Skip to content Skip to sidebar Skip to footer

  • The Cardano news you might have missed this week
  • Cardano founder believes Bitcoin will one day hit $100k
  • Bitcoin is a global movement that will one day be unstoppable

Earlier this week, Charles Hoskinson the founder of Cardano and the ADA cryptocurrency spoke out about the future of Bitcoin as a global movement that will one day prove to be unstoppable. As a crypto fanatic and one of the big players within the industry, it’s hardly a surprise that Hoskinson is feeling bullish about Bitcoin, therefore we should note that whilst Hoskinson is considered an expert in his field, just because he says the price of Bitcoin will spike, it doesn’t mean it will.

Cryptocurrency investment is a very risky business and therefore you should only invest money you can afford to lose. There are no guarantees that Bitcoin will one day hit $100,000.00, therefore if you do wish to invest based on this, please do a little bit more research first.

So, what did Hoskinson have to say? According to recent reports and a tweet, Hoskinson said:

“Bitcoin’s price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future.”

We should also remember that not so long ago, Hoskinson also referred to Bitcoin as the glue to the cryptocurrency industry, stating that is Bitcoin failed, the rest of the markets would fall down with it too. Indeed, this would probably be the case given Bitcoin’s huge grip of the market and it’s highest market capitalisation. At the time Hoskinson said:

“One of the biggest problems with Bitcoin is that it’s blind, deaf and dumb and that was by design. Bitcoin frankly is the brand of cryptocurrencies. We can’t say, oh, I’m going to succeed but Bitcoin will fail. if Bitcoin fails, the whole industry’s probably in for a really bad time.”

So, when will Bitcoin hit $100,000.00? Well that’s just the thing, we can’t ever be sure when Bitcoin will reach such heights or even if it will reach such heights. One solace however is that we know it could reach these heights one day if the markets continue to grow with blockchain technology on the whole. As crypto becomes bigger, better and more popular, Bitcoin could well edge ever closer to that magical, yet slightly distant $100,000.00 mark.

Robert Johnson , 2019-11-29 16:30:00 ,

Source link

Leave a comment

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.

Featured Image from Shutterstock

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

Source link