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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins surge as bulls continue to push market to new heights

Biraajmaan Tamuly

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Massive surge continues in the market as tokens prosper
Source: Pixabay

The Bitcoin bull run took the cryptocurrency market by surprise, following which several tokens’ valuation collectively surged. Bitcoin [BTC] and its silver counterpart, Litecoin [LTC], witnessed a massive price hike in the last few days. At press time, the largest cryptocurrency in the world recorded a market cap of $86 billion and was priced at $4,920 with a 9.31% hike against the US Dollar.

Charlie Lee’s Litecoin [LTC] hiked by a massive 23.93% against the US Dollar over the last 24 hours, while the trade volume was $5.2 billion. The token was priced at $80.11, at press time, with a market capitalization of $4.8 billion.

Bitcoin 1-day chart

Source: Trading View

Bitcoin blew past its resistance at $4212.2, while witnessing a major uptrend. The hike extended from $4062.70 to $4935.53, at press time.

The Bollinger Bands marked a volatile price period for the token as the bands were diverging.

The MACD line projected a dominant bullish period for the coin as the blue line remained significantly above the red line in the chart.

The Relative Strength Index indicated the dominance of the buying pressure, as the token was significantly overbought.

Litecoin 1-day chart

Source: Trading View

Litecoin’s [LTC] 1-day chart was bullish as the price valuation kept increasing without major price fall. The long term uptrend for the token extended from $40.059 to $80.11. The token also surged past its long term resistance at $63.68.

The Parabolic SAR indicated a bullish wave as the dotted markers were placed below the candlesticks.

The Fisher Transform indicator was bullish as the blue line hovered over the red line.

The Awesome Oscillator or AO represented high bullish momentum for the token as the green bars towards its end were surging.



Conclusion

Bitcoin [BTC] and Litecoin [LTC] were among top gainers in the market and all indicators suggested that the bull run was likely to continue.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021

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Bitcoin Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
Source: Pixabay

With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.

A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.

 

CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.

Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.

With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.

The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.

In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.

The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.



Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.

Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.





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