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Veteran Trader Peter Brandt Presents Three Scenarios That Prove Bitcoin Might Have Entered A Bull Market

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As the conflicts between the United States and Iran worsen, bitcoin bulls appear to have reawakened. Over the last few days, the digital asset has obliterated most of the key resistance levels as the upward momentum looks set to continue.

Veteran commodities trader and chartist Peter Brandt believes bitcoin has already entered a fresh bull market. Brandt became popular after making an eerily accurate prediction about the 2017 bull run that saw bitcoin skyrocket to $20,000 followed by the 2018 crypto winter. He recently took to Twitter to explain why he thinks the BTC bull market might have started. He, however, noted that there is one key condition that must be fulfilled before a full-blown BTC bull market kicks in.

Three Technical Indicators That Favor The Bulls

In a tweet on January 8, 2020, Brandt gave three major scenarios that might suggest the bull market has begun.

#1:Bitcoin’s multi-year support has held strong

Despite the bearishness that has prevailed in the crypto market, bitcoin’s multi-year support has held strong. In the last couple of months, the king crypto has touched this support multiple times but it has remained impenetrable for the bears.

Furthermore, bitcoin recovered from $6,800 lows as bulls fuelled a 24% recovery. Since then, the BTC price has accumulated more than $1650 to hit as high as $8,450.

#2. The head-and-shoulders pattern on the daily chart

The head-and-shoulders formation is one of the most reliable patterns for the technical analysis of cryptocurrencies. A closer look at bitcoin’s chart shows that a head and shoulders (H&S)  formation was in play since November 2019. The recent surge to $8.400 saw the successful completion of this pattern.

#3. Penetration above the descending channel

Today, bitcoin price continued its rally past $8,000 then pushed above the 200-day moving average. This big move by the bulls also brought the flagship cryptocurrency above the bearish descending channel which formed in June.

Captioning supporting charts, Brandt tweeted:

One Twitter user commented that he thinks it is still early for a new bull market to begin given that most bitcoin investors are awaiting a major downward correction before a colossal spike. Brandt disagreed, quipping that “if there are many waiting, then they may wait forever.”

While bitcoin has slightly corrected to $8,351.95 at press time, the top crypto remains well-positioned for more upsides. The above mentioned technical indicators highly favor the bulls. We hope to see bitcoin break above $8,500 first, then $9,000 over the coming days.

Shaking Out Enough “Cryptocultists” Further Proves The Bull Case

Even though the first three conditions have already been met, Brandt noted that enough cryptocultists must first be purged before a bull market can be fully confirmed.

This point about shaking out cryptocultists seems to be a reiteration of the tweets that Brandt shared in late-November 2019 where he suggested that a full-fledged bull market would only occur after  most of the bulls have been shaken out. He went ahead to say that bitcoin would blow past $50,000 once this happened.

Bitcoin

Bitcoin Cash Price Prediction: BCH/USD Bears Caused Threat into the 300 Level

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BCH Price Evaluation — January 25

Bitcoin Cash cost is investing at the red, with declines of 1.49percent on the current industry and making way for additional stress south.

BCH/USD Economy

Essential Levels:

Resistance levels: $380, $360, $370

Support amounts: $250, $270, $260

BCHUSD – Daily Chart

The coin is moving beneath the average signaling a tendency. While the index RSI has entered to the zone for now, the industry price is moving towards the moving ordinary inside the station.

But the graph shows that Bitcoin Cash is to demonstrate a bear dominance. Nevertheless, the prognosis appears powerful. But a interception might set the key resistance at $370, $360, and $380.

To put it differently, if the bulls don’t block the selling strain; the cost will fall into the service amount of 290 and while investing in the level, a violation might slump the marketplace to a different devotes of $270, $260 and $250 amounts, developing a brand new low cost below the averages.

BCH/BTC Economy

Against Bitcoin, BCH functionality has been quite low because of a recurring opinion that has led to the market to drop. As the price drops, sellers are now posing another danger for buyers to achieve the 0.036BTC service degree where the closest target is situated. Additionally, any split below the side of the channel can induce Bitcoin Cash to fall.

BCHBTC – Daily Chart

Meanwhile, to get a favorable upsurge, the 0.042BTC and also 0.044BTC would be the significant resistance levels for your coin for the time being. Thus, a bearish continuation might retest the major support in the 0.035BTC and also 0.034BTC in front of a potential slide to 0.033BTC and beneath. The trading volume will be evaporating away while the RSI is in the zone, so for purchasing pressure waiting once the index faces upward.

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This analyst Claims there Is a”high Likelihood” Bitcoin Will never Drop under $5k again

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After Bitcoin (BTC) began to incur powerful losses in the next half 2019, analysts had been once more making exceptionally low cost forecasts.

Long-time Bitcoin skeptic Peter Schiff, who’s CEO of Euro Pacific Capital, composed at a late-2019 tweet which each his technical evaluation of the graphs, BTC’s conclusion under the 7,000 range might be a precursor to an expected capitulation occasion to $1,000.

Regardless of the cost of assets rallying because the December underside by dozens of percentage, a range of dealers have claimed {} .

However, per lots of investigations, there’s roughly no method the cryptocurrency will find those costs.

Can Bitcoin say goodbye to sub-$5,000 costs eternally?

Bitcoin analyst Digitalik.net, that conducts a cryptocurrency data website which includes his online username because the URL, lately noticed which BTC’s Faculties easy moving average (SMA) simply crossed on the 5,000 amount for the very first time.

That can be very essential as a graph indicates that the SMA that is Student bounced off, higher before 30, just breaking. Truly, for weeks, BTC discovered support in the aftermath of this 2013 bubble; and at 2018, the base was indicated by the average for its price dip.

With this specialized degree being of extreme significance, Digitalik.net stated that “there’s a high likelihood we won’t see BTC under $5,000 in the past. ”

Not Just long-term optimistic signal

It isn the SMA that indicates digits will never be revisited by BTC again.

At an CryptoSlate report covering Bitcoin’s dip into the 6,000so in Decemberwe mentioned this graph under the mythical analyst Filb Filb.

The curve is true that we now have at least seven different points at which BTC’s cost and the base of the curve flirted, to move higher.

In the time of the account, there were worries that BTC eventually went to split the curvesomething which cynics of cryptocurrency state the advantage won’t hold. However, in the final hour, bulls stepped, permitting Bitcoin to close over the cheapest expansion band since the cost bounced backagain. The support indicates Bitcoin will

And of course, Willy Woo — spouse at Bitcoin finance Adaptive Capital — stated in December that each his investigation of on-chain information, he considers the macro cost underside was established at the non -$6,000s. Woo did state, but that there’s an chance for a fall under the bottom, however, noticed it would only be a blip in the grand scheme of things.

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Report: More Cryptocurrency Exchanges Hacked Back in 2019 But Less Cash Stolen

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ChainAnalysis, the blockchain analytics firm published an overview of 2019 related concerning market hacks that were cryptocurrency to previous years. The information shows less cash in comparison to 2018, although an higher variety of strikes.

Even the report advises that hackers tried the maximum quantity of strikes against cryptocurrency trades this past year. Although there were just six at 2018, eleven attempts were created in 2019. According to advice because Bitcoin began trading the amount of cyberattacks will be 40.

Coinbene was included by the massive. $105 M in 109 distinct kinds of ERC-20 tokens were obtained in the hot pocket of the exchange, though it was denied by them.

Cryptopotato reported the most demanding successful cybercrime of all UPbit, in which the perpetrators took 49 M value of Ethereum.

Other exchanges that are affected comprise much more, and much Binance, Bithumb Bitrue.

Though strikes were seen by 2019, the capital that were stolen were less in contrast to 2018.

It is well worth pointing two of their attacks. Primarily, hackers totaled $473 million in the Japanese trade Mt. Gox. Recently, through something, yet another cryptocurrency trading place moved at the beginning of 2018 viewing $500 million value of NEM tokens. The effects of these events are catastrophic to its customers and any company.

Improved Operating Steps

Exchanges are advancing throughout the past several decades. As an example, they hold capital in pockets that are protected, withdrawal authorizations are required by exchanges, and also track trades rigorously for activity.

Regardless of this, the hackers also look more complicated. They’re also embracing approaches to launder the money, although the paper suggests that perpetrators are not adapting to the security steps that are more recent.

The notorious syndicate Lazarus Group, allegedly was included by Among those examples. According to the record, the team uses powerful phishing liquidations, a heightened variety of pockets and mixers, and ploys.

It’s still confident that the capital are less than at 2018. As hackers have been creating techniques that are new, exchanges will need to keep on working to provide protection for capital and their customers.

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