• 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
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: SEC Sues Binance And CEO For Alleged Securities Fraud
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: SEC Sues Binance And CEO For Alleged Securities Fraud

The Market Factor That Predicted Bitcoin’s $8,000 Halving Bottom Is Back Again

Nick Chong by Nick Chong
3 years ago
in Bitcoin Price
0

After rallying from $8,800 to $9,300, the Bitcoin bull has lost strength over the past few hours, with BTC recently dipping below $9,000 for the first time in days.

Some traders have said that this is a precursor to an even greater retracement for the cryptocurrency market.

One analyst wrote that “bulls need to really step up,” or else risk a retracement towards the low-$8,000s. A chart the analyst shared indicated that BTC is moving below three crucial levels of support: an uptrend formed in April, the equilibrium level of the $7,200 to $10,500 range, and an Ichimoku Cloud level.

Though, the same factor that predicted Bitcoin’s $8,100 bottom on the day before the halving is now saying that the bear trend has bottomed.

Key Bitcoin Bull Sign Flashes

A prominent crypto trader recently noted that the quarterly Bitcoin futures on the OKEx cryptocurrency exchange have begun to trade below the spot price on Bitstamp/Coinbase by a few dollars.

While this may not sound relevant, each time the quarterly futures have traded at a discount to the primary market, prices have found themselves at a local bottom. Just a day before the halving, Bitcoin bottomed around $8,100 at the same time the futures started to trade at a discount to spot.

Chart of Bitcoin and quarterly BTC futures from trader "RJ" (@RJ_killmex on Twitter)
Chart of Bitcoin and quarterly BTC futures from trader “RJ” (@RJ_killmex on Twitter)

Another trader shared in the optimism, writing that “[this is a] very strange place to be short on Bitcoin,” pointing towards a chart that indicates BTC is at a level that marked the bottoms of the 2018 and 2019 bear markets.

Assuming the historical precedent holds up, Bitcoin is poised to bounce, from the high-$8,000s.

The Fundamentals Corroborate Bullish Narrative

The fundamentals support an optimistic outlook.

Senior commodity analyst at Bloomberg’s Intelligence unit, Mike McGlone, recently shared that there are “key indicators [that] support Bitcoin’s ability to sustain above $10,000.” They are as follows:

  • There has been strong growth in the count of active BTC addresses. This normally occurs in bull markets, as new users start to use Bitcoin because of the higher prices. An analysis from McGlone of BTC’s active addresses earlier this month indicated that Bitcoin could be sustainably trading as high as $12,000.
  • There is now a record amount of open interest in the CME’s Bitcoin futures contracts, likely due to the introduction of Paul Tudor Jones.
  • Grayscale Investments is currently holding more cryptocurrency than ever before, showing Bitcoin is experiencing Wall Street and institutional adoption.
Photo by Nick Chong on Unsplash

The broader crypto industry is in a broader “crypto spring” too, further support prices. Alexis Ohanian — the co-founder of Reddit and a managing partner at Initialized Capital — said in a recent interview:

“I try not to track prices, I can’t predict any of that stuff. What I can say is we really do see a crypto spring right now in terms of top-tier engineers, product developers, designers, building real solutions on top of the blockchain. And that to me is the most interesting part… We’re seeing really top-tier talent building on the infrastructure.”

Featured Image from Shutterstock
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Investors Remain Greedy Despite High Market Volatility – Report

Bitcoin Crash: Derivative Traders Lose $202 Million In 24 Hours

3 months ago
Bitcoin Investors Remain Greedy Despite High Market Volatility – Report

Bitcoin Price Consolidates After Failing To Break Through Key Resistance Level

4 months ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

4 months ago
Bitcoin Investors Remain Greedy Despite High Market Volatility – Report

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

4 months ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

4 months ago
bitcoin S&p 500

Why The S&P 500 Could Help Send Bitcoin Soaring Higher

4 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    4 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    4 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    5 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Rollman Mining Marks Its Ascent as the World’s First...

    9 hours ago
  • Top Crypto Whales Think DigiToads (TOADS) And Monero (XMR)...

    9 hours ago
  • XT.com Lists NORDEK ($NRK) in its Main Zone

    9 hours ago
  • Hedera (HBAR) Investors are now Turning Their Attention to...

    11 hours ago
  • How a College Dropout Turned $200 into $2 Million with...

    15 hours 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
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 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.