Bitcoin has been trading between $7,450 and $7,550 for most of the day. A number of analysts and commentators have said that signals are pointing to the cryptocurrency forming a bottom, and have warned that there is a price increase coming and that it could prove to be a big one. Not all analysts agree, of course, with some pointing to a retest of $4,400 as the likely next move.
Meanwhile, most other major coins have held steady on the day, with Tezos being the largest coin to have made significant gains. Ethereum’s Istanbul hard fork has not helped the
According to market intelligence firm Glassnode’s Twitter account, Bitcoin’s bottom could already be with us. They pointed to the ratio between Market Value and Realized Value as being a key indicator. They have said that the ratio is getting closer to reaching 1, which is a sign that the bottom is nearly in. They went on to say that there would be a “strong reversal” when it does reach the bottom.
1/ Weekly on–chain market observations:
The bottom is close – and once it happens, the reversal will be strong.
MVRV is consolidating towards 1, which historically has indicated the bottom of #Bitcoin market cycles. Patience is key.https://t.co/lv8knFD0wV pic.twitter.com/7kwckER6Ri
— glassnode (@glassnode) December 7, 2019
Another crypto analyst, Thies, has used his own Market God v7 indicator as a guide. This uses algorithmic signals to determine when to short Bitcoin, and Thies has said that the indicator has now dissipated, suggesting that a major sell indicator is no longer in play.
Crypto analyst Eric Crown disagrees with all the bullish sentiment. Using the weekly chart, he has identified that every time the 21-week EMA crosses below the 10-week SMA, there is a 65% to 75% market decline. This points to prices falling to $4,400. So too does the fact that Bitcoin closed below the neckline of a head and shoulders top pattern.
With the Bitcoin halving set for 2020, there is a lot of expectation for the cryptocurrency to see its next bull run in the coming months, but keen spectators know that cryptocurrency doesn’t always adhere to expectations.
The
One major cryptocurrency that is going to see further losses in the near future is that of Ripple, according to analyst Johnny Moe.
$XRP is going back to 10 cents and there's nothing the #XRPArmy can do about it
— Jonny Moe (@JonnyMoeTrades) September 23, 2019
The
The Bitcoin (BTC) price is up 0.02% on the day, changing hands at $7,545.08 while Ethereum (ETH) has slipped 0.23% and now costs $148.89, having struggled once again to break resistance at $150. Ripple (XRP) is up 0.85% at $0.228 while Bitcoin Cash (BCH) and Litecoin (LTC) are down 0.78% and 0.08% at $211.54 and $45.60 respectively.
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