• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

‘Bitcoin is on the Ledge of Another Heavy Fall,’ Says ADVFN CEO

Adam James by Adam James
4 years ago
in Bitcoin Price, Altcoin Price, Altcoins, Bitcoin, Mining, News, News teaser
0

Clem Chambers, CEO of stocks and investment website ADVFN, believes “Bitcoin is on the ledge of another heavy fall,” but is simply following its historical pattern. Here’s why. 


‘I am expecting this summer to bring the price down’

It’s no secret that where the price of Bitcoin goes, altcoins follow — and more dramatically so.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

At the time of this writing, Bitcoin is down 2.15 percent over the last 24 hours. Every other altcoin in the top 10 (excluding Tether) is down between 4.51 percent and 7.52 percent.

ADVFN CEO Clem Chambers believes, however, that the relationship is not one-sided, and that mining rewards for altcoins actually serve to indicate potential price movement for the market leader. “If you have a strong signal from the altcoins then you have what is going on under the hood of bitcoin,” he argued for Forbes, elaborating:

Well, there is such a signal and it’s mining rewards. I look at the rewards for the powerful 1080ti Nvidia card to get my guide. Right now it has fallen off the charts. A few weeks back and the card would excavate $3.50 of bitcoin-equivalent altcoins but right now you are lucky to dig $1.50. This is a flashing warning to me as the drop in mining rewards has been faster than the drop in bitcoin’s dollar price and is at the lowest end of the range in the last year.

Chambers then concluded:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin is on the ledge of another heavy fall that I am expecting this summer to bring the price down to a low from where it bottoms.

‘This is simply a repeat of the many crashes of bitcoin’

Chambers also examines Bitcoin from a historical perspective and, in doing so, notes that this bear market really isn’t anything new for the first and foremost cryptocurrency. In fact, if you look at the Bitcoin crashes of 2013 and 2014, one can essentially copy and paste the remaining chart patterns into a highly-logical long-term price prediction.

However, Chambers reminds investors that Bitcoin probably isn’t at the bottom yet — at least not until mainstream media proclaim it dead. He explains:

Of course, copypasta is not fate, but with mining rewards cratering it’s looking bearish and until the day headline news is trumpeting the death of bitcoin, the bottom has not been reached.

But remember, this is not the end of bitcoin, it is just the beginning, so look at all the price axis of the previous charts and remember… to the moon.

What do you think about Chambers’ analysis? Do you think Bitcoin is simply repeating history? Let us know in the comments below! 


Images courtesy of Shutterstock, CoinMarketCap.com.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Adam James

Adam James

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Related Posts

Crypto

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

2 hours ago
A16z

A16z Rolls Out $600 Million Gaming, Web3 And Metaverse Dedicated Fund

5 hours ago
Bitcoin

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

21 hours ago
Cyprus

Cyprus Drafts Regulatory Framework For Cryptocurrencies

23 hours ago
Central Bankers, El Salvador flag

It Was Not A Bitcoin Event. Then, Why Were The Central Bankers In El Salvador?

1 day ago
UnicornDAO

UnicornDAO Rallies For Women And LGBTQ Artists; Raises $4.5 Million 

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.