Bitcoin Price Recovers Within 24 Hours From $11,500 to $15,000, Optimstic Factors

It took less than 24 hours for the bitcoin price to recover from a 30 percent drop. Earlier today, on December 23, the price of bitcoin recovered from $11,500 to $15,000, as the cryptocurrency market began to demonstrate optimistic signs of growth.

Factors of Potential Short-Term Rally

Since yesterday, the market valuation of cryptocurrencies has increased from $480 billion to nearly $600 billion. Every single cryptocurrency in the market, which previously recorded major corrections, rallied, with bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin and other cryptocurrencies in the market recording large gains.

Bitcoin in particular demonstrated a rapid increase in demand from global marekts including the US, Japan, and South Korea, as the daily trading volume of the cryptocurrency achieved $15 billion. That is, a daily trading volume that is larger than that of most stock markets.

Analysts such as billionaire hedge fund legend Mike Novogratz and RT’s financial analyst Max Keiser stated that with the recently acquired momentum, the bitcoin price could rally to $24,000 in the short-term.

“Bitcoin pullback very healthy for this bull market. $28,000 now in play,” said Keiser, as the cryptocurrency market rebounded and showed speedy recovery after a substantial decline in market valuation.

In the short-term, there are several driving factors that could lead to a bitcoin price surge. This week, it was reported that the Chicago Board Options Exchange (Cboe), the largest futures exchange in the global finance market which listed bitcoin futures in partnership with Gemini, and the New York Stock Exchange (NYSE) have filed bitcoin exchange-traded fund (ETF) applications to the US Secruties and Exchange Commission (SEC).

The main difference between futures and ETFs is that the latter is more accessible to individual investors and traders in the stock market. With a bitcoin ETF, any investor in a major stock market such as NYSE or the Nasdaq can trade bitcoin with ease, through existing accounts.

A Cboe spokesperson stated:

“Given the success of the launch of our bitcoin futures, several partners are very interested in moving forward with the development of an exchange-traded product.”

Last week, NYSE revealed the filing of its ProShares bitcoin ETF, announcing that investors in the ETF will benefit from long Bitcoin futures contracts.

“By being long Bitcoin Futures Contracts, the Fund seeks to benefit from daily increases in the price of the Bitcoin Futures Contracts. The Fund will not be benchmarked to the current price of bitcoin and will not invest directly in bitcoin. When the price of Bitcoin Futures Contracts held by the Fund declines, the Fund will lose value,” the SEC filing of the NYSE bitcoin ETF read.

More Institutional Money, More Liquidity

By quarter 1 of 2018, Nasdaq will list bitcoin futures into its exchange and the bitcoin ETFs of Cboe and NYSE will likely be approved by the US SEC, given the government’s enthusiastic approach with the bitcoin futures market.

In the mid-term, the entrance of more institutional money into the market will enable bitcoin to further solidify itself as an emerging asset class.

Source: CNN

Analyst: Expect Bitcoin Price at $3,000 By Year’s End

Bitcoin price could hit $3,000 by year’s end, having recently traded above gold and hitting a new high, according to Adam Davies, a consultant at Altus Consulting who works with financial institutions on technology. CNBC recently interviewed Davies, noting in the interest of disclosure, that he owns bitcoin.

Adam Davies

That price would mark a near 150% gain over the recent $1,204, and more than 130% over the $1,293.47 high from last week.

Market And Geopolitical Factors

Bitcoin’s price has not trading above an ounce of gold. However, it’s price is up 195% in the past 12 months, due to various market and geopolitical factors. China’s clampdown on money laundering has delivered stricter regulations in that country.

// Let us help you become financially independent. Join Hacked.com now and use the discount code "CCN" to get a $10 monthly discount. //

Demonetization in India has made bitcoin a more likely alternative store of value. Other currencies have experienced volatility while the global economy faces uncertainty. Davies said as bitcoin expands and its acceptance grows, adoption will increase rapidly.

People are unsure about global events, he said. Brexit has impacted currencies such as the U.K. pound, causing people to divest into bitcoin. Such drivers will hedge against insecurity and currency fluctuation in markets.

Unprecedented Bitcoin Volume

Peter Smith, Blockchain’s CEO, told CNBC that Blockchain has experienced unprecedented volume. A £3,000 price by year end is feasible at current price appreciation. Experts cited other factors as well.

The expected approval of the Winklevoss exchange traded fund could deliver a “flood of institutional funds” into the bitcoin market, said Thomas Glucksmann, marketing head at Gatecoin, a cryptocurrency trading platform.

Positive Indicators Rise

Japan recently approved a law deeming digital currencies similar to fiat currency that can be used as methods of payment, bringing credibility to cryptocurrency. Glucksmann agreed a $3,000 bitcoin price by year end is realistic. He said a range of $2,000 to $2,5000 is a safer prediction.

The bitcoin price will rise this year, he said, but the extent of the rise is difficult to say.

Source: Cryptocoinsnews

Bitcoin Price Advances, Tiring Legs Overdue

The bitcoin price advance of the past few weeks has been as relentless as it has been vexing. I must confess I have been stymied and surprised by the inexorable strength of this advance off the 750 low.

However, all advances must end sooner or later.  This begs the question:  when?

Here is the daily chart (kraken):Even a novice Elliott Wave reader can see that there were (2) 5 waves completed at the 1080 high.  That was also the place where the 2nd arc of the 4th pair stopped the rally.  Well, it turns out that as of this very moment, pricetime has again met the very same arc that stopped the last rally.  Will it get through the arc this time, or will it be denied once again?

I have been stopped out a couple times on short trades in the past couple days.  I am reaching the point of wanting to throw in the towel and go long.  But alas, it is precisely when we want to throw in the towel, that trends change.

Let’s look at a shorter term chart for more insight:As of this writing, price has not been able to escape the 2nd arc pair on the 4 hour chart.   It broke through briefly, but was pulled back within the arc’s dominion.  So, there is resistance overhead on the daily and the 4 hour charts.

Here is a 2-hour chart:Here, we can see that pricetime has bumped up against the same Gann angle that stopped the last rally.  And it has done so just as pricetime is hitting the 4th square in time, and exiting the 4tharc pair on this bear setup.

I must confess, I am getting gun-shy of the short trade in this surprisingly strong advance.  But I can’t help but feel that this might be another time to consider it.  We will see…

Happy trading!

Remember:  The author is a trader who is subject to all manner of error in judgement.  Do your own research, and be prepared to take full responsibility for your own trades.

Source:cryptocoinnews