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Analysis

Genesis Trading CEO: Bitcoin Will Bottom Out At $3,000

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Michael Moro, the CEO of Genesis Trading is in today’s cryptocurrency news for his prediction that bitcoin will likely bottom out at $3,000 after a whole week of declining and reaching $4,350. Moro thinks that the $4,000 support level is highly unlikely to last much longer as the selling pressure will continue to bring the price down.

Moro stated that the current situation is not working in favor of the day traders and investors that want to earn some quick money. However, he noted that the number one cryptocurrency has already experienced about 80 percent declines which are spread out in five occasions and this is yet the smallest one in the ten-year history of its existence.

He believes that institutional investors that want to buy bitcoin and are sure of it; don’t really consider this drop a serious problem. They are looking at a long-term investment that will fluctuate over the course of 3-5 years. Also, the cost of mining 1 BTC will drop as soon as the network’s hash rate drops as well. The biggest miners are still willing to continue mining at a loss.

When he was asked what he thinks the price floor prediction will get he said:

 “It’s really difficult. There are small levels of resistance, and we’ve seen the 4000 level get tested twice now in the last couple days, but I really don’t think there’s too much in the mid 3000s, so you won’t find much until you hit the 3k flat level.”

While trying to explain why Bitcoin is under a huge selling pressure, Moro noted that investor who got in the market before the bull run, liquidated their holdings so they can cut their losses, but the older investors have also started to liquidate and take their gains.

However, according to Moro, this isn’t a terminal drop for Bitcoin.

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Altcoin News

Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion

In the latest cryptocurrency news, we have the price of Bitcoin plunging to a new yearly low and staying at the $3,200 threshold, all while the valuation of the crypto market has dropped from $117 billion to $101 billion, by more than $16 billion in only one week. Currently, the total market cap is at $101 billion and is risking a new bottom which could see it dropping below the $100 billion threshold. Major cryptocurrencies like Bitcoin, Ethereum and Ripple all performed poorly against the US dollar and experienced losses above the 10% mark. The Ethereum price was seen as the biggest suffered, dropping by more than 13% from $98 to the current price of $83.56. The Bitcoin price also performed poorly in comparison to other major crypto assets and small market cap tokens in the past seven days. However, the lack of volume in most of the markets has put the most dominant cryptocurrency at risk of dipping below the support levels which are below the $3,000 mark. The well-known crypto analyst DonAlt summed up the situation by stating the following:
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”
Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.    
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Analysis

Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues

The latest Bitcoin news on our DC Forecasts Bitcoin news site show that the large sell-off from the $3,400 region has pushed the Bitcoin price to a new bottom and a yearly low at $3,200. As the most dominant cryptocurrency declined in value, other major altcoins such as Ethereum, Stellar and Bitcoin Cash experienced large losses against the US dollar. Bitcoin Cash (BCH) has even fallen by more than 11% recently and more than 80% in one month alone. Within a week, the BCH price has fallen from $116 to $89 in a 25% increase despite dropping nearly half of its value last week. Bitcoin's performance has been reviewed by many analysts so far. According to one of the most prominent ones called "The Crypto Dog" this may be a risky period to initiate trades on the short-term trend of the dominant cryptocurrency, mostly due to its volatility in a low price range. As he wrote on Twitter:
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”
Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
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Analysis

Analysis: Interest In Crypto Rises With More Than 55 Million Users In 2018 Alone

Despite the entire market tumble that happened this year, it seems that the interest in cryptocurrencies and blockchain technology has not diminished. For this reason, in today’s crypto news we take a look at the following analysis. According to a report written by the Cambridge Center for Alternative Finance, the number of crypto users has almost doubled and the number of crypto users that are registered with a service provider increased from 85 million to 139 million this year alone. According to the report:
 “Combining public data and survey findings, we estimate that the total number of user accounts at service providers amounts to at least 139 million in late 2018.’’
Active and verified users have increased seven times than two years ago. Last year the number of crypto users was 18 million, in 2016 there were only 5 million. The report notes:
 “Using a combination of verified user data and the average share of ID-verified accounts described above, we also estimate there are currently at least 35 million ID-verified users globally.”
There has also been an increase in the number of active users has also increased which in 2016 was about 35%, it rose to 36% and this year reached 38% active users. Despite the bear market, there is an even bigger increase in the number of crypto service providers that add support for multiple cryptocurrencies. Even cryptocurrency exchanges support multiple coins which make up to 89% of all the exchanges but also wallet providers decided to add multi-coin support up to 90%:
 “Wallets with multi-coin support surged from 46% in 2017 to 90% in 2018, with 60% of wallets currently supporting more than 3 cryptoassets as opposed to only 10% in 2017.’’
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Altcoin News

Altcoins Consolidating Above The Yearly Lows, Bitcoin Follows The Recovery Path

Even though the entire crypto news section is flooded by news about downward trends in the market, the negative sentiment is not seen in every altcoin out there. Despite the downside movement in the bitcoin price below the $3,440 support level, other major altcoins experience upward movements. Let’s take a look. Ethereum did struggle to recover above the $95 resistance levels and it declined even further below the $90 level. However, the buyers got interested in Ethereum when it reached a price at about $87 and the price is since consolidating. The price might rise towards the $95 level after the consolidation process since now it is standing at $92. Bitcoin Cash also failed to maintain its price above $100 and it declined by 3 percent. It is now trading at $99. BCHSV also declined below the $90 support level before buyers came in after the altcoin reached $85. It is now recovering and it is expected to face sellers near $100 support level. Ripple quickly recovered after dipping below $0.300 and the XRP/USD pair is currently up by 0.5% and it is expected to rise up to $0.320. Other smaller altcoins increased by 10 percent including XTZ, REP and DEX. Bitcoin didn’t go below the $3,400 support levels and it is now trading at $3,526. The BTC/USD pair broke the $3,400 support level and the price later corrected by a few points. There is a chance of a smaller recovery but if more losses occur, the price might start trading at another low of $3,225.
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