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Articles by Mark Stevenson

Bitcoin Price Won’t Exceed $40,000, JPMorgan Says

1 day ago

Bitcoin (BTC) is losing the strength necessary to overcome the key psychological mark of $40,000, Bloomberg reports, citing JPMorgan analysts.
JPMorgan says interest in Bitcoin is waning
According to experts, the flow of money into the Grayscale Bitcoin Trust (GBTC) may have reached its climax.
“Now the influx of institutional money into the Grayscale Bitcoin Trust is not strong enough for Bitcoin to overcome $40,000,” the experts said.
Read also: JPMorgan Strategists Say Bitcoin Could Drop Unless It Breaks Above $40,000
The bank is of the opinion that traders adhering to impulse strategies will continue to exit Bitcoin futures positions, which will negatively affect cryptocurrency pricing.
JPMorgan experts talked about the dependence of the Bitcoin rally on the flow of money into GBTC

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Bitcoin Price Dropped to $28,800, but Recovered

4 days ago

On January 21, Bitcoin (BTC) exchange rate fell by more than $5,000. The bears increased their pressure and the Bitcoin price nosedived from a high of $35,600 to lows around $30,000.
Notably, on the morning of January 22, the price of the leading cryptocurrency dropped below $29,000. On the Bitstamp exchange, BTC price reached a low of $28,800 at 01:00 GMT. At the time of writing, however, the BTC/USD pair managed to recover and is trading at $32,000.

According to some analysts, the significant drop in the price of the premier cryptocurrency was due to the profit taking by US and European traders.
For more than two weeks, the price of Bitcoin has been consolidating. On January 8, Bitcoin recorded a new historical high, soaring to $42,000, but then started to decline. On January 14 alone,

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Bitcoin Plunges Below $33,000 – Coinbase Whales Behind the Dump

5 days ago

On Thursday, January 21, the price of one bitcoin sank by more than 7% in 24 hours, breaking below the $33,000 mark. According to the head of the analytical resource CryptoQuant, Ki Young Ju, Coinbase whales are behind the dump of Bitcoin pouring onto the exchange.
“Of course, bitcoin will reach $100,000 this year, but in the short term, if we do not see significant buyer pressure from Coinbase Pro, I think Bitcoin will enter bear territory,” the head of CryptoQuant wrote on his Twitter page.
The price of Bitcoin is already trading below the $33,000 level and has so far reached a low of $31,351 at 21:11 GMT.
However, Bitcoin still has room to fall. As part of the previous correction on January 11, the price of the leading cryptocurrency dropped to $30,239.
Battle of the Bitcoin whales
It

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JPMorgan Strategists Say Bitcoin Could Drop Unless It Breaks Above $40,000

8 days ago

The premier cryptocurrency, Bitcoin (BTC) may tumble further if the price does not recover above the psychological mark of $40,000. This is the opinion of strategists at JPMorgan Chase & Co, Bloomberg reports.
One of the bank’s chief strategists, Nikolaos Panigirtzoglu pointed to the potential pressure of trend-following players if the price does not “break out” above the resistance of the emerging triangle top. Panigirtzoglu believes that analyzing the demand for Bitcoin futures and shares of the Grayscale Bitcoin Trust (GBTC) may be the key to understanding the situation.

Data: Bloomberg

“The pattern of demand for Bitcoin futures and the Grayscale Bitcoin Trust, the largest traded crypto fund, will provide clues about the outlook. The flow into the Grayscale Bitcoin Trust would

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Lindsay Lohan Predicts Bitcoin’s Rally to $100,000

11 days ago

This week was volatile for the cryptocurrency market. Bitcoin fell in price by a quarter and lost several hundred billion dollars in capitalization, but a few days later won back some of the losses. Analysts disagree as to where Bitcoin price will head next. However, market sentiment rather confirms the bullish outlook.
Lindsay Lohan predicts a new rally in the crypto market
American actress, Parent Trap star Lindsay Lohan has her own opinion on this. In a promotional video, she claims that Ethereum (ETH) will rise in price to $10,000 and Bitcoin (BTC) will skyrocket to $100,000 and invites her fans to take part in the rally. “This will happen on the way to the moon, where we will all go in our Lamborghinis,” says the Hollywood star.

What inning of the bull market is it when someone pays

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Glassnode: Bitcoin Whales Bought Monday’s Price Dip

14 days ago

After opening day trading above $38,100, Bitcoin (BTC) suffered heavy losses on January 11. As a result, the price of Bitcoin plummeted to $31,244 on Bitstamp. However, the drop in prices quickly attracted buyers.
Today, January 12, Bitcoin has managed to recover a little after yesterday’s fall. At around 20:11 GMT, Bitcoin is trading in the region of $34,300.

Bitcoin whales kept accumulating amid the recent drop
According to data from Glassnode, Bitcoin whales did not succumb to panic during Monday’s BTC price drop but accumulated the cryptocurrency.
The number of addresses holding more than 1,000 bitcoins rose to a new record of 2,140 as the cryptocurrency nosedived from $38,250 to $31,244 and the liquidation of positions in the derivatives market by $1.49 billion. The volume

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Bitcoin Price Will Drop 50% – Analyst Tom Lee Predicts

16 days ago

Well-known cryptocurrency analyst and investor Tom Lee, who predicted the growth of Bitcoin (BTC) to $40,000, is confident that the coin will soon be corrected by 50%.
Tom Lee expects an increase in Bitcoin volatility
In February last year, Lee predicted an increase in the value of Bitcoin to $40,000. In the first week of January 2021, the cryptocurrency really reached a record high, exceeding $41,000. Along with the rise in the value of bitcoin, the volatility of the asset has sharply increased.
In a recent interview, Tom Lee admitted that in the near future, the price of Bitcoin may fall by 50% due to high volatility, and investors should be prepared for such a correction.
Also, the co-founder of Fundstrat Global Advisors claims that the fall in the value of bitcoin may be influenced

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Bitcoin Price Rolls Back After Breaking Above $41,000

18 days ago

Bitcoin (BTC) continues to hit all-time highs, but market volatility is rising along with prices. On January 8, the price of one bitcoin broke the $41,000 mark and continued the uptrend all the way up to $41,934 at around 15:04 GMT on Bitstamp.
Anthony Trenchev, co-founder and managing partner of the Nexo cryptocurrency platform said:
Bitcoin continues to outpace all forecasts. All other assets are following him, history repeats itself from year to year over the past ten years.
However, at the time of writing, Bitcoin is now trading $39,565.

Notably, on January 7, Bitcoin bulls conquered the $38,000, $39,000, and $40,000 levels as Blomberg analysts predicted. However, profit-taking began after the flagship cryptocurrency rose above the psychologically significant level of $40k,

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Bitcoin Sets New All-Time High Above $35,000 – What Is Next?

20 days ago

The price of the leading cryptocurrency has once again recorded a new all-time high (ATH). Bitcoin (BTC) price has consolidated above $35,000. At around 19:29 GMT, the flagship cryptocurrency was trading at around $35,815 on Bitstamp.

According to CoinMarketCap, digital gold has a market cap of $663.9 billion.
Several Twitter users have expressed undisguised joy in the marketplace. Some recalled the famous Bitcoin critic Peter Schiff.

Happy ATH!
? Preview of the 100k #bitcoin Party, feat. @PeterSchiff
Also attending @maxkeiser @michael_saylor @saifedean @Excellion @pierre_rochard @bitstein @APompliano @stephanlivera @PeterMcCormack @WhalePanda @adam3us @giacomozucco @lopp @francispouliot_ @udiWertheimer pic.twitter.com/7YV6U9kGbn
— Bitcoin Meme Hub ? (@BitcoinMemeHub) January 6, 2021

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Will Bitcoin Price Rally to $146,000? JPMorgan Thinks So

21 days ago

American financial giant has predicted the long-term development of the price of Bitcoin (BTC) in competition with gold.
Bitcoin competes with gold for defensive asset status, making it potentially attractive in the long run. This is the opinion of analysts from the American bank JPMorgan Chase & Co, writes Bloomberg.

JPMorgan sees Bitcoin at $146,000 as long-term price target https://t.co/fYcsh7LpFc
— Bloomberg Crypto (@crypto) January 5, 2021

The market capitalization of Bitcoin, which at the time of this writing is almost $616 million, will have to grow 4.6 times to equal the capital inflow with the gold market. In this situation, the price of one bitcoin will surpass the $146,000 mark, analysts say.
Related: Bitcoin Price May Reach $40,000 in 2021: Bloomberg Analyst Says
However,

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Bitcoin Price Exceeds $31,000 – What Is Next?

24 days ago

The price of the largest cryptocurrency by market capitalization, Bitcoin (BTC) has set a new all-time high on the second day of 2021. Bitcoin has broken the $31,000 threshold, a little over an hour after breaking through $30,000.

#Bitcoin $ 3 1 , 0 0 0
— Binance (@binance) January 2, 2021

At around 14:33 GMT, Bitcoin price was trading at $31,319 on the Bitstamp exchange, up 5.85% in the last 24 hours.

Notably, the market capitalization of Bitcoin has stepped over $579.4 billion, while its dominance in the crypto market has grown to 72.27%.
Will Bitcoin’s bullish trend continue in 2021?
According to market analyst, Michaël van de Poppe, Bitcoin’s $27,000–27,500 support level would activate another upside run above $30,000.

#Bitcoin broke the crucial trigger between $27,000-27,500 and

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Bitcoin Eyes $30,000 After Hitting Another Record High

26 days ago

The largest cryptocurrency by market capitalization, Bitcoin (BTC), for the first time in history, rallied above the $29,000 mark.
On Wednesday, December 30, BTC price surpassed $28,500, afterward, it declined to around $27,300. However, in less than 12 hours, the bulls pushed Bitcoin price to new record highs. The price surged to $29,010, after which it corrected again.
At around 10:05 GMT, however, the BTC/USD pair was trading at $29,115 on the Bitstamp exchange.

Several events could be the catalyst for the rally, including the announcement that VanEck has filled for a new application for the launch of a Bitcoin exchange traded fund (ETF) in the US. It was also reported that Nasdaq listed GreenPro Capital is set to invest $100 million in Bitcoin.
What is more, some experts believe that

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Miami Mayor Open to Bitcoin Investment As Price Rallies Above $28,500

27 days ago

Miami Mayor Francis Suarez said he was “open to explore” the possibility of investing 1% of the city’s budget reserves in Bitcoin.
The announcement came in response to Morgan Creek Digital co-founder Anthony Pompliano, who had previously asked users to retweet his message if they were willing to relocate to Miami in the event of transferring a portion of the treasury to the flagship cryptocurrency.

Retweet this if you would move to Miami if Mayor @FrancisSuarez put 1% of the city’s treasury reserves in Bitcoin.
— Pomp ? (@APompliano) December 29, 2020

The conversation received 1,200 retweets and caught the attention of Suarez, who took the idea positively.

Definitely open to exploring it.
— Mayor Francis Suarez (@FrancisSuarez) December 29, 2020

In 2021, he said, the Miami authorities

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Bitcoin Is One of the Worst Investments, Russian State Duma Deputy Says

28 days ago

The rapid growth of Bitcoin (BTC) makes it difficult to soberly assess its real profitability. This opinion is shared by Russian State Duma deputy Anton Gorelkin. According to the parliamentarian, the leading cryptocurrency is a bad investment asset. He said:
Arithmetic tells us that from December 2017 to mid-December 2020, Bitcoin showed a 3.8% return. This is in three years. One of the worst assets for investment — any economist will tell you.
Read also: Canadian Economist Calls Bitcoin a Bubble Amid a New Price High
Gorelkin expects an equally impressive drop in Bitcoin price after its explosive growth. The official added:
2020 has not met the expectations of cryptocurrency holders and developers. With the failure of Durov’s “gram” and Zuckerberg’s “libra”, it became clear that crypto

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Bitcoin Crosses Another Psychologically Significant Level of $28,000

29 days ago

On December 27, the price of the leading cryptocurrency continued to rise, updating a new all-time high (ATH) of $27,500. At 11:13 GMT on the same day, Bitcoin (BTC) rallied to $28,343 on Bitstamp and capitalization surpassed the $500 billion level for the first time in history.
Bitcoin price has been hitting new heights throughout all these days. Having fallen below $23,000 on Monday, the cryptocurrency broke above the $25,000 mark on Friday and $26,500 on Saturday. However, the rally above $28,000 on Sunday was preceded by a decline below $27,000. At around 21:17 GMT, the downtrend continued to $25,777.
At the time of writing, Bitcoin is recovering and trading above $26,700.

What level should Bitcoin traders expect next?
According to the well-known economist and trader Alex Kruger,

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Bitcoin Celebrates Christmas With a Rally Above $25,000

December 26, 2020

The price of Bitcoin (BTC) continued its recent bullish rally, as it briefly broke the $25,000 mark. On Saturday, December 26, the leading cryptocurrency soared from around $24,600 to $25,020 on Bitstamp at 08:35 GMT.
On BitMEX, the price rose above $25,070, on Binance it exceeded $25,020.

$ 2 5 0 0 0 #Bitcoin
Thanks Santa ?? pic.twitter.com/4pp80fNkLG
— Binance (@binance) December 26, 2020

Notably, on Bitfinex and Coindesk, Bitcoin did not reach the psychologically important level. However, as the chart below shows, Bitcoin has corrected towards the $24,750 area at 11:00 GMT.

The dominance index of the flagship cryptocurrency rose to 69.2%. The total capitalization of the digital asset market has reached $666 billion.
As a reminder, Mike McGlone, the senior commodity analyst

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Mayor of Maimi Calls Bitcoin a Stable Investment in 2020

December 25, 2020

The Mayor of Miami, Francis Suarez has drawn the attention of the crypto community with his stance towards the flagship cryptocurrency. He called Bitcoin (BTC) a stable investment in the current “volatile year.”

Great insight into how @Bitcoin has been a stable investment during and incredibly unstable year…currently reading Bitcoin Billionaires @tyler. @APompliano any other good reads? https://t.co/nenQ5xmfi7
— Mayor Francis Suarez (@FrancisSuarez) December 24, 2020

In his post, Suarez noted the creator of the Gemini cryptocurrency exchange Tyler Winklevoss and the co-founder of Morgan Creek Digital Anthony Pompliano. The latter said that Miami “is on track to become a Bitcoin city.”

Miami is well on the way to becoming the Bitcoin city
— Pomp? (@APompliano) December 24, 2020
Tyler

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Gold Proponent Says Bitcoin Is Millennial Gold

December 24, 2020

During an interview with Bloomberg, gold supporter Dennis Gartman said that he does not understand Bitcoin (BTC), but does not rule out the continuous growth of the flagship cryptocurrency for decades. Gartman, who is the chairman of the University of Akron & Foundation Endowment Fund said:
Bitcoin is the gold of millennials. I will never understand Bitcoin … and leave it to people who are wiser, smarter or bolder than me.
Why Gartman prefers Gold to Bitcoin?
Gartman’s fear of investing in Bitcoin has to do with regulation. In his opinion, the central banks of countries around the world will tighten control over monetary policy, which will lead to a collapse of the Bitcoin price to zero.
Read also: Canadian Economist Calls Bitcoin a Bubble Amid a New Price High
While Gartman remains

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Michael Saylor Persuades Elon Musk to Invest in Bitcoin

December 21, 2020

The founder of Tesla and SpaceX, Elon Musk asked Michael Saylor, CEO of MicroStrategy if it is possible to convert large Tesla transactions to bitcoins. This became known from a series of tweets in which two businessmen discuss the benefits of the flagship cryptocurrency.
According to Saylor, by converting Tesla’s balance into Bitcoin, Musk will not only push the crypto market to new highs but also make a profit.

If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.
— Michael Saylor (@michael_saylor) December 20, 2020

Immediately after Michael Saylor’s message, Roger Ver and Peter Schiff also joined the discussion. Ver first gave

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Canadian Economist Calls Bitcoin a Bubble Amid a New Price High

December 18, 2020

Despite Bitcoin’s outstanding performance, David Rosenberg, the founder of the Toronto-based consulting firm Rosenberg Research said in an interview with Bloomberg that Bitcoin is a “massive bubble” and is inferior to gold as an investment asset. 
David Rosenberg
According to Rosenberg, members of the community are not aware of the future of Bitcoin as there are many misconceptions about the flagship cryptocurrency.
Rosenberg, who is the incumbent president, chief economist, and strategist at his company, is of the opinion that the crypto market has no future and is overcrowded with speculators. Despite the recent Bitcoin price rally, the economist is confident that the price will eventually plunge.
Bitcoin is a massive bubble. We know with certainty the gold supply curve, but we do not

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Bitcoin Price Renews High Above $22,000 – Is $30,000 Next?

December 17, 2020

On December 17, the price of one bitcoin price again renewed its all-time high at levels above $22,000.

11+11
— jack (@jack) December 17, 2020

In just a day, Bitcoin broke through $20,000 and $21,000. After the breakthrough of $20,000, news media around the world reported on Bitcoin. The rally was even talked about on the Chinese state television channel CCTV with an audience of 1 billion people.

CCTV just reported on #Bitcoin’s new ATH to 1 billion Chinese viewers. Bullish. ? pic.twitter.com/5onUKq3f86
— Samson Mow (@Excellion) December 17, 2020

As a result, expectations for the re-entry of investors who had withdrawn after the burst of the bubble increased.
At the time of writing, Bitcoin price on Bitstamp is trading above $22,800 at 9:02 GMT.

Against the background of growth,

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Bitcoin Price Breaks Historic $20,000 Mark

December 16, 2020

On Wednesday, December 16, the price of the flagship cryptocurrency broke the $20,000 mark for the first time in history. On the Bitstamp exchange, the Bitcoin surged to $20,800 at 14:10 GMT. At the time of writing, however, BTC is trading above $20,700 at 16:11 GMT.

Exactly a week ago, the price of one bitcoin dropped to a December low of $18,000. By the end of the week, prices returned to levels above $19,000, followed by a new historic milestone.
Over the past day, Bitcoin price has grown by 5%, the weekly gain was more than 10%. Bitcoin’s market capitalization at the time of writing was $376.9 billion with a 63.3% dominance over the rest of the market.
Altcoins are also showing growth. The price of the second largest cryptocurrency Ethereum by capitalization reached $625 at 14:11

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Robert Kiyosaki: Buy Bitcoin Now, Next Stop Is $50,000

December 15, 2020

Robert Kiyosaki, the author of the bestselling Rich Dad Poor Dad and entrepreneur has again called for buying Bitcoin (BTC) and predicted the rise in the price of the flagship cryptocurrency.

Glad I bought Bitcoin. Next stop $50 k. Wall of institutional money coming 2021. Buy below $20 k. If you missed Bitcoin, buy silver. Silver set to move due to AOC’s Green New Deal. America in trouble. Future bright for gold silver Bitcoin and entrepreneurs.
— therealkiyosaki (@theRealKiyosaki) December 13, 2020

Kiyosaki advised buying Bitcoin before the price of obe bitcoin exceeds $20,000. The entrepreneur stated that “America is in trouble” and predicted a “bright future” for gold, silver, Bitcoin, and entrepreneurs. He is also convinced that the cryptocurrency will continue to rise to $50,000

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Bitcoin Whales Took Profits While Retail Investors Were Chasing Rallies

December 13, 2020

According to the latest research by OKEx, Bitcoin whales were fixing profits while retail traders were still trying to catch up with the Bitcoin (BTC) rally.
Experts from the OKEx team analyzed BTC/USDT trading patterns between August and November 2020 and found that retail traders were losing out to whales.
According to the study, analysts at OKEx decided to examine characteristics such as the size of trading positions and the direction of orders (buy or sell). Using these parameters, they tried to compare how different categories of market participants reacted to the Bitcoin bull run in August-November 2020.
As you can see in the table below, Bitcoin traders were divided into four groups based on their trading volumes.
Source: OKEx
According to OKEx experts, these categories generally

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Bitcoin Price Drops Below December Low of $18,000

December 9, 2020

On Wednesday, December 9, the price of one bitcoin (BTC) dropped from $18,000 to $17,743 around 8:32 GMT on Bitfinex, having lost more than 7%. As a result of the decrease, the volume of liquidations in the futures market amounted to $440 million.
A comparable decline in Bitcoin price was observed on December 1, before the asset took off close to $20,000.
However, at the time of writing this article, the price of BTC has managed to recover a little as it is trading on Bitfinex around $18,310 at 13:47 GMT.

The rest of the leading digital assets are in the red on Wednesday morning. Ethereum has lost about 8% and is trading at around $574, while the XRP price has dropped to $0.56.
Will the downtrend continue?
While the bullish sentiment is far from over, Bitcoin is still sending mixed

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Will Bitcoin Cross $20K Price Level? Here’s What Analysts Are Saying

December 8, 2020

Bitcoin (BTC) and the entire cryptocurrency market have entered a period of consolidation throughout the past few days and weeks. As a result, the crypto market has continued to struggle to gain some momentum. This trend can be attributed to the benchmark cryptocurrency failing to break above its previously established all-time highs (ATH) of $20,000.
However, some analysts have remained long-term bullish on Bitcoin as institutional players continue to enter the space. For example, in a recent interview, Niall Ferguson, a financial analyst said:
The acceptance of Bitcoin as a digital asset, a quasi-digital gold, has been accelerated by this pandemic. Almost every month, some major figure in the mainstream investment world has said, ‘OK, now I’ll take BTC seriously.’ This process

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Bitcoin Price May Reach $40,000 in 2021: Bloomberg Analyst Says

December 4, 2020

Bloomberg magazine has released the December issue of its monthly “Crypto Outlook.” This month’s edition forecasted Bitcoin’s performance for 2021 based on data analysis and other factors.
According to the analysis by Mike McGlone, Bloomberg senior commodity strategist, the support line for Bitcoin (BTC) in 2021 is expected to be $10,000, while the resistance line will likely be $50,000. Taking into account macro factors, McGlone said that Bitcoin reaching the $40,000 level sounds reasonable.

Reasons behind Bloomberg Bitcoin bullish forecast
According to the analyst, Bitcoin market capitalization in 2021 can reach $1 trillion, and BTC price at the same level is about $55,000 due to the following reasons.

Institutional demand
One of the main factors behind the Bloomberg Bitcoin bullish

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Bitcoin Price Stabilizes Above $18,000 Despite Bearish Signals

November 30, 2020

Although the Bitcoin whales have withdrawn millions to exchanges recently, Bitcoin price has recovered and is heading, once again, towards all-time highs (ATH). Despite the fact that Bitcoin has not yet tested its ATH of $20,000, it has risen again.
As EarnForex reported last week, Bitcoin price plunged from nearly $20,000 to the support level of $16,300.
It is worthy of note that just before and after Bitcoin price staged a Thanksgiving correction, BTC had a number of bearish signals.
Bitcoin whales in search of quick profits
According to a tweet from “intheblock,” an analytics company, whales were making deposits of billions of dollars into centralized exchanges.

Whales have been moving $BTC into exchanges.#Bitcoin has faced a steep correction since Wednesday’s highs of $19,600
This

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Are Bitcoin Whales Preparing for a New BTC Dump?

November 27, 2020

Bitcoin whales — investors or traders who own large amounts of BTC — are actively transferring coins from wallets to exchanges. According to the head of the analytical service CryptoQuant, Ki Yong-Ju, this serves as a signal for a new wave of Bitcoin sales in the near future.

$BTC Whales are depositing to exchanges. I expect dumping in the short-run.
All Exchanges Inflow Mean(144-block MA) hit 2 BTC. I think we're in a danger zone. The price is likely to go sideways or down when whales are active on exchanges. https://t.co/eIfHdkIzdL pic.twitter.com/CenxR44h5Q
— Ki Young Ju ??? (@ki_young_ju) November 27, 2020

The expert substantiated his claims by the transition of the indicator of bitcoin flows of large investors to exchanges in the “danger zone”.
As a baseline scenario, Ki Yong-Ju

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Bitcoin Price Suddenly Plunges Below $18,000

November 26, 2020

The fall in the price of Bitcoin (BTC) has accelerated over the past 24 hours. After losing momentum at $19,500 on Wednesday, the flagship cryptocurrency plunged below $18,000 to $16,438 at around 08:51 GMT on Bitstamp.
The chart below shows a downward price movement supported by volumes:
Bitstamp’s 4-hour BTC/USD chart from TradingView.
Moreover, the price of much cheaper, but popular cryptocurrencies including Ethereum and XRP have also recently plunged.
Top 10 Most Capitalized Crypto Assets. Data: CoinGecko.
Against the background of the market correction, the volume of liquidations of long positions on popular exchanges approached $900 million.

Data: coinalyze.net

There is also an increase in the inflow of funds to trading floors.

All Exchanges Inflow Mean increased a few hours ago.

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