The whole Internet can work this way, said Twetch CEO Josh Petty in his presentation at the CoinGeek London conference. It was a typically bullish sentiment from the two days in which dozens of speakers demonstrated their confidence in the momentum building around Bitcoin SV (BSV).

Superficially, that momentum was felt in the more than doubling of the number of attendees since the last conference in Seoul six months ago. Even more superficially, it was seen the extraordinary width and clarity of the screen at the back of the stagedesigned to be viewed by creatures with at least three eyes.

More importantly, it was noticeable in the way BSV technology and businesses were discussed on stage. Petty announced new features for Twetch, taking the social media app to a slicker, more user-friendly form: Everything you touch and feel is going to be a microtransaction, he said, with no more swipe.

Familiar faces from previous conferences spoke with new certainty about what they were doing and had new achievements to report and announcements to make. Jack Liu of the RelayX wallet provided a moment of drama when he unveiled the new look of his appwhich is essentially a blank screen, the idea being that your camera opens to scan a QR code. More broadly, users will access Relay through other apps, making the integration of money functions almost invisible for users.

Newcomers, such as Thomas J. Lee, from Fundstrat, endorsed and elaborated themes previously only heard from those inside the Bitcoin SV tent. With detailed financial graphs, he predicted a parabolic moment when institutions get serious about cryptosimilar to the effect on Teslas share price when Wall Street started paying attention to its potential (below):

Lees colleague David Grider summarised from Fundstrats recent report on BSV, highlighting BSVs transaction growth and the potential of its nascent businesses. He singled out the coming Maxthon browser, the Baemail, email service and True Reviews as examples of more than 400 projects building on BSV, with more in prospect using the increased functionality provided by the Genesis fork.

The first day ended with a rousing speech by Dr. Craig Wright, which provided a laser-focused summary of his original intentions for Bitcoin as Satoshi Nakamoto and his present-day assessment of the prospects for BSV from microtransactions.

On Friday, there was more. Jeff Chen, the founder and CEO of Maxthon talked about his BSV browser. With his long track record of successful Internet browsers, this is no pipe dream, but a solid business proposition in development.

If you thought BSV innovation was limited to the world as seen through a computer screen, Stephan Nilsson and Ken Hill took us out into the real world. Hill described EHR Data, a new business that plans to revolutionise health information, putting patients in charge. And Nilsson, of UNISOT, demonstrated his app to track an item through a complex supply chain in this case, a haddock.

Finally, at the end of the second day, the veteran economist and technology commentator George Gilder, another newcomer to BSV gatherings, put Satoshis ideas into perspective. He was confident that BSV solves the two-fold scandal in the world economy, namely Internet security and the excesses of global currency trading.

Were now engaging in forging a new system of the world, he said. Its a system to replace the failed economic model of Google. In an information age, economies can change as fast as minds. Were moving to a world in which security comes first, everything is correctly valued and nothing is free.

Gilder gave an account of how he had been persuaded that Dr. Craig Wright is Satoshi. Sitting next to him in the final session of the day, he said, to applause that I think you can safely celebrate Craig. It was a fitting tribute to the man who had already changed the lives of everyone at CoinGeek London, all of whom are convinced that the best is yet to come.

New to Bitcoin? Check out CoinGeeksBitcoin for Beginnerssection, the ultimate resource guide to learn more about Bitcoinas originally envisioned by Satoshi Nakamotoand blockchain.

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CoinGeek London: When Bitcoin SV came of age - CoinGeek

(Bloomberg Opinion) -- Bitcoin is back, sort of. The original cryptocurrency hasnt regained the lofty highs of its bubble peak in late 2017, but it has climbed back up to about $10,000:

Predictions that Bitcoin would collapse have not borne fruit. Despite its bubbles and crashes, the cryptocurrency is now a semi-permanent feature of the global financial landscape.

What it is not, however, is a generally accepted currency. Although many retailers now accept Bitcoin, the overwhelming majority of day-to-day payments are done in regular old fiat currency. The mere fact that the dollar price of Bitcoin remains an important metric indicates that Bitcoins central value is as a speculative asset, rather than its usefulness as a medium of exchange.

Its fairly obvious why. Because of Bitcoins price volatility, people dont want to hang onto it for very long. No one wants to get their paycheck only to find that it has halved in value by the time it comes to buy groceries. Also, optimists who think Bitcoins value will continue to go up on average over time will be reluctant to part with it in exchange for something ephemeral like a pizza; better to hang onto the BTC and buy pizza with depreciating dollars instead. (Disclosure: I still own a small amount of Bitcoin.)

In fact, these two reasons are just different sides of the same coin: Basic finance theory says that in a reasonably efficient market, high expected returns come at the expense of high volatility. An asset like Bitcoin, or the U.S. dollar, can be a good investment or can be good for buying stuff, but unless the economy is deeply dysfunctional, it cant be both.

Some economists, however, are thinking about how this situation might change, and whether Bitcoin or some alternative cryptocurrency might actually replace fiat money as the standard means of payment. This has big policy implications, because if it did become real money, cryptocurrency could interfere with central banks ability to manage the economy and the price level. It also matters for crypto investors wallets.

One possibility is that nothing needs to be done, and eventually Bitcoin will settle into a new low-volatility equilibrium, making it more suitable as a means of payment. Economists Michael Choi and Guillaume Rocheteau have made a model in which this happens. The problem is that the model sees Bitcoin competing with other commodity-like forms of money, such as gold or other cryptocurrencies. Their result relies on the idea that liquid assets will always be in short supply. In reality, Bitcoin is competing against fiat currencies that can be produced more or less costlessly.

A more plausible prediction comes from economists Jonathan Chiu and Thorsten Koeppl. Like other economists who have theorized about Bitcoin, they view cryptocurrencys fundamental challenge as that of preventing double-spending in other words, verifying electronically that someone really has the money when they make a payment. This issue of digital trust, after all, is the problem Bitcoin was designed to solve.

Chiu and Koeppl suggest that to become useful as a form of money, a cryptocurrency should be inflationary. The people who verify Bitcoin transactions, called miners, are now compensated for their usage of computing power by being awarded new Bitcoins, but the rewards are decreasing over time. One of the basic ideas of Bitcoin, which stems partly from the hard-money beliefs of its creators, is that the cryptocurrency should be deflationary that its supply should be limited, and its value should increase over time due to increasing scarcity. This means that eventually, miners will have to be rewarded with transaction fees instead of new Bitcoins.

Chiu and Koeppl say this is a bad idea. Transaction fees, they note, are levied on a small population that is, whoever is doing the transaction. To make it worth the miners while, the fees must be very high, which discourages people from transacting in Bitcoin. If miners are instead paid with inflation, the cost gets spread out among everyone who owns Bitcoin. Also, transaction fees make a double-spending attack more potentially lucrative, because creating a fake transaction would also save money on the fee. Thus, they recommend sticking with the inflation method of payment, and letting cryptocurrency depreciate over time like the U.S. dollar does.

Story continues

This could be exactly what cryptocurrency needs in order to turn into real money. Negative expected returns essentially, a low and stable inflation target would make Bitcoin less attractive as a long-term investment. Instead of hoarding it, people would be fine getting rid of it in exchange for pizza. The currencys value might then stabilize, as speculation decreased.

Abandoning the dream of deflationary digital gold might be hard for Bitcoins adherents to accept. But other cryptocurrencies, such as ZCash, Monero, Dash or Facebook Inc.s Libra might step in to fill the gap. Of course, they would still have to overcome the technical problem of being able to handle large transaction volumes as cheaply and easily as a credit card company, but Chiu and Koeppl are confident that this is possible.

So ironically, cryptocurrency might only become a currency if it acts more like the U.S. dollar, with a low but predictable inflation target.

To contact the author of this story: Noah Smith at nsmith150@bloomberg.net

To contact the editor responsible for this story: Stacey Shick at sshick@bloomberg.net

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

Noah Smith is a Bloomberg Opinion columnist. He was an assistant professor of finance at Stony Brook University, and he blogs at Noahpinion.

For more articles like this, please visit us at bloomberg.com/opinion

Subscribe now to stay ahead with the most trusted business news source.

2020 Bloomberg L.P.

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The Key to Bitcoins Future: Inflation - Yahoo Finance

Young people are far more interested in bitcoin and cryptocurrencies than anyone elseand where are the young people today?

On short-form video-sharing app TikTok, where Square's Cash App, which made around $150 million in bitcoin revenue in its last quarter, is going viraland introducing millions to bitcoin and crypto.

Some of TikTok's biggest stars have been promoting Square's Cash App, one of the most popular way ... [+] for people in the U.S. to buy bitcoin.

In December last year, mobile payments company Square launched an influencer marketing campaign on TikTok, according to a report by news and analysis website Business Insider, paying some of TikTok's biggest stars to promote its Cash App.

Square, run by Twitter chief executive and bitcoin supporter Jack Dorsey, worked with musician and influencer Shiggy who had earlier created a song called Cash App, racking up 136.5 million video views with the hashtag #cashappthatmoney.

Cash App, which saw its first-time bitcoin buyers double following an app redesign in September, is one of the most popular mobile payments apps in the U.S.currently the second most popular finance app on the Apple App Store.

Sluggish bitcoin adoption, which has failed to live up to expectations in the aftermath of bitcoin's epic 2017 bull run, is often attributed to technologically-complex exchanges and apps putting off potential new users.

However, research has suggested many people who haven't yet bought bitcoin would be interested in doing so.

Late last year, it was found Grayscale Investments Bitcoin Trust, a publicly tradable bitcoin and cryptocurrency investment vehicle, is among the top five equity holdings for Millennials, next to technology giants Amazon, Apple, Tesla and Facebookand ahead of investor darlings Netflix and Microsoft.

The bitcoin price has soared in recent years but adoption and take-up of bitcoin and other ... [+] cryptocurrencies has failed to keep pace.

Meanwhile, companies like Square and major technology giants including Facebook and Samsung are developing products and services that will ease the route to bitcoin-buying.

Last month, Dorsey vowed to help bitcoin development through his payments company, Squarewhich said it's "only a matter of time until instant, low-fee bitcoin payments are as common as cash used to be."

"For bitcoin to become a widely used global currencyone that cant be stopped, tampered with, or rigged in anyones favorimprovements to bitcoins [user experience], security, privacy, and scaling are required," Square's cryptocurrency division wrote ina blog post.

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The Surprising Way Millions Are Being Introduced To Bitcoin - Forbes

Bitcoin has been trading within an upward channel since the beginning of January. The channel has withstood both bearish force and bullish forces except the dip this week that saw Bitcoin price dive to lows of $9,281 (on Coinbase). In other words, it has been a week that has seen the sellers do more damage compared to the good brought forth by the buyers.

Following the recovery to levels as high as $10,330, Bitcoin dived under $10,000. However, this time the losses penetrated the support at $9,500. The sellers extended the bearish leg under $9,300, hitting a weekly low at $9,281.

A visible recovery on Friday has sent Bitcoin above the critical $9,700 level. This zone has worked as a stepping stone for BTCs surge above $10,000 before and is expected to provide the pedestal once again. Scanning the levels to the north, Bitcoin bullish movements are likely to encounter resistance at $9,800, the broken channel support and the 100 SMA on the 4-hour chart.

Bitcoin price has also completed the classic ABC pattern following the resistance at $10,500 and the support at $9,500. It is, therefore, important that Bitcoin uses the weekend to push and establish support above $10,000. The downside of not seeking higher support is that sellers are likely to increase their entries with Bitcoin tumbling to $9,000.

For now, the price is largely in the hands of the bulls. Most analysts believe the weekend session would be a success for Bitcoin but I would suggest keeping the asset on the watch list until a clear map is made above $9,800.

Spot rate: $9,714.78

Relative change: 107

Percentage change: 1.12%

Trend: Bullish

Summary

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Bitcoin Price Patten Hints Lift-off to $10,000 Or Breakdown To $9,000

Description

Bitcoin price prints a classic ABC pattern likely to see the price back to $10,000 but only if the resistance at $9,800 is broken.The bulls cannot afford to have another slump under $9,500 as it will open the road to $9,000.

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John Isige

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Coingape

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Bitcoin Price Pattern Hints Lift-off to $10,000 Over The Weekend - Coingape

Jack Dorsey, the CEO/Founder of Twitter and Founder of Square Crypto is not shy when it comes to Bitcoin. It is evident on his Twitter page and the efforts he has been putting around it.

Today, Dorsey posts the snapshot of a conference call with Dr.Nii Quaynor and Pindar Wong.The topics of discussion Bitcoin.

Dr. Quaynor and Wong have played key roles in Africa and Hong Kong, respectively, for the establishment and development of the internet.

Dr. Nii Quaynor, is a computer science engineer and scientist who is the first African to be elected as a board member in ICANN (Internet Corporation for Assigned Names and Numbers). Moreover, he has worked for nearly two decades to bring internet facilities to Africa.

On the other hand, Pindar Wong was responsible in bringing licensed ISP services in Hong-Kong. He has also served as an ICANN board member. Currently, he is heading VeriFi ltd, a digital infrastructure company for Financial Servcices in Hong-Kong.

Apart from SquareCrypto, which is Dorseys focus area currently apart from Twitter. As reported earlier on CoinGape, Dorsey has focused on bringing Bitcoin to Africa to help the economy of the region. Ideally, early Bitcoin adoption could provide for greater global financial inclusion in the future.

Furthermore, Hong-Kong is a developed city, however, riddled with administrative tussle with the Chinese Government. The outbreak of violent protests and police retaliation last year caused a lot of stress across the region and globally, as well.

As their demand for independence from the Government grew stronger, Bitcoin witnessed a huge uptrend in price. Dorsey is now discussingBitcoin adoption in the two economies, one requiring growth and other, demanding independence.

The conference call also had Steve Lee, an angel investor and previously, Product Director at Google. He is also working with Square Crypto, at the moment.

Do you think this a bullish signal for Bitcoin? Please share your views with us.

Summary

Article Name

The Bitcoin Con Call - Twitter CEO Talks with Internet Pioneers from Africa and Hong-Kong

Description

Jack Dorsey, the CEO/Founder of Twitter and Founder of Square Crypto is not shy when it comes to Bitcoin. It is evident on his Twitter page and the efforts he has been putting around it.

Author

Nivesh Rustgi

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CoinGape

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The Bitcoin Con Call Twitter CEO Talks with Internet Pioneers from Africa and Hong-Kong - Coingape

Bitcoin has been struggling for the last two weeks, although the asset has tried to break out of its bearish trend the asset has been pulled right back. One analyst says that Bitcoin is now in a textbook rising wedge. This means despite the drop to recent lows, there could be further downside in the weeks to come.

Volatility has risen to a three month high. This was confirmed mid-week when Bitcoin dropped from highs $10,100 to reach current lows of $9,600. Current volatility levels date back to November. On Wednesday, in less than an hour, Bitcoin crashed from $10,168 to test the $9,400 support.

This volatility is not expected to go any time soon. The on-chain activity has shown that whales have been moving loads and with every transaction, retail investors will be reacting. This could see them pump or dump.

Krakens research has confirmed the emergence of whales noting that wallets with 1K BTC to 10k BTC recorded heightened activity in the second half of January.

Analyst Monetae says that volatility makes indicators go crazy. They rapidly change depending on sentiments on the market. This makes it much harder to predict what prices will do next.

According to the latest trend, Monetae says that Bitcoin has printed a Rising Wedge pattern. He notes:

This pattern was formed by higher highs combined with small pullbacks during this seven-weeks trend.

Bitcoin was in January and early Feb recording small pullbacks which showed its strength going upwards. But heading to the $10,500 position, the analyst notes that trading volume was dropping. This showed that investors were not supporting higher price positions. As a result, the $10,500 position was rejected.

By dropping from $10,500 to $9,200 within 6 days, the support Line of the Rising Wedge broke, the analyst says.

In addition to this, since Bitcoin plunged, it is now moving below the EMA 20. This is another bearish sign that means Bitcoin could test lower lows.

As mentioned, indicators are going crazy. They are changing fast as a result of volatility. There are however more than enough reasons to be bullish about Bitcoin despite short term downfalls.

Summary

Article Name

Bitcoin [BTC] Prints Rising Wedge Pattern With Potential To Fall To $6,800: Analyst

Description

Bitcoin has been on a bearish trend for the last two weeks. Despite dropping to lows of $9,200, one analyst believes that since it has printed a Rising Wedge pattern, there's potential for further downside. The target being $6,800.

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John Kiguru

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CoinGape

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Bitcoin [BTC] Prints Rising Wedge Pattern With Potential To Fall To $6,800: Analyst - Coingape

Bitcoin

Bitcoin witnessed a turbulent week after dropping by a total of 5.5% to bring the cryptocurrency back beneath $10,000. During the sell-off, Bitcoin fell beneath the previous rising price channel but has managed to rebound at support at $9,552, provided by a short term .236 Fib Retracement.

Looking ahead, if the buyers push higher, resistance lies at $9,800 and $10,000. Above this, strong resistance is expected at $10,430 (2020 high) and $10,700 (1.414 Fib Extension). On the other side, if the sellers push beneath $9,550, support lies at $9,400, $9,140, and $9,000. Beneath $9,000, additional support is located at $8,750 (100-days EMA).

Ethereum managed to climb above the previous $277 resistance but stalled at $287. After reversing, it went on to drop by a total of 3% this week as it fell into support at $256, provided by a short term .236 Fib Retracement.

If ETH breaks beneath this, additional support lies at $250, $237 (.382 Fib Retracement), and $221 (.5 Fib Retracement). On the other hand, if the bulls rebound, resistance lies at $268, $277, and $287. Above $290, higher resistance is located at $300 and $310.

Against Bitcoin, ETH climbed above 0.026 BTC resistance but failed to break 0.0278 BTC. It has since fallen but has managed to remain above the support at 0.026 BTC.

Moving forward, if the sellers push beneath 0.026 BTC, support lies at 0.0256 BTC (.236 Fib Retracement) and 0.025 BTC. Beneath this, additional support lies at 0.0242 BTC (.382 Fib Retracement) and 0.02395.

Alternatively, if the bulls overcome 0.0237 BTC, higher resistance lies at 0.0288 BTC, 0.0298 BTC, and 0.0304 BTC (bearish .886 Fib Retracement).

XRP failed to penetrate above $0.337 and went on to fall by a steep 15% throughout the week as it drops to $0.27. It remains above the 200-days EMA as the bulls attempt to stabilize the price decline.

Looking ahead, if the sellers break $0.27, support lies at $0.26 (.618 Fib Retracement). Beneath this, additional support lies at $0.25 (100-days EMA), $0.245, and $0.235. Alternatively, toward the upside, resistance lies at $0.28, $0.29, and $0.30.

Against BTC, XRP rolled over from the resistance at the 200-days EMA and plummeted. It recently broke beneath the 100-days EMA but is battling for support at 2820 SAT (.618 Fib Retracement).

If the sellers break 2800 SAT, support is expected at 2710 SAT, 2650 SAT, and 2600 SAT (.886 Fib Retracement). On the other hand, resistance lies at 2850 SAT (100-days EMA), 2900 SAT, and 3000 SAT.

Tezos was the strongest performer this week after increasing by a total of 11% to reach a high at $3.94, creating a fresh high not seen since July 2018. It has since dropped to $3.65, but the bulls remain in control.

If the bulls can crack the resistance at $3.94 and break $4.00, higher resistance lies at $4.46 (1.272 Fib Extension), $4.74 (1.414 Fib Extension), and $5.00. On the other side, if the sellers push beneath $3.50, support lies at $3.20, $3.00, and $2.90 (.382 Fib Retracement).

Against BTC, Tezos is also creating some fresh highs as it reaches 0.0004 BTC (1.272 Fib Extension). It has since dropped to 0.00037. However, the buyers remain in strong control.

If they can break above 0.0004 BTC, resistance is expected at 0.000427 (1.414 Fib Extension), 0.00044 BTC, and 0.000465 BTC. On the other side, support lies at 0.000343 BTC (.236 Fib Retracement), 0.00032 BTC, and 0.00030 BTC (.382 Fib Retracement).

Binance Coin saw a rough 13% price drop over the last seven days but remains up by 25% on the month as it sits at $22.20. The cryptocurrency failed to break $26.64, which had caused it to roll over and fall.

If the sellers push beneath $22, support lies at $21.50, $20.75, and $20. On the other hand, if the bulls break $22.70, resistance lies at $24.16, $25.18, and $26.64.

Against Bitcoin, BNB rolled over from resistance at 0.0026 BTC and dropped all the way to find support at the 200-days EMA. It currently trades just beneath the 0.0023 BTC level.

If it breaks beneath 0.00226 BTC and the 200-days EMA, support is found at 0.0022 BTC and 0.00218 BTC (.618 Fib Retracement). Beneath this, support lies at 0.00213 BTC (100-days EMA) and 0.0021 BTC.

On the other side, if the bulls push higher, resistance lies at 0.00235 BTC. Above this, resistance is located at 0.00242 BTC, 0.0025 BTC, and 0.0026 BTC.

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Cryptocurrency chartsby TradingView.

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Crypto Price Analysis & Overview February 21st: Bitcoin, Ethereum, Ripple, Tezos, and Binance Coin - CryptoPotato

On Feb. 20 Bitcoin (BTC) price surprisingly dropped 8.85%, a move which caught many investors off guard as up to that moment the digital asset had recovered well from the Presidents Day weekend correction and was trading sideways in the $10,200 range. Citing data from CoinMetrics, ARK Invest crypto analyst Yassine Elmandjra tweeted that the $1,000 price drop was the fifth largest USD correction to occur on the hourly time frame since 2017.

Since the sharp downside move, traders, analysts, and crypto-Twitter have been attempting to pinpoint the source of the flash crash and a handful of theories have arisen. Some have attributed the volatility to the consecutive unplanned Binance exchange outages which halted trading on the platform and prevented many traders from being able to log into their accounts.

Others, like, Cointelegraph contributor and Bitcoin trader filbfilb speculated that a shortage of Tether (USDT) at Binance could possibly have contributed to the current market conditions.

In his Telegram-based trading channel filbfilb explained that the USDT shortage possibly shows that the majority of traders were in long positions, an observation further supported by the decreasing pace of Bitcoins momentum and the liquidation of $120 million leveraged longs at BitMex.

BitMEX XBTUSD Liquidations. Source: Skew.com

Regardless of the reason, the drop to $9,346 shook a lot of investors from their Bitcoin and altcoin positions and the current state of the market is negatively impacting investors bullish sentiment as they are choosing to wait on the sidelines for a clearer signal that a bottom has been reached.

Crypto Fear & Greed Index. Source: Alternative.me

Is the current price action a buy the dip opportunity or is Bitcoin on the verge of a significant trend change? Lets check the charts to see.

BTC USDT daily chart. Source: TradingView

As shown by the daily chart, Bitcoin formed a tweezer top candlestick pattern at $10,250 after recovering from the previous weekends drop to $9,450. This should have been a signal that the likelihood of a pullback could occur but traders were probably feeling bullish after Bitcoins quick recovery from $9,450 placed the digital asset back above key support levels.

Despite the shock caused by yesterdays correction Bitcoin price still found support at the high volume node of the volume profile visible range (VPVR) at $9,300 to $9,438. While this is reassuring, some cautionary notes are low purchasing volume which highlights a lack of buyers interested in stepping into the current dip and the state of the two most frequently referenced oscillators by traders not yet registering oversold conditions.

BTC USDT 6-hour chart. Source: TradingView

On the 6-hour timeframe, the relative strength index (RSI) has yet to manage an oversold bounce and the moving average convergence divergence (MACD) line continues to plummet, pressing on -100 at the time of writing.

Traders will also notice that the MACD histogram bars continue to elongate in negative territory (below 0) and the pattern of lower highs in the 6-hour chart is unbroken.

If buyers continue to believe the current price action is not a buy the dip opportunity the price could drop below the VPVR high volume node ($9,438) and the 200-day moving average at $8,800 where there is another VPVR high volume node.

The shorter timeframe shows the price slowly making higher lows but the purchasing volume is not significant enough to hold the price above $9,600. Over the short-term, bulls need to defend the $9,500 support (black arrow on chart below) as the daily and weekly timeframe shows it to be a key level. A more significant trend change could push the price lower to $8,800 to $8,400.

If we zoom out to assess Bitcoins price action since reaching its 2019 top at $13,800 on June 26, 2018, we can see that the 38.2% Fibonacci Retracement level has been a frequent area where the price has bounced after strong corrections.

BTC USDT daily chart. Source: TradingView

Since June 26, 2018, the price has bounced here more than 10 times and yesterdays pullback brought the price to the 38.6% level again. Its crucial that the price stays above this level because the 38.6% Fibonacci retracement has also functioned as a strong resistance once the price dips below it.

On the flip side, assuming the price breaks out, we can also see that the last three Bitcoin rallies on October 12, 2019,February 12, 2020, and February 18, 2020, have failed to break above the 50% Fibonacci Retracement level. Thus, Bitcoin price needs to secure a few daily closes above $10,250 (50% Fibonacci retracement) before any calls for $11,000 can be seriously considered.

For the short term, Bitcoin price needs to knock out $9,630 and above this price, $9,750 is likely to function as a level of resistance. A more convincing maneuver would be to see Bitcoin price overtake the 20-MA of the Bollinger Band indicator and sustain above $9,850.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal - Cointelegraph

Michael Bloomberg, the billionaire former New York mayor-turned-U.S. presidential hopeful, has barely got his 2020 campaign off the ground but he's already talking about bitcoin and cryptocurrency.

Last year, U.S. president Donald Trump made bitcoin and crypto a 2020 U.S. election issue when he tweeted his opposition to bitcoin, cryptocurrencies and social media giant Facebook's planned libra project.

Now, Bloomberg, who appears to be following in Democratic race dropout Andrew Yang's footsteps in both bitcoin and meme-ery, looks to be setting himself up as the cryptocurrency candidate.

Democratic presidential hopeful Mike Bloomberg has said he wants to create a regulatory framework ... [+] for bitcoin and cryptocurrency development.

Bloomberg, who took a drubbing from all sides in the first Democratic candidate debate he's taken part in last night, has released a financial reform plan that promises to provide "a clear regulatory framework for cryptocurrencies."

"Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped," the plan reads. "For all the promise of the blockchain, bitcoin and initial coin offerings, theres also plenty of hype, fraud and criminal activity."

Elsewhere, Bloomberg's plans for reform of the financial sector include forcing banks to hold significantly more capital on their balance sheets and a financial transactions tax which could potentially cost Wall Street trillions of dollars while significantly increasing regulatory scrutiny of financial activities.

Bloomberg, who made his fortune with the widely-used financial data providing Bloomberg Terminal and made his name through his eponymous media company, cut his teeth on Wall Street in the 1970s.

Bloomberg's media company, which he has promised to sell if he wins the White House, has become well-known for its bitcoin and cryptocurrency coverage, going so far as to secure the @crypto Twitter handle.

Other Democratic presidential hopefuls, including frontrunner Bernie Sanders, former vice president Joe Biden, and senator Elizabeth Warren have made no mention of bitcoin or Cryptocurrencies in their campaigns so far. Pete Buttigieg, the mayor of South Bend, Indiana, has only said he thinks bitcoin should be "treated as a commodity."

Bloomberg, who has run an unconventional campaign, far outspending any of his rivals and eschewing the early debates, has made his strong desire to see Trump ousted from the White House his core message.

On bitcoin and crypto, Bloomberg's broad financial reform plan promises to clarify which agencies are responsible for overseeing the burgeoning space, clear up uncertainty surrounding the tax regime, define when digital tokens are securities, protect people from cryptocurrency-related fraud, and define the requirements for financial institutions in the space.

The U.S. bitcoin, cryptocurrency and blockchain community has long been calling on the regulators to clarify bitcoin and crypto rules, though some have opted to move to friendlier regions.

Last year, Facebook, decided to set up the independent governing body of its libra cryptocurrency in Switzerland.

"Everyone in the know is already well aware of Europes clear guidance on crypto custody, exchange licensing, rules for issuance of payment, utility and security tokens," blockchain pioneer and managing director of Yeomans Capital David Johnston, who has recently relocated to Switzerland, said last week, adding: "European rules are very clear at this point."

The bitcoin price has rallied over the last 12-months but remains far from its all-time highs of ... [+] around $20,000 per bitcoin.

Meanwhile, some are concerned by the aggressive language being used by current U.S. regulators and officials in relation to bitcoin and cryptocurrencies.

Last year,U.S. Treasury secretary Steve Mnuchin warned that bitcoin will not be widely used in ten years timeandthat it could be considered a U.S. national security risk, while Minneapolis Federal Reserve president Neel Kashkari recently branded cryptocurrencies "a giant garbage dumpster."

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The Unlikely Answer To U.S. Bitcoin And Crypto Problems? - Forbes

Two leading cryptocurrency analysts say they believe Bitcoin is in a new bull market cycle, but predictions that BTC is poised to soar to $100,000 are far too bullish.

In a recent episode of Trading Bitcoin, Tone Vays and the pseudonymous trader Filbfilb debate the current state of the crypto market and where it may head in the months to come.

Vays says BTC needs to close above $10,450 to signal that a bigger move to the upside is in store. Bitcoin came extremely close to that number on Wednesday, reaching $10,444 before plummeting to its current price of $9,568, according to CoinMarketCap.

Filbfilbs says his target for opening a long position is significantly higher. Hes looking to see if and when BTC can cross $11,500.

As for how high Bitcoin may climb in the next long-term market cycle, both analysts say they expect a new bull market top to hit well below a litany of predictions calling for a parabolic rise to $100k.

Says Filbfilb,

I think were going to struggle to get past $60k. I think $60k is going to be a really, really troublesome level to get across. Ill certainly be looking to book in some serious profits at that point.

I think you said it right in Fiji. I think you said the return you get off of these long-term positions versus the risk of you getting it wrong is a terrible trade. So trying to go higher than $60k I think would be a little bit foolish at this point. But certainly around $50k, $60k would be sensible.

Vays says hes looking for BTC to top out at a slightly lower price of around $45,000.

Although the traders say hype around Bitcoins halving is fueling price action in early 2020, they say rising trading volumes and an increasing number of outstanding derivative contracts are key metrics to watch in order to gauge real long-term interest in the space.

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Top Cryptocurrency Analysts Say $100,000 Bitcoin Predictions Way Off Base Heres Where They Think BTC Will Land - The Daily Hodl