This week, Bitcoin (BTC) experienced notable price fluctuations. Starting at approximately $53,991 on August 4, Bitcoin saw a dip to around $49,121 on August 5. However, it rebounded to $57,604 by August 7. This volatility reflects ongoing market dynamics and investor sentiment.
Several factors contributed to these price movements. The anticipation of regulatory developments and macroeconomic conditions played significant roles. Investors are closely watching potential policy changes that could impact the broader cryptocurrency market. Additionally, Bitcoin’s resilience and growing institutional interest continue to bolster its prospects. Analysts suggest that Bitcoin could soon challenge its previous all-time highs, given the current momentum and positive market sentiment.
In the broader cryptocurrency market, Ethereum (ETH) faced a slight downturn. Despite the launch of nine spot Ethereum ETFs in July, ETH prices dropped by 3.4% to close at $3,272. This decline indicates that investors might be taking profits after the initial excitement surrounding the ETFs.
Among other major cryptocurrencies, XRP (XRP) emerged as a strong performer, gaining 26.9% in July. Conversely, Toncoin (TON) struggled, though it remains up 21.5% over the past three months. The total market capitalization of the global cryptocurrency market stands at approximately $2.4 trillion, recovering from the lows of the 2022 crypto winter.
As the market continues to evolve, investors remain cautiously optimistic. The potential for Bitcoin to reach new heights and the ongoing developments in the cryptocurrency space suggest an exciting period ahead for digital assets.
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Crypto Analyst Adjusts 0,000 Bitcoin Forecast | BTC Buy Signal That Preceded 2017’s 2,000% Rally
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The crypto analyst who accurately predicted last years Bitcoin retracement has updated his roadmap of the BTC ascent to $100,000 as the king cryptocurrency approaches the apex of a long-term triangle.
Trader Dave the Wave tells his 33,000 Twitter followers that Bitcoin is poised for a big move as the top cryptocurrency shows signs of compression.
“Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it ‘ought’ to do. Shaping up nicely for the move going forward.”
Based on Dave’s chart, Bitcoin is losing steam as seen on the slumping logarithmic moving average convergence and divergence (LMACD).
The indicator is designed to reveal changes in an asset’s trend, strength and momentum.
In addition, the king coin’s volatility looks ready to hit its all-time lows as the Bollinger bands width (BBW) indicator approaches a value of 0.50.
The low BBW reading suggests that BTC’s trading range is at its narrowest point in four years. Bitcoin’s tightening trading range and dying momentum suggest that a violent move is on the horizon as the dominant cryptocurrency approaches the end of a multi-year triangle.
Dave says that once volatility returns, he expects Bitcoin to go through a significant correction.
Once the pullback is over, Dave sees Bitcoin eventually breaking out of the long-term triangle.
He says Bitcoin will recover its all-time high of $20,000 next year before igniting a manic phase that would send the top cryptocurrency above $100,000 before 2022 expires.
In other trending Bitcoin News today:
BITCOIN TO SOON CONFIRM BUY SIGNAL THAT PRECEDED 2017’S 2,000% RALLY
According to a crypto analyst, Bitcoin’s macro Moving Average Convergence Divergence (MACD) is about to cross green on the monthly time frame.
Should this take place, it will mark a large win for the bull case. For instance, prior to the rally from under $1,000 to $20,000 in late-2016/2017, BTC formed this signal.
And prior to the rally to $14,000 in 2019, this signal was formed.
The potential cross in the MACD isn’t the only signal that is supporting the long-term bull case.
This past Sunday, digital asset manager Charles Edwards noted that his indicator, the Hash Ribbons, printed a “buy” signal:
“Bitcoin Hash Ribbons “Buy” signal just confirmed. The post-Halving signal is particularly special. It will probably be a very long time until the next occurs. …and so the great bull run begins.”
This is important as the signal has preceded parabolic rallies in the price of BTC.
Edwards found in an analysis published last year that the gain-to-peak of the indicator’s “buy” signals comes out to an average of 5,520%.
The fundamentals are equally as bullish, analysts have said.
As reported by Bitcoinist previously, Nexo’s Antoni Trenchev argued that Bitcoin is still poised to hit $50,000 by the end of 2020.
He attributed this strong sentiment to the presence of money printing by central banks and the block reward halving:
“So yes, I’m sticking to my prediction of 50K until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well,”
Trenchev concluded to the Bloomberg journalist.
This optimism has been echoed by Adam Back, the chief executive of Blockstream.
The long-time industry executive and programmer told Bloomberg in a July interview that BTC will hit $300,000 in the next five years.
Like Trenchev, Back also mentioned money printing, but added that bonds and real estate likely have low risk-return ratios.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Momentum and volatility flat-lining as price coils within the business end of the triangle. A picture of diminishing returns/ price discovery if there ever was one, and based on what price is actually doing, not what it ‘ought’ to do.
Shaping up nicely for the move going forward pic.twitter.com/prrdi576XD
— dave the wave (@davthewave) July 15, 2020
https://bitcoinist.com/bitcoin-confirm-buy-signal-preceded-2017/
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Bitcoin Price Could Triple This Year to K | Fed Chairman Confirms Crypto Is a Threat to U.S.D.
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Will the Bitcoin price triple this year to $40,000?
According to Fundstrat Global advisor founder Tom Lee, BTC will break into a new ATH this year that could be around $27,000-$30,000.
Additionally, just two weeks ago, we broke above the 200-day moving average, which means we are back in a bull market.
Historically, on average, this breakout has resulted in six months gains of about 190%.
However, this time Thomas Lee believes the Dow Jones Industrial Average would be the first one to break the 30,000, though Bitcoin (BTC) would be the one to hit $40,000, he said.
“Best evidence that Bitcoin is in a bull market is the denial by those with no exposure… BTFD“
Bitcoin Price Hits $10,500 as Fed Chairman Confirms Crypto Is a Threat to U.S. Dollar The BTC price and the overall crypto market reacted positively after Fed Chairman Jerome Powell recently stressed on the importance of private crypto-based transactions.
He said that the Fed is working on a number of projects for digital currencies. Bitcoin price surged over 5% on Tuesday, February 11th, pushing it to a five-month high above $10,500 levels.
With this move, BTC has surged nearly 50% since the beginning of 2020. This latest price surge comes after the Federal Reserve chairman Jerome Powell expressed his interest in digital currencies.
Congressman Bill Foster raised concerns about China’s aggressive push to the use of digital currencies.
Responding to this, Powell said that the Fed has several projects underway.
This was enough to usher a fresh optimism in the crypto market.
Apart from Bitcoin, a majority of the top-ten cryptocurrencies are showing gains between 5-10%.
The overall cryptocurrency market cap added $20 billion soon after Powell’s comments, taking it to above $300 billion.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
BREAKING: Fed Chairman Jerome Powell just came out in favor of private transactions for digital currencies.He specifically said “A ledger where you know everybody’s payments is not something that would be particularly attractive in the context of the US.”
Game on 🙏🏽
— Pomp 🌪 (@APompliano) February 11, 2020
https://cointelegraph.com/news/bitcoin-price-tackles-104k-level-as-futures-markets-hit-5-month-high
https://bitcoinexchangeguide.com/bitcoin-price-could-triple-this-year-and-beat-dow-to-40000/
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CRYPTO ANALYST SAYS BITCOIN WILL SURPASS 0K – HERE’S WHEN!! K BTC IS NEXT REAL POSSIBILITY!!
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A crypto strategist who sent an early warning about the Bitcoin (BTC) big correction last year is back with another bold prediction.
Dave the Wave is highlighting a new outlook from entrepreneur and Bitcoin investor Bob Loukas, who expects BTC to crater at the end of the current bull cycle.
Dave predicts that after the current bull market, Bitcoin will go through a “solid correction” for a few years before restarting a new boom cycle that will catapult the leading cryptocurrency above $280,000 at the end of 2027.
BTC investor Bob Loukas tweeted:
“To date, cryptofinance remains a laughed at and obscure market on the fringe of finance. Near the top of the next great Crypto bubble, market cap and penetration will hit ‘warning levels’ that concern the financial establishment.
In response, I believe you’re going to see coordinated full attack that will send crypto into savage + prolonged bear market. (Time+Price) Of course, it will adapt. Engineers will dig deeper. And in many ways, that act will serve as its right of passage.”
In the short term, however, Dave is telling is 38,000 followers that the month-long Bitcoin correction may be coming to an end as technical indicators flash bullish signals.
“Third time lucky?”
The crypto strategist is also keeping a close eye on the performance of a select group of altcoins, which includes Ethereum (ETH/USD), Chainlink (LINK/USD), Cardano (ADA/USD), NEO (NEO/USD), Monero (XMR/USD), and Tezos (XTZ/USD).
Based on Dave’s chart, Chainlink has been the best performer since the 2018 bear market bottom, and it is closely followed by Ethereum, Cardano, NEO, Monero, and Tezos.
Dave compares the long-term timeframe charts of Ethereum and Bitcoin (BTC/USD).
By doing so, according to the trader, Ethereum is poised to explode as it is a full bull market cycle behind Bitcoin. “And the fuller history… suggesting ETH a cycle behind.”
In other trending Bitcoin News today:
THREE KEY REASONS WHY BITCOIN’S MACRO CHART IS STILL BULLISH
Bitcoin’s macro trend remains bullish despite its inability to hold above crucial technical levels during the summer rally.
One crypto-asset analyst recently shared a series of charts and tweets showing that there are multiple reasons to be bullish on Bitcoin from a macro time frame.
Three of these reasons are as follows:
– Bitcoin has flipped the middle of the macro 1,000 range into support, meaning it looks primed to test range highs at $14,000.
– Bitcoin recently broke the multi-year downtrend that originated from the $20,000 all-time high set in December 2017. The downtrend was even retested by Bitcoin in late July, suggesting that it is acting as support. BTC breaking this trendline is important as it acted as resistance in 2019.
– BTC retraced to the “golden pocket” Fibonacci Retracement level in March, suggseting there will be an “impulse wave” towards all-time highs over time.
Underlying on-chain trends agree with the positive sentiment put forth by the aforementioned trader.
Glassnode reported that the number of BTC whales has been on a strong incline since the 2018 lows:
“The number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months. An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.”
Other on-chain trends supporting Bitcoin growth include an increase in the realized cap and a decreasing number of BTC on exchanges, which should support price growth.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Three Key Reasons Why Bitcoin’s Macro Chart Is Still Bullish
https://cointelegraph.com/news/17k-bitcoin-price-a-real-possibility-if-bulls-flip-12k-to-support
Post Views: 376