Does business need competition?

22m
bitcoinwarrior

Sally Ho's Technical Analysis 22 September 2019

1h
cryptodaily

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

2h
newsbtc

SEC Driving Cryptocurrency To China: Interview With DECENT

2h
bitcoinwarrior

Is Bitcoin the Answer to the Bond Bubble?

3h
beincrypto

Everipedia co-founder Sam Kazemian is building a better stablecoin with Frax [INTERVIEW]

4h
cryptoslate

Binance US unavailable in 13 major states including Washington

4h
bitcoinwarrior

Everipedia co-founder Sam Kazemian is building a better stablecoin with Decentral [INTERVIEW]

4h
cryptoslate

Armenian IT Company Accused of Illegal Electricity Use to Mine Crypto

5h
cointelegraph

Coinbase Considering Support for 17 Additional Digital Assets

5h
dcebrief

Venezuela’s Monthly Inflation Rate Spiked to 62.5% in August 2019

5h
nulltx

Swiss University Fights Fake Diplomas With Blockchain Technology

5h
cointelegraph

Ripple’s XRP Faces Steep But Healthy Consolidation

6h
zycrypto

Top 5 Ethereum Faucets to Start Earning Ether in 2019

6h
cryptoglobe

A New All-Time High For Bitcoin May Take Another 300 Days – Yoni Assia

7h
zycrypto

Blackstone CEO Hates Bitcoin but Loves Blockchain

7h
beincrypto

Two Firms to Build Blockchain-Based Solution for European Shipping

7h
cointelegraph

Crypto Tidbits: Bakkt Bitcoin Futures Inbound, NASA Hints at...

7h
newsbtc

History Suggests Bitcoin is Currently in Early Stages of Next Bull Run

8h
cryptonewmedia

10 Best Performing S&P 500 Stocks Since 2000. You’ll Never Guess…

8h
cryptonewmedia

Bitcoin Magazine Week in Review

8h
cryptonewmedia

Real-Time Strategy Game for Mining ‘Crypto Gold’ Launches on WAX

8h
cointelegraph

North Korea’s crypto countermeasures are an answer to Bitcoin

8h
cryptonewmedia

Colombia Seeks to Up the Ante on Crypto Legislation

8h
livebitcoinnews

Libra Claims it is Not an “Investment”; 2020 Launch Fixed Despite…

9h
cryptonewmedia


Tom Lee: Bitcoin’s Move Back to $8,000 Confirms The End of Crypto…

There is no doubting that Bitcoin and crypto markets have been on fire recently. Since the beginning of April Bitcoin has almost doubled in price driving market capitalization back over $200 billion again. The ice from the crypto winter appears to have melted and some industry analysts are convinced it is now definitely over.

Fundstrat Global Advisors’ permabull Thomas Lee tweeted his thirteen reasons why the crypto winter is now over. After stating what he described as a ‘disturbing pullback to $6,200’ Lee added that the return to $8,000 was confirmation that the trend is intact.

Some of Lee’s reasons have more weight than others but he starts with a look back to November 2018 and the Bitcoin Cash hash war that many speculated caused the final capitulation down to $3,200. Next he observed that Grayscale’s Bitcoin Trust saw its NAV premium fall to 5%, its lowest level since 2017 which also implied that the capitulation had occurred. The fund premium has since surged to 41%.

Daily on-chain transactions have turned positive for the first time since January 2018 and by March Fundstrat’s Bitcoin Misery Index crossed above 67 for the first time since August 2017. In early April Bitcoin closed above the 200 day moving average for the first time in thirteen months.

Over the counter (OTC) volumes have also started surging with multiple brokers reporting new client activity surging 60-70 percent compared with four months ago. There was also speculation that US president Trump’s escalated trade war with China has spurred buyers there into loading up on Bitcoin as a safer store of value.

The Bitcoin ‘golden cross’ in late April was a huge technical indicator that the trend has reversed. Minimal reaction to negative news such as the Tether imbroglio and the Binance hack also confirms major confidence in crypto markets. Finally this month’s Consensus crypto conference was the confirmation that crypto winter is over according to Lee.

After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.

As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…

…confirmed pic.twitter.com/M8ni4g2YvX

— Thomas Lee (@fundstrat) May 19, 2019

Bitcoin price 7 days. Coinmarketcap.com

Bitcoin had a huge week with record volume levels over $100 billion and a massive candle to close it. With a surge of 13 percent in seven days all talk of that massive correction has diminished as analysts look for the next levels of resistance. Full time trader ‘The Crypto Dog’ has done the charts and called weekly resistance at $8,215 and support around $7,300. He added;

“Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally.”

At the time of writing Bitcoin had surpassed $8,000 again and was trading up 2.7 percent on the day. It reached an intraday high of $8,250 where it hit resistance during Asian trading a few hours ago.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments