‘People Have Panicked’ – BTC Price Rout Business as Usual for John McAfee

Bitcoin’s big names came together to reassure “panicked” investors November 20 after the BTC price today slid beyond recent lows to hit $4500.


Resistance Eyed At $4K

The continuing result of Bitcoin Cash’s instability after it hard forked last week, BTC/USD 00 hit its lowest in over a year, finding support only around $4480.

At press time, the pair was circling $4600, while analysts warned that although major barriers such as $4000 would not be broken “without a fight,” it was likely current levels were “not a bottom.”

“$4800 was not a bottom by any means – my arbitrary line in the sand was the wrong arbitrary line,” the Twitter account known as Crypto Dog laments Tuesday.

…Judging by volume, we are still quite far from a bottom. So far this sell off has been relatively weak (volume wise).

Altcoin markets had seen decidedly more determined sell-offs. Unsurprisingly, Bitcoin Cash 00 led the rout, losing almost half its value in just 24 hours as the consequences of two rival chains’ infighting suddenly showed.

Ethereum (ETH) 00, formerly the largest altcoin by market cap, also dipped to new lows, sparking fears it could soon lose its place in the top three assets as Stellar limits its losses.

Hastening ‘Capitulation’ To $3K

For John McAfee meanwhile, the latest bloodbath constituted nothing more than another “winter.”

“People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth,” he urged.

bitcoin price bear market

“But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring.”

His optimism mirrored that of BTCC co-founder Bobby Lee, who on Monday called for a “capitulation” of short-term traders in order to produce a definitive BTC/USD low.

At current rates, the pair is around halfway to the ‘bottom’ as predicted multiple times by celebrated trading guru Tone Vays, who has forecast $3000 as a target to hit before markets reversed.

Bitcoinist reminds readers of the pledge McAfee made regarding a $1 million Bitcoin price by 2020 – or 772 days’ time.

What do you think about Bitcoin’s current price performance? Let us know in the comments below!


Images courtesy of Shutterstock

Op-Ed: Bitcoin Price Hits 2018 Low – It’s Time to Buy the Dip

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From a historical perspective, the most profitable strategy in Bitcoin has been “buying the dip.” This means that when the price drops notably, one purchases some coin, holds it, and later on when the price rebounds, sells it. The Bitcoin price has historically walked its way up the market capitalization stairs, having sold well beneath a penny when it first found itself on fiat exchanges.

The market cap of Bitcoin today found its 13-month low, at less than $93 billion, with a token price hovering around $5,300 and analysts projecting it will find its way to $5,000. Those in this game for any length of time can tell you that these drops often precede rocket rises. Nobody’s clear on why the whole of the crypto market has been taking a beating, but certainly government persecution has played a role.

Buying Season is Open

Bitcoin makes up nearly (or sometimes, more than) half the market capitalization of cryptocurrencies as a whole. It and a few others are the first on the tongues of people expressing a new interest in the future of money, and it also has the most options for buying and selling with fiat currencies. In fact, for most cryptocurrencies, Bitcoin is the route to fiat returns.

Thus it doesn’t take a veteran market analyst to tell you: buying season is upon us. If the price continues to trend lower, it will eventually hit a critical mass where it may go much lower. If that doesn’t happen, then what we’re seeing is decidedly a “dip.” In either case, history shows us that buying Bitcoin when it goes down is a solid strategy to realize good returns at a later time. It’s easier than ever to do, and unless you’re planning to make a many-million-dollar purchase, a price change of even $2-300 can be weathered, and before long, selling season will return.

Timing one’s purchase can be difficult. The author isn’t here to instill fear of missing out (FOMO), but at the same time, there’s really no telling in the volatile crypto market just how long a buy window will remain open. Analysts are frequently wrong and dumbfounded by the activities of the crypto markets – going both directions. Many believe that Bitcoin is still very much in a price discovery phase overall, owing in part to the continual inflation brought on by mining rewards. Although it probably would be unworkable to assert that no true price of Bitcoin can be found until all the block rewards have effectively been exhausted, it is true that down markets are made worse by the hourly introduction of newly mined coins.

Whatever happens, those looking for a chance to get in on the crypto market might take note of the discount prices we’re seeing across the board, and plan or make their move accordingly before they regret not doing so later.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

Featured image from Shutterstock.

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Who SODL? Bitcoin Investors Are Buying Up Cheap Coins, Says eToro

Bitcoin prices crashing lower this week have failed to dent investor confidence, businesses reporting upticks in purchases while fiat rates are lower.


A ‘Small Yet Clear Uptick’

The result of uncertainty over a contentious hard fork of altcoin Bitcoin Cash (BCH), Bitcoin has led cryptocurrency markets into a new period of volatility, with some major assets shedding 15 percent November 19 alone.

Far from selling, however, traders of major platforms such as UK-based eToro have doubled down on their positions, buying more and more Bitcoin instead of divesting themselves of existing holdings.

That was according to Mati Greenspan, an analyst at the firm who uploaded data showing the habits of the platform’s roughly 10 million buyers to Twitter Monday.

The findings were originally compiled by eToro’s data commander Gil Alpert.

“(eToro) Clients […] have used this crypto price drop to increase their BTC stacks,” he summarized in comments, describing the previous week giving rise to a “small yet clear uptick” in their holdings.

Interest is also reflected in Google Trends data, searches peaking the day of the hard fork and again Monday as prices slipped.

“EOS holdings at eToro have gone up while prices were moving down but the flat market does seem to have caused some clients to abandon their positions. However, as with BTC and XRP 00, we can see clearly how clients are buying the Nov-14 dip!!!” he added.

Prices Continue Taking A Hit

BTC/USD 00 had dipped another 5 percent in the 24 hours to press time, hovering around $5250 – around $100 above the pair’s weekly low.

Altcoins have fared worse, Bitcoinist noting that Ether (ETH) had not traded so weak against USD since July 2017. The worst performer of the top twenty coins by market cap remains Tezos (TEZ) which has lost more than 16 percent.

Against a lack of clarity over how and when the BCH uncertainty would end, commentators were meanwhile redrawing their BTC outlooks to take in a pragmatic but more conservative narrative.

Uploading more data, entrepreneur Alistair Milne noted BTC’s 3-day relative strength index (RSI) was at its lowest point since January 2015, during which time prices were considered to be in a “capitulation” following local all-time highs a year earlier.

The reading could go lower, he added, while responses noted the weekly RSI was not yet challenging new lows.

What do you think about Bitcoin’s price decline? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter