Bitcoin Price to Surge Back to $10,000 and Enter a ‘Super Cycle', Kraken BD Director Says

Yuri Molchan

The head of business development at Kraken predicts that Bitcoin price is bound to enter a ‘super cycle’, offering a number of reasons

Bitcoin Price to Surge Back to $10,000 and Enter a ‘Super Cycle', Kraken BD Director SaysCover image via www.123rf.com

Bitcoin is heading towards $10,000 a major crypto community member says

Bitcoin is going through another recession, having briefly broken through the $10,000 level and is now back at $9,160 area. Still, the BTC price has risen by a thousand USD, from the $8,200 area.

While some believe that the world’s first crypto is going to keep declining, others, including the Kraken director of Business Development, believe that there are strong reasons for Bitcoin price to surge in the near future.

Dan Hedl: Bitcoin is perfectly positioned for a super cycle

The Kraken executive believes that the BTC price is bound to surge – several prerequisites will trigger it eventually. He mentions the recent QE actions of the US Fed and ECB, the global debt and structural risks of the global financial system that have not disappeared.

In his recent tweet, Dan Hedl says:

Hedl also recently expressed his view of the upcoming Bitcoin Cash halving, saying that this event is likely to greatly reduce the BCH hashrate and increase the risk of 51% attacks against the network.

A permabull on Bitcoin, @Xentagz, has also commented on the scale of the recent cash printing actions of the Fed, saying that they have injected in the financial system more than Bitcoin’s market cap.

Happy 11th Birthday, Bitcoin! Satoshi Nakamoto's White Paper Marks New Milestone on Halloween

Bitcoin is heading towards $10,000 a major crypto community member says

On his Twitter page, @MustacheTommy, “crypto warrior” and “Proud supporter of 'Freedom of Money'", says that Bitcoin is heading towards the $10,000 level, rather than towards $6,000 as some in the crypto community believe.

He reckons that the bear market is still on, however, about half a year is left before the Bitcoin price surges to $10,000 and moves higher.

Which 'camp' are you in – do you believe that BTC will keep declining to $6,000 or hit $10,000 soon? Feel free to leave a comment in the section below!

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Yuri Molchan
 

David – http://markethive.com/david-ogden

Bitcoin Price Tapped $10,600 in Fourth Largest Bull Move Ever

For now, Bitcoin (BTC) bulls seem to have decimated the bears. As of the time of writing this article, the leading cryptocurrency is at $9,800 — up over $2,500, some 38%, in the past 36 hours. This is around $800 short of the daily high of $10,600.

This rally has gotten so out of hand that BitMEXRekt, a Twitter bot dedicated to updating Crypto Twitter to liquidations on its namesake platform, has crashed.

Related Reading: Bitcoin Price Rips Past $9,000, Now Up 20% On the Day

Bitcoin Up 40% on the Day

According to Alex Kruger, Bitcoin, as the time of his tweet, was up 42% on the day. This purportedly represents the asset’s fourth-largest gain in its history, and the largest since May 10th, 2011.

 

Alex Krüger

So, what caused this move?

The seeming catalysts vary from analyst to analyst.

But according to Gabor Gurbacs, who summarized the narratives well, there are three reasons why Bitcoin surged: 1) the latest CME’s Bitcoin futures contract expired, something that has traditionally led to volatility, often in the upward direction; 2) President Xi Jinping of China revealed that he supports the development and adoption of blockchain technologies in China; and lastly 3) the chief executive of Crypto Capital, a firm offering financial services to industry companies including Bitfinex, was arrested, which Gurbarcs claims will allow clients of the firm to “get some of [their] seized [money] back.”

Slight Reversal Possible

While this is move is undeniably bullish, some are starting to expect a pullback. Popular analyst Nunya Bizniz pointed out that Bitcoin’s latest four-hour candle, which reached as high as $10,600 on BitMEX, is a “perfected Tom Demark Sequential 9.”

Bizniz notes that “a TD 9 typically indicates trend exhaustion,” implying that there may be some stagnation or a healthy pullback before a resumption of the uptrend.

Indeed. He added that according to Tone Vays’ take on the indicator, “we may see a one to four candle pullback (four to 16 hours) and then resume up.”

 

Nick Chong

David – http://markethive.com/david-ogden

Bitcoin (BTC), Ethereum (ETH) and XRP Must Hold These Key Levels to Avoid Further Crypto Collapse – Technical Analysis Roundup

Technical analysts are mapping out key levels that leading cryptocurrencies Bitcoin, Ethereum and XRP now need to hold onto to avoid another rapid plunge.

Daily analyst Josh Rager says BTC’s first level of support is now around $7,120.

Due to low volume and historical precedent, Rager thinks BTC is poised to fall further in the short term, with big demand for BTC sitting at around $6,000.

“Where do we think buyers are going to step in at? Because it really comes down to supply and demand…

I do believe that we can have a nice strong bounce in between around $6,000 all the way to around $6,500. I believe that we’re going to continue to move down. Why do I believe we’re not going to go sideways and move back up?

That’s because typically you don’t go sideways for almost a month just to move down an extra 9-10% in a day… We’ll probably range again for a few days, maybe only a couple of days or maybe a couple of weeks.”

Despite the pullback, Rager says Bitcoin has not exited its overall uptrend that began in April of 2019.

“I still think we’re in a macro uptrend. If you were to look at the chart and look at the monthly and the yearly chart, you’re going to notice that Bitcoin is in a strong uptrend and we should continue to uptrend over time. But we’re going to have down markets in between.

And so whenever you have that down market, if you know how to put a short on your Bitcoin holdings toward the top, you’re going to maintain the value of what you have. And then you can just buy more at the bottom.”

Meanwhile, analyst SalsaTekila tells his 28,000 followers on Twitter that Ethereum (ETH) bulls are struggling to hold on after hitting resistance at around $163.

If bulls can’t get back above that line, he’s predicting a further breakdown.

Eric Choe, who won CME Group’s annual trading competition in 2016, predicted Wednesday’s crypto crash.

He’s standing by his forecast on XRP and says there could be a short-term bounce to $0.32 if it can hold above $0.24.

Right now, Bitcoin is down slightly while the altcoin market is seeing green.

Here’s a look at the overview on COIN360 at time of publishing.

David – http://markethive.com/david-ogden

The quest for a Bitcoin ETF dealt a blow as VanEck withdraws proposal

 

• The VanEck Bitcoin proposal was up for the finals decision by the US SEC on October 13.

• Two more Bitcoin ETFs are still up for review filed by Wilshire Phoenix and Bitwise Asset Management.

The journey to having the first Bitcoin exchange-traded fund (ETF) will continue despite Cboe BZX Exchange recalled its VanEck/SolidX BTC ETF proposal. A filing made on September 17 came after a proposed rule alteration to publicly listed shares of the VanECK/SolidX was removed on September 13.

The United States Securities and Exchange Commission (SEC) was gearing up for the final decision on the proposal on October 18. This final decision was to come after a series of delays by the regulator. According to a report by CoinDesk:

“The news comes just weeks after VanEck and SolidX began offering shares of the Trust to qualified institutional buyers (entities with at least $100 million in assets owned or invested) under a Rule 144A exemption. In the nearly three weeks since first announcing the product, one “basket” of four bitcoin (worth around $40,000) was traded.”

Despite the setback, VanECK is not letting go of the goal to bring an exchange-traded product into the market. In an interview with CoinDesk on September 4, the head of ETF product Ed Lopez said such a regulated product will be beneficial to investors.

The SEC still has two more Bitcoin ETF proposals to review. The Wilshire Phoenix proposes the inclusion of Bitcoin and the US Treasury bonds. The SEC will provide an initial deadline ruling at the end of September. The second proposal by Bitwise Asset Management in collaboration with NYSE Arca will know its fate on October 13.

 

John Isige

FXStreet

David – http://markethive.com/david-ogden