Two Views on Bitcoin Price Immediate Future: To Buy or to Wait

Two Views on Bitcoin Price Immediate Future: To Buy or to Wait

Ran Neuner, host of CNBC show Crypto Trader, is encouraging traders to buy Bitcoin. Rob Sluymer, a Fundstrat Global Advisors technical strategist, says traders should adopt a wait and see approach

A Positive Approach

Neuner attributes last year’s surge in Bitcoin price to the launch of BTC futures. This year he refers to the possibility of an SEC approval of Bitcoin ETF, which he considers to be a bigger deal, as the grounds for a market boom.  Hence, the Crypto Trader host is very bullish on Bitcoin and assessed that investors should start stocking up on the cryptocurrency.

A More Cautious Approach

By studying Bitcoin price chart, Sluymer observes that its price has not moved higher than the September highs, this is the supposed indication of an early trend reversal. Due to this, he advises investors to stay on the sidelines and wait for an indication of a reversal.

For weeks now, traders have seen a slowdown in the volatility of the cryptocurrency market. Today, BTC is trading at around 6,548 USD (down by 29%) and ETH is priced at 224.69 USD (down by 1.59%).

These two differing views on market movement are highly illustrative. So, investors are as always encouraged to do their due diligence and study all the facts before making financial decisions, despite how authoritative an independent opinion is.

BTC

8,744 USD
1.84%

ETH

272.72 USD
0.71%

Related news

Bitcoin Sets a New 2019 High: BTC Price Analysis & Overview Following The Breakout Of $9,000 – $10K Next Target?

Bitcoin doesn’t want to calm down. Just two days ago the coin was trading for $8100, and during the past hours, BTC was ready to set a new 2019 high, almost touching the resistance level at $9400. If you had to put up a survey during late December 2018, when Bitcoin was hovering around $3500, you would find almost no one saying that 2019 will be bullish for Bitcoin. However, crypto is always unexpected. The numbers show that Bitcoin completes a 200%+ move since 2019 begun as well as a weekly move of 24%. Where can it go from here? There’s bullishness surrounding the coin, probably due to the hype of the coming up Facebook coin, along with Binance closing its gates to US traders (which probably caused many to hedge their altcoins into Bitcoin). The last can be seen by looking at the following data. Yesterday the market cap was $273, with Bitcoin $154.4 of it (56.3% dominance). Today, $13 Billion was added to the market cap, but Bitcoin is responsible for most of the addition as it adds $10 Billion. The Altcoins, in response, are tumbling against Bitcoin and raising a lot less in their USD value. Last thing, weekends are so far so good for Bitcoin during the past months. We had recently explained why this happens in detail. Total Market Cap: $286 Billion Bitcoin Market Cap: $164.4 Billion BTC Dominance: 57.3% Looking at the 1-day & 4-hour charts – Support/Resistance: Following the breakout, Bitcoin is now aiming for higher levels, which are old resistance levels from the bearish 2018. The next significant resistnace level lies at $9400. Above is $9600 and the legendary level of $10,000, which seems closer than ever in the past year. From the bearish side, Bitcoin has set the $9000 – $9100 as its first support area, besides lies $8800, before lower support levels at $8500, $8400, $8200 – $8250 and $8100. – Trading Volume: The volume during the weekend isn’t very significant. It will be interesting to see how this move continues to the new week. – Daily chart’s RSI: The RSI had produced a fabulous bullish move, and now facing the 70 RSI resistance level. Stochastic RSI is getting into the oversold territory; however, there is space to go up here. – BitFinex open short positions: Along with the rising Bitcoin, the short positions continue to rise rapidly: There are now 24.8 K BTC of open short positions, which is the highest level of the past 30 days. BTC/USD BitStamp 4-Hour Chart BTC/USD BitStamp 1-Day Chart The post Bitcoin Sets a New 2019 High: BTC Price Analysis & Overview Following The Breakout Of $9,000 – $10K Next Target? appeared first on CryptoPotato.
CryptoPotato

Bitcoin Breaches One Million Daily Active Addresses Once Again

According to data from Coin Metrics, Bitcoin has reached an essential breakthrough. As of June 14th, 2019, the original digital asset was pushing towards its highest levels of activity with over 1 million active addresses. The last time Bitcoin saw this level of unique addresses in motion was November 27, 2017. Kevin Rooke pointed out on Twitter that milestone was reached and mocked, “nOboDY uSeS BiTcOin” in a tweet. He followed up with some more information on the last time there were this many active addresses and compared to the current situation in the market. When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33. — Kevin Rooke (@kerooke) June 15, 2019 The price is expected to rise with the added activity. As both transactions and active addresses continue to climb, the value of Bitcoin may climb back towards all-time highs. Active addresses and total transaction volume is not the only thing that has been on the rise in the cryptocurrency world. Not too long ago, it was reported that bitcoin-related Tweets were also surging. The Cryptocurrency analytics site, TheTIE.io reported that in May, Tweets about Bitcoin were way up. Cofounder, Joshua Frank said the Bitcoin Twitter action was notable. “At 17 days of consecutive growth, BTC is seeing its longest streak of increased 30-day average tweet volume since 2017.” Every time Bitcoin pumps, the masses are looking for comparisons to late 2017, when BTC was soaring. The cryptocurrency community is feeling optimistic now that Bitcoin is testing the $9000 range again. But if the cryptocurrency markets take another hit and dip, the mood would turn 180 degrees. The post Bitcoin Breaches One Million Daily Active Addresses Once Again appeared first on ZyCrypto.
ZyCrypto

Bitcoin Price Blasts Through $9.3K as Crypto Markets Hit 11-Month High

A Sunday surge has sent bitcoin price barreling though resistance yet again as it tops $9,300. The move has lifted total market capitalization above $287 billion which is the highest it has been since July 2018. Bitcoin Price Hits 13-Month High There has been no lay in for traders in Asia this morning as bitcoin price 00 hit a new 2019 and a 13-month high of $9,380 this morning. Following yesterday’s big move BTC spent the best part of Saturday trading around $8,650. As reported by Bitcoinist yesterday, the bulls were targeting $9k and they reached that milestone a few hours ago. From there BTC rose sharply to its new high for the year before retreating a little to $9,270 at the time of writing. BTC price 1-hour candles – Tradingview.com ‘Crypto Winter is Over’ Daily volume is back over $20 billion as the 7.5% surge on the day lifts bitcoin to fresh highs. All concerns over the big correction appear to be dissipating as crypto markets are driven higher today. Fundstrat co-founder and bitcoin bull, Tom Lee noted; Taking a step back, with $BTC #bitcoin at new 2019 highs, don’t those old highs look like a few FOMO days away? Crypto winter is over… Taking a step back, with $BTC #bitcoin at new 2019 highs, don’t those old highs look like a few FOMO days away? Crypto winter is over… pic.twitter.com/1neKiEzaFA — Thomas Lee (@fundstrat) June 16, 2019 From here five figures is just another 7 percent away however there is another level of resistance to break around $9,600 before it can get there. Traders on crypto twitter are speculating that the decisions from Binance and Bittrex to exclude US customers from certain altcoin markets may have driven them back into bitcoin. This does appear to be the case at the moment as bitcoin dominance has increased to 57.3% and it is the top performing crypto asset in the top twenty at the moment. A trader going by the twitter moniker ‘D4rkEnergY ‘ noted: After binance announced that they wouldnt accept US customers from Sep., investors got scared and left Alts and went into $BTC. Total Crypto Market Cap at 11-Month High This is not to say that altcoins are not moving also. In fact,  it is quite the opposite at the moment as total market capitalization has reached $288 billion which is its highest level since July 2018. Daily volume for all crypto trading has also climbed and is currently $68 billion. Granted, bitcoin is in the driver’s seat once again. But others are also making solid progress today. Ethereum has made 3.7% to reach $275, EOS has added over 6% to break $7 once again, and Bitcoin Cash is back at $435 with a 3.5% gain. Other altcoins getting lifted today include IOTA, NEO and Tezos. Will bitcoin hit five figures this week? Add your comments below. Images via Shutterstock, Tradingview.com The post Bitcoin Price Blasts Through $9.3K as Crypto Markets Hit 11-Month High appeared first on Bitcoinist.com.
Bitcoinist

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.