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Bitcoin (BTC) Price Touches $9,000, But Analysts Confirm Bullish Trend

News
Thu, 06/25/2020 - 10:50
Vladislav Sopov
The Bitcoin (BTC) price plummeted almost 8% in a few hours and barely dipped into sub-$9,000 waters. Why are so many top analysts remaining calm?
Bitcoin (BTC) Price Touches $9,000, But Analysts Confirm Bullish Trend
Cover image via stock.adobe.com
Contents

Dutch analyst and trader Michael van de Poppe along with the entrepreneur and hedge fund manager who goes by name Koroush AK, have published evaluations of Bitcoins (BTC) price performance that may calm down the confused bulls.

Not bearish 

Mr. van de Poppe believes that Bitcoin (BTC) bears are still failing to gain control over the price of the flagship cryptocurrency. Even after yesterday's substantial drop, he remains confident the king coin will have a strong short-term performance

Michael van de Poppe treats the ongoing Bitcoin (BTC) performance as bullish
Image via Twitter

Moreover, he gave a detailed analysis of the price levels that may start a new upmove for the Bitcoin (BTC) price. According to him, this move will start once Bitcoin (BTC) breaks above $9,250.

Crucial? Right now; flipping $9,150-9,250 back for support, that would initiate continuation towards $9,600-9,800.

If it manages to do so, Bitcoin (BTC) may reach the attractive $9,800 levels. Mr. Koroush AK unveiled a slightly more pessimistic analysis. He foresees that a further drop is possible if Bitcoin (BTC) fails to hold $9,230. He even offered a 'short' opportunity with 'low probability'.

However, these ugly swings wouldn't affect the main trend of Bitcoin (BTC) price dynamics. Ongoing red candles should be treated only as 'pre-moon noise'.

Korous AK treats $9,230 level as important one to hold for bulls
Image via Twitter

 What is affecting the price of Bitcoin (BTC)?

As covered by U.Today Crypto News, the recent Bitcoin (BTC) price drop was followed by two waves of 'long' position liquidation on the BitMEX derivatives trading platform.

Analysts unveiled that $25M in longs was liquidated in a couple of hours. The overall volume of liquidations yesterday reached almost $50M across different exchanges.

However, some prominent researchers believe that the roots of this drop are not in BitMEX liquidations. Trader and analyst PlanB, the author of the 'Stock-to-flow' Bitcoin (BTC) price model, highlights that it is the U.S. stock market collapse that should be blamed for the ongoing crypto plunge.

Bitcoin is down, and so is S&P500 .. "U.S. Stocks Tumble With Virus Threatening Economy". Just like June 11 and just like the month March. This has nothing to do with "Whales", "futures manipulation", "Plustoken scammers" etc etc.

At press time, Bitcoin (BTC) has recovered slightly from its latest fall and is changing hands at $9,272 on major spot platforms.

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.)