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If you’ve perused Bitcoin and Silicon Valley Twitter at all over the past few years, you’ve likely heard the word “unicorn” thrown about. Heck, if you’ve read Bloomberg or watched any number of CNBC’s segments over the past decade, you’ve heard the word.

Related Reading: Under 6.8m Bitcoin Changed Hands in the Past Year: Does it Indicate Positive Sentiment?

No, it’s not a reference to the mythical creature with one long horn, but is rather a word used to describe the fleeting number of startups that have surmounted a $1 billion U.S. valuation.

If you were to search up the term in the context of Silicon Valley and global technology, you’d likely come up with the usual suspects: Uber, Airbnb, Robinhood, and the works. Though, maybe the top unicorn is Bitcoin.

That’s what a prominent cryptocurrency entrepreneur and Silicon Valley mainstay recently proposed anyway.

Bitcoin, the Biggest Unicorn, Possibly Ever

Balaji Srinivasan, the co-founder of Earn, Teleport, CoinCenter, and other startups and the former CTO of Coinbase, recently wrote that he thinks Bitcoin was the biggest unicorn was Bitcoin, not Snapchat, or Uber, or Airbnb, etc.

Srinivasan isn’t kidding when he says that Bitcoin is literally the biggest (and arguably best) unicorn of the 2010s. Uber has a market capitalization of $50 billion, Google says, and Airbnb has a pre-public valuation market capitalization of closer to $35 billion, making them both smaller than Bitcoin’s $130 billion market cap, even in aggregate.

Also, BTC has performed extremely well — astronomically well, actually — since its launch. Per previous reports from NewsBTC, Saifedean Ammous, an economics professor and the author of industry primer “The Bitcoin Standard,” recently noted that on October 11th, 2009, someone purchased 5,050 Bitcoin for $5.02 in the “first market transaction for BTC”. Today, that same sum of coins is worth some $42 million.

As the professor noted, this implies that from its first sale, Bitcoin has rallied some 838,078,685% until now.

Related Reading: Bitcoin, the Best Performing Asset Ever, is “Still Very Cheap”: Prominent Investor

Strong Fundamentals

The network’s fundamentals metrics are impressive as well. For instance, the blockchain continues to process more value each and every year than PayPal, the eBay-affiliated payments processing and fintech giant that is currently valued at $123 billion. Also, the cryptocurrency hasn’t been compromised, in that Bitcoin’s underlying characteristics of offering fast, global, censorship-resistant, relatively cheap, non-sovereign, and unintermediated transactions have remained intact for the asset’s entire history.

Many believe that the cryptocurrency’s fundamentals will be strong heading into the future. Blockchain Capital’s Spencer Bogart, for instance, recently noted that Bitcoin and cryptocurrency on-ramps like Coinbase and Kraken have seen growth over the past year, which should translate to a positive long-term trend for the industry.

Related Reading: Strong NYSE Composite, Dow Jones May Give Bitcoin a Boost Into 2020
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Nick Chong , 2019-12-04 14:00:17

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

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Nick Chong , 2019-11-10 12:00:38

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