A Signal Last Seen Before Bitcoin Plunged to $3,700 Is About to Return

To many, determining which direction Bitcoin trends from here is a coin toss. One trader shared the image below with the caption: “You guys still trading this garbage? I’m not doing anything until one of these lines gets hit.” That’s to say, the analyst isn’t taking a trading position in Bitcoin because he has no idea where it will go first. BTC range chart shared by chartist/technician Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com Unfortunately for bulls, the evidence is starting to melt that a correction is more likely…

Analyst Who Predicted Bitcoin's V-Shaped Reversal at $3,700 Is Bullish

It’s been a tough past few weeks for the Bitcoin market. Some are skeptical that the cryptocurrency is in a bull trend after BTC has sustained multiple rejections at $10,000. Yet a trader that nailed a bold prediction remains optimistic, sharing a number of signals indicating imminent upside. Bitcoin Could Soon See a Bounce, Says Crypto Trader In March, Bitcoin plunged from the $9,000s to $3,700 in the matter of a week. Considering the severity of the drop, coupled with a collapse in the traditional economy, few expected a rebound.…

Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021

The Bitcoin Stock to Flow (S2F) model created by the pseudonymous analyst “PlanB” has been a controversial subject over the past year. A majority of cryptocurrency investors on Twitter seemingly believe in the model, though it’s increasingly come under fire. Debate about PlanB’s work has come to a head over the past few days as prominent commentators have chimed in. What Is the Stock to Flow Model? The S2F model is an econometric formula released by PlanB in March of 2019. The pseudonymous analyst is a Dutch institutional investor that…

If the S&P 500 Passes 3,200, Then Bitcoin Can Retake $9,500: Analyst

If you’ve followed Bitcoin analysts over recent weeks, you likely know of the importance of $9,500 to the cryptocurrency. As the chart below indicates, $9,500 has been a crucial price point for Bitcoin over the past two months. A rally in late-April topped almost exactly at $9,500 while that level has also acted as a pivot point for both buyers and sellers. Chart of BTC's price action over the past two months from TradingView.com $9,500 is also the point at which there exists a perfect storm of technical levels. They…

History Shows That Bitcoin’s Consolidation Phase is Likely to Result in Fireworks

Bitcoin has been caught within a tight trading range between $9,000 and $10,000 for two months now. This trading range is still showing few signs of degrading as buyers continue guarding against a dip below its lower boundary. That being said, history does show that multi-month bouts of consolidation – like the one BTC is caught within currently – do tend to end with explosive movements. Historical data also shows that they can persist a lot longer than two months, signaling that it may be quite some time before the…

Bitcoin Breaks Below $9,000 as Sellers Invalidate Bullish Technical Pattern

Despite seeing a swift rebound, Bitcoin bears were able to push the cryptocurrency below its crucial $9,000 support just minutes ago. This breakdown has come about following a recent rejection posted by the crypto at $9,300, which appears to have become a resistance level. The latest decline below $9,000 indicates that the buying pressure that has been holding the crypto above its lower range boundary is dissolving. Analysts are now noting that the benchmark digital asset’s bears have been able to invalidate a bullish technical formation that buyers were attempting…

Peter Schiff: Bitcoin HODLers Delusional as Gold Outperformed BTC, But Did It?

Peter Schiff, the CEO of Euro Pacific Capital, says “HODLers” of Bitcoin “remain delusional” because gold outperformed Bitcoin since 2019. But, BTC actually outperformed the precious metal so far in 2020. Schiff said: “Since hitting its high in June of last year the price of Bitcoin has fallen by 33%. During that same time period the price of gold has risen by 27%. So, priced in gold Bitcoin has fallen by 53%. The long-term trend has clearly changed in gold’s favor. HODLers remain delusional.” Year-to-date, Bitcoin increased from $7,153 to…

Analyst Expects Bitcoin Above $9.5K in Near-Term as Risk-On Sentiment Improves

Bitcoin analyst Edward Morra sees price heading towards $9,575 in the coming sessions. The prediction surfaces after the cryptocurrency failed to close above its short-term resistance level near $9,285. It also appears as global risk-on sentiment improves on positive job reports and vaccine hopes. Bitcoin could close above $9,500 in the coming session even as it experiences modest sell-offs near its interim resistance level $200 below. That is, according to Edward Morra. The Bitcoin analyst-cum-trader said that the BTC/USD exchange rate could establish a local top at $9,575. The level…

This Eerie Nasdaq Fractal Predicts Bitcoin Will Rocket to $15,000 in 2020

In May and June, Bitcoin sustained multiple consecutive rejections at $10,000. Every time the cryptocurrency surpassed that level, the rally was quickly stopped by sellers. The chart below from Blockroots founder Josh Rager depicts this trend well. Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com Bitcoin may soon hold above $10,000, however, with analysts observing new evidence suggesting an imminent rally. Bitcoin Fractal Predicts An Imminent Rally Past $10,000 Bitcoin is trading in line with a Nasdaq fractal predicting Bitcoin will…

Bitcoin Hesitates But Indicators Suggest BTC Could Surge Above $9,300

Bitcoin is slowly moving higher and it recently tested $9,300 against the US Dollar. BTC is now trading well above the 100 hourly SMA, and it is likely to surge above $9,300. Bitcoin is showing a few positive signs above the $9,200 and $9,150 levels. The price revisited the $9,300 resistance and it is now trading well above the 100 hourly simple moving average. There is a significant bullish trend line forming with support at $9,180 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…