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Consensus 2018 Will be the Next Big Catalyst for Bitcoin, Analyst Says

Ricardo Esteves | May 12, 2018 | 8:30 pm
Consensus
Bitcoin

Consensus 2018 Will be the Next Big Catalyst for Bitcoin, Analyst Says

Ricardo Esteves | May 12, 2018 | 8:30 pm

Blockchain Week New York City, the annual conference also known as Consensus 2018, kicked off yesterday.

Based on the market reaction in the previous three events, analysts expect the prices of Bitcoin and altcoins to move upward. Fundstrat’s technician Robert Sluymer says Bitcoin has bottomed with an upside seen from here.

Blockchain Week New York to Trigger Next Bullish Momentum, Says Fundstrat Analyst

The most important annual conference for the cryptocurrency ecosystem is taking place in New York while Bitcoin sits just above the 50-day moving average. While the blockchain industry gets together to move the technology forward, digital currency investors wait on the sidelines and hope for the best.

According to Robert Sluymer, managing director and head of technical research at Fundstrat Global Advisors, a lot of people are looking for clarity on projects as uncertainty around regulation still looms. He added that it should all become clearer as ‘we move around Consensus.’

With regard to the technical analysis, Sluymer told CNBC that he expects Bitcoin to shake a few traders, but to hold around the 50-day average, which is fairly close to where we are now.

“Bull-bear scenario developing where folks are arguing it’s getting lower. Our view is this is a much bigger bottom that has developed. If that’s the case, this pullback will be relatively shallow. It’s already pulling back from the 200-day. It’s sitting just above the 50-day moving average. So, between the $8,800 and $8,200 – and I know it’s a big range – but that’s where we will see support and we think Bitcoin continues higher from here.”

Regulatory risk is the fundamental issue driving the downward pressure on cryptocurrencies, but Sluymer is confident that the market has bottomed. He is of the opinion that it is in a stage of general recovery and that the Blockchain Week will be the next big catalyst for Bitcoin.

Fundstrat’s Global Advisory forecast is based on three data points, the past events in 2015, 2016, and 2017. All of the previous conferences were followed by a bullish response from the cryptocurrency market.

The week-long event includes high-profile names such as St. Louis Federal Reserve Bank President James Bullard, European Parliament member Eva Kaili, and Twitter CEO Jack Dorsey, among other movers and shakers in the cryptocurrency world.

The organization expects to host approximately 8,000 people, half of whom are coming from abroad. Last year’s event had a turnout of 2,700 attendees, which shows how much the blockchain community has grown in size and importance in a single year.

Featured image from Shutterstock.
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  • fujak

    i hope jack dorsey gets pelted with bottles of warm piss

  • Dalmazio

    Tired of people trying to talk up or down the market, according to their own pet agendas. The market does what it does, and all “events” and “announcements” are already priced in well before the time. Just deal with it.

    • Daler Mehndi

      No, expectations of events and announcements are priced in ahead of time. People can’t price in things they don’t know yet, but only what they think is going to happen. There was a large run up for a while, but considering we just had a 20% correction, it appears that more people having been easing out of positions than loading up for this conference. Which definitely leaves plenty of room for the upside if there is any good news(News as in New Information that wasn’t priced in ahead of time), and there is no more regulatory FUD that pops up. IMO, there are 3 scenarios for the coming weeks. 1: More regulatory FUD and no surprising developments at the conference will lead to further downside(Least likely IMO). 2. Having only one of those criteria turn out positive will probably lead to being range bound between 8k – 10k. 3. No regulatory FUD/encouraging signs there and a really good conference will take us up through 10k to 12k.
      – In summary, professional traders never overconfidently think they know what will happen. They know what’s priced in, what isn’t, and what different scenarios are possible from event risk and the overall markets.

      • Dalmazio

        Just because most people don’t know about something, doesn’t mean there aren’t others that do. Everything is already priced in by the time it becomes semi-public knowledge. It’s called insider trading, and it happens all the time.

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