According to one trader who is featured in this post on our DC Forecasts Bitcoin news site, we may living in time when it is ideal to buy and stock up with as many Bitcoins as possible – mostly because we won’t ever see the price of BTC trading around $3,000 again.
Even though Bitcoin is down by 80% from its all time high, a large number of investors are still very cautious and store Bitcoin in low price ranges. What’s interesting is the fact that the Bitcoin shorts achieved a 3-week high earlier this week. This demonstrated a lack of confidence of investors in the market in the near-term performance of Bitcoin.
However, the trader that is known as “Galaxy” thinks that Bitcoin at $3,000 is a rare opportunity that does not come again in the future. According to him, since its inception, Bitcoin has established a trend of reaching a new all-time high. By enduring a steep decline in price, accumulating funds and recovering to a new high, it continued the circle.
Based on this circle, “Galaxy” believes that investors will never see Bitcoin at $3,000 once again after April – and that the dominant cryptocurrency is on a good path to recovering in 1 to 2 months.
As he said:
Although prices may appear to be random (to some), they actually create repeating patterns and trends.
Observing this pattern makes April the last month of cheap BTC. And now, of course it will be cheap multiple times in the future, but never $3,000 cheap.
Galaxy is not the first trader that is supporting BTC and its price movement. There are several of them who always foresee Bitcoin replicating its price movement in November, when it experienced the three months of stability and fell by around 50% in the following month (of December).
“Unless we break new local highs ($4,300), trend is still bearish. Expecting at least a dump back down to the green support level, maybe lower,” another trader said.
So, if BTC fails to break into the $4,000 region and surpass the $4,200 and $4,300 resistance levels, analysts believe that it may retest the lows at $3,300 with $3,122 as a mere possibility.
Analyst: BTC Will Break Higher In The Next Move Based On Yearly Trends
BTC Can Imitate Last Year's BounceCurrently, Bitcoin is over $4,000 and trading at around $4,057. The $4k mark and milestone was successfully passed after four months - BTC did not manage to make a sustained break above this price zone since late November of 2018 when it fell through it in an almighty dump. BTC has made it to $4,100 three times in four months and has fallen back pretty quickly. However, many predict a new breakout - and the good thing is that BTC did not fall below $3,000 which was another important milestone. According to the analyst with a Twitter handle ‘fil₿fil₿’ - BTC will rally from 25% to 50% if this formula holds. Previous rallies have all been over 25% and the highest was over 50% during April 2018 when Bitcoin managed to bounce from $6,600 to more than $9,000. https://twitter.com/filbfilb/status/1107791661491515392 "This tweet will self destruct in 7 days," the analyst noted.
Can Bitcoin (BTC) Visit The $5,000 Region: Trading Volume Says SoSince the current BTC volume is up, many are predicting the next move to be to $5,000. A similar ratio of over 25% would put BTC back to $5,000 over the coming weeks, which may echo a previous prediction using a different metric - when one analyst named Josh Rager predicted a move up to $5,000 by May 2019. Yesterday, Rager wrote: https://twitter.com/Josh_Rager/status/1107690544069836800 The daily volume has been a strong indicator of possible reversal into bullish territory. However, recent reports of fake volumes and manipulation by exchanges brought a lot of figures into question. Compared to the boom months of late 2017, this trend is still nothing and the trading volume is around half of what it was back then. Still, it managed to build up pretty fast and may be a strong indication that Bitcoin's next movement will be a break higher - eventually to the $5k waters - as many expect.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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Bitcoin ETF: SEC Receives 84% Negative Feedback On Application
“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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