At first glance, the social discussion website Reddit appears to have joined the ranks crusade against Bitcoin. If you search the entire site for the word scam, one of the top three results is Bitcoin.

Just whats going on? Has the website turned its back on the crypto asset space, or is there something much more innocent behind the seemingly defamatory search results?

Bitcoin has been previously called many things by those with a vested interest in its demise. Jamie Dimon, the CEO of JP Morgan Chase, famously described it as a fraud just as the last bull run was kicking into overdrive in September 2017. Meanwhile, billionaire investor Warren Buffet got a little more creative with his insults, deeming the cryptocurrency rat poison squared. Its hardly surprising that these clear representatives of the old system would attack Bitcoin. After all, who ever heard of a turkey voting for Christmas before?

However, it appears that a resource without such clear self interest in maintaining the global financial status quo has joined the ranks of the Bitcoin naysayers the social discussion forum, Reddit.Visit Reddits homepage today and do a quick search for the word scam. You will see that the subreddit r/Bitcoin is listed amongst the top three results.

Hitting view more shows that its not just Bitcoin that has apparently evoked the ire of Reddit. The crypto-focused subreddits r/Cryptocurrency, r/BTC, and r/Buttcoin are also listed as top results.

The phenomena was first pointed out by Reddit user u/Crypthomie. However, any suggestion that the website had decided to join Dimon et al. was quickly laid to rest by r/Bitcoin community members.

Rather than the first viable digital asset being labelled a scam by some Reddit overlord, instead the results simply show subreddits in which the word is frequently used. User u/roman-remus explained:

Its because of reddits search algorithm, that word is used a lot in this subreddit so when you search for it youll get results from the subreddits that use it the most.

There is no shortage of clear scams surrounding Bitcoin and other digital assets, and the legitimate calling out of such fraudulent schemes will have surely contributed to the subreddit being listed under the search term scam. The recent PlusToken incident, to name a particularly high profile example, will have added heavily to the total number of times the word scam has been mentioned on the subreddit.

However, bringing the total up even more seems likely to be the number of so-called Bitcoin maximalists who dismiss all other crypto projects as a scam. The staunchest Bitcoiners, following the ICO bubble of 2017/18, have become known in the cryptocurrency space for their liberal use of the word when describing any other coin or token other than Bitcoin.

It, therefore, appears that the Bitcoin maximalist penchant for calling everything a scam might have somewhat backfired. If someone not already familiar with the nuances of the industry were to search Reddit for the term scam, the site will display the r/Bitcoin subreddit. This is hardly the kind of PR needed for a technology that has already had more than its fair share of dirt thrown at it from genuine naysayers.

Related Reading: Crypto Tidbits: Bitcoin Branded a Scam, Ethereum Upgrade Completed, Telegrams ICO in Crisis

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Is Bitcoin a Scam? Heres Why Reddit Certainly Thinks So - newsBTC

Bitcoin has been on an absolute tear over the past few days, surging by some 20% from the $6,900 low put in last week. While some say it is too early to tell whether or not this jump marks an end to the brutal bear market that brought BTC from $14,000 to $6,400 at its worst, there are a number of technical signals that have been printed that imply bulls are decisively in control.

According to a number of analysts, Bitcoins charts are printing bullish technical signals galore.

BTCKyle posted the below tweet, noting that Bitcoins weekly chart has printed a bullish Parabolic Stop and Reverse candle for the first time since the $14,000 candle in June of last year. Yes, the SAR has not confirmed, though it is a positive sign for bulls should it close positive.

Thats far from the end of it. Josh Olszewicz, analyst at Brave New Coin, recently noted that Coinbase is now trading at a slight premium over Bitfinex. This is purportedly an extremely bullish signal that underscored much of the rally seen in 2019.

And Adaptive Capitals new analyst, CL, recently noted that Bitcoins four-hour chart is showing clear signs of a reversal on a medium-term basis. The trader and chartist specifically looked to the Bollinger Bands indicator, which he claims shows a bullish trend is currently emerging:

When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges. There is not much more to say, I will be buying dips. Send it.

All this has been underscored by the positive fundamental trend the cryptocurrency has seen.

Per previous reports from this very outlet, another bullish factor that is likely to aid Bitcoin is themacroeconomic and geopolitical environment. More specifically, the news that Iranian General Qassem Soleimani was killed in Baghdad in an airstrike directed by President Donald Trump.

According to a tweet from Mike Novogratz, a former Goldman Sachs partner and current chief executive of Galaxy Digital, the Iran situation is bullish for gold and BTC.

The investor elaborated by writing what he expects to happen on a geopolitical scale in the coming weeks. Slightly paraphrased, he wrote: Iran will begin to expel U.S. troops. Iran will have more influence in Iraq, which is what they want. The Saudis dont want conflict. Due to all this, the Middle East will become less stable, creating more volatility in global markets.

Not to mention, Bitcoins hash rate the measure of computational power processing BTC transactions hit a new all-time high on the 1st day of 2020. The all-time high, 119 exahashes per second, or 119 with 18 zeroes after it.

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Bye-Bye Bear Market? These Hallmark Bitcoin Reversal Signs Appeared - newsBTC

Bitcoin is currently the most popular cryptocurrency, but the percentage of people using it for making daily transactions is negligible. Even financial institutions shun it and do not offer products that cater to the cryptocurrency market. Thus, Bitcoin, which is worth thousands of dollars, is not traded on the world markets.

Bitcoin price has slumped recently, but they are expected to reach new highs. This is because the number of Bitcoin is fixed, but the number of people transacting in Bitcoin is increasing. As Bitcoin price is determined as demand compared to its supply, with demand increasing, its price is bound to rise.

Several Bitcoin faucets give small amounts of Bitcoin free to users. If users collect these small amounts for a long time, they can increase their Bitcoin holdings. However, this approach is time-consuming and strictly for small investors.

Bitcoin is increasingly used as a hedge for equities that are facing price fluctuations due to the US-China trade war. Any bad news on the trade front sees movement in Bitcoin prices suggesting that investors are backing Bitcoin to help them tide over these uncertain times.

In the initial days, Bitcoin enthusiasts knowingly or unknowingly used terms that would help the common man associate cryptocurrency with fiat currency. Today, these terms are proving to be impediments to the peoples understanding of Bitcoin.

Following are some of the misleading terms associated with Bitcoin:

The classic picture of a shining coin embossed with the Bitcoin symbol with a plastic case in the background was a clever marketing ploy to show users that a Bitcoin was not only a physical coin but was as valuable as gold or silver coins.

With this idea, when users buy Bitcoin, they are shocked as there are no coins, not even digital ones, which they can see. The human brain is wired to see physical coins and notes and in their absence, we feel a definite lack of trust. Whats more, you cannot even touch Bitcoin. Thus, the idea of giving up fiat currency for a currency that we can neither see nor touch creates apprehension in the minds of common people.

We hold banks accountable for safeguarding our holdings. We can pay a visit to banks; meet people handling our hard-earned money. With Bitcoin, there are no such interactions, even there are number of crypto games available that use bitcoin as payment. By using the term coin in Bitcoin, we prompt users to seek the same systems they see with fiat currency, which is just not the case with Bitcoin.

A traditional wallet is used to store fiat currency and can be carried wherever required. A cryptocurrency wallet can also be used wherever required but it does not hold any cryptocurrency. It only holds the users private keys, which will enable him to access his Bitcoin holdings. Again, this also confuses new users because they are used to carry physical cash in wallets. In the case of Bitcoin, its like they have put a lock on their wallets and are carrying the keys in their pockets.

Mining in the context of bitcoin is being used to give an idea of several miners looking to strike gold, while in the actual sense, there are rows of computers competing to solve a problem.

There is a new contest every ten minutes with a reward of 12.5 Bitcoin for miners whose blocks get accepted on the blockchain. This contest will last for 21 years.

Thus, rather than mining, it is more akin to a lottery, especially as mining farms with ASIC miners are employed which utilize huge computational power to break the cryptographic code. Mining refers to the physical search for some precious resource, while lottery refers to putting ones fate in someone elses hands, which is exactly what humans do with computer farms for mining.

We can conclude that Bitcoin is nothing like fiat currency and people need to be educated to accept that it is shapeless, formless, but still just as legitimate as the currency they hold in their wallets.

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Confusion still prevails regarding Bitcoin as a Virtual Currency - FinanceLong

Bitcoin (BTC) made a sudden jump of 8% yesterday and is currently hovering at around $7,300. As the price bounced from $6,900, a higher low is presenting itself on the chart, but does this mean that the bottom is there?

Crypto market daily performance. Source: Coin360

BTC USD 1-day chart. Source: TradingView

The price of Bitcoin is still moving inside this downwards channel since last years high of $13,900. Remarkably, the price corrected towards the Golden Pocket Fibonacci area (0.618-0.65 level) and is currently showing a potential higher low.

The green area is also a significant area from 2018, as that was the zone the price of Bitcoin bounced on for 6-months.

Given that the price bounced from $6,900 to $7,400, theres buying pressure shown from this area, indicating that the price might be bottoming inside this range.

BTC USD 1-day linear chart. Source: TradingView

The linear chart shows similarities with the log scale chart. However, theres more of a falling wedge construction rather than a channel. Meaning that the price is gathering strength for a breakout through the coming weeks, marking this level as a bottom area.

The chart is also showing a bullish divergence, which marked the temporary low at $6,500. Generally, bullish divergences mark a trend reversal (also seen in the December 20118 low at $3,100).

If price maintains this red box as new support and a higher low is established, then Bitcoin could face a rally towards $9,000 over the coming months.

Total market capitalization 1-day chart. Source: TradingView

Similar signs show the total market capitalization chart, which has retraced to April 2019 levels. A test was confirmed by a sharp bounce upwards, followed by a potential higher low construction as we speak. Aside from these signals, a substantial bullish divergence potentially marked the bottom of this retracement.

This retracement is currently hovering around the 0.618-0.65 Fibonacci level as well (similar to Bitcoin). If market capitalization can maintain this higher low and consolidate on this level, a breakout to the upside of this falling wedge looks more likely than further downside momentum.

Crypto fear & greed index. Source: Alternative.me

Usually, when an asset is marking a temporary top, the sentiment is euphoric and greed becomes palpable. The opposite effect is the case around bottoms. People are usually scared and depressed as they are expecting further downwards momentum. The Fear & Greed Index has been showing fear for the last weeks, indicating that the overall market sentiment doesnt expect a breakout to the upside.

The price is still moving south, which means that some fear is warranted in the market. However, as the price is trying to bottom here, it would be interesting to look at potential upside momentum rather than further downwards. The same can be spotted on altcoins, for example, Ethereum (ETH).

ETH USD 1-day chart. Source: TradingView

The ETH chart is showing a similar wedge formation as the Bitcoin and total market capitalization charts, meaning that a breakout to the upside is likely to occur in the next month. Aside from that, the price bounced from a support area here and is potentially making a bottom formation.

ETH BTC 2-day chart. Source: TradingView

On the BTC chart, many altcoins are facing a long term downtrend. Ether, for example, is in the midst of a 2-year old downtrend that it must break out of. Interestingly, the months of January/February have historically seen Ether price significantly increase and/or breakout of downtrends.

During 2016, a similar breakout was shown, after which 2017 repeats the same move. First, a bottom formation includes a bullish divergence. After this, a higher low is marked, followed by a breakout to the upside.

In 2018 and 2019, a significant move to the upside was seen in the ETH/BTC pair as well, though no breakout of the general downtrend occurred. This time its possible, however, as Ethereum Classic (ETC) and Bitcoin Cash (BCH) are already breaking their downtrends that have been in place for two years.

So what must Bitcoin price do now to generate such a breakout to the upside?

BTC USD bullish scenario. Source: TradingView

As discussed previously in the article, the price needs to maintain the blue area as a higher low and not drop below it. As long as that level is sustained as support, a breakout to the upside is likely to occur. This would cause the 6-month old downtrend to break to the upside, which potentially means the end of the downward momentum.

The targets based on previous support/resistance and Fibonacci levels first include $8,000. If thats broken, the price is ready to aim for $9,100-9,500, which would typically shift the sentiment from fear to neutral.

BTC USD 1-day bearish scenario. Source: TradingView

A bearish scenario can be warranted through the opposite of the bullish scenario and is pretty basic. If the price of Bitcoin is not able to hold the blue area as support, the bullish divergence is not confirmed, and the price is ready to continue downwards.

In that regard, a potential retest of the $6,900 level would grant an excellent short opportunity, and then the next support zones can be found in the $6,200-6,500 area.

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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Heres What Must Happen for $9K Bitcoin Price in the Coming Months - Cointelegraph

While it pales in comparison to previous bear markets (prominently including 2018's 85% drop from nearly $20,000 to a low of $3,200), there's no denying that sellers have been in control of bitcoin over the last six months. Since peaking just below $14,000 in late June, bitcoin has put in a consistent series of lower highs and lower lows, culminating (so far) with the mid-December low under $6,500.

Ho-hum, just another run-of-the-mill 50% crash in the world's oldest cryptocurrency.

As any diehard bitcoin "hodler" will tell you though, developers continue to improve the underlying bitcoin protocol regardless of price movements. While the much-anticipated bitcoin ETF has yet to garner regulatory approval in the US, a series of other upgrades have come online in recent years, including the faster, cheaper "lightning network" layer-2 solution, as well as the space-saving Segregated Witness (SegWit) proposal. Looking ahead, developments like more efficient Schnorr signatures and privacy-enhancing Taproot could be future catalysts for improved functionality.

At the end of the day though, what traders are most interested in are the price movements, and from that perspective, there are some clear technical signs that bitcoin's recent downtrend may be coming to an end.

Quietly, BTC/USD has rallied more than 20% in the past three weeks and is probing its highest levels since late November. More to the point, this rally has come in the context of a classic inverted head-and-shoulders pattern. For the uninitiated, this pattern shows a transition from a textbook downtrend (lower highs and lower lows) to an uptrend (higher highs and higher lows) and is often seen at significant bottoms in the market:

Source: TradingView, GAIN Capital. Note that this is a logarithmic chart.

The fact that both the RSI and MACD indicators have been trending higher since late November (despite the marginal "lower low" in price) confirms that the selling pressure is drying up, a necessary precursor to the start of a new uptrend.

That said, bulls are far from "out of the woods" as of writing. Bitcoin is currently testing its 100-day moving average and remains within the bearish channel off its June peak. A confirmed break above this resistance zone in the 7900-8200 area is needed to confirm a shift in the medium-term downtrend.

Bulls can take solace that at least, after six-month period of frustration and despair, there are some proverbial "green shoots" at the start of 2020.

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Could Bitcoins 6-Month Downtrend Be Coming to an End? - FXStreet

Ripple's XRP, currently the world's third-biggest cryptocurrency by market value behind bitcoin and ethereum, has suddenly soaredjumping by around 10% and prompting an uptick in most other major cryptocurrencies.

Ripple's XRP led the market higher today, up around 10%, while bitcoin cash added some 5% and ethereum was up 3%. Bitcoin, usually the main crypto market mover was relatively unchanged, up by some 1% along with its rival litecoinperhaps due to a famous bitcoin bet being revealed as a "ruse."

[Update: 1.34am EST 01/07/2020] Bitcoin joined the rally late in the day, with the bitcoin price rocketing more than $400 in just a few hours to over $8,000, according to prices from the Luxembourg-based Bitstamp exchange, before falling back to trade around $7,850up some 5% over the last 24-hour trading period.

Ripple chief executive Brad Garlinghouse has faced accusations the company is selling off large ... [+] amounts of the XRP token, driving the price lower and upsetting XRP holders.

XRP's sudden surge higher comes after Malta-based bitcoin and cryptocurrency exchange Binance, the world's largest crypto exchange by volume, announced it will be adding Ripple's XRP and the stablecoin tether as a futures trading pair.

The XRP tether contract offers leverage of up to 75 times, according to Binance, and is the exchange's fourth tether-tied futures trading pair, along with bitcoin, bitcoin cash, and ethereum.

Ripple has said it expects to grow its customer base by 30% to 40% this year, from 300 currently, and boasted transaction volume on the Ripple network will rise more than 600%.

The sharp rise in the XRP price comes on the back of comments made by Ripple chief executive Brad Garlinghouse late last year playing down suggestions Ripple is selling off large amounts of XRP and claiming Ripple "cant control XRP price."

"Ripple owns a lot of XRP, were very interested in the success of XRP, but the accusations of us dumping, thats not in our best interests to do that," Garlinghouse told U.S. television network CNN last month, adding "we would never do that and in fact, weve taken steps to lock up most of the XRP we own in escrows so we cant touch it."

Garlinghouse also denied that Ripple, which owns some 60% of XRP tokens, could move the XRP price.

"Ripple cant control the price of XRP any more than the whales can control the price of bitcoin."

The price of Ripple's XRP has been on a long-term downward trend as the company works to sign up ... [+] banks and other financial service companies to its technology.

The price of Ripple's XRP is down some 45% over the last 12 months, with many in the Ripple community decrying the company's practice of selling XRP tokens to boost its financial performance.

Bitcoin has outperformed almost all of its peers over the last year or so. The bitcoin price is around double where it began 2019 while most other major cryptocurrencies, including Ripple's XRP, ethereum, bitcoin cash, and litecoin have struggled to break out of their now two-year long bear market.

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Bitcoin Rockets Over $8,000 As Ripples XRP, Ethereum, Bitcoin Cash, And Litecoin Suddenly Soar [Updated] - Forbes

Bitcoin bets, ranging from predictions the cryptocurrency would soon to be worth millions to forecasts it would fade into obscurity, are easily made and more easily forgotten.

The bitcoin price explosion over the last few years took most by surprise with some bravely betting the bull run would never end.

Now, John McAfee, the controversial and outspoken one-time software pioneer-turned international playboy, has revealed his famous promise to "eat my dick" if bitcoin isn't worth $1 million by the end of 2020 was nothing more than a ploy to gain attention and followersleaving many bitterly disappointed.

John McAfee made his name in computer security software but has recently turned to more unorthodox ... [+] pursuits, including a run for U.S. president in 2016.

"Eat my dick in 12 months? A ruse to onboard new users," McAfee said via Twitter.

"It worked. Bitcoin was first. It's an ancient technology. All know it. Newer blockchains have privacy, smart contracts, distributed apps and more," adding that bitcoin is to cryptocurrency what the Ford Model T was to cars.

A little over two years ago, McAfee upped his previous prediction that bitcoin would be worth $500,000 by the end of 2020, claiming he used an out-of-date model that predicted a single bitcoin would be worth $5,000 at the end of 2017. The bitcoin price at the end of 2017 was almost $20,000 after an epic, ballooning bull run through the last month of the year.

"[Bitcoin] has accelerated much faster than my model assumptions," McAfee said in November 2017. "I now predict bitcoin at $1 million by the end of 2020. I will still eat my dick if wrong."

The bitcoin price would have to climb around 14,000% between now and the end of the year for McAfee win his bet with the Dickening countdown website, named after the crypto community's name for the bitcoin halving, keeping track of the odds.

McAfee, who is planning to repeat his 2016 run for U.S. president this year, has now said the vow to "eat my dick" resulted in "onboarding 10,000 new users to crypto," adding that he doesn't care what the bitcoin price will be in two years time and bitcoin is "irrelevant" to cryptocurrency.

McAfee also named privacy-focused cryptocurrency monero as his digital token and blockchain of choice but poured scorn on the controversial XRP token created by U.S.-based company Ripple.

The bitcoin price has outperformed almost all other major cryptocurrencies over the last two years, with many smaller bitcoin-rivals losing almost all their value.

The bitcoin price rose by thousands of percent over the last decade though bitcoin has failed to ... [+] maintain its near-$20,000 price tag over the last two years.

Meanwhile, many are still confident bitcoin is the cryptocurrency to back.

A little over a year ago, Anthony Pompliano, co-founder and partner at bitcoin and cryptocurrency-focused asset manager Morgan Creek Digital, put up a $1 million wager that the performance of the top ten biggest cryptocurrencies will prove to be a better investment than the biggest U.S. stocks and shares.

Others have made less headline grabbing bitcoin bets, with the billionaire PayPal cofounder Peter Thiel last year upping his stake in a renewable energy-focused bitcoin mining operation based in San Francisco.

In October, widely-respected bitcoin analyst PlanB, who created the so-called stock-to-flow bitcoin pricing model, reiterated his expectation that bitcoin will hit $100,000 before Christmas 2021.

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One Of The Biggest Bets In Bitcoin Revealed To Be A Ruse - Forbes

Bitcoin has settled above SMA50 weekly for the first time since the beginning of December. If the coin holds the ground, we may see another bullish leg towards $8,500 in the nearest future.

At the time of writing, BTC/USD is changing hands at $7,859. The first digital coin stopped within a whisker of psychological $8,000 before the technical correction pushed it back below $7,900. Bitcoin gained over 4% in recent 24 hours and 1.2% since the beginning of the day. Notably, Bitcoin has been growing strongly since January 3 and printed the fifth bullish candle in a row amid strong upside momentum.

Iran-US tensions tops the list of possible Bitcoin bullish drivers. While opinions divided on this matter, the escalation may have had at least an indirect influence on the cryptocurrency market. The conflict may lead to growing oil prices, which in turn will translate into higher inflation rates. Being regarded as a hedge against inflation along with gold, Bitcoin may gain popularity among investors.

Upcoming halving is another potential reason behind the pump. A stock to flow (S2F) ratio implies that Bitcoin is grossly undervalued even after the current price surge. The Bitcoin's S2F ration that defines how long would it take to reach the maximum supply at the current rate of production has multiple -0.15, which means that its fair value is about $8,500. However, the data is retrieved from the S2F Multiple Twitter bot that has a history of overestimating Bitcoin price potential. While the model is not perfect, it can be used in conjunction with other tools and indicators.

At the time of writing, BTC recovery is capped by SMA100 (Simple Moving Average) at $7,950. This barrier is closely followed by a psychological $8,000. Once it is out of the way, the upside is likely to gain traction with the next focus on $8,400. This barrier is created by a confluence of 50.0% Fibo retracement for the upside move from December 2018 low to July 2019 high and the upper boundary of the long-term descending wedge.

On the downside, the initial support lies with $7,700 (SMA50 weekly and the upper line of the daily Bollinger Band). If this area is cleared, the sell-off may be extended towards $7,350 (SMA50 daily) and $7,000.

Read more:
Bitcoin may extend the growth to $8,500 and here is why - FXStreet

With massive earthquakes and a possible Tsunami warning for Puerto Rico, Bitcoin (BTC) billionaires like Brock Pierce have an opportunity to make good on promises made to transform the Caribbean island.

The U.S. Geological Survey says another earthquake hit Puerto Rico on Tuesday (January 7, 2020). Tuesdays 6.4 magnitude tremor follows a 5.8 magnitude shock that ripped through the island on Monday (January 6, 2020).

According to CNN, Puerto Ricos Electric Power Authority is reporting power outages across the island as the tremors have triggered emergency protection protocols in many electric power stations.

Back in 2017, following the decimation of Hurricane Mara, Brock Pierce and several other Bitcoin billionaires moved to Puerto Rico promising to revamp the islands infrastructure while enjoying massive tax holidays.

At the time, the group of crypto billionaires reportedly wished to create a cryptocurrency utopia in Puerto Rico transforming the island into a high-tech virtual currency paradise.

Now, with the island suffering another major devastation, its perhaps time for these Bitcoin billionaires to make good on their promises. Still reeling from the effects of Hurricane Mara, the island is likely in need of emergency relief. Crypto funds are certainly better suited to fund such an endeavor with lightning fast payment channels available and low fees.

While Pierce and co may have been unable to build their crypto utopia on Puerto Rico, the current situation is perhaps an opportunity to stand up and be counted.

As previously reported by Bitcoinist, Bitcoin has proven to be an effective currency for supporting relief efforts across the globe. Global charity organizations like UNICEF are open to the growing utility of BTC for humanitarian projects.

Amid the ongoing devastation of wildfires in Australia, a Bitcoin donation address has been created to assist those fighting the flames. Bitcoin donations are also providing sustenance for thousands of economically disenfranchised people in Venezuela as reported by Bitcoinist back in 2019. Bitcoin donations were also sent after the Notre Dame fire incident in April 2019.

Apart from emergency relief efforts, Bitcoin donations are also supporting projects that combat internet censorship. In mid-2019, Tor raised 65% of its $10,000 target from Bitcoin donations in only one day.

Do you think the likes of Brock Pierce and other crypto billionaires in Puerto Rico have a duty to contribute to relief efforts on the island following the recent earthquakes? Let us know in the comments below.

Images via Shutterstock

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Puerto Rico Suffers 2 Earthquakes, Will its Bitcoin Billionaires Help Out? - Bitcoinist

Bitcoin may have started 2019 strong but ever since it posted a high of $13,880 in June, the top cryptocurrency has been correcting. It dropped to as low as $6,425 in December. At that point, bearish calls for a revisit to $5,000 levels were strong.

Those who have been waiting to buy below $6,000 have been left out. The digital gold is now trading above $7,000 and analysts are expecting bitcoin to leave this price area soon. Many see a base being formed, which can propel the number one cryptocurrency to greater heights early this year.

After a weak second half of 2019, it appears that the worst is behind for the most dominant cryptocurrency. A number of widely-followed analysts on Twitter say that bitcoin is carving a bottom.

For instance, Faisal Sohail believes that the cryptocurrency has already tapped the bottom when it dropped to $6,475 in December. He believes that the digital asset will trade between $7,000 and $12,000 before the halving.

User Bitcoin Macro supports Faisals view. In an emphatic tweet, Bitcoin Macro exclaims that the bottom is already in. He also tells his followers not to get shaken out.

Majin, Crypto Twitters biggest bull, has also turned bullish after months of uncertainty. The liquidity game theorist believes bitcoin will take off and leave $7,000 behind.

BTC has been range trading between $6,700 and $7,600 since November 20, 2019. Thats a $900 range over 45 days. To many analysts, this is a sign that a new base is being built to prepare bitcoin for the next leg up, hence, the call for a bottom.

Charles Edwards, head of digital investment firm Capriole, sees a potential accumulation pattern forming. More importantly, he believes that the bottom is already in. According to Edwards, his bias would be confirmed once bitcoin trades above $8,000.

Edwards is not alone in seeing a pattern indicating that whales and other smart money investors are accumulating the largest cryptocurrency. Trader CryptoWolf also sees an accumulation pattern developing. His bias will be confirmed once the price goes above $8,090. A move above that level would also trigger the breakout from a large falling wedge.

CryptoWolfs initial target is $9,550 and then $11,600.

With these signals, other traders are expressing their optimism on the prospects of the top cryptocurrency. The popular trader The Crypto Dog tweeted that hes bullish on bitcoin.

The widely-followed Crypto Rand shares The Crypto Dogs upbeat outlook on the dominant cryptocurrency.

Is it a coincidence that the top analysts are tweeting bullish statements on bitcoin as the top cryptocurrency prints an accumulation pattern? Probably not. Its very likely that these analysts are also seeing the bottom or base-building signals on the number one coin. If theyre right, then strap in. Bitcoins 2020 price action might start off with fireworks.

Disclaimer: This article represents the authors opinion and should not be considered investment or trading advice from CCN.

This article was edited by Sam Bourgi.

Last modified: January 6, 2020 5:00 PM UTC

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Bitcoin 2020: The Bottom is In and Prices are About to Surge, Several Analysts Claim - CCN.com