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Two Reasons to Buy Bitcoin (BTC), According to This Analyst

News
Thu, 06/18/2020 - 12:01
Vladislav Sopov
It looks like Bitcoin (BTC) bears are failing to build on Monday's success. The king coin may be on the verge of a 38% upsurge, according to one analyst
Two Reasons to Buy Bitcoin (BTC), According to This Analyst
Cover image via stock.adobe.com
Contents

Aggressive attempts from bears to push Bitcoin (BTC) down below $9,000 ended up in vain. But does this mean a bright future for bulls?

Shorts are losing their steam

Matt David Kaye, managing partner of Blockhead Capital digital assets hedge fund, supposes that the bearish momentum has been shaken off. He reveals that derivatives traders on some markets have yielded little gains from their recent shorts.

Matt David Kaye predicts Bitcoin (BTC) price may reach $13,000
Image via Twitter

So, seller aggression may turn into solid buyer activity. But an influx of volume will be the deciding factor.

Also, two technical analysis indicators are showing that the Bitcoin (BTC) price may be preparing for a brilliant rally. First of all, it is a ‘squeeze’ situation. Mr. Kaye captured this through the analysis of the most recent Bitcoin (BTC) moves.

Futhermore, the Bitcoin (BTC) price may be taking a breather before it breaks out from the channel it has been trading in. If both estimations are confirmed, Bitcoin (BTC) may revisit 2019 highs above $13,000 levels

Don’t expect a cakewalk

Before reaching such inspiring levels, Bitcoin (BTC) may meet some more levels of insane bearish resistance. According to Roundblock Capital CEO Brock Connelly, who posted a comment on a tweet from Mr. Kaye, he foresees a ‘sell wall’ at $10,500.

Brock Connelly: We should wait for the volatility
Image via Twitter

Moreover, correlation with the stock market swings may have a very controversial influence on the Bitcoin (BTC) price in the mid-term.

As covered by U.Today Crypto News, the overnight Bitcoin (BTC) price drop on June 15th, 2020, confused many traders, both spot and derivatives. Bitcoin (BTC) plummeted to three-week lows below $8,900 on some exchanges.

Su Zhu of Three Arrows Capital outlined that the thin channel between $9,170 and $9,270 is crucial for bulls to hold. Bulls managed to do so, which is giving Bitcoin (BTC) holders hope.

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
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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.)