Another uptrend has shaped up trying to break $5600 again

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: Pursuer on May 03, 2019, 09:56:55 AM

Quote from: Tytanowy Janusz on May 03, 2019, 07:28:24 AM

Quote from: passwordnow on May 03, 2019, 05:53:16 AM

Most of the alt holders are starting to transfer their funds back to bitcoin.

Starting? They are dumping alts at least for 2 months dumping them 30-50% (alt/btc price). Most of alts are very cheap today but they will be even cheaper.
Rule is simple. When bitcoin is boring speculants trade btc/alt boosting alt price. When volatility is coming back to bitcoin speculants sells alts to trade on bitcoin. Thus unless bitcoin will calm down there won't be recover on alts. I think that bitcoin will show now who is the king of crypto and dominance will grow to 65-75%.

I don't really expect what people are calling "dominance" (falsely) to increase that much anytime soon because there still is an unbelievably huge supply of altcoins that bitcoin with its teeny tiny supply (in comparison) is being compared to when calculating that "dominance". on top of that they are injecting trillions of new coins into the circulation every day so despite their value loss they still are bloating the total market capitalization.
this is actually why it is not real dominance and that is why market cap is a worthless number.

We just break 65%. So i was right than

Sadly i didn't earn on that.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: talkbitcoin on May 10, 2019, 04:04:53 AM

Quote from: Tytanowy Janusz on May 10, 2019, 02:29:22 AM

... All top 100 altcoins are loosing 5-10% daily (alt/btc price).

i am always fascinated by this because all day long you hear how everyone is "believing" in altcoins and creating "portfolios" thinking they are holding valuable assets but as soon as bitcoin price starts rising, all of them show their real faces by dumping all those altcoins and coming back to bitcoin.

that is why i always tell people to look at the market instead of what people say online, the market can never lie but people can.

People are greedy, then will immediately jump on the bandwagon when they here or see something is brewing. Just like the days of ICO's, people started to buy tons of altcoins and hope that they will get a huge windfall. But now it's totally dead and when Bitcoin price suddenly goes and break barriers, they switch back, dump their shitcoins. That's why the dominance of bitcoin keeps going up as well.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

Quote from: Tytanowy Janusz on May 10, 2019, 02:29:22 AM

... All top 100 altcoins are loosing 5-10% daily (alt/btc price).

i am always fascinated by this because all day long you hear how everyone is "believing" in altcoins and creating "portfolios" thinking they are holding valuable assets but as soon as bitcoin price starts rising, all of them show their real faces by dumping all those altcoins and coming back to bitcoin.

that is why i always tell people to look at the market instead of what people say online, the market can never lie but people can.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: Tytanowy Janusz on May 03, 2019, 10:31:20 AM

Quote from: Pursuer on May 03, 2019, 09:56:55 AM

I don't really expect what people are calling "dominance" (falsely) to increase that much anytime soon because there still is an unbelievably huge supply of altcoins that bitcoin with its teeny tiny supply (in comparison) is being compared to when calculating that "dominance". on top of that they are injecting trillions of new coins into the circulation every day so despite their value loss they still are bloating the total market capitalization.
this is actually why it is not real dominance and that is why market cap is a worthless number.

Well...indeed total market cap of all coins is worthless. I even created topic for that: https://bitcointalksearch.org/topic/m.39856027

But in my opinion 65% bitcoin dominance according to what people call it is not that hard.
Currently total marketcap is equal to 185 bil, bitcoin is worth 102 bil, the rest of top 25 coins from CMC are worth 65 mil. We only need 25% alt/btc price drop ($16 bil) from top 25 CMC and bitcoin dominance will surge above 60%. In my opinion it is possible since most of those coins are close to supports. And we are taking into consideration only top 25 CMC. Those trillions new coins every day are for sure boosting MC but they are most often top 300 - top 500 CMC ($5-10 mil worth each). To cover $16 bil loss we will have to see 2200 new coins listed on CMC.

You are right. 75% is too much. But 65% is plausible.

Well as you can see after only 1 week bitcoin domination has increased to 58% from 55%. 2 - 3 similar weeks and we will reach 65%. https://coinmarketcap.com/charts/#dominance-percentage All top 100 altcoins are loosing 5-10% daily (alt/btc price).

sana54210

legendary

Activity: 3318

Merit: 1128

Quote from: talkbitcoin on May 03, 2019, 02:43:19 AM

after the recent drama with Bitfinex and their Tether shenanigans which causes a short term backtrack we are once again on the rise heading over to $5600 to try and break it.
if it succeeds today we can see a big wave of FOMO to shoot the price above $6k easily in less than half an hour.
so far it seems like the buy power is strong enough to break it today. what do you think?

The price has already broken that $5,600 and we now have it at $5,700+. ICE has been loading up cryptocurrencies for their platform, Bakkt. I don’t really know when that is going to start work, but some has said it will be later this 2019, but no exact date on when it’s going to be.

The next resistance level for btc is $5,900 and once bitcoin reaches that level, there’s probably going to be a rush just like you have said, and that’s going to make the price of bitcoin to get above $6000 level. The way the price has been moving up recently, I’m sure this is going to be anytime soon.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: el kaka22 on May 06, 2019, 12:53:41 PM

I think we have managed to hit second biggest day in bitcoin history as transactions. I couldn't find some sort of top 10 type of deal and I have been checking it on blockchain itself but from what I gather even our peakest of peaks we have been on average 300k or similar, we had one other day that was 490k transactions but right now I see that may the second had 450k which is insanely high if I am seeing it right.

It was a combination of an increase in hashrate and an increase in miners luck that made blocks be generated faster than usual. Right now we're hovering around 350k again, which is about normal for Bitcoin.

Bitcoin needs to scale more on-chain to push the number of transactions over that 450k mark consistently without relying on hashrate increases and whatnot. SegWit is stuck on a 20ish % block size increase for a while now....

futile-resistance

hero member

Activity: 840

Merit: 516

Quote from: noormcs5 on May 05, 2019, 12:53:56 AM

Quote from: Adriano2010 on May 03, 2019, 01:27:00 PM

Well 5600$ has been broken, and i think the price will go to over 6000 $ this month with high chances to hit 7000$, and now bitcoin is still a good option to invest and hold for long for a higher profit.

I do not think that bitcoin prices will cross 7000$ anytime soon. We may now see some retracement in bitcoin prices. We have some support at 5500$ and a major support at 5150$. I think bitcoin will touch these support and then move up again to cross the 6000$.
Just remember that bitcoin will not go straight up without being Pull back.

Technical analysis is not always right in some cases in this crypto market, when bitcoin price hit $5000, same thing was speculated using technical analysis and many people expected a retrace back to $4500 or $4000, but did we ever foresee the fundamentals of Tether and bitfinex as having any positive effect on BTC price?

We never even expected the development that arouse through tether and bitfinex, so all these are just speculations, fundamentals could arose from any angle to change the whole story and you see FOMO pick the value to $7000, so we can’t say yet if there will be any retrace or not.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

I think we have managed to hit second biggest day in bitcoin history as transactions. I couldn't find some sort of top 10 type of deal and I have been checking it on blockchain itself but from what I gather even our peakest of peaks we have been on average 300k or similar, we had one other day that was 490k transactions but right now I see that may the second had 450k which is insanely high if I am seeing it right.

This of course has something to do with ease of transactions now, back in the day it was much more slower and much more expensive to do the same things we can do right now and its easier today but its still a marvel that we have broken those numbers at almost 6 thousand dollars and I can't think of what we will be like next time we reach the 20 thousand dollar levels.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

Quote from: Duzter on May 06, 2019, 04:37:39 AM

Quote from: Kelvinid on May 06, 2019, 04:13:34 AM

We are stuck for more than a year and maybe this year will be a great days for crypto. It is too positive to look that Bitcoin keeps on moving little by little and surpassing $5600 will be a step to finally takes bull run. We are too excited to witness it again and I really miss those days(2017). Do I believe that it won't happen again but at least we saw our market recovers after all.

The market reached high above $5800 soon after surpassing $5800. After reaching high the price of bitcoin have fallen low and now once again taking momentum reaching close to $5700. Maybe this time the growth will continue reaching $6000 which will take the market grow further towards a new ATH.

I think I like the way that price started this week, it is showing that we are going to see much of bull surprises. Price hitting &5800 and not retracing deeper like it happened last week is a nice ride. Last week, it retraced down to $5076 but I think the retracement so far gives more hope for faster movement.

webtricks

legendary

Activity: 1918

Merit: 1728

Quote from: talkbitcoin on May 05, 2019, 03:36:06 AM

UPDATE:
the uptrend seems to still have a strong buy support behind it and the general market attitude seems to want the price to go upwards but that is not the only force, another force against this has shaped up that is keeping the breakout from happening and it is still because of a couple of FUDs about bitcoin including the bitfinex one and also a new one about China.
the result in my opinion is only postponing the breakout for a little while. we may see the rise by next week.

Yeah. The demand is once again hitting the all time high. On 4th April we reached the 24h volume of $21m which is highest daily volume since Jan 6, 2018. If we compare the present demand and price, price is surely undervalued which means it is going to be in upward trends in coming days. All market needs is a push of $100-150. If general market mechanism can push the price up by hundred dollars or so then it will surely provoke new buyers to enter the market and we can easily see a surge of $600-700 in market.

Duzter

sr. member

Activity: 1092

Merit: 256

Leading Crypto Sports Betting & Casino Platform

Quote from: Kelvinid on May 06, 2019, 04:13:34 AM

We are stuck for more than a year and maybe this year will be a great days for crypto. It is too positive to look that Bitcoin keeps on moving little by little and surpassing $5600 will be a step to finally takes bull run. We are too excited to witness it again and I really miss those days(2017). Do I believe that it won't happen again but at least we saw our market recovers after all.

The market reached high above $5800 soon after surpassing $5800. After reaching high the price of bitcoin have fallen low and now once again taking momentum reaching close to $5700. Maybe this time the growth will continue reaching $6000 which will take the market grow further towards a new ATH.

Kelvinid

sr. member

Activity: 2828

Merit: 344

win lambo...

We are stuck for more than a year and maybe this year will be a great days for crypto. It is too positive to look that Bitcoin keeps on moving little by little and surpassing $5600 will be a step to finally takes bull run. We are too excited to witness it again and I really miss those days(2017). Do I believe that it won't happen again but at least we saw our market recovers after all.

Barbut

hero member

Activity: 1694

Merit: 502

★Bitvest.io★ Play Plinko or Invest!

Quote from: LeGaulois on May 05, 2019, 04:21:56 PM

Quote from: talkbitcoin on May 05, 2019, 03:36:06 AM

UPDATE:
...

I'd rather be willing to bet the opposite; it's only a matter of days before this rise (which nobody has been able to explain yet) stops, the market's enthusiasm will also calm down very quickly. Remember that the Bitfinex's drama didn't really start yet, there is currently no judgment, or I don't know what.

When you check the average volume for the last 24h we have near the same level as back on Dec 17 - Jan 18. I suppose it means we have the same "excitement" when the ATH was here. Which is a good signal... but where the fuck is the ATH ? Grin

ATH is waiting for us somewhere in the future, for couple years, more or less. I think too that people are too excited with this rise, we need to wait and see what will happen with tether case. Some thinks that that situation can have big effects on crypto, some disagree, I think its best to wait and see.
What push bitcoin price now is probably some big buy orders, I saw some news about new miners released, maybe people are buying bitcoins to buy miners.

BlueStackz

legendary

Activity: 1204

Merit: 1028

Quote from: Fredomago on May 04, 2019, 12:25:58 AM

It can hit more than $6k if the momentum will continue, there's no assurance but we are seeing good response from the market, if more and more pressures to go up then the bull will continue being strong and try to hit another barrier, though $7k is tough to climbed but if there's more positive
movements who knows how long it can be touched.

Most value that BTC has touched in the past few months has really not been easy for it to touch, but despite how tough it is, the time it uses in breaking the barriers and resistance is still very short, if bitcoin can continue with this rally, it may find it quite easy for it climb to $7000.

Reason why I feel it will be easy is because we have not seen any major dumb for now that will give another big distance between the current value and the later value. Though many people have speculated a retrace, but I don’t think that is going to happen anytime soon, I only expect dip retrace now when we hit the ATH again.

LeGaulois

copper member

Activity: 2940

Merit: 4101

Top Crypto Casino

Quote from: talkbitcoin on May 05, 2019, 03:36:06 AM

UPDATE:
...

I'd rather be willing to bet the opposite; it's only a matter of days before this rise (which nobody has been able to explain yet) stops, the market's enthusiasm will also calm down very quickly. Remember that the Bitfinex's drama didn't really start yet, there is currently no judgment, or I don't know what.

When you check the average volume for the last 24h we have near the same level as back on Dec 17 - Jan 18. I suppose it means we have the same "excitement" when the ATH was here. Which is a good signal... but where the fuck is the ATH ? Grin

arpon11

sr. member

Activity: 882

Merit: 282

Quote from: carter34 on May 05, 2019, 06:40:40 AM

Quote from: noormcs5 on May 05, 2019, 12:53:56 AM

We have some support at 5500$ and a major support at 5150$. I think bitcoin will touch these support and then move up again to cross the 6000$.
Just remember that bitcoin will not go straight up without being Pull back.

Yes bull backs come but I think we have already seen that hit at $5150 last week, I believe the bounce off is what has prepared price on the increase we have seen so far and more increase should come after $6000 is broken.

That is the truth "more increase will come when bitcoin broken $6000" trading area. I do believe that bitcoin has resume it upwards movement and what makes it to push down a little is because traders are trying to take little profits along the line and not that bear still have dominion over the market. It is truth that we can start to buy now if we have a long term investment views in mind as bitcoin has already created a part for uptrend.

wuvdoll

legendary

Activity: 1442

Merit: 1025

I don't know what to say about this but bitcoin literally pushed for 6 thousand dollars, it went to as high as 5875 in some places and fall back down (some places even broke 6 thousand but temporarily) right now its around 5750ish or so in many places but I can't believe how quickly we have been testing new highs lately.

I have no reason why it would do that but I feel like people have sensed that if we push all together than the 6 thousand dollar mark is easy to achieve. We are going to have to wait and see what will happen soon but if we keep grinding higher like this for a while I am not doubting that we will break that 6 thousand barrier and move to 6.5 thousand dollars at which point everything changes. We go back to pre-November prices and test for another all time high after that.

carter34

member

Activity: 1302

Merit: 25

Quote from: noormcs5 on May 05, 2019, 12:53:56 AM

We have some support at 5500$ and a major support at 5150$. I think bitcoin will touch these support and then move up again to cross the 6000$.
Just remember that bitcoin will not go straight up without being Pull back.

Yes bull backs come but I think we have already seen that hit at $5150 last week, I believe the bounce off is what has prepared price on the increase we have seen so far and more increase should come after $6000 is broken.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

UPDATE:
the uptrend seems to still have a strong buy support behind it and the general market attitude seems to want the price to go upwards but that is not the only force, another force against this has shaped up that is keeping the breakout from happening and it is still because of a couple of FUDs about bitcoin including the bitfinex one and also a new one about China.
the result in my opinion is only postponing the breakout for a little while. we may see the rise by next week.

noormcs5

hero member

Activity: 2814

Merit: 618

Leading Crypto Sports Betting & Casino Platform

Quote from: Adriano2010 on May 03, 2019, 01:27:00 PM

Well 5600$ has been broken, and i think the price will go to over 6000 $ this month with high chances to hit 7000$, and now bitcoin is still a good option to invest and hold for long for a higher profit.

I do not think that bitcoin prices will cross 7000$ anytime soon. We may now see some retracement in bitcoin prices. We have some support at 5500$ and a major support at 5150$. I think bitcoin will touch these support and then move up again to cross the 6000$.
Just remember that bitcoin will not go straight up without being Pull back.

Topic: Another uptrend has shaped up trying to break $5600 again (Read 546 times)