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

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

Bitcoin is currently copying behavior after its last “golden cross” price event, which delivered huge gains

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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 under an hour this week. The event came just days after the golden cross and represents Bitcoin’s fifth-largest drop ever.

“The only other time we’ve seen a greater dollar price drop is at the Dec. 2017 peak,” Yassine Elmandjra, an analyst at investment advisory firm ARK, noted on Thursday citing data from Coin Metrics.

Bitcoin 5-year price chart with 50 and 200-day moving average

Bitcoin 5-year price chart with 50 and 200-day moving average. Source: TradingView

10% losses and 170% gains

Nonetheless, some remain convinced that despite current reluctance to reclaim even $10,000, Bitcoin is still set to reap the benefits of the moving average behavior.

“Look what happened after the previous golden cross. First, it dumped around 10% and then it pumped 170% in 60 days,” one Twitter commentator noted, sharing a two-year chart of BTC/USD crosses, adding:

“If history repeats we will see the price of #bitcoin around 25K before April.”

$25,000 would represent a new all-time high for Bitcoin and is in line with predictions from figures such as Fundstrat’s Tom Lee for 2020. 

The technical hypothesis, however, gives a much more conservative outlook for this year. According to the celebrated stock-to-flow model, between now and May’s block reward halving, Bitcoin should trade at an average of $8,600.


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Bitcoin is currently copying behavior after its last “golden cross” price event, which delivered huge gains

Bitcoin Price ‘Golden Cross’ Hints at 170% Rally to $26K by Halving

Bitcoin Price ‘Golden Cross’ Hints at 170% Rally to $26K by Halving

If this week’s golden cross pans out like the last, Bitcoin will hit $26,000 in the next two months

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Bitcoin (BTC) can hit $26,000 in just two months thanks to a bullish event that previously triggered 170% price gains.

As noted by Cointelegraph Markets analyst, Keith Wareing, on Feb. 18, this week saw Bitcoin’s ascending 50-day moving average cross over its 200-day moving average.

Bitcoin 1-year price chart with 50 and 200-day moving average. Source: TradingView 

Known as a “golden cross,” the phenomenon is a rare occurrence for the cryptocurrency. Despite BTC/USD shedding almost $1,000 in recent days, Wareing is anything but bearish on short-term profit potential.

“Last time this happened #Bitcoin pumped 170% in under 60 days,” he summarized on Twitter.

Wareing added that at press-time levels of around $9,800, Bitcoin had retained support in an overall bullish ascending price triangle. 

That sentiment was echoed by fellow Cointelegraph Markets analyst, Michaël van de Poppe

“And so, we’ve bounced on the green area around $9,450-9,500. That was heavily needed,” he told Twitter followers on Wednesday. 

“We could still see a period of relative calm movements, before we’re either attacking the highs at $10,400 or the lows at $9,500.”

In addition, the past weekend left a significant gap between two Bitcoin futures trading sessions. Historically, Bitcoin has subsequently “filled” these gaps, the implication being that this week could see a return to $10,500. 

Friday’s session closed at $10,495, while Monday’s began at just under $10,000.

1 month, 3 all-time high forecasts

The golden cross makes Wareing the third prominent Bitcoin figure to forecast major short-term gains this month alone. 

As Cointelegraph reported, Fundstrat’s Tom Lee believes Bitcoin could reach $27,000 by August, again thanks to price beating out resistance from its 200-day moving average. 

Thereafter, venture capitalist Mike Novogratz said that BTC/USD might retest its all-time highs of $20,000 by the time of May’s block reward halving.

Keep track of top crypto markets in real time here


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If this week’s golden cross pans out like the last, Bitcoin will hit $26,000 in the next two months

Japanese Gov’t Agency Reports 170% Increase in Consumer Inquiries About Crypto in 2018

Japanese Gov’t Agency Reports 170% Increase in Consumer Inquiries About Crypto in 2018

Japan’s Consumer Affairs Agency has reported that 2018 saw a 170% uptick in the number of consumer queries about cryptocurrencies as compared with the previous year

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Japan’s Consumer Affairs Agency has reported that 2018 saw a 170% uptick in the number of consumer queries about cryptocurrencies as compared with the previous year. The news was reported by Cointelegraph Japan on June 18.

The Consumer Affairs Agency (CAA) is an administrative agency of Japan’s Cabinet Office — the office responsible for the day-to-day affairs of the government’s executive branch (the Diet). The CAA submits its report on the consumer sector and matters of consumer protection to the Diet each year: last year’s is accessible in English, while this year’s remains to be translated.

The CAA’s research indicates that in 2018, consumer queries about crypto exchanges hit 3,657 cases — roughly a 1.7 increase over the previous year. While the growth rate of such inquiries has slowed — as compared with 3.5x in 2017 — Cointelegraph Japan notes that growth has been consistent each year since 2014.

The CAA revealed that the main content of such inquiries included questions in regard to crypto exchanges’ credibility, requests for refunds, security-related matters, difficulties with logins or payments, and difficulties with crypto-related vendors that fail to respond to clients.

The agency has further revealed that a number of inquiries regarded investment difficulties.

As reported, a report published by Japan’s Financial Services Agency (FSA) in fall 2018 indicated that the number of enquiries about cryptocurrencies from Japanese investors declined in the third quarter of 2018.

This February, the FSA published data for Q4 2018, indicating yet further declines.


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Japan’s Consumer Affairs Agency has reported that 2018 saw a 170% uptick in the number of consumer queries about cryptocurrencies as compared with the previous year