Believes The Market “Needs A Bitcoin ETF” RIght Now
“You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”Brian Kelly also pointed out to the fact that the United States Commodity Futures Trading Commission (CFTC) decided to define Ethereum as a commodity and how this made a significant impact on the space.
“The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. [...] That opens the door for institutions to come in. [...] Everybody is concerned, what if they ban it? [...] The CFTC said ‘we’re not banning it yet, we’re gonna regulate it,’ and now investors can say ‘Put them in my commodity bucket.’”In May this year, Brian Kelly also said that the upcoming supply cut - which was brought by the next halving of the block reward - is what Bitcoin needs to rise further in the coming months. As we reported on October 9, the US SEC rejected Bitwise Asset Management and its proposal to list a Bitcoin ETF.Meanwhile, the Bitcoin news updates show that BTC is still vulnerable in the $8,000 region and trades at $8,350 today with a downward momentum. Meanwhile, there are altcoins surging such as Binance Coin (BNB) and Bitcoin SV (BSV). The market is not in a good position and things may change soon, but there must be a coin that will trigger a new bullish run.
Bitcoin Is No Longer Seen As The Driving Force Of The Current Market
“Now that Bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move,” said Selbert. “Bitcoin is part of the financial landscape in a very intertwined and mature way.”As it stands, Bitcoin is trading at $8,346 and the latest crypto news bring a mix of reds and greens on the marketplace. The 24 hour trading volume is stable at $46 billion and the dominance of Bitcoin has fallen to 66.8% - another sign that Bitcoin is no longer dominant in every single way.Among the tokens which are rising today we have Bitcoin SV (BSV) which managed to grow by 4.43% reaching $89.21 - and Binance Coin (BNB) which surged by 2.53% to a price of $17.46. The biggest loser, on the other hand, remains Chainlink (LINK) with its price of $2.54 following a 5.36% decline.
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