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…

Here’s How to Expand Who Contributes to Bitcoin Core

A Bitcoin Core dev and her exchange partner discuss Bitcoin and privacy and how to incentivize more developers to contribute to the protocol. OKCoin and BitMEX recently came together to provide a $150,000 grant to Bitcoin Core developer Amiti Uttarwar.  In this conversation, Amiti and OKCoin CEO Hong Fang discuss: Amiti UttarwarTwitter: @amizi Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which…

Bitcoin’s Price Correlation With S&P 500 Hits Record Highs

Ever since its inception, bitcoin has been dubbed “digital gold,” given it is durable, fungible, divisible and scarce like the precious metal.  However, while gold has a strong track record of rallying in times of stress in the global equity markets, bitcoin is yet to build a similar reputation as a safe-haven asset. In fact, in recent months, the cryptocurrency has been increasingly correlated with the S&P 500, Wall Street’s equity index and benchmark for global stock markets. Now, data suggests that relationship is stronger than ever, likely denting its…

Russian Court: Bitcoin Theft Not a Crime

A Russian district court has dismissed bitcoin theft as a crime since cryptocurrency is not regulated in Russia and there is no legal status for bitcoin. The accused were found guilty, sentenced to prison, and ordered to return only the fiat money stolen — not cryptocurrencies. St. Petersburg’s Petrogradsky District Court has announced the verdict in a theft case involving bitcoin filed in December, the joint press service of the judicial system of St. Petersburg announced on Tuesday. The two accused, Peter Piron and Yevgeny Prigozhin, disguised as officers of…

Austria: Over 2,500 Merchants Will Soon Start Accepting Payments in Bitcoin, Ether, and Dash

From summer 2020 onwards, Austrians will be able to seamlessly spend popular cryptocurrencies such as bitcoin (BTC), ether (ETH), or dash (DASH), at more than 2,500 points of acceptance using A1 Payment – a major Austrian mobile network operator. Spend Crypto at More than 2,500 Stores On July 2, 2020, Austrian fintech firm Salamantex announced it had integrated its Crypto Payment Service Software with A1’s Payment platform. This integration means that merchants at over 2,500 stores will soon start accepting BTC, ETH, DASH, instead of credit cards or cash. Notably,…

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…

Demand for Bitcoin Will See a Dramatic Shift in 8 Years – Retail Addresses to Eat up Entire New Supply

A recent report from ZUBR Research explains that by 2028, retail demand for bitcoin will exceed the supply. The report highlights that in eight years as Bitcoin’s supply rate decreases “retail size addresses [will] begin to eat up all the new supply alone.” Even the next halving in 2024 could see retail accounting for acquiring 50% of the bitcoins in circulation. Not too long ago, cryptocurrency proponents witnessed the Bitcoin (BTC) network’s third halving which cut the block reward by 50% on May 11, 2020. Just before the third BTC…