Category Archives: Bitcoin

Bitcoins ascent above $19,500 was cut short early on Tuesday, possibly due to profit taking by large Asia-based investors, according to one analyst.

The top cryptocurrency fell from $19,555 to $19,035, with most of the drop unfolding during the two hours to 06:00 UTC, according to CoinDesk 20 data.

I think Asian whales sold around $19,500 causing prices to drop, Ki Young Ju, CEO of South Korea-based blockchain analytics firm CryptoQuant, told CoinDesk, referring to those with big crypto holdings. He highlighted an increased inflow of coins onto crypto exchange heavyweight Huobi Global, which has a Hong Kong presence, soon before prices began falling.

A total of 2,013 coins were transferred to Huobi in blocks 661,425 to 661,430 just 15 minutes before the price dip, Ju said, adding that block number 661,425 carried 1,017 coins, the highest single-block inflow on Huobi since Nov. 30.

Monday saw 8,836 BTC arrive on Huobi in total, with a mean transaction of 4.5 BTC, the highest since March 2018, according to CryptoQuant.

Bitcoin inflows on Huobi

The uptick in the average size of exchange deposits indicates that larger investors were transferring their coins to Huobi and may have liquidated their holdings around $19,500, a level which has acted as stiff resistance of late.

Bitcoin has failed multiple times to establish a foothold above that point since Nov. 25, thought to be largely due to some investors booking profits on fears of a near-term sell-off.

At press time, bitcoin has rebounded to near $19,300 and the path of least resistance for the cryptocurrency remains to the higher side, according to analysts.

The options market sees a 35% probability of bitcoin ending December above $20,000, according to data source Skew. Thats significantly higher than the single-digit probability seen three months ago when bitcoin was trading near $10,000. Some investors look to have bought call options at the $20,000 strike price on Monday.

Bitcoin: Daily change in options open interest

Skew data shows the open interest or the number of open positions in the bullish $20,000 call rose by 1,054 contracts on Deribit, the worlds largest crypto options exchange by volume and open interest.

However, forcing a breakout above $20,000 in the short term may prove to be an uphill task for the bulls, as there are sizable sell orders open in the approach to a new record high spot price.

There are still offers above $19,500 up to $20,000, Patrick Heusser, head of trading at the Zurich-based Crypto Broker AG, told CoinDesk. The U.S.-based cryptocurrency exchange Coinbase shows 700 bitcoin for sale right at $20,000, but all other exchanges show some offers up there as well in the region of 200-300 coins.

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Bitcoin May Have Hit Wall of Profit Takers Around $19,500: Analyst - CoinDesk - CoinDesk

Globe Newswire

Dublin, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The "U.S. Steel Merchant and Rebar Market Size, Share & Trends Analysis Report by Product (Merchant Bar, Rebar), by Application (Construction, Infrastructure, Industrial), and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering. The U.S. steel merchant and rebar market size is anticipated to reach USD 14.1 billion by 2027, expanding at a CAGR of 5.2%. The construction segment dominated the market with the highest revenue share in 2019. Construction is one of the largest end-use industries of steel products. As per the World Steel Association, it accounts for more than 50% of the global demand for steel.Various infrastructure and construction sites require massive amounts of steel to enhance the strength of structures. Steel is affordable, easily available, and has various properties including versatility, durability, high strength, and 100% recyclability. Steel rebars have a wide range of applications in infrastructure development and residential and commercial construction sectors in high-rise structures, highways, braces, brackets, and ornamental work.Due to the recent COVID-19 outbreak, numerous businesses and governments were operating at limited capacity in the first half of 2020. However, the construction sector has shown positive signs of recovery in the second half of 2020. For instance, as per the U.S. Census Bureau, completions of privately-owned housing projects increased by 3.6% in July 2020 from the previous month. Similarly, completions of single-family housing projects witnessed a rise of 1.8% during the same period.Rising demand for Fiber-Reinforced Polymer (FRP) rebars is likely to restrain the market growth over the coming years. Corrosion of steel rebars affects the life expectancy of reinforced concrete structures. In some cases, repair costs can be double of the original construction costs. Corrosion leads to faster degradation of reinforced structures, which increases the costs associated with it. To reduce the infrastructure gap, the U.S. government is introducing various investment plans.For instance, in the 2019 budget, USD 100 billion were provided as incentives to prioritize infrastructure maintenance, generation of revenue streams, and modernization of procurement practices. Also, USD 50 billion funds were allocated for the development of the rural infrastructure of the country, and additional funds were dedicated to various infrastructure needs of the country. Thus, long-term investment in infrastructure development is projected to boost the demand for steel merchant & rebars over the coming years.U.S. Steel Merchant and Rebar Market Report Highlights In terms of volume, the infrastructure segment is projected to register the fastest CAGR of 4.7% from 2020 to 2027Key driving factors for the segment are increasing investments by the U.S. Federal government in the infrastructure segmentThe industrial segment accounted for a considerable revenue share in 2019. Demand for commercial spaces in high-rise buildings is projected to push the product demand in this segmentRebars was the largest product segment and accounted for a volume share of 60.4% in 2019A moderate boost to the residential construction after the first half of 2020 is likely to push the demand for rebars over the short termIn the merchant bar product segment, angles & channels were the fastest-growing subsegments and are anticipated to expand further on account of rising spending in public and private infrastructure developmentSluggishness in the economic activities in 2019 and the outbreak of COVID-19 in 2020 have created an impact on the U.S. steel merchant & rebar demand in the recent past. In terms of volume, the market has declined by 2.1% from 2018 to 2019. Key Topics Covered: Chapter 1. Methodology and ScopeChapter 2. Executive Summary2.1. Market SnapshotChapter 3. U.S. Steel Merchant & Rebar Market Variables, Trends & Scope3.1. Penetration & Growth Prospect Mapping3.2. Industry Value Chain Analysis3.2.1. Raw material trends3.3. Regularity Framework3.4. Market Dynamics3.4.1. Market Driver Analysis3.4.2. Market Restraint Analysis3.4.3. Market challenges3.5. Business Environment Analysis: U.S. Steel Merchant & Rebar market3.5.1. Industry Analysis - Porter's3.5.2. Pestel AnalysisChapter 4. U.S. Steel Merchant & Rebar Market: Product Estimates & Trend Analysis4.1. Definition & Scope4.2. Product Movement Analysis & Market Share, 2019 & 20274.3. Market size & forecasts and trend analysis, 2016 to 20274.3.1. Rebars4.3.1.1. Market estimates & forecasts, 2016 - 2027 (Kilotons) (USD Million)4.3.2. Merchant barsChapter 5. U.S. Steel Merchant & Rebar Market: Application Estimates & Trend Analysis5.1. Definition & Scope5.2. Application Movement Analysis & Market Share, 2019 & 20275.3. Market size & forecasts and trend analysis, 2016 to 20275.3.1. Construction5.3.1.1. Market estimates & forecasts, 2016 - 2027 (Kilotons) (USD Million)5.3.2. Infrastructure5.3.3. IndustrialChapter 6. U.S. Steel Merchant & Rebar Market - Competitive Analysis6.1. Key players & recent developments & their impact on the industry6.2. Vendor Landscape6.2.1. List of potential end-usersChapter 7. Company profiles Gerdau S.A.NucorCMC SteelSteel Dynamics Inc.Schnitzer Steel Industries, Inc.Nippon Steel CorporationJFE Steel Corporation For more information about this report visit https://www.researchandmarkets.com/r/do06z7 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

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Beware the 2021 Bitcoin price crash. Im buying the best UK shares to get rich instead - Yahoo Finance UK

Institutional investors may be all thats pushing up the price of Bitcoin (BTC), a new report from JPMorgan Chase claims.

In comments on Dec. 18quoted by Bloomberg, strategists led by Nikolaos Panigirtzoglou added to recent forecasts about the role of institutions in Bitcoins future.

According to JPMorgan, the largescale inflows seen this month must continue to avoid a price correction.

As Cointelegraph reported, theories tied to recent price rises include institutional investors buying via over-the-counter trades that suck up the available supply. This has been called a liquidity crisis, which will only accentuate with time, while this week, another analyst claimed that the cycle could fuel the Bitcoin bull run indefinitely.

For JPMorgan, however, buyers need to keep up the pace to avoid the opposite scenario: losses.

Concerning Grayscale, which now has $13.1 billion in crypto assets under management, they reasoned that the sheer size of inflows means that they are too big to allow any position unwinding by momentum traders to create sustained negative price dynamic."

Despite this, Bitcoin was still "overbought" at current price levels near $24,000 as the relative strength index (RSI) rose above 70. A later price dip on Monday brought the RSI below this threshold.

Previously, Panigirtzoglou and otherssuggested that Bitcoin could benefit from a $600 billion cash injection from institutional uptake after insurance giant MassMutual revealed a $100 million allocation.

Building on previous warnings over gold losing its place to Bitcoin, meanwhile, the latest findings identified a new trend formed by Grayscale. Exposure to Bitcoin could involve one buying one unit of Grayscale while selling three units of the SPDR Gold Trust.

If this medium to longer term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years, they added.

The correlation between gold and Bitcoin has decreased since October as Bitcoin rallied to new all-time highs.Gold saw rejection at $1,900 on Monday after extending a modest recovery from lows below $1,800.

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JPMorgan: Bitcoin is 'overbought' but will suck money out of gold - Cointelegraph

This weeks sustained rise in initial jobless claims will be concerning news for investors.

Despite brighter days on the horizon, the economic recovery has narrowed and economic growth in the near term is likely to struggle. While the terms of a potential fiscal relief package are still very much up in the air, it may not be enough to help some industries and companies survive through the winter.

Overall, there is optimism about the long-term outlook for the economy but caution still remains in the near term. The coronavirus continues to spread at a rapid pace, with an increase in hospitalizations and deaths unfortunately following close behind.

The success of vaccine trials has boosted enthusiasm about a sooner-than-expected rebound in economic growth. However, any rebound will likely not be allocated equally among all sectors of the economy, and many things need to go right, including a smooth distribution process, no manufacturing or supply chain hiccups and widespread adoption of the vaccine.

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Bitcoin hits record high over $23,000; US jobless claim surge as it happened - The Guardian

Bitcoin climbed over the weekend to the $19,200 territory. Looking at ethers price as a percentage of spot BTC, it may be undervalued.

Bitcoin trading on Bitstamp since Dec. 11.

The price of bitcoin reversed course over the weekend from a downward slide, with an upward trend that began on Saturday.

This weekend, bitcoin demonstrated a V-shaped reversal. After the appearance of such a figure, the growth usually continues, said Constantin Kogan, a partner at investment firm Wave Financial.

Daily spot bitcoin price the past six months on Bitstamp.

Over the past 24 hours, the price hit a high of $19,323, according to CoinDesk 20 data, before settling around $19,196 as of press time.

Quite a strong move over the weekend, noted Chris Thomas, head of digital assets for Swissquote Bank. I wouldnt expect a continuation of 3%-4% a day. Well likely test the highs again in the next few days and will be met with a lot more sell orders [from] short- to medium-term whales and institutional traders.

After a higher-than-expected amount of volume over the weekend, including over $865 million in spot exchange volume Sunday for the eight exchanges tracked by the CoinDesk 20, Mondays tally is looking lower, at $569 million as of press time.

Bitcoin spot volumes on CoinDesk 20 exchanges.

We still see the market challenging the all-time high but there is not a lot of conviction behind it. This can be seen in the lower volumes, said Joel Edgerton, chief operating officer of cryptocurrency exchange Bitflyer USA. December normally has lower volumes due to holidays and vacation among Western institutional clients.

Fewer liquidations in the derivatives market is also helping bitcoin stay steadier. Stalwart futures platform BitMEX, for example, has seen liquidations, the platforms equivalent of a margin call, dry up in the midst of its regulatory issues. The exchanges influence in 2020 was previously obvious given the massive amount of sell liquidations that occurred in March when all markets crashed on macroeconomic issues related to the coronavirus.

Bitcoin liquidations on derivatives venue BitMEX the past year.

Since then, however, the BitMEX effect has waned. Bitcoins volatility has also flattened out of late, with the 30-day volatility as calculated by CoinDesk Research at 57%, close to where it started 2020 when it was at 53% Jan. 1.

Bitcoins 30-day volatility in 2020.

There may be a few more attempts at the highs before the sellers disappear but, importantly, there is enough new volume on the buy side to keep us up around these levels and eventually buy all the sellers offers around $20,000, added Swissquotes Thomas.

While bitcoin is up 166% so far this year, its ether that is going gangbusters in 2020, up over 346%.

Bitcoin (gold) performance versus ether (blue) in 2020.

Cryptocurrency veterans like Henrik Kugelberg, an over-the-counter trader, expect occasional peaks and troughs while remaining steadfastly mega-bullish. Correction of course, he said, on the way upwards on rocket fuel!

Ether at 3% of bitcoins price

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday, trading around $586 and climbing 0.14% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

Ethers price as a percentage of the spot value of bitcoin is hovering around 3% according to data aggregator Skew. This is after the native asset of the Ethereum network started the year at below 2% of the price per 1 BTC and going as high as 4% on Sept. 1 during the fervent period of popularity for decentralized finance, or DeFi, in 2020.

Ether price as a percentage of bitcoin price over the past year.

John Willock, chief executive officer of Tritum, a diversified crypto services provider, is highly bullish on ether. He expects more institutional participation on the Ethereum network in 2021 and noted the increase in address activity in 2020.

In the next six months, I think the most interesting metrics to follow will be large accumulations in addresses that can be attributed to institutional buyers soaking up supply, and proving long-term upward price expectations from educated participants, Willock told CoinDesk. Things like [nonfungible tokens], DeFi and various other integrations this year that have utilized Ethereum as a layer but obfuscated it from users.

Other markets

Digital assets on the CoinDesk 20 are mixed Monday, mostly red. Notable winners as of 21:00 UTC (4:00 p.m. ET):

The CoinDesk 20: The Assets That Matter Most to the Market

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Market Wrap: Bitcoin Pushes Past $19.2K; Ether at 3% of BTC Price - CoinDesk - CoinDesk

A positive day for stocks is building after the Federal Reserve pledged to keep policy accommodative until the economy is on its feet. And investors remain hopeful that U.S. lawmakers will get a stimulus deal done.

To be sure, equities have had a pretty decent 2020, considering the misery brought on by the COVID-19 pandemic. But the S&P 500s SPX, -1.15% year-to-date gain of 14% has nothing on how one group of alternative assets have been faring.

Up over 200% this year, cryptocurrency superstar bitcoin BTCUSD, -1.10% sailed to a new record of $22,000, tapping above $23,000 at one point early on Thursday, a day after reaching above $20,000. And weve got a couple of fresh calls on the cryptocurrency that indicate it may have much, much further to go.

Try $400,000, says Scott Minerd, chief investment officer of investment bank Guggenheim Partners, who made that prediction to Bloomberg News late on Wednesday.

Minerd said his bank started allocating toward bitcoin when it was at $10,000, and while that becomes challenging as the price is now closer to $20,000, our fundamental work shows that bitcoin should be worth about $400,000.

The leap from here to $400,000 is based on scarcity and relative valuation to such as things like gold as a percentage of GDP [gross domestic product]. Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions, said Minerd.

Wall Street wasnt exactly hot for bitcoin in the early days, but interest from institutional investors has been growing as they look for ways to shield from the threat of future inflation. Larry Fink, the founder and chief executive officer of the worlds largest asset manager BlackRock, said earlier this month that bitcoin could possibly turn into a global market asset.

Read: Paul Tudor Jones says bitcoin reminds him ofinternet stocks of 1999

Another big bull on bitcoin, Goldman Sachs alumnus Raoul Pal, tweeted early on Thursday that he sees bitcoin 10 times higher a year from now. His December 2021 target is $250,000, Pal said in an emailed comment.

In the words of Pal, the chief executive officer of Global Macro Investor and co-founder of Real Vision financial and Crypto TV, bitcoin is eating the world when it comes to asset returns.

However, not everyone agrees with the Bitcoin bulls:

See: This bitcoin fund just went up over 1,000%. Beware

And also: Why Bitcoin Is Overpriced by More Than 50%

The markets

Stock futures YM00, -0.65% ES00, -1.35% NQ00, -1.09% are holding gains after a batch of data, while European equities SXXP, -2.31% are mostly higher, and Asian markets had a mostly positive day. Oil prices CL00, -4.12% are higher and the pound GBPUSD, -1.33% is rising on post-Brexit deal hopes and ahead of the outcome of a Bank of England policy meeting.

The buzz

Weekly jobless claims hit a four-month high, with continuing claims also on the rise. New home construction charged ahead, and the Philadelphia Federal index showed contnued elevated activity.

Extra doses in vials of the COVID-19 vaccine from drug company Pfizer PFE, -1.50% and its partner BioNTech BNTX, +2.24% could boost the U.S. supply by 40%. The Food and Drug Administration approved the use of leftover vaccines, which were being reported by pharmacists. The first case of an allergic reaction to the vaccine has been reported by an Alaska health worker.

French President Emmanuel Macron has tested positive for COVID-19, tossing several other European leaders into quarantine after they came in contact with him. A Hong Kong police dog is also now in quarantine after contracting coronavirus.

Social media micromessenger Twitter TWTR, -2.83% will remove any posts it deems misleading about COVID-19 vaccines.

Were still talking and I think were gonna get there.That was Senate Majority Leader Mitch McConnell on Wednesday afternoon, after leading lawmakers failed to reach a deal. Talks will roll on for Thursday.

The chart

Random reads

Some parts of the U.S. Northeast are bracing for 2 feet of snow on Thursday.

A beloved Lord of the Rings actor has now been vaccinated against COVID-19.

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As bitcoin busts out new records, these market watchers see $250,000 and even $400,000 on the horizon - MarketWatch

China, which has allowed cryptocurrency exchanges to flourish, is also the home of the largest number of blockchain start-ups.

In the last fortnight, Bitcoin and cryptocurrencies have taken the world by a storm. The currency has hit $22,000 in value and is being compared to gold. Renowned investor, Chris Wood, announced that he would be making investments in Bitcoin, whereas some media reports indicated that the value of the worlds first cryptocurrency might hit $400,000!

The wariness exhibited by governments has also paved the way for adoption. S&P Dow Jones Indices last month announced that it would launch cryptocurrency indices in association with virtual currency data solution company Lukka in 2021. Lukka will provide data on the basket of currencies to be traded on the platform. Earlier, Australia had announced an integration of its stock market with blockchain. Meanwhile, crypto-exchanges have been becoming popular across the world.

On the other hand, the initial enthusiasm with regards to cryptocurrencies in India has now led to scepticism. RBI tried to strangulate the system by disallowing banks and payment entities to deal with cryptocurrency exchanges. While the SC kept aside the RBI order this year, now there are talks that the government may be moving ahead with a ban. There have been flip-flops from the government as well. A committee set up by the government wanted to regulate cryptocurrencies; however, even the Parliamentarians are now veering towards a ban on cryptocurrencies. Meanwhile, the government is trying to promote the technology behind the currencyblockchain.

Trends show that blockchain development and cryptocurrency often go hand in hand. China, which has allowed cryptocurrency exchanges to flourish, is also the home of the largest number of blockchain start-ups. Besides, if the government has digital tools to confirm identity, then it makes little sense to ban their trade.

Moreover, the future of gaming also depends on these virtual coins. Although gaming in India is still at a nascent stage, it is developing fast, and people are spending more on gaming than they ever did. The growth of the industry is predicated on the development of an ecosystem, which shall be incomplete without a payment mechanism.Two, the government needs to be aware of cryptocurrency monopoly. By banning, and not regulating the service, the government is giving a free hand to the big companies to develop their assets, Once the market is opena ban cant be sustained foreverthe government would have little control on the market.

If Facebook is able to get Libra off the ground, then given the sway it holds and its war chest, it would be too late to take any action or roll back the tide. The government has a chance to be a partner in crypto development. Unless it understands how the market works, it wont suddenly be able to assume the role of a regulator.

ishaan.gera@expressindia.com

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Why India needs bitcoin and other cryptocurrencies? - The Financial Express

Bitcoins bull run appears to be in full swing amid a broader consensus that 2021 could bring more significant gains. The question now for market participants is how high the cryptocurrency could go and, conversely, which levels could act as support levels or potential entry points for investors looking to buy.

For long-term investors, continuing to HODL coins and trusting forecasts for a bitcoin price rally to over $100,000 by prominent observers is a fairly straightforward way to play the market. Yet, short-term speculators and leverage traders, who rely more on technical analysis to identify price targets, resistance and support levels, may find it difficult to keep doing what theyve been doing without previous price levels to provide obvious guideposts.

Thats because bitcoins latest move above $20,000 has pushed the cryptocurrency into uncharted territory. As the top cryptocurrency has never been traded above $20,000 before, there are no higher price lows or lower price highs that could be considered potential bull/bear targets or support/resistance levels.

In such a situation, Fibonacci extensions and retracements can help identify key price levels, according to William Noble, a chief market technician at Token Metrics.

Fib extensions reveal $26,000 as the next target

The $26,000 level is the 38.2% extension of the move from the March bottom to November highs around $19,000, Noble told CoinDesk during a Zoom interview on Wednesday. Thats the first target for bitcoin.

Bitcoin Fibonacci extension

If prices break above $26,000, the focus would shift to the 61.8% extension at $29,822. According to Noble, the 76% extension at $32,000 could act as resistance or serve as a potential price target.

The Fibonacci extension for an uptrend is drawn by joining three points the lowest price or the point of origin of the bull trend, a major price high, and the low of subsequent pullback bounce. That will generate Fibonacci extension levels of 23.6%; 38.2%, 50.0%, 61.8%.

Bitcoin daily chart: Fibonacci extension and retracement example

Meanwhile, the Fibonacci retracement on an uptrend is drawn by connecting the low and high points to get 23.6%, 38.2%, and 61.8% retracement levels.

These percentages are based on the Fibonacci sequence a series of numbers beginning from 0 and arranged so that any particular number of the series is simply the summation of the previous two numbers. For instance, 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377 and so on.

A closer look at the sequence tells us that every number gets closer and closer to 61.8% of the following number. Further, every number gets closer to the 38.2% of the number two positions to its right and 23.6% of the number three positions to the right of it.

Thats how retracements are calculated. Meanwhile, working the sequence in the reverse order gives extension levels. Traders dont need to know the formula or make calculations, as a charting software or platform like TradingView will do it for them.

The challenge lies in picking the most relevant price points while drawing Fibonacci extension and retracement levels. Its more of an art than science, Noble said.

Fib extensions in 2017

Fibonacci tools served the purpose in 2017 when bitcoin traded in uncharted territory for 10 months.

Bitcoin 3-day chart shows 2017 rally peaking just above 161.8% Fib extension

The cryptocurrency rose to fresh record highs above $1,200 in February and peaked at $19,783 just above the 161.8% Fibonacci extension (extreme extension) of the move higher from January lows to November highs.

Ive never seen anything extend that much, but it did extend 1.618 all the way up to near $20,000, quipped Noble, adding that Fibonacci extensions would have been helpful if you were buying breakouts in 2017.

Many analysts are expecting bitcoin to chart a 2017-like meteoric rally in 2021. However, Noble believes it could play out in the coins associated with decentralized finance (DeFi).

When asked about the level to watch for during potential pullbacks, Noble said the 61.8% retracement might serve well in the alternative cryptocurrencies and DeFi universe coin.

Ignore the RSI

The widely tracked relative strength index (RSI) and other momentum indicators like Stochastic are useful in a range trade and not necessarily in a trend, Noble said.

Newbies and amateur traders often misread the above-70 or overbought reading on the 14-day RSI as a sign of bearish reversal. In reality, the indicator can and does stay overbought longer than sellers can stay solvent, to paraphrase economist John Maynard Keynes.

Bitcoin daily chart

For instance, bitcoin rallied from $11,900 to $19,000 in the four weeks leading up to Nov. 24 despite RSI signaling overbought conditions. A similar pattern was observed on the daily and weekly charts during the 2017 bull run.

I dont know if RSI is going to come into play until you get to one of these [Fibonacci] targets, Noble said. People are having a hard time with bitcoins current rally because its behaving like equities. It goes up, it sits and goes up again.

Other tools

Traders can also use Gann fans, which are based on the idea the market is geometric and cyclical, and there are pivot points to mark support and resistance levels.

Keeping a close track of changes in the options open interest could also help identify price targets.

Bitcoin options open interest

At press time, options at $20,000, $24,500, and $36,000 strikes show significant buildup of open interest or open positions. Bitcoin is currently trading near $23,450, having hit a new lifetime high of $23,77 during the European trading hours.

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Uncharted Territory: How Technical Analysts Are Trading Bitcoin at All-Time Highs - CoinDesk - CoinDesk

Although bitcoin has tripled in value this year, billionaire Mark Cuban remains cautious about the cryptocurrency, as he has been for years.

"My thoughts haven't changed," Cuban told Forbes of the cryptocurrency on Dec. 8 eight days before bitcoin hit a record high of $20,600 on Wednesday for a story published Thursday.

Bitcoin, Cuban said, is "a store of value...that is more religion than solution to any problem."

And bitcoin or any cryptocurrency will not replace fiat, or government-backed, currency, he said.

"No matter how much [bitcoin] fans want to pretend that it'sa hedge against doomsday scenarios, it is not," Cuban said. "Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is anything more than a store of value, the more risk of government intervention they face."

Those who argue in favor of bitcoin often say it is a hedge against inflation and the U.S. dollar, and that it will survive any economic or infrastructure collapse (except for downed internet), comparing it to gold.

Cuban agrees bitcoin is like gold in that it is a store of value, but because by its code the supply of bitcoin is limited, as demand fluctuates, the price will be volatile. "But," he said, "as long as people accept [bitcoin] as a digital version of gold, it's investable."

Investable, of course, doesn't mean it's a sure bet. Though Cuban himself has previously invested in businessesbuilt oncryptocurrencyandeven in bitcoin, he frequently warns against it, calling bitcoin a "gamble." And when it comes to gambling, you need to be prepared to lose that money.

In fact, Cuban previously told Wired he would "rather havebananas than bitcoin," because at least as food, bananas have intrinsic value.

He reiterated the point to Forbes: "[Bitcoin] is what it is, something that enough people have agreed upon is an investable asset," he said. But"a banana has more utility, potassium, is a valuable nutrient to every person on the planet."

For the investor to change his mind about bitcoin, "it would have to be so easy to use, [like] it's a no-brainer," Cuban said on"The Pomp Podcast" in April.

"It would have to be completely friction-free and understandable by everybody first." So easy, in fact, that "grandma could do it."

Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."

Don't miss: Personal loans often have lower interest rates than credit cardsthese are the best 5 right now

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Correction: This story has been corrected to reflect Cuban's quote that bitcoin is "a store of value."

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Mark Cuban: Bitcoin is 'more religion than solution' and won't help in 'doomsday scenarios' - CNBC

After testing investor patience for three weeks, bitcoin surged past $20,000 to reach fresh all-time highs and is currently trading above $21,000.

The number one cryptocurrency by market value jumped over the key psychological threshold during the early U.S. trading hours, surpassing the previous peak price of $19,920 recorded on Dec. 1. At the current price of $21,123, bitcoin is up 8.8% over 24 hours, according to CoinDesks Bitcoin Price Index (BPI).

Bitcoins value has doubled in the past three months and the institutional-led rally looks sustainable. Meanwhile, other prominent cryptocurrencies such as ether, litecoin and XRP are still down 58% to 88% from their respective lifetime highs reached three years ago.

When this [rally to near $20,000] happened in 2017, there was a real lack of products for the new converts to experience, whereas today there are endless uses, protocols, services across farming, lending, standard trading, etc, Soravis Srinawakoon, CEO and co-founder of cross-chain data oracle Band Protocol told CoinDesk. Therefore, wed expect to see the new adopters hang around this time.

Breaking above $20,000, which represented a significant hurdle in the mindset of most traders, is entirely new ground for bitcoin and opens the doors for a climb to $100,000 over the course of 2021, according to some.

That rise would bode well for other crypto sectors as well, including decentralized finance (DeFi), according to DversiFis CEO Ross Middleton.

Bitcoin profits are partially recycled back into other smaller tokens later in the bull cycle. In 2017 that was other blockchains such as Ripple, Litecoin and EOS, said Middleton. However, this time around, funds are likely to flow into the new crop of DeFi blue-chip projects, built on Ethereum.

DeversiFis CEO pointed to DeFi protocols Aave, Compound, Synthetix and Yearn Finance as his picks of where the capital could flow.

And while bitcoin is now up over 180% on a year-to-date basis, gold has added just over 22%. Bitcoin, often touted as digital gold, has decoupled from the yellow metal this quarter with a more than 80% rally. Meanwhile, gold has suffered a 1% drop, with investorspulling money out ofexchange-traded funds.

Link:
Bitcoin Tops $21K, Blowing Past $20K Record as Analysts Remain Confident of Future - CoinDesk - CoinDesk