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Over the last two weeks, Bitcoin has been consolidating for most of the time around $10,000. But last week, it dropped this crucial support and dropped below $9600 levels. The Bitcoin price correction looks somewhat imminent as this could further tailspin to even lower levels.
At the press time, Bitcoin is trading at $9604 with a market cap of $171 billion. Over the last week, Bitcoin lost $1000 price or over 8.5%. The 24-hour trading volume in Bitcoin is currently at $14.5 billion. The good thing is that Bitcoin still continues to dominate 64.5% of the overall cryptocurrency market cap of $265 billion.
Over the last month, Bitcoin has lost over 30% of its price but Bitcoin maximalists continue to remain bullish on its journey.
Bullish Views by BTC Experts and Analysts
Willy Woo, the partner at crypto hedge fund Adaptive Capital says that this is just a healthy market correction and the end of the first 2019 bull run. He believes that once the BTC price bottoms out, the second bull run will start soon.
Stage 1 of the bull market is completing, once we bottom stage 2 begins promising the long sustainable bull drive that takes us through all of 2020 (if BTC continues its personality). Stage 1 was trader driven dominance squeezing us up and driving fomo. Fomo complete, stage set. https://t.co/zOHDHQBE9o
— Willy Woo (@woonomic) July 28, 2019
Bitcoin critic Peter Schiff in a tweet said that the Bitcoin pump and dump scheme is apparent from big buyers. Schiff believes that it’s about time that they will offload their stake to the “sucker institutional investors” by creating enough FOMO. Responding to Schiff’s comments Woo said that institutions are already in the crypto market. But Woo doesn’t believe them to be “suckers by virtue”.
To Peter's points, institutional investors are already coming in, I do not believe they are suckers by virtue of needing to understand risk management. The data I see is that old hands (via UTXO age) are distributing coins over time, the capital inrush is more than enough. https://t.co/gQf8mwY1Rd
— Willy Woo (@woonomic) July 28, 2019
Another interesting report from CoinMetrics shows that the untouched Bitcoin in wallet address has reached its all-time high. There’s a significant surge in the number of Bitcoins unmoved in the last five years. It also included the stats for Bitcoin held in the same wallet addresses for 180 days to 2 years. This shows that Bitcoin is becoming more like a ‘store of value’, the digital gold as many call, rather than a ‘medium of exchange’.
But giving a spin to these report finding, Adamant Capital founding partner Tuur Demeester says:
“I’m not so sure […] 5 years without updating your cold storage method is a long time in Bitcoin. Imo most of these coins are likely lost.”
Crypto analysts Plan B and ParabolicTrav have presented an interesting chart for Bitcoin data. The analysts found that every time the BTC/USD price hits its peak, the cryptocurrency is available at lower prices. The analysts note that Bitcoin bull markets have recently coincided with miner capitulation and BTC price tends to surge 100 times from there.
Difficulty bottoms after downward adjustments (dark blue: Dec2011, May2015, Dec2018) mark the start of a bull run. Around 2-3x price at difficulty bottom (light blue, 30k blocks) there is some struggle, like right now. Then price goes parabolic (green). Top at around 120k blocks. pic.twitter.com/1QqBlXo6Jl
— PlanB (@100trillionUSD) July 27, 2019
When asked for further clarification on these findings, Plan B told CoinTelegraph:
“It could be a sign of a maturing Bitcoin market with reduced volatility. More money is needed to move markets now than it was in 2010-2011. Or, it could just as easily be 100x again, because Bitcoin markets are nonlinear power law distributed with black swans normally occurring [as opposed] to being outliers.”
Bitcoin – The Best Hedge Against Global Economic Slowdown
While Warren Buffett has lashed out on Bitcoin in the past, his “disciples” don’t think so. Venture Capitalist Chamath Palihapitiya, an ardent Buffett fan said that Bitcoin is the best hedge against the looming uncertainty in the global economy. Palihapitiya strongly believes that one should buy Bitcoins to save themselves from the global economic slowdown. In a CNBC show, he said:
“It’s the single best hedge against the traditional financial infrastructure. This is the schmuck insurance you have under your mattress.”
Last week, Morgan Creek Digital founder Anthony Pompliano tweeted the same:
HERE WE GO.
US GDP last quarter: 3.1%
US GDP this quarter: 2.1%Economy s l o w i n g down only means one thing — cutting rates and printing money!
They don't realize that they're giving Bitcoin the rocket fuel it was built to consume.
Long Bitcoin, Short the Bankers!
— Pomp 🌪 (@APompliano) July 26, 2019
ROCKET FUEL: They’re going to cut rates and print money right as we march towards the Bitcoin halving.
Buckle up. This will be wild 🚀 pic.twitter.com/QotDXKTJRj
— Pomp 🌪 (@APompliano) July 25, 2019