{"id":9413,"date":"2019-12-06T06:23:39","date_gmt":"2019-12-06T06:23:39","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=9413"},"modified":"2019-12-06T06:38:28","modified_gmt":"2019-12-06T06:38:28","slug":"news-commentary-937-some-news-on-bitcoin","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=9413","title":{"rendered":"News Commentary #937 – Some News on Bitcoin"},"content":{"rendered":"\n

Where is it Going?<\/strong><\/p>\n\n\n\n

Everyone wonders where Bitcoin is going!\u00a0 Some say it will go up to $10,000 by the end of the year while others speculate that it will be down to $5,000.\u00a0 Many online investors have an interest in Bitcoin.\u00a0 So, we\u2019re repeating an article from cryptonews website that gives some thoughts on this.\u00a0 We hope that you find it interesting.\u00a0 The link to the article follows in case you would like to take a look at some figures that accompanied it.<\/p>\n\n\n\n

Bitcoin Price Could Hit USD 5,000 Before Rallying \u2013 Tuur Demeester<\/strong><\/p>

A popular economist said that Bitcoin (BTC)<\/a> can go lower, meaning that we haven\u2019t seen the bottom yet. However, that low is just a stop on a way to all-time highs, founder of Bitcoin alpha hedge fund Adamant Capital<\/strong>, Tuur Demeester, stressed.<\/p>

\u201cWe are way above the bottom of USD 3,000 [and] I don\u2019t think we\u2019re going back there,\u201d he said, adding that if anything, \u201cwe may touch [USD 5,000] briefly.\u201d He was talking at the What Bitcoin Did<\/a> podcast, published this week, where he discussed their new report \u201cThe Bitcoin Reformation<\/a>\u201d and also commented on BTC\u2019s bullish run to almost USD 14,000 in June and the possibility of another accumulation period.<\/p>

He said that long-term holders were still holding, while a new generation of investors and \u201csignificant buying\u201d were coming in, and then \u201cthe market got ahead of itself\u201d \u2013 people thought of it as easy, as 2017-looking. And though the price went to almost USD 14,000, it was \u201ca bit too much, too fast.\u201d<\/p>

<\/p>

Demeester pointed to the early 20th century analyst Richard Wyckoff and his theory of accumulation, whereby the bottom sees accumulation, with the next phase being re-accumulation, he said. \u201cYou got a rally, and then the market needs a breather. It\u2019s gonna need to catch its breath [\u2026] and shake off some more weak ends.\u201d And since there\u2019s nobody left to sell the asset, it has to go up \u2013 that\u2019s how the market goes higher, he explained.<\/p>

We are now in the re-accumulation period, the founder said, starting with the point BTC hit in June. And though there\u2019s a possibility of hitting USD 5,000, Demeester said:<\/p>

\u201cIn hindsight, I think it\u2019s all gonna be a part of this wide band, that we\u2019re trading in a range, and that this is all a setup to go into new all-time highs again, but it\u2019s gonna take some time.\u201d<\/p>

Demeester also mentioned how even after 10 years of BTC<\/a>, the market is still volatile, only now it\u2019s much larger. \u201cAnd it\u2019s binary. Either you believe it\u2019s going to a million or you believe it\u2019s going to die.\u201d<\/p>

Meanwhile, a recent report <\/a>by SFOX <\/strong>(San Francisco Open Exchange) said that the price of bitcoin tends to increase around major U.S. holidays in the last 5 months. Furthermore, they\u2019ve seen Bitcoin holiday movements in late 2017 and early 2019 as well, and noted that this happens particularly if holidays fall during bull runs. Also Google searches<\/a> seem to be climbing right before and dropping during these holidays.<\/p>

As for the potential reason, it\u2019s likely not FOMO (fear of missing out). \u201cMarket participants may potentially be anticipating BTC movement during holidays, creating a self-fulfilling prophecy,\u201d says SFOX. \u201cWe might be witnessing the crypto market preemptively responding to holidays simply because traders expect<\/em> the market to move around holidays.\u201d<\/p>

<\/p>

At the time of writing (15:17 UTC ), BTC is changing hands at c. USD 7,419. It dropped by 1% in the past 24 hours and in a week.<\/p><\/blockquote>\n\n\n\n\n\n

Reprinted from: https:\/\/cryptonews.com\/news\/bitcoin-price-could-hit-usd-5-000-before-rallying-tuur-demee-5236.htm<\/a> <\/p>\n\n\n

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Where is it Going? Everyone wonders where Bitcoin is going!\u00a0 Some say it will go up to $10,000 by the end of the year while others speculate that it will be down to $5,000.\u00a0 Many … News Commentary #937 – Some News on Bitcoin<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":9422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,3545,3544,3546,3547],"class_list":["post-9413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-bitcoin-info","tag-bitcoin-news","tag-bitcoin-update","tag-bitcoin-updates","exalt-entry"],"yoast_head":"\nNews Commentary #937 - Some News on Bitcoin - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=9413\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #937 - Some News on Bitcoin - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Where is it Going? 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