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Sam Bourgi

Articles by Sam Bourgi

The Bitcoin Price Just Shattered a New All-Time High – Just Not the One You Think

May 15, 2020

Bitcoin’s spot price briefly surpassed $10,000 early this week. Its one-year average price just crossed $9,500, a new all-time high. The largest cryptocurrency is up 37% year-to-date. As bitcoin’s price grinds toward $10,000, its performance over a much longer timescale reached a significant milestone this month. BTC’s One-Year Average Price While most traders focus on bitcoin’s spot price, zooming out on a more extended timeframe reveals a bullish trend for the cryptocurrency. As Twitter user The Moon points out, bitcoin’s one-year average price just reached an all-time high. Bitcoin’s price continues to impress over more extended time frames. | Source: TwitterBased on The Moon’s analysis, bitcoin’s 365-day moving average has crossed $9,531. Now, granted, The Moon doesn’t offer the most

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‘Fastest Horse’ Bitcoin Blasts Toward $10,000 as Paul Tudor Jones Backs BTC

May 7, 2020

Bitcoin’s price peaked at $9,972.03, its highest in two-and-a-half months. Billionaire hedge fund manager Pual Tudor Jones says he bought BTC futures to hedge against inflation. Bitcoin’s quadrennial halving event is likely to fall on May 12. The price of bitcoin edged closer to the psychological $10,000 level on Thursday, as investors geared up for the quadrennial halving in roughly five days. Meanwhile, one of the world’s most famous investors just threw his weight behind BTC as a hedge against inflation. Bitcoin Approaches $10,000 Bitcoin’s value peaked at $9,972.03 on Bitstamp, the highest since late February. The largest cryptocurrency by market cap is now trading at $9,872, gaining 8% on the day. Bitcoin is significantly overbought based on the daily relative strength index (RSI).

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Brutal Stock Market Crash Exposes an Even Uglier Truth About Bitcoin

March 9, 2020

Advertisement Bitcoin’s price bottomed at $7,689.00 on Monday, its lowest since early January. In the process, the digital currency gave up all of its yearly gains and is down over 25% from its February peak. Bitcoin is nosediving along with global equity markets, proving once again that it’s not a safe-haven. As global equity markets crashed on Monday, bitcoin had the opportunity to prove it was the digital safe haven its proponents have always claimed it to be. The complete opposite transpired, as bitcoin plunged more than 10% en route to fresh two-month lows. In the process, bitcoin threatened to dip below a key trendline support that could lead to more bloodletting in the near term. Bitcoin Falls Below $8,000 The bitcoin price crashed more than 10% on Monday, reaching an intraday low

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Bitcoin Crashes Along With U.S. Stocks, Exposing ‘Haven’ Myth

February 26, 2020

Bitcoin’s price touched an intraday low of $8,620.00, its worst showing in a month. The sudden drop follows a chaotic two days for U.S. stocks, as the Dow crashed almost 2,000 points over that stretch. Gold has rallied in the wake of the stock-market collapse while bitcoin has languished. Bitcoin’s price declined sharply on Wednesday, following in the footsteps of a plunging U.S. stock market and raising red flags about its safe-haven status. Bitcoin Loses $9,000 Handle The bitcoin price experienced a sharp reversal on Wednesday, falling more than 7% to an intaday low of $8,620.00 on Gemini. The largest cryptocurrency has trimmed some of its declines but is still sitting on a loss of 5.5%. A failure to re-take $10,000 has exposed bitcoin to profit-taking. | Chart: TradingViewWith the

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Crypto Markets Reach 6-Month Milestone Following Monster Rally

February 12, 2020

Bitcoin’s price approaches $10,500 for the first time since early September.
Twenty-nine of the 30 top cryptocurrencies reported gains Wednesday.
The combined market cap of all coins crosses $300 billion for the first time in six months.
Bitcoin and its altcoin peers extended their rally on Wednesday, pushing their collective market cap north of $300 billion for the first time since August.
Bitcoin Rallies
The bitcoin price rallied in the overnight session, eventually topping out at $10,487.46 on Gemini – the highest since September. The original cryptocurrency was last seen hovering just below $10,400, having gained nearly 5% over the 24-hour trading cycle.
Bitcoin has rallied 47% since the start of 2020. | Chart: TradingViewAt current values, bitcoin has a total

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$10,000 Bitcoin Looks Imminent Based on This One Crucial Chart

February 7, 2020

Bitcoin’s price is eyeing an imminent return to $10,000.
A key technical formation suggests a prolonged bull market is possible.
Bitcoin-gold correlation continues to strengthen.
After rallying to five-month highs on Friday, bitcoin’s eventual return to $10,000 and beyond appears highly likely.
The bullish bias has a lot to do with the technical charts after bitcoin achieved an important milestone last week.
Bitcoin’s Golden Cross
The bitcoin price has been gravitating towards $10,000 for the better part of a week now. On Friday, the number one cryptocurrency peaked at $9,871.30 on Gemini, the highest since September. It has since consolidated below $9,800, enough for a 5% weekly gain.
At current values, bitcoin has a total market capitalization of $178 billion.

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Cryptocurrencies are Looking Bullish as Market Cap Shatters 6-Month High

February 6, 2020

The crypto market cap peaked near $278 billion on Thursday, the highest since August.
Bitcoin reached an intraday high of $9,856.43, its best level since September.
Despite seeing impressive results, bitcoin is being outperformed by its lesser-known altcoin peers.
Bitcoin and the broader digital asset market advanced on Thursday, extending an impressive streak of gains that has pushed the total market cap to six-month highs.
Cryptocurrencies Ascend
Most of the top cryptocurrencies in circulation printed fresh gains on Thursday. Bitcoin peaked at $9,856.43 on Bitstamp, the highest since September. The largest cryptocurrency is up more than 36% year-to-date, easily outperforming the broader financial market.
Bitcoin is approaching the psychological $10,000 handle

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ICON (ICX) Goes Parabolic as Price Triples for No Apparent Reason

February 4, 2020

Cryptocurrency ICON rallies more than 70% on Tuesday, reaching a fresh 18-month high.
The altcoin has rallied more than 326% year-to-date despite no change in fundamental direction.
While it’s still too early to declare ‘alt season,’ crypto values have appreciated more than $67 billion in 2020.
Suddenly and without warning, cryptocurrency ICON (ICX) has been on an absolute tear over the past five days, culminating in a fresh 52-week high that has some traders excited about the return of ‘alt season.’
ICX Surges
ICX catapulted more than 70% on Tuesday and peaked at $0.6031, the highest since August 2018. From last week’s trough to Tuesday’s peak, ICX’s price had more than tripled.
At the time of writing, the coin was hovering at $0.4838, booking gains of nearly 32%

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‘Safe Haven’ Bitcoin Rockets Toward 3-Month High; Up 32% YTD

January 29, 2020

Bitcoin (BTC) peaks at $9,429.99, its highest in almost three months. At its highest point Wednesday, the largest cryptocurrency was up 32% year-to-date. Bitcoin is behaving a lot like a “safe haven” asset, according to Fundstrat’s Tom Lee. Bitcoin’s price rallied to nearly three-month highs on Wednesday, as the largest cryptocurrency continued to demonstrate risk-off appeal amid the coronavirus outbreak. BTC/USD Rallies; Altcoins Follow Bitcoin peaked at $9,429.99 on Bitstamp, its highest since early November. The flagship cryptocurrency was last seen trading at $9,326, having gained more than 3%. The technical charts showcase an asset that’s in a clear uptrend. The latest candle on the daily chart puts bitcoin above the 200-day moving average. It blew past the 50-day MA more than three

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Bitcoin Beats Gold in Safe Haven Battle as Coronavirus Death Toll Rises

January 27, 2020

Bitcoin’s price comes within a hair of $9,000 en route to its highest level in over a week.
Bitcoin’s correlation to gold flips positive, according to Bloomberg.
Fears of a coronavirus pandemic put a damper on stocks and other risk assets.
Bitcoin launched toward $9,000 on Monday, as the spread of coronavirus forced investors to cut ties to riskier assets like stocks.
While bitcoin is still considered a risky investment, it’s once again behaving like gold, according to Bloomberg. Fears of a global coronavirus pandemic appear to have revived the narrative of bitcoin being digital gold.
Bitcoin Rallies; Altcoins Follow
The bitcoin price rallied all the way to $8,983.93 on Monday for a gain of 4.6%. The largest cryptocurrency by market cap was last seen hovering north

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Bitcoin Sparks Altcoin Redemption Rally as BCH, BSV, LTC Surge

January 14, 2020

Bitcoin hits $8,745.24 on Bitstamp, the highest since early November.
Altcoins show strong upside, with Bitcoin SV, bitcoin cash, Litecoin and EOS registering double-digit percentage gains.
As a collective, crypto markets are trading at two-month highs.
Bitcoin’s technical breakout intensified on Tuesday, serving as a primary catalyst for altcoins to extend their rally.
The resulting rally pushed the total cryptocurrency market cap north of $233 billion, the highest in two months.
Bitcoin Blows Past $8,700; Altcoins Extend Rally
The bitcoin price catapulted to an intraday peak of $8,745.24 on Bitstamp, the highest since Nov. 14. The largest cryptocurrency by market cap was last seen trading just above $8,700, having gained 7.3%.
Bitcoin faces psychological

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Bitcoin Blows Past $8,100 as New Accumulation Phase Begins

January 7, 2020

Bitcoin tops $8,100 for the first time in over a month. The rally may signal a trend reversal underway for the largest cryptocurrency. Bitcoin’s Fear & Greed Index shows market conditions are improving at the start of the year. After more than a month of lateral trading, bitcoin’s price appears to be gearing up for a major breakout in the not-too-distant future. The largest cryptocurrency finally pierced above $8,000 on Tuesday thanks to a noticeable spike in trade volumes. Bitcoin (BTC/USD) Tops $8,000 After a quiet start to the year, bitcoin’s price has attracted stronger bids over the past two days. The largest cryptocurrency clawed above $8,100 on Tuesday for the first time since Nov. 20. The nearly 5% rally has some traders excited about an imminent trend reversal. Their excitement

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Bitcoin Price Flash Crashes to $6,900 as Non-Correlation Tests Hodlers’ Patience

January 2, 2020

Bitcoin price tumbles 4% to $6,900 on Thursday, the lowest since mid-December. Bitcoin is slowly bleeding while traditional assets like stocks and commodities continue to rise. Bitcoin trade volumes plummet at the start of 2020 as market participants remain on the sidelines. The price of bitcoin tumbled to fresh multi-week lows on Thursday, as the largest cryptocurrency continued to trade independently of broader market forces. The fresh dump came as central-bank liquidity fueled strong rallies in stocks, gold and the U.S. dollar.Bitcoin (BTC/USD) Nosedives Bitcoin’s price touched an intraday low of $6,900 on Bistamp, the lowest in over two weeks. The largest cryptocurrency by market cap was last seen hovering near $6,950, down 3.2% on the day.After losing the $7,000 handle, bitcoin

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Incarcerated Silk Road Founder Says Bitcoin Could Hit $100,000 in 2020

December 18, 2019

Silk Road founder Ross Ulbricht uses Elliott Wave theory to show how bitcoin could hit $100,000 by 2020. Sentiment towards crypto has taken a decidedly bearish turn in recent months. Bitcoin continues to trade below the $7,000 mark on Wednesday. Bitcoin’s latest brush with six-month lows has attracted nasty commentary about the future of digital assets. Although the so-called bitcoin obituary hasn’t added any new listings since November, fund manager Peter Schiff is already consoling millennials about their foolish decision to dabble in the asset class. Peter Schiff tweets about bitcoin after the top cryptocurrency fell on Tuesday. | Image: TwitterEven with the latest drop, bitcoin’s trajectory isn’t nearly as bad as its opponents claim. Zooming out to a longer time frame, bitcoin is

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Bitcoin Languishes at 3-Week Lows, Ethereum Erases Yearly Gains amid Mind-Boggling Crypto Correction

December 17, 2019

Bitcoin’s price plunged 4% to $6,584, its lowest in over three weeks. Altcoins hastened their decline, sending the total crypto market to fresh six-month lows. Since peaking in late June, cryptoassets have shed more than $180 billion in combined market cap. Bitcoin’s price printed fresh three-week lows on Tuesday, as fear and uncertainty continued to dictate the trend for the number one cryptocurrency. Now, bitcoin is veering towards a re-test of long-term psychological support, threatening to undermine almost a year of progress. Bitcoin Loses $7,000 Support The bitcoin price plunged by nearly $200 in the span of a few minutes on Tuesday. The loss of the $7,000 support triggered a deeper fall all the way down to $6,584, the lowest in over three weeks. The nearly 4% loss puts bitcoin

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Altcoin Meltdown Intensifies as Tezos, Ravencoin, VeChain Take the Plunge

December 10, 2019

The altcoin market sheds more than $2 billion in value on Tuesday. Bitcoin price approaches $7,200 on major exchanges. Volatile trading conditions follow a surprise announcement by Huobi Group that its U.S. operations are closing. Bitcoin’s gravitational pull on the wider cryptocurrency market was evident on Tuesday, as altcoins lost billions in collective value. There was no immediate catalyst for wider market selloff, though bitcoin’s inability to climb above technical resistance and chaos involving Matic Network likely contributed to the poor performance. Altcoins Crumble The value of digital currencies excluding bitcoin lost over $2 billion in market cap on Tuesday, according to CoinMarketCap. Their combined value now stands at $65.3 billion, or 33.2% of the overall cryptocurrency

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Bitcoin Price Eyes $8,000 as Bloomberg Signals New Buying Trend

November 29, 2019

Bitcoin’s price is eyeing a fast return to $8,000.The largest digital currency is still on track for its worst month of 2019.Bitcoin Fear & Greed Index shows investor sentiment has recovered slightly from last week’s FUD-induced selloff.Bitcoin’s price made another move higher on Friday following one of the biggest percentage gains of the month, signaling that the worst of the recent downtrend had subsided. The largest cryptocurrency is eyeing a fast return north of $8,000 – a move that would negate bearish calls for an extended crypto winter.BTC/USD Eyes $8,000Bitcoin’s trading range continued to narrow on Friday following a roller coaster start to the week. The price rose by as much as 5.8% on Bitstamp to reach $7,870.35. It was last spotted hovering around $7,740 for a gain of

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Bitcoin Price Rebounds 11% From Low amid ‘Textbook’ Inverse Head & Shoulders Pattern

November 27, 2019

Bitcoin price touches intraday high of $7,668 Wednesday.
Earlier in the day, BTC/USD bottomed at $6,847.72, a six-month low.
Cryptocurrency markets recover north of $200 billion.
Bitcoin’s price reclaimed the $7,500 handle on Wednesday after plunging to its lowest level in over six months.
BTC/USD Stages Relief Rally
Wednesday’s roller coaster session saw bitcoin’s price breach $6,900 for the first time in over six months. The largest cryptocurrency would eventually find bottom at $6,847.72 on Bitstamp.
A quick relief rally would ensue, sending BTC/USD to a high of $7,668 for a trough-to-peak gain of 11.3%. The largest cryptocurrency was last spotted around $7,617, having gained 6.2% for the day.
Bitcoin rebounds more than 11% from intraday low. | Chart: TradingViewBitcoin has

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Crypto Markets Head for Worst Day in Two Months as Bitcoin Sentiment Shifts to ‘Extreme Fear’

November 22, 2019

Bitcoin plunges to six-month low.Crypto markets fall below $200 billion for the first time since the spring.Bitcoin’s Fear & Greed Index prints “extreme fear.”Crypto markets plunged anew on Friday and are on track for their worst performance in two months, as bitcoin’s fear and greed index flipped “extreme fear” following China’s stern warning targeting digital currency traders.The selloff that hit bitcoin has quickly spread to alternative cryptos, with the total market cap hemorrhaging $28 billion over the past 14 hours.Crypto Markets CrashThe total value of all digital currencies bottomed near $190 billion on Friday, the lowest since early May when markets were slowly crawling out of crypto winter. At the time of writing, asset values were worth a combined $195.5 billion, according to

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VeChain (VET) Smashes 3-Month High With Stunning 14% Surge as Broader Cryptocurrency Market Stands Still

November 5, 2019

VeChain (VET) approaches $0.005 on Tuesday for the first time since Aug. 12.
VeChain co-founder and CEO Sunny Lu will deliver a keynote address at The Capital, an upcoming industry conference hosted by CoinMarketCap.
The broader cryptocurrency market consolidates slightly higher as the majors reported modest gains.
VeChain’s token value surged on Tuesday, reaching its highest level in almost three months after CoinMarketCap confirmed that the supply-chain management company will headline its upcoming industry conference in Singapore.
Although the news is two days old, market participants are finally catching wind of VeChain’s potential to gain more mainstream exposure at the inaugural conference. There’s no telling whether The Capital will be a hit or a failure, but the fact that

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Bitcoin Price Risks Dangerous Death Cross Following Latest Correction

October 24, 2019

The cryptocurrency market entered a modest recovery on Thursday, though bitcoin lagged its altcoin peers following a major technical breakdown earlier in the week. At just over 65%, the bitcoin dominance rate has fallen to its lowest level since July.
Crypto Market Update
Crypto markets bottomed near $203 billion on Wednesday following a more than $20 billion dump during the prior session. It was the first time since May that markets threatened to fall below $200 billion in collective value.
By Thursday afternoon, the combined market cap was worth $206.2 billion, according to CoinMarketCap.
Major altcoins and tokens record gains Thursday afternoon. | Chart: coinmarketcap.comAmong the top-ten cryptocurrencies, bitcoin was the only asset not to report gains in the last 24 hours.

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Altcoins Crash to Six-Month Lows as Fears of ‘Crypto Winter’ Return

September 28, 2019

The market for alternative cryptocurrencies is on life support this weekend after crashing to six-month lows on Thursday, the casualty of a sudden correction in the price of bitcoin (BTC). Altcoins have since recovered from their lows but remain at the precipice of another violent drop – a move that could usher in a new ‘crypto winter’ with devastating consequences. Crypto Markets Recover Slightly The combined altcoin capitalization fell to $66.1 billion on Thursday, the lowest since March, according to CoinMarketCap. By Saturday, the combined market cap was worth just over $70.6 billion. The combined market for altcoins and tokens touched six-month lows on Thursday. | Chart: coinmarketcap.comAs a comparison, altcoins were worth a combined $89.9 billion on Sept. 18. During the summer,

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Ethereum to Bitcoin Exchange Rate Points to Slow Altcoin Apocalypse

September 26, 2019

Cryptocurrency prices wavered on Wednesday following the biggest 24-hour devaluation in months, leaving little guarantee of a swift recovery in the near term.For Ethereum (ETH), the grind lower has been much more extreme when valued against bitcoin (BTC). While the ETH/BTC exchange rate has been in recovery throughout September, the year-to-date picture is grim. How ether performs relative to the ‘king of cryptocurrencies’ offers eye-opening insights into the broader altcoin market.Crypto Markets See Limited UpsideOne day removed from a devastating price collapse, cryptocurrency markets were relatively unchanged on Wednesday. That trend extended into the early hours of Thursday trading, with the combined value of all coins hovering around $222 billion, according to CoinMarketCap. Markets

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Bitcoin Selloff Sparks Massive Altcoin Exodus as Bakkt Launch Fails to Dazzle

September 25, 2019

Altcoins and tokens followed bitcoin to the depths on Tuesday, as the market plunged to the lowest level since early May following the muted debut of Bakkt. Crypto Markets Crater Crypto markets plunged anew as bitcoin lost hold of a key psychological support, paving the way for a brutal correction that eventually touched $8,000. The largest cryptocurrency by market capitalization has rebounded off those lows but remains well below $10,000, a level that had demonstrated stability for nearly two months. From peak-to-trough, the total cryptocurrency market shed $38 billion in the last 24 hours. The cryptocurrency market capitalization bottomed at $218.8 billion, the lowest in four-and-a-half months. As of 8:46 p.m. ET, the total market was worth $225.4 billion, according to CoinMarketCap.

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