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It appears that the crypto community is very easily riled these days. A 50% collapse in total crypto market capitalization in the latter half of the year may have something to do with it, while a recent interview on CNBC with Roger Ver has kicked of another bout of twitter tribalism over Bitcoin Cash.

Bitcoin Jesus Shilling On Mainstream

The interview in question was headlined ‘Bitcoin Cash can go up a thousand times from where it is now: ‘Bitcoin Jesus’’ which is not usually something CNBC would run. Ver starts off stating that both BTC and BCH are up over double this year and that cryptocurrencies are here to stay.

In the same breath he jumps straight onto the Bitcoin Cash shill train

“The real interesting one is Bitcoin Cash. I think it has the ability to go up a thousand times where it is currently because it’s looking to become peer to peer electronic cash for the entire world.”

Ver then goes on to cite Warren Buffets famous ‘be greedy when others are fearful’ quote presumably in reference to the rock bottom BCH prices at the moment.

The host went on to ask whether there had been any major differentiation in usage between the two rival digital assets. ‘Bitcoin Jesus’ continued with his bashing of the coin that spawned his offshoot;

“The smart money is going into Bitcoin Cash because it has the economic characteristics that made Bitcoin popular to begin with. What everybody is calling Bitcoin today is just Bitcoin in name only. The technology and user experience that made Bitcoin popular is called Bitcoin Cash today,”

Crypto Community Reaction

The crypto community was not going to take this lying down and several threads were kicked off in a twit-storm including this one;

“Hey @JoeSquawk whats up with this reporting on bcash by CNBC? Roger is saying factually incorrect information about adoption and identity.”

Some of the arguments against Ver’s claims were pretty pertinent and included a hash rate comparison of the two.

bitcoin hash rate

The crypto tribalism intensified with further comments increasing in vehemence;

“Did CNBC get paid out of the 200M ‘dev fund’ for this propaganda piece?”

From a price aspect, Bitcoin surged 260% this year before dumping 45%. BCH on the other hand managed just over 200% before dumping 56% in 2019 so big brother is clearly the winner in terms of performance.

It is uncharacteristic of CNBC to shill another altcoin with such leading headline but Ver is a prominent industry figure whatever people think of him.

The entire incident reemphasizes that crypto tribalism is still alive and kicking. Instead of bickering over which blockchain is better, energy would be better spent focused on the real enemies here which are the banks and governments that currently control the world’s money.

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Martin Young , 2019-11-28 07:00:14

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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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