Bitcoin

‘Weak Hands Are Out’ — Trader Who Called $20K Bitcoin Top Calls Bottom

single-image

bitbond bitcoin lending

Bitcoin (BTC) investors who are waiting for a price dip to even $6,000 have “missed” their opportunity already, veteran trader Peter Brandt says.

In a market discussion with Cointelegraph on Jan. 17, the 40-year market stalwart said that contrary to what some believe, BTC/USD has already hit its floor.

Brandt: “The weak hands are out”

“They all now want to sit and buy a break back to $6,000 or $5,000 and they’ve missed the bottom — and during that bottom, I think you had a lot of people accumulate with strong hands,” he summarized.

Brandt continued:

“The weak hands are out; the strong hands own it.”

As a long-time Bitcoin advocate, Brandt was continuing a bullish streak he began on social media earlier this month.

As Cointelegraph reported, his personal sentiment has undergone a change since late 2019 — as recently as December, he had warned there remained a chance for Bitcoin to put in lower lows in 2020 thanks to novice investors he described as “cryptocultists.”

In early 2018, one month after Bitcoin reached its all-time highs of $20,000, Brandt warned markets would not be going any higher, and that an 80% retracement was likely. BTC/USD hit local lows of $3,100 — 84.5% lower — a year later.

Now, however, the danger has subsided, Brandt suggested, in comments echoed in the discussion by fellow trader Alessio Rastani.

“Anybody” should have 10-20% BTC portfolio

“I think anybody who is interested in what Bitcoin has to offer has to have at least 10-20% of an ownership position relative to the capital that they could commit to Bitcoin in a bigger perspective,” he advised.

Bitcoin has sealed monthly gains of around 35%, with 2020 progress alone at 25%. Markets reached local highs of $9,000 on Friday, before encountering resistance, which coincides with the 200-day moving average price, something which has historically stifled bullish progress.

The latest statistics meanwhile suggest that interest in Bitcoin extends beyond lay consumers — volume surges on futures markets signal institutional commitment as well, commentators have said.

Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraph’s YouTube channel.





Source

Leave a Reply

avatar
  Subscribe  
Notify of

You may also like

Bitcoin

BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

single-image

bitbond bitcoin lending

Binance CEO Changpeng Zhao believes that the upcoming Bitcoin halving has not been priced in to the digital asset’s current price action. The reduction in miner rewards will increase the cost of mining each Bitcoin, meaning, miners are unlikely to sell below their cost of production. 

Bitcoin’s supply will decrease with the halving but its demand has also been increasing, creating a situation where prices are likely to driven higher. Although CZ’s statement can be interpreted as bullish, the CEO personally believes that Bitcoin’s price might gravitate around $10,000 levels for a few more days as round numbers are known to act as psychological barriers.  

The traded volumes in major cryptocurrencies have skyrocketed in the past year and this shows greater participation by the traders. Currently, Tether (USDT) is the most frequently traded crypto asset, followed by Bitcoin and Ether (ETH). Liquidity…

View More Article
Ethereum

Vitalik Buterin Reveals Ethereum 2.0 Roadmap to Cointelegraph

single-image

bitbond bitcoin lending

Ethereum co-founder Vitalik Buterin discussed plans for Ethereum 2.0 during an exclusive interview with Cointelegraph on Feb.19 at the Stanford Blockchain Conference. Buterin explained that the major development for ETH 2.0 over the course of this year is the launch of Phase 0. He said:

“Phase 0 is the first phase of the Ethereum 2.0 launch. This will release the proof-of-stake network, which will come online this year.”

While the official launch date of Phase 0 is still unknown, Buterin explained that Phase 0 is close to having a multi-client testnet and audits of the existing code. He noted:

“A lot of optimization is currently underway with Phase 0, which we will continue to refine over the next few months.”

Ethereum 2.0 roadmap

Following the launch of Phase 0, Buterin stated that ETH 2.0 will begin as an independent PoS network. He explained that the purpose behind this…


View More Article
Bitcoin

Irish Drug Dealer Tells Police That Keys to $56M in Confiscated BTC Are Lost

single-image

bitbond bitcoin lending

Dubliner Clifton Collins, who was recently imprisoned for drug trafficking, claims that robbers took the keys to the $56 million in Bitcoin (BTC) Irish High Court had ruled should be confiscated.

After obtaining more than 6,000 BTC by 2017, Collins decided to insure himself against hackers by distributing the cryptocurrency across 12 newly created accounts. Thus, he transferred 500 BTC into each of them, the Irish Times reported on Feb. 21. As of press time, that would leave each wallet worth roughly $4.87 million.

A punishment for his own stupidity?

Collins then printed out the keys for all of his 12 BTC accounts onto a piece of paper, which he says he stored in an aluminium cap of his fishing rod case. This he stored in a house which he rented in County Galway, Ireland. However, when he was arrested for…


View More Article
Bitcoin

Bitcoin’s Lightning Network Found More Centralized Than Expected by Researchers

single-image

bitbond bitcoin lending

The Lightning Network’s (LN) configuration is becoming increasingly centralized, with multiple hubs being formed. This is the finding of a yet-to-be-reviewed research paper, released on pre-print site arXiv on Feb. 7.

A team of academics from Switzerland, France, Italy and Canada authored the paper. Jian Hong-Lin and Kevin Primicerio conducted the analysis, while others, including Blockstream Inc. researcher Christian Decker, designed the research.

Core-periphery model

The team gathered Lightning Network information for a period of 18 months from Jan. 18, 2018 to July 13, 2019. Researchers then analyzed the payment network in terms of its node and wealth distribution.

They discovered that the network showed high Gini coefficients both in terms of node centralization and wealth distribution. Notably, the values were found to rise as more nodes were added.

The distributions of Bitcoin (BTC) across every node in the network was found to be extremely…

View More Article
Bitcoin

Riot’s Stock Dips 5% as It Focuses on Bitcoin Mining Ahead of Halving

single-image

bitbond bitcoin lending

Riot Blockchain, a Nasdaq-listed crypto firm in the United States, plans to sell its exchange to focus on Bitcoin (BTC) mining ahead of the halving.

According to an official announcement on Feb. 20, Riot has “opted to sunset further development of Riot’s U.S.-based digital currency exchange” in order to focus on cryptocurrency mining as part of its updated strategic priorities for 2020.

Following the announcement to shift its focus on Bitcoin mining, the company’s shares dropped more than 5%, trading at $1.40 at press time, according to CNBC data.

Industry experts disagree on the potential price impact of May 2020 Bitcoin halving — an event which will decrease block rewards on the Bitcoin blockchain. Changpeng Zhao, the CEO of major crypto exchange Binance, recently predicted that, since miners will have to…


View More Article
Blockchain

Cyprus SEC Embraces Blockchain Despite Unregulated Status of Crypto

single-image

bitbond bitcoin lending

The Cyprus Securities and Exchange Commission (CySEC) recently published a report discussing the ongoing activities of its Innovation Hub — a cooperative entity that was launched in October 2018 as a platform for engagement between CySEC and entities operating in the fintech and regtech sectors. 

Nineteen different companies directly engage with the platform, nine of which comprised projects utilizing blockchain. Among these companies were several projects using distributed ledger technology (DLT) to transfer and verify ownership of financial instruments, trading facilities that operate using blockchain, and a venture capital fund investing in virtual currency startups.

The Hub is intended to facilitate knowledge-sharing between regulators and innovators, promote the development of regulations that foster innovation, and ensure compliance within dynamic and emerging tech industries. It also engages with third parties seeking to participate with emerging financial…


View More Article
Blockchain

Expert Says New Blockchain Regulation Should ‘Nudge’ Rather Than Push

single-image

bitbond bitcoin lending

Regulators should aim to influence public behavior rather than rule with an iron fist when it comes to emerging industries such as blockchain.

Two Israel-based academics, Hada Jabotinsky and Nassim Cohen argued this point in a new paper and accompanying brief, published to the University of Oxford Law Department blog on Feb. 21.

The paper proposes an approach that would result neither in an under-regulated free-for-all that leaves consumers vulnerable, nor in heavy-handed prohibitions that stifle technological progress.

Complex new technologies such as blockchain, cryptocurrencies, Internet of Things, and automated cars require ever higher levels of technological literacy. The paper states that, as the pace of innovation gathers speed, regulators struggle to grasp the implications of the products and inventions brought before them. 

What does a “nudge” involve?

The authors argue, “A nudge is ‘any aspect of the…


View More Article
Bitcoin

Bitcoin Price Drop Mirrors Last Golden Cross Which Led to 170% Gains

single-image

bitbond bitcoin lending

Bitcoin (BTC) may not see a 170% increase after its fifth “golden cross” price event, historical data suggests as markets stay down 8%.

Analysis of price movements since 2009 shows Bitcoin has had a total of ten “golden cross” and “death cross” moments in its lifespan. 

BTC price dip challenges December 2017

A “golden cross” is when BTC/USD sees its 50-day moving average rise to cross over its 200-day moving average. A “death cross” is the opposite. 

As Cointelegraph reported, hopes are currently high that the most recent golden cross will spark an identical reaction to the previous one — a 170% price surge in just two months. 

Overall, however, two out of four golden crosses have resulted in gains, while the other two in fact saw price losses. Similarly, some death crosses were followed by price gains.

Bitcoin traders continue to dig for answers after BTC/USD abruptly dropped $1,000 in…

View More Article