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Crypto Analyst John Kolovos: Bitcoin Price Will Drop To $8,500

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Crypto analyst John Kolovos recently told the Bloomberg that he expects bitcoin to drop further to the $8,500 price level before rebounding and as we can read in the latest cryptocurrency news, he believes that bitcoin futures are a great buy at $8,500.

The Macro Risk Advisors chief technical and crypto analyst John Kolovos spoke with Bloomberg about the bitcoin price and the action of the coin. He also talked a little about the recent Congressional and Senate hearings over Facebook’s crypto project Libra. According to him, the price of the number one cryptocurrency is going through a corrective process and he stated that he does not believe bitcoin is going through a new trend in a changing correction motion.

Kolovos explained that the Bitcoin price is currently going through the motions of an ABCD correction and it is trying to find support around $9,000. Kolovos suggested that Bitcoin is close on the verge of stabilization but he warned that before this happens the digital asset will be in for some more downside followed by a messy consolidation. The bitcoin price is now finding support at the 50-day moving average but there is a presence of an M top formation which could continue to attract bears. Additionally, the RSI could drop further before a healthy bounce since, during the bull run in 2017, the RSI of 40 proved to be a reliable bounce point for buyers.

Kolovos outlined that currently there is a lot of price congestion in the current range and that the current prevailing trend on the long-term chart was very strong and a counter-trend is not really advisable. Also, there are some buyers at the lower levels between $9,000 and $8,000. He also noted that the bulls are in charge currently since Bitcoin is above the 50-week moving average and that a sign like this was a clear indicator in April that there will be a resumption of the long-term uptrend. He noted for the Bloomberg altcoin news:

‘’Classic technical analysis tells you that this pattern, implication of which, gets you back to the old highs, which would be around $20,000. So the long-term trend tells me to buy the pullbacks so that’s the reason why I think we should be buying around $8,500.’’

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Bitmain Lost More Than $625 Million, Hopes On New Tech To Turnaround

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Bitmain lost more than $625 million in the first two months of this year but it still remains positive that the new technology will help it to turnaround based on the high demand for the new 7nm mining machines as we can read in the coming altcoin news below. According to a report from the Chinese news outlet, the total operating income for the first quarter of Bitmain was about $1.082 billion dollars and with revenues split over the three months as $253 million, $253 million and $579 million. In the first two months of 2019, the company lost more than $345 million and $280 million but in March Bitmain posted a profit of $215 billion. Still, Bitmain lost more than $310 over the Q1 which is not a good look for the company. The loss was down to the outdated 16nm mining rig inventory which was sold at very low prices. Despite the Q1 losses, Bitmain expects a better performance in H2 once the old stack is cleared and the company starts selling the new 7nm machines. Bitmain also placed a huge order for the 7nm chips from the Taiwanese Semiconductor Manufacturing Company whit a lead time of 3 and 4 months. The company expects cash flow to steadily increase in Q3 because advanced orders are expected and then an explosive growth in the earnings as well. The company also expects a huge growth in profits on its artificial intelligence line of products. As we can read in the best cryptocurrency news sites, Bitmain still has to post some improved results if it wants to attract investors to its IPO. The company revived its IPO plans for the United States after the original filing in Hong Kong lapsed. Bitmain had a very bad year in 2018 when the prices fell across the crypto markets and it even took an ill-advised gamble on bitcoin cash. This was considered as good news because the mining became more decentralized and the mining dominance of the company dropped. The upturn in the bitcoin fortunes has also helped the company to recover with some of the sources saying that the staff options were completed already with the revival of the IPO.
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US Senator Sherrod Brown Believes Libra Is A Subprime Mortgage

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US Senator Sherrod Brown didn’t hold back when talking about Facebook’s foray into the crypto space comparing Libra with the subprime mortgage crisis that caused the global recession in 2008 as we have read previously in the altcoin news. Facebook’s entry into the crypto world has made many enemies in the political circles and the backlash for the cryptocurrency was so bad that it painted the rest of the crypto community in a bad light. However, this week the senators have discussed the nature of cryptocurrencies and Libra separately. The high ranking senator Sherrod Brown stated that before the economy was destroyed in 2008, the bankers were trying to pitch innovative products- subprime mortgages. Now Facebook claims that its new currency will help the unbanked and underbanked people so these ‘’ mortgages’’ are supposed to help people who have never had the access to credit archive, leave the American dream and become homeowners eventually. The senator continued to explain that in reality, the mortgages ripped off millions of people and families who ended up losing their homes and life savings so they wrecked the economy and made the inequality in the country even worse. Some of the tech companies and Wall Street banks who were hiding behind innovation as an excuse took over the important public services and destroyed it further. The primary fear arises from the notion that Facebook is attempting to become the world’s first and largest internet bank. With a massive user base of third of the world’s population, even a fraction of the users to use Libra will destabilize the entire existing financial system. The comments that the senator Brown made are similar to those of the Republican crypto adversary Brad Sherman who said that Libra could ‘’ do more to endanger America than 9/11.’’ His rhetoric was applied to bitcoin as well as referring to drug dealers, human traffickers, and money launderers. As seen in the latest cryptocurrency news, Facebook has been in the heat and under pressure from the regulators over the past few weeks. Earlier this week, the company hinted that the project ‘’ may never see the light of day.’’ The data privacy scandals are among the reasons why it is not wise to let Facebook mess up with user bases and data and especially not money.
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Steve Bannon Remains A Strong BTC Supporter Despite Trump’s Hate

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Steve Bannon, the long term bitcoin bull and crypto supporter but most importantly the architect of the Trump campaign, remains a strong supporter despite Trump’s negative stance on cryptocurrencies as we read in the latest cryptocurrency news. When he was speaking with CNBC, Steve Bannon boasted that he had the courage and strength to buy Bitcoin as its price dropped down in 2018 crashing from the previous high of $20,000 to a low of more than $3,100. He stated:
 “I would like to say I had enough foresight and enough courage to buy as it went all the way down.’’
The bitcoin price was trading today at $10,560 which means that Bannon was highly rewarded and some other crypto investors as well that survived the ‘’crypto winter.’’ Steve Bannon had a bullish bet that led Joe Krenen himself who is also a budding Crypto Twitter darling to create a new nickname for the Breitbart executive chairman to ‘’Bitcoin Bannon.’’ Steve Bannon says that his interest in cryptocurrency is now more than speculative. The remarks he made in the past he stated that crypto technology would be a huge and important part of this new true passion project which is the ‘’global populist revolt.’’
 “I think cryptocurrencies have a big future, I really do. I think they can be a very important part going forward, particularly in this global populist revolt.’’
Previously, Bannon called bitcoin and its usage a ‘’disruptive populism’’ and stated that the cryptocurrency is a revolutionary technology because it takes back the control from the central authorities which are central banks and US Federal Reserve who have strict monetary policies and have been causing President Trump so much consternation in the past year. Bannon even noted that he is considering launching its own ‘’utility token for the populist movement’’ but it is still not appear that the plans are going really anywhere. As noted in the coming altcoin news, Trump stated that he is not a fan of bitcoin and some of the cabinet officials have railed against the cryptocurrency and connected it with criminal activity. The Treasury Secretary Steven Mnuchin even warned that it could even become a national security risk and a huge threat to the global financial system.
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Boris Johnson And Brexit Boost The Bitcoin Price: Analysis

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Boris Johnson, the Prime Minister of Britain who was given the hard task to guide the UK through Brexit could be the major reason why the bitcoin price and interest on Google increased. In the latest cryptocurrency news, we are finding more about the correlation. Google searches have increased dramatically in England over the year according to reports. The term ‘’Bitcoin’’ generated massive interest on Google Trends recently as Britain is trying to detach in the popular Brexit movement from the European Union. The new Prime Minister Boris Johnson maintained that he will not give into Brussel’s games so the politicians in the opposing camps stated that when the country leaves the EU zone, it will destroy the economy of the country. However, over the years the report shows that being in the European Union only caused damage for Britain on the economic plan. The scenario caused some major concerns on an economic level as the GBP dropped dramatically over the past year. Since the end of February, the Sterling lost about 7$ against the US dollar which means it reached a twelve month low of $1.238. At the moment, there is some hope for better days ahead for Britain as it seems like it will leave the EU in October. The European Commission is trying to tell Boris Johnson that they will not give in into his demands and will not negotiate the withdrawal agreement. With all of the concerns over the economic issues and negative price action in the fiat currencies, people are still looking into bitcoin as a safe haven and a good investment. People are trying to find alternatives as a hedge so Bitcoin is considered as a global currency which is a good place to start since Britain is not the only country with these kinds of crypto trends. As noted in the altcoin news previously, countries that were banned by the US and sanction as well, are keen on bitcoin since it is able to bypass the sanctions. Venezuela is one of those examples since the country is now using BTC to pay for the major taxes. Russia and China as well including Iran also express more interest in cryptocurrencies and consider them as a safety for their countries.
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