A well-known, conservative crypto analyst gave a bullish commentary about the price of Bitcoin. According to a YouTuber, further proliferation of the digital asset will cause a steady rise of BTC to a million dollars. On a YouTube video, InvestAnswers signaled that BTC is approaching diminishing returns. Diminishing return is when an asset gets to a point where increased future investment yields less profit. The crypto analyst said that BTC yields investors five times less profit every new market cycle in comparison to the previous one. Related Reading: Bitcoin Price Crashes To $19,000, But Stays Strong Against Other Assets Bitcoin Primed To Trade For Millions Of Dollars By The Year 2030 However, the analysts gave a different view on bitcoin that was in contrast with the apparent diminishing return of the digital asset. They cited that the value of networks grows as the number of participants increases, according to Metcalfe’s law. If Bitcoin follows the trend of disruptive networks like cellphones and the internet, applying Metcalfe’s law projects a bullish case scenario for bitcoin. In that vein, a modest consideration of BTC’s future price will put it at over a million dollars by the year 2030. The host made it clear that this prediction was strictly based on the scientific possibility that Metcalfe’s law holds for the number one cryptocurrency in the world. It is, however, not subject to wishful thinking. According to the analyst, the bitcoin digital assets’ adoption follows the historical patterns of preceding technologies. Quite like InvestAnswers, there have been several sightings of multiple users across the internet, supporting the future appreciation of bitcoin’s price. Crypto Market Cycles Since speculation says bitcoin is still bullish in the long run, many are looking forward to taking advantage of the next market cycle. The market cycle explains the ebb and flow of a market. Usually, new markets have a slow start. They pick off from a point where people show little or no interest. But as interest in the asset starts to increase, demand rises, and its price starts to inflate as a result. A complete market cycle has four phases: accumulation, markup, distribution, and markdown. Related Reading: Do Kwon Statement: A Possible Trigger For Terra Tokens Price Surge As mounting interest takes the price of the commodity to new highs, it gets to a point where it eventually peaks. Investors become satisfied with their returns. And then sell off the asset causing tremendous sell pressure. Therefore, the price begins to drop. After one market cycle ends, the next begins shortly. Bitcoin Price Action Bitcoin has roughly ranged between $22,000 and $18,000 for most of the 3rd quarter of this year. Investors are keenly eyeing the condition of the broader market as a go-ahead to pump funds into risky assets like bitcoin. Featured image from Pixabay and chart from TradingView.com
In the DOT/USD market price actions has been bearish for the last four consecutive trading session. Nevertheless at this point buyers seems prepared to push […]
A recent column by the Financial Times’ Jemima Kelly demonstrated some misunderstandings about Bitcoin’s decentralization and singularity.
According to this banking insider, the governments have it all wrong. Bitcoin is one of the least private assets out there, and they should change policies for the pendulum to swing the other way. In the banking insider’s opinion, instead of protecting them, the governments have been harming their citizens with the current draconian measures. […]
A widely followed crypto analyst is issuing fresh warnings for a trio of altcoins as the markets attempts to recover from a lengthy downtrend. The pseudonymous trader known as Altcoin Sherpa tells his 183,000 Twitter followers that layer-1 blockchain Avalanche (AVAX) and Ethereum (ETH) scaling solutions Polygon (MATIC) and Optimism (OP) are primed to see […]
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Crypto exchange Coinbase has announced support for three Ethereum (ETH)-based altcoins as the digital asset market faces ongoing downward pressure. According to an announcement from Coinbase, it is adding decentralized exchange (DEX) protocol Injective (INJ), retail business-focused Pundi X (PUNDIX), and non-fungible token (NFT) platform XMON (XMON) to its trading roster once ideal liquidity conditions are […]
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The year has been very bad for cryptocurrencies. If you were a long-term investor and the stock was financially stable, this would be a terrific […]
Alex Gladstein and Jaime Garcia debate the ethics of how President Nayib Bukele of El Salvador is leading the country and whether or not it is truly democratic.
Lucky Block: September 17th Lucky Block v1 price action is already correcting towards higher price levels, not long after a downside correction. Trading indicators in […]
While you might only know seed phrases as 12 or 24 words, there are a variety of ways for humans to memorize information.
Top US crypto exchange Coinbase is including another token to its listing roadmap, adding Illuvium (ILV) to its roadmap. On Thursday, Coinbase added ILV, the utility and governance token of Illuvium, an open-world fantasy battle game built on the Ethereum (ETH) blockchain. Illuvium is part walkthrough adventure and part player versus player battle, and ILV […]
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Ethereum declined sharply from the $1,655 resistance zone against the US Dollar. ETH is struggling and remains at a risk of more losses below the $1,450 level. Ethereum started a fresh decline after it failed to clear the $1,650 resistance zone. The price is now trading below $1,550 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate further lower below the $1,450 support zone in the near term. Ethereum Price Starts Fresh Decline Ethereum failed to gain strength for a move above the $1,650 and $1,660 resistance levels. ETH formed a top near the $1,653 level and started a fresh decline. There was a steady decline below the $1,600 level and the 100 hourly simple moving average. The price even traded below the $1,550 and $1,520 support levels. There was a drop over around 10% and the price traded as low as $1,453. Ether price is now consolidating losses above the $1,450 level and below the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,653 swing high to $1,453 low. The next major resistance is near the $1,550 and $1,560 levels. It is near the 50% Fib retracement level of the recent decline from the $1,653 swing high to $1,453 low. Source: ETHUSD on TradingView.com A clear break above $1,560 might send the price towards the $1,600 level. There is also a major bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD. Any more gains may perhaps open the doors for a move towards the $1,650 resistance in the near term. More Losses in ETH? If ethereum fails to rise above the $1,500 resistance, it could continue to move down. An initial support on the downside is near the $1,450 zone. The next major support is near $1,420. A downside break below the $1,420 support might another sharp decline. In the stated case, ether price might decline towards the $1,350 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,450 Major Resistance Level – $1,550
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The crypto market has recorded massive losses since May 2022. After the Federal Reserve announced and kicked off interest rate hikes, prices tanked due to selling pressure. Many crypto investors and operators of diverse solutions have faced different crises from market moves. But it seems the end is not near yet. Even as the Merge date has finally come, analysts predict a price plunge for Bitcoin. Going by past market moves, a fall in BTC price causes altcoins to plummet and vice versa. So, this analysis is not what investors expect. Related Reading: Binance Coin Struggles Below $290 Resistance, Where Would Price Go? CAPO Discloses Bitcoin Bottom The popular crypto analysts going by the pseudonym Capo with 517,100 followers have predicted that BTC might plunge between $16K to $14K before rebounding. Capo believes that this price, indicating a 21% and 31% price reduction, will be its main downside target if the key support level falls. Other pointers from Capo show a possible BTC bounce to $23K from its current price of around$20K price level. Capo stated that this price might lead to Bitcoin bottoming out to the predicted price levels. Also, the analysts pointed out that BTC’s current pivot is $21K. If it makes a clean break below that level, it will fall to $19K. A break below $19K will push the coin to its target of $14K to $16K, the last lowest point. For now, the BTC price might rise to $23K, but Capo advised Twitter followers not to be bullish. Capo analyzed BTC’s recent price of $20,122.54 from its highest point in August. The result shows a 10% loss, leading to the next prediction that Bitcoin might target a resistance level between $22.5K and $23K. The resistance zone, as indicated above, could lead to a lower high or a quick swing to $23K. By that, Capo sees an opportunity to go short since the movement will still be bearish. Recent Events Could Push Capo Predictions Forward Recent news on Bitcoin states miners are moving their BTC holdings to spot exchanges. Data shows that miners moved 10.4537 BTC hourly as of September 14. Such massive moves were recorded between July and August 2022 before BTC fell. CryptoQuant analysts predict that the current move will lead to price volatility beyond what the market has recorded. The transfer of BTC holdings to spot exchanges usually indicate a willingness to sell. As a result, supply will exceed demand, causing a price plunge. The analysts linked the miners’ action to the Merge today, September 15. Related Reading: Will Tron Tie-Up With Liquidity Provider Wintermute Boost TRX Price? Many analysts had predicted a turbulent post-merge market. So, it’s likely that Bitcoin miners are preparing for such situations. Featured image from Pixabay and chart from TradingView.com
Bringing Bitcoin adoption into communities is what creates organic usage and education from within.