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Bitcoin News
Analyst John Bollinger Foresees More Consolidation For Bitcoin
In the last week, the price of Bitcoin took a significant nosedive, recording a 7% loss to trade as low as ,478. According to data from CoinMarketCap, Bitcoin attempted a rebound following this dip but has since been stuck in consolidation between ,100 – ,300.
Commenting on this development, John Bollinger, inventor of the Bollinger Bands, a popular technical momentum indicator, has provided potential insights into Bitcoin’s next movement as investors continue to await the much-expected crypto bull run.
Bitcoin To Remain In Consolidation, Bollinger Says
In an X post on June 28, Bollinger predicted the price of Bitcoin will maintain its current range-bound movement. The prominent analyst made this projection based on the absence of a price bound following a two-bar reversal at the lower Bollinger Band.
No bounce after a Two-Bar Reversal at the lower Bollinger Band, more consolidation expected. #Bitcoin https://t.co/vIH2wo4CsJ
— John Bollinger (@bbands) June 28, 2024
For context, the Bollinger Bands consist of three lines (bands) namely a Middle Band which is typically a 20-day moving average of the asset’s price, and an upper and lower band which represent the SMA plus and minus two standard deviations of the price respectively. The Bollinger Bands are primarily used for trend identification and for indicating potential breakouts and breakdowns.
Notably in trading, a two-bar reversal is a candlestick pattern showing a potential change in price direction. When this pattern occurs at the lower Bollinger Band, it often suggests that the asset might experience a bounce or a reversal to the upside due to being oversold.
However, in the current case of Bitcoin in which there is no price gain following this development, it can indicate continued weakness or price indecision which may cause BTC to remain in consolidation.
Generally, such sideways price movements are driven by bearish or uncertain sentiments leading to a lack of buying pressure from investors even at lower prices. In addition, this absence of price bounce also indicates that the current lower Bollinger Band represents a weak support level increasing the risk of a price breakdown.
BTC Price Overview
At the time of writing, the price of Bitcoin continues to trade at ,629 with a 1.31% decline in the last day. However, the asset’s daily trading volume is up by 15.95% and is currently valued at .8 billion.
Notably, Bitcoin lost 11.69% of its value in June as its price dipped below ,000. However, despite this decline, investors remain resilient in their expectations of a price rally to kick-start the crypto bull season. Notably, a crypto whale recently bought 20,200 BTC at .23 billion, showing much confidence in the token’s ability to stage a price rebound and embark on a bullish run.
BTC trading at ,750 on the 4-hour chart | Source: BTCUSDT chart on Tradingview.com
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Bitcoin News
Trading Guru John Bollinger Forecasts Bitcoin Breakout, $50,000 On The Horizon?
John Bollinger, a legendary Bitcoin (BTC) trader known for creating the Bollinger Bands strategy, has recently shared an optimistic view on Bitcoin’s future.
Bitcoin Poised For Further Surge?
In a post on X, John suggest that Bitcoin’s price is likely to “break higher” from its current levels. This prediction is based on his analysis using the Bollinger Bands chart, a popular technical analysis tool he developed. For context, Bollinger Bands are a type of statistical chart characterizing the prices and volatility of an asset over time.
They consist of a set of three lines: the middle line typically represents the simple moving average of the asset’s price, and the other two lines are plotted at a standard deviation above and below the average. This tool helps traders to assess market conditions and potential price movements.
I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut
— John Bollinger (@bbands) January 4, 2024
Bollinger’s prediction using this methodology indicates a positive outlook for Bitcoin, especially significant in light of the recent market turbulence.
Bitcoin’s Recovery And ,000 Price Target
So far, Bitcoin’s journey in the crypto market has been marked by resilience, as evidenced by its recovery from a notably down turn in the market that resulted in the asset to trade in the ,000 region.
Currently trading above the ,000 mark, Bitcoin has shown a 3% growth in the past 7 days. This rebound is particularly noteworthy following a bearish report from Matrixport concerning a rejection of spot Bitcoin exchange traded funds (ETFs) by the US Securities and Exchange Commission (SEC).
Joining Bollinger in bullish predictions is Dan Gambardello, another well-respected analyst in the crypto space. Gambardello has projected an upward breakout for Bitcoin, potentially leading the digital currency to reach the ,000 mark in the short-term and ,000 in the long term.
This projection is tied to the anticipation of a spot Bitcoin ETF approval, which could serve as a significant catalyst for Bitcoin’s price movement. Gambardello explains that this upward trend would represent a historical breakthrough for Bitcoin, especially in terms of breaking through the lower highs of its Fibonacci level.
Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally!
Intro 00:00
Big Grayscale news 1:10
Bitcoin ETF final stretch 2:30
BTC price pressure building 3:15
k Bitcoin target 5:10
BTC attempting something it’s never done 6:30
Bitcoin dominance and altcoins… pic.twitter.com/uZZ2YrblCO— Dan Gambardello (@cryptorecruitr) January 4, 2024
Notably, it is evident that the predictions from both Bollinger and Gambardello hinge significantly on the US SEC decision regarding the approval of a spot Bitcoin ETF. While optimism prevails, Gambardello has also cautioned that a rejection could lead to a decline in Bitcoin’s price, potentially dropping below ,000 to find support around ,000.
Featured image from Unsplash, Chart from TradingView
Bitcoin’s Bullish Leap: Trading Guru John Bollinger Weighs In On BTC Ongoing Rally
John Bollinger, known for his expertise in market analysis, has recently shared his insights on Bitcoin’s current market trajectory, noting that the premier cryptocurrency is exhibiting “signs of strength.” This observation comes when Bitcoin consistently sets new highs amid the ongoing bull run.
The asset has experienced a surge, climbing above ,000, representing a 4.5% increase over the past 24 hours. It now appears to be aiming for the next resistance level.
Bitcoin Shows Signs Of Strength
John Bollinger, the creator of the renowned Bollinger Bands, a popular technical analysis tool, has applied his methodology to gauge Bitcoin’s market movement. Bollinger Bands are typically used to measure the volatility of a financial instrument.
They consist of a middle band, a simple moving average flanked by two standard deviation lines. These bands adjust with market conditions, widening during volatile periods and contracting during calmer times.
Bollinger’s recent analysis highlights that Bitcoin trades outside its daily and weekly Bollinger Bands. This is particularly noteworthy as it suggests a strong continuation of the current bullish trend without any signs of divergence.
On November 21, a two-bar reversal pattern was noted at the middle Bollinger Band, further reinforcing the strength in Bitcoin’s price action.
The air is getting a bit thin up here, but all we see as of now are signs of strength. We are outside both the daily and weekly BBs with no divergences. The last controlling formation was the 2 bar reversal at the middle BB completed on 21 Nov. $BTCUSDhttps://t.co/B4ZU3vpTvV
— John Bollinger (@bbands) December 5, 2023
Bitcoin’s Price Action: Interpreting The Signs
Bitcoin’s bullish momentum continues unabated, with a near 5% surge in the past 24 hours, pushing past the ,000 threshold. Interestingly, the cryptocurrency shows no signs of deceleration or immediate pullback.
However, technical analysis on a larger scale suggests that Bitcoin might be approaching a significant retracement zone. On the one-week timeframe, an order block is present between the ,000 and ,000 regions.
An order block is essentially a zone where significant buying or selling occurred in the past, leading to a substantial price movement. When the price revisits these blocks, they often act as key levels for potential reversals or trend continuation.
Should Bitcoin climb to this region, a retracement might be on the cards. However, invalidating this order block and continuing its rally might set the stage for a reversal, possibly when it reaches the breaker block around the ,000 region.
A breaker block is a specific price zone where the market has previously shown a substantial reversal, breaking through a level of resistance or support. These blocks are often seen as potential areas where the price might experience significant movements or change direction. If Bitcoin taps into this breaker block, it could indicate another pivotal moment in its price trajectory.
Featured image from Unsplash, Chart from TradingView
Trading Guru John Bollinger Warns Of Buying Litecoin, Here’s Why
In his latest analysis, legendary trader John Bollinger has expressed concerns over Litecoin’s performance, particularly in comparison to Bitcoin. Bollinger, known for developing the popular technical analysis tool Bollinger Bands, highlighted a worrying pattern in the Litecoin market.
He remarked, “I was asked for an analysis of LTCBTC. The thing that concerns me the most is its underperformance vs Bitcoin. From a price perspective the controlling LTCUSD feature is the 2 bar reversal at the lower Bollinger Band which is typically considered a bearish signal by traders.”
Bollinger’s Bearish Litecoin Prediction Explained
The chart of the LTC/USD pair provided by Bollinger on November 28, 2023, shows Litecoin’s price action in relation to its Bollinger Bands on both a daily and weekly scale. The price is currently hovering around .566, which is significantly lower than the upper Bollinger Band, suggesting a lack of bullish momentum.
The Bands form by plotting a range of standard deviations above and below a simple moving average, commonly enveloping the price action. In this chart, the daily vs. weekly candles chart shows that the LTC/USD price is struggling beneath the midpoint of these bands, which is a bearish indication. The price currently near .566 is substantially below the upper band level of around , which represents a potential resistance level.
The Bollinger Bands (BB) on the chart are set with a 20-period moving average with a 2 standard deviation range. Bollinger’s analysis points to a ‘2 bar reversal’ pattern at the lower band. This pattern emerges when a bar reaches a high above the preceding bar but then closes below the close of that same previous bar, hinting at a possible reversal from the uptrend. Such a pattern took place near the lower band, indicating that any effort to drive the price higher meets with resistance, and the prevailing selling pressure is taking hold.
The Bollinger %B indicator is also crucial here as it compares the price of Litecoin to the range defined by the Bollinger Bands. A %B value below 0.5 indicates that Litecoin’s price sits nearer to the lower band than to the upper band, potentially signaling weakness. The chart shows the indicator failing to cross the 0.5 level after a plunge toward 0, signifying that the price frequently touches or falls below the lower band.
LTC Price Under Pressure
The Bollinger Band Width (BBW) serves as another indicator, measuring volatility by assessing the Bollinger Bands’ width. A narrowing of the Bands, as seen in the latter part of the chart, suggests a decrease in volatility and often precedes a significant price movement. In this context, the BBW’s narrowing on the Litecoin chart might indicate that the market is tensing, possibly gearing up for an impending breakout or breakdown.
When Bollinger mentions Litecoin’s underperformance relative to Bitcoin, it’s important to note that Bitcoin often leads the crypto market trend. If Litecoin is not keeping up with Bitcoin’s movements, it could suggest a lack of confidence or interest from traders in altcoins (as the current rise in Bitcoin dominance shows) and Litecoin specifically.
In summary, Bollinger’s technical analysis indicates that Litecoin is in a precarious position. The price action at the lower Bollinger Band, the bearish ‘2 bar reversal’ pattern, the sub-0.5 Bollinger %B values, and the narrowing BBW all suggest that Litecoin may continue to see downward pressure in the near term.
At press time, Litecoin traded at .05. The 1-day chart of LTC/USD shows that the altcoin fell below the key support of the 0.236 Fibonacci retracement level at .98 two days ago. A retest is currently taking place, a daily close above this is of utmost importance for the Litecoin price.
Pro-XRP Lawyer John Deaton Reveals The Countries Topping The 75,000 Holder List
Over the course of Ripple’s legal battle with the United States Securities and Exchange Commission (SEC), John Deaton has grown to become one of the most prominent voices in support of the crypto firm. The result of this was a list containing 75,000 potential intervenors, all of which hold XRP.
Up until now, the regional composition of this 75,000-holder list has been unknown. But Deaton has finally revealed which countries are leading the pack as ‘potential intervenors.’
The United States Leads The 75,000 XRP Holder List
In a tweet shared on the X (formerly Twitter) platform, Deaton revealed to his more than 292,000 followers that the United States made up the majority of the 75,000 XRP holder list. The tweet highlighted that US holders currently make up 53% of the list, making it the leading region.
Going forward, the pro-XRP lawyer points to the United Kingdom as having the second-largest holder base on the list. This is then followed by Australia, which the lawyer excitedly reveals has moved up to the third position as of the last time he checked the holder list. However, Deaton explained that Australia’s lead over Canada in the fourth place only comes down to a difference of around 11 holders.
The lawyer’s tweet comes in response to an announcement from the Wave of Innovation official X handle that Deaton would be the keynote speaker of an upcoming event. The event totaled “XRP Gold Coast” would run from March 22-24 in 2024, and Deaton was picked as the keynote speaker due to his “significant contributions to the XRP community through his legal work and advocacy efforts.”
Deaton went on to highlight his pleasure of being the keynote speaker at this event by pointing out Australia’s growing dominance on the 75,000 XRP holder list. “I could not say no, nor pass on the opportunity to meet many of them,” he tweeted.
I checked the 75K #XRP Holder list. Australia
has moved to the #3 spot. About 53% of the 75K #XRP Holders are from the United States
The United Kingdomcomes in at #2. After that, Australia
has a very small lead (ie like 11 people) over Canada
, as the 3rd most… https://t.co/HYfaNOioju
— John E Deaton (@JohnEDeaton1) September 10, 2023
Representing The Interest Of Investors
John Deaton’s rise to fame, especially among crypto investors, first came when the lawyer began advocating for XRP holders. While Ripple Labs battled the SEC in the courtrooms, Deaton was the attorney of choice for XRP investors who wanted to make their voices heard in the case.
Support for Ripple had grown rapidly as many referred to the regulator’s actions as an overreach. Meanwhile, the number of XRP investors throwing their hats in the ring grew to over 75,000 on Deaton’s list.
According to the attorney, being on this ’75K List’ meant that XRP investors could potentially be able to seek reimbursement if the price of XRP were to suffer as a result of the regulator’s actions.
The legal battle that began in 2020 is currently still ongoing with the SEC filing an interlocutory appeal in response to Judge Analisa Torres’s ruling back in July. So whether or not there will be any reimbursement for XRP holders impacted by the regulator’s actions remains to be seen.
Pro-XRP Lawyer John Deaton Says He Is Willing To Bet That Ripple Will Win SEC Appeal
Popular XRP advocate and notable attorney John Deaton recently predicted a comfortable appeal victory by Ripple against the United States Securities and Exchange Commission (SEC). The Managing Partner of ‘The Deaton Law Firm’ says he is willing to bet big on the exchange emerging victorious on appeal.
Founded Belief Or Mere Speculation?
John Deaton’s willingness to bet on an uncertain court judgment follows a recent thread penned by digital asset enthusiast and Australian-based lawyer Bill Morgan. According to the thread, Judge Analisa Torres did not err in her summary judgment decision.
Morgan was of the opinion that the Securities and Exchange Commission (SEC) classified sales of XRP by Ripple into three unique classes; institutional sales, programmatic sales, and other XRP distributions. Following the classification, Judge Torres evaluated each class by applying the popular Howey test.
After evaluation, the Judge discovered major differences in each class. For instance, the Judge discovered that every institutional investor signed agreements with Ripple and expected to earn profits from the firm’s activities.
While institutional investors entered contracts with Ripple, programmatic sales on exchanges did not require the signing of contracts, and purchasers, therefore, did not expect to make profits directly from Ripple’s efforts.
Therefore, according to Morgan, Judge Torres ruled that the sale of XRP to institutional investors amounted to a sale of securities, while that of programmatic sales on virtual exchanges was not.
Deaton Ready To Go All In For Ripple
Reacting to the thread, John Deaton commended Bill Morgan and noted that Judge Torres did not differentiate between Ripple’s XRP sales merely out of “thin air.” He stated that the Judge considered each sale the SEC alleges as securities “and applied the Howey test.” Therefore, given his confidence in the decision, he was willing to wager “significant funds that she doesn’t get reversed on appeal.”
While Deaton may have cause to believe in a favorable appeal outcome, recent developments may instigate some doubts in his prediction. Recently, US District Judge Jed Rakoff, who oversees the SEC’s lawsuit against Terraform Labs, rejected the approach used in Judge Torres’s ruling. This creates a certain unpredictability in the outcome of the upcoming SEC appeal.
In the interim, SEC’s Chair, Gary Gensler, has suggested that an appeal against the decision in the Ripple lawsuit is under strong consideration. While Gensler’s comment does not expressly guarantee an appeal, however; it indicates that the US SEC has not conceded a partial defeat in the suit.
Janice McAfee Continues Battle for Release of John McAfee’s Remains, 670 Days After His Death
Last year in July, it was widely reported that the now deceased, enigmatic tech magnate John McAfee’s body was still in a Spanish morgue for a full year after his untimely demise. McAfee’s widow, Janice, has taken to social media to voice her distress over the extended delay in the release of his remains. It is a matter of great frustration to her that, even after an incredible 670 days, she is still unable to grant her beloved husband a proper burial.
John McAfee’s Widow Demands Answers on Delay in Releasing His Remains
On April 23, 2023, Janice McAfee tweeted about her late husband, John McAfee, insisting that he had been in a morgue for 670 days. In July 2022, Bitcoin.com News reported on McAfee’s remains sitting in the morgue for a year. Janice is still complaining about the issue and asking why there is a holdup. “670 days since John’s ‘suicide,’” Janice tweeted. “670 days and his remains have still not been released. 670 days and his autopsy report has still not been released. 670 days is an absurd amount of time to wait to bury your loved one.” McAfee’s widow added:
What are they hiding? #JohnMcAfeeDidNotKillHimself
In October 2020, McAfee was arrested at Barcelona-El Prat Airport and faced extradition to the United States. He faced charges by the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) for promoting initial coin offerings (ICOs) and “tax evasion and willful failure to file tax returns.” Spain’s high court approved McAfee’s preliminary extradition, and hours later, he was found dead in his prison cell in Barcelona. After his death, a number of stories emerged claiming that McAfee had activated a dead man’s switch.
In more recent times, in August of last year, a Netflix documentary called “Running with the Devil” showcased one of McAfee’s former girlfriends, who claimed he called her from Texas after his reported death. Janice scoffed at the woman’s theory after the documentary aired, insisting that John would not hide out in America and called the idea “silly.” During the first week of March 2023, Janice discussed McAfee’s death with Hotep Jesus and her “ongoing battle with the Barcelona courts for John’s remains, almost two years after his death.”
What are your thoughts on the ongoing legal battle for John McAfee’s remains? Share your thoughts about this subject in the comments section below.