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.
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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Why Bitcoin Price Remains Stable Before the Expected Hike
The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.
The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.
Why this week’s closing price matters
Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.
If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…
Stanford Lecturer praises XRP over Bitcoin
The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.
Does guest lecturer go anti-Bitcoin?
In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.
According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.
However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.
The claims caused Dr. Athey to respond publicly via Twitter, stating…
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The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved
The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.
What does the future hold for BTC?
As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.
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