Billionaire Investor: Bitcoin Likely to Consolidate Between $7k and $10k; Will BTC Plunge Lower?

Crypto investors were incredibly disappointed earlier today after Bitcoin surged to highs of $9,000 before it began reeling lower, which has led many analysts to believe that a deeper pullback is imminent.

Despite this, one billionaire investor and crypto enthusiast recently explained that he believes BTC will begin consolidating between $7,000 and $10,000, which could mean that Bitcoin’s current price action is simply part of a much larger trading pattern that will persist for the foreseeable future.

Bitcoin Likely to Be Caught in Wide Trading Range Going Forward

At the time of writing, Bitcoin is trading down just under 1% at its current price of $8,630 and is down significantly from its daily high of over $9,000, which was only touched momentarily before selling pressure ramped up and sent the crypto plunging to its current price levels.

Although many investors were hoping that Bitcoin would move towards $10,000, it may be a while before the crypto is able to break into the five figure price region, as Mike Novogratz, the CEO and founder of Galaxy Digital, recently explained that he believes it will begin forming a pattern of consolidation.

“On a go-forward basis, Bitcoin probably consolidates somewhere between $7,000 and $10,000. You know, trees don’t grow to the sky… If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through,” he explained on a recent conference call where he discussed the company’s financial results, as reported by Bloomberg.

Assuming that Novogratz’s assessment of this potential consolidation pattern is correct, then it is possible that Bitcoin’s current drawback could extend significantly further.

Analyst: BTC Still Bullish as Long as It Holds Above Technical Level 

Although the recent flash surge and subsequent drop does appear to spell trouble for the crypto’s bulls, BTC may still have some fuel in it that allows it to continue climbing higher.

Big Cheds, a popular cryptocurrency analyst on Twitter, discussed this in a recent tweet, explaining that a test of $8,400 should provide greater clarity as to whether or not BTC is truly bullish at the present.

“$BTC #Bitcoin daily – $8400 re test should provide some clarity. Still incredibly bullish given that we are above EMA 8,” he explained.

Although it is currently unclear as to whether or not the bullish upwards momentum that Bitcoin has incurred over the past several weeks is currently in jeopardy, it is likely that analysts will have a better understanding of what the latest price movement means for its long-term price action as the day continue on.

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Bitcoin Screams Past $9,000 Before Incurring Massive Selling Pressure, But This Drop Could be Healthy

After facing an extended bout of sideways trading, Bitcoin incurred a sudden influx of buying pressure earlier today that allowed it to surge past $9,000, which immediately led many investors to believe that an extension of this surge would lead the crypto to the coveted $10,000 region.

Despite this, excited investors were splashed with a bucket of cold water after BTC dumped nearly instantly after it broke above $9,000, which has led to a subsequent crash down to $8,600.

Bitcoin’s Stability in the $8,000 Region in Jeopardy After Recent Flash Surge

At the time of writing, Bitcoin is trading down 1% at its current price of $8,600 and is down from its daily highs of just a hair above $9,000.

Earlier this morning, BTC incurred a sudden influx of buying pressure – which is something that investors have gotten used to over the past several weeks – which sent it directly to $9,000, which immediately resulted in a drop that sent it reeling back down to its current price levels.

Although this drop does appear to be negative for the cryptocurrency’s bulls, it may actually be healthy.

The Cryptomist, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, explaining that a move down to the lower-$8,000 region could be proceeded by a large upwards surge that allows it to extend its upwards momentum further.

“$BTC: 8540 is about to be reached (post below). When this breaks I expect to test 8450 (smaller) rising wedge support which should break also. Then we test 8170 region. If 1D RSI support is broken by then – Correction confirmed and deeper drop. THIS IS HEALTHY,” she explained.

Assuming that her assessment of the crypto’s price action is accurate, then the current selling pressure may begin to snowball as the day continues on.

Crypto Markets Plunge Due to BTC Volatility

Bitcoin’s massive volatility has led the aggregated crypto markets to lose their upwards momentum, with most major altcoins erasing much of the gains that they had incurred earlier today.

XRP, which has climbed to highs of $0.47 earlier today, followed Bitcoin’s lead and plunged to lows of $0.44, where it has found some levels of support.

Ethereum has also plunged today and is currently trading down nearly one percent over a 24-hour trading period. Although its drop over a 24-hour period is somewhat minimal, over a shorter time frame it has lost a significant amount of its recent gains, and is currently trading down from daily highs of $287.

It is highly probable that traders and analysts alike will gain a better understanding of whether or not further losses are imminent as the day continues on and the market’s price action continues to unfold.

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Bitcoin Rallies After Holding Above Key Support Level; Will Altcoins Begin Surging Next?

The crypto markets have been in a firm uptrend for an extended period of time now, and many investors are beginning to believe that Bitcoin and the aggregated markets are currently in the early stages of the next big bull run.

While looking at the markets on a shorter time frame, Bitcoin was able to hold above its key support level after briefly dropping last night, and analysts now believe that the altcoin markets will surge next.

Bitcoin Holds Above Key Support Level at $8,400

At the time of writing, Bitcoin is trading up marginally at its current price of $8,700, up significantly from daily lows of just above $8,400 that were set last night.

Analysts have recently postulated that the $8,200 to $8,400 region was a key level of support that BTC must hold above in order for its upwards momentum to be maintained, so the subsequent rally that followed its brief visit to this region is definitively bullish, and likely signals that the crypto will continue its upwards ascent in the near-future.

While looking at Bitcoin’s current price action, it is apparent that it does face some resistance around its current price levels, as it has struggled over the past week to gain a stable foothold in the upper-$8,000 region.

UB, a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin in a recent tweet, explaining that he believes that BTC is posed to retest its range high in the near-future, which currently exists at roughly $8,900.

“$BTC – Looks decent here. Little fakeout below the EQ before quickly reclaiming it as support. If the EQ continues to act as support, I’ll be looking for a retest of the Range High. $8718 is an Intraday S & R to keep your eye on,” he explained.

Altcoins May Surge as BTC Stabilizes

Although Bitcoin is currently expressing relative stability around its current prices, multiple altcoins could be gearing up for a massive upwards surge in the near future.

Don Alt, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that he believes that the “meat” of the Bitcoin rally is done, and that now is time for altcoins to shine.

“$BTC: Impressive recovery rally off of the 8400 level everyone was watching. I’m still happy with being risk off BTC, risk on altcoins here. I think the meat of the BTC move is done. Concentrating on Alt/BTC pairs now. BTC longs want to see this H4 trading range reclaimed,” he explained.

As the week continues on and Bitcoin continues to tepidly advances towards $9,000, it is highly probable that traders will soon know whether or not a rally in the altcoin markets is truly imminent.

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All Eyes Are on $8,200 as Bitcoin Continues Consolidating in Lower $8,000 Region

Despite incurring some upwards momentum over the past couple of days, Bitcoin has continued to struggle to break above its current resistance levels that exist in the lower $8,000 region, and its lack of buying pressure could signal that further downwards pressure is imminent.

Analysts are now closely watching a relatively tight range between $8,200 and $8,400 as the next region of resistance that BTC must close above in order for its journey towards the coveted $10,000 region to continue on.

Bitcoin (BTC) Stuck in Lower $8,000 Region as Sideways Trading Persists 

At the time of writing, Bitcoin is trading up marginally at its current price of $8,050 and is down from 24-hour highs of just over $8,100.

Over a one-week period, BTC has posted a strong recovery from lows of $7,200 and is only down slightly from its highs of $8,300 which were set last weekend. While looking at its weekly price action, however, it is clear that BTC is currently being restrained by a strong amount of resistance existing throughout the lower $8,000 region.

Although this resistance may ultimately lead to further downside in the near-future, it is important to note that Bitcoin’s recent price action constitutes a pattern of consolidation, which may be followed by an extension of the cryptocurrency’s upwards momentum, assuming bulls step up and generate a surge of buying pressure.

Luke Martin, a popular cryptocurrency analyst on Twitter, discussed the strong resistance the crypto currently has in the lower-$8,000 region, noting that a break above this reason could lead to further upwards expansion.

“$BTC needs to crack the 8200-8400 resistance to keep the positive momentum going. Close above there and I’m expecting expansion similar to 4100, 5600 and 6800 breakouts,” he noted.

Is $10,000 BTC’s Next Stop?

Trader Mayne, another popular cryptocurrency analyst on Twitter, echoed Martin’s sentiment, explaining that although Bitcoin does have resistance between roughly $8,100 and $8,400, he believes that a break above this region could send the crypto to, or even past, $10,000.

“$BTC We broke thru the OB I was talking about yesterday and have just tested what I believe to be the final resistance between us and Namek. If we can get thru it, I expect $10,000 and possibly higher very quickly. Not a bad place to hedge/TP in case of rejection and breakdown,” he explained in a recent tweet to his nearly 50k followers.

As the weekend continues on and Bitcoin further attempts to confirm its footing within the lower-$8,000 region, all eyes will continue to closely watch to see if it is able to break above its imminent levels of resistance.

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Bitcoin Currently Consolidating After Dropping Towards $7,700, But a Strong Bounce May Be Imminent

Bitcoin and the entire crypto markets have faced increased selling pressure today after experiencing a short bout of sideways trading as BTC struggled to decisively move into the $8,000 region.

Although today’s drop has slightly shifted the overall market sentiment for the worse, analysts are now noting that Bitcoin may be nearing a price at which it garners significant buying pressure that allows it to surge higher.

Bitcoin Nears $7,700 as Selling Pressure Ramps Up

At the time of writing, Bitcoin is trading down nearly 2% at its current price of $7,750, down from 24-hour highs of $7,900.

Importantly, Bitcoin did bounce slightly today once it hit lows of $7,500, signaling that this price level is a region of support. Despite this, the bounce that resulted from the drop to $7,500 has been somewhat weak, which may signal that BTC will revisit this price level in the near-future.

Despite this, Josh Rager, a popular cryptocurrency trader on Twitter, explained that Bitcoin is still caught within a condensing formation, which likely signals that it will continue trading relatively sideways for the foreseeable future until it makes another massive movement.

“$BTC still in this condensing formation and held by horizontal supports. Not a lot has changed which shows that you don’t have to stare at charts all day – waiting for that next massive candle. I’m out for the night – have a great evening/day,” Rager explained.

BTC Likely to Continue Climbing After Hitting Level of Immense Buying Pressure

Although it does appear that Bitcoin’s upwards momentum that has been incurred over the past several weeks is currently in jeopardy, one analyst believes that Bitcoin will continue surging upwards, but not until it reaches a price level that sparks a significant amount of buying.

Cantering Clark, another cryptocurrency analyst on Twitter, discussed where he sees Bitcoin heading next in a recent tweet to his nearly 8k followers, explaining that he generally expects it to climb higher, but is prepared to flip short on the crypto if it breaks below the red line he references on his chart.

“This is my current game plan for $BTC – High probability continuation long at a break of top green – Moderate to High probability bounce in green zone below, contingent on adequacy of responsiveness to price hitting area – Considering Shorts below red for NT trend correction,” he explained.

Although Bitcoin is currently in a state of liminality between the persistent bear market and what appears to be an inevitable bull market, it does seem as though it will take additional time before traders and analysts alike truly know whether or not BTC is in the early stages of the next massive bull run.

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FINRA Approves Grayscale Ethereum Trust for Individual Investors, Will ETH Soon Surge Higher?

The aggregated crypto markets have incurred some selling pressure today that has sent Ethereum’s price reeling back nearly 5%, jeopardizing the upwards momentum that the crypto has incurred over the past several weeks.

Despite this, earlier today news broke regarding the approval of the Grayscale Investment’s Ethereum Trust for individual investors. The investment vehicle – which holds ETH – will soon be accessible by all investors after the Financial Industry Regulatory Authority (commonly known as FINRA) approved it for retail investors looking to buy into the trust on the over-the-counter markets.

Ethereum (ETH) Price Drops Over 4% 

At the time of writing, Ethereum is trading down over 4% at its current price of $243, down from 24-hour highs of $255.

It is important to note that Bitcoin’s price action has been largely guiding the overall crypto markets, and its failure to break above $8,000 has led most major cryptocurrencies to drop today.

Despite this, the Grayscale Ethereum Trust may ultimately lead to an influx of fresh capital into ETH, as all investors can now access the cryptocurrency with ease and through traditional investment platforms.

Michael Sonnenshein, the managing director Grayscale Investments, spoke to Bloomberg about the approval of the ETH trust in a recent interview, noting that “the secondary market really opens up the opportunity for any and all investors.”

It is also important to note that the Grayscale Ethereum Trust is currently quite small, with a mere $12.5 million in assets under management. Part of the reason for the size of the fund was due to its inaccessibility, as prior to today’s approval, only accredited and institutional investors could invest with a minimum of $25,000.

Now that the investment vehicle is open to a significantly larger number of investors, it is highly likely that the amount of capital under management will surge.

Could Approval of Grayscale Trust Lead ETH to Surge Higher?

Although Ethereum’s price has dropped this morning, some analysts believe that the approval of the aforementioned trust will ultimately lead ETH to surge higher.

Luke Martin, a popular crypto analyst on Twitter, discussed this possibility in a recent tweet, explaining that he believes it could surge 10-20% higher while looking towards the ETH/BTC trading pair.

“$ETH could get a boost from the @GrayscaleInvest news. As long as price can hold .0314 level I’m looking to ride it 10-20% higher,” he explained.

Although it is a strong possibility that ETH may begin climbing higher as the news spreads surrounding the approval of the Grayscale Ethereum Trust and as traditional retail investors begin pouring money into the fund, it remains unclear as to whether or not ETH will be able to buck the overall market trend and trade in its own way.

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Analysts Expect Ethereum to Surge Higher in Near-Future as Technical Foundations Strengthen

Bitcoin’s upwards ascent over the past several weeks has proven to be very positive for the aggregated crypto markets, and has allowed many major cryptocurrencies, including Ethereum (ETH), to put a significant amount of distance between their current prices and their yearly lows.

Analysts now believe that this upwards momentum is likely to continue, which may allow Ethereum to extend its upwards surge towards $300 in the near future.

Ethereum (ETH) Builds Strong Technical Foundations 

At the time of writing, Ethereum is trading up just under 2% at its current price of $251, up from its daily lows of $245.

While looking at ETH’s long-term price action, the cryptocurrency is trading up significantly from its 2018 lows of just under $90, and up from its 90-day lows of $130. Ethereum’s upwards ascent has been driven by Bitcoin’s recent surge that has sent BTC from lows of roughly $3,000 to highs of nearly $8,400.

Ethereum’s upwards surge has allowed it to form some bullish technical formations that may allow it to surge higher in the near future, with its most notable recent formation being a coveted “golden cross” that may lead it to surge higher in the near-future.

Etherdamus (formerly known on Twitter as TheScienceGuy9489) recently told his nearly 10,000 followers on Twitter that ETH’s golden cross has now been confirmed, which may lead to some bullish volatility in the near-future.

“#ETH Golden Cross Confirmed. Could take up to a few days for effect to show in price,” he said in a recent tweet.

Analyst: ETH May Surge Towards $300 Next

As for where this upwards momentum may lead Ethereum next, one analyst believes that there is a strong possibility that the crypto may test $270, with a break above this level leading it significantly higher.

The Cryptomist, another popular cryptocurrency analyst on Twitter, discussed her thoughts on ETH in a recent tweet, noting that it currently has support at $249, and a near-term upside target existing at around $269.

“$ETH I have adjusted the candle resistance ever so slightly from previous post. We are within the apex of pennant. Expecting a move within 16 hours. Breakup tests $269 first, with alts moving with. Support is at 249 region,” she explained.

In order for Ethereum and other altcoins to form another upwards leg in the near-future, it is important that Bitcoin either continues advancing higher, or begins to find stability and consolidate around its current price levels, as a rejection and pullback could jeopardize the market’s momentum.

It is likely that traders and analysts alike will gain a better understanding of which direction Bitcoin and the aggregated crypto markets are heading next in the near-future.

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Analyst: Crypto Markets May Be Gearing Up for Massive Surge as Bitcoin Continues Climbing

Bitcoin has been on the up-and-up for several weeks and is now once again nearing the $8,000 region despite facing increased selling pressure earlier this week. Despite BTC’s upwards momentum, the aggregated crypto markets have generally failed to outperform Bitcoin since it first began surging.

Regardless, one analyst is now expressing the belief that altcoins are currently gearing up for a major move upwards that may be sparked by Bitcoin consolidating.

Crypto Markets Climb as Bitcoin Nears Key $8,000 Level 

At the time of writing, Bitcoin is trading up over 8% at its current price of $7,960, which has led most major altcoins to climb as well.

Currently, Ethereum is trading up just under 7% at its current price of $255, XRP is up nearly 8% at its current price of $0.40, and Bitcoin Cash is up a whopping 13% at its current price of $410.

Although today has been positive for the aggregated crypto markets, while looking at a 90-day time frame, Bitcoin is up nearly 100%, while Ethereum is up 72%, and XRP is up a mere 20.5%.

While taking this into consideration, it becomes apparent that altcoins have significantly further room to surge in the near future, which may occur when Bitcoin’s price finds greater stability and begins forming a consolidation pattern.

The Cryptomist, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, explaining that a big movement for altcoins may occur towards the end of this month.

“$BTC Flagged form on 4hr timeframe. I expect this to be broken by the end of the month, so approx 29th May. Support low as 7.2, resistance high as 8080 regions. If btc stays within this pennant until the end of the month, then I expect ALTS TO MAKE A RUN!” She explained in a recent tweet.

Analyst: Ethereum May Surge in Coming Days

Although the aggregated crypto markets may take a couple of weeks to incur any significant upwards momentum, Ethereum may be gearing up for a surge in the next couple of days.

The Cryptomist also discussed this in a recent tweet, explaining that she thinks ETH may experience some upwards momentum before the 21st of this month.

“$ETH Not too dissimilar to BTC however, we are within the 2hr timeframe. RSI pennant also aligns with this candle pennant. Expecting significant movement before the 21st, which could see the push with alts. Resistance upon 258 region,” she explained.

Depending on how Bitcoin reacts to the lower-$8,000 region, it is likely that traders and analysts will gain a better understanding of where the general crypto markets are heading next.

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Bitcoin May Be Gearing Up for a Move to $10,000 as Upwards Momentum Continues

Despite facing increased levels of downwards pressure earlier this week that temporarily put Bitcoin’s upwards momentum in jeopardy, the cryptocurrency has been able to continue surging upwards and is now nearing the low-$8,000 region, which is the point at which BTC incurred significant selling pressure a few days ago.

Now, analysts believe that Bitcoin may have more fuel in it that allows it to surge towards $10,000 in the near future, which would be a significant technical movement for the cryptocurrency.

Bitcoin (BTC) Nears $8,000… Again…

At the time of writing Bitcoin is trading up nearly 8% at its current price of $7,915, up significantly from its 24-hour lows of $7,250.

Over a one-week period, BTC has incurred some choppy price action, surging from lows of $6,800 to highs of $8,300 before reeling back to below $7,000. Since dropping below $7,000, Bitcoin has been able to build greater buying pressure that has allowed it to continue its upwards ascent.

The recent series of upwards movements have led to a drastic shift in market sentiment, as many analysts and traders alike are currently expressing an overwhelmingly bullish sentiment regarding the aggregated crypto markets.

Joseph Young, a popular figure within the cryptocurrency industry, told his nearly 100k followers that BTC’s rapid recovery towards $8,000, in spite of the recent pull back, is a testament to the positive market sentiment.

“Bitcoin dropped to $6,400 on May 17 triggered by a 5,000 BTC sell order on Bitstamp that led to massive BitMEX liquidations. Rapid recovery to $8,000 is a testament to how positive the sentiment around the market is currently.”

Analyst: BTC May Be Heading Towards $10,000 Next

Although most analysts and investors are currently bullish on the markets, it still remains unclear as to where Bitcoin will surge to before incurring enough resistance that halts its upwards momentum.

Crypto Rand, a popular cryptocurrency analyst on Twitter, concisely noted in a recent tweet that he believes this upwards momentum will lead the cryptocurrency towards the coveted $10,000 level.

“Bitcoin heating up for $10K,” he told his followers.

As the weekend wraps up and the fresh week begins, traders will likely gain greater insight into whether or not this current rally truly has the makings of an early-stage bull run, or if further consolidation is necessary.

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Analyst: As Long as Bitcoin Holds Above $6,400 The Case for BTC Bulls is Strong

Despite briefly dropping below $7,000 earlier this week after incurring a sudden influx of selling pressure, Bitcoin has been able to hold steady above $7,000 and has since tepidly advanced higher.

Although many analysts and traders alike believe that the upwards momentum Bitcoin has incurred over the past several weeks was put into jeopardy by the recent drawback, one prominent analyst believes that Bitcoin is still bullish, so long as it holds above $6,400.

Bitcoin (BTC) Climbs Back Towards $7,400

At the time of writing, Bitcoin is trading up 3% at its current price of $7,380, up slightly from its daily lows of roughly $7,000.

Over a one week period, Bitcoin is down from highs of nearly $8,400 which were set this past Wednesday. Although this price was a fresh year-to-date high for the cryptocurrency, its bulls were not able to extend the cryptocurrency’s upwards momentum, which has since slowed significantly.

Despite this, the recent pullback may actually be bullish for BTC, as it may allow the crypto to garner greater levels of buying pressure that could ultimately allow it to continue surging higher as it continues recovering from its 2018 lows of $3,200.

Fawad Razaqzada, an analyst at Forex.com, recently spoke to MarketWatch about Bitcoin’s recent price action, noting that the latest pullback actually constitutes “healthy” price action.

“In fact, bitcoin is looking extremely ‘overbought’ in the short-term. So, for the sake of healthy price action, bitcoin will either need to correct itself or, ideally for the bulls, consolidate for a while before it makes further gains,” he said just prior to the recent drop.

Analyst: BTC Still Bullish as Long as It Holds Above $6,400 

The recent drop has led many analysts to have conflicting opinions as to whether or not the latest rally is emblematic of the early stages of a long-term bull run, or if it is simply a fleeting bull trap.

Don Alt, a popular cryptocurrency analyst on Twitter, shared his thoughts on BTC in a recent tweet, noting that he will be bullish on the crypto as long as it holds above $6,400.

“$BTC weekly update: Resistance rejects, support supports. And people say TA doesn’t work. As long as 6400 holds I’ll be a better perm-bull than Parabolic Trav ever was. This still looks gorgeous to me and I won’t touch the red button for quite a while,” he noted.

As the weekend continues on and Bitcoin’s price action continues to unfold, analysts will likely garner greater insight into how significant this recent price surge will be in the long-term.

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European Central Bank: Crypto Currently Has No Significant Implications for Monetary Policy

It’s no secret that cryptocurrencies are not looked upon favorably by most major central banks across the world. Some crypto enthusiasts believe that central banks fear that the nascent technology could pose threats to existing monetary systems, while others believe that central banks will begin adopting the technology in the future.

Despite this, a recently released report from the European Central Bank offers a far more bearish assessment of the markets, largely writing off their utility and largely approaching them with what can be defined as a cavalier attitude.

Report: Crypto Does Not Fulfill the Functions of Money

One key aspect of cryptocurrencies that many enthusiast point towards when offering a bullish assessment of the future of cryptocurrency is the fact that in many ways they could fully replace fiat currency, while simultaneously offering users a plethora of benefits.

Despite this, the European Central Bank dismissed this notion in their recently released report, explaining that in their current state, cryptocurrencies pose no tangible impact to the “real economy” and should not sway monetary policy.

“Crypto-assets do not fulfil the functions of money and, at the current stage, neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy. The very low number of merchants that allow the purchase of goods and services with bitcoins indicates no influence of the most prominent crypto-asset on price-setting,” they explained.

Despite this negative sentiment, cryptocurrencies have actually been incurring a massive amount of adoption as of late, and major companies (including the likes of Facebook and possibly Amazon) are looking to implement their own cryptocurrencies in addition to their existing payment infrastructures in an effort to shore up additional profits and to bolster the efficiency of their platform’s infrastructure.

Any Central Bank Digital Currency Must Be Analyzed Separately from Normal Cryptocurrencies

Interestingly, in a section of the report titled “the case for central bank digital currency in the European Union,” the report’s authors do not entirely dismiss the possibility of the central bank launching their own cryptocurrency for internal use.

“The relentless digitalisation of the economy has raised questions as to the suitability of existing forms of money for meeting the new and emerging needs of economic actors. The advent of crypto-assets has fuelled this debate, and it has been suggested that the technology underlying crypto-assets should prompt central banks to issue their own ‘digital currencies’” the report said.

Moreover, the report lays out the criteria for how a cryptocurrency being used by the central bank should be structured, noting that any central bank digital currency (CBDC) should be “designed as a user-friendly risk-free asset that meets the public’s demand for an economy that is both digitalised and safe.”

Although the report concludes that further research and consideration is necessary prior to making any conclusive decisions regarding a CBDC, their openness to the concept, despite their apparent bearishness on cryptocurrencies in general, may prove to be bullish for the technologies in the long-term.

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Despite Plummeting Towards $7,000, Bitcoin’s Rally May Not Be Finished Just Yet

The crypto markets incurred a significant amount of selling pressure late-yesterday that sent them reeling downwards, surrendering a decent portion of the recent gains they have incurred as a result of the massive rally that has been taking place since early-April.

Despite the recent drop, some analysts believe that Bitcoin’s rally may not be done just yet, as a bout of coordinated selling may have sparked this temporary downwards movement.

Bitcoin (BTC) Plummets Towards $7,000

At the time of writing, Bitcoin is trading down 11% at its current price of $7,100, down significantly from its 24-hour highs of over $8,000.

Over a one-week period, Bitcoin is still up significantly from its lows of $6,300 but is down slightly from its highs of nearly $8,400 which were set this past Wednesday.

Although this latest move downwards has drastically shifted the market’s sentiment for the worst, it is important for investors to keep in mind the fact that the latest pullback comes on the heels of a massive rally that put a significant amount of distance between Bitcoin’s current price and its 2018 lows of roughly $3,200.

As for what may have caused this latest pullback, Dovey Wan, a popular figure on Twitter and a founding partner at Primitive, explained that this recent drop was sparked by a large sell order of 5,000 BTC on Bitstamp, which may have sparked the downtrend.

“This is what happened: 1. A jackass put up an aggregated sell of 5000 $BTC on stamp. 2. Stamp poor depth + algo glitch? 3. Bmx index is 50% on stamp. 4. Massive Bmx liq tanked the mkt. 5. Despite all BTC quickly bounced back to $7000… This might be the best chance to BTFMD,” Wan said, bullishly concluding that now may be the time to “buy the dip.”

Analyst: BTC Must Break Back Above 4-hour RSI and Candle Resistances to Continue Surging 

Although it is unclear as to whether or not the current drawback is over or if further losses are imminent, it is important that Bitcoin breaks above newly formed resistance levels in order for it to continue surging upwards.

The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s important resistance levels in a recent tweet, noting that BTC is likely to test both its 4 hour RSI resistance and its recently formed candle resistance in the next few days, which will give traders greater insight into whether or not BTC will be able to continue surging higher in the near-future.

“After a week of warning about the RSI support, we finally broke it. CME gap also filled. I am watching to see how we react upon the RED RSI support line. 4hr RSI & candle resistances that led to this drop need to be broken for bullish momentum. Should test in next few days,” she said.

As the week wraps up and the weekend trading session kicks off, the magnitude and long-term importance of Bitcoin’s latest pullback will likely grow much clearer.

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Venture Capitalist: Improved Fundamentals Will Help Bitcoin Rocket Towards Its All-Time-Highs in 2019

The crypto markets have been on the up-and-up for the past several weeks, and Bitcoin just recently set fresh year-to-date highs in the mid-$8,000 region. Despite this, the upwards momentum that have incurred since early-April was put in jeopardy late-yesterday when BTC plummeted below $7,000 before quickly bouncing back into the $7,000 region.

Despite some short-term choppiness, over a long-time frame the markets are still in a clear uptrend, and one prominent venture capitalist believes that the improved fundamental conditions of the crypto markets will help propel them back towards their all-time-highs in 2019.

Bitcoin’s Sentiment and Technicals Look Great, Claims Prominent VC

Barry Silbert, who is the founder and CEO of the revered crypto/blockchain focused venture capital firm, Digital Currency Group, shared his thoughts on the current state of the markets in a recent interview with Bloomberg, where he bullishly noted that the markets are likely to rocket towards fresh-all-time highs in the near future.

Silbert justified his bullish bias by referring to the improving sentiment surrounding the cryptocurrency as well as its improving technical formations.

“Sentiment, the technicals look great. An 80 percent drawdown happened three or four times and every time that’s happened [it hit] record highs. So as soon as you get the price going back up, and animal instincts come back, [the market recovers],” he explained.

Despite growing technical strength, it is important to note that the status of the recent bullish uptrend does appear to be unclear at the present, as BTC swiftly plummeted below $7,000 late yesterday, before finding some levels of support that helped to propel it back towards its current price levels of $7,175.

BTC Incurs Better Infrastructure That May Minimize Chances of Another Crash

Despite the recent drop, however, it is undeniable that the crypto markets as a whole have been incurring growing fundamental strength, with more institutional investors foraying into the markets through newly formed gateways being offered by the likes of Fidelity and the ICE-backed Bakkt.

On this note, Silbert noted that the current uptrend differs from previous ones that subsequently resulted in massive crashes in that the currently rally is being supported by significantly better infrastructure than the markets have had in years past.

“But the difference between this increase in price versus the bubble in 2017 is the infrastructure is much different. You have custodians now. you have trading software, you have compliance software, people are educated about the asset class, so this time is different,” Silbert said.

Although it remains unclear as to whether or not the current rally will ultimately morph into a long-term uptrend, there’s no question that the crypto markets have been incurring greater fundamental and technical strength, which may ultimately help fan the flames that fuel the next parabolic uptrend.

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Legendary Investor Flips Bullish on Bitcoin, Saying It’s “Alive and Well”

It’s no secret that mainstream financial experts are seldomly big fans of cryptocurrency, and they are often one of the primary groups that vocalizes that largest amount of qualms with the nascent technologies. One example of this is Kevin O’Leary, co-founder of O’Leary funds and SoftKey, who is perhaps best known for his role as a shark on the popular television Shark Tank, who recently called Bitcoin (BTC) “garbage.”

Despite this, one legendary investor who was previously ardently against Bitcoin is now flipping bullish on the cryptocurrency, saying that it is “alike and well,” a statement that is a far cry from his previous designation of Bitcoin as simply a massive bubble.

Mark Mobius Says Bitcoin is “Alive and Well” in a Recent Interview

Mobius, who is an emerging markets fund manager and the founder of Mobius Capital Partners LLP, was recently asked to share his thoughts on Bitcoin in a recent interview with Bloomberg, where he referenced the desire people have to seamlessly transfer money around the world as one reason the crypto is going to survive in the long-term.

“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially. That is really the backing to Bitcoin and other currencies of that type. So I believe it’s going to be alive and well,” Mobius explained.

Despite sharing a seemingly bullish sentiment, he further noted that one must be “very careful” when investing in cryptocurrencies, citing their massive volatility as one reason why he still has not added any to his portfolio.

“Whether I would invest in it is another question, because it has incredible volatility and at the end of the day, you can’t trace one individual or group or organization that would keep track of what is going on,” Mobius noted, referencing several massive exchange hacks that had the potential of significantly harming investors.

Could Financial Big Shots Begin Foraying into BTC and the Crypto Markets?

Mati Greenspan, the senior market analyst at eToro, spoke about Mobius’ comments in a recent email, explaining that the crypto market’s volatility should actually be seen as an attractive aspect of crypto for fund managers.

“Mobius has not yet himself invested in bitcoin due to the extreme volatility. Mark!!… The volatility is one of the most attractive qualities of crypto from an asset managers perspective. The idea of asymmetric risk allows us to use this unique and uncorrelated asset class to greatly increase our return on risk in any otherwise well-diversified portfolio… I believe that one day soon asset managers around the world will diversify with crypto,” Greenspan explained.

As the persistant Bitcoin bear market comes to an end and the crypto’s bulls begin to awake from their year-long slumber, it is highly likely that the world will once again shine a spotlight on BTC that may lead more prominent investors to foray into the markets.

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Study: Despite Perceived Riskiness, Bitcoin Has a Higher Risk-Return Ratio Than Most Traditional Assets

It’s no secret that one hallmark of Bitcoin and the entire crypto markets is that they are volatile, going through major pricing cycles at a rapid speed that limits investing in the nascent technologies for only the brave of heart.

Despite this, recently released research signals that Bitcoin actually has a far higher risk-return ratio than most major traditional assets, which may provide some solace to crypto investors who fear that increased volatility will lead to potential losses down the road.

Bitcoin (BTC) Surges to Fresh Year-To-Date Highs Amidst Widespread Market Recovery

It is important to note that the positive risk-reward ratio that Bitcoin has compared to other assets has been largely driven by the cryptocurrency’s massive price surges that it has incurred since its inception, which have taken BTC from being a niche technology to a mainstream investment asset that is being closely looked at by retail and institutional investors alike.

In 2017, Bitcoin’s surge to highs of nearly $20,000 put the cryptocurrency on the world’s radar, and the ensuing crash served as a testament to the large volatility of the crypto, in spite of its promising use-cases and massive long-term potential.

This crash, which sent the cryptocurrency to lows of $3,200 in late-2018, left a bad taste in the mouths of many investors, and appeared to have confirmed the negative biases held by many economists and Bitcoin-bears who disdained the technology for a large number of reasons.

Despite this, over the past several weeks Bitcoin has posted a strong recovery that has allowed it to set fresh year-to-date highs around $8,300. This latest surge has shifted the market sentiment significantly and has led many investors to believe that the next bull trend is right around the corner.

Despite Massive Price Volatility, BTC Has a Far Better Risk-Reward Ratio Than Most Traditional Assets

Recent research from cryptocurrency exchange Binance’s research arm puts a spotlight on just how profitable Bitcoin has been historically, as well as how the cryptocurrency’s volatility is justified by a high risk-reward ratio.

“Despite its perceived riskiness, Bitcoin $BTC has provided far higher returns than most traditional assets over the past 2 years based on the following risk indicators/ratios,” Binance Research explained in a recent tweet.

The charts in the tweet above elucidate some interesting statistics regarding the performance of BTC as compared to other major assets, showing that Bitcoin’s 2-year returns of nearly 400% far surpass that of tech stocks – 46% – and that of the aggregated US stock market – 30%.

Moreover, while weighing the volatility of the various asset classes by using the Sortino Ratio – which is used to measure the positive volatility of an asset – Bitcoin has a positive measurement of 283%, while tech stocks have a positive ranking of 190% and the aggregated US stock market has a positive ranking of 136%.

When considering this data, it becomes apparent that Bitcoin is firmly in a long term uptrend, despite the bear market that has ensued since late-2017, and that it is likely to extend this upwards momentum as it continues to garner greater levels of adoption and incurs investments from more institutional groups.

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What Could Have Led Ripple (XRP) To Surge Over 20% After Months of Darkness?

Ripple (XRP) investors have been discouraged as of late after watching Bitcoin and many other cryptocurrencies surge while XRP remained caught in a bout of sideways trading in the lower-$0.30 region.

Today, however, XRP was finally able to break out of this seemingly indelible trading range and has now moved into the $0.40 region after surging over 20%.

Ripple (XRP) Soars 20% To Fresh Year-To-Date Highs

At the time of writing Ripple (XRP) is trading up over 22% at its current price of $0.40, up significantly from its daily lows of $0.32.

Prior to today’s surge, XRP was severely underperforming the aggregated crypto markets, as it remained caught in a tight trading range between $0.30 and $0.34 that proved to be a difficult range to break above in spite of the tailwinds created by Bitcoin’s upwards surge, which allowed many cryptos to post decent gains.

Regardless of XRP’s lackluster performance over the past several months, the cryptocurrency incurred a massive influx of buying pressure yesterday that instantly led it to surge to fresh year-to-date highs in the lower-$0.40 region, where it has found some levels of resistance that have proven to be difficult to break above.

XRP is currently the best performing major cryptocurrency and is surging at a time where many altcoins are drifting slightly lower as Bitcoin appears to be facing growing resistance in the $8,000 level.

At the time of writing, Bitcoin Cash is trading down 2.3%, Litecoin is trading down 0.6%, and Ethereum is trading up just over 3%.

Influx of Positive News Fuels XRP’s Surge

A recent influx of bullish news surrounding Ripple may have fanned the flamed that have fueled its recent upwards momentum.

One recent piece of news that closely preceded the pump was Coinbase’s announcement that New York-based traders are now allowed to buy XRP on the exchange’s platform, which was seen as being a bullish development by many investors.

“XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on Coinbase.com or using our iOS and Android apps,” the exchange noted in a recent tweet.

Moreover, this announcement also led some investors to believe that this was a sign of imminent institutional adoption due to Wall Street being located in New York, although this is highly speculative and there is no telling at this time as to whether or not these theories carry any clout.

Presently, it remains unclear as to whether or not XRP will be able to gain a solid footing within the $0.40 region, or if this recent pump will be fleeting and a drop back into the lower-$0.30 is imminent.

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Bitcoin May Face Significant Retrace as It Nears Key Resistance Level at $6,400

The crypto community was pleased to find that Bitcoin was able to surge past $6,000 for the first time since the cryptocurrency plunged to its 2018 lows of $3,200 in December.

Analysts are now closely watching the $6,400 level to see how the crypto responds to this price, as many analysts believe that there is a significant level of resistance at this price which may lead to a pull back that could offer a good entry point for fresh long positions.

Investors Celebrate as Bitcoin (BTC) Breaks Above $6,000 

At the time of writing, Bitcoin is trading up 2.6% at its current price of $6,080, up slightly from its daily lows of $5,900 which were set yesterday.

Over a one-week period, BTC has been able to surge significantly, climbing from lows of $5,500 to highs around its current price levels, marking a major extension of the upwards momentum that the cryptocurrency incurred in early-April when Bitcoin swiftly surged from the low-$4,000 region and into the $5,000 region.

Although the recent series of price surges have been undoubtedly bullish, analysts are still warning traders to express caution before “fomo-ing” into the crypto, as a retrace may be inevitable.

Lucid TA, a popular crypto analyst on Twitter, expressed this sentiment in a recent tweet, noting that traders should closely watch for the next retrace, as it may mark a great entry opportunity for fresh long-positions.

“A reminder to those feeling fear and FOMO – $BTC always retraces. Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction,” he said, referencing the below chart.

A Pullback May Ensue After BTC Hits $6,400

As for what price level may spark the next retrace, there is a general consensus amongst analysts that $6,400 will be the next level of strong resistance that BTC faces, which could lead to a drop that elucidates whether or not $6,000 has become a level of support.

“$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018,” Alex Krüger, a popular economist who focuses on cryptocurrencies, explained in a recent tweet.

Josh Rager, another popular crypto analyst on Twitter, echoed Krüger’s thoughts, explaining that he believes $6,450 is an “epic” resistance level that, if flipped into a support level, would be “insanely bullish” for the cryptocurrency.

“The most epic $BTC resistance awaits. Don’t think BTC blasts through this area easily, this resistance is bearishly strong. A flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won’t be closing back under. For now, it is a primetime pullback zone,” he noted.

As the week drags on, analysts and traders alike will be closely watching to see whether or not Bitcoin is able to find stability above $6,000, which may allow it to surge higher before it hits any region of significant resistance.

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Analyst: Bitcoin’s Upwards Momentum May Lead It Towards $7,200 in the Near-Future

The crypto markets dropped slightly yesterday after news broke regarding popular cryptocurrency exchange Binance being hacked. Despite this, the impact of this news was limited, and Bitcoin (BTC) was able to hold steady above $5,800 and has since continued to march back towards $6,000.

Now, one popular analyst believes that a continuance of this upwards momentum could lead BTC to over $7,000 in the near-future, which would likely be a definitive sign that the next bull run has truly begun.

Bitcoin Continues Climbing Towards $6,000 Despite Yesterday’s Drop

At the time of writing, Bitcoin is trading up marginally at its current price of $5,940 and is up from its daily lows of just below $5,800 that were set just minutes after news broke surrounding the $40 million Binance hack that struck fear into the hearts of many investors.

Despite this, the reach of this hack was fairly limited, and Binance immediately offered to reimburse anyone whose account was impacted by the security breach, which instantly erased the fear that many investors had regarding the situation.

Over a one-week period, Bitcoin is trading up significantly from lows of $5,400, and is only down slightly from its weekly highs of roughly $6,000, which were set late-yesterday just prior to the temporary drop caused by the Binance imbroglio.

BTC’s muted reaction to both the Binance news and the recent fiasco surrounding Bitfinex and Tether is seen by analysts as being a bullish sign, and has confirmed the bullish sentiments held by many traders.

UB, a popular cryptocurrency analyst on Twitter, shared his thoughts on BTC in a recent tweet, explaining that he expects the cryptocurrency to continue climbing higher, as it has been able to decisively reclaim its position above $5,850 after yesterday’s drop.

“$BTC – I’m #long and #strong. That was probably the dip before new highs to be honest. The sooner ~$5850 is reclaimed, the better,” he explained.

BTC May Soon Surge Towards $7,200 

Although analysts are decisively bullish on Bitcoin over a short time period, this bullishness also extends over a longer time frame as well, with one analyst explaining a break above BTC’s 100 week moving average may lead the cryptocurrency to surge towards $7,200 in the near-future.

“$BTC #Bitcoin Macro View. Weekly Timeframe into play. Bulls need to break 100 Week MA & bears need to defend it. May take days to play out. Failure to breach will result in a failed rally & pullback towards Weekly 7EMA & 20 MA. If broken on upside, 6700-7200 Zone,” Trading Room, a popular cryptocurrency analyst, explained in a recent tweet.

As the week continues on and Bitcoin continues to further establish its foothold in the upper-$5,000 region, confirmation as to whether or not the next bull run is imminent is likely right around the corner.

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Blockchain Capital Partner: Facebook Crypto Project Could Lead to Massive Influx of New Crypto Users

Despite the lackluster price performance the crypto markets have experienced since the 2017 bull run, the markets have been incurring significant amounts of adoption that may ultimately fan the flames that ignite the next parabolic movement.

Many investors and analysts alike have been closely watching to see how much interest institutional investors and corporations express in the nascent technologies, and social media giant Facebook’s recent foray into the markets is likely a beacon of what is to come next.

Facebook May Spark Massive Influx of New Crypto Users

In a recent interview with Bloomberg, Spencer Bogart, a partner at Blockchain Capital, explained that he believes the company has “lit a fire” beneath the crypto markets that will ultimately propel them higher.

During the interview, Bogart noted that he believes that the cryptocurrency launched by the company will act as a gateway that allows the general public to garner a greater understanding of the technology, making them more comfortable with both using and owning other cryptos.

“It’s like being on the internet, so people can spin out and they can start owning Bitcoin, they can start owning Ether. Some percentage of the user base is likely to do so, and again I think that’s gunna be a dramatic catalyst,” Bogart explained, further adding that “Bitcoin has gone from zero users ten years ago to somewhere between 30 million to 100 million… And Facebook has billions of users.”

At the moment, details surrounding Facebook’s cryptocurrency remain scarce, but a Wall Street Journal report from earlier this month gave some details about the project, noting that the company is currently in talks with applications and e-commerce companies about accepting the crypto as a method of payment.

“Facebook is also talking to e-commerce companies and apps about accepting the coin, and would seek smaller financial investments from those partners, one of the people said,” the Wall Street Journal explained.

Corporate and Institutional Adoption May Fuel Parabolic Surge

When considering the massive amount of people that companies like Facebook could introduce into the relatively small crypto markets, it is not unreasonable to conclude that the company’s foray into the markets is decisively bullish.

Moreover, it is also not unreasonable to assume that Facebook will lead other major companies to take note of how effective it can be to utilize cryptocurrencies, which may lead the growing trend of corporate adoption to spread across multiple industries like wildfire.

Combine this trend with the large influx of institutional investments that the crypto markets are currently incurring – with regards to the recent news surrounding Fidelity launching their institution-focused digital assets platform – and it seems ever-more likely that the next parabolic surge is truly right around the corner.

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Will Altcoins Continue to Decouple from Bitcoin as Short-Term Bullish Trend Continues?

Bitcoin has been able to find some relative levels of stability in the upper-$5,000 region and has settled slightly lower today as it drifts towards $5,700. Despite this, over a seven-day period BTC is still sitting just below its highs, and it may currently be consolidating before it forms another leg up.

One interesting trend that Bitcoin’s positive price action over the past month has sparked is a decoupling, with multiple altcoins experiencing drastically different price action than that of the overall markets.

Bitcoin (BTC) Consolidates Within the $5,700 Region 

At the time of writing, Bitcoin is trading down just under 1% at its current price of $5,730, down slightly from its 24-hour highs of $5,830 which were set late yesterday.

Over a one-week period BTC has been able to surge from lows of roughly $5,200 to highs of nearly $5,900, at which point the cryptocurrency incurred some selling pressure that sent it slowly drifting back down towards its current price levels.

It is also important to note that Bitcoin is up significantly from its one-month lows of just above $5,000 which were set in mid-April.

Analysts currently are expressing a somewhat bullish sentiment on the crypto markets, with Mitoshi Kaku, a popular analyst on Twitter, explaining in a recent tweet that he wouldn’t be surprised if BTC’s price hit $6,260 sometime in the near-future.

“I don’t have a problem with the price reaching $6260 next week, and if I have to put my finger on a date, Tuesday-Wednesday doesn’t sound crazy at all,” he noted.

Altcoins Decouple From BTC 

Although the past month has been overwhelmingly positive for Bitcoin, it has been mixed for altcoins, with some posting massive gains while others remain stagnant.

XRP is one example of a cryptocurrency that has missed out on the positive price action the markets have witnessed over the past month, as it only temporarily moved from lows of just below $0.30 to highs of $0.37 before it incurred significant selling pressure that sent it back down to the $0.30 region.

On a shorter time-frame, Ethereum has been incurring some bullish price action, and has surged 7% over the past 24-hours to its current price of $174. Despite this, over a one-month period, ETH is still down from its highs of roughly $183.

In a noteworthy tweet, Heisenberg Capital, a cryptocurrency-focused venture capital firm founded in 2013 by Max Keiser, explained that they believe altcoins will “die-off” as Bitcoin moves towards $100,000 in the coming years.

“We see the market rejecting everything, except BTC. This has been our dominant investing thesis since 2011. We’re doubling down on Bitcoin Maximalism with new capital. As BTC climbs toward our 2011 target of $100,000, we believe everything except BTC will die-off,” they explained.

As the week continues on and it becomes more apparent as to whether or not Bitcoin is currently consolidating, traders will likely garner greater insight into whether or not an upwards move into the $6,000 region is feasible at this time.

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After Surging Over 5%, Analysts Believe Bitcoin Cash (BCH) Has Further Room to Pump

Although the crypto markets entered the weekend on a less-than-positive note, with Bitcoin retreating from highs of nearly $5,900 to lows of roughly $5,650, many cryptocurrencies have been able to climb higher today, with Bitcoin Cash (BCH) leading the markets.

Analysts now believe that BCH could be a better short-term play than Bitcoin for traders, as the crypto has “more room to pump” in the near-future.

Bitcoin Cash (BCH) Surges Over 5%

At the time of writing, Bitcoin Cash is trading up 5.3% at its current price of $293.51, up from its daily lows of $275.

Over a seven-day period, BCH is significantly up from its lows of $230, which were set last Monday, and is only down slightly from its highs of $310 which were set on Friday.

The recent market surge has proven to be very positive for Bitcoin Cash, as it surged from lows of $170 in early-April to highs of $336, from which point it settled slightly lower and has traded sideways since.

This recent price action does appear to be emblematic of the formation of a new trading range, with strong support existing around $240, and resistance in the lower-$300 region.

Keshav Narla, a cryptocurrency analyst on Twitter, shared his thoughts on the crypto’s current price action in a recent tweet, explaining that he believes that Bitcoin Cash is growing increasingly bullish, with another upwards surge potentially taking it as high as $340 before it incurs any significant selling pressure.

“$BCH continuing the bullish bias, we appear to be in 5th wave (green) and done with the yellow Subwaves 1 & (2?). We also have a golden cross where 50DMA goes above 200DMA, which is bullish. I expect some resistance at 300DMA ($340),” he noted.

UB, another popular crypto trader on Twitter, recently explained that he is closely watching to see whether or not BCH/BTC is able to reclaim support at 0.0525, which is slightly higher than its current price of 0.0508.

“$BCH – I entered into a long position a few hours ago. I’d like to see .0525 reclaimed as support on the next test,” he said.

BCH Could Be A More Profitable Trade Than Bitcoin in Near-Future

Because Bitcoin is currently experiencing some relative levels of stability within the $5,000 region and doesn’t appear to have enough buying pressure to propel it above $6,000, analysts now believe that Bitcoin Cash could be a more profitable trade in the near-future.

Another celebrated analyst, The Crypto Dog, explained this sentiment in a recent tweet, noting that he believes BCH has “a lot more room to pump” than BTC does.

“In case you’re wondering why I’d rather be in $BCH than $BTC right now. Not saying for sure we go straight up (if I knew that I’d just all in no stops), but if we do, Roger’s coin has a lot more room to pump,” he said.

As the weekend wraps up and the fresh trading week begins, traders and analysts alike will likely garner greater insight into whether Bitcoin Cash is able to continue surging past its resistance in the lower-$300 region.

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Analysts Believe Bitcoin May Continue Dipping Lower Before Surging to $6,500

The crypto markets have dipped as they head into the weekend after incurring a significant amount of upwards pressure throughout this week. The latest drop has put Bitcoin (BTC) back into the $5,600 region, signaling that the cryptocurrency’s bulls don’t have enough buying pressure to propel the crypto above $5,800.

Now, analysts believe that the crypto markets may continue dipping lower before they hit a price level at which they can continue surging higher.

Bitcoin Drops Into $5,600 Region

At the time of writing, Bitcoin is trading down over 2% at its current price of $5,675, down from its daily highs of nearly $5,900 which were set yesterday.

Prior to today’s dip, analysts were closely watching the $6,000 level to see if the crypto would be able to break into this price region, with some analysts claiming that a decisive move into the $6,000 region would mark the start of the next bull market.

Big Chonis, a popular crypto analyst on Twitter, shared his thoughts on Bitcoin’s current price action in a recent tweet, explaining that BTC’s previous daily resistance is now acting as support, which may be a bullish sign.

“$BTC – Don’t get too bearish just yet, as previous daily resistance is being tested as #bitcoin support… a break of the $5,300 area would be a bit more worrisome that a larger correction is taking place,” he explained.

BTC May Dip Lower Before Breaking Above $6,000

Although it is clear that Bitcoin isn’t quite ready to move into the $6,000 region, today’s dip may not be low enough for the crypto to garner any significant buying pressure that allows it to continue surging higher.

Peter Brandt, a celebrated analyst who covers a variety of assets and markets, spoke about Bitcoin in a recent tweet, saying that its recent highs may be a top that leads it to fall towards lower before it incurs enough buying pressure to propel it towards $6,500.

“Just an opinion — there is a chance $BTC is topping here, having met its price target at key resistance. A correction could occur before another move toward 6500, then a more significant correction,” Brandt explained.

As the weekend continues on and traders gain a better understanding of how secure Bitcoin’s current position within the mid-$5,000 region is, it will likely become clearer as to whether or not a move to above $6,000 is in the cards in the near-future.

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Warren Buffett Claims Bitcoin is Like a “Seashell” In His Latest Attack on Crypto

It’s no secret that Warren Buffett – otherwise known as the Oracle of Omaha – is no fan of Bitcoin and crypto, as he has consistently offered scathing critiques of the nascent industry, frequently affirming his position that BTC is not an investment.

During the recent Berkshire Hathaway annual shareholder meeting at the CHI Health Center in Omaha, Nebraska, Buffett was once again asked to share his thoughts on BTC, this time calling it a “seashell” and saying that it “doesn’t do anything.”

Warren Buffett Doesn’t Seem to Understand Bitcoin 

Bitcoin and crypto are undoubtedly complex pieces of technology that take either a significant amount of research or a solid-base line understanding of computer science to understand. That being said, younger generations are naturally more apt to accept it as the future, while older generations continue to disregard it as a speculative tool used by criminals.

While speaking to a group of reporters at the shareholders meeting, he referred to BTC as a “gambling device,” referencing the fraud that has occurred in the markets as a reason for why it shouldn’t be considered an investment product.

“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” he said.

Although it is true that there has been a significant amount of fraudulent activity in the crypto markets, that is simply a result of the fact that it is a new digital frontier – similar to the wild west – that lacks significant regulation, but this is quickly changing.

Another interesting simile that Buffett used to describe Bitcoin was saying it is “like a seashell.”

“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me,” he added.

BTC is Like a “Button on My Jacket”

Although a seashell may be a pejorative way to describe Bitcoin, Buffett also compared BTC to a button on his jacket, which further shows that he simply doesn’t understand the merits of the technology, including its ability to facilitate rapid global transactions, its decentralized nature, and the store of value it offers.

“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use,” he said, signaling that his knowledge of the crypto is severely lacking.

Regardless of what Buffett says, as more major corporations – including the likes of Facebook – begin foraying into the industry, the use cases for the rapidly evolving technology will only become clearer and naysayers will, hopefully, be proven wrong.

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Analyst: The Bitcoin Bull Run Will Commence if BTC Breaks Above $6,400

The crypto markets have continued to extend their upwards momentum as Bitcoin surged to fresh year-to-date highs, leading most major altcoins to rip upwards. This positive price action marks a significant rise from BTC’s recent lows, which were set after news broke regarding the widely publicized Tether-Bitfinex imbroglio.

One prominent technical analyst has now set $6,400 as the price at which Bitcoin must break above in order for the bull run to officially commence, and the crypto’s growing technical strength may be just enough to push its price above this level.

Bitcoin (BTC) Sets Fresh Year-To-Date High 

At the time of writing, Bitcoin is trading up nearly 6% at its current price of $5,815, up from its 24-hour lows of roughly $5,500 that were set late yesterday.

Today’s surge has put Bitcoin’s price at a fresh year-to-date high, with the previous high being set in the $5,600 region just prior to the drop that came about as a result of fear surrounding the New York Attorney General’s accusation that Tether and Bitfinex have defrauded investors.

Although many investors at the time believed that this revelation would put Bitcoin’s position within the $5,000 region in jeopardy, the markets shrugged the news off and have advanced higher ever since.

Peter Brandt, an extremely popular analyst who covers a wide variety of assets and markets, noted in a recent tweet that Bitcoin is currently forming some technical formations that are quite similar to those formed in previous years prior to other bull markets, which may mean that further gains are right around the corner.

“The last time Factor’s benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800,” he explained in a recent tweet.

BTC Close to Breaking Above Price Level that Would Mark the Start of the Bull Market 

In addition to contributing to growing technical strength, the recent Bitcoin surge has also brought the cryptocurrency very close to a price level at which the next bull run will officially commence, according to one analyst.

Alex Krüger, a popular economist who focuses primarily on cryptocurrencies, discussed this price level in a recent tweet, noting that a break above $6,400 would mark the beginning of a fresh bull market.

“$BTC now at $5750, the 2018 low prior to the November crash. The 2018 bear trend ended once above $4200. Above $6400, 2018’s most traded price, it’s a bull market,” he explained.

It remains unclear as to whether or not the crypto market’s current upwards momentum will be enough to break past the $6,000 region, where some resistance likely exists, and to surge past $6,400.

Regardless of this, it is becoming clearer that the bear market has truly come to an end, and it is only a matter of time before the markets reach a point at which their next parabolic ascent begins.

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Analyst Claims the Bitcoin Bear Market is Likely Over as Bullish News Abounds

After a relatively long period of choppy trading within the lower-$5,000 region, Bitcoin (BTC) has finally incurred another influx of buying pressure that has allowed it to surge higher, with the key resistance level of $6,000 looming just over the horizon.

Now, one prominent analyst who has called previous Bitcoin crashes believes that the cryptocurrency is currently in the midst of a long-term recovery pattern that will ultimately allow BTC to surge significantly higher throughout 2019.

Bitcoin Surges to $5,800: Is the Bear Market Over?

The recent series of price surges that have allowed Bitcoin to surge from its late-2018 lows of roughly $3,200 to its freshly established year-to-date highs at its current price of $5,800, may be the final nails in the coffin that have brought about an end to the persistent bear market.

Rob Sluymer, a technical strategist at Fundstrat, has built a track record of accuracy when it comes to the crypto markets, as he has called previous drops with precision, including when Bitcoin slid from the $6,000 region to the lower-$3,000 region in late-2018, when he explained that the crypto had “significant technical damage” just weeks prior to the major drop.

Now, in a recent note, Sluymer explained that he believes Bitcoin is currently in the early-stage of a long-term recovery that will continue on throughout the year.

“Use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance,” Sluymer explained, further adding that he sees BTC’s recent price action as “the early stage of a longer-term recovery developing.”

Furthermore, he also noted that this does not mean a drop back into the $4,000 region is out of the cards, but he does advocate for using any additional drops to accumulate larger positions.

“While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing… Bottom line: use recent weakness to accumulate,” he said.

Bullish News May Fuel Further Price Gains

The crypto markets have been witnessing an influx of bullish news that has drastically shifted sentiment for the better and may be fanning the flames that are driving these recent price gains.

Earlier today, news broke that Facebook is in the process of building its own cryptocurrency-based payments system, a development that had long been anticipated by those in tune with the crypto industry.

According to the Wall Street Journal report, the social media giant has been recruiting a number of financial firms and digital merchants in an effort to build a new system that could undermine current payment methods – which mainly consists of credit cards – and allow the company to increase their revenue by reducing the processing fees associated with other forms of payment.

This news is emblematic of the growing corporate adoption that cryptocurrencies, and Bitcoin in particular, have been facing over the past year – despite the dreary price action.

As Bitcoin continues to climb higher and more companies foray into the nascent markets, it’s beginning to look more likely that 2019 will prove to be another great year for the crypto industry as a whole.

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Bitcoin Continues Expressing Similarities to Previous Year’s Price Action as it Climbs Higher

Despite facing downwards pressure that put Bitcoin’s upwards momentum in jeopardy last week, the cryptocurrency has been able to continue climbing higher and is now nearing its price levels that were set just prior to the Tether-Bitfinex imbroglio that sent BTC reeling down to the lower-$5,000 region.

This positive price action has led an incredibly bullish sentiment to abound within the crypto community, and many analysts now believe that Bitcoin will incur further gains in the near future as it continues climbing higher.

Bitcoin (BTC) Surges to $5,500 

At the time of writing, Bitcoin is trading up over 2% at its current price of just under $5,500, up significantly from its daily lows of $5,370.

Bitcoin has rebounded from its one-week lows of roughly $5,150 that were set last Thursday when the New York Attorney General’s accusation that Bitfinex and Tether were defrauding investors spread throughout the crypto community, instantly leading to a sense of fear amongst investors.

Despite this, the markets quickly shook off the news and have been tepidly climbing higher ever since the lower $5,000 region was hit, which is viewed by many analysts as being a sign of growing fundamental strength in the markets.

Luke Martin, a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin current price action in a recent tweet, explaining that he expects BTC to face an upwards battle until it breaks above its recent highs at $5,600.

“$BTC slight move up since the resistance/support flip. Meh. It’s hard to be too excited about more upside until price can get above the most recent high at 5600. That’s when I would be far more bullish. Until then I’m a little closer to neutral,” Martin explained.

Bitcoin set its recent highs just prior to when news broke regarding the Tether imbroglio, when it hit highs of roughly $5,650.

BTC Continues Forming Similar Patterns to Those Seen in Previous Years

Another interesting trend that has arisen as a result of Bitcoin’s recent upwards surge has been that many analysts are now seeing striking similarities between the crypto’s current price action and that seen in previous years prior to massive bull runs.

FlibFlib, a popular crypto analyst on Twitter, discussed one of these similarities in a recent tweet, explaining that there are parallels between Bitcoin’s 2017 and 2019 price action.

“There is some similarity between 2017 and 2019 in the way in which we bottomed from $5k->3k 2017 and broke back to $5k. It took a lot longer this time in a bear market. Overlay & Extrapolate that trend and Dec 2019 could be fruity if we can get over the Tether risk,” he explained.

As the weekend trading session looms on the horizon and Bitcoin continues climbing slightly higher, it will likely become increasingly clear as to whether or not BTC is ready to break out of the $5,000 region, or if further consolidation is needed.

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50% of Institutional Investors Consider Crypto Worthy of Being Added to Their Portfolios, Claims Survey

Ever since the crypto markets plunged from their late-2017 highs, embattled investors have been closely watching to see how large investment groups, including corporate and institutional investors, take to the nascent markets – as they may ultimately introduce enough capital to the markets to fuel the next bull market.

Now, a recently conducted survey by Fidelity Investments signals that institutions are warming up to crypto, with many major groups sharing somewhat friendly outlooks towards the nascent markets.

Fidelity: Many Institutions Interested In, or Already Invested In, Crypto

The survey, which questioned 441 institutional investors that include family offices, hedge funds, endowments, and foundations, was conducted with a goal of garnering better information about institutional interest in the markets as they grow their newly founded digital assets business.

One interesting statistic from the survey was that nearly half of all the institutions surveyed explained that they do consider digital assets to be worthy of having a place in investment portfolios, which is overwhelmingly bullish as it signals that widespread institutional adoption may be imminent.

Despite this, the survey also found that a mere 22% of those surveyed are already invested in the markets, which means that there still remains a large number of institutions that consider digital assets worthy of being invested in, but still haven’t actually added them to their portfolio.

Another interesting statistic is that 72% of those surveyed would prefer to invest in crypto through investment products that hold cryptocurrency, rather than investing in the assets directly.

Tom Jessop, the president of Fidelity Digital AssetsSM, spoke about the bourgeoning trend of institutional investors entering the markets, saying:

“We’ve seen a maturation of interest in digital assets from early adopters, like crypto hedge funds, to traditional institutional investors like family offices and endowments… More institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets – new and old – becomes more readily apparent.”

Will Institutions Fuel the Next Crypto Bull Run?

The crypto markets have recently been witnessing a growing momentum that many analysts believe is highly bullish, which has shifted market sentiment and is leading to growing talks about the next bull market.

Assuming that the next bull run is anything like ones seen in years prior, it is going to take a significant amount of capital to fuel it, which may be provided by institutional investors.

Galaxy, a popular crypto analyst on Twitter, recently explained that if the next bull market were to mirror that which was seen in 2015, BTC would surge to over $330k by the end of 2021.

“Observing structure similarities between the monthly candles of October 2015 and April 2019. October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years. Another similar bull run puts BTC at over $330K/coin, by the end of 2021,” he explained in a recent tweet.

Although it is highly unlikely that the next bull run will directly mirror those of years past, any upwards move that pushes the crypto markets beyond their previously established all-time-highs will require a significant amount of money that may be provided, in part, by institutions that rush to enter the rapidly evolving markets.

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Analyst: Bitcoin’s Bullish Monthly Close May Signal That Parabolic Run is Imminent

April has proven to be a very positive month for the crypto markets, and Bitcoin’s ability to decisively surge into the $5,000 region without incurring any significant selling pressure has shifted the overall market sentiment to be slightly more bullish as many analysts expect BTC to see further gains in the near-future.

One prominent analyst is now pointing out similarities between Bitcoin’s April monthly close and that seen in October of 2015, which was followed by a massive bull run.

Bitcoin Approaches $5,400 as Recent Tether Fears Fade Away

At the time of writing Bitcoin is trading up just under 1% at its current price of $5,375. Over a one-week period, Bitcoin has recovered from its lows of $5,100 that were set after news broke regarding the fiasco surrounding the New York Attorney General’s accusations that Tether and Bitfinex were defrauding investors.

In previous years, news like this was ground for significant drops, but Bitcoin only shed a mere 10% after the news grew widespread, and it has since recovered much of its losses as it continues climbing back towards its recent highs of over $5,600.

Furthermore, in addition to appearing to have growing strength from a fundamental perspective, Bitcoin also posted a green monthly candle that many analysts view as being bullish.

DonAlt, a popular cryptocurrency analyst on Twitter, spoke about BTC’s monthly close in a recent tweet, explaining that his larger time-frame bias is currently bullish.

“$BTC monthly: This is the first time in ages that BTC has broken resistance & closed above it. We’ve finally got support below us that might actually hold, turning my big timeframe bias bullish. I’ll stick with swing longs until that support fails. Buys in green would be juicy,” he said while referencing a BTC monthly candle chart.

Analyst: Bull Run Similar to That Seen in 2015 Would Send BTC to Over $330k

Because this monthly close appears to be overwhelmingly bearish, discussion of the next potential bull run has abounded, and one analyst notes that there are striking similarities between Bitcoin’s April of 2019 close and its October of 2015 close, which was directly followed by a massive parabolic bull run.

Galaxy, another popular cryptocurrency analyst on Twitter, discussed these similarities in a recent tweet, explaining that if the next bull run mirrors that seen in 2015 – which would require a massive influx of capital – BTC’s price would hit $330k in the next few years.

“Observing structure similarities between the monthly candles of October 2015 and April 2019. October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years. Another similar bull run puts BTC at over $330K/coin, by the end of 2021,” he noted.

Although it is unlikely that the next bull run will be identical to that seen in 2015, an influx of capital from corporations and institutions, which would in-turn lead to an inflow in consumer investments, may be enough to fuel another parabolic upwards move that many embattled investors are anticipating.

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Is Bitcoin’s Surging On-Chain Volume Bullish, or Just the Result of Recent Rallies?

Although many traders and analysts alike are currently looking towards relatively small Bitcoin price movements for greater insight into where the crypto is heading next, recent data regarding BTC’s on-chain transaction volume may signal that the cryptocurrency is currently incurring greater fundamental strength.

Although this growing on-chain volume certainly looks positive, it remains debatable as to whether or not this is simply the result of a stabilizing market, or if the cryptocurrency is truly finding greater levels of widespread adoption.

Bitcoin On-Chain Activity Hits 14-Month High in April

April has proven to be a positive month for the crypto markets, with Bitcoin surging from the low-$4,000 region earlier this month to highs of well over $5,600 just last week.

Although this massive upwards surge did lead to a bullish upwards momentum, recent news surrounding the Tether-Bitfinex imbroglio – where the New York Attorney General accused the two related companies of committing fraud – tempered this momentum and sent BTC reeling downwards to the $5,100 region, where it found support and continued climbing.

In addition to incurring positive price action in April, the crypto’s on-chain activity also surged to a 14-month high, which some may view as a sign of improving fundamental strength.

According to a recent Diar report that summarizes numbers from blockchain data provider TokenAnalyst, the volume of Bitcoin moved on-chain has risen consecutively three months in a row, which may be due to recent rallies that have allowed BTC to put distance between its current price levels and its 2018 lows.

“Bitcoins moved on-chain outpaced dollar value hitting a 14-month high in April. With a value of over $130Bn, the transaction volume closes in on June 2018 levels when the price of Bitcoin averaged $7000 – 35% higher than today,” the report explains.

Recent BTC and Crypto Rallies Likely the Cause of On-Chain Volume Surge

Many critics of the crypto markets are apt to point towards the massive volatility that is associated with the nascent markets, which is seen by some as being a factor that disqualifies digital currencies from ever being considered true currencies.

Despite this, the markets have been expressing increased stability in the recent past as trading ranges begin to narrow, which – in combination with the multiple price surges that have occurred over the past several months – may be one factor leading to higher on-chain volumes.

Diar also notes that quarterly totals for on-chain activity paint a slightly less positive picture than monthly totals, as activity has been on the decline since the height of the parabolic bull run in late-2017.

“Whilst 1Q19 remains almost a whopping double the volume than that for the same period in 2017 in USD terms, quarter-on-quarter on-chain activity for Bitcoin has been in decline since the end of 4Q17,” Diar notes.

So, to summarize, although the volume of Bitcoins being moved on-chain in April is at a 14-month high, quarterly Bitcoin volume and Bitcoin/USD on-chain volume is still quite low as compared to that seen in Q4 of 2017.

Whether or not these figures will continue to shift as Bitcoin and the crypto markets begin to express greater stability and tepidly climb higher remains to be seen, but closely watching fundamental factors, in addition to price data, is certainly an important factor in determining if the persisting bear trend has truly come to an end.

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Analysts Expect Crypto Markets to Continue Surging Despite Bitcoin’s Current Stability

Although Bitcoin incurred some downwards pressure late last week after news surrounding the Tether-Bitfinex imbroglio surfaced, BTC now been able to tepidly advance higher, and has led the entire crypto markets to surge.

Despite finding stability in the lower-$5,000 region, analysts are now expressing somewhat cautiously bearish sentiments regarding the current state of BTC and expect altcoins to be the cryptos that incur further gains in the near future.

Bitcoin (BTC) Advances Above $5,300

At the time of writing, Bitcoin is trading up just under 2% at its current price of $5,330, up from 24-hour lows of $5,219.

Earlier this week, news broke surrounding the New York Attorney General’s public accusation of fraudulent activity being conducted by stable coin Tether (USDT) and related crypto exchange Bitfinex, which instantly send BTC’s price reeling downwards from highs of $5,650 to lows of $5,180.

Although the cryptocurrency’s recent price action certainly appears to be somewhat bullish, Mr. Anderson, a popular crypto analyst on Twitter, explained that in order for technical formations (like the recent golden cross) to be bullish, BTC’s price must actually respond bullishly.

“$BTC Daily: The 55 EMA will cross the 200 EMA. This is inevitable. These events are not simply BULLISH though. It is the reaction by Price when this occurs that determines its effect (Bullish/Bearish) and that effect usually is long-standing,” he explained in a recent tweet.

Although BTC’s response to recently established bullish technical formations has been muted, it remains possible that the cryptocurrency is simply consolidating at the current time, and that a bullish surge is right around the corner.

Crypto Markets Surge Despite BTC’s Stability 

Because Bitcoin has remained stable in the low-$5,000 region and it remains unclear as to which direction the crypto is heading next, many traders are turning to altcoins to make profits.

Today, multiple major cryptocurrencies have posted decent gains, with XRP climbing over 5%, Bitcoin Cash surging over 6%, and Litecoin jumping over 8%.

Lucid TA, another popular cryptocurrency analyst on Twitter, explained in a recent thread of tweets that he believes long positions on altcoins currently make more sense than long positions on Bitcoin, as many are currently bouncing off of long-established support levels.

“Though $BTC looks questionable, I think longs make more sense on alts. Many are at support, and many reasonable trades can be found with high RR. Here are a few examples on different TF’s. There were better entries, though since I’m posting this late these are market entries,” he noted.

Lucid further noted that he does believe Bitcoin is currently flashing some bullish signals.

“A few further factors to consider. The fact that BTC swept the lows weakens the bear case and increases likelihood of a break up (‘bart’ pattern). Longs/shorts are bullish, though to be taken with a grain of salt…” he said.

As the week continues on and Bitcoin further establishes whether or not it has enough support around its current price levels to climb higher, it is likely that altcoins will be able to maintain their upwards momentum and continue climbing higher.

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