Market watcher Bill Baruch said on CNBC that Bitcoin is aiming for somewhere between $11,500 and $11,800.
Bill Baruch of Blue Lines Futures sees the crypto sector as continuing to rise in the long term, with the “ultimate upside” for Bitcoin (BTC) being between $11,500 and $11,800, according to a CNBC video posted yesterday, April 23.
CNBC notes that Baruch “has been right before.” In February of this year, when BTC’s price dropped to below $7000, Baruch had predicted that Bitcoin would “recover from this low.” BTC is now trading at around $9,280, up over 2 percent over a 24 hour period to press time.
Baruch added yesterday that the “sector still has much more upside in the long run,” and a breakout above $11,800 for BTC is “extremely bullish.” He also highlights how many altcoins have “doubled in value” since February.
Cointelegraph recently reported about the plethora of market predictions in the volatile crypto sphere, explaining why some experts think BTC is heading to $100, while others believe it’s going towards $100,000.
Litecoin price traded further above $160 against the US Dollar. LTC/USD is currently correcting lower, but it remains buy on dips near $155.
Key Talking Points
Litecoin price surged higher and traded above the $160 and $162 levels (Data feed of Kraken) against the US Dollar.
There was a break above a major bearish trend line with resistance at $153 on the hourly chart of the LTC/USD pair.
The pair traded as high as $164.19 before it started a downside correction.
Litecoin Price Forecast
There were further gains in litecoin price above the $155 swing high against the US dollar. The LTC/USD pair traded higher and succeeded in clearing the $160 resistance level.
It even traded above the $162 level and posted a high at $164.19. During the upside move, there was a break above a major bearish trend line with resistance at $153 on the hourly chart of the LTC/USD pair.
Later, sellers appeared and the price started a downside correction from $164.19. It declined and traded below the 23.6% Fib retracement level of the last wave from the $149.24 low to $164.19 high.
However, there are many supports on the downside above the $155 level. An initial support is around $160 and the 38.2% Fib retracement level of the last wave from the $149.24 low to $164.19 high.
The most important support is at $155-156, which was a resistance earlier. Moreover, the $156 level is near the 50% Fib retracement level of the last wave from the $149.24 low to $164.19 high.
Therefore, as long as the price is above the $155 level, it remains supported on dips. On the upside, the price may soon retest the $164 level. A break above the $164 and $165 levels could clear the path for further gains toward $170.
Overall, the technical structure is very positive above $156, which means litecoin price is likely to accelerate further. Above $170, there are real chances of LTC retesting the $200 level.
Bitcoin Cash has soared in value over the past few days. To some people, this appears to be a clear artificial inflation of the price. Even though it is a fork of Bitcoin, BCH seems to have found its place in the market. With Antpool now “burning” some of the profits generated by the pool, price manipulation accusations are not hard to come by.
The Bitcoin Cash Price Surge
Over the past ten days, all cryptocurrencies have soared in value. One of the biggest gainers is none other than Bitcoin Cash. To some “experts”, this is a clear manipulation effort by the BCH team and its supporters. Especially Antpool is being singled out as a BCH price manipulator due to their most recent strategy. More specifically, the mining pool is burning some of its profits to reduce the amount of new tokens brought into circulation.
Doing so is nothing illegal by any means. The mining pool is reducing their own profits and not taking money away from Bitcoin Cash miners. It is a decision that will bolster the BCH ecosystem overall, but not everyone sees it that way. Some Bitcoin supporters are convinced this is another clear attempt at “pumping” the BCH price beyond what it should be valued at.
Given the ongoing spat between Bitcoin and Bitcoin Cash supporters, this decision raises a lot of questions. After all, there is no precedent for a mining pool to take such an unusual course of action. Right now, Antpool is destroying $12 worth of Bitcoin Cash every single day. This is not the biggest amount by any standards. It will not have much of a long-term impact on the overall Bitcoin Cash price either.
What Comes Next?
No one will deny the Bitcoin Cash price began to surge after Antpool’s tweet. The value has nearly doubled by now, which is rather impressive. At the same time, Bitcoin, Ethereum, and others have all surged in value as well. There’s no indication the burning of Antpool’s own profits has this kind of effect on the BCH price as of right now. Digital Asset Research analyst Lucas Nuzzi comments as follows:
“Now, projects like Bitcoin Cash are struggling to remain relevant, which is hard when very few users are using the network. Miners have to liquidate their holdings regularly to pay for their expenses. The move from Antpool is intended to slow down further price depreciation, by attempting to increase the perception of scarcity. Whether the move will be successful remains to be seen.”
There are some misconceptions over what this course of action means exactly. Some users are still convinced Antpool effectively reduces the Bitcoin Cash supply. That is partially true, but not in a spectacular fashion capable of pumping the BCH value to new heights. Even so, this decision has some impact on the market. An interesting PR stunt by Antpool, but nothing more than that.
The current bullish levels of Bitcoin (BTC) at above $9,200 have been noted as being the highest in 40 days. This is according to data from CoinDesk’s Bitcoin Price Index (BPI). Checking coinmarketcap.com, and in particular, the total market capitalization, we find that this value has almost doubled since the early April levels of $250 Billion. Current total market cap levels stand at $418.8 Billion and show no signs of slowing down.
The last time the marketcap was at the $418 Billion mark, was back in early March this year. Bitcoin (BTC) was valued at around $10,000. Ethereum (ETH) was around $840 and Ripple (XRP) trading at around $0.88 and close to the same levels of today. Looking at today’s prices, these top 3 coins are valued as follows: BTC – $9,262; ETH – $682; and XRP – $0.91.
So what could be causing the current and sudden market resurgence?
Firstly, more and more traditional investors are turning to cryptocurrencies as alternative forms of investing. The known cases have been self evident over the past few weeks with the Soros Fund Management firm getting the go ahead by George Soros, to invest in crypto. The Rockefeller arm of investing, VenRock, has also partnered with crypto startup, CoinFund. They aim to collaborate in more blockchain ventures.
Now, news reaching Ethereum World News indicate that more American states are embracing cryptocurrencies and blockchain technologies. There is currently a bill in the Californian Senate to legally recognize blockchain technologies. California wants to allow companies registered in its state, to store data, including information about stockholders, on a blockchain.
There is an old African proverb that says, Where there is smoke, there is a fire. When the American States start passing bills about blockchain, it is only a matter of time before cryptocurrencies slowly sip into their economies. The current mayor of Lousiana City has even recommended an ICO to solve the financial woes of the city.
Japan has also recently flirted with the idea of restoring confidence in the crypto-markets by adopting self-imposed rules. 16 exchanges that are currently registered with Japan’s Financial Services Agency (FSA) have launched a self-regulatory organization dubbed the Japanese Cryptocurrency Exchange Association.
It seems like regulators are warming up to the concept of Cryptocurrencies and blockchain technology.
We can use the famous Buddhist analogy to explain their current 180 degree turn on crypto and blockchain. This Buddhist analogy is the famous one about emptying your tea cup before you add some more. It means that for you to accept new ideas, you have to first empty your mind of the old ones in a manner similar to pouring out tea. This is what is happening.
Where there is smoke, there is fire! But in this case, the fire is good for cryptocurrency markets.
Police superintendent Jagdish Patel was arrested this week for his alleged role in the kidnapping, extortion of around $2 mln in BTC from local businessman.
A police superintendent from Gujarat, India, has been arrested in regards to the alleged kidnapping and Bitcoin (BTC) extortion of a businessman, of which 10 people police officers have already been accused, local news outlet the Hindustan Times reported Monday, April 23.
Indian businessman and builder Sailesh Bhatt reported that police officers beat him, extorted money from him, and then kidnapped him and kept him confined at a farmhouse until he paid a further ransom in cryptocurrency. The amount of crypto alleged to be stolen is between $1.8-2 mln.
Superintendent Jagdish Patel was arrested in his official residence in Amreli two nights ago, and will be will be “interrogated along with accused police inspector Anant Patel,” according to a police officer, the Hindustan Times writes. Previous reports on Bhatt’s claim noted that inspector Patel had absconded, but the Hindustan Times adds that he has since been arrested last week.
Three police officers and one lawyer have also been arrested in connection with the case, according to the Hindustan Times.
The Hindustan Times writes that a former member of the political Gujarat Parivartan Party, Nalin Kotadia, is likely to be questioned. Bhatt named Kotadia as pressuring him to accept the ransom request.
In a larger case of theft in India, Indian crypto exchange Coinsecure reported the loss of around 485 BTC (around $4.4 mln at current BTC prices) due to alleged misconduct by an employee.
In an unlikely partnership, the microstate of San Marino is placing itself to become a ground-up hub for blockchain innovation with help from Estonian based Polybius.
San Marino partners with Estonian Based Polybius
The tiny, mountainous republic of San Marino has announced through the San Marino Innovation Institute the creation of a new company which under San Marino law will be dedicated to developing a first of its kind ecosystem for blockchain innovation.
Physical and legislative work is to begin immediately to create an infrastructure and legal framework catered to the microstate’s intention of becoming a center for the developing blockchain industry.
Sergio Mottola, executive chairman of San Marino Innovation told the BanklessTimes “The Government of the Republic is willing to take the lead on this transformation and is superbly placed to promote digital innovation through the constitution of a forward-looking legislation and jurisdiction to favor the growing blockchain infrastructure.”
When asked about the longevity of cryptocurrencies as an investment and whether the values at the moment are indicative of a bubble Mottola said,
“We are not interested in short term or opportunistic policies to take advantage of the speculation surrounding today’s cryptocurrency world. Rather, we are intrigued by the revolution implicit in the underlying technology; the blockchain, which we expect to bring an impact on the global economy greater than what the Internet has.”
Creating a Ground-Up Hub for Blockchain innovation
The joint venture between San Marino Innovation and Polybius will allow San Marino to utilize the Estonian company’s state of the art digital identification technology to develop world-class authentication verification systems.
Polybius has been a leading developer of distributed ledger technology through their HashCoins OÜ company. Expertise and experience which co-founder Ivan Turygin expects will go a long way to shaping San Marino as a destination for blockchain innovation and in influencing the government to support that development as a path to future economic success.
Co-founder Sergei Potapenko is confident in the partnership due to Polybius’ past experience developing practical solutions on various blockchains. “In the past, we have developed and implemented solutions ranging across password-free authorization, data storage and notary services.” he said.
San Marino Secretary of State for Economic Development Andrea Zafferan talked about the partnership being at the core of the republics development strategy to become a world-leading blockchain hub. Zafferan added that “We are the world’s oldest republic and we are proud to begin a transformation lead by technology,”
Above the past week, the world-wide crypto market has recovered tremendously and is now proving all of the naysayers erroneous. Of course, in the midst of all this, quite a few beneficial modifications have also been taking location guiding the scenes – with Ethereum developers saying that they will soon update the network’s consensus protocol to the eagerly awaited proof of stake algorithm.
Identified as the Ethereum Improvement Proposal (EIP) 1011, developers announced on Friday that the update is portion of a long-phrase approach to transfer ETH away from the electrical power-intense proof of get the job done mining protocol.
What the alter entails
As items presently stand, Ethereum can make use of the regular mining consensus algorithm, or else recognized as proof of get the job done.
Even so, Ethereum creator Vitalik Buterin and his enhancement crew have actively labored in the direction of switching to the new proof of stake (PoS) model. The proof of stake model is much less electrical power-intense and considerably minimizes the threat of a fifty one% attack on the Ethereum community.
For individuals who wish to participate in Ethereum community validation, going to PoS will call for them to keep their ETH in a wallet via the system of ‘staking’. If an actor does not comply with consensus rules and is destructive in the direction of the community, he/she dangers getting rid of all of their staked Ether.
The crew refers to the changeover from PoW to a PoS-PoW hybrid process as Casper but as of now, there is no concrete date as to when this alter will be executed.
When EIP 1011 will come into influence, Ethereum will consider its to start with ways in the direction of deploying a special framework that brings with each other the best of each worlds — an solution that was previously discussed in the company’s eyesight approach.
Whilst the crypto community is hunting ahead to Casper’s launch, the know-how continues to be a topic of debate between stakeholders. Stability specialists from corporations such as VMware have called Casper “weak and vulnerable” by citing selected flaws intrinsic in its resource code. Meanwhile, miners protest the transfer as it eradicates a big portion of earnings supporting the Ethereum community.
Ryan also went on to include that enhancement get the job done for the Ethereum client is scheduled to commence soon, stating:
“As the pieces of this puzzle are finding closer to being done, it is now time to start talking about fork block numbers. In conditions of tests … I really don’t know when just that transpires. I, thus, go away the EIP up for dialogue a little little bit for a longer period ahead of we start undertaking our tests.”
With this critical alter coming to Ethereum’s consensus algorithm, people want to understand that Casper is not appropriate with the present Ethereum resource code thus the switch demands a community hard-fork at some level in the upcoming.
Whilst testers and Ethereum developers proceed to debate on how this alter will affect the community, it is not likely that the influence can be recognized right up until Casper is unveiled on the Ethereum mainnet.
Cover Photograph by Ilija-Boshkov on Unsplash
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Early yesterday, Ethereum World News had speculated as to whether this week was the week Ripple (XRP) would go back to winning ways and with prices above $1. Technical analysis had shown that the coin had retained a support level of $0.80 and a resistance level of $0.88 over the weekend. This in turn meant that if the current momentum was maintained this week, Ripple would surely cross the $0.90 and edge closer to the $1 mark.
The cause of the general cryptocurrency market rally has been theorized by a few crypto-traders and enthusiasts. The first theory was the availability of funds after the American tax season that ended only a few days ago. This means that those who have received their tax refunds, have chosen to invest in crypto.
Also to note is that some American traders had sold their crypto as soon as the IRS declared early in the year, that they will implement strategies to tax crypto trading gains. The news had been announced during a period when a lot of governments and regulators were bombarding the Crypto-verse with threat after threat. This in turn led to the market decline we witnessed during that time period.
A second theory that has been seen to float around, is the announcement by an Islamic scholar that Bitcoin is legitimate and according to Sharia law. This announcement was made around the time we witnessed a $1,000 BTC spike on April 12th and could have caused it. The announcement opened the doors to a very large religious community that estimates put at 1.9 Billion believers globally.
With regard to Ripple, the coin and project has enjoyed a faithful community of HODLers and traders since the coin hit the spotlight mid last year. There is also news that Santander will be tackling finetech through its cross border payment system called Open Pay FX. This service guarantees same day settlement in the countries of Spain, UK, Brazil and Poland. Expansion of the service to other jurisdictions is being worked on by the Santander group. They are also working on almost-instant settlements based on the 3.3 Ripple transaction speeds. Also, rumors of a Santander mobile App that does the same, are rife in the Ripple community.
All the news and announcements in the crypto-verse has surely contributed to the momentum in the current crypto-markets. One thing we should not forget, is that we as the traders and Crypto owners contribute to this market. We affect the markets with what we buy, trade and HODL. This is decentralization 100%.