📈 Price Predictions Thomas Hughes

Bitcoin Price Prediction for November: The Market Is Wound Up and Waiting

📈 Price Predictions
Bitcoin price predictions 2018 have not come to pass. The coin is range-bound and waiting for something to happen, but what could it be?
Bitcoin Price Prediction for November: The Market Is Wound Up and Waiting
Contents

Technical Outlook

The technical outlook for Bitcoin is lackluster at best. With no major catalyst to drive it, the coin is languishing near long-term lows where it has been trading for many months. The world’s leading cryptocurrency is trapped in a tight range and does not look like it will break out any time soon. Indicators like stochastic and MACD concur; this token is range-bound and trending sideways for the short-term at least.

Bitcoin Projections, Bitcoin Forecast, Bitcoin Price Prediction

Description - Bitcoin price chart with Bitcoin Predictions 2018

Major support is above $6,000, and the token’s range appears to be narrowing down to a point near $6,400. This point is noteworthy as it is the balance point at which miners — most of them, anyway — are able to turn a profit. If the price of Bitcoin was to fall significantly below this level, it could force miners out of the market and spell the end for the world’s reserve cryptocurrency… That is not a possibility in our Bitcoin projections.

Our Bitcoin forecast is this: the price of Bitcoin will most likely trend sideways within the current trading range until the next major catalyst emerges. The token will likely trend near a point of the market equilibrium that appears to be near $6,400. When the catalysts emerge and there are several on the horizon, Bitcoin will break out of the range and start moving higher. How high it goes will depend on the catalyst.

Bitcoin miners are supporting the market

The global hash rate data says that Bitcoin miners are still interested in the number one cryptocurrency by market cap and are supporting the market. The global hash rate, the amount of computing power spent on BTC mining, topped out this year when BTC prices hit their lowest levels but have since been trending at record-high levels. The miners are important for one fundamental fact: they are the source of all Bitcoins. Because it costs the miners about $6,500 per coin to operate their rigs, you can bet the price of Bitcoin won’t far fall below that level.

Bitcoin Price Predictions, Bitcoin Price Predictions 2018, Bitcoin Forecast

Description - Chart of Bitcoin hash rate growth since 2017

A Dwindling Supply will help drive prices higher

What most Bitcoin price predictions fail to mention is the ever-dwindling supply of Bitcoins. By dwindling, I do not mean the ever-increasing difficulty rate which makes finding new Bitcoins harder and harder. By dwindling, I mean the growing number of Bitcoins that are lost or irretrievably locked away.

  • Proof of Burn is a way to start new cryptocurrencies by burning another cryptocurrency. A public cryptocurrency burn is sending cryptocurrency to a prearranged and irretrievable BTC address for the purpose of shifting value from one token to another.

Estimates as recent as November 2017 had the number of lost Bitcoins at 4 mln. That number has jumped significantly over the last 12 months and now stands closer to 7 mln lost Bitcoins. The reasons for the loss are varied, but all point to one thing: less and less Bitcoins are available every day, and eventually, they will all be gone. To put this problem into perspective, think about this: there are only 21 mln BTCs ever to be mined, about 18 mln are already mined, and 7 mln of those are lost.

People lose Bitcoin on purpose?!

One of the primary reasons Bitcoins are getting lost is Proof-of-Burn. Proof-of-Burn is the concept that value stored in one token can be transferred to a new digital token. By burning coins in a public fashion, sending them to an unrecoverable address, the tokens are lost on purpose and are in effect an escrow account guaranteeing the value of the newly created cryptocurrency.

Regardless the reason, the bottom line for investors is this. Bitcoin is a commodity; commodities are valued based on supply and demand. We know for a fact that supply is shrinking, all it will take for Bitcoin’s price to shoot higher is an increased demand.

Bitcoin is the dominant cryptocurrency

Despite this year’s bear market in cryptocurrency, Bitcoin remains the leading digital currency by market cap. The total market cap for Bitcoin has been hovering near $110 bln over the past few months and represents more than 50% of the total cryptocurrency market. This figure shows Bitcoin is still the most sought-after digital token commanding the greatest flow of new money.

Over the past year, Bitcoin’s dominance has been in flux as bearish activity and the launch of new tokens induce market volatility. Bitcoin’s dominance fell to a low near 33% in January 2018 and has since recovered. Over the past two months, the token’s dominance has steadily increased to current levels as market participants flock back to the most stable and trusted digital currency on the market.

Source: Coinmarketcap.com

Bitcoin Price Prediction 2018, Bitcoin Price Prediction 2017, Predictions for Bitcoin

Description - Chart of Bitcoin price dominance with annotations

This figure is brought into sharp contrast when compared to the #2 and #3 digital currencies by market cap, Ethereum and Ripple. Combined, Ethereum and Ripple command less than 20% of the total market which makes them less attractive to new money seeking to invest in cryptocurrency. When the market comes back, and it will, Bitcoin will be the first choice as it has the greatest respect and trust among digital currency traders.

  1. Bitcoin dominance November 2018 is 53%.

  2. Ethereum dominance November 2018 is 10%.

  3. Ripple dominance November 2018 is 9%.

How does this affect the Bitcoin price prediction 2018? If you look at the Bitcoin price prediction 2017, there is a compelling comparison to be made. In 2017, just before Bitcoin began its wild march to $20,000, the token’s dominance fell below 40% before resurging to more than 60%. Many analysts believe, and I am one of them, this year’s fall to 33% and rebound to 50% are signaling a rebound in Bitcoin price that only needs a catalyst to get started.

Regulation is the catalyst traders are waiting for

The catalyst traders are waiting for is regulation. Regulation and regulatory issues have been hanging over the entire cryptocurrency market for years and are the cause of the 2018 bear market. The war began last fall when China’s financial regulators moved to ban cryptocurrency, cryptocurrency trading, and ICO’s within China. The bear market was set off a month or so later when South Korea, a hotbed of Blockchain technology, made similar moves. Since then, South Korea has softened their stance, embracing Blockchain and digital financial securities, but the issue of regulation is far from being settled.

Source: CCN.com

Bitcoin Infographic

Description - Bitcoin’s potential to change the world, from CCN.com

The number one issue holding traders back today is the SEC, the CFTC, and US regulation. The SEC and CFTC have allowed the listing of BTC futures, but that is as far as they’ve got regarding the legal listing of Blockchain-based trading solutions in the US. The SEC has created a cryptocurrency czar whose job is to coordinate proper regulation of the market, but still, there is no framework, not even a hint of what may come.

Traders around the world are waiting for a Bitcoin or cryptocurrency ETF to be listed in the US. Many Bitcoin predictions see such a listing as early as this year, although the chances of that are getting slimmer by the day. The SEC has already reviewed and rejected over a dozen requests by money managers to list such an ETF, and there is yet no indication of when, or even if, a Bitcoin ETF will be permitted.

A Bitcoin ETF is on the way, traders need to be ready

A group of Blockchain industry leaders including fund managers, cryptocurrency developers, and hedge fund/private equity investors made a plea to the US Congress for clarity on cryptocurrency regulation. Their stance is that lack of regulation is far more damaging to the US investor than any risks with the technology. The plea resulted in Congress asking the SEC for clarification, and yet still no word.

The biggest hurdle for US regulation of cryptocurrency is a lack of regulated infrastructure; there isn’t any, or not very much, anyway. The good news is that Bakkt may end all that. Bakkt is a joint venture between the ICE (The Intercontinental Exchange) and partners.

“Bakkt is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets. Formed with the purpose of bringing trust, efficiency and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the Blockchain.”

The exchange is designed to support the purchase, storage, and trading of digital currencies across ecosystems and includes a digital clearinghouse for trades. The exchange is expected to launch its first products, new BTC/USD futures, in early December 2018 and seen as the stepping stone to a Bitcoin ETF.

The takeaway for traders is this: Bitcoin regulation is holding the market back, and news, for good or bad, is what will drive the cryptocurrency markets over the next twelve months. If the SEC puts the kibosh on BTC and cryptocurrency investing, ETFs, and other retail products, you can rest assured the cryptocurrency market will react negatively. If, on the other hand, a BTC ETF is approved (as expected), you can rest assured Bitcoin prediction and Bitcoin price forecast will turn overwhelmingly bullish.

Bitcoin Prediction, Bitcoin Price Forecast

Description - Bitcoin prices are expected to move higher in 2018 and 2019

My Bitcoin Prediction? It is only a matter of time before the US embraces cryptocurrency regulation and allows a BTC ETF to be listed. If that happens, my Bitcoin price forecast is this: Bitcoin will retest its all-time high near $20,000 and most likely break through to new all-time highs. Bitcoin predictions 2018 are a dime a dozen, everybody has an opinion of when and how high BTC will go. The only thing you need to know is that BTC is going to move higher, if not now, then very, very soon.

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Bitcoin SV Price Prediction. A Top-Ten Cryptocurrency You Need to Know About

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Bitcoin SV made news recently when it overtook the tenth spot in terms of cryptocurrency market cap
Bitcoin SV Price Prediction. A Top-Ten Cryptocurrency You Need to Know About
Contents

Bitcoin SV made news recently when it overtook the tenth spot in terms of cryptocurrency market cap. The token network is now worth about $1.35 billion and is likely to increase is worth in the coming months. Bitcoin SV, Bitcoin Satoshi Version, is a hard-fork of the Bitcoin Cash blockchain that is giving its parent a run for its money. The BSV is meant to embody the vision of Bitcoin’s founder Satoshi Nakamoto and bring the power of currency back “to the people”.

The real purpose of BSV is to tackle four fundamental problems within the Bitcoin universe and that is where its value lies. These include stability, scalability, security, and safety; the caveat is that we’ve heard all this before, and didn’t those issues lead to Bitcoin’s previous hard-forks?

BSV/USD is under pressure, but the outlook is bullish

Like most cryptocurrencies, Bitcoin SV has been under pressure in the last few months. A lack of coherent regulation and uncertainty for blockchain’s future are largely to blame. The good news is that the token has been stabilizing near the $75 range where it appears to be well support.

BSV/USD Chart

In the near-term, the pair is facing good support at the bullish trend line seen on the chart below. This support is consistent with the horizontal level at 75 but may be broken in the next few days or weeks. The reason is BSV hasn’t shown any type of bullish pressure so it’s very likely to see a break of said support, en route to 70 and possibly the low at 65.

BSV/USD Chart

Such a move would be a buying opportunity. The token is a match for Bitcoin and Bitcoin Cash, both trading well above the $75 or so we are seeing for BSV. A move up is likely to see BSV touch and surpass the $175 level (where Bitcoin Cash is trading) on its way to retest the all-time highs near $225.

Bitcoin SV (BSV) wallet could double up as authenticating device

In a recent Medium post, Craig Wright, Bitcoin SV’s biggest protagonist and chief scientist at nChain, outlined a new way of using BSV’s wallet: as an authenticating method for smart cards. The application focuses on “the use of electronic cards (“smart cards”) to facilitate secure, feasible, yet user-friendly system authentication through a Bitcoin (SV) wallet.”

According to Wright, the application will comply with AML/KYC rules and could be used to verify identity documents (passports, etc.) and to increase the security of payments and/or file encryption. When or if the application becomes usable, remains to be seen but if they manage to deliver a working version sooner rather than later, Bitcoin SV’s price will most likely be affected.

There is some risk to this token as it still new but we’re talking about cryptocurrency here, risk is the name of the game until the regulation is consistent around the world. When that comes you can expect to see this and most other major cryptocurrencies spike sharply higher.

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Cardano (ADA) Out of Top 10. Bitcoin SV Replaces It

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The two cryptocurrencies have recently switched places, with Bitcoin SV overtaking ADA to “steal” the number 10 spot by market capitalization according to data from CoinM
Cardano (ADA) Out of Top 10. Bitcoin SV Replaces It

The two cryptocurrencies have recently switched places, with Bitcoin SV overtaking ADA to “steal” the number 10 spot by market capitalization according to data from CoinMarketCap. At the time of writing, Bitcoin SV stands at $1.3 billion, while Cardano (ADA) has a market cap of just over $1.1 billion.

Chart Analysis – ADA/USD

ADA/USD chart

After failing to touch the key resistance at $0.060 and reaching a high at $0.056 on January 9, ADA has been on a downslide, finding support at $0.040. It is down more than 10.0% over the last 7 days but up 2.6% in the last 24 hours, according to aggregate data from CoinMarketCap.

The 200 period Exponential Moving Average is flat on the four-hour chart and the RSI is neutral, moving in the middle of the range and showing that control doesn’t clearly belong to either side from a medium-term perspective, although in the short term, the bias is bearish.

If 0.040 is breached, the pair will find support at 0.037 and a break of the latter will open the door for an extended drop into 0.030 – 0.028. First resistance sits at 0.050 – 0.051 and until it is broken, the chances of a strong move up are low.

Support zone: 0.040 – 0.037

Resistance zone: 0.050 (0.051)

Most likely scenario: break of immediate support, move into 0.037; choppy price action

Alternate scenario: recovery and move into 0.050 area

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Ripple News. XRP and Euro Exim Bank – A Match Made in Crypto Heaven?

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Euro Exim Bank has recently joined the long list of Ripple partners and seems very happy about it
Ripple News. XRP and Euro Exim Bank – A Match Made in Crypto Heaven?

Euro Exim Bank has recently joined the long list of Ripple partners and seems very happy about it, hyping up their partnership and saying they are implementing both xCurrent (for payment processing) and xRapid (Ripple’s liquidity solution, using XRP).

Kaushik Punjani, the Director of the aforementioned bank had this to say: “Working collaboratively with Ripple and selected counterparts, we have designed, tested and are implementing both xCurrent and xRapid in record time, and we look forward to the benefits these will bring our customers.”

A few financial institutions are already using xRapid, but Euro Exim Bank is the first one with a banking license to get involved, so we will likely see a bit more movement on XRP charts soon.

Chart Analysis – XRP/USD

Ripple’s XRP is currently trading at 0.33 against the US dollar, down 9.50% for the last 7 days and up a mere 0.31% for the last 24 hours. It still holds the number 2 spot in rankings by market cap, albeit Ethereum is very close behind – both with a market cap of $13 billion at the time of writing.

XRP/USD chart

The pair is trapped between 0.32 support and 0.35 resistance, having bounced perfectly at both levels. Although there’s no clear winner, the bulls seem to have the upper hand in the short term (bullish RSI, coming out of oversold, last strong move is up), so we may expect a break or at least another touch of 0.35. If a successful break occurs, the next target will become the 200 EMA on the 4-hour chart.

Support zone: 0.32

Resistance zone: 0.35

Most likely scenario: a possible bullish break above 0.35, capped by 200 EMA

Alternate scenario: no clear direction, the pair remains trapped between support and resistance

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Ripple Flooded with Good News. Charts Don’t Show It

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Positive developments keep being announced by Ripple, yet somehow, they are not reflected in XRP’s charts.
Ripple Flooded with Good News. Charts Don’t Show It

Positive developments keep being announced by Ripple, yet somehow, they are not reflected in XRP’s charts. The latest announcement is that in a matter of weeks, Euro Exim Bank is set to begin using XRP-based xRapid for cross-border payments. The technology will be fully integrated and the bank plans to use XRP for payments across 80 countries.

Many of Ripple’s other partners are using the technology in some way, but so far none have opted to send international payments by exchanging their local currency in XRP. All in all, this is great news for XRP, but the impact will be best seen once Euro Exim Bank actually starts using it.

Chart Analysis – XRP/USD

Ripple’s XRP currently stands at 2nd place by market cap, behind Bitcoin and ahead of Ethereum, but has lost almost 12% over the last 7 days, trading at 0.326 (Bitfinex) against the US dollar.

image

The pair broke the horizontal channel created between 0.40 and 0.35, and usually when the price exits such a pattern, it continues in the direction of the initial break. This makes us anticipate an extended period of downside price action, possibly headed towards the key support at 0.30. Even if that target is not reached, the bias remains negative as long as XRP is trading below 0.35.

Support zone: 0.30

Resistance zone: 0.35 and the EMAs to some extent

Most likely scenario: continued drop, minor upswings

Alternate scenario: RSI is moving up from oversold, so we may see stronger moves up

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Cryptopia Hacked: What Awaits the Crypto Market?

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Tuesday morning, crypto exchange Cryptopia announced via Twitter that on Monday, Jan.14, it “suffered a security breach which resulted in significant losses”.
Cryptopia Hacked: What Awaits the Crypto Market?

Tuesday morning, crypto exchange Cryptopia announced via Twitter that on Monday, Jan.14, it “suffered a security breach which resulted in significant losses”. This is the first hack of 2019, but it will probably not be the last, considering that in 2018 several exchanges were attacked and the evildoers don’t seem to be slowing down.

Cryptopia also announced that once the attack was identified, the exchange was placed in maintenance mode and the appropriate Government Agencies were notified, including the New Zealand Police and High Tech Crimes Unit. All trading on Cryptopia is currently suspended, but their trading volumes are relatively low, so the impact on the market is relatively insignificant and Bitcoin doesn’t seem affected at all.

Chart Analysis – BTC/USD

BTC/USD chart

Bitcoin is down almost 9% over the last 7 days, but the last 24 hours have shown a 2.52% bounce up, with BTC/USD currently trading at 3,677 according to CoinMarketCap’s aggregate data.

Currently, the pair has found support at 3,500, which is both a psychological level and a technical one. We also have a bullish trend line, which can offer support in the future; however, the short to medium term outlook is bearish, at least as long as the price is trading below the bearish trend line seen on the chart and below the 200-period Exponential Moving Average on the 4-hour chart.

Support zone: 3500 (different exchanges may have different prices but charts look almost identical)

Resistance zone: 200 EMA (4-hour charts) and the bearish trend line

Most likely scenario: potential break of support – the market is choppy with a bearish bias

Alternate scenario: irregular volatility (sharp moves followed by flat price action); no clear breakout

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