Analyst: 'Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While' – Market Updates Bitcoin News

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Bitcoin News 18 July, 2021 - 10:06am 23 views

When is grayscale unlock?

On July 18, the Grayscale Bitcoin Trust (GBTC) will be unlocking shares valued at 16,240 BTC. Economic TimesCrypto Week at a Glance: Crypto market feels the blues as GBTC shares unlock

by Jamie Redman

Most people in the industry understand that bitcoin (BTC) prices have seen better days and many spectators are wondering when the crypto asset will rebound. The fact of the matter is, we really don’t know, but people do leverage previous chart patterns from prior bull markets and have measured a number of timespans.

In recent times, Bitcoin.com News has published at least two market reports that show speculators believe this bull run resembles the action that took place in 2013. According to the analytics provider Ecoinometrics, the current downturn is the second-longest drop since 2013 and there’s still a lot more time left on the clock.

“Bitcoin after the Halving [on] Jul. 17, 2021,” Ecoinometrics tweeted. “431 days after the 3rd halving [and] BTC at $31,678. One more week stuck in this drawdown, 95 days since the last ATH, bottom -55% below the ATH, and volatility continues to decline,” the analyst added. Ecoinometrics further stressed:

This is one of the longest drawdowns bitcoin has had to deal with during a post-halving bull market. But 95 days is still only half the duration of the big drawdown of 2013… In terms of price trajectory, this correction also looks very similar to 2013. If we continue like that, BTC will remain stuck around $30k for a while.

The analyst also added that bitcoin’s one-month volatility was also down but “historically speaking, it isn’t particularly low.”

“So from that perspective it is possible for the trading range to stay pretty tight for longer,” Ecoinometrics concluded.

Analyst and economist Julio Moreno agreed with Ecoinometrics’ volatility assessment, and shared a recent blog post he wrote about bitcoin volatility. Moreno’s report explains how people try to discredit bitcoin over price volatility, and his study asks whether or not “volatility [is] a bad thing.”

The analyst notes in his report that he doesn’t believe volatility is necessarily a bad thing. “I would say it is not, as it increases within each cycle along with price gains. When is bitcoin’s price more volatile? Mostly at market tops, after significant price appreciation,” Moreno’s report emphasized. His bitcoin volatility report concludes:

What does changes in bitcoin’s price volatility imply about its future trend? Accumulation has been better at low levels of volatility and this is typically reached before a big price movement.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Are Mike Tyson and Busta Rhymes Looking to Get Into Crypto?

CryptoPotato 18 July, 2021 - 05:00pm

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The cryptocurrency community might soon be joined by two US celebrities – the legendary boxer Mike Tyson and the hip hop titan – Busta Rhymes.

Mike Tyson, one of the greatest boxers in history, has asked his millions of followers on Twitter if they prefer bitcoin or ether. This comes shortly after the popular rapper Busta Rhymes asked around for trustworthy sources for education about digital assets.

The 55-year-old, considered by many as the greatest boxer of all time, took it to Twitter to see if his 5.6 million followers prefer BTC or ETH on Saturday. The thousands of answers vary from people urging him to stay away from the volatile nature of the cryptocurrency space to bitcoin maximalists highlighting only BTC as the correct option and more balanced views of “why not both.”

Just a few hours after Iron Mike posted his question, the prominent bitcoin bull Michael Saylor took the stage. He replied by outlining his purchase of nearly $3 billion worth of BTC in the past year because he considers it “the future of digital property.”

Furthermore, MicroStrategy’s CEO called bitcoin hope and redirected the Baddest Man on the Planet to review one of the educational sources he and his company have launched.

Mike, I spent more than a thousand hours considering this question and chose bitcoin. So far, I have purchased $2.9 billion in BTC because I think it’s the future of digital property. I have posted tons of free #bitcoin education on https://t.co/kZl3k7Tm4h.

— Michael Saylor (@michael_saylor) July 17, 2021

It’s worth noting that Tyson has displayed an interest in the crypto space in the past as well. He went into the non-fungible token field and has multiple such products on the market now. In fact, one of the latest NFT made him feel “immortal.”

Trevor George Smith Jr., better known by his stage name as Busta Rhymes, also dipped his toes in the digital asset industry lately. The US rapper, songwriter, record producer, and actor recently asked his nearly 4 million followers on Twitter whether “anywhere here [is] into crypto?”

It seems the answers scratched his appetite as more crypto-related questions and statements started to emerge frequently. As with Tyson, Michael Saylor offered to spread the word by outlining more educational content on Bitcoin particularly.

Interestingly, even Twitter’s CEO, Jack Dorsey – also known for his support towards the primary cryptocurrency – offered his help.

After more questions about Elon Musk’s role on the market and Dogecoin, in particular, Bus-a-Bus concluded that he is “loving the vibe and energy of learning educative conversations.” Furthermore, he wondered whether digital assets will ever find a place in schools.

— Busta Rhymes (@BustaRhymes) July 16, 2021

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Bitcoin Sees Bull Market Drawdown, BTC Price May Stay At $30K "For A While": Report | Benzinga

Benzinga 18 July, 2021 - 11:55am

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