Bitcoin (BTC) Rallying to $10,000 is Only a Matter of Time: Analyst

Bitcoin Rally to $10,000 on the Horizon

Over the past few days, Bitcoin (BTC) has stopped dead in its tracks. After rallying from a multi-week low of $7,450 to briefly flirt with $9,400, the cryptocurrency stopped its upward momentum. Since then, BTC has been rather flat, trading between $9,000 and $9,300. But, one analyst claims that the asset is poised to break out — upward that is. In a recent tweet, he laid out his thoughts.

As seen below, the analyst, Smart Contracter, who correctly called that Bitcoin was going to bottom around $3,500 at the start/middle of 2018, believes that BTC is soon poised to hit $10,000 for the first time since early-2018.

He claimed that BTC is currently trading in a triangle pattern, marked by an increasingly tighter range. With there being dropping volume, a break out is becoming increasingly likely. Per Smart Contracter’s use of wave analysis, this breakout will bring Bitcoin to $10,000. As he claims, “I think its only a matter of time now before we break up again.”

He isn’t the first to have claimed that $10,000 is inbound. In Tuesday’s segment of CNBC “Futures Now”, the two guest traders and Fundstrat’s Tom Lee claimed that they are currently bullish on cryptocurrency. One of the traders claimed that as long as BTC holds $9,100, he would be inclined to believe that Bitcoin can soon reach $10,200.

This comes briefly after Lee and his peers at Fundstrat claimed that $10,000 is the level to watch for Bitcoin. They claim that once Bitcoin reaches $10,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above $4,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once $10,000 is breached. As the analyst wrote on Twitter earlier this month, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”

Once $10,000 is broken past, Lee expects a “fast and furious” move to $20,000. And from there, the analyst claims that Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.

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Sentiment Wildly Bullish

The crypto community also seems to convinced that a further rally is only a matter of time. According to recent sentiment analysis compiled by analytics startup The TIE, there were 38,889 Bitcoin-related tweets yesterday — the highest daily count in June so far. 61.4% of tweets mentioning both Bitcoin and Libra were purportedly positive, marking overall bullish sentiment.

What’s more, overall crypto community sentiment is at its highest since May 15th, which was when BTC first started to move past $8,000 in this cycle. The TIE writes: “Despite a 2.5% drop in the price of Bitcoin it appears that the markets response to Facebook’s Libra release has been strongly positive.”

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Investing in Bitcoin, is it the Right Thing to Do?

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It may just be what the doctor ordered!

Posted on Markethive by Jeffrey Sloe

Bitcoin (BTC) Needs to Pass $8,200 to Kickstart Next Leg Higher

Bitcoin Needs $8,200

Over the past few days, Bitcoin (BTC) bulls have made their presence known once again, boosting the leading cryptocurrency from a multi-week low of $7,450 to $8,150 as of the time of writing this. While this solid price action, which comes after BTC has ostensibly topped at $9,100, has many enthused, the trend isn’t bullish just yet.

In a recent podcast with Forbes contributor Benjamin Pirus, prominent analyst Ledger Status, known as Brian Krogsgard off of the ‘interwebs’, explained that Bitcoin has one more key level to breach before resuming a clearly bullish trend.

In a recent podcast with Pirus (all credit to him), Ledger remarked that Bitcoin is currently in the midst of trying to determine whether it will consolidate at higher levels and eventually push higher, or is topping out to precede a strong retracement. Krogsgard notes that “$8,200 [is a key level] on the daily,” explaining that this coincides with the Bollinger Band midline (a key technical indicator meant to determine ranges, key support/resistance). From Ethereum World News’ point of view, $8,200 also lines up with the 0.786 of the Fibonacci Retracement from $9,100 to $5,000, meaning that it is a level to watch.

If $8,200 is surmounted, presumably meaning a daily close above that level, Krogsgard expects for Bitcoin to begin its next leg higher, meaning a move to retest its year-to-date highs and potentially continue even higher. So, is $8,200 possible?

According to a number of analysts, for sure. Per previous reports from this outlet, the asset’s four-hour chart is looking like an Accumulation pattern laid out by technical analysis guru and legend Richard Wyckoff. If the textbook pattern plays out in full, analyst Financial Survivalism explains that he expects for BTC to break past $8,040, fall back to $7,700, and then return back to the mid to high-$8,000s.

This isn’t the only bullish sign that the analyst observed. In a subsequent tweet, Survivalism explained that if the nine four-hour exponential moving average crosses above the 50, Bitcoin will be “fully bullish” on the four-hour chart, implying “another leg up in the market.”This has yet to happen, but if BTC keeps the upward pressure, it will likely happen within the coming day.

Survivalism isn’t the only one that is short-term bullish. In a recent tweet outlining an astute observation, analyst Filb Filb noted that movements in Tether’s market capitalization have accurately predicted moves in BTC. With the number of Tether rapidly rising, recently surmounting a jaw-dropping $3 billion, Filb seems to be predicting that Bitcoin will soon shoot higher. While Tether was found not to directly be manipulating markets, more USDT in circulation is supposed to mean more money flowing into this space.

Pullback Still on the Table

Krogsgard was sure to leave skepticism on the table, however. Despite the fact that he expects for Bitcoin to likely revisit $9,100 and potentially move even higher, he reminds listeners to Pirus’ podcast that he “I wouldn’t say $8,000 bitcoin is a particularly attractive place to buy.” He adds that the cryptocurrency market has evidently moved fast this year, meaning a that an eventual correction to lower levels, like the $6,000s, is more than likely. Put best,

Even in bull markets, corrections of 30-40% are normal, so I’m waiting for when that occurs. It could be now, with an outside chance of another high, maybe into that $9,600 range first.”

When that comes, though, no one is all too sure.

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Bitcoin ATM Spotted Spitting Out Money in London

A few days ago Londoners witnessed a bizarre movie-worthy scene: A Bitcoin ATM suddenly started spitting bills non-stop in a shopping center.

Several people were able to record the odd event and share it on Reddit. On the footage, a security guard protects the machine from the curious people who saw the scene. None of them (at least as far as one can see in the video) tried to take a bill.

From Bitcoin

The cashier was spitting out money for several minutes, which is why several people speculated that it was not a malfunction but rather a hack. The methodology, known as “jackpotting” basically allows the hacker to operate the ATM remotely making it spit out money on command.

If true, the perpetrator could be facing criminal charges.

Bitcoin ATM Operator: “It Was Not a Hack”

Shitcoins Club, a polish company that owns more than 60 Crypto ATMs distributed all over Europe, managed the Bitcoin ATM.

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In statements to The Next Web, Shitcoins Club denied that it was a hack and commented that from their point of view everything was a trick to give the illusion that the ATM went crazy:

“Everything was going well during this transaction … As you can see there is a bag in front of the ATM.”

In fact, in a Reddit post, a spokesperson said that anyone can see the location and funds availability of each of their ATMs, so it was easy to withdraw such a large amount of money (as long as the necessary funds were available).

“Our ATMs are the only ones in UK which can handle large cash withdrawals. On our website shitcoins.club on the “locations” tab, you can find out exactly how much GBP ready to withdraw holds each of our ATMs. The ATM at Bond Street Station (West One Shopping Centre), has at the moment 30,000 pounds which can be withdrawn immediately, in exchange for BTC, LTC or DASH. Our ATMs are usually topped up to 20 000 pounds.”

So everyone is free to draw their own conclusions. Maybe it was all the work of a skillful hacker who somehow wanted to generate a negative image of Bitcoin ATMs or maybe it was all the work of a troll who wanted to make a joke by daring to lose his money at the hands of a crowd that one can never know for sure how will react before the opportunity to have free money.

Either way, the crypto-verse is one weird place to be sometimes.

Original article written by Jose Antonio Lanz and posted on EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe

Facebook Crypto on the Horizon: Firm Has 100 Blockchain Staffers Now

Facebook Crypto is (Almost) Ready to Launch

After months of rumors, it seems that Facebook’s crypto is finally right on the horizon. Reported by TechCrunch today, a source claims that the technology company is looking to release the white paper for what is known as “Globalcoin” on June 18th, a mere two weeks away. This has seemingly been confirmed by a Facebook executive, who discussed the June 18th date previously. What’s more, The Information, a publication known to have very good sources within the cryptocurrency and blockchain industry, recently revealed that Facebook will be making a big announcement about its ambitions in the digital asset space this month.

As Globalcoin nears launch, Facebook has purportedly begun to bolster its staffers in the cryptocurrency space. The firm, according to LinkedIn data, has a jaw-dropping 100 people working in the Facebook Blockchain division, and is looking for forty more talents to fill in some gaps. A listing reads:

Our ultimate goal is to help billions of people with access to things they don’t have now — that could be things like healthcare, equitable financial services, or new ways to save or share information.

For those who missed the memo, Globalcoin is slated to be a stablecoin based on a basket of currencies and assets, which will purportedly be used to give billions across the world a way to transact value at low cost, without border, and without the difficulties with traditional banking. Facebook is purportedly seeking funding from Visa, Mastercard, and other mainstream firms, and has even been in discussion with crypto exchanges Gemini and Coinbase.

A Net Benefit For Bitcoin?

This all begs the question — will Globalcoin help the adoption of decentralized crypto assets, namely Bitcoin?

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Per Mike Novogratz of Galaxy Digital, it might do just that. The former Wall Street hotshot, now a well-known cryptocurrency investor, told CNBC last week that “Facebook is wildly important for the ecosystem”, adding that this tacit endorsement of the technology behind Bitcoin is resounding. He even states that contrary to popular belief, Globalcoin will add value to the non-centralized cryptocurrency ecosystem, not subtract.

Novogratz isn’t the only industry executive to have thought so.

In a Twitter thread published in Q1 2019, Ari Paul, the founder of BlockTower Capital, noted that while the so-called “coporatecoins” will operate in an intranet-esque fashion, they will help the more Internet-like Bitcoin. The investor explained that Globalcoin and its ilk are inherently “uninteresting” to Bitcoin’s crusaders, who are enamored with censorship resistance, immutability, security, and peer-to-peer systems. Yet, he adds that centralized cryptocurrencies will “increase global interest dramatically.”

And, Anthony Pompliano of Morgan Creek Digital in late-2018 postulated that “Anything Facebook launches will quickly become the most popular product in the industry….maybe even one of the most popular products in the world.”

Original article written by Nick Chong and posted on the EthereumWorldNews.com site.

Article posted on Markethive by Jeffrey Sloe