Connect with us

Bitcoin

‘The Bitcoin (BTC) Bull Market IS Coming,’ Reassures John McAfee

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

In the words of John McAfee, the price of Bitcoin (BTC) has increased by more than $1,000 in one week. Many have speculated if this could be the beginning of the much anticipated Bitcoin Bull market. Others have labeled it as another Bull trap. We have been victims of Bull traps before and we have celebrated an increment in the value of BTC, only to see it once again decline in front of our eyes. We have even speculated the possibility of Bitcoin manipulation.

But John McAfee reassures us that the Bitcoin Bull market IS coming in the following tweet.

McAfee is right in that on Sunday, the price of BTC was hovering around the $6,400 mark. Three days later, on the 18th of July, the same BTC is currently trading at $7,444 and looks like it will continue gaining into the weekend. In the last 24 hours, BTC has gained by an incredible 10%.

So how will the BTC volume be maintained in the markets to guarantee a Bull run?

Historically speaking, and looking at the price of Bitcoin at exactly one year ago, we find that BTC was valued at around $2,500 last July. This price would gradually increase as the months passed and as we approached the holiday season last year. Around Thanksgiving last year, BTC was valued at $10,000 indicating a percentage increase of 300% from July levels. Taking this figure of 300%, we can, therefore, predict that by the time we get to Thanksgiving this year, BTC will be valued at around $29,600 (7,400 x 300% + 7,400).

The price of BTC would then peak to $20,000 on December 17th right before BTC Futures started being offered by the CME Group and the CBOE.

The only similar event that could make BTC pump that hard, is the current BTC ETF filing by the CBOE at the SEC. The final verdict should be out by the end of August. Some crypto enthusiasts had initially predicted that we’d know by the 10th of August with others saying that it will not be on the 10th.

So, will BTC continue to gain 10% daily till mid-August?

10% gains per day is a massive increment in value. This has never been seen before in the crypto markets. Let us say that the SEC will announce the Bitcoin ETF verdict in 30 days. If BTC were to increase by 10% daily till then and using simple interest, we get a value equal to the one estimated for Thanksgiving this year: $29,600.

in conclusion, anything is possible in the crypto-markets. Therefore, let us sit back, relax, and enjoy the ride! John McAfee has reassured us that the Bitcoin Bull run is coming and that BTC could get to $1 Million by the end of 2020.

For the latest cryptocurrency news, join our Telegram!

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

Bitcoin

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

Published

on

Bitcoin rally
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Bitcoin

The New Rally Has Arrived: Crypto Market Cap Goes up by $24 Billion Within a Day

Published

on

crypto market
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto market’s recovery progresses further, and at a rapid pace, at that. Bitcoin has just surpassed the $8,000 mark, which is the first time its price has been that high since July of last year. In addition, the entire crypto market is making billions within hours.

Bitcoin (BTC) sees another serious surge

In the past 24 hours, the total crypto market cap has gone up by around $24 billion. Meanwhile, BTC price has grown by $1,000 within the same period, as the largest coin traded barely above $7,000 on early Monday. At the time of writing, the coin’s price sits at $8.014.31, with a 14% growth in the last 24 hours. Meanwhile, the BTC market cap has gone up to $141.85 billion, and even the coin’s trading volume surged to over $31 billion.

While many are wondering whether this is a return to the massive heights seen back in 2017 or only a temporary surge which will soon see a correction — no signs of an upcoming decline have been noticed as of yet. In fact, new heights were made and then exceeded multiple times in the past week, with a massive 33% gain during that time. And, with Bitcoin’s dominance at 60%, many are expecting that massive altcoin surges are to be expected as well.

The growth of altcoins can already be seen, as Bitcoin

Continue Reading

Bitcoin

The Crypto Market Reaction to Bitcoin (BTC) Recent Surge

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

Bitcoin (BTC) is finally back on track, with the world’s largest cryptocurrency recently reaching heights that were not seen in over half a year. The coin’s last big milestone was $7,100, and while it has gone beyond it, at the time of writing, a slight correction has started taking place.

However, while all of the attention is on BTC, it is also interesting to see how the altcoins are reacting to the new development. The market, as a whole, is looking a lot better these days, and it continues to improve constantly.

Bitcoin dominates the market

Bitcoin is currently once again dominating the market, with the belief that it needs to reach 60% in order to bleed out the overvalued altcoin markets. These days, its dominance is between 58% and 62%, depending on where you get your data from. This provides excellent conditions to try and predict what might happen to the rest of the market, as a similar situation already took place in the past.

Back before the new surges of 2019, and even before the bear market of 2018, and even further back, before  BTC reached its peak — Bitcoin saw similar levels of dominance on December 4th, 2017. Back then, the list of the top 10 largest cryptos by market cap had barely any similarities with the list as it is these days.

However,…

Continue Reading

Elite