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Historic Time For Bitcoin Accumulation? Experts Insist It’s The First Phase Of Another Bitcoin Bull Market

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Bitcoin, just as any other asset that’s being traded, goes through different market cycles. As we approach the end of 2019, which is also the end of the current decade, some industry experts seem to believe that right now is a historic time for Bitcoin accumulation.

Time To Buy Bitcoin?

The current market sentiment doesn’t seem to be very bullish for Bitcoin. The cryptocurrency is trading below major moving averages and is continuously marking lower highs on the charts, which is usually a sign of bearish momentum.

However, industry expert Matt D’Souza has brought up some interesting facts regarding institutional involvement and the overall attention that Bitcoin currently gets. According to him, Bitcoin is currently in the first third of a bull market and there are conditions representing an “excellent” signal to buy.

First things first, Souza outlines that institutions are getting more involved in the market. This is evident by the fact that volume on the CME Bitcoin futures contract, which is more or less geared towards larger investors, trumps that of popular cryptocurrency exchanges such as Coinbase and Bitfinex.

According to him, this is a sign that the “smart” money, which is how institutional inflows are commonly referred to, is more than the money coming retail investors.

He also talks about the fact that Bitcoin has outperformed a lot of the altcoins and that the latter is generally a retail product. Indeed, Bitcoin’s dominance has increased by more than 15% since the beginning of the year.

BTC Dominance

Bitcoin Dominance. Source: CoinMarketCap

In a recent exclusive interview for CryptoPotato, Anthony Pompliano, a well-known Bitcoin proponent, shared similar views. He also considers that, right now, the cryptocurrency is in the first stage of a bull market which will extend to about two years, ultimately reaching $100,000 in December 2021.

A Comparison For Interest In Bitcoin

Another comparison that he brought up is the interest toward Bitcoin coming from regular, everyday conversations. This is not something new and a lot of proponents have talked about it before.

Souza says that there aren’t a lot of people, friends, or family, asking about Bitcoin right now. He compares this period to November 2017, when the opposite happened – people were eager to know more about it, showing the overall levels of retail interest.

When there are no more interested retail investors or they are simply exhausted, the price tends to formulate a top. That’s what we saw back in 2017 when Bitcoin reached its ATH of $20,000.

The situation right now, according to the expert, is the exact opposite.

“We are presently in the opposite environment where the institutions are accumulating, while the retail shows zero interest.” All of this builds up to his point that now is a good time to buy bitcoin.

Not Without Worries

On another note, however, it’s also important to consider some technical indicators. As CryptoPotato reported, Bitcoin currently faces the horizontal support area of $7,000 – $7,100, which could be a serious demand zone.

The number of opened long positions on Bitcoin is also at an all-time high.

btc longs

Bitcoin Long Positions. Source: TradingView

When the amount of opened long positions surges to levels of the high, it is entirely impossible for this to be indicative of the so-called long squeeze. This is an event during which the price of Bitcoin could be heading south.

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Binance.US is under investigation from SEC over trading affiliates: Report

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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