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Bitcoin (BTC) Bulls to Defend This Price Level: Three Arrows Capital CEO

News
Mon, 06/15/2020 - 12:30
Vladislav Sopov
For the first time in June, 2020 Bitcoin (BTC) left $9,000-$10,000 and touched $8,900 on some spot exchanges. But according to a seasoned investor, bulls aren't giving up
Bitcoin (BTC) Bulls to Defend This Price Level: Three Arrows Capital CEO
Cover image via U.Today
Contents

Su Zhu, a prominent investor and analyst and co-founder of Singapore-based Three Arrows Capital investment firm, has commented on the recent Bitcoin (BTC) price drop. He believes that the Chicago Mercantile Exchange stats show a line of defense that is crucial for bulls.

No land for bulls below $9,170

As revealed by Mr. Zhu, he foresees significant levels of bull aggression in a thin channel between $9,170 and $9,270. He highlights that this conclusion comes from the analysis of Bitcoin (BTC) futures trading statistics on the Chicago Mercantile Exchange.

Bulls will defend Bitcoin (BTC) between $9,170 and $9,270
Image via Twitter

The signal identified by Mr. Zhu may refer to an exhaustion gap. Bears may be losing their steam as they failed to prevent Bitcoin (BTC) from re-entering $9K waters familiar to it.

So, right now bulls are trying to take the initiative from their rivals. At press time, Bitcoin (BTC) is changing hands at $9,125 on the majority of spot exchanges.

Today Bitcoin (BTC) dropped to a three-week low amidst stock market uncertainty and the 900 point collapse of the Dow Index.

Bears may not stop at $9,000

For scale, the prediction of Mr. Zhu resonates with the recent forecast from top analyst Michael van de Poppe. As covered by U.Today Crypto News, Mr. van de Poppe suggested that Bitcoin (BTC) may drop to $9,050 before its next upsurge.

However, some analysts believe that the market situation is already bad enough for bulls to remain calm. E.g. Matt David Kaye, managing partner at Blockhead Capital digital asset hedge fund admits that bullish momentum is lost for the king coin.

Matt David Kaye is sure that bears gained full control over Bitcoin (BTC) price
Image via Twitter

He is predicting a new period of uncertainty for the flagship cryptocurrency. According to him, the Bitcoin (BTC) price has left its previous patterns and the $8,500 level is on the menu.

Mr. Kaye recommended observing decentralized financial applications. The collapse of the Bitcoin (BTC) price may draw attention to DeFi native assets.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)