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A drop below $7,080 could see the price sink to $6,800 and if buyers fail to buy into the dip the price could revisit the previous double bottom at $6,524. If bulls ignore this level, then $5,250 is likely to be the next target.
As shown by the daily chart and mentioned in a previous analysis, the run-up from $4,000 to $13,800 was rapid and minimal support was built from $7,200 to $5,300. So the price could quickly slice through this zone if BTC price drops below the descending channel support.
Josh Rager, another prominent cryptocurrency analyst on Twitter, spoke about the funding rate flipping negative, telling his followers that he wouldn’t be surprised if Bitcoin pumps back up again, although he still remains flat when it comes to its near-term trend.
“$BTC price action over the past day – you can’t make this up. With funding flipping negative I wouldn’t be shocked if this pumped back up again. I’m flat for now, happy liquidation hunting whales,” he explained referencing the below chart.
Another interesting piece of information regarding Bitcoin is the recent flash crash which happened just a few hours ago on the Binance platform. A few attentive members of the community noticed that the BTC/USD pair on the exchange shockingly lost more than 90% of its value, crashing to about $680 very quickly. Bitcoin hasn’t traded that low since 2016.
- The Dow Jones tracked sideways ahead of Friday’s jobs report.
- Adding to the risky outlook for the Dow, fresh tariffs are set to go into effect on December 15th.
- All of this equates to a potentially turbulent weekend for Wall Street.
Caution was the name of the game for the Dow Jones on Thursday, as the stock market bellwether leaned sideways ahead of Friday’s jobs report. With trade war talks going down to the wire to remove December’s planned tariffs, Dow bulls appear reluctant to load up on risk ahead of what could be a turbulent weekend.
Concluding, as much as Bitcoin could enjoy both stability and a generous price hike from the influx of institutional funds, this simply doesn’t appear to be happening. With only 10 years under its belt, though, Bitcoin still has plenty of time to mature.
Bloomberg has released its outlook on Bitcoin for 2020, saying it’s only a “matter of time” before the leading cryptocurrency hits $10,000.
“Increasing adoption of Bitcoin, the digital quasi-currency with limited supply, tilts our price outlook on the first-born crypto favorably for 2020 and the next decade. This year was part of its transition toward the crypto-market version of gold. The maturation process should continue, notably as volatility declines.
Schiff has even called out Bobby Lee, who founded the BTCC exchange and crypto wallet Ballet, for prediction the flagship cryptocurrency’s price could be $1 million within the next five to 10 years. Per Schiff, it’s “nonsense like this that is actually taken seriously, that keeps the hodlers on board while the whales quietly abandon ship.”
Over the course of 2019, legitimate interest from Fidelity Investments and ICE’s Bakkt built a significant portfolio in the digital asset industry with Bitcoin. However, according to the San Francisco-based Crypto Fund Research, this sentiment may not be shared by a majority of investors. Data curated by the research firm suggested that around 70 crypto hedge funds that catered to wealthy individuals, family offices, and pensions had shut down in 2019, raising an argument against the idea of increased institutional involvement in the 2019 crypto-market.
Microsoft, a global tech giant has joined forces with the Enjin (ENJ) distributed ledger technology (DLT) project to launch a blockchain-based recognition program dubbed Azure Heroes. The project aims to reward tech experts from all backgrounds with unique Ethereum-based non-fungible tokens (NFTs) for their contributions to society, according to a blog post on December 4, 2019.
The startup has made a name for itself by offering investors a way to realize a return on their crypto without selling it. Clients deposit bitcoin, ether or the GUSD stablecoin with BlockFi, then take out U.S. dollar loans against their crypto collateral or earn interest on their deposits. BlockFi lends the crypto to big institutional players that use it for trading and pay interest, which the lender passes back to depositors.
Virgil Griffith, the 36-year-old Singapore resident (and U.S. citizen) who was recently arrested for giving a seminar about blockchain and cryptocurrency in North Korea, allegedly said once that it would be really “cool” if the country learned how to mine ether tokens, according to an unnamed source who boasts “deep knowledge” of the matter. Griffith was arrested over the Thanksgiving holiday at Los Angeles International Airport (LAX) after he had failed to get the proper clearance to fly to North Korea. While stationed in the country, Griffith allegedly offered a seminar to listeners explaining how they could use crypto and blockchain to potentially override U.S. sanctions.
With that in mind, traders should still stay away from entering new positions here until we have confirmation of a short-term trend change.
The coin is still on sell signals on both time-frames in our trend model, with support zones found near $7,000, $6,750, and $6500, and with resistance ahead near $7,400, $7,600, $7,800, and $8,200.
The Persistent tussle between the bulls and bears over the support at $0.22 has given the bears an advantage over the bulls. Buyers could not sustain hold above the support because of the absence of buyers at the previous highs. Yesterday, XRP dropped suddenly to $0.21, but a pullback was not sufficient to keep the coin above the $ 0.22.
GDP growth is slowing down, inflation rates are teetering, U.S. manufacturing is shrinking, Treasury yields are irreversibly going down, wages are stagnant, the Federal Reserve is lowering interest rates, household prices are rising as all the strong identifiers of an economic downturn are pointing in the same direction. But somehow earnings of the top 1% and stock prices are going up.