Here on July 12th, 2018 Bitcoin is in a bear market and some indicators are bearish. However, there is also a potential inverse head and shoulders and Adam and Eve forming which could take us back to a bull market. Let’s examine the bull case vs. bear case.
Here is an image showing every Bitcoin bubble since 2010 from one low to the next. This helps one to see how a series of runs and corrections took Bitcoin from $0.05 to $20,000.
The wallet/exchange service Bancor suffered a security breach on July 9th that led to $13.5 million worth of Ethereum (ETH), Bancor (BNT), and other tokens.
Bitcoin has shown some strength in July, meanwhile some alts haven’t kept up. This means there are some potentially amazing alt deals.
Bitcoin’s volatility is generally at the lowest it has been in a while. Each failed rally of 2018 has resulted in less volume and less volatility.
South Korea has been at the forefront of embracing cryptocurrency and blockchain technology. South Korea’s latest move is recognizing crypto / blockchain as an industry and providing classifications for different types of crypto businesses.
India has been cracking down on crypto in 2018, seemingly as a response to the epic rally of 2017.
Fundstrat’s Tom Lee has revised his BTC projection for 2018 from $25k to $20k. His projection is based on the idea that BTC will trade for 2.5x its mining cost.
Could Bitcoin be forming an Adam and Eve double bottom on the weekly chart for 2018? If it does it would be one epic reversal.
Hackers compromised Binance on July 3rd. They gained access to APIs and pumped the token SYS. However, all funds are safe and the issue has been fixed.
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