Key Indicator Shows Bitcoin (BTC) Soaring to New All-Time High, Says Crypto Analyst – Plus Ripple and XRP, Ethereum, Litecoin, Tron, Cardano
From a long term analysis of Bitcoin’s trajectory to a new study on Ethereum’s biggest whales, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
The winner of CME Group’s annual trading competition in 2016 is plotting the long-term course for Bitcoin.
Eric Choe told his 144,000 followers on Twitter that if the $3,000 area was indeed Bitcoin’s bottom, his first take profit target for BTC is from $12,600 to $15,100. The analysis is based on a weekly look at Bitcoin’s past price action on the crypto exchange BitMEX using Fibonacci levels, which help traders gauge how high a price may move after a pullback is finished.
Choe’s second take profit target is at $22,600, which would happen in 2020 and be a new all-time high for the king of crypto. Bitcoin’s previous all-time high was $20,089 on December 17, 2017, according to CoinMarketCap.
As for where traders should buy the dip in a Bitcoin reversal, Choe pinpoints that number between $5,200 and $6,300.
If ~3K area was the bottom – here are BTC's exact projected targets based on Bitmex price history.
1st TP: $12.6K – $15.1K (.5 – .618 extension)
2nd TP: $22.6K (1:1 extension)Dip Buys: $6.3K & $5.2K (volume confluence)
Pretty excited to see if this ages well. pic.twitter.com/euJBqeF14u
— Eric Choe [Mr. Swing Trade] (@CryptoChoe) May 15, 2019
Ethereum
Crypto analytics startup Chainalysis is preparing to release a study on the effect large Ethereum whales have on the market.
So far, the company’s research shows a third of all Ethereum is held by just 376 people who tend to leave their crypto alone rather than actively trade. When they do trade, however, the study shows a “small but statistically significant” correlation with market volatility, reports Bloomberg.
Ripple and XRP
Ripple’s global head of banking Marjan Delatinne talked about the role of blockchain in the payments industry at the 2019 Payments Canada summit. According to Delatinne, the speed of payments and inherent trust in each transaction is key.
“What is important, I think the most critical factor is the uptake of the consumers. And this uptake will be very much depending on the level of trust. And this is leading back to, what is blockchain?
Blockchain is trust in a trustless environment. And this is simply because blockchain is an immutable distributed ledger based on cryptographic protocols… It simply means that you can exchange any kind of data, assets, value without having a central party controlling it.”
Litecoin
Flexa Co-Founder Trevor Filter is teasing potential support for Litecoin on the company’s payment app Spedn. Filter recently retweeted a call from Litecoin creator Charlie Lee to add LTC to the platform.
Major retailers including Whole Foods, Nordstrom and Crate and Barrel are adopting the app, allowing shoppers to use crypto to pay for everyday items.
Retweets ≠ endorsements (…Or do they?) https://t.co/U71uKOEOSg
— Trevor Filter (@trev) May 16, 2019
Tron
Tron’s latest overview on the network’s decentralized app (DApp) ecosystem is out.
According to the report, most of the new DApps released on the Tron network are decentralized exchanges or games centered on gambling.
Cardano
Cardano creator Charles Hoskinson just posted an update on the smart contract platform.
In a new YouTube video, Hoskinson talks about his recent project in Mongolia, the relationship between Polymath and Cardano, and the need for new interoperability standards.
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