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Bitcoin is crashing but Analysts Predict a Rebound; here is why

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One look at the Bitcoin price graph on CoinMarketCap and you will see just how fast its price has been falling in the past few hours. As it seems, the series of bad news that has been circulating, including the Bithumb attack, not to mention the six exchanges in Japan that got slapped with government regulation have finally caught up to BTC.

Market bloodbath

Today the market woke up to a bloodbath as Bitcoin led the dip with its price dropping by over 3.57 percent in the last 24 hours. Currently trading at $6,160 as of this writing, Bitcoin has recorded its lowest price since the beginning of the year when it peaked at about $17,135.

Bitcoin is not the only one; Ethereum has also declined by about 40 percent in 2018 to its current price of $474. Apart from the attack on Bithumb last week, regulatory authorities have increased scrutiny efforts in the industry ever since the attack on Coincheck that saw the crypto exchange lose about $500 million.

What do analysts have to say?

However, even with all the bad news in the crypto space, Todd Gordon (the founder of TradingAnalysis.com) believes that Bitcoin will change hands above $10,000 by next year. Gordon is an expert market analyst with experience in commodities like crude oil as well. Here is why his predictions matter.

In 2015 November he predicted that crude oil would trade at 50 percent lower from its $41 mark at the time. In February 2016, crude was trading at $26.05, roughly half the value as predicted the previous year. Now, Gordon predicts that BTC’s price will drop further down from its current price mark of $6,100 all the way down to the $4,000 mark after which it will subsequently hit the $10,000 mark at the end of 2018.

Bitcoin taking on a bull run

The main reason for Gordon’s prediction is market volatility.  He further explained that the recent correction for Bitcoin from its peak of $19,000 back in January is “inconsequential” since Bitcoin has improved significantly since 2015. He believes that the “beautiful uptrend” for Bitcoin is just getting started.

Compared to previous times, Gordon believes that Bitcoin’s current average lows of 17 percent are a far cry from previous times when the coin would fall by 20, 30 or even 40 percent in a week. Supporting his predictions, Wall Street analyst, Spencer Bogart, also mentioned last month that the major cryptocurrencies are most likely to “trade at least above $10,000 by the end of the year

According to Spencer Bogart, “The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occurring…Every major bank is trying to do something in the space. Either they’re going to be offering Bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk.”

With the current market behavior, it’s easy to look at these predictions as unrealistic. However, Bitcoin has always had a way of pulling a surprise. The bear market could last longer or end at any moment considering the technicality of the crypto market. As a result, those who reckon on the market sentiments and technical are able to recover losses while trading crypto.

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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.

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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Altcoins

3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

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For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

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Bitcoin

4 Reasons Why the New Bitcoin Rally Is Unlikely to Stop Now

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After more than a year of declining prices, the crypto market is finally seeing a period of serious recovery — one that has already brought digital currencies to heights not seen in over half a year now.

Only days ago, Bitcoin surged past several major resistance levels and managed to exceed its yearly high of over $8,000. Already, many skeptics are predicting the soon end of the bull run, and the possibility of yet another sharp decline. However, there are signs that suggest otherwise — that this bull run is only getting started, and that it will not end anytime soon.

There are four reasons why this is the case, and they are as follows:

1) Bakkt

There is the long-awaited Bitcoin futures exchange, Bakkt, which recently announced that the July test date for Bitcoin futures is soon to be set. Bakkt’s launch was delayed multiple times already, so the announcement came as quite a surprise. However, it appears that it will happen quite soon, after all.

As soon as its arrival becomes a certainty, Bitcoin will likely skyrocket even further, just like gold did when gold ETF appeared in 2013.

2) Bitcoin completely ignored the hacking of Binance

Binance has been the largest crypto exchange by trading volume for a while now, and as such, many expected that, if anything were to happen to it, Bitcoin…

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