• 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
    • What is Bitcoin?
    • 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
  • Play GamesTry
  • BUY BITCOINTry
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
    • What is Bitcoin?
    • 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
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Blips Past $6,300 In Jaw-Dropping Move: What’s Next?

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 3min read
Bitcoin Blips Past $6,300 In Jaw-Dropping Move: What’s Next?
Advertisement
Nexo Logo
Listen to Article

A U.S. Congressman may have just called for the ban of cryptocurrencies, but Bitcoin (BTC) hasn’t cared one teeny-tiny bit. In the past 24 hours, BTC has rallied by 3%, perpetuating a rally that has been going on for over a month now.

While some cynics have argued that Bitcoin is rallying too fast and too high for its own good, some are sure that BTC’s technical set-up still is looking entirely bullish.

Bitcoin Ticks Past $6,300 In 2019 First

David Puell of Adaptive Capital, who last week postulated that BTC was trading in a clearly bullish broadening ascending wedge, explains that the cryptocurrency is literally going short-term parabolic. In fact, Puell defines Bitcoin’s recent price action as “vertical,” accentuating that bulls are truly in control.

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

He adds that with the number of short positions on both Bitfinex and BitMEX continuing to rally to new year-to-date highs, the potential for a short squeeze has boomed. Puell notes that if BTC hits $6,400, as his parabolic model foresees, “a perfect blow-off top” could form, whereas shorts are squeezed, and BTC rallies in a 2017-esque fashion.

$BTC: Price is not only parabolic, but vertical now.

Shorts are still far from getting fully squeezed.

$6.4k may activate longs from late trend traders, setting up the perfect blow-off top.

Blue: pullback targets after this potential climactic top from who knows where. pic.twitter.com/L4J3Mno6ki

— David Puell (@kenoshaking) May 10, 2019

Others would agree. Financial Survivalism, who once revealed a model that saw BTC falling to $800 in the current cycle, explains that Bitcoin’s 10-minute chart is currently shaping up to be a short-term Hyperwave. As this form of technical analysis predicts, BTC could see a vertical rally to the high $6,000s, and then may see a near-vertical drop back to the $5,000s.

The 10 minute $BTC chart looks like it is forming a #Hyperwave fractal. pic.twitter.com/S8Ew1KBOyq

— Tyler D. Coates (@Sawcruhteez) May 10, 2019

Not only is Bitcoin looking hot in the short-term, but in the long-term too. As Fundstrat head of research, Tom Lee points out, Bitcoin has ostensibly rallied in the face of negative macroeconomic and political trends, cementing the idea that BTC is uncorrelated and likely in a “bull market.”

Lee explains that in a period during which political tensions are mounting, global equities may be trending lower, the VIX (volatility) index has seen a massive spike, and global yield curves are implying an impending recession, BTC has rallied, and moved above the ever-important $6,000 level. Nice.

In a period where:
—political tensions escalate between US and China,
—global equity markets fall sharply
—VIX largest spike in many months
—global yield curves flatten/invert#bitcoin has RISEN and >$6,000

Crypto showing its value as an uncorrelated asset.

— Thomas Lee (@fundstrat) May 9, 2019

Altseason Is No More

Although Bitcoin-centric cryptocurrency investors have been absolutely enamored with BTC’s recent uptick, altcoin holders likely aren’t all too pleased. Per data from Messari’s OnChainFX, dominance for the lead cryptocurrency has breached a jaw-dropping 62%, the highest this key statistic has read in months.

This is to be expected, especially considering that the industry’s startups and investors currently are rather focused on BTC, yet many have been caught aback by this move. Just over two weeks ago, Fundstrat’s resident Bitcoin bull opined that if history rhymes, altseason, which he defined as a period during which a large percentage of altcoins in the “liquid universe” rally by over 200% in a short period of time, could be just around the corner.

Per Lee’s explanation, which cites data from Bloomberg, CoinMarketCap, and his own firm, a drop in the rolling 90-day correlation between the two subsets has preceded three altseasons — March 2016, early-2017, and late-2017/early-2018. With this statistic then falling, the commentator then explained that an altseason, which could see cryptocurrencies rallied ten-fold was on the horizon.

Altseason, as we now know, did not turn out how Fundstrat expected it. So, if altseason is no more, what’s next for non-Bitcoin digital assets?

Related Reading: Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet

Per a number of analysts, Ethereum, XRP, and its brethren are about to be slammed even further, for their BTC pairs anyway. Survivalism explains that Bitcoin dominance just broke out of a bull flag. If textbook technical trends are followed, as Survivalism expects, dominance for the lead cryptocurrency could hit 77% in the coming months. Wow.

Bull flag has confirmed in the #Bitcoin market cap dominance. Target is 77%. pic.twitter.com/J8Gfbp2ewR

— Tyler D. Coates (@Sawcruhteez) May 10, 2019

It is important to note that this prediction isn’t baseless. Chris Burniske, a partner at Placeholder that produces amazing threads on cryptoeconomics, explains that movements in dominance can be confined to a simple cycle.

Burniske explains that when Bitcoin rallies, a “majority of ‘alts’ drop,” specifically due to the fact that BTC has and continues to act as the primary liquidity provider for cryptocurrency. This didn’t occur in 2017’s rally, but in the short-term, it appears that this theme materializes time and time again. Thus, the question remains — if Bitcoin continues to rally, could we really see a market where 77% of its capitalization is BTC?

Here's the cycle: $BTC rallies hard, majority of "alts" drop as BTC is the main liquidity provider to #crypto (right now) and no one wants to sell BTC.

Value of "alts" in *BTC terms* then drops until whales choose to cycle into "alts." Then… https://t.co/lX9VZz5ecC

— Chris Burniske (@cburniske) May 10, 2019

Featured Image from Shutterstock
Tags: bitcoincryptomarket
TweetShare
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
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

3 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

4 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Paints Predictive Death Cross as Price Tops Out Near-Term

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

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
CryptoSlots

CryptoSlots

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

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 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
    • What is Bitcoin?
    • 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 +
  • Play Games
  • BUY BITCOIN

© 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.