short term

Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

09/06/2021 by Idelto Editor

Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely” headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards.

Bloomberg Commodity Strategist Suggests Bitcoin ‘More Likely’ to Hit $40K Than $20K

Bitcoin markets have improved on Wednesday, after the announcement stemming from El Salvador which recognized bitcoin (BTC) as legal tender in the country. Even though the news has been positive, some people are still not sure if the “bottom is in.”

There have been predictions of BTC dropping below the $30K region and even down to the $20K zone. Stephen Kelso, head of markets at ITI Capital explained in a note to Bitcoin.com News that there have been reports that suggest BTC could drop to this low point.

“Speculative reports suggest that bitcoin could soon drop to $20,000, referencing the looming bearing cross of the 50 and 200 daily moving averages,” Kelso explained. “However, there are still some positive signs for the price of digital assets to build again, for example the encouraging price action overnight, stabilising funding spreads for futures and a decline in the implied volatilities of options,” the ITI Capital executive added. Kelso further detailed:

More significantly, there has been continued accrual of bitcoin by bigger institutional wallets and Michael Saylor’s Microstrategy has increased the size of its current junk bond offering to $500m to buy more BTC at these levels. These will have more impact on macro hedge funds who will look to take advantage of the pullback opportunity.

Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, explained his view of the situation on Twitter.

“Bitcoin Capitulation? $40,000 Appears More Likely Than $20,000 — The June 8 Bitcoin plunge and revisit of lower-end-range support around $30,000 had many of the earmarks of extreme bearish sentiment typical of more enduring bull-market bottoms,” McGlone tweeted.

Commodity Strategist Mike McGlone Says $40K BTC Target 'More Likely' Than $20K — Chart shared by Bloomberg senior commodity strategist Mike McGlone on June 9, 2021.

Although, not everyone agreed with McGlone’s opinion and one individual said: “One problem with this. When we capitulated in 2014, 2018, and 2020 we found a bottom on the 200 Weekly MA. We are nowhere near it. Real capitulation is usually 80%+ from the high. You’ve been overly bullish through this whole collapse.”

Nevertheless, some responded to the skeptical response to McGlone and stressed:

Days are different, adoption is different, institutional involvement is different. History doesn’t need to repeat…

The CTO of Bitfinex, Paolo Ardoino told Bitcoin.com News that the current pause is no surprise to him.

“This current market pause is not unexpected,” Ardoino detailed. “Everyone needs time to assess and digest what the community has built. We’re waiting for a new momentum to gather as we continue to build upon the foundations created by some of the greatest minds in fintech. I’m still extremely bullish in the long term about bitcoin and the long-term fundamentals and use cases of the technology.”

McGlone: ‘Bitcoin Has Transitioned to a Global Digital-Reserve Asset’

In a couple of tweets prior to McGlone’s assessment of BTC markets on Wednesday, McGlone also said that the Bitcoin 2021 conference in Miami saw “Woodstock-like” bitcoin adoption.

“The June 3-5 Bitcoin 2021 conference further validated our view that Bitcoin has transitioned to a global digital-reserve asset and away from being a speculative crypto,” McGlone remarked on Twitter.

The Bloomberg senior commodity strategist has also tweeted about gold’s price rise in recent times and noted that gold’s previous correction looks complete. “Gold Above $2,000, Silver $30 – May Not Wait for June Unemployment – Weaker-than-consensus April and May U.S. unemployment reports support our key takeaway that gold and silver are ripe to resume their bull markets. Headwinds from rising bond yields & Bitcoin have been alleviated,” the strategist added.

What do you think about Mike McGlone’s prediction about bitcoin hitting $40K before $20K? Let us know what you think about this subject in the comments section below.

‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metal Markets Spike, Strategist Mike McGlone Calls PM Action ‘Meh’

07/05/2021 by Idelto Editor

Precious metals (PM) markets have been trading a bit higher in recent days, while cryptocurrency markets have been seeing gains as well. Spot gold prices have jumped to $1,805 per ounce, up more than 1.3% during the last 24 hours, while silver prices have increased by 2.5%. As PMs have gathered strength this week, crypto-asset markets are still inching closer toward gold’s and silver’s market valuations. In fact, bitcoin’s market capitalization is just below silver’s $1.47 trillion market.

Precious Metals Rise, But Investors See Digital Gold Eclipsing These Markets

Ever since the U.S. Federal Reserve said last week that it would allow inflation to rise moderately above the 2% mark and the central bank will also continue its monetary easing policy, crypto assets and precious metals like gold and silver have been on the rise.

Gold prices have jumped over 1.3% during the last day and as the PM has crossed the psychological $1,800 price per ounce zone on Thursday. Gold prices are also up more than 1.2% over the course of the last week.

However, even though PMs have been on the rise, Bloomberg Intelligence senior commodity strategist Mike McGlone is calling gold price action “meh,” in a recent interview.

“Right now, I view the gold market as a ‘meh’ market. It’s just stuck, and it’s clearly being replaced by digital gold. Every day that goes by, everybody who knows and holds gold understands that their greater risk is not allocating a small portion of that gold into bitcoin. And it’s just getting started,” McGlone stressed.

Still, after the Fed’s meetings last week and the recent comments from Eric Rosengren the president and CEO of the Federal Reserve Bank of Boston, PMs like gold, copper, palladium, and silver have jumped during Asia’s trading sessions on Thursday. Rosengren stated that it was too early to stop or curb quantitative easing (QE) policy and the economy needs to improve a great deal before those conversations can happen.

Further, Bloomberg strategist Mike McGlone is not alone in his beliefs, as a great deal of investors believe the crypto economy will eventually eclipse PM market caps.

Just recently, Fundstrat Global Advisors’ lead digital asset strategist, David Grider said his firm maintains that bitcoin (BTC) can reach six-digit prices. At the same time, Fundstrat also thinks ethereum (ETH) could spike to $10.5K per unit.

According to statistics, the entire crypto-economy at $2.22 trillion is worth more than silver’s entire market valuation of around $1.47 trillion. Bitcoin (BTC)’s valuation alone, is coming awfully close to eclipsing silver. This puts bitcoin (BTC) in the eighth position of the most valued assets in the world and gold is number one.

The shiny yellow metal has an estimated market cap of around $11.382 trillion at current prices per ounce of .999 fine gold. Still, while BTC has captured close to 73% of silver’s market cap, the crypto asset also now commands more than 9% of gold’s overall valuation.

Delta Exchange Executive: ‘Bitcoin Has Lost Short-Term Upward Momentum’

Despite the positivity in recent days, the crypto derivatives trading platform Delta Exchange’s CEO Pankaj Balani says “bitcoin (BTC) has lost its short term upward momentum after crossing below 50 DMA (Displaced Moving Average).”

“Price action in the last few days confirms that view,” Balani told Bitcoin.com News on Thursday. “Despite bouncing sharply from the $48-$50k range, Bitcoin couldn’t sustain above $58k; $60k is the major resistance here. BTC got heavily sold from the $58k level and has crossed below 20 DMA. On the other hand, [altcoins] continue to show strength with blow-off moves in DOGE and ETH. This price action indicates that we have most likely hit a short-term top at $64k,” the Delta Exchange CEO added.

What do you think about precious metal and cryptocurrency market action this week? Let us know what you think about this subject in the comments section below.

Markets Update: Cryptocurrencies Continue to Suffer From Deep Losses

25/11/2018 by Idelto Editor

It’s been a tough week for cryptocurrency holders, as the top 10 virtual currencies by market capitalization have lost 30% to 60% of their value over the past seven days. Prices this low have not been seen since the spring of 2017 and at the moment the entire economy of all 2000+ coins has a market valuation of about $128 billion.

Also read: Content Creators Can Earn BCH Using the Honest Cash Platform

Over $60B Lost During the Last 7 Days

A lot of cryptocurrency enthusiasts have been using words like “carnage,” “bloody” and “capitulation” to describe the recent cryptocurrency market downturn. The top digital asset markets show deep losses for nearly every single cryptocurrency besides stablecoins. Trade volume has increased since the slump, but only by a few billion, as global trade volume is currently hovering around $18.5 billion.

Markets Update: Cryptocurrencies Continue to Suffer From Deep Losses — **The top 10 cryptocurrencies by market valuation on Nov. 25, 2018**

Bitcoin core (BTC) markets dipped to a low of $3,475 on Nov. 24 but managed to rebound a hair back to the $3,817 range where it rests today. BTC’s spot value is down 11% today and 31.8% over the last seven days. Ripple (XRP) markets currently hold the second-highest valuation but markets are down 14.4% today and 32.6% since last week. One XRP is trading for $0.34 per coin and ripple’s market capitalization is $13.9 billion. Ethereum (ETH) has lost 9.9% over the last 24 hours and 37% since last week and the price per ETH today is $110. Lastly, the fifth-largest market valuation is held by eos (EOS), with the token trading for $3.24. EOS values have lost 9% in the last day and have seen losses of around 29% over the last week.

Bitcoin Cash (BCH) Market Action

Bitcoin Cash (BCH) markets have also seen better days and currently, the price is hovering around $160-195 (depending on the exchange), but reached a low on Saturday night down to $177. BCH is down 18.2% today and over the last week, has lost 56% of its market value. The cryptocurrency market dumps alongside the recent blockchain split has caused severe losses throughout bitcoin cash markets in general.

At the moment, BCH global trade volume is 126 million and the total BCH market valuation today is hovering around $2.94 billion. The top exchanges swapping the most BCH this weekend include Lbank, Huobi, Bluebelt, Bithumb and Bittrex. Again the top currency pair with bitcoin cash today is ethereum (ETH), capturing 38.2% of today’s BCH trades. This is followed by BTC (30.9%), USDT (17.3%), KRW (12%), and USD (0.4%). The Korean won has made a noticeable increase throughout BCH trade volume over the last two weeks.

BCH/USD Technical Indicators

The four-hour BCH/USD charts on Bitstamp and Bittrex show bears have managed to make it quite difficult for bulls to gain momentum. The two Simple Moving Averages (SMA) show the long-term 200 SMA is still well above the short-term 100 SMA. This indicates the path toward the least resistance for BCH traders is still the downside. BCH/USD has been clinging to long-term support for over the last seven days and oscillators like the Relative Strength Index and Stochastic have seen extreme oversold conditions twice this past week.

Currently, four-hour RSI levels are meandering in the middle (-46.8)m showing some uncertainty throughout the ranks of traders wondering what will take place next. Order books show on the upside that bulls need to move past the current vantage point and the $220 price region in order to face smoother seas. Further, at the time of publication, the MACd shows things might be heading northbound for a short period of time and there’s plenty of room for improvement. On the backside, things look a bit dreary as there are solid foundations between now and $145, but after that things begin looking slimmer.

The Verdict: Traders Evaluate a Range of Price Forecasts

Most traders have been very curious about the next big move for cryptocurrency markets and the last two dips came as a surprise for many. The entire cryptocurrency market capitalization has lost a significant amount of value, shedding $60 billion since last week. After the big dips, most traders began waiting for a strong bounce that never materialized, leaving most digital assets clinging to long-term support. Top digital assets like BCH, BTC and ETH indicate there is pretty solid support at the current vantage point on the weekly’s EMA200 and a bearish-to-bullish trend reversal could take place in a matter of days. Some traders are betting a reversal is coming, but others anticipate more losses. Most traders this weekend are playing positions like a game of musical chairs and hoping their predictions will be correct.

Do you think cryptocurrency market prices will recover any time soon? Let us know in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Shutterstock, Trading View, and Satoshi Pulse.

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Markets Update: Cryptocurrencies See Some Small Gains This Weekend

25/08/2018 by Idelto Editor

Over the past few days, a good portion of cryptocurrency assets have been increasing in value. In fact, this Saturday, August 25, 19 out of the top 20 digital assets have seen gains in the past 24 hours. Today the total market capitalization of the entire crypto-economy is around $219B USD with about $10.88B in daily trade volume. Most cryptocurrencies this weekend are up in value between 2-6 percent during this morning’s trading sessions.

Also Read: $1.1 Million Landmark Crypto Fraud Case Establishes CFTC Jurisdiction

Cryptocurrency Markets See Some Slight Upswing

This weekend cryptocurrencies are seeing some slight jumps in value after roughly 8 full days of consolidation and sideways action. For instance, for most of the week BTC/USD prices hovered around the $6400 region but four days ago spiked really quickly to $6900 squeezing out a bunch of shorts. However, the squeeze was short-lived and did not last long as BTC/USD prices dipped back down to the $6400 zone again. Bitcoin cash (BCH) markets did the same thing touching a high of $567 on August 21 but reverted back to the $530 range.

The Top Digital Assets

The top trading volumes today belong to bitcoin core (BTC), tether (USDT), ethereum (ETH), EOS, and bitcoin cash (BCH). At the moment, BTC/USD values are hovering around $6749 per coin with $3.93B worth of daily trade volumes. BTC/USD is up around 3 percent this Saturday. Ethereum commands the second largest market valuation and ETH market prices are up 2.2 percent this weekend. One ETH is trading for $281 per coin at the time of publication. Ripple (XRP) prices are doing better today and are up 2.6 percent as one XRP’s spot price is averaging around $0.32 per coin. Lastly, EOS values have gained 2.84 percent today as each coin is worth about $5.06 across global exchanges.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are up 2.3 percent and each BCH is trading for $536 per coin. At press time BCH has around $293M in 24-hour global trade volume swapped on worldwide trading platforms. The top exchanges swapping the most BCH today include Binance ($44.92M), Okex ($40.75M), Coinex ($40.13M), Huobi Pro ($33.86M), and Hitbtc ($30.86M). The top currency pairs today swapped with BCH include tether (USDT 49.8%), bitcoin core (BTC 39.3%), USD (4.3%), KRW (2.1%), and QC (1.7%). Ethereum (ETH) captures about 1.54 percent of daily BCH trades this Saturday.

BCH/USD Technical Indicators

Looking at BCH/USD 4-hour charts on Bitfinex and Bitstamp shows the two Simple Moving Averages (SMA 100 & 200) have a decent gap with the longer term 200 SMA above the 100 SMA trendline. This indicates presently the path towards the least resistance is still towards the downside. The Relative Strength Index (RSI) is meandering around 50 at the moment showing consolidation and indecisiveness amongst traders. MACd has been heading northbound during the early morning BCH/USD trading sessions and shows room for improvement. Looking at order books indicates BCH bulls have some strong resistance up until $575. They will catch a short breather before being stopped again at $590-640 per BCH. On the backside, if bears gain control of markets then there are some solid foundations from the current vantage point up until $490 and then some beefier support around $475.

The Verdict: Positivity Increases but Skepticism Remains

Right now traders seem to have some increased optimism because markets are showing some slight gains over the past two days. Smart traders understand that betting on the eight months of bear markets ending is still not the greatest wager right now, and most remain cautious. A lot more bullish signals must be confirmed before a great majority of traders start betting long again. Until then people will remain skeptical of all the market action after the last eight months of bull traps and dead cat bounces.

Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Shutterstock, Trading View, and Satoshi Pulse.

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The post Markets Update: Cryptocurrencies See Some Small Gains This Weekend appeared first on Bitcoin News.

Huobi’s Sentiment Index Shows Cryptocurrency Investors Still Bullish

03/04/2018 by Idelto Editor

This week the cryptocurrency exchange Huobi’s educational subsidiary ‘Huobi Research’ conducted a survey with close to 2,000 individuals from 23 different countries to get a visual of what cryptocurrency sentiment looks like today. As cryptocurrencies have slid in value over the past three months according to the report, 77.9 percent of those polled were still bullish over the next three years.

Also read: Trezor to Implement Bitcoin Cash Addresses

Digital Currency Investors Still Optimistic After the Recent ‘Crypto Winter’

Huobi Research has recently published a cryptocurrency sentiment index-survey taken from 1,797 people stemming from various regions worldwide. Questionnaires were distributed over the internet and respondent identities cannot be confirmed Huobi explains. The sentiment index measured positivity and negativity in score ranges between 0 to 100 while a 50 point mean indicates the market cap remains unchanged.

The study details that out of those surveyed in the sentiment index for composite investors this month is 71.7 percent. Short term sentiment ranged around 61.1 percent, medium term (76.4%) and long-term measured around 87.5. Huobi’s report also details that 77.9 percent of voters believe cryptocurrencies will rise by more than 30 percent in the next three years. Even after the ‘Crypto Winter’ of 2018 in the short term, more than half of those polled believe that the total market value of cryptocurrencies will increase in the next month.

“The short-term market expectations of investors were scattered, but the overall sentiment was optimistic,” explains the study.

55.6% of the voters believed that the total market value of cryptocurrency would increase in the next month, with the highest percentage of voters choosing to increase slightly, reaching 29.6%. Another 26.4% of voters held a more pessimistic view and believed that the market value of next month will decline.

Investors More Confident in the Medium and Long-Term Cryptocurrency Prospects

The research reveals that most investors are more bullish towards the medium-term market in regard to the cryptocurrency economy. Around 77.6 of the participants believe that the total market value of cryptocurrency will see gains in the next three months. “51.1% of the voters were confident in the market and believed that the market value of cryptocurrency would increase by more than 30% in the next three months,” Huobi’s paper details. The long-term analysis reveals similar findings:

About 14.9% of voters were pessimistic about the market for the next three months — A total of 88.0% of voters were bullish about the long-term market.

Overall the long-term is where the most confidence rests at the moment with the investors Huobi surveyed. Additionally, the report explains investors who think the crypto-market cap will drop by more than 30 percent accounted for 6.9 percent.

What do you think of the Huobi Research survey? Do you think sentiment indexes can show a good indication of how people feel about the market? Let us know what you think about this research in the comments below.

Images via Shutterstock, and Huobi Academy of Blockchain Research.

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