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Has Bitcoin bottomed out yet?

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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.

Bitcoin

Trusted Crypto Tumbler To Protect Your Wealth

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Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.

Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.

However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.

What do crypto mixers do?

As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.

In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers Continue Reading

Bitcoin

5 Best Places to Bet with Bitcoin

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It seems like BTC is always making headlines for one reason or another.

When the market points towards bullish behavior Bitcoin is all the rage. When there is so much long action (going on right now) and then the price plummets, BTC also dominates the headlines. The same goes for legislation and when any new crypto product or platform comes out. It’s always compared against BTC.

So with BTC fever in full swing, sportsbooks around the world have adopted digital currencies as one of their main forms of funding accounts and paying out winnings. And with sports betting legalized in states across the USA, both BTC and legal online gambling are in the limelight. 

But where are the best places to bet using BTC and other cryptos? Furthermore, why would you want to use BTC, LTC, or Ethereum in this manner?

The Why

The principal reason why you would want to use cryptocurrencies in your ‘sports investing’ ventures is speed, cost, security, and bonuses.

When you use cryptos like BTC (BTX) to move money in and out of your account. You bypass the standard centralized banking system which drastically improves on both the speed of the transaction and the cost of the transaction – this is especially true with payouts. 

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Bitplaza Inc Introducing Cryptocurrency to Retail

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Even though influential companies are not ready to validate cryptocurrencies as a stable form of money, Bitcoin is becoming a more frequently used currency daily. There is a rising number of companies that accept Bitcoin for the purchase of their products, validating it as a spendable currency around the globe.

Bitplaza Inc took the next step into technology and commerce, providing customers with a platform where they can spend Bitcoins for their needs through a mobile device. It opens the opportunity for companies and brands to list their products in exchange for Bitcoin, which will give more credibility to the coin.

What is Bitplaza?

Bitplaza is a shopping app that belongs to a retail company called Bitplaza Inc, located in Pennsylvania. The app is available on both Google Play and the Apple App Store. Bitplaza allows anyone globally to purchase brand new items with Bitcoin. The app has a wide variety of products to buy online, from electronic devices, video games, even groceries. The products that can be purchased from the app range from popular brands such as Sony, Starbucks, Adidas, Apple, and many more. The Bitplaza team is always adding new products to the shopping app, making more items available to be purchased with Bitcoin. The app covers a broad range of products for the different needs of the…

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