What Caused Bitcoin to go Parabolic and Hit $8,000 This Week? Factors and Trends

What Caused Bitcoin to go Parabolic and Hit $8,000 This Week? Factors and Trends

3:59am, 14th May, 2019
The FOMO has finally returned to crypto markets as scenes reminiscent of late 2017 start to unfold this week. Bitcoin has been the clear leader with dominance almost touching 60 percent and a surge over $8,000 for the first time since July last year. Bitcoin is King At 60% The BTC maximalists are again today as their daddy blasted past another resistance zone and hit a new high of $8,050 a couple of hours ago. Asian trading has seen a slight pullback but the bulls are still grabbing the markets by the horns and keeping BTC buoyed up. Trading at just below $8k, Bitcoin is up 14 percent on the day in its second thousand dollar surge this week. At the weekend and many expected a correction which has yet to materialize. Over the past 24 hours BTC has pumped from just over $7,000 to top $8k for the first time in ten months. Market dominance is a touch under 60 percent which is the highest it has been since mid-December when BTC surged to its all-time high of just under $20k. The move has been that big that mainstream media is back on the FOMO train with such as ‘Bitcoin’s Surge to Almost $8,000 Rekindles Memories of Bubble’. Fundstrat co-founder Tom Lee told Bloomberg “Bitcoin is acting differently since moving above its 200-day moving average.” He is not wrong; BTC has gone parabolic, almost doubling in price since early April where it traded at $4,100. All About The Institutions The increased interest from institutions such as Fidelity, E*Trade, and Bakkt has no doubt added to momentum. According to a , Bakkt will start preparations for user acceptance testing (UAT) for futures and custody, which they expect to start in July. There will be two contracts available; a daily settlement BTC future, enabling same-day market transactions, and a monthly BTC futures contract which will enable trading in the front month and across the forward pricing curve. Institutions are clearly keen to cover their bases with Ikigai Asset Management CIO Travis Kling adding; “This is a hedge against irresponsibility from governments and central bankers … the world is waking up to the value of a hedge against quantitative easing.” “This is a hedge against irresponsibility from governments and central bankers…the world is waking up to the value of a hedge against quantitative easing.” and 's go down the checklist for why won’t stop rallying. — TD Ameritrade Network (@TDANetwork) Speaking to Bloomberg Kling added “The largest crypto gathering in the world is going on right now, Consensys, and there’s Bakkt announced their futures product is going to be up and running in July,” According to the DVAN Buying Selling Pressure Gauge, Bitcoin is seeing the highest buying pressure since the late 2017 surge which propelled it to giddy heights of $20k. In addition to institutions major corporations such as Microsoft, Amazon, , Facebook and Whole Foods are getting into crypto payments and blockchain platforms. The ice has finally melted and crypto winter seems like a distant memory now though the altcoins are still not fully free of the bears just yet. Image from Shutterstock The post appeared first on .
CEO: Bitcoin Will Probably Hit $2,000 Before It Hits $20,000

CEO: Bitcoin Will Probably Hit $2,000 Before It Hits $20,000

5:07am, 5th July, 2018
The cryptocurrency market has come surging back over the past week, moving up 15% from its lows, but analysts and CEOs expect for Bitcoin to move downwards before returning to all-time highs. Bitcoin Will “Probably Hit $2,000 Before It Hits $20,000” The cryptocurrency community breathed a sigh of relief this week, as quickly rebounded off yearly lows, finding stability 15% above the $5,750 low. Despite this bullish price movement, with Bitcoin seemingly breaking out of its bearish trend, the CEO of ADVFN expects Bitcoin to continue lower. Clem Chambers, CEO of the financial data provider, spoke to elaborating on his opinion on the direction of the cryptocurrency market. When questioned about the $20,000 price level by an Express U.K. reporter at the CryptoCompare MJAC Blockchain Summit, Chambers noted: “It will probably hit $2,000 before it hits $20,000.” Chambers further added that Bitcoin “is quite likely’ to eventually hit the $100,000 price level. Chambers holds this bullish sentiment for Bitcoin due to his belief that blockchain and DLT technologies will become world-changing technologies, similarly to how the internet revolutionized the past two decades. The CEO of ADVFN stated: “The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term.” Chambers gave further reasoning to his price prediction, as he talked about a shortage of fiat currencies, adding: There’s a shortage of actual money in the world. That’s what people, I don’t think, have worked out. Clarifying that statement by saying: “They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum. Because that’s an economic suction going on there and the cryptocurrencies are filling that vacuum. It will generate an economic lift (for Bitcoin).” This has become an important piece of sentiment in the cryptocurrency industry, with many believing that cryptoassets will begin to replace government-issued currencies. An Echoing Sentiment: Further Down Before Moving Up? This sentiment of a further move downwards before a return to $20,000 has been echoed by other crypto personalities and experts, as the market moves into the second half of 2018. Arthur Hayes, CEO of the BitMEX exchange, has stated that he could see Bitcoin falling as low as $3,000 before hitting 50k by the end of the year. On an appearance on CNBC’s Fast Money segment, Hayes : Well, I think that something that goes up to $20,000 in one year can have a correction down to around about $6,000. I think we could definitely find a bottom at the $3,000 to $5,000 range, but we are one positive regulatory decision away, maybe an ETF approved by the SEC, to climbing through $20,000, even to $50,000. This sentiment is in-line with what Ran Neu Ner, host of CNBC Africa’s ‘Crypto Trader’ show, thinks, as he also expects a continuation downwards before the eventual run. Ran has noted that he sees $5,350 as the next stop for Bitcoin, expecting this level to be reached within the next two weeks. Despite experiencing the recent price surge, Ran has continually stated that Bitcoin will need to retest resistance levels with high volume to secure a price reversal. Price increases alone do not reverse a cycle, they need to be accompanied by volume. For the last 3 months we have seen no volume in the market. Today the 24 hour volume traded is 25% higher than the last 30 days average. Im not getting excited yet but it is looking better. — Ran NeuNer (@cryptomanran) Some cryptocurrency traders, analysts, and executives see Bitcoin heading down in the short term. But one thing remains clear, experts like Hayes and Ran Neu Ner still expect for Bitcoin to continue upwards in the long-term, easily surpassing previous all-time highs. Featured Image from Shutterstock The post appeared first on .