People Are Saying Bitcoin Has Bottomed--New Price Data Suggests They Might Be Right
By Billy Bambrough
Bitcoin, trapped in a long-running bear market seemingly without end, could be about to turn a corner according to a bevy bullish comments from those in the tech and crypto industry—and new data that suggests the bitcoin price could be poised to move higher.
The bitcoin price, having peaked at almost $20,000 per bitcoin back in December 2017, has lost some 80% of its value and is currently wallowing under $4,000 per bitcoin, despite repeated attempts to break that psychological barrier.
Now, on top of calls the bitcoin price may have bottomed and the bitter so-called crypto winter could be coming to an end, technical data shows a new bull run could begin this year with bitcoin’s 50-week moving average dropping below the 100-week moving average for the first time since April 2015.
Bitcoin bulls have been out in force over the last few weeks, talking up developments in the bitcoin space and making bold predictions about how high the bitcoin price could eventually go.
Last week, the vice president of blockchain and digital currencies for IBM, Jesse Lund, said that he expects each bitcoin to be worth over $5,000 before the end of the year and eventually be worth over $1 million.
Lund, speaking to Finder, said he likes $1 million per bitcoin scenario as it means one satoshi (0.00000001 bitcoin) is on value parity with the U.S. penny.
"I see maybe $5,000 at the end of the year, but I see a way higher upward trajectory," Lund said.
Elsewhere, Blockchain Capital partner Spencer Bogart told Bloomberg he thinks now is "a good time to buy" bitcoin but was hesitant at calling this the absolute bottom of the market.
"I think there's a strong case to be made that bitcoin is the most compelling asset in the world right now," Bogart said. "[The bitcoin market] is a tinder box right now and anything could [set off the next bull run]."
Earlier this month, Zhao Dong, a Chinese billionaire who's one of the world's largest over-the-counter traders of bitcoin, said now is the time to stock up on bitcoin.
The bitcoin market was then enlivened by comments from two of the most closely-watched figures in the tech world: Tesla's chief exec Elon Musk and Twitter's CEO Jack Dorsey, who both praised bitcoin technology.
Renowned bitcoin bull Tim Draper predicted it will be just a few short years before everyone is using bitcoin and it will be just criminals who want to hold onto cash—advising people to invest "before it's too late."
These bullish comments are supported by data first reported by bitcoin and crypto news outlet CoinDesk that shows a bitcoin technical indicator has crossed a key mark for the first time in four years.
Bitcoin’s 50-week moving average yesterday dropped below the 100-week moving average, suggesting the bear market may have run its course.
Some $400 billion in value has been wiped from the cryptocurrency market over the past 12 months as adoption stalls and banks put closely-watched plans to wade into bitcoin and cryptocurrencies on hold.
Many bitcoin investors and traders are looking toward things like the highly-anticipated Bakkt bitcoin platform and a U.S. bitcoin exchange-traded fund (ETF) to boost the price, though those expectations have been somewhat dampened lately as the U.S. Securities and Exchange Commission frets over potential price manipulation.
The Bakkt bitcoin platform, which is being developed with New York Stock Exchange owner Intercontinental Exchange as well as partnerships with coffee shop chain Starbucks and PC giant Microsoft, plans to offer bitcoin futures trading from the first quarter of this year and open bitcoin and cryptocurrencies up to a wider retail market.
Article source: https://www.forbes.com/sites/billybambrough/2019/02/26/people-are-saying-bitcoin-has-bottomed-and-new-data-supports-them/#33435a3f399e
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