• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Bitcoin Continues to Rise: But is the Bottom Really in?

Rick Delafont by Rick Delafont
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Bitcoin Continues to Rise: But is the Bottom Really in?
Advertisement

A new report by market Delphi Digital has reiterated the firm’s earlier position that Bitcoin has already bottomed. The analysts focused primarily on the percentage of coins not being transacted for more than a year relative to previous market cycles.

The researchers form part of a growing number of analysts who believe that Bitcoin bottomed in December last year. However, some still hold that Bitcoin will move down before it moves back into raging bull mode once again.

Delphi Digital: The Bitcoin Bottom is In

Bitcoin is having a spectacular spring thus far. The leading digital asset has gone from around $4,000 to over $5,500 dollars in about five weeks. Such consistent gains have not been observed since the days of the 2017 bull market. With prices continuing to rise on yet another green day for the leading cryptocurrency, one research firm has published a report stating that the accumulation period following one of the bleakest of crypto winters on record has now begun.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The report by Delphi Digital, a firm specialising in digital asset research and consulting, is a follow up to an earlier Bitcoin market outlook report.

0/ Since December, our team has continued to state our belief that $BTC would bottom by Q1 2019. Today, we are excited to share an updated #Bitcoin Outlook report where we walk through why we continue to believe the bottom is in. Read more here: https://t.co/920MD8d7fk

— Delphi Digital (@Delphi_Digital) May 2, 2019

The company had original released “The State of Bitcoin” in December 2018. It stated that the market would find a bottom before the end of quarter one 2019. The latest research from Delphi Digital corroborates the findings of its predecessor. It says:

“We continue to stand by that call, we believe the market has bottomed.”

The researchers go on to write that that the market in fact bottomed in December last year at around $3,200. They base this conclusion largely on unspent transaction outputs – in other words, how long Bitcoin has stayed in the same place for. Those coins that have not moved in over a year are deemed to be held by long-term holders and it is these true believes that eventually provide support at the true bottom. The firm  compared the percentage of these long-term holders with the figures observed during the 2015 bottom.

The idea behind the analysis is essentially that once the market mainly consists of long-term holders, there is no one left to sell and thus the bottom is in. A period of accumulation can then begin. Delphi writes:

“The 1 year+ holder rate during the potential December bottom is within 1% of the 1 year+ holder rate during the previous cycle’s bottom in January of 2015.”

Delphi Not Alone, But is This Really Crypto Spring?

There is a growing contingency of crypto analysts that claim that the bottom is indeed in for Bitcoin. The likes of Tom Lee has spoken about it at length on CNBC in recent weeks. He claims that institutional interest from potential clients of the forthcoming Bakkt platform and recently launched Fidelity institutional grade crypto services, as well as rising organic on chain transaction volume from places like Turkey and Venezuela will continue to drive prices up from the December low point.

Likewise, various crypto-focused Twitter accounts have opined that the Bitcoin bottom is well and truly in for different reasons:

https://twitter.com/Rhythmtrader/status/1123693628826714113

Some conclusions you can draw from this imo

– The bitcoin bottom is in
– The absolute lowest price $BTC can reach is now around $4,000 (even this seems unlikely at this point)
– There's a few months tops of accumulation left before it leaves these price levels forever

— moon (@MoonOverlord) April 25, 2019

However, not every cryptocurrency analyst is convinced. Constantly calling for lower prices is Tyler Jenks, of the HyperWave YouTube channel and Lucid Investment. Although Jenks admits that Bitcoin could well one day serve as a world reserve currency with a value in the many millions of dollars, he states that the price must first return to the $1,000 area. For him, Bitcoin has been in a pattern he calls a hyper wave and it must return to the trend line it was following prior to the 2017 bull market:

I have not commented on Bitcoin since we broke up through the $4,000-4,200 resistance zone. I believe we are headed back down to that zone and it will not hold. New lows coming. Target of $1,000 unchanged.

— Tyler Jenks (@LucidInvestment) April 11, 2019

 

Related Reading: Bitcoin Likely Bottomed At $3,150, Could Rally To $10K By December 2019 

Featured Image from Shutterstock.
Tags: analysisbitcoinprice bottom
TweetShare104
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

sovi finance

SOVI on HECO Liquidity Mining Updates

2 hours ago
alfacash

Alfacash- the One-Stop Solution for All Crypto Needs

5 hours ago
PIVX

PIVX, a Project that Perfects the Balance Between Privacy and Practicality

5 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

6 hours ago
Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

7 hours ago
Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

8 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.