Bitcoin Price [Monday Morning Market Update]: Latest BTC Predictions and Chart Analysis

Today's Latest Bitcoin Price (BTC) News and Forecast

By close of 2018, Bitcoin (BTC) and other crypto assets had been crashed. The only winner by that time appeared to be Roubini, a NYC professor with a knack of rubbishing Bitcoin and other solutions seeking to destabilize status quo. And even though he continues to nitpick Bitcoin, adoption as well as volumes have been on the rise in the last couple of months.

Read: UK Thieves Attempt to Steal Bitcoin from a Bitcoin ATM, Machete and Sledgehammer Involved

Not only do we see Lightning Network—which is apparently the only scaling solution on the table that has gained traction aside from the much talked about MimbleWimble which can be incorporated through a soft fork scaling the network by default, but the sentiment is changing. Thanks to rejection of lower lows back in late Dec and early January, most analysts are pointing to bulls as the environment surrounding Bitcoin is supportive which is perfect if the coin is to flourish.

We can look at recent development in the US. Some states may be looking to adopt Bitlicense in a bid to protect their constituents which is perfectly understandable but it is the stance taken by several Presidential Candidates like Yang in the course of their campaign.

Also Read: Is the Glass Half Full or Empty for Bitcoin and Institutional Investments: More Harm Than Help?

Besides the shifting sentiment and Wyoming taking the lead by allowing businesses to pay any of the 16 taxes using Bitcoin by collaborating with BitPay, it is clear that the recent high volumes are stemming directly from increasing adoption which can be attributed to education and awareness that Bitcoin—and indeed other crypto assets are not scams but reliable and global payment systems that are cheap to transact with.

Bitcoin (BTC/USD) Price Chart Analysis:

Although we are bullish on Bitcoin, we must also note that the asset is struggling to register gains. As a matter of fact, the coin is stable in the last day and up a mere 1.6 percent from last week’s close. This by every measure point to price accumulation in lower time frames and a resistance to higher highs as bulls fail to satisfactorily reverse losses of Feb 24.

From an effort versus result perspective, $4,500 is a strong liquidation level and Feb 24 high volume, wide ranging bear bar is instrumental in our analysis. The failure of bulls to comprehensively drive prices higher above $4,500 roughly three weeks after steep losses of Feb 24 points to low demand—which can be catastrophic for upbeat buyers.

Even so, risk-off, aggressive type of traders should continue loading up in lower time frame and as prices correct—Mar 17 bar closed above the upper BB pointing to an over-valuation, every low should be a buying opportunity as long as prices float above $3,800 with targets at $4,500. Any drop below Mar 15 losses could spell weakness and odds are gains of Mar 5 would be wiped.

Is the Newfound Momentum in Bitcoin Trading Volume Enough to Create a Crypto Rally?

 

The daily changes in volume lately have shown a calm and steady growth for Bitcoin, and any kind of gain would obviously be welcomed after 15 months of horrendous numbers posted by most cryptocurrency exchanges. Now, Bitcoin is finally reaching over that $4,000 milestone and the daily transaction volume has reached levels that there have not been since January last year.

Kevin Rooke, a crypto commentator, posted to Twitter to bring to light that the $10 billion in daily volume had occurred nine days in the last 12 months. Out of those nine days, this month has seen five instances. Most of the others occurred last month, so it looks like the momentum could be building.

Right now, even with a few fluctuations, Bitcoin appears to be remaining above $4,000. In the early hours of yesterday, it even managed to reach $4,077, though it is residing at $4,059.59 at the time of writing. Volume market readings are often one of the best ways to interpret market interest, which means that investors could be experiencing both buying and selling pressure that demonstrates profit and value that Bitcoin holds. It could even be based on speculation, which could be the fuel to heat up from this winter.

There could be a kink in the plans if investors believe research division Crypto Integrity, which specializes in the manipulation and fraud that could go into the market. This entity says that up to 88% of all volume figures could be fraudulent, pointing fingers at OKEx, Bit-Z, Huobi, HitBTC, and others that have remained unregulated and have been attached to wash trading scams. If these numbers are accurate, it would be a major disappointment to analysts that have the idea that bigger trading volumes mean good news for cryptocurrencies.

Clearly, the increase in the price is not quite enough to start celebrating yet. After all, it hasn’t stayed steadily above this number without some variation by about $50 lower than the current price. Still, the steadily increasing volume over the last few months may be a sign that the crypto winter is coming to a close. The only way to alter this course is by investing yourself and waiting to see what is next.

All Charts Courtesy of Trading View—BitFinex

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Most Recent Bitcoin Price Predictions and BTC Community Insights

All of these latest cryptocurrency news headlines about the price of Bitcoin (BTC) can be found on these two posts in greater detail:

Bitcoin is at $4,000 But Can’t be Bullish Until it Crosses the “Key Level”

Bitcoin has been going through quite a rough time for the crypto winter, but the recent ascension to the $4,000 mark has been a major milestone. However, there are experts that say that the token needs to reach the $4,100 level to truly be considered safe.

Binance CEO Expects Bitcoin (BTC) Price to Reach $300,000 in the Future

The CEO of Binance believes that Bitcoin is on its way to a $300,000 price level. He is remaining positive for years over the way that cryptocurrency can grow. Whether the token is $4,000 or $300,000, he sees that there’s touch and easy days, but it does not change that “we are always here.”

Bitcoin Price Surpassing $4,000 and Can Revisit $20,000 By 2021 If History Repeats

Bitcoin is starting to risk again, and the most recent activity is believed to be due to activity in Asia on the BTC market. When the token rose four years ago, the token saw price predictions in abundance, but the token neared the $20,000 mark when the increase began. Could the same be possible for 2021? What signs should the community look out for?

Current Bitcoin Price Action: Sellers Exhausted at $4,000, “Cautiously Bullish”

After reaching past the $4,000 threshold yesterday, it looked like the market started to see green. However, it looks like the pricing has taken another turn, with multiple tokens seeing at least 1% in losses in the last 24 hours. Before getting excited about the “bullish” movement, it may be better to watch the price play out.

Brendan Blumer Says Bitcoin Will be Replacing Gold as a Store of Value

In order for any cryptocurrency to survive, it needs an applicable use case. As Bitcoin has evolved and proven itself, it has attracted the attention of EOS co-founder and CEO, Brendan Blumer. He sees Bitcoin as powerful enough in the storage of value that it could replace gold, which would take “the next two decades.”

Lightning Network Hits New All-Time High, Over 1,000 BTC Network Capacity

The Lightning Network was implemented as a solution for scalability with Bitcoin, and it has made some substantial progress. In the last few hours, the capacity has reached 1,000 BTC, which was announced by Anthony Pompliano on Twitter. What does this mean for merchants in the US, Canada, and the EU?

Crypto Savant Dan Hedl's Lightning-Rod Bitcoin Insights

Dan Hedl took to Twitter to make some major comments about his stances on Bitcoin. Shedding light on the way that Bitcoin has been called a “Ponzi scheme” and the fact that BitTorrent is still “up,” he challenged the public with a single question – asking how anyone believes that someone could “stop bitcoin.”

Tom Lee: Bitcoin in Strong Correlation with Emerging Markets, Real BTC Price Implications?

The Emerging Markets are starting to see more interest from investors for Bitcoin, and there’s clear shifts happening with the rising prices. How does the price of BTC correspond with Emerging Markets, and what can you expect next?

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Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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