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As the cryptocurrency markets suffer from what appears to be a prolonged bear market, investors are looking towards long-term prospects that could aid the price. However the CEO of Coinbase has a warning for anyone getting too excited about widespread Bitcoin adoption in the near future.

Bitcoin’s price is currently sitting at $6,400, up from weekly lows of $5,950 on Coinbase. As Bitcoin’s price fell, many altcoins were pushed to yearly lows, including Ethereum (ETH) whose price dropped to around $250, and Litecoin (LTC) whose price hit lows of $51 earlier this week.

Altcoin and Bitcoin investors alike are looking towards upcoming developments like the Starbucks, Microsoft, and ICE Bitcoin payment provider in order to maintain hope for future success.

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Widespread Bitcoin Adoption Could Take Years

While speaking to Bloomberg at a San Francisco tech summit, Brian Armstrong spoke about cryptocurrency adoption, saying that he thinks “it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto.”

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On this front, Armstrong may be correct. Initially, it appeared that Starbucks was working with Microsoft and New York Stock Exchange parent company ICE to provide a digital payment platform that would allow users to pay for their orders using a Bitcoin wallet. After the reports became widespread, however, Starbucks clarified their plans, saying that, “Customers will not be able to pay for Frappuccinos with bitcoin.”

Armstrong also shared a common sentiment that most cryptos are only used for speculative investing, saying that around 10% of currently traded cryptos are used to make purchases or to conduct financial transactions.

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Many people are concerned that the bear market may persist until major developments are made that bring regulatory clarity and widespread adoption. These include the acceptance of Coinbase Commerce on more websites and the approval of the highly anticipated Bitcoin ETF.

Armstrong optimistically said:

“This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau. People’s expectations are all over the map, but real-world adoption has been going up.”

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Armstrong Bullish on Bitcoin Adoption in Countries in Economic Turmoil

Armstrong also spoke about regulation in some countries, explaining that he doesn’t feel that the amount of countries banning cryptocurrencies will negatively affect Bitcoin adoption any more than it did the adoption of the internet.

“Most places in the free world are adopting this technology. They rightly want to protect consumers though…There are going to be some countries in the world, just like the internet, where bitcoin and cryptocurrencies are restricted.”

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Countries like India and China have notably banned crypto trading, which has unfortunately lowered trading volume significantly from where it could be otherwise.

Armstrong also shared his thoughts on the adoption of Bitcoin in countries going through economic crises and rapid currency inflation, explaining that citizens of those countries with internet and phone access will realize that it is more efficient to adopt Bitcoin and other cryptocurrencies as a means of banking and payment.

“I’m bullish on countries that are going through economic crisis, over the next three to five years, where everyone has the internet and a smartphone, you could see people adopting bitcoin and cryptocurrencies as an alternative.”

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Armstrong is referring to countries like Venezuela and Turkey, who have seen hyper-inflation of their currencies due to poorly executed social changes and economic issues.

Coinbase’s user registration rates are a good signal of the market health, but unfortunately, recent reports claiming that they were bringing on 50,000 new users per day were found to be inaccurate, and were figures pulled from the height of the 2017 crypto bull run. It is unknown what Coinbase’s current daily registration numbers are.

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Brian Kelly, CNBC’s foremost crypto analyst, has long been held as a Bitcoin permabull in the eyes of many. His most recent appearance on CNBC only cemented this theme, as Kelly reasoned why the crypto market could head upwards within the next few days.

Could the CBoE’s Bitcoin Futures Expiry Push Prices Upwards? Brian Kelly Thinks So

On Tuesday, the crypto market saw a strong rebound of near-YTD lows, with a majority of assets posting gains of upwards of 7-8%.

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While this move was welcomed by cryptocurrency bulls, it was unclear if there was a catalyst for this specific recovery. Nonetheless, CNBC Fast Money’s Brian Kelly did his best to postulate the reasoning behind this resurgence on prices.

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Kelly opened up his segment by calling the market’s recent price action “a wild ride,” alluding to the motions the market has gone through on a near-daily basis.

The trader first drew attention to the average performance of BTC before, during, and after the expiry of CBOE Bitcoin futures.

According to statistics gathered by an associate of Kelly’s, BTC often does poorly in the days leading up to an expiry date, posting losses of an average of 7%. But as an expiry date nears and passes, BTC experiences an average of a 10% move upwards.

Moreover, the founder of the BKCM fund went on to bring up previous expiry events, where Bitcoin surged nearly 20% in a mere six days following mid-April’s futures expiry.

So why is this statistic relevant you may ask.

Well on August 15th, the most recent set of CBOE futures expired, as the cryptocurrency market coincidentally saw a strong recovery. While Kelly did not explicitly state that Bitcoin could undergo a move upwards, it has become increasingly apparent that he expects the market to see positive bouts of price action over the next few days.

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Brian Kelly: Bitcoin Could Undergo a Short Squeeze over the Next Few Days

To bring more credence to his unrelenting bullish sentiment, Kelly brought up a chart of all short positions on BitFenix.

Although short positions have increased drastically since the start of August, the CNBC trader noted that August 15th’s bounce resulted in many short sellers covering their positions.

As such, Kelly added that Bitcoin could undergo a short squeeze as a result of the “short-term seasonality” of a futures expiry event.

Throughout this segment, the crypto bull only discussed Bitcoin, leading a CNBC panelist to ask if altcoins would bottom out along with the foremost digital asset. Staying in line with his permabull attitude, he responded, stating:

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“They (altcoins) are still quite correlated (with Bitcoin). Over the last 60 days or so, Bitcoin has really been the leader — a lot of that had to do with the speculation about an ETF. But what you did see today is stuff like Ethereum almost 10% off yesterday’s lows, stuff like Stellar Lumens — still holding up quite well. So yes, if you get a 10 or 15 percent run on Bitcoin on a short squeeze, it should bring everything else back up.”

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However, some had their doubts, including CNBC Fast Money trader Dan Nathan, who questioned the permabull, asking if the crypto market could see further capitulation.

Turning the question somewhat on its head, Kelly noted that the $5,900 price level will prove to be a strong line of support if a sell-off continues. Regardless, it is evident that with this CNBC Fast Money episode whirring by, that Brian Kelly remains as bullish as ever.

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Key Points

Bitcoin price recovered nicely after forming a support base near $6,200 against the US Dollar.
There was a break above a key contracting triangle with resistance at $6,375 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair may perhaps continue to move higher towards the $6,570 and $6,750 resistance levels.

Bitcoin price is signaling more gains above $6,550 against the US Dollar. BTC/USD could accelerate once buyers gain momentum above $6,550-6,600.

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Bitcoin Price Analysis

Yesterday, we saw a downside correction below the $6,300 level in bitcoin price against the US Dollar. The BTC/USD pair tested the $6,200 support where buyers emerged. The price formed a base near $6,200 and the 100 hourly simple moving average. Later, there was a fresh upward move and the price traded above $6,300 and $6,400. Moreover, there was a break above the 50% Fib retracement level of the last slide from the $6,650 high to $6,213 low.

More importantly, there was a break above a key contracting triangle with resistance at $6,375 on the hourly chart of the BTC/USD pair. The pair is currently trading near the 61.8% Fib retracement level of the last slide from the $6,650 high to $6,213 low. Once it clears the $6,547 and $6,550 resistance levels, it could accelerate further higher. The next resistance could be around the last high at $6,650. Above this, the price will most likely test the 1.236 Fib extension level of the last slide from the $6,650 high to $6,213 low at $6,753.

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Looking at the chart, bitcoin is placed nicely above the $6,300 level. It seems like buyers are likely to take control above $6,500 in the near term. The important supports on the downside are $6,375, $6,300 and $6,200.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving higher and is currently above the 55 level.

Major Support Level – $6,300

Major Resistance Level – $6,550

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Key Highlights

ADA price recovered above the $0.090 resistance and is currently consolidating against the US Dollar (tethered).
There is a crucial bearish trend line in place with resistance at $0.0990 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair has to move above the trend line and $0.1000 to gain bullish momentum.

Cardano price is placed in a bullish zone against the US Dollar and Bitcoin. ADA/USD must break $0.1000 for an extended recovery in the near term.

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Cardano Price Analysis

After a sharp decline, cardano price found support near the $0.0850 level against the US Dollar. The ADA/USD pair traded as low as $0.0842 and later started an upside correction. The price moved above the $0.085 and $0.090 resistance levels. Moreover, there was a break above the 38.2% Fib retracement level of the last slide from the $0.1145 high to $0.0842 low.

At the moment, the price is trading near an important resistance at $0.1000 and the 100 hourly simple moving average. There is also a crucial bearish trend line in place with resistance at $0.0990 on the hourly chart of the ADA/USD pair. Additionally, the 50% Fib retracement level of the last slide from the $0.1145 high to $0.0842 low is at $0.099 to prevent gains. Should the price surpass the trend line and $0.1000, it could accelerate higher. The next resistance is near $0.1075-0.1080, which was a support earlier. Above this, the price will most likely test the last swing high near $0.1145.

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The chart indicates that ADA price is currently trading in a positive zone above $0.090. However, a proper close above $0.1000 is needed for buyers to take the center stage. If there is a downside correction, the $0.092 and $0.090 levels are likely to hold declines.

Hourly MACD – The MACD for ADA/USD is placed in the bullish zone.

Hourly RSI – The RSI for ADA/USD is currently well above the 50 level.

Major Support Level – $0.0900

Major Resistance Level – $0.1000

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Coinbase’s CEO Wants to Manage Bitcoin Adoption Expectations

Widespread Bitcoin Adoption Could Take Years

Armstrong Bullish on Bitcoin Adoption in Countries in Economic Turmoil

Bitcoin Permabull Brian Kelly Remains As Bullish As Ever

Could the CBoE’s Bitcoin Futures Expiry Push Prices Upwards? Brian Kelly Thinks So

Brian Kelly: Bitcoin Could Undergo a Short Squeeze over the Next Few Days

Bitcoin Price Watch: BTC/USD Signaling Bullish Continuation Towards $6,700

Key Points

Bitcoin Price Analysis

Cardano Price Analysis: ADA/USD Eyeing Upside Break above $0.10

Key Highlights

Cardano Price Analysis

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cryptocu101

Home Top Ad

adpays

Coinbase’s CEO Wants to Manage Bitcoin Adoption Expectations

Widespread Bitcoin Adoption Could Take Years

Armstrong Bullish on Bitcoin Adoption in Countries in Economic Turmoil

Bitcoin Permabull Brian Kelly Remains As Bullish As Ever

Could the CBoE’s Bitcoin Futures Expiry Push Prices Upwards? Brian Kelly Thinks So

Brian Kelly: Bitcoin Could Undergo a Short Squeeze over the Next Few Days

Bitcoin Price Watch: BTC/USD Signaling Bullish Continuation Towards $6,700

Key Points

Bitcoin Price Analysis

Cardano Price Analysis: ADA/USD Eyeing Upside Break above $0.10

Key Highlights

Cardano Price Analysis

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