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Has Bitcoin bottomed out yet?

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Bitcoin

As Bitcoin alongside the whole market keeps going down there’s a question in everybody’s mind: are we at the bottom yet? This is not a pessimistic question at all. We all know that the market will recover sooner or later, but we also know that won’t happen until it reaches rock bottom. So what answers do we have?

Well, there are no sure answers, but technical analysis can bring some light into the question and, maybe, guide the way.

Some twelve hours ago, Bitcoin was at around $4100 and the chart allowed to apply a model called “cup and handle.” Without going into technical and mathematical detail, this model is a prediction that says the price will go down as if rolling down inside a bowl, reach the bottom, and then go back out rising on the bowl’s opposite side. One of the most popular projections using this model extends from today until next March (that would be the time at which the market will be steadily rising again).

According to the “cup and handle” Bitcoin still has a long way to go down. Probably as low as 3000.00 USD before it will bounce back and rise again. At this point, it should skyrocket.

The next pertinent question would be how accurate is the “cup and handle” model. Well, the thing about technical analysis is that it is has nothing to do with certainties but with probabilities. Nothing is written in stone, the best you can say about it is that it’s likely.

Some analysts give this prediction a probability as high as 70%, but the truth of the matter is that we still lack enough relevant data to support it. And that’s one of the reasons why buyers are staying away from bitcoin and sellers dominate the market. There’s just not enough data about the long-term to make an educated choice.

One thing that’s been materializing over the last half a day is that Bitcoin has been going down very quickly. It’s at $3,739 as we write this. Since it’s broken so many psychological barriers this year, it’s quite likely that it will keep going down and hit $3,000 some time not too far in the future.

It could even be this week, but there’s no way to know. It keeps going down as we write this article, so the answer to the article’s question is, quite clearly that no, we have not gone all the way down yet.

The good news is that the Bitcoin market shows signs of maturity, even as it plummets. The current BTC trading volume is of roughly 6.5 billion, and it remains the most traded asset with a market share of 54%. It’s expected for this share to go up to 57% as it keeps losing value and people traders try to get rid of their bitcoins.

Just to finish, don’t let your wishful thinking get the best of you. Bitcoin (BTC) could bounce back at any moment, but for the trend to be broken, a change in price is not enough. It has to be accompanied by a massive increase in trading volumes.

Until both things happen at the same time, any rise in Bitcoin price will be fake, just a natural market fluctuation that will be meaningless regarding the bigger picture. So just be patient and disciplined. Keep watching the market. It will bottom out, and the right time to get in will come soon.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 Pixabay.

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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Bitcoin

ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch

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ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.

Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.

“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.” 

The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.

The Company’s first mining pod is set to…

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