The resilience of Bitcoin is on display for all to see, as the number one cryptocurrency continues to hold the line at the 8k level. Despite a dip back to $7,200, BTC rebounded just as quickly to retake $8,000. In the few days since then, the price has managed to hold, shrugging off moments of downward pressure.
May has been a huge month for crypto, seeing bullish sentiment return to the market, with Bitcoin leading the way, rallying from the low 5,000s to beyond $8,000. The next question is, will time spent consolidating around 8k, give Bitcoin the platform required to take the next step up to 9 or 10k, or will it lose momentum and move down?
In my opinion, the strength and consolidation we're seeing in BTC is creating the perfect scenario for a push to higher prices. And when Bitcoin moves, it will take the rest of crypto with it. Particularly the well established, top tier coins. So yes, I'm bullish. Bitcoin to the moon!
While many thought that $6,000 or $6,500 would prove to be significant resistance points for Bitcoin, this has not been the case. Bitcoin blasted through both of those levels and has done the same with $7,000.
Fear of missing out is kicking in for those who were waiting for lower lows in the BTC price, anticipating a buying opportunity at $1,000 to $2,500 that never came. Bitcoin has once again demonstrated its unpredictable nature, rising regardless of well thought out theories, negative news stories, political opposition and the hacking of a major exchange.
The honey badger of money don't care... Bitcoin marches on to its own beat. Keep going BTC... to the moon!
Since the November 2018 crash from 6k, Bitcoin has languished in the 3 to 4k range. That is, until last week when the price surged from $4,000 to $5000. The 5k mark stuck and now BTC has taken the next leg up to $5,250. This move has finally brought some bullish sentiment back into the crypto space.
Optimism is in the air, with a notable increase in Bitcoin online searches, social media posts, content creation, exchange speculation and record CME Bitcoin futures trading. Added to that, from a technical analysis perspective, BTC has moved above the 200 day moving average, which is historically a very bullish sign. As this list of positive happenings builds, the chorus grows louder and louder, that this is the beginning of Bitcoin’s next bull run. Exciting stuff to ponder, considering that the last bull market saw Bitcoin reach an all time high of nearly $20,000 in December 2017. The return to that high and beyond is a day that many investors long for.
So can we say goodbye to the bear market and expect the Bitcoin price to continue moving upwards over the coming days, weeks and months? While there are growing signs that this may be the case, some still caution that Bitcoin has further to fall. Proponents of hyperwave theory believe that the price must decline to $1,000 or lower, before a climb to a new high can commence. While some Bitcoin maximalists take the view that altcoins, such as Ethereum, must die before the bear market can be declared over.
In my view, it is most likely that the bottom for Bitcoin is in, and these are the early stages of a new bull market. Bitcoin to the moon!
Bitcoin holders have done it tough throughout this brutal bear market, seeing the price plunge from 20k all the way to the current sub 4k level. The sustained period of lower prices has taken its toll, and tested even the most hardcore hodlers to the limit. At such times, any development that can provide a boost to those who have weathered the storm is welcome.
Thankfully, some good news is on its way for those flying the BTC flag, in the form of a free airdrop called MimbleWimbleCoin (MWC). Mimble what? Those familiar with Harry Potter will know that Mimblewimble is a curse that ties the tongue of the target to prevent them speaking about a particular topic. Thus, in crypto, the term 'MimbleWimble' was assigned to a protocol released in mid-2016, that provides a strong cryptographic framework, suitable for privacy focused blockchains.
To date, the most notable projects to utilize the MimbleWimble protocol are Grin and Beam. While they both have positive aspects to them, the downsides are considerable. Grin has no cap on its supply and Beam has adopted a company style governance structure. Enter MimbleWimbleCoin, which will fork the Grin code base, have a capped supply of twenty million, and be distributed exclusively to Bitcoin holders who sign up to receive the airdrop.
The combination of privacy features from the MimbleWimble protocol, store of value capabilities from a low cap supply and a straightforward distribution method to the strongest hodlers in crypto, could well see MimbleWimbleCoin become one of the rising stars during the next bull run.
Registration for the MWC airdrop opens on April 20, 2019, with the snapshot of the Bitcoin blockchain, to determine distribution, occurring on July 19, 2019. In addition to the airdropped coins, 50% of the supply will be Proof of Work minable and there will also be a rewards program for holding.
For further details about all aspects of MimbleWimbleCoin, visit the official website MWC.mw, follow on Twitter @M_W_Coin and join the MWC community on Discord.
Step up your swagger with some fresh crypto merch. The Crypto Trinity range of products is the latest release from the BitcoinToTheMoon.com BitcoinStore.
There you'll find t-shirts and other apparel in a wide variety of styles, sizes and colors, along with device skins and cases, stickers, notebooks, mugs, prints, clocks, bags, pillows and much more. Take a look here.
Crypto Trinity products are designed with fans of Bitcoin, Litecoin and Bitcoin Rhodium in mind.
The Crypto Trinity is formed by Litecoin (LTC), Bitcoin (BTC) and Bitcoin Rhodium (XRC). These three cryptocurrencies represent solid projects that work together to meet the variety of needs of those seeking to participate in this new era of finance.
Litecoin, with a capped supply of 84 million, provides a cheap, efficient method of transacting peer to peer without the need for a third party.
Bitcoin, with a capped supply of 21 million, offers a store of value for the crypto minded, and at the second layer, lightning network, an additional platform for micro transactions without the need for a bank.
Bitcoin Rhodium, with a capped supply of 2 million, one hundred thousand, is an ultra scarce crypto asset, offering store of value properties, and designed to appeal to traditional investors.
The pyramid design aims to encapsulate the connection and importance of LTC, BTC and XRC, along with the power and freedom they provide to those who use them. You can learn more about the Crypto Trinity concept here.
Bitcoin has been in a downward spiral over the past couple of weeks, with the price falling from the 6,000s to the 5,000s to the 4,000s and now to the 3000s.
After holding steady for so long in the $6,000 range, many had got comfortable with the stability of the price. BTC had become like the ultimate stable coin. Not so now, as even some long time holders have started to sell, fearing a further price collapse.
For those who invested more than they could afford to lose, selling is an understandable reaction to a sudden fall, after a sustained period of market strength. This is why I repeatedly say, "Never invest more than you can afford to lose." That way, you can afford to hold your Bitcoin, no matter how low the price may go. In a worst case scenario, you can still pay the bills without losing a single Satoshi of your Bitcoin position.
So if you're entering the BTC market now, or increasing your position as the price falls, keep in mind what I have just said. Bitcoin could still go lower and the price may not rebound for a considerable period of time. No one knows for sure. Don't put yourself in a position where further price drops or a sustained bear market force you to sell because you're overextended. Be a wise investor, not a gambler.
Personally, I believe that Bitcoin will eventually return to all time highs and beyond... to the moon! Nothing has changed in terms of its fundamentals and the technology being built around it and to support it. Better days are ahead. Stay strong.
This brilliant song and video clip, 'Bitcoin Please Go To Moon', featuring 'bearish' Tone Vays and 'bullish' Mike Novogratz, was created by 1thousandx.
You will find the lyrics and video below. Enjoy!
Bitcoin please go to moon
Stop going sideways now
Tone Vays say
We going down to 1k
But Mr Novogratz say
Novogratz is bullish
Tone Vays is bearish
[Tone] Bearish target is 1300
Novogratz is bullish
[Novogratz] Bitcoin can be at 40 000
Let us go to moon
Bitcoin's price battle in the 6 to 7k range continues to rage. As you can see in the chart above, the past month has seen BTC navigate a narrow channel between $6,200 and $6,800. Sharp moves in either direction have lacked the momentum required to break out of this zone and push the price into a sustained trend up or down.
While bulls and bears plead their case, a strong hand and a firm belief in the long term future of Bitcoin are required to hold your position in the number one cryptocurrency. Trading and banking on significant price movements in either direction in the short term is a high risk strategy, fraught with danger.
There will only ever be 21 million Bitcoin. History is on the side of an eventual return to the previous high and beyond. Will you still be holding your BTC when that day arrives?
Bitcoin Rhodium (XRC). Have you heard of it? Possibly not, and it's no wonder. We've already had Bitcoin Cash, Gold, Diamond, Private, Atom, Top, Hot and even Pizza for crying out loud! The number of forks and sporks has truly reached the absurd stage, so why on earth would anyone care about, let alone remember Bitcoin Rhodium?
While at first glance this seems to be a fair enough reaction, a closer inspection of Bitcoin Rhodium reveals that it has some special properties that set it apart from the list of Bitcoin 'Whatevers' mentioned above. To start with, it not a fork of the Bitcoin blockchain, nor is it a spork of Bitcoin and another altcoin. Instead, Bitcoin Rhodium is an airdrop, awarded only to those who signed up to claim it, and not to all Bitcoin holders. In addition to that, the developers have built a brand new blockchain. This gives XRC a uniqueness advantage over the forks.
Next, and this is the killer app in my opinion, the supply of Bitcoin Rhodium is capped at two point one million (2,100,000). This is opposed to the circa twenty one million coins made available by the vast majority of Bitcoin forks, and the whopping two hundred and ten million units of Bitcoin Diamond. This gives XRC a scarcity advantage over the forks.
Furthermore, the team members, including the developers behind Bitcoin Rhodium, have chosen to remain anonymous. In all communication on their Discord channel and social media sites, they have opted to use pseudonyms. Doing so removes the single point of weakness factor, created when there is a central, known figure behind a cryptocurrency. This gives XRC a security advantage over the forks.
Add to this, enhanced privacy via two anonymization levels and a partnership with the rhodium precious metal market, and you've got a powerful new crypto asset.
Bitcoin Rhodium is set to launch shortly after the final claim period, which ends on September 29, 2018. Finally, the secret will be out and Bitcoin Rhodium will take the crypto world by storm!
You can find out more information at the official XRC website, BitcoinRh.org and follow them on Twitter @BitCoinRh.
Brian aka The UK Bitcoin Master, recently presented an episode of his 'Bitcoin for Beginners' show, decked out in an ultra cool Bitcoin Rhodium t-shirt. Want one? Get it here along with heaps of other sweet XRC merch.
During the show, Brian pulled no punches, as he implored viewers to have a strong hand and hold on to their Bitcoin while the price is down. He also emphasized the importance of understanding the Bitcoin halvings and storing your Bitcoin using a hardware device.
You can watch this episode in full below and subscribe to The UK Bitcoin Master's YouTube channel here. Enjoy!
Bitcoin to the Moon is dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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