Bitcoin (BTC) price analysis – 5 Oct: rangebound but President John McAfee will save us

john mcafee

Leading cryptocurrency Bitcoin is little changed but there is some blood on the floor, although John McAfee (see below) is thankfully around to save us, so don’t start worrying. BTC is trading at $6,585 on Bitfinex. Crypto market cap is $218 billion.

XRP, which has led the market in recent days, is off 3% and similarly NEM (XEM) has had some value shaved off at %0.104, also 4% lower. See our price analysis for all three of the crypto assets mentioned.

 

Technical analysis – price target $6,787

Over on Bloomberg there is talk of how frenzy has turned to apathy, as the tug of war between bulls and bears cancels itself out in the trading of recent days.

There’s been some talk about about the massive triangle forming on the 1-year BTC chart. A succession of lower high is the classic ending of a bear market. It is either that or the slow expiration of bitcoin. We think the former.

btc price

BTC I year chart, 5 October

Now take a look at the micro triangle we can identify in the next chart – a 1-hour chart of the past week or so. You can see what happens when we reach the base of the triangle – there’s a relative price explosion. In this example though we are talking about day, so for the day traders it means there is plenty of safety at current levels ($6,573).

btc price chart

 

Stephen Innes, head of Asia Pacific trading at Oanda told the news outlet: “It’s been pretty flat for so long now. That doesn’t really entice investors.”

Coinbase has just lost the person responsible for its expanding its institutional business, Adam Smith, the company’s fifth ever employee according to CoinDesk.

The European Securities and Markets Authority has revealed in its work programme for the year ahead, that it has earmarked €1 million for surveillance and monitoring of crypto markets (and fintech more widely). There will be six full-time staff allocated to the monitoring work.

Institutional buyer more bullish

Tom Lee‘s Fundstrat has some research out based on a survey of institutional crypto investors and those on the Twitterverse, comparing the two.

Asked where bitcoin would be priced by year-end 2019,40% of the 9,000 accounts of retail investors on Twitter said yes to a price rise of $15,000 to the moon, but a greater number – 57% – of institutional investors thought this likely.

In terms of favoured crypto, institutions like bitcoin (59%) and retail investors XRP (46%).

The data is reproduced in the Fundstrat graphics below:

fundstrat graphic of crypto fundstrat

The report can be downloaded here.

Elsewhere, John McAfee is planning on running for the office of President. Not really.

But if he did, as he points out below, that will really give him a platform to pump coins like no other – just like President Trump pumps himself.

McAfee lauched a wallet recently called Bitfi, billed as unhackable but it was hacked twice shortly after release.

Here’s the Tweet:

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

Be the first to comment on "Bitcoin (BTC) price analysis – 5 Oct: rangebound but President John McAfee will save us"

Leave a comment

Your email address will not be published.


*