Bloomberg Predicts $20,000 Bitcoin this year – Bitcoin Today [June 5th 2020] | CoinCasso Exchange

In this article we go to the top cryptocurrency prices as well as the news over the last 24 hours with a brief analysis on bitcoin. So if you’re ready to find out everything that happened in crypto in the last 24 hours, sit back, relax, and enjoy the show.

TOP CRYPTOCURRENCY PRICES

Bitcoin is at $9,796.28 up 1.58%
Ethereum is at $243.91 down 0.32%
EOS is at $2.73 down 0.18%
Litecoin is at $47.55 down 0.51%

BITCOIN PRICE ANALYSIS

Let’s jump into tradingview and take a closer look at Bitcoin and see exactly what it did in the last 24 hours. As you can see here. We’ve had a nice consistent upward Trend. Currently sitting at $9,800.
bitcoin price sitting at $9,800

We also saw two nice jumps in volume as well as two equally sized declines in volume while holding an upwards trajectory.
bitcoin price volume

So basically within the last 12 hours we’ve gone from $9,514 all the way up to $9,800. Now, I’ve taken it back out to my almighty trending one day chart and as we’ve been discussing for the past few days, we’ve broken out of this downward Trend in our into a new upwards trend that is still playing nicely between this lower and upper Channel.
bitcoin price chart

Like I mentioned before, the next few days are going to be crucial to see if Bitcoin can maintain and not break through this lower support Channel.

Now breaking it down even closer. Since May 25th, we saw a bottom at $8,616 currently sitting at $9,800 also looking very strong in volume, seeing very consistent levels throughout this tire time frame.
bitcoin price chart

The RSI playing very well in the range that it should be playing in.
bitcoin rsi

Now taking a look at the MACD, as you can see we’ve had some nice ebb and flows recently with this low volume here.
bitcoin macd

It’s a little bit concerning because I’d like to see a better growth curve right here. I’m hoping that this is the limit to its curved and it doesn’t start dropping back down here because then again we’re going to be playing with these levels that I don’t want to cross.

Now let’s jump into Coinmarketcap and take a quick look at the volume. And as you can see here, we are at $25 billion over the last 24 hours.
coinmarket cap comparision prices crypto

These are nice steady consistent levels that we like to be in. When we start spiking up to the high 30s low 40s. That’s when we see a lot of movement in the market. Everybody loves when Bitcoin and Ethereum and all other cryptocurrencies rally to really high prices. But what I’d like to see is more consistency, solid trading volume every single day, a nice growth curve up, small corrections back down, but maintaining that upwards trajectory.

The less volatile Bitcoin becomes the more people will actually join the cryptocurrency space. The reason 95% of the population are not in cryptocurrencies is because of their volatility. Again, this will taper down over the next few years as Bitcoin becomes more widely adopted. The most concerning thing to me honestly is the whales that do big buy-ins and big sell-offs causing a massive pump and dump reaction reducing the confidence of people in cryptocurrencies.

TOP CRYPTOCURRENCY NEWS

US Bank Regulator OCC Asks for Public Input on Cryptocurrency Use in Financial Sector

US Bank Regulator OCC Asks for Public Input on Cryptocurrency Use in Financial Sector

One of the federal bank regulators in the U.S., and the only one that charters national banks, is seeking public input on how it regulates new technologies and digital banking activities, including cryptocurrencies and blockchain tools.

In an advanced notice of proposed rulemaking published Thursday, the Office of the Comptroller of the Currency (OCC) said it was reviewing its regulations around digital bank activities to ensure that these regulations “continue to evolve with developments in the industry.”

Office of the Comptroller of the Currency (

The notice specifically asked what sort of cryptocurrency-related activities banks and other financial institutions are currently engaged in, and what activities customers engage in that impact banks.

It also asked:

“What are the barriers or obstacles, if any, to further adoption of crypto-related activities in the banking industry? Are there specific activities that should be addressed in regulatory guidance, including regulations?

“What new payments technologies and processes should the OCC be aware of and what are the potential implications of these technologies and processes for the banking industry? How are new payments technologies and processes facilitated or hindered by existing regulatory frameworks?” the filing said.

Surveying the public and the population is the best way to get the pulse on what the industry thinks is going to happen. More and more people are getting into cryptocurrencies, and the reason is because there’s so much publicity behind cryptocurrencies.

When something is talked about enough more people start talking about it. This is just the first step for banks and financial institutions to get into cryptocurrency and start using blockchain Technologies while still having satisfied customers, because through the process of these surveys, they’ll find out exactly what their clients needs are.

This is a good first step, but it’s going to take forever because Bank regulations are insane.

Bitcoin Closing in on $9,900 as Crypto Market Volatility Persists

Bitcoin Closing in on $9,900 as Crypto Market Volatility Persists

A quick rally followed by a sharp decline earlier this week in bitcoin prices spelled trouble for bulls. However, volatility is back in the spotlight and that could bring other opportunities, according to market players.

Bitcoin (BTC) was trading around $9,816 as of 20:00 UTC (4 p.m. ET), gaining 2.5% over the previous 24 hours.

At 00:00 UTC on Thursday (8:00 p.m. Wednesday EDT), the world’s largest cryptocurrency by market capitalization was changing hands around $9,655 on spot exchanges like Coinbase. The price stayed close to that level until 13:00 UTC (9 a.m. EDT), when the price traded up as high as $9,891. Bitcoin is now above both its 50-day and 10-day moving averages, indicating bullish sentiment.

While the action over the past few days had seemed sleepy until Thursday’s breakout, steep price appreciations and subsequent drops are the norm for crypto traders. When compared to global stock markets, bitcoin is maintaining a higher level of volatility. Despite the recent global bout of economic turmoil, stocks are experiencing diminishing volatility.

“Bitcoin is realizing two to three times the volatility of the S&P 500, with altcoins registering well beyond that,” said Vishal Shah, an options trader and founder of a new crypto derivatives exchange called Alpha5. “By no means is crypto more stable, and there is no chance that it can be if it is to grow.”

As you can see here the volatility of the Dow Jones, S&P 500, and the Japanese exchange, has all been going downwards while Bitcoin has maintained a 70 to 75 percent volatility rate.

volatility of the Dow Jones, S&P 500, and the Japanese exchange

Like I mentioned before, I’d love to see the volatility of cryptocurrencies go down and see more consistency, but we won’t see that until more people adopt the technology and we need to start breaking into the phase where we actually use crypto currencies as an actual form of payment for the things that we do day to day. That won’t happen for quite some time because over 60% of people are holding long positions meaning unmoved for the past year.

You have to realize that cryptocurrencies is a long game. We’re not in it right now to do transactions, right now is the process to build confidence and build a market capitalization.

Maybe 10 years down the road when Bitcoin is less volatile or people use it, and more businesses take cryptocurrencies as a form of payment. That’s the point where we’re going to see cryptocurrencies being more widely adopted and used day-to-day in the entire world.

Bloomberg Analysts Predict $20K Bitcoin This Year

Bloomberg Analysts Predict $20K Bitcoin This Year

Bloomberg analysts are the latest to jump on the bandwagon of experts expecting bitcoin to revisit its record high in 2020.

The bold prediction is largely based on the fact that price action seen over the last 2.5-years looks similar to the patterns over the 2.5-years following the leading cryptocurrency’s rise to record highs in December 2013.

“After 2014’s 60% decline, by the end of 2016 the crypto matched the 2013 peak. Fast forward four years and the second year after the almost 75% decline in 2018,” noted Bloomberg Crypto in a monthly report. “Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”

Let’s take a look at those patterns.
bitcoin patterns

This is the daily chart from 2013 to 2017, showing a record high above $1,180 then a year-long bear market. The break above $700 and the 2nd halving on July 9th. Then breaking through the December high of 2013.

Now if we look at 2017 to present.

You can see the record high of 20,000 in December 2017.
bitcoin patterns

We had a year-long bear market just like we did before and the price rallied back up. But then we have the coronavirus crash in March 2020 followed by the third having on May 11th.

This seems very similar but not absolutely identical. However having Bloomberg, a humongous and well respected financial analyst group, say that Bitcoin will hit $20,000 this year is very good news for Bitcoin and cryptocurrencies, and makes me very optimistic about what the price is going to be in the near future.

Reference Article:
US Bank Regulator OCC Asks for Public Input on Cryptocurrency Use in Financial Sector
Bitcoin Closing in on $9,900 as Crypto Market Volatility Persists
Bloomberg Analysts Predict $20K Bitcoin This Year

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