Kategorie: Bitcoin News

Bitcoin (BTC/USD) trades at $20,660 as of press time, the highest level in 6 weeks. The cryptocurrency had added an intraday of 7%. The gains were accompanied by a 157% jump in trading volumes.

Wednesday’s gains in Bitcoin come when investors have been calling for reversals at $19,000. That was after BTC looked to have bottomed at the level. There have been bull calls, going by insights data and analysts’ thoughts.

One factor used as a bullish indicator for Bitcoin is the US dollar index or DXY. In a session with his 278,000 YouTube followers, crypto analyst Jason Pizzino says DXY shows signs of exhaustion. The fatigue comes after a rally of more than 16% this year.

Pizzino says that DXY closed below the 50%-mark last week, an indication of bullish exhaustion. The analyst has earmarked 109 (points) as the probable lower top for DXY. The level will be the first lower top for DXY for a year. How will this point to a bullish market for Bitcoin?

Investors look at DXY as a gauge of the overall market. When the index weakens, it suggests that investors are developing a risk-on sentiment. As a result, they are moving their capital from the defensive dollar to risky assets like crypto.

Bitcoin pushes above moving averages as price overcomes tight trading

Source – TradingView

On the daily chart, Bitcoin has been trading within a tight range prior to Wednesday’s breakout. The breakout has seen the cryptocurrency break above the 20-day and 50-day MA, which trapped it.

An RSI reading of 65 shows that there are more buyers for the cryptocurrency. However, we are approaching the overbought level, which could usher in a correction.

Will Bitcoin continue to go higher

The current momentum looks sustainable for Bitcoin to the next resistance at $21,500 and further at $22,500. However, it must overcome the immediate and higher-up resistance zones for a sustained surge. An improved crypto sentiment could do much to help. Nonetheless, BTC price looks attractive for dip buyers at the current valuation.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post Bitcoin rallies to $20,000. Here is the next potential target appeared first on CoinJournal.

Bitcoin is trading above $19k, but Peter Brandt believes it will reach $13k in the near term before setting a new all-time high three years from now.

Peter Brandt, founder and CEO of proprietary trading firm Factor LLC, told CoinDesk TV in a recent interview that he believes Bitcoin will set a new all-time high in three years.

However, before it does that, Bitcoin will trade for around $13,000 first. Bitcoin has been underperforming since the start of the year.

Since reaching the $69k all-time high in November 2021, Bitcoin has lost more than 70% of its value. It has been trading below $20k in recent weeks but has maintained its price around the $18k-$19k level. Brandt said;

“We [will] just chop between … let’s say $17,000 and $23,000,” said Brandt. “I think we will bottom here at some point in time, maybe early next year, but then I’m not looking for bitcoin really to become exciting again for another couple of years.”

Peter Brandt is a technical trader that has been around since 1970. According to his predictions, it would take Bitcoin 32 months before it reaches a new all-time high again. 

There have been talks that the US Federal Reserve will halt its interest rate hiking. However, Brandt doesn’t see that happening and expects a 75-basis point increase on Nov. 2. This would be followed by another 75 bps increase on Dec. 14. He said;

“I think that the Fed knows that inflation is a killer. The Fed needs to regain its credibility. And to do that, I think the Fed really needs to bring inflation rates back down to at least 4%.”

The cryptocurrency market has been mirroring other traditional financial markets, including stocks and commodities, in recent months. However, Brandt said he believes Bitcoin’s performance will be unique in the long run. He added that;

“Bitcoin is going to be correlated with bitcoin eventually.”

The $13k bottom suggested by Brandt differs from his opinion two months ago. In August, he suggested that Bitcoin could have reached its possible bottom, with BTC trading at around $21k at the time.

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Someone would have been mistaken to think that Bitcoin (BTC/USD) could approach the end of the year at just $20,000. However, as the clock ticks, the reality is increasingly getting confirmed. Notwithstanding that, many analysts expected that Bitcoin would click $100,000 by the end of the year. It wasn’t bad maths, though, considering a height of $68 in November last year. So, what went wrong?

Of course, it has been a tough year for all markets – cryptocurrencies and stocks alike. Issues ranging from economic tightening, recession risks, and the Ukrainian war have been cited. Stocks are trading at significantly depressed levels, while crypto has shown a direct correlation. If it makes sense that stock markets will come back, then it is an absolute genuine expectation of crypto recovery too. The question is, when?

Perhaps, it would be premature to think that recovery will happen soon as risks remain. However, popular analyst Will Clemente says markets are staring at significant bargains on Bitcoin at $20K. Clemente relies on multiple on-chain metrics to argue the case. 

According to the analyst, there is a huge institutional demand for Bitcoin at below $20,000 on Coinbase. The analyst says regulatory compliance has been attractive to institutional holdings on Coinbase. He notes clear bids on Bitcoin from the $18,500 price down to the $11,000 level. The same confluence, he says, is being observed in other venues. 

Technical indicators supporting BTC attractiveness?

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today Disclaimer

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy BTC with Skilling today Disclaimer

Source – TradingView

Bitcoin’s daily chart turns heads for technical readers. The price formed multiple bottoms at $19,000, signalling potential bear exhaustion. An RSI reading of 50.33 suggests that buyers and sellers are square at the moment. That was amid the high inflation numbers last week that forced a flash crash in BTC. The cryptocurrency price, however, is showing a limited upside. 

Is Bitcoin undervalued below $20K?

A large accumulation by institutional investors suggests they see value in BTC at the current price. Coupled with multiple bottoms at $19,000, the price could be undervalued. Potentially, Bitcoin could recover from the current level. Further declines could be minimal and long-term holders should find satisfaction in buying the $20K or $19K dip.

The post Is Bitcoin undervalued below $20K? A technical outlook and what top analyst think appeared first on CoinJournal.

The Chief Executive Officer of deVerge Group believes that long-term investors are crucial to the performance of the crypto market in the long run.

The CEO of deVerge Group, Nigel Green, discussed the importance of long-term investors in the cryptocurrency market in a recent interview.

With its headquarters in Dubai, the United Arabs Emirates, deVerge Group is a leading independent financial advisory, asset management and fintech organisation.

Green said long-term investors play an important role in the cryptocurrency market. He said;

“Markets are now predicting that policymakers at major central banks, including the U.S. Federal Reserve and Bank of England, are likely to remain resolute in pumping up interest rates in their battle to beat down unexpectedly stubborn inflation.

Five powerful officials of the world’s most influential central bank, the Fed, in comments made on Thursday, maintained a hawkish theme that inflation remains far too high and they won’t be put off raising rates. We expect a 75 basis-point hike when they gather 1-2 November.”

With more market volatility expected over the coming months, Green said long-term investors would have the opportunity to purchase cryptocurrencies at low rates. He added that;

“Given Bitcoin and Ether’s current correlation with stock markets, we anticipate further, perhaps heightened, volatility in the crypto market before the end of 2022. However, for serious investors, this will not necessarily be seen as a bad thing.”

Green added that major investors would treat the volatility the same way they treat such incidences in other financial markets. The deVerge CEO further explained that;

“The major investors, including institutional ones, will treat it in the same way as turbulence in any other market. 

Some of the world’s best investors consistently use market volatility as a major buying opportunity in traditional financial markets – and the cryptocurrency market is now no different.

When used effectively and efficiently, volatility can be an extremely powerful investment strategy.”

Green said that despite the current market volatility, Bitcoin had remained the best-performing asset in the world in recent years. He said;

“Bitcoin remains the best-performing asset class in the world and has consistently ranked amongst the best for both traditional and crypto investment sectors over the last few years.

Savvy, long-term crypto investors will be looking to benefit from panic-sellers by buying their digital currencies ‘on the cheap’ to enhance their investment portfolios. Serious investors will not be spooked by further volatility. This isn’t their first rodeo.”

Bitcoin is up by less than 1% in the last 24 hours and is currently trading just above the $19k support level. 

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Sovryn will use the funds raised to build its global financial ecosystem for individual sovereignty. 

Sovryn, a Bitcoin-native, decentralised trading and lending platform, announced via a press release on Wednesday, October 12th, that it has raised $5.4 million in its latest funding round.

According to the press release shared with Coinjournal, the funding round was led by General Catalyst. The firm would use the proceeds from the funding round to expand its global financial operating system designed to provide individual self-sovereignty and financial autonomy to people around the world. 

Collider Ventures, Bering Waters, Bollinger Investment Group, and Balaji Srinivasan, were some of the other investors in the latest funding round. 

While commenting on this funding round, General Catalyst managing director Kyle Doherty said:

“We believe the team at Sovryn has the technical ability and community to build products that will actually fulfill the promise of DeFi by bringing it to the dominant network, Bitcoin. We are philosophically aligned with the goals of the Bitcoin and Sovryn networks to empower people, promote individual freedom, and achieve broader financial inclusion”.  

Sovryn explained that the funding round comes ahead of the public launch of its Zero protocol. Zero is a highly innovative lending product that will allow users to take out 0% interest loans using their bitcoin as collateral, with no repayment or maturity date against the loan. The loans are interest-free in perpetuity, and users decide when to pay them back, if ever. The waitlist for early access to Zero is now open, Sovryn added.

Sovryn’s core contributor, Edan Yago, added that;

“Sovryn is a user-owned cooperative developing open-source code to enhance the freedom of individuals around the world. There is no corporation, foundation or non-profit behind Sovryn – so it’s remarkable that established funds, like GC, are changing the way they invest in order to support the Sovryn mission”.

This cryptocurrency news comes as the bear market continues to affect the prices of most coins and tokens. Sovryn added that raising the funds during the current bear market demonstrates the confidence these investors have in Sovryn’s ability to grow the capabilities of Bitcoin beyond simply a store of value and to create tools for financial sovereignty.

Doherty further said;

“Our intention is to help grow the Sovryn ecosystem, actively participate in Bitocracy, and become useful members of the Sovryn community. We think we have much to offer and are excited to get started. There is an incredible opportunity to pursue investments that enable and build upon Bitcoin and Satoshi’s original vision. Bitcoin is the longest-running cryptocurrency with the largest market cap, and with the appetite for DeFi on other blockchains, Sovryn is fulfilling that appetite on Bitcoin to provide people with financial control over their lives.”  

Sovryn is a Bitcoin-native DeFi platform that is owned and governed by the community. The DeFi platform is built on the Bitcoin blockchain and uses BTC as its primary trading currency, and delivers decentralised and autonomous finance at scale. 

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