What's up ₿itcoin Family! Welcome to another addition of BitcoinExchangeGuide's daily bitcoin price analysis and news roundup from all the top analysts and community contributors. Today we have a jammed packed overview citing a $400,000 BTC price prediction, BitMEX CEO calling for $10,000 BTC/USD by end of 2019, a dying BTC dominance and of course – current bitcoin price analysis and forecast recap.
Bitcoin Mirroring the Previous Price Movement, Are we Set for the Next Bull Run or a Severe Dump First?
In the past month, since Bitcoin dropped down from $4,200 on February 24th to about $3,800, the leading cryptocurrency is not showing much action. Though it has been slowly making its way upwards to over $4k now, it has been boring and very slow.
Yet again it is trading near $4k at $4,033 with 24-hours loss of 1.31 percent while managing the rising daily trading volume of $10.6 billion.
According to the analysts and traders, the flagship cryptocurrency is mirroring the bear cycle of 2015. Crypto trader and investor, Josh Rager says if BTC follows the 2015 bottom, one of the scenarios that could play out is a higher high for Bitcoin in the coming days to around $4,800. But from here, BTC will take a huge dump to below $2k and around $1,800.
$BTC: Comparing 2019 to 2015 Bottom
Would be interesting if Bitcoin pushes for a "higher-high" in the coming weeks
Only for it to repeat 2015 with a slow-sideways-decline over the following weeks before an ending capitulation to fill buy-orders
Just one potential scenario pic.twitter.com/HwlfMglMn8
— Josh Rager 📈 (@Josh_Rager) March 22, 2019
Though he says, it is just one scenario and bitcoin bottom could already be in, he doesn’t think the bottom is actually in.
However, in the coming months, we have macro factors in the form of Fidelity launch and onboarding institutions along with Facebook launching its own coin coming up that can trigger fresh retail. But Rager is not expecting these events to be able to stop Bitcoin from hitting new lows.
Meanwhile, crypto trader, Moon Overlord, sees a recurring pattern between the ongoing price movement and the one we saw in late 2018 that has Bitcoin hitting its yearly low at $3,200. He believes Bitcoin’s “time is up” and another dump is our way.
— Moon Overlord (@MoonOverlord) March 14, 2019
ScienceGuy9489, draws a similar mirroring pattern between the 2015 and the current bear market but his conclusion for the same is bullish instead of bearish as he even sets up the date for this upward momentum that is April 11, 2019.
BTC Liftoff Due Date: April 11, 2019 pic.twitter.com/osscXh2TNI
— ScienceGuy9489 (@ScienceGuy9489) March 11, 2019
A number of analysts are expecting troubled days ahead with the majority of 2019 seeing only a sideways movement for Bitcoin. No bull run is expected before next year or the year after that as 2020 marks the 3rd halving but there are still some bulls in the market that see a much higher ending in 2019.
BitMEX CEO Calls For $10,000 BTC/USD by 2019 End
BitMEX CEO, Arthur Hayes has spoken yet again!
That’s right but this time, he has some bullishness to offer the crypto community. According to him crypto winter just might have starting to thaw.
In a snippet shared by Su Zhu on Twitter that has been apparently from Hayes, under the section “Get Excited,” he talks about the “green shoots” that will make their appearance in quarter 4. Just like many analysts, he is expecting the price chopping to be “intense” but instead of a dump, he is bullish BTC to hit $10k.
Though he is expecting the Bitcoin price to hit $20,000, the peak of 2017 bull run, that is the ultimate recovery, according to him $10k is the significant “psychological” barrier which he is sticking to.
— Su Zhu (@zhusu) March 22, 2019
Back in November, Hayes has called out for Bitcoin to drop down between $2k to $3k calling it his “sweet spot.” At that time he said, the focus needs to be on “calling the bottom.” In November itself, the price started dropping from $6.5k to the yearly lowest at $3.2k.
Before this, in July 2018, Hayes had said we could “definitely” find a bottom in the range of $3k to $5k. But he has also shared that the flagship cryptocurrency can see $50k by the end of 2018 if an ETF gets approved by the SEC.
BitMEX is a derivatives market that accounts for the highest BTC trading volume share, currently at over 10 percent.
Do you think Hayes’ call will come true and Bitcoin will see $10k by 2019 end? Let us know in the comment section below.
Chief Market Analyst of Think Markets UK Sees a Price of $400,000 on the Horizon for Bitcoin
The treacherous world of cryptocurrency has been evolving substantially, and it is natural that so many economists and analysts are trying to find predictions for where it is going now. Many investors saw the boom in the end of 2017, giving them a sign that they need to be involved. However, the following month came with impressive drops.
The individuals that decided to stay involved with the industry are predominantly the ones with the most faith in the technology and what it means for the future of finance. That being said, some comments from a major analyst could be giving them hope, considering how he described the surge that the market is expecting.
The analyst, Josh Rager, frequently discusses trading on Twitter, and he spoke about how there is a lack of buying pressure above the $4,000 mark, which could lead the crypto asset to drop down to $3,500 again if the bulls can’t keep up. Rager’s last tweet included a chart to demonstrate his theory.
$BTC Weekly Chart
Gandalf is holding $BTC below the mid $4,200 level
Bitcoin shall not pass the current resistance
So my target for the next drop has an aim at previous support near mid $3,500s pic.twitter.com/BGUWMmAl4V
— Josh Rager 📈 (@Josh_Rager) March 20, 2019
The chief markets analyst at Think Markets UK, Naeem Aslam, also spoke on how significant this price level is. Aslam said that the activity of the industry now will determine what happens with the market, based on the tone of both the discussion and the trading. He added that, for some crypto traders, this is a “matter of death or life.”
Is BTC at $400,000 Real or Hopium: If or When History Repeats Itself?
Even with all of this uncertainty in the air, Aslam is confident that the right circumstances could easily lead Bitcoin to reach $400,000, “if history repeats itself.” He adds that this is not just a number that he is randomly choosing out, and that his prediction is based on “simple math” that involves an “approximate percentage projection.” If this is true, the idea of buying at the bottom does not make sense from the side of risk/reward.
Another popular figure named Ryan Selkis elaborated on this idea, implying that purchasing at the bottom is absurd. He even challenged that if investors have been holding out for the right opportunity, “what are you waiting for, if not now?”
At the time of writing, Bitcoin is priced at $4,026.35, with a decrease of 1.35% in the last 24 hours.
Bitcoin’s Dominance Dropping To a 7-Month Low Is A Bullish Move For Price Per Historical Data
We have bad and good news for Bitcoin investors. The bad news is that the stagnation of Bitcoin’s price has made the token achieve a seven-month low in market capitalization dominance. The good news? This is often a great sign that prices will go up.
At the time of this report, CoinMarketCap (CMC) shows that BTC has a market dominance of 50.8%. This is the lowest since August, which means that the number has not been so low since the bear market started to get strong.
Despite Bitcoin resisting to the prices dropping better than most companies, the crypto has been on a downward trend in the dominance percentage since January. This means, in part, that BTC has seen some stagnation while other altcoins are going up.
Bitcoin Optimism Is Growing
It may seem contradictory, but despite losing its overall dominance in the market, BTC bulls are actually getting hyped right now. For instance, Tone Vays, a well-known trading expert, has affirmed that the price of BTC will probably get over $6,000 USD if the token is able to break the barrier of $4,200 USD.
Even Tron’s CEO, Justin Sun, has affirmed that he believes that Bitcoin can trade up to $5,000 USD this year, despite the bear market. Another prominent trader, Tom Lee from Fundstrat Investments, has also declared that the markets would reverse now and that the price of the token could reach a high position in 2019.
Low Dominance, High Price
How does this all correlate, though? People are getting bullish about Bitcoin but the dominance is lower, so let’s make some sense of this. Basically, the best point to remember when thinking about dominance versus price is that when Bitcoin reached $20,000 USD, its highest price since today, its dominance index was of only 32%.
The logic is that dominance is going down because the market is getting healthier. With more strong altcoins, it is obvious that Bitcoin would lose some of its dominance since it will no longer be the only token worth buying the market.
Therefore, we can see a strong correlation between a healthy market, in which prices are naturally going up, and Bitcoin not being half of the market alone. Generally, Bitcoin goes well when the market is going well (and vice versa). The point is that BTC would hardly skyrocket in price without all the other cryptos doing the same movement.
In the last seven days, all the top 10 altcoins are having green days and showing off positive improvements. Some other tokens like KuCoin, Huobi Token, Maximine Coin and others are also showing gains of more than 50% in this time. This is a huge sign.
We are seeing the start of the “altseason”, as some analysts have affirmed. However, traders like Matt Greenspan affirm that traders should not buy unknown assets without making their research first. According to him, price increases do not make a bad asset worthwhile, so you have to be careful in order not to lose money.
In any case, you should watch the market in order to perceive when it is finally going to heat up. This should happen soon, but remember to be careful when investing. Make sure you visit our Bitcoin Price Prediction page for all of the latest forecast and analysis. Also, why you are at it, just like bitcoin bleeding Mike Novogratz, maybe we should be kissing Satoshi Nakamoto's feet a bit more in the future!
Live Bitcoin (BTC) Price:
1 BTC/USD =$7,657.5718 change ~ -4.11%
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