Bitcoin News Today – Headlines for June 17

  • Bitcoin remains trapped under the $10k range
  • Ross Ulbricht said chances are Bitcoin could revisit $3,000s
  • Bitcoin is flashing signals that pushed its prices by 4,000 percent in 2016

Bitcoin News Today – Over the past couple of months, Bitcoin has had several failed attempts to break and hold gains over the $10,000 region. Due to the recent performance of the digital currency, some analysts have been considering a steep correction.

Bitcoin Could Revisit $3ks or Lower – Ross Ulbricht

One of the earliest adopters of digital currency and the founder of the Silk Road – Ross Ulbricht – said that the price of Bitcoin (BTC) could plunge to the $3k range or even lower. He pointed to Elliot Wave analysis, which states that markets move in predictable wave-like patterns due to investor psychology.

Some commentators have also released similar bearish predictions, with some expecting the price of the digital currency to return to the $1,000s. However, a technical signal and on-chain signal suggest that BTC is about to start a long-term bull run, not paying minds to the expectations of a return to recent macro lows.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

Bitcoin Rallied 4,000% When It Flashed this Signal in 2016

A few weeks ago, the network difficulty of Bitcoin saw a strong correction lower. Many saw this as a sign of a “miner capitulation.” However, Nunya Bizniz – a BTC chartist – said that move allowed Bitcoin to print a textbook bullish sign. Bizniz said:

Today is the 9th monthly downward DA. What makes this one unique is it’s the 1st to occur post halving. Monthly DDA’s may signal miner capitulation and market bottoms.

According to a chart he released, every “monthly downward difficulty adjustment” seems to occur when the digital currency reverses into a bull market. Bitcoin saw two similar signals in 2018, which pushed its price up by 300 percent. In 2015, they marked the bottom in the $200-500 region before a rally of over 4,000 percent to the all-time high of about $20k in the two years that followed.

Do not count out a correction in the short-term, regardless of the positive confluence of long-term technical signals. According to a recent report, IntoTheBlock – a blockchain analytics company – sees BTC as fundamentally “bearish” because of the confluence of on-chain and order book trends.

Out of the seven core metrics of the firm, three are bearish – large transactions, in the money, and net network growth. The remaining are neutral or directional. In addition to the expectation of the BTC plunging in the short-term, a crypto analyst said that the chart of Bitcoin is printing a textbook bearish divergence between a trending indicator and its price. The analyst said:

“Without compounding the obvious, without a spike to undo the developing BTC divergence, this is the top.”

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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