The Case for a 2020 Bitcoin Bull Run

Christopher Brookins is the founder of Pugilist Ventures, a quantitative crypto fund founded out of Carnegie Mellon. ———————————————————————————————— Since the end of 2018, price action has been demonstrably negative, which surprised many expecting the end of Q4 historical “pump” in prices. The price plummet appears largely driven by negative sentiment and swathes of selling pressure after the 2018 support level of $6,000 finally broke (dashed black line). This selling pressure kept prices well into the oversold range (using RSI and SWTO) for several weeks. Only recently, has price begun to…

Looking North? Bitcoin Price Dip Forms Bull Flag Pattern

Bitcoin’s (BTC) minor pullback from two-week highs could end up fueling a breakout above the key hurdle of $4,140. The world’s largest cryptocurrency by market value jumped to $4,090 at 17:15 UTC on Sunday – the highest level since Dec. 24 – validating the short-term bullish reversal confirmed on Dec. 20. Even so, the positive momentum has weakened slightly in the last 36 hours. As of writing, BTC is changing hands at $3,995 on Bitstamp, having clocked a low of $3,934 earlier today. The 3 percent correction from two-week highs, however,…

Ether Markets Are Mimicking Bitcoin’s 2015 Price Bottom

Past performance is no guarantee of future results, but when history repeats it can be difficult to ignore the potential implications. Such is the case with price chart of ether, the ethereum network’s native cryptocurrency. Since Sept. 2018, the price chart of the world’s second largest cryptocurrency has mimicked the market structure of bitcoin’s bear market bottom in 2015.  In the world of technical analysis and trading, similar and repeating market structures are known as fractals, similar to the recurring patterns found in art, nature and mathematics. The two emotions…

Breakout Ahead? Bitcoin Closes on Key Price Hurdle

Bitcoin’s (BTC) bears would be put on the back foot if prices climb past key resistance lined up at $4,140. The leading cryptocurrency jumped to a two-week high of $4,090 earlier today, as expected, ending a weeklong period of low volume consolidation near $3,800. Notably, the break above $4,000 has added further credence to the short-term bearish-to-bullish trend change signaled by the three-day chart on Dec. 20. The job, however, is only half done for bulls, as prices are yet to take out the resistance at $4,140 – the neckline…

The Coming Bifurcation of Bitcoin

Angus Champion de Crespigny is an advisor to blockchain projects and a former EY blockchain lead. The following is an exclusive contribution to CoinDesk’s 2018 Year in Review.  Amongst many others, the bitcoin community for the past few years has been working with two particularly important ideas related to the asset’s future. One is the narrative of institutional adoption: the idea that institutions will begin buying (or facilitating the buying) of bitcoin as an investment. The other is decentralization: emphasizing control of one’s own monetary sovereignty and the ease with which…

$4K Ahead? Bitcoin’s Low-Volume Price Pullback Could Be a Bear Trap

Bitcoin’s (BTC) recent pullback from highs above $4,200 could trap the bears on the wrong side of the market, the price-volume analysis indicates. The leading cryptocurrency by market value is currently trading near $3,848, having clocked a low of $3,642 on Dec. 28. At that level, BTC was down 14.7 percent from the Dec. 24 high of $4,272, according to CoinMarketCap. Notably, daily trading volumes across all cryptocurrency exchanges have also dropped in the last few days. At press time, 24-hour trading volume stands at $4.57 billion – down 36…

Bitcoin Eyes Test of Key Price Hurdle in First Since November

Bitcoin (BTC) could test a key resistance line for the first time in nearly two months. The widely followed 50-day simple moving average (SMA) line is currently located at $3,940 – $100 above bitcoin’s current price of $3,840 – according to Bitstamp data. The crucial SMA line was last put to test on Nov. 8. Back then, the SMA was located at $6,450 and was serving as a stiff resistance. On Nov. 14, BTC nosedived below $6,000, putting the bears back into the driver’s seat.  As a result, the gap…

Bitcoin Price Suffers Worst Monthly Losing Streak in 7 Years

Bitcoin (BTC) chalked up its longest monthly losing streak in seven years in December. The leading cryptocurrency by market value closed at $3,689 on Dec. 31, representing a 13 percent drop from the monthly opening price of $4,241. That was the fifth straight monthly loss – its worst period since November 2011 – according to CoinDesk’s Bitcoin Price Index (BPI). Back then, BTC was trading below $20 and had depreciated by 81 percent in five months to November 2011. Notably, the tide had turned in favor of the bulls in the…

Down More than 70% in 2018, Bitcoin Closes It’s Worst Year on Record

Exhale. The nightmare of the 2018 cryptocurrency market is finally over. Of course, more downside is always possible, if not likely, but at least the year in which bitcoin prices dropped more than 80 percent and the broarder market lost nearly $700 billion of total capitalization is over. By now, you’re probably well aware the world’s premier cryptocurrency, bitcoin (BTC), catapulted more than 2,500 percent from its 2017 low to reach a new high of almost $20,000 by December of that year. Unfortunately for those at the time who were…

This Price Chart Indicates Bitcoin’s Bulls Are Back in Business

Bitcoin (BTC) is looking increasingly bullish on a key technical chart following its strong move above $4,000. The leading cryptocurrency by market value first teased bullish reversal on Dec. 17 with the creation of an “outside reversal” candle on the widely followed 3-day chart. The early indicator of a bearish-to-bullish trend change, however, needed confirmation in the form of a positive follow-through. Alongside BTC’s $600 rally, the cryptocurrency closed above $4,000 yesterday confirming the bullish reversal on the 3-day chart. BTC, therefore, could rise to next major resistance of $4,400…