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Analysis

Weekly Analysis: Could Bitcoin Test $9,000 Soon?

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The Bitcoin price made a nice upside move over the past week, going from below $7,500 to $8,000 and now stabilizing at that level. The bullish trend line was somehow affected by the news about the Bitcoin ETF denial by the SEC, but it seems that the price of Bitcoin reacted well – and hasn’t sunk since then.

Right now, the price of Bitcoin is standing still somewhere above $8,100 and could soon test the $9,000 margin, according to analysts. The BTC/USD pair broke the $8,000 resistance and traded as high as $8,500 which is the biggest indicator for a new margin break.

The $7,800 support line made Bitcoin recover fast from the drop caused by SEC’s decision. Right now, Bitcoin is still bouncing back and moving above the $8,000 resistance. Currently, the Bitcoin buyers are confident and the volume seems good – which are all positive signs of a new bullish run. Another thing that has been backing up the bullish run for the flagship cryptocurrency is the statement by one SEC official who disagrees with it and thinks that the Bitcoin ETF denial is not the right decision at this moment.

According to analysts, the price of Bitcoin may dip towards the trend line and go to as low as $7,900 in the worst-case scenario. However, what is more likely to happen is for it to break the $8,500 level over the next week and target the $9,000 level by mid-August.

At the end of the day, Bitcoin is still in a good position and is already making headlines about one-month and two-month high price records.

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BitMEX Research: The BCH “Hash War” Costed Miners $6.1 Million In Lost Revenue

BitMEX Research is in the latest cryptocurrency news - mostly for its new report which shows that the hash rate of both sides of the Bitcoin Cash "hash war" has led BCH miners to collectively lose as much as $6.1 million in gross revenue since last week's blockchain split - leading to the creation of Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC) accordingly. As a tweet from BitMEX Research's Twitter profile shows: https://twitter.com/BitMEXResearch/status/1064579883534348290 Something which must be noted is that the profits that were gained from such mining - or loss thereof - would currently be on paper only as neither BCH nor BSV has a liquid market at this time - in fact, they are measuring serious losses. The figure also assumes that everyone renting hash is actually finding blocks or that most or all of the hash being used to win blocks in either chain, right now, is rented. Obviously, this is not always the case as there are many Bitcoin Cash miners that own their hardware and choose to mine on BCH chains for various reasons. What we can conclude is that mining is not anymore a hobbyist game. As you can see from the report, the majority of miners run on tight margins and hardware expenses are at least as important as the cost of electricity - which always varies. As a result of this, analysts believe that a significant amount of new BCH will continue to be sold regardless of how the markets treat the tokens.    
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Altcoin News

Ripple Is Now The Second Most Valuable Cryptocurrency Surpassing Ethereum

In today’s crypto news, we can see Ripple despite falling down by 9.5 percent against the US dollar, overtaking Ethereum and is now the second most valuable cryptocurrency in the crypto market. Two days ago on November 17, Ripple increased in value at approximately 8 percent while other major cryptocurrencies such as Bitcoin and Ethereum failed to maintain momentum. Its short-term rally back on Saturday, allowed XRP to peacefully surpass Ethereum with a market cap of $19.1 billion. Ethereum, on the other hand, remains at $15.92 billion. One of the reasons why this could be happening on the market right now could be the exploring of Coinbase Custody to add major cryptocurrencies and ERC20 tokens:
 “Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’
Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs. ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
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Analysis

Analyst Believes That Bitcoin Is Expected To Bottom Out In Q2 Of 2019

Willy Woo is one of the most popular Bitcoin analysts out there. In a market that seems very negative, Woo was asked a lot of questions about the potential of Bitcoin in the future. His answers easily went in the daily news section of our DC Forecasts Bitcoin news site. We are listing them below. When asked about the potential indicators of the future, Woo who is the founder of Woobull.com, said that there is a bearish short-term trend that is present for Bitcoin and the entire crypto space in general which typically indicates a sell signal. As he said while explaining the signals for a bearish trend:
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.”
According to Woo, Bitcoin may enter an accumulation phase which is what could give it a push for a new upward trend.
“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” Woo was confident.
He also explained that if Bitcoin bounces in the short-term (which is a possibility) and surpasses the $7,000 mark, a bull run before the Q2 of 2019 can happen.
“If price (in the short term) bounces upwards here, which is certainly possible, I think the 200 day moving average is the upper band of the move. This is around $7,000 right now. Remember if price goes above the 200 DMA, in the history of BTCUSD’s 8 year trade history, it’s been a reliable indicator of bear to bull transitions. It’s too early to transition out of the bear,” he concluded.
Still, Bitcoin (BTC) is struggling to break out of the $6,800 resistance level and is keeping at the same situation for the past three months. A breakout above $7,000 is even more difficult with the current market conditions.
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Analysis

Bloomberg Analysts: Bitcoin Is ‘No Longer Boring’ But Its Price ‘May Drop To $1.5k’

Analysts at Bloomberg had shaken up things in the crypto market this Sunday. As reported in today's post on our DC Forecasts Bitcoin news site, Bitcoin can "further fall" according to them and "is no longer boring" as the analysts declared. First reported by Bloomberg, their approach focuses on the price of Bitcoin and its possibility to fall as low as the $1,500 point which would constitute to another 70% drop in the coin's price. Citing the hedge fund founder Travis Kling, Bloomberg's reports say that "he did not sleep well" because of the turmoil in wider crypto markets and the recent Bitcoin Cash hard fork which saw a lot of red on the market. According to the Bloomberg Intelligence analyst Mike McGlone, the recent market crash "was sparked by the pump for the Bitcoin Cash hard fork.” Bloomberg also reported that the "pump began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good-old days. But this is an enduring bear market.” As we can all see, the bear market in the crypto industry has affected more than just prices. As the leading global GPU manufacturer Nvidia recently reported, there has been a massive decrease in GPU sales used for mining in the current quarter.
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