From two very different outlooks on Bitcoin to new adoption for Ethereum and XRP, here’s a look at some of the stories breaking in the world of crypto.
A proprietary indicator that called Bitcoin’s big sell-off in November of 2018 and the bull run in April of this year has turned bearish.
Crypto Thies tells his 31,000 followers on Twitter that his ‘Market God’ indicator just posted a sell signal. The indicator is based on a proprietary algorithm and is designed to confirm trends while removing bias and human emotion.
Thies says he’s “working on a theory” that altcoins could fare better than BTC during the potential downturn, but he’s convinced the short term isn’t looking great for the leading cryptocurrency.
Yikes. I’m taking the hint this time guys.. $BTC is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it’s pretty clear I need to listen to it.
Short the corn. pic.twitter.com/AiVLec0sUs
— CryptoThies 📈 (@KingThies) December 1, 2019
A separate, long-term data set is looking far more bullish.
An analyst who posts under the alias Bitcoin Charts has released a new set of data to 8,700 followers on Twitter. It shows BTC’s long-term price action, with each year represented by a single candle.
The chart highlights the past impact of Bitcoin’s halvings, which cut the amount of new Bitcoin entering the market by half every four years.
Historically, the chart shows a pattern: BTC’s yearly price action rises for three years, followed by a year in the red. If past is prologue,