A Spring Before Bitcoin (BTC) Rally To $50000 As Brian Projects?

The transparent nature and increasing oversight on Bitcoin-related transactions mean it hard to launder money via the network. That’s unlike …

  • Bitcoin prices accumulate above $5,100
  • Transparency translating to confidence, Bitcoin on the path to $50,000

The transparent nature and increasing oversight on Bitcoin-related transactions mean it hard to launder money via the network. That’s unlike traditional systems where banks now have to fire employees and shoulder heavy fines after flouting AML and KYC rules. It is because of this that Bitcoin (BTC) is gaining ground and resulting demand could fuel the next wave to $50,000 according to Brian Kelly.

Bitcoin Price Analysis

Fundamentals

There is always something special about Bitcoin. It is trustless, global and well, laser guided by law. Since the code is law and automated, outright thuggery, theft and literally any attempt to bend the rules are but a hard task to execute. There have been attempts to wash money via the system, and after its failure and the DoJ slapping heavy fines, hard lessons were learned further revealing how the network is secure, transparent and traceable.

That is, as an emphasis, Bitcoin works by law and every transaction is visible. It has been made hard by specialist companies like Chainalysis charging a premium for their sleuthing. That is why, despite infrastructure development and adoption not being fast as expected, Bitcoin will have more utility in the future and entities leveraging the system won’t have to factor in massive litigation costs like what banks do.

So far, and according to Pompliano tweet, bankers have had to shoulder fines exceeding $160 billion. Unfortunately, from their opaque operations, more of their sinister money laundering activities will continue to come to fore as privacy and transparency calls increase.

Since Bitcoin’s creation 10 years ago, the banks run by these 7 men have been fined over $160 billion for various crimes and regulatory violations.

I’ll trust Satoshi over them any day. pic.twitter.com/xSAXlgQj6Q

— Pomp 🌪 (@APompliano) April 11, 2019

Therefore, with use, increasing adoption levels and confidence in an immutable network, will Bitcoin (BTC) erupt above $6,000 towards $50,000 as Brian Kelly says? Only time will tell.

Bitcoin is up more than 30% this month and @BKBrianKelly says it could hit new highs by this date… pic.twitter.com/afC58AqIGW

— CNBC’s Fast Money (@CNBCFastMoney) April 10, 2019

Candlestick Arrangement

Bitcoin BTC

Bitcoin BTC

Indeed, the optimism is there but before Bitcoin edge past minor resistances at $5,800 and eventually explode past $6,000, heavy liquidation during the Asian session is a scare. The question now is whether this will catalyze a sell-off from spot level.

Despite this fear, we are optimistic. Note that today’s bar, though bearish, has a long lower wick meaning there is resistance for lower lows. However, as the stretch of last week is corrected in a natural cool off—we have lower lows relative to the upper BB even if Bitcoin (BTC) is printing higher–, every dip is a technically a buying opportunity.

If bulls overcome this minor bump and prices surge past $5,500 or Apr-10 highs, BTC may easily clear $6,000.

Technical Indicators

Because of Apr-2 bull bar with high transactional volumes, buyers are in control. Even so, any break above $5,800–$6,000 resistance zone ought to be with high transactional volumes exceeding 54k of Apr-2.

Chart courtesy of Trading View

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Bitcoin X (BTX) Price Tops $0.0021 on Exchanges

Bitcoin X (BTX) Price Tops $0.0021 on Exchanges … Ethereum Classic (ETC) traded 12.7% lower against the dollar and now trades at $6.17 or …

Bitcoin X (CURRENCY:BTX) traded up 1.7% against the U.S. dollar during the 24-hour period ending at 13:00 PM ET on April 11th. One Bitcoin X token can now be purchased for $0.0021 or 0.00000041 BTC on popular cryptocurrency exchanges including Stellarport and Stellar Decentralized Exchange. Bitcoin X has a total market capitalization of $5,989.00 and approximately $60.00 worth of Bitcoin X was traded on exchanges in the last day. In the last week, Bitcoin X has traded 0.3% lower against the U.S. dollar.

Here is how related cryptocurrencies have performed in the last day:

  • Bitcoin (BTC) traded down 4.8% against the dollar and now trades at $5,053.65 or 1.00000000 BTC.
  • Ethereum (ETH) traded 8.5% lower against the dollar and now trades at $165.18 or 0.03270895 BTC.
  • Bitcoin Cash (BCH) traded down 9.9% against the dollar and now trades at $273.50 or 0.05415732 BTC.
  • Litecoin (LTC) traded 11.1% lower against the dollar and now trades at $78.67 or 0.01557778 BTC.
  • Monero (XMR) traded down 6.7% against the dollar and now trades at $66.25 or 0.01311868 BTC.
  • Ethereum Classic (ETC) traded 12.7% lower against the dollar and now trades at $6.17 or 0.00122205 BTC.
  • Zcash (ZEC) traded 2.4% lower against the dollar and now trades at $70.04 or 0.01386827 BTC.
  • Dogecoin (DOGE) traded 8.1% lower against the dollar and now trades at $0.0028 or 0.00000055 BTC.
  • Bitcoin Gold (BTG) traded 12.8% lower against the dollar and now trades at $16.38 or 0.00324382 BTC.
  • Nano (NANO) traded down 12.4% against the dollar and now trades at $1.47 or 0.00029104 BTC.

Bitcoin X Profile

BTX is a proof-of-work (PoW) token that uses the Time Travel hashing algorithm. It was first traded on April 23rd, 2017. Bitcoin X’s total supply is 20,998,348 tokens and its circulating supply is 2,864,374 tokens. Bitcoin X’s official Twitter account is @bitcore_btx. Bitcoin X’s official website is bitx.tk. Bitcoin X’s official message board is medium.com/@snatoshi71.

Bitcoin X Token Trading

Bitcoin X can be purchased on the following cryptocurrency exchanges: Stellarport and Stellar Decentralized Exchange. It is usually not possible to purchase alternative cryptocurrencies such as Bitcoin X directly using U.S. dollars. Investors seeking to trade Bitcoin X should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, GDAX or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Bitcoin X using one of the exchanges listed above.

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Bitcoin’s Breakout Is Bullish, Buy While Momentum Is Strong

Love it or hate it, Bitcoin is here to stay for the time being. The recent rally of April 2019 has presented an opportunity to go long, as BTC/USD …

Investment thesis

Don’t believe anyone who claims to know the ultimate fate of Bitcoin. There is a chance it becomes widely adopted as a store of wealth and a means of transacting outside of the banking system; there is also a genuine chance it becomes worthless.

For that reason, I consider an investment in Bitcoin like a non-expiring warrant on the eventual widespread adoption of Bitcoin. Unless you believe this is a possibility and want to make a bet on that conviction, buying and holding Bitcoin doesn’t make much sense.

But like with any asset, there is a market, and with any market, there is money to be made and lost by trading. BTC/USD is now trading above its 200-day moving average, which is my preferred technical indicator to measure the medium-to-long-term trend.

Speculators, momentum chasers, trend-followers – this could be your cue to go long. 2019 could prove to be another Bitcoin bull market with returns in the 1000% range or more, or this could just as likely be a dead-cat bounce. Either way, I will not be missing the opportunity to ride the Bitcoin bull one more time.

Source: Bitcoincharts.com

What is the future of Bitcoin?

I don’t know, and anybody who claims to know is selling snake oil or delusional. I also don’t care to speculate on what the future of Bitcoin will be. There is an infinite number of variables at play, and the range of potential prices for the virtual currency is anywhere from zero to infinity. It seems that everybody has an opinion on the future of Bitcoin, and arguments can get emotional.

You don’t need to have an opinion on Bitcoin to make money trading it. If you leave your emotions out of the trade, you’re more likely to profit.

That said, it is essential to know the potential downside when trading any asset. What’s important to me is that there are two long-term outcomes that I deem the most probable:

1. Bitcoin goes to zero or close to it.

In this case, either Bitcoin is replaced by a superior asset, interest in crypto assets completely fades, or there is a compromise in the Bitcoin network. Any of these scenarios could cause the liquidity of BTC to dry up and the price to approach zero.

For this reason, the only way to safely trade Bitcoin is with stop-loss orders in place or a very watchful eye on the price. Any capital deployed in Bitcoin is entirely at risk.

2. Bitcoin goes much higher than it is today.

Rampant inflation, widespread adoption, banking crises, or any number of unforeseen scenarios could drive the price of Bitcoin much, much higher. Many believe an April Fool’s joke caused this recent rally.

If the next bull market is anything like the last one, speculators can expect massive gains.

Why trade Bitcoin?

Any move in Bitcoin’s price is generally violent due to high volatility. Moreover, Bitcoin is known to have large moves to the upside, and this should excite trend-followers and speculators.

The Bitcoin trade in 2017 was immensely profitable and rewarding for anyone who got in early and used tight stop losses to control downside. As long as Bitcoin stayed above its long-term moving averages, traders on the long side profited immensely.

The people who lost are those who invested during the peak of the mania – around Thanksgiving of 2017 – and sold as it moved to the downside. Due to the news flow at the time and the anecdotal chatter and hype among my network, I’d suspect a lot of retail investors lost big.

On the other hand, any traders who used tight stop-loss orders likely made it out of the drawdown unscathed. Due to frequent, violent reductions in value, downside protection is critical when trading BTC. The market is remarkably liquid, and I commonly see bid/ask spreads of a penny, making stop-loss orders a relatively safe method of removing risk.

My strategy

My current strategy is to hold long BTC/USD as it stays above its 200-day exponential moving average. I will be keeping tight stop losses which I will adjust based on the movement of the 200 DMA. Since my basis is below the current 200 DMA, the position is already profitable, and if I get stopped out here, I walk away with a small profit and will either deploy the capital elsewhere or wait to reenter Bitcoin when it has a favorable technical setup.

The position size is quite small at 1% of the portfolio, but as 2017 proved, even a 1% allocation in BTC during a bull market can lead to significant portfolio outperformance over the benchmarks.

I wouldn’t be surprised to see Bitcoin up 1,000% this bull run or more. I also wouldn’t be surprised to see it take another 90% haircut from its current price by the end of the year. The range of outcomes is infinite, and my strategy is designed to accommodate this. For anybody with an unprotected Bitcoin position, I encourage you to protect your downside with a hedge or tight stop-loss orders.

Conclusion

Just because Bitcoin exists, doesn’t mean you have to have an opinion on where the price will go. Everybody on Wall Street from Warren Buffett to Jamie Dimon has a price target, and to me, everybody’s opinion is worthless. The only person I listen to is Mr. Market, and he is flashing a buy signal for Bitcoin.

I am the first to admit that I have no idea what the future holds for the virtual currency. What history has proven to be true is that if you can catch a Bitcoin bull market, in its early or middle stages, you stand to profit.

I see the recent move to the upside as technically bullish, and the trend-follower in me has taken an interest and a position in BTC. This trade is a small part of my portfolio, and I am aware the price may go to zero, so I am protecting my hard-earned capital with stop-loss orders and following this trade with a watchful eye.

Disclosure:I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: As stated in the article, I own Bitcoin.

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Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

The recent development in the cryptocurrency industry is a rise in price for … Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant …
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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering about the reasons for the recent rally of Bitcoin. The factors that could lead to such a hike in price is several. However, one of the glaring ones is that big shots came back to invest in the coin. According to DailyFX Team member, Nicholas Cawley, a large order to buy Bitcoin set off the increase in price. He implied that rumor has it that the order was to the tune of $100 million.

Also, a tech advisor Kirill Bensonoff agrees that the existence of the huge order fuelled the surge. According to Bensonoff, it also shows that the big players are resuming their activities in the crypto market.

Another factor also is the lower interest rates which turned on the speculative investment risks. There are other factors which the industry know as “market technicals.” According to Cawley’s observations, market volume has risen to four times of the normal turnover. This factor also increased the rally. He also pointed out that the coin went past the “200 days moving average” of $4,650 without resistance.

Speculations on how far the rally will go

Many investors are wondering how far the sudden rally of Bitcoin will reach. Investors and traders are also asking if it is possible for the leading coin to reach $20,000 again. Well, the possibility lies in the hands of the industry regulators. If they give their approval to those financial instruments that attract broad investors into the markets, then there is hope

Concerning the $20,000 mark, Bensonoff stated that it would be possible if there is a catalyst to start it off. He also pointed out that the catalyst that can cause such a hike will be the approval of ETFs. In his opinion, without such approval, Bitcoin is likely to stop at $10,000. Although we are not sure if either scenario will occur, the crypto market will continue to be volatile.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

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Bitcoin Is More Popular Than the SpaceX Launch and Elon Musk

The data doesn’t lie. Over the last seven days, Bitcoin searches obliterate the number of people wanting to know more about Elon Musk or the SpaceX …
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Christina Comben| Apr 11, 2019 | 10:00


The data doesn’t lie. Over the last seven days, Bitcoin searches obliterate the number of people wanting to know more about Elon Musk or the SpaceX launch.


Move Over SpaceX Launch, Bitcoin Is King

Any online media worth its salt knows that Elon Musk drives the traffic. People around the world are fascinated by the South African business tycoon and his electronic cars and behemoth spaceships.

But, guess what? They’re far more curious about a sustainable alternative financial system that serves their interest rather than the banks.

Google Trends ww 7 days

Take a look at the above chart from Google Trends over the last seven days. That’s not Elon or even the SpaceX Launch that’s thrusting upwards in red. That’s Bitcoin searches worldwide, baby, not people wondering about the Falcon Heavy delay.

South Africans Prefer Bitcoin to Elon Musk

Take a look at Google searches in South Africa, the country with the highest number of cryptocurrency owners in the world. Despite being born and raised in this country, people here aren’t all that interested in Elon’s latest exploits.

Google Searches South Africa

That’s probably because being able to transfer value abroad, run a thriving business, receive remittances without punishing fees, and even make money by savvy investing are all far more useful to people than flying to Mars.

Especially in countries like South Africa, Nigeria, and Venezuela where citizens need to deal with the reality of their everyday lives. What problem is Bitcoin solving for them?

In many cases, it’s preventing their savings from being wiped out, in others, it’s skipping bureaucratical steps and letting people get on with their work. In others still, it’s literally allowing them to put food on the table.

Bleeding-Edge Technology with Different Goals

Love him or hate him, find his spending habits abhorrent or amusing ($20 million for a tweet may seem rather steep to most) the world needs people like Elon Musk.

Worth it

— Elon Musk (@elonmusk) October 27, 2018

Society has always been powered forward by extraordinary individuals with the ability to visualize what others can’t see. Just think Albert Einstein, Charles Darwin, Steve Jobs, or Bill Gates. These are exceptional people that push us to do more, be better, and reach for the stars–literally.

But right now, Bitcoin and decentralization are offering one of the greatest promises for humanity in allowing them financial freedom and a lifeline in dictatorial regimes. Traveling to other planets is not.

For now, the Kenyan farmer, the oppressed Venezualan, even your average U.S. citizen with less than $500 in the bank have needs that are more pressing than space travel.

Elon Musk enthuses:

You want to wake up in the morning and think the future is going to be great – and that’s what being a spacefaring civilization is all about.

It’s good to have people focusing on the future. It’s what keeps humans alive. But as the statistic show, it’s even better to have them focusing on society’s problems today.

Why are people so interested in Bitcoin? Share your thoughts below!


Images via Shutterstock

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