Analysts at JPMorgan Project Fresh Decline in Bitcoin

Analysts at JPMorgan Project Fresh Decline in Bitcoin

Despite the recent bullish recovery from the Thanksgiving “massacre” by Bitcoin (BTC), analysts from JPMorgan Chase & Co expect a steep decline for the cryptocurrency soon.

The strategist highlighted some factors that could play crucial roles soon for the benchmark cryptocurrency.

A recent JPM analysis, led by Nikolaos Panigirtzoglou, noted that the Thanksgiving crash has cleared the “previous froth in momentum traders’ positioning.” However, the analysis purports that Bitcoin could still see fresh declines.

Apart from the momentum traders factor, the strategists went ahead to broach several other reasons influencing price dynamics. One of such factors is the rumor circulating in the industry about some unfavorable regulations proposed by the Trump administration.

Another crucial factor highlighted by JPM analysts is the significant role Grayscale and its Grayscale Bitcoin Trust could have on the market. The crypto fund management firm is regarded as the most reliable firm for institutional investors looking for a foray into Bitcoin and other digital assets.

This reliability in the crypto firm has been demonstrated through 2020 as Grayscale reported record-breaking numbers, quarter after quarter. The firm’s assets under management have peaked at over $10 billion in just 12 months, with Grayscale Bitcoin Trust having the most substantial share.

That said, the analysts have asserted that if the GBTC becomes unattractive to investors, it could have a devastating impact on Bitcoin, which is believed to have become a favorite among institutional investors.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — November 30

Bitcoin recorded a massive boom past its previous YTD high over the past few hours, indicating that the cryptocurrency has regained its bullish momentum. That said, we should expect the benchmark cryptocurrency to top its $20k all-time high anytime soon.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,400, and $18,000.

Total market capital: $571 billion

Bitcoin market capital: $357 billion

Bitcoin dominance: 62.5%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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BTC On Track to Break All-Time High: S2F Model

BTC On Track to Break All-Time High: S2F Model

Bitcoin (BTC) bulls continued on their new ATH mission today and have sent the cryptocurrency to a new YTD high at $16,220. The cryptocurrency market rose to a high of $460 billion in today’s rally, as about $12 billion flowed into the market.

Despite the heavy sell pressure around the $16,000 level, expectations for new highs remain unabated as echos of Bitcoin officially entering a fresh macro-cycle ripple across the industry.

Meanwhile, PlanB, creator of the Bitcoin Stock-to-Flow (S2F) model, asserted that BTC’s YTD renewal is a good sign that it’s still on track to the $100,000 target.

The popular stock-to-flow model was first published in March 2019 and is concerned with the relationship between the production of supply and the available stock. In other words, it calculates Bitcoin’s value through scarcity.

The model has projected BTC’s price with a high degree of accuracy over the past three halving events. This year’s halving effect is playing out identically to the halving reactions in 2012 and 2016, with massive gains projected for 2021 if history plays out correctly.

Meanwhile, the Chief Investment Officer of Arcane Assets, a crypto hedge fund, is not sold on the recent BTC projections. To prove his disbelief, he is willing to wager $1 million that the Bitcoin price model will be “broken” within five years, and BTC will not reach 50% of its target.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 12

Bitcoin continues to trade in line with our ascending trendline as it aims to break its all-time high at $20,000. That said, a mild retrace from this level will likely get saved by the $15,700 level (our trendline level).

Meanwhile, our key resistance levels are at $16,220, $16,500, and $17,000. While our key support levels are at $15,700, $15,200, and $15,000.

Total market capital: $457 billion

Bitcoin market capital: $298 billion

Bitcoin dominance: 65%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Recent Ground-Breaking Pfizer Announcement Causes BTC Bulls to Go into Defense

Recent Ground-Breaking Pfizer Announcement Causes BTC Bulls to Go into Defense

It appears that volatility has seeped back into the cryptocurrency market. In today’s session, Bitcoin (BTC) has gained and lost about $600 within just a few hours apart. This spike occurred on the back of the recent announcement by Pfizer, one of the largest drugmakers in the world, that they have successfully gotten a 90% prevention efficiency rate in their vaccine candidate.

The past few weeks have been a very interesting one for the benchmark cryptocurrency as it managed to touch $16,000 briefly for the first time in several years.

It seemed like today’s was going to help the cryptocurrency break above the level and record a new YTD high. However, this rally was cut short by the new vaccine development.

Pfizer announced in the early hours of Monday that 90% of its COVID-19 test subjects, were protected from the virus 28 days after exposure to it.

The Chairman of the company, Dr. Albert Bourla, expressed his joy over the positive development saying that “it was a great day for science and humanity.” He added that with today’s development, Pfizer has gotten closer to providing the much-needed relief to help eradicate the prevailing global health crisis.

The news significantly boosted the global market risk tone, as major indexes across the globe saw massive spikes on the break of the news.

Meanwhile, Bitcoin has maintained its market dominance over the past 24 hours, indicating that altcoins have failed to make any significant strides upwards.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 9

The recent dip sent BTC down to the $14,800 area, where it was strongly rescued by some dip-buying. At press time, the cryptocurrency is struggling to get back above $15,205 resistance as bullish strength fades. Failure to securely break above this level could cause Bitcoin to drop to the $14,500 mark where our ascending trendline currently resides.

Total market capital: $438 billion

Bitcoin market capital: $282 billion

Bitcoin dominance: 64%

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4 Cautionary Crypto Tales From the Crypt

4 Cautionary Crypto Tales From the Crypt

Witches, vampires, and ghouls. These Halloween beasties have nothing on every Bitcoiner’s worst nightmare: losing one’s digital gold in a fluke accident or misstep. We can practically hear you screaming at your screen right now.

In honour of Halloween season, we’re exploring four spine-tingling tales of brutal Bitcoin losses. We also throw in a little treat towards the end and reveal how you can make a killing on crypto with a LonghornFX account, without actually buying any Bitcoins. Intrigued? Read on to find out more.
1. IT guy chucks $127m Bitcoin in toxic landfill
British IT professional James Howells began mining Bitcoin on his personal laptop back in 2009 and by 2013 had amassed an impressive 7,500 Bitcoins. He sold the laptop on eBay but held on to the hard drive in the hope that his Bitcoins would increase in value. But while clearing out his house later that same year, he accidentally threw the drive away, which ended up being dumped in a Welsh landfill. When he realised his mistake, Howells desperately tried to get permission to search the landfill for his drive. His request was denied on the grounds that it was dangerous due to the toxicity of the landfill, plus it simply went against the law.

Fat lot of good that would have done him, anyway. With 50,000 tons of refuse added to the site every year, searching for one tiny hard drive would have been a much bigger problem than finding a needle in a haystack. Still, it may have just been worth the undertaking. It’s estimated that around 2017, when Howells realised what he’d done, his 7,500 Bitcoins would have been worth in excess of $127 million.

2. Aussie loses $7m Bitcoin after investing life savings
In a moment of mid-life crisis, former Australian journalist Derek Rose decided to do what for many would be the unthinkable. He withdrew his entire $70,000 life savings and invested it all into Bitcoin. Seeing that his initial capital was growing exponentially with the Bitcoin boom of 2016, Rose even started borrowing more money to increase his investment, and was soon earning close to half a million dollars a day.
But rather than listen to his financial advisor and friends who encouraged him to cash out while the going was good, Rose continued to ride that wave of euphoria and poured even more money more into crypto. Then the Christmas crash of 2017 hit and Rose saw his multi-million dollar account take a massive hit. He lost around $7 million at the time. Thankfully Rose didn’t lose everything. “This was a huge blow, but it didn’t wipe me out […] I’m still doing better with my investments than I would have if I had stayed in index funds.” Moral of the story: what goes up, must come down. No bullish rally will continue forever.

3. Tech journo forgets Bitcoin wallet PIN
Sometimes even the world’s most reliable tech geeks make massive errors. After amassing some $30,000 in Bitcoins, Wired magazine editor Mark Frauenfelder lost access to his crypto wallet. “I wrote my PIN code and recovery seed on the same piece of paper. I was planning to etch the seed on a metal bar and hide it, but before that happened my house-cleaning service threw the paper away,” he explained.

Frauenfelder was ready to kiss his Bitcoins goodbye when he finally met a stroke of good fortune. Thirteen months after losing his PIN, Mark was introduced to Saleem Rashid, a 15-year-old coding whiz from the UK. With Saleem’s help, Mark managed to hack into his crypto wallet and successfully retrieve his PIN and subsequently his Bitcoins. We bet Frauenfelder won’t be misplacing his new PIN any time soon!

4. Software designer wipes away $20k
When Bitcoin first began to cause a stir on the web back in 2010, Atlanta-based software developer Syl Turner thought he’d try his hand at mining and managed to earn himself two whole Bitcoins. As Bitcoins were worth pennies at the time, Syl didn’t give them much thought and eventually ended up storing his mining computer in his attic.

Fast forward a few years later and suddenly Syl sees a news alert pop up on his screen: Bitcoins are now worth $10,000! Syl shot straight up into the attic to retrieve his dormant PC. He found what he was looking for but when he booted the computer up, he realised he had mistakenly wiped the hard drive, meaning his crypto wallet key had vanished. That one mistake cost Syl $20,000, at the very least. If Syl still had access to his crypto wallet and HODLed, he may have seen his Bitcoin climb much, much higher.

Profiting from Crypto made simpler
Thankfully, there’s a much easier and cost-effective method of profiting off Bitcoin, without the risk of losing hard drives or extra complicated PINs to crypto wallets. By trading Contracts for Difference (CFDs) on LonghornFX, you can profit on over 35 cryptos by trading on whether the price of the underlying crypto asset will rise or fall.

Trade on Bitcoin, Ether, Ripple, and more popular altcoins, all with 1:500 leverage. Open a free LonghornFX account and trade from as little as a $10 deposit!

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Bitcoin Price Analysis — November 2

Bitcoin Price Analysis — November 2

Bitcoin (BTC) appears to be in the process of a retrace following a strong rejection from the $14,101 YTD high set last week.

Although BTC looks to be handling itself just fine following last week’s rejection, there is still an immense amount of sell pressure weighing on the cryptocurrency over the past few hours. The bearish will likely grow in strength if Bitcoin fails to hold the lower-$13,000 area in the near-term.

Meanwhile, one analyst has opined that November could be the month where Altcoins regain some bullish traction. The analyst noted that a confluence of Bitcoin’s declining dominance observed over the past couple of days, together with the fact that most Altcoins are trading at considerably high levels, indicates a major surge is imminent. He added that capital flowing out of Bitcoin will eventually trickle into altcoins.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 2

At press time, Bitcoin is trading at $13,680 after a journey to the $13,200 area some hours ago. The benchmark cryptocurrency is now re-approaching the $13,800 strong resistance region. Following last week’s rally, BTC has made several attempts to break the $13,855 resistance but has failed every time. That said, how it reacts to this level in the near-term will determine the price next. Failure to break this level could send Bitcoin to the $13,280 – $13,000 area.

Meanwhile, BTC has been trading within a modest ascending channel for a few days now. The base of this channel could provide adequate support from a fall to the $13k level in the meantime.

Regardless, the major factor that will determine Bitcoin’s near-term price action is the upcoming US Presidential Election set for a few hours from now.

Total market capital: $396 billion

Bitcoin market capital: $251 billion

Bitcoin dominance: 63.3%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin Maintains a Positive Outlook Amid Global Economic and Financial Crisis

Bitcoin Maintains a Positive Outlook Amid Global Economic and Financial Crisis

Bitcoin (BTC) traded this week on a trumped-up momentum, as it recorded multiple 2020 record highs. Interestingly, this bullish performance is happening amid a brutal beating across the equity markets including the Nasdaq 100 (NDX), Dow Jones (DJIA), and S&P 500 (SPX).  

Cumulatively, the benchmark cryptocurrency has grown by about 4.3% over the week. Although this growth number might not seem like much, looking at it with the backdrop of the current economic crisis plaguing the markets, shows you just how impressive this bullishness is.

Meanwhile, Bitcoin’s recent performance has given it a 63% market dominance, which has caused serious problems for the already embattled altcoin market. For example, Ripple (XRP) is now trading at lows last seen in 2017, indicating the negative impact Bitcoin’s dominance is exerting on the rest of the industry.

In other news, Iran has become the first country to constitute Bitcoin as an official and legitimate means of exchange. This decision was made due to the wave of sanctions on the country from the US.

Also, the Bitcoin-friendly Avanti Financial Group has received an official banking license in the US, making it the second company to secure such a license after Kraken.

Regardless, it will be interesting to see how the cryptocurrency market fares in the coming weeks and if Bitcoin maintains its bullish performance moving forward.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor in the Near-Term — October 30

Bitcoin has entered a slight consolidation between $13,600 and $13,100. Investors expect a revisit to the upper-$12,000 level, where more dip-buyers are expected to join the train. The major level for Bitcoin to break is the $13,860 ATH, followed by the $14,000 psychological resistance.

On the flip side, a break below the $12,890 support could trigger an additional bearish extension for the cryptocurrency in the near-term. However, the overall bias remains to the upside.

Total market capital: $395 billion

Bitcoin market capital: $250.7 billion

Bitcoin dominance: 63.2%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Volatility Analyst Makes $20,000 BTC Price Tag Prediction

Volatility Analyst Makes $20,000 BTC Price Tag Prediction

Although Bitcoin has been trading with intense volatility over the past few weeks, it appears to be flat on a macro scale. The benchmark cryptocurrency has been trading within the same $3,000 range for the past five months. This has caused its macro volatility indicators to fall to record lows.

A well-known volatility analyst, Mohit Sorout, has purported that a breakout is just around the corner and that it will be an explosive one. Sorout believes that this breakout could send Bitcoin to the $20,000 price mark over three months if the breakout occurs to the upside. Mohit Sorout is a founding partner of Bitazu Capital and a crypto fund manager.

According to the analyst, Bitcoin has hit a low level that is rarely seen in Bitcoin’s history, with events like this occurring only once a year.

Although this indicator doesn’t necessarily indicate a bullish or bearish price dynamic, it is very likely to swing in favor of bulls given its historical reaction to low volatility. That said, he stated that investors should expect a new YTD high.

In other news, BTC remains unfazed following last week’s OKEx saga. Although the price witnessed a mild sell-off at the break of the news, bulls were quick to swoop in and prevent any further losses below $11,300.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor in the Near-Term

Bitcoin continues to trade within the $11,600 – $11,284 consolidation range, after a very uneventful weekend. On our 4-hour chart, BTC is trading with the 50-day SMA towards the upside. That said, the major hurdle to scale remains the $11,600 range top, followed by the $11,800 resistance and the $12,000 psychological level.

On the flip side, a break below $11,000 could strengthen bears once more.

Total market capital: $359 billion

Bitcoin market capital: $211 billion

Bitcoin dominance: 58.7 %

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Bitcoin Price Analysis — October 15

Bitcoin Price Analysis — October 15

Bitcoin (BTC) traded lower on Thursday, as hopes for an additional round of stimulus measures in the US dwindled, and a resurgence of Coronavirus infections was recorded in Europe and the US, further erasing hopes of a global economic recovery.

Meanwhile, the major cause of the recent dip was the strong pick up in the US dollar (DXY), following the decision to forego a second stimulus relief bill before the presidential elections on November 3 by the Treasury Secretary, Stephen Mnuchin.

Over the months, Bitcoin has grown significantly, especially as central banks across the globe made moves—including ultra-low interest rates, infinite bond-buying, and massive stimulus aids—to prop-up their economies following the pandemic-induced economic crisis.

That said, investors expected that Bitcoin would get yet another boost upon the finalization of a second stimulus package. However, with the prolonged politically-inclined stimulus debates, investors started flicking back to the safety of the greenback. The outright cancellation of another stimulus round by the Treasury Secretary could cause some near-term problems for Bitcoin’s demand.

Also, the recent setback in the preparation of a COVID-19 vaccine has added to the booming risk-on mood across markets, which is influencing BTC negatively.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor in the Near-Term

Bitcoin has been in a prolonged consolidation range between $11,600 and $11,284 for the fifth consecutive session now. Currently, the benchmark cryptocurrency is locked in a battle with the $11,600 resistance, following a sharp drop to the $11,280 level yesterday.

With its current momentum, BTC could likely break this resistance soon as investors keep their eyes on $12,000.

Total market capital: $364 billion

Bitcoin market capital: $214 billion

Bitcoin dominance: 58.7%

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Investors Worry as Bitcoin Falls Into Consolidation Again

Investors Worry as Bitcoin Falls Into Consolidation Again

Bitcoin’s (BTC) volatility has begun to wane in recent hours, as the cryptocurrency has become wracked with extended periods of consolidation. 

Just last week, the benchmark cryptocurrency saw a significant rally, which sent its price from lows of $10,400 to $11,700 in a few days. Following the aggressive bullishness, BTC has fallen into consolidation once again. The absence of any directional bias has put investors in a state of uncertainty about what the near-term trend could be. 

That said, one of the results of the drawn-out consolidation in BTC is the 60-day volatility dropping to historical lows. Usually, this occurs when Bitcoin is on the brink of a significant spike, which means that its near-term price dynamics will dictate what comes of the cryptocurrency in the coming days and weeks. 

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch 

Last week, BTC ended a drawn-out consolidation phase within the mid-$10,000 area. However, the scales were tipped in favor of bulls, following reports of Square’s $50 million Bitcoin acquisition. The crypto has now balanced itself once again within the mid-$11,000 area, as bulls and bears battle for near-term dominance. 

For bulls to take control, they have to comfortably push the price above the strong resistance at $11,600. Subsequently, the $12,000 psychological line will come into view and will have to be decisively broken above for a bullish continuation. 

Meanwhile, BTC has broken below the crucial ascending trendline but was heavily supported by the $11,284 support level as expected. That said, we will likely see a bullish continuation in the near-term as long as BTC remains above $11,000. 

Total market capital: $358.6 billion

Bitcoin market capital: $210 billion

Bitcoin dominance: 58.6%.

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A Fundamental Crypto Analyst Makes Interesting Projection for Bitcoin

A Fundamental Crypto Analyst Makes Interesting Projection for Bitcoin

Bitcoin (BTC) is currently trading around the $10,900 level, but it may not be at this level for long given a recent projection.

As the benchmark cryptocurrency continues to strengthen its bullish fundamental foundation, one analyst has narrated that there’s currently sufficient capital on the sidelines in crypto to push Bitcoin to a $1 trillion market capitalization. 

When this happens, Bitcoin will finally be regarded as a “major asset bucket” for wealth to come into. 

At press time, BTC has a market capitalization (at $10,900 per BTC) of roughly $200 billion. This amount represents close to 60% of the entire cryptocurrency market of $344 billion. 

However, Bitcoin fundamental analyst, Willy Woo, notes that the cryptocurrency could be valued at $1 trillion if just $25 billion worth of capital could be invested into it. Woo uses several network health indicators he developed to project a realistic future price for Bitcoin. 

At the projected valuation, institutional investors who have been hesitant in buying into Bitcoin will finally be rushing to get a piece of it. Also, at that valuation, one BTC will be valued at $54,000.

Woo points at the over $18 billion in the stablecoin industry as sidelined capital that could push BTC to the thirteen-figure price tag. 

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term

Bitcoin has performed exactly as projected in our previous analysis. The cryptocurrency has finally broken out of the long-standing wedge to the upside. As expected, BTC was met with strong resistance around the $10,900 level where it currently sits. 

The next hurdle to beat now is the $11,000-150 psychological resistance area. Meanwhile, the prospects for Bitcoin going lower becomes increasingly unlikely as it climbs higher. 

Total market capital: $344 billion

Bitcoin market capital: $201 billion

Bitcoin dominance: 58.4%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.