By CCN Markets: The red hot bitcoin price rally isn’t showing any signs of stopping. The flagship cryptocurrency has touched the $ 11,000 mark once again and there’s ever-growing chorus that it will keep flying higher. Crypto trader Josh Rager is one of those bulls calling for a rapid rise in bitcoin prices from here onward. He has made a really bold prediction that will be music to the ears of bitcoin enthusiasts, who have endured a volatile journey over the past year but are now reaping the reward of stacking Sats. Bitcoin price to go all the way to $ 60,000:
Delphi Digital has returned with another installment of its unspent transaction output (UTXO) reports. Recalling its report from January of this year, the research firm says bitcoin’s market cycle is right on track. The prior report called Q1 as the bottom of the bear market, and this claim was later corroborated by Adamant Capital’s own evaluation.
As before, Delphi Digital’s evaluates UTXOs as presages of market buying and selling, and by extension, the future trajectory of the market. UTXOs is a technical way of describing the last time bitcoin was moved by looking at the last block a transaction was included in.
If you follow cryptocurrencies for a while you start finding weird and interesting patterns, scattered around a variety of technical data. It may not seem like much, but sometimes looking away from price into other statistics can give you a refreshing view on the market. Bearish trends can tell us more about the future, you
Chart for ADA/USD (1W)
Cardano (ADA) has finally broken a historical downtrend and started a new cycle. This is a major achievement for Cardano (ADA) considering its aggressive correction left a lot of investors clueless as to what might be the future of this project. Cardano (ADA) received a lot of hype last year which soon put it in the top 10 league. However, as we have seen in the past, usually after a correction, new projects replace old projects in terms of ranking. For instance, once overhyped coins like Stratis, Factom and Augur are not so hot anymore. In fact, most new cryptocurrency investors may have not even heard of them, but there was once a time when these cryptocurrencies were a part of every altcoin investor’s portfolio.
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Bitcoin (BTC) has been following an interesting pattern of completing a bullish and bearish cycle on the sixth of every month in an alternating order. As we can see on the BTC/USD daily chart above, a fall is followed by a rise. This has been happening in alternation since the beginning of the correction. The chart shows that the big swings at the beginning of this pattern have now been reduced to minor movements. The bullish period between October 6 and November 6 has seen such small movement that it can be said to have made no significant impact at all.
Litecoin (LTC) seems to have started a new trend against Bitcoin (BTC) as it has broken out of an important falling wedge against Bitcoin (BTC) on the LTC/BTC daily chart above. This falling wedge extends all the way to January this year when the correction began. Normally, this would be considered a big win for Litecoin (LTC) as the price is about to begin a new trend which after an extended correction is expected to be a bullish one.
The price of Bitcoin (BTC) has entered a stage of uncertainty since the month of May. This has made it difficult for investors and analysts to decide whether the price is still going down or if it has already broken the downtrend. The correction which began in December shows the price to be in a steady decline as shown on the BTC/USD daily chart above. The question now is whether that correction has ended or not.
Ripple (XRP) is about to begin a new trend. The weekly chart for XRP/USD shows that this could be as soon as next week when Ripple (XRP) forms a new candle outside the bullish gartley formation on the XRP/USD chart. Volume price confirmation indicator for XRP/USD shows the new trend has already started. MACD diagram for the above chart shows that the correction has run its course and Ripple (XRP) is ready to begin a new trend from here.