Bitcoin Price News Today: April 1, 2019 BTC Value Summary with Industry Insights
What's up bitcoin family!🌎 Welcome to our April Fool's edition of today's bitcoin price news watch. We have selected a few of the top headlines within the crypto community and analyzed each of the expert's insights below in great detail for better a one stop shop tell-all.
Before we get started on the daily crypto market price news roundup, make sure to read last week's recap summary 👀 of all the top bitcoin price predictions and forecasts available along with why March 31 is a special day in crypto land. While we have already covered Cornell Professor's $1 Trillion market cap prediction and an April 2019 outlook earlier today, there is still so much more to cover for both bears and bulls alike.💰
One thing I learned from riding all the $BTC bull & bear markets?
That $20,000 #Bitcoin will be just another tiny blip on the price chart. #HODLGANG 🚀@bitstein @francispouliot_ @TuurDemeester @pierre_rochard @APompliano @theonevortex @ToneVays @jespow @woonomic @WhalePanda pic.twitter.com/bUp6RProeY
— Trace Mayer [Jan/3➞₿🔑∎] (@TraceMayer) April 1, 2019
The low #Bitcoin prices have gone on too long.
"Softfork proposal for minimum price of $50k USD/BTC"https://t.co/Si48prViUK
— Luke Dashjr (@LukeDashjr) April 1, 2019
#bitcoin chart update: 13 months to halving …
— PlanB (@100trillionUSD) April 1, 2019
While we recognize the day is April 1, 2019; there is no april foolsin' around here. This isn't a sequential episode of fools-rush romance in here, or fool's gold gold-mine drama, it's just a monday market wrap up ready for juicy tidbits and community-searched tidbits. Let's ₿egin.
Setting for the Big Move? Bitcoin “Fakeout” & Analyst’s Projection of $150,000 BTC
A week back, Bitcoin has been trading at $4,025 and now it is up 2.7 percent at $4,137 in the green. To the most part, the cryptocurrency market is enjoying the greens with the total market cap at $145 billion.
According to the YouTube Crypto analyst, Nicholas Merten aka DataDash, Bitcoin is setting for a big move that will have Bitcoin take a hit below $4k and drop all the way down to $3,600, that is if the volume doesn’t make its way upwards.
“I think it’s much more realistic that we’re going to get a fake out, where prices do break out above $4,200, but they come down at close at the end of the day. I think we’re going to have a BitMEX play, where they prop things up in the market and it’s going to dump right back down. And in fact, I think we’re going to come back to this line of support here at around $3,600 over the next week.”
Merten’s bearish scenarios echo the sentiments of other analysts as well that see Bitcoin going to even below $3k, however, Merten’s lowest is at $3,150 which is just below the December-lowest at $3,200.
According to market analyst and trader, Benjamin Blunts, if Bitcoin breakouts above $4,170 only to get back under this level, we’ll be experiencing a fakeout so we need to be patient at this point.
(1/2) I have started to scale out of some alt positions, as i am weary of $BTC here.
this is a strong daily horizontal resistance and there are frankly far too many bulls about.
also being weary of something does not mean i am short like some have thought in the past. pic.twitter.com/FSajB3VTU7
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) March 31, 2019
“To flip bullish again i would like to see a breakout of 4170 and acceptance above. A break above and a swift close back under 4170 is not “acceptance” and more likely a “fakeout.” Going to be patient here and let the trade come to me.”
The first peak of the Bitcoin price has been in 2011 at $31 that took 329 days to achieve this cycle. Three layers later in 2014, we hit $1,177 that took 903 days to reach the peak. Last all-time high (ATH) has been in 2017 at $19,764 which took 1477 days.
Crypto trader and investor, Josh Rager shared his analysis where he explains that each cycle has been adding 574 days “exactly” in each cycle to reach the next Bitcoin peak. As per this, the next Bitcoin peak out would take 2051 days which means, “The next Bitcoin cycle should peak out in July 2023 and could reach a price at $150,000 or more per Bitcoin.”
The next Bitcoin cycle should peak out in July 2023 and could reach a price at $150,000 or more per Bitcoin
Cycle Peak Prices:
2023: ??? ($150,000+ projected) pic.twitter.com/ikicZbJRhe
— Josh Rager 📈 (@Josh_Rager) March 31, 2019
Financial Investors Seemingly More Bullish About Bitcoin Price than Before
Financial advisors have generally been against Bitcoin and digital currencies. They have never been very active in the crypto market and have always remained in the sidelines for different reasons. Nonetheless, it seems that things could be changing. According to a recent report from an education and training meeting at Barron’s Top Independent Advisor Summit, investors could be thinking in a different way.
Financial Advisors Are Changing Their Opinions About Bitcoin
Investors that attended the meeting about virtual currencies seem to be more willing to consider Bitcoin as an investment asset than when they entered the meeting. The event was backed by the Advisor Blockchain and Cryptoassets Council. There are several names behind it, including Bitwise Investments, Grayscale Investments, Pantera Capital and also VanEck.
The main intention behind it was to teach about digital currencies to top financial advisors in the United States. When the advisors entered the meeting, 95 percent of them said that they would never advise clients to invest in virtual currencies. The main reason for this decision is due to a lack of knowledge. Indeed, more than 90 percent of these advisors said that they cannot explain how digital assets work to their clients. Moreover, 80 percent said that they do know little-to-nothing about blockchain technology.
At the same time, most of the participants in the event said that their clients have been requesting about Bitcoin (BTC) and other virtual currencies in the market. This is why, after learning about virtual currencies during half a day, these advisors changed the way they thought about cryptocurrencies.
Ric Edelman, the organizer of the event, commented about it:
“The remarkable turnaround in attitude by these top financial advisors demonstrates the urgency of teaching advisors about this importnat emerging asset class. Advisors who can’t answer their clients’ questions about Bitcoin will lose credibility with their clients, and they may end up losing the clients.”
It is worth mentioning that this was just a small event in which few advisors participated and were interested in learning about cryptocurrencies. Nonetheless, this shows that these individuals are ready to learn more about crypto space and blockchain technology. In the future, investments in Bitcoin can increase.
After the meeting, most of these advisors raised their price predictions for Bitcoin in the future. Moreover, 91% said that they will either stop discouraging clients from buying crypto or actually buy it for them.
Could Bitcoin Double Bottom in the Near Future?
Many individuals, enthusiasts and experts have already called for the end of this bear market that started in January 2018. In the last weeks, Bitcoin (BTC) seems to be behaving positively in a slow, but clear uptrend that has allowed the digital currency to remain traded close to $4,100 for several days. Nonetheless, there is a popular trader that says that Bitcoin could eventually bottom once again.
Why This Trader Believes Bitcoin Could Double Bottom
According to the cryptocurrency analyst and trader Roger Quantrillo, Bitcoin could test $3,200 once again. In order to reach that number once again, Bitcoin would have to fall over 21%. Quantrillo looks back to the bear cycle between 2014 and 2016 in which Bitcoin tested its bottom two times before starting to grow again.
Back in 2017, Bitcoin reached $20,000 and it dropped down to $3,200 a year later. However, as we started to grow during the last weeks, enthusiasts believe that the bear market is already over.
Bitcoin: I really think we will see a double Bottom around 3200$ between 27.05.2019 – 01.06.2019..🧐
Second scenario is last week of April with a lil bit lower price around 3k! But first one fits my overall bias! What you think @crypToBanger ..😎✌ #btc #bitcoin #btcusd #crypto pic.twitter.com/tCAPuXo3Dy
— Roger Quantrillo (@rogerquantrillo) March 30, 2019
If history repeats, which is not guaranteed at all, Bitcoin could fall to the same level as it had back in December 2018, close to the $3,200 region. Quantrillo explains that it could happen between May or June this year.
Nonetheless, there are other individuals and traders that think that Bitcoin could fall even lower and drop under $3,000. The crypto analyst Murad Mahmudov said that Bitcoin could drop a lot further.
Mahmudov explained that it is necessary to complete price exhaustion from anyone except the absolute true believers. More people will be selling their funds when they realize that the winter will last for longer than previously expected.
Most of the experts and traders are sure that Bitcoin will be ending the bear market soon. Most of them explain that Bitcoin breaking above $4,200 will be the ultimate confirmation that the bear market finished.
BTC Weekly of 200-Day EMA vs 200-Day MA
Current weekly candle is on a TD-9 and there are concerns that it will pullback the market. How hard can we drop? The 100-Day MA could catch us again (currently at 3,760 BTC/USD). To save the structure we shouldn't go below the ascending trendline.
Due to this we can expect $4,200 area to reject the price one more time before we eventually break to the upside. Greed & Fear Index is pretty high (62), which also favors for the resistance to reject the price.
$BTC Moving Averages (MA)
Since 2015 the Bitcoin Price has been above the 200 Week MA
In coming weeks, Bitcoin has the opportunity to retest the 200-Day or 200-Week MAs
Break above 200 DMA = Possible retest of $6k 📈
Break below 200 WMA = New Lows & prolonged bear market 🚑 pic.twitter.com/N3cdqvujN7
— Josh Rager 📈 (@Josh_Rager) April 1, 2019
Bitcoin Price Prediction Rewind: Intriguing BTC Forecast From 2015 Gone Right
If history has taught us one thing, it is that past trends if looked at closely can be useful indicators of how things might play out in the future. In this regard, an independent crypto analyst called “The Contrarian Dude” (or C.D. as we will refer to him henceforth in this article) posted a video on Youtube all the way back in 2015 (October 12th to be exact), where he mentioned the coming of a BTC bull run.
The video states that “June 2016 will see the start of the next big bubble— resulting in the creation of massive profits for bitcoiners all over the world.”
When looking at the data presented by C.D. and then comparing it with Bitstamps’ bitcoin charts for the same period, it appears as though his prediction was quite accurate.
During the video, C.D. noted:
“ The Cyprus banking crisis did not cause the 2013 bitcoin bubble. Instead, what did cause that bubble is exactly the same thing that’s going to cause another huge run up in price, and bubble, and pop in 2016.”
He then laid out a host of reference key dates and bitcoin prices which proved that there was a lack of correlation between the 2013 BTC price rise and the “Cypriot financial crisis,”.
Following the discussion noted above, the YouTuber went on to say that the 2012 Bitcoin Halving event was one of the true reasons for the price run-up experienced by the flagship cryptocoin. Additionally, he stated that by halving bitcoin’s steady supply — while the demand remained the same — the market was faced with a scenario where investors were forced to “bid up”, thus causing BTC’s price to move in an upward direction.
Similarly, C.D also predicted that a similar occurrence might take place after the
“I think it will be the start of another big, massive bubble. We’re going to blast through the all-time high of $1,200 per bitcoin. Then, of course, it will have the traditional crash and burn or pullback, probably 50-80% from that.”
While C.D. made predictions about the crypto market witnessing amazing gains in 2017, we are pretty sure that even he could not have imagined that Bitcoin would scale up to a mammoth price point of $20,000 by the end of the year.
Therefore, with the next halving event all set to take in 2020, it appears as though a similar bullish sentiment is taking over the market. However, only time will tell what the future has in store for this burgeoning sector.
#Bitcoin $BTC came into existence on Jan. 3, 2009. People born on that day are now 10 years old. Kids will not know a world without Bitcoin. Since they were born the ($USD) UD Dollar has lost 26% of its value and Bitcoin has appreciated from 0 cents (USD) to $4000.
— Sir Jeffrey Lebowski (@Sir_Lebowski) March 31, 2019
Currently, each Bitcoin can be purchased for $4,146 and the digital asset has a market cap of over $73.1 billion.
Live Bitcoin (BTC) Price:
1 BTC/USD =$49,471.0847 change ~ 0.55%
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