November 17th, 2018

Bitcoin is drowning in holders tears

Bitcoin is drowning in holders tears

November 17th, 2018

Weekly crypto sentiment brain-powered by the most authoritative experts from the trading network.

During the previous week, we’ve experienced the bitcoin greed of the fake Elon Musk, some insights about massive interest to bitcoin by institutional investors shared by Morgan Stanley and celebrated one of the largest useful airdrops in the short history of crypto: $125 million worth of the cryptocurrency Stellar distributed by Blockchain wallet.  Let’s recap what was going on with bitcoin within this week, which turned out to be a complete disaster and we are quite happy that it’s about to be over:

  • More Twitter accounts hacks followed this week in an attempt to scheme the general public out of their bitcoins asking them to send cryptocurrency to a specific wallet address and receive ten times more back. Amongst affected brands are Google (@gsuite and 823K followers), Target (@target and 1,92M followers), the Body Shop (@thebodyshopusa and 42K followers) and many more. Twitter’s representatives claim that the attack came from the third-party app.
  • In the middle of the week bitcoin price plummeted deeply (from the mid-$6,000s to the mid -$5,000s) dragging the whole crypto market down. Some experts, including Brian Kelly from BKCM, an investment firm specializing in cryptocurrency, believe that it was due to the fights over a “hard fork” in Bitcoin Cash.
  • Speculations on the topic kept stealing the news headlines till this end of the week, with Bloomberg analysts predicting the further fall to $1,500 levels and well-known Wall Street analyst, a huge bitcoin advocate, changed his previous predictions of end-of-the-year BTC price – from $25,000 to  $15,000 per coin.
  • Overall sentiment based on all ideas published on TradingView within the course of the last seven days was as follows: 56% of traders on the platform were bullish, and 44% were bearish. 54% bullish, 46% bearish is the ratio among the top 10 Bitcoin traders.  Huge drop to negative compared to the previous week when 86,7% of top traders were bullish.
  • TradingView user InvestingScope shared one of the most popular Bitcoin ideas of the week trying to predict the lowest level bitcoin could go during this bear cycle. Comparing to ’14/’15 the worst is yet to come: ~$ 2,600  around 28 Jan’19. Check out the reasoning here.