By Jing Zhu | Crescent City Capital Market Analyst Intern
Bitcoin Cash (BCH) May Hit 500 USD
Bitcoin Cash has recently suffered a blow with a 51% attack on May 15th. On the 15th, the price ranged from 350 to 374 USD. However, the price now displays a forceful upward trend, soaring past 9% in the past 36 hours. After the price drop on the 15th, Bitcoin Cash price increased to 465 USD as of yesterday. Today, the price has jumped even further to 466.76 USD. If the upward trend continues, then it might be possible for Bitcoin Cash to hit 500 USD, even if there may be short breaks in the rally.
Ripple (XRP) Price’s Increase of 27% Confirms Golden Crossover
According to technical analysis theory, a “golden crossover” is a pattern that indicates long-term bullish reversal. On May 27th, this coin traded at 0.413 USD, which is a 27% gain from its opening price of 0.3249 USD on May 1st. While this recent gain is relatively modest compared to those in September 2018, bigger gains may be coming in the next few months, as demonstrated by technical indicators such as the MA (moving average). The current 50-day MA is at 0.3434 USD. It is set to exceed the 200-day MA of 0.3470 USD. This confirms the “golden crossover” pattern, which may encourage more buying. According to Coindesk, “The crossover confirmation could be followed by a convincing break above the recent high of $0.4787 as the 14-day relative strength index (RSI) is currently biased bullish at 61.00 and well short of the overbought territory (above-70)”.
Monero (XMR) Has Big Potential
On May 3rd, Monero was trading at 70.263 USD. This Tuesday, its price increased by 41.77%, as the coin was trading at 97.616 USD on May 28th. Some speculate that there will be a short-term resistance at 120 USD. If Monero can break through this resistance, then it may likely exceed the $200 end-of-year target early. Also, note that the extension and scalability of blockchain is a concern for Monero because of its focus on anonymity and security.
Why Bitcoin (BTC) Price May Reach 30,000 USD Before 2020
In an interview with Bloomberg, Jihan Chu, the co-founder of Kenetic Capital, predicts that Bitcoin price may increase to 30,000 USD by the end of 2020. He lists three bullish factors to support his position. First, the price of Bitcoin will be boosted by Facebook, J.P. Morgan, and Fidelity. J.P. Morgan and Facebook have each developed their own coins, while Fidelity has implemented crypto custody. Chu believes that these companies will fuel the next stage of bitcoin adoption. Second, Bitcoin is an alternative to lackluster IPOs. In the wake of the disappointing public offerings by both Lyft and Uber, investors may turn to crypto as another method of investment, thus boosting price. Third, the halving of bitcoin will be coming in May 2020. This means that the reward of bitcoin miners will be reduced in half. It is meant to ensure that the number of coins in circulation will not exceed the 21 million hard cap supply. Because supply is expected to drastically decrease, the prices will hike up, usually to the double-digits in percentage points. Chu believes that a combination of these three reasons may get Bitcoin’s price to 30,000 USD.
Altcoin Season Begins with Litecoin’s Halving
Analysts project an altcoin rally driven by the anticipated Litecoin halving in August 2019. As of May 29th, Litecoin traded at 116 USD, with a market cap of 7.2 billion USD. Right now, the market is experiencing positive momentum with Bitcoin taking the lead. This offset of supply and demand will likely lead to higher prices for Litecoin and other altcoins.
1. “Bitcoin Cash Price Analysis 30 May 2019; Can BCH Price Hit 500?” by Saad B. Murtaza for Cryptopolitan published 5/30/19
2. “Golden Crossover: XRP Heads for Bullish Chart Pattern as Price Climbs 27%” by Okmar Godbole for Coindesk published 5/27/19
3. “Monero Price Analysis: XMR Has Immense Potential, targeting at 200 USD by the EOY” by Roxanne Williams for CryptoNewZ published 5/28/19
4. “3 Killer Reasons Bitcoin Price Will Smash $30,000 Before 2020: Fund Manager” by Ben Brown by CNN published 5/28/19
5. “Fresh Altcoin Season Set to Begin with Litecoin’s Upcoming Halving” by Paul Luvaga for ZyCrypto published 5/29/19