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Why The Next Bitcoin Bear Market May Only Last Months

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Bitcoin is still struggling to get back above $60,000, and is sinking lower with each passing day. Another defense at $50,000 might be near, and if bulls cannot support the key level another time, a bear market could follow.

According to the momentum of past market cycles, the next bear phase could be a walk in the park – potentially only lasting less than a year. Here’s one prominent crypto analyst’s take on what to expect if the top cryptocurrency reverses from here.

A Bitcoin Bear Market Already? What About Stock-To-Flow?

The idea that Bitcoin’s bull cycle is anywhere near finished is something that very few crypto investors would consider at a real possibility.

With projections from analysts calling for hundreds of thousands per coin, and a stock-to-flow model essentially backing up claims with mathematical projections, it has brainwashed the community to believe nothing but a scenario where the cryptocurrency keeps on rising from here.

Related Reading | Sticky Situation: Strength Indicator Says Bears Have Taken Over Bitcoin

The same stock-to-flow trajectory suggests the rally is nowhere near done, yet Bitcoin price action just can’t get above $60,000 and stay there.

Altcoins are taking over again, turning the narrative against BTC as dated tech that’s ready to die. There’s even a top signal based on Pi that’s appeared for the first time since December 2017 – and it has never been incorrect.

All these signs point to a bear market ahead, but it might not be what we’ve come to expect for bear markets in crypto, according to crypto analyst Dave the Wave.

bitcoin bear market Dave the wave

Momentum suggests the next downtrend lasts only ten months | Source: BLX on TradingView.com

Why The Next Crypto Market Downtrend Could Only Last Ten Months

Using a combination of time-fib ratios and the angle of past downtrend’s momentum according to the logarithmic MACD, the crypto analyst who focuses on cyclicality, claims that any resulting bear phase could last only a short ten months.

The theory is based on the idea that the current bull market has fizzled out at the top of the logarithm growth channel they’ve been watching for years. A reversion toward the bottom of the channel would take Bitcoin back to $20,000 over the next year – which is not at all what the market is expecting.

Related Reading | Why A Reversal In Gold Could Tarnish Recent Bitcoin Narrative 

The term “this time is different” would certainly be true, but not in the way holders were hoping for. Throughout the bull market, coins have been moving off of exchanges at a rapid rate.

Failure to follow the stock-to-flow and other insane projections would almost certainly get those coins moving, and into the hands of institutions from retail holders and early investors who could lose patience in Bitcoin if there’s not six-figure BTC in 2021.

However, if the downtrend really does only last about ten months, those six-figure prices could come in 2022, just one year later when things turn back up again.

Of course, this is all just speculation based on one analyst’s take. This particular analyst has done well with calling almost all major tops and bottoms in crypto over the last several years – will that track record continue when the entire market disagrees with the expectation?

Featured image from Deposit Photos, Charts from TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/why-the-next-bitcoin-bear-market-may-only-last-months/?utm_source=rss&utm_medium=rss&utm_campaign=why-the-next-bitcoin-bear-market-may-only-last-months

Blockchain

Dfinity’s ICP token sees violent first day of trade on major exchanges

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The launch of the Internet Computer utility token has seen a wild first day of trading after its long-awaited debut on exchanges.

The ICP token from Dfinity was listed on Coinbase Pro and several leading exchanges including Binance, Huobi Global, and OKEx on May 11.

Over four hours, prices for the newly launched token have swung from an early intraday high of $700 down to $250, before recovering 70% over 10 hours to trade for $425 at the time of writing. Coingecko estimates $1.8 billion worth of ICP tokens have traded just 14 hours since trade commenced.

ICP/USD chart, 24 hours: Coingecko

The Internet Computer is a decentralized blockchain project by the Dfinity Foundation. Dfinity describes the protocol’s mission as expanding the functionality of the public internet from a network that connects billions of people through standard protocols to a publicly accessible global supercomputer based on its own ICP protocol.

It has the lofty ambition of replacing the trillion-dollar legacy internet and IT industry by allowing developers to install their code directly on the public internet — dispensing with hosting companies, servers, commercial cloud services, and tech monopolies.

Like Ethereum, the platform would allow developers to run computing applications on decentralized infrastructure. However, Dfinity claims superior scalability over Ethereum’s Layer 1 mainnet.

While Dfinity has been focused on building this Internet Computer since 2016, much of the project’s inner workings have been shrouded in mystery due to its policy of closed-source development. The platform’s Mercury genesis launch event took place on May 7, marking the public launch of the platform after its completed mainnet initialization in December 2020.

ICP tokens can be staked into its governance system to earn “voting rewards” or be converted into “cycles” that can be used to power smart contract computation. The Internet Computer platform runs on a Network Nervous System (NNS), which is an open algorithmic governance system that oversees the network and the token economics.

The system is broken down into several subsections which include the ICP tokens in addition to “neurons” and “canisters” which govern the network autonomously and are explained in much more detail on the Dfinity blog.

The project started fundraising before the 2017 ICO boom under the DFN ticker but has since rebranded to ICP.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/dfinity-s-icp-token-sees-violent-first-day-of-trade-on-major-exchanges

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Blockchain

Backed by Mate Tokay, DeChart’s DCH Token sale is live on UniCrypt

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With just one day left of the DeChart Token Sale, token availability is decreasing as the participant pool reaches almost 400 investors! With over 750 BNB invested into the token sale so far, the DCH token sale supply is going fast. With optimization and interoperability as the goals, DeChart sets its objective to break the chains restricting modern Decentralized Exchange (DEX) trading data aggregation. 

Providing real-time, a user-friendly platform, and the ability to track multiple charts all in one space, DeChart aims to overcome the barriers of third-party trading data aggregation solutions. With the objective to become one of the leading advanced data solutions in the DEX trading ecosystem, DeChart launches its DCH token sale. Spanning May 9th to May 11th, the DCH token sale has already hit the ground running on Unicrypt.

Bringing Real-Time Trade Data to the DEX Ecosystem

Historically, the DEX trade data aggregation has not received the due care and attention to detail it should. Forming informed decisions from trading data, DEX traders have yet to truly receive a functional solution for DEX trade data that provides real-time use cases. As such, DEX trades have to resort to using third-party trading data solutions which are often poorly organized, lack accurate data, and can be difficult for users to navigate. 

The DeChart platform is different. Seeking to ensure users receive real-time trading data and tools built for the Decentralized Finance (DeFi) space, DeChart pioneers and revolutionizes the future of DEX trading data aggregation. Following a huge influx of trade volume through April, there is no better time for the DEX space to receive an effective and efficient trading data aggregation solution.

The Lifeblood of the DeChart Ecosystem: the DCH Token

The DeChart ecosystem is regulated and made utilizable through the host of the token sale and lifeblood of DeChart; the native DCH token. DCH brings utility to the DeChart platform through staking alongside other tokens like BNB, CAKE, and LP tokens. Enabling users to swiftly analyze and stake across all of Pancakeswap, DeChart staking also intends to add Uniswap and Sushiswap to the platform in the future.

Offering 56,250,000 DCH tokens to the public during the 2.5-days-long, one-round token sale, all unsold tokens will be burnt to preserve initial investor value and nourish future growth. Considering the total DCH supply of 125 million, the burning of unsold tokens will innovate a deflationary trait within the DCH token and ensure the DeChart ecosystem thrives. 

Supporting DeChart and the token sale is the Co-founder of Bitcoin.com Mate Tokay, and famed investment firm Pangea Research. These high-profile supporters bring strength to the foundations of the DeChart trading data aggregation solution and paint a bright future ahead for the DEX space.

With only one day left of the DeChart token sale, interested parties can head over to Unicrypto now to take part!

Disclaimer: This is a paid post and should not be treated as news/advice.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/backed-by-mate-tokay-decharts-dch-token-sale-is-live-on-unicrypt

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Blockchain

Crypto Twitter decodes why Zuck really named his goats ‘Max’ and ‘Bitcoin’

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Mark Zuckerberg, the Co-founder of Facebook has riled excitement across the crypto community after taking to social media to announce two of his pet goats have been named “Bitcoin” and “Max.”

Zuckerberg announced the curious names for his pet goats in a May 11 Facebook post stating: “My Goats: Max and Bitcoin.”

Crypto-Twitter has been whipped into frenzied speculation in response to the goats’ names, with analyst LilMoonLambo Tweeting to their 97,000 followers: “You have two weeks to accumulate as much $BTC as you can before Mark Zuckerberg announces that he and Facebook have purchased Bitcoin during their annual shareholders meeting… The pump will be glorious.” 

The co-founder of Morgan Creek Digital, Anthony Pompliano, chimed in to ask whether Zuckerberg is “Telling us he is a bitcoin maximalist with the names of his goats?

Influencer “Thinking Crypto” was also highly bullish on the news, tweeting “If you thought the Elon Musk and Tesla pump was something, get ready for the Mark Zuckerberg Facebook pump!”

However, Robert Leshner, CEO of Compound Labs was skeptical of crypto-Twitter’s excitement, interpreting the tweet as “Communicating that [Zuckerberg] will be eating Bitcoin Max(imalists) for dinner.”

Leshner may have a point about Bitcoin and Max being served for dinner. In 2019, Twitter CEO, Jack Dorsey, famously revealed  that Zuck killed one of his goats with a laser gun and served it to him for dinner.

Despite onlookers inferring that Facebook’s CEO may be sending a deliberate message to the crypto sector with his goats’ new names, it is possible Zuckerberg may simply be trying to poke fun and stir up a reaction on social media amid the recently surging popularity of crypto assets.

Last month, rumors circulated that Facebook would reveal Bitcoin holdings on its balance sheet in its Q1 earnings report. However, the April 28 report would  reveal that the company does not hold any crypto assets.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/crypto-twitter-decodes-why-zuck-really-named-his-goats-max-and-bitcoin

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