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Bitcoin price eyes $63K next as rising BTC dominance puts altcoins at risk

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The current Bitcoin (BTC) price bull run seems almost unstoppable right now as BTC has just notched another new high on Feb. 17.

The psychological barrier of $50,000 finally broke yesterday after multiple tests of this level in the previous week. In addition, banks are revealing their interest in BTC and more public companies are starting to hop on the Bitcoin bandwagon as the first German company revealed its position today.

This rally could now extend to $63,000. Meanwhile, altcoins are feeling some pain in their BTC pairs as a result while Bitcoin dominance is crawling back up. The primary question is whether Bitcoin sustains this run and if altcoins will drop in their BTC pairs.

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Bitcoin crushes further after holding critical levels

XBT/USD 4-hour chart. Source: TradingView

Bitcoin’s price has been grinding up in the past few weeks, establishing some potential areas of support in the event of a pullback.

After the breakout above $40,000, the $43,000-43,500 quickly became the new level of support as a launchpad for more upside.

The chart above shows this continuation is seen as BTC rallied toward the next point of interest. This area is found at the 1.618 Fibonacci level around $50,000. This key level is also an important psychological barrier. Bitcoin’s price has successfully cleared this resistance zone and is currently trying to climb higher.

Now, the critical area to watch is between $47,250-48,000. As long as that sustains support, Bitcoin’s price can continue running towards $54,000-55,500.

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Key Fibonacci levels to watch for BTC price

BTC/USD 1-day chart. Source: TradingView

The daily chart for Bitcoin shows the next points of interest if the rally continues. During such an upward grind in price discovery (as the current price of Bitcoin is 150% higher than the all-time high in 2017), the Fibonacci extension tool is useful for determining the next key levels to watch.

The first 1.618 Fibonacci level has been reached, while the second level is at the 2.618 Fibonacci level. If the price of Bitcoin continues moving up, a rally towards $63,000-66,000 is on the table as long as $47,000-47,750 holds, as previously mentioned.

Bitcoin dominance is recovering

BTC Dominance 1-week chart. Source: TradingView

The weekly Bitcoin dominance chart shows a clear breakdown since the peak high in December 2020. Historically, Bitcoin dominance tops out in December, after which altcoins have rallied in January and February.

This is exactly what happened in January and so far in February. However, after such a monster run, a correction in altcoins is very likely. The BTC pairs of those altcoins should now see a consolidation period for some potential support/resistance (S/R) flips.

However, altcoins may see a pullback if BTC continues to climb. In other words, the altcoins’ USD values may stay the same, but they’ll go down in value against BTC. Traders and investors should be aware of this cryptocurrency market phenomenon. A heavy correction for altcoin BTC pairs is very possible especially if Bitcoin’s price runs to the next target at $63,000.

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Crucial level to watch for Bitcoin

XBT/USD 4-hour chart. Source: TradingView

The 4-hour chart for Bitcoin shows one critical level to watch. Once again, the region between $47,250-48,000 is a must-hold area for higher prices. If that level fails to sustain support, a significant correction is likely to happen, possibly to the next major support zone between $43,000 and 44,000.

For the bulls, the $55,000 and possibly even $63,000-65,000 will be the next targets if BTC price continues to its rally.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Bitcoin

Rich Dad Poor Dad Author Issues Stark Warning, Tells Investors To Grab Bitcoin and Ethereum Before ‘Giant Stock Market Crash’

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Personal finance author Robert Kiyosaki is issuing stern warnings about the global economy while telling investors to grab Bitcoin (BTC) and Ethereum (ETH).

The author of the “Rich Dad Poor Dad” book series tells his 1.7 million followers on Twitter that he thinks a number of big fundamental catalysts will rock the economy and that investors should protect themselves by picking up some BTC, ETH and precious metals.

“US government out of money. Shutdown looming. Dems blame Republicans for the problem. Evergrande China biggest property developer with 800 projects in 200 cities out of money. Get the message? Get gold, silver, Bitcoin and Ethereum before the biggest crash in history. Take care.”

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Kiyosaki predicts a massive stock market crash coming next month and warns that precious metals and BTC might be taken down with it.

“Giant stock market crash coming October. Why? Treasury and Fed short of T-bills. Gold, silver, Bitcoin may crash too. Cash [is] best for picking up bargains after [the] crash. Not selling gold, silver [and] Bitcoin, yet have lots of cash for life after [the] stock market crash. Stocks dangerous. Careful.”

The best-selling author also says that China’s recent crypto crackdown could be a precursor to a government-run coin that ends up making Bitcoin illegal in the US.

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“China announced this morning a new crackdown on Crypto. What does that mean? It means China is about to launch its government crypto coin. If US follows, Fed coin means Bitcoin [is] outlawed. US becomes [a] centralized government, like China. US communism begins. Our freedoms end. Take care.”

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Victim of Panic-sell, This Bitcoin Wallet Rewards You for Just Hodling

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Cardano’s Groundbreaking Partnership With Oasis Pro Markets!

Cardano ventured with Oasis pro markets on 27th September 2021, in order to build an alternative trading platform. This platform facilitates a cost-efficient and secure financing option for institutions or governmental organisations of developing countries.

Emurgo Announces $100 Million Investment in Cardano Ecosystem!  

Followed by escalating collabs and interest towards the Cardano blockchain, Emurgo, a blockchain company stepped up to invest $100 million in the Cardano ecosystem. The main aim of this investment is to speed up DeFiNFT solutions and accelerate blockchain education. 

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Cardano Ecosystem Expands to the Telecom World!

Cardano announced collaboration with Dish Network, a telecom service provider on 25th September 2021.  The motive behind the collab is to take the world of blockchain to the global telecoms. Moreover, this partnership has the strong potential to increase the community base. 

Collectively, the recent market crash didn’t have much impact on Cardano, Cardano summit helped the ADA price to hold tight to its support levels between $1.90 to $2.40. However, the ADA price could resume the bull season anytime soon, once developments come into effect. 

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Bitcoin: Here’s what you can expect over the next 12 months

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Bitcoin has come a long distance since its inception. A year ago it traded at the $10k mark, fast forward to 2021, it stands just above the $43k mark. Needless to say, a lot has changed since then. With countries as well financial institutions adopting it, there’s a mass adoption factor at play.

Where do we currently stand with Bitcoin? 

Well, popular trader Pentoshi took to Twitter to reflect on the broader state of Bitcoin in a series of tweets. At the time of writing, Bitcoin stood at its “early majority” phase on the S curve. The graph below highlights the same.

Source: Twitter

What can we expect over the next 12 months?

Firstly, in terms of adoption-here’s what the analyst stated, “I think it’s important to realize how scarce it really is when you talk about the adoption that is likely to happen over the next year. Scarcity was programmed by design and this next year is where people mess up. Institutions are buying your coins” He further predicted a bullish scenario for the largest token.

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“In the next year: We go from 1 to 3 countries adopting it Twitter doesn’t just integrate it but puts it on their balance sheet Multiple ETF approvals that allow all companies access to BTC 10 Publicly traded companies add it Adoption next year > this year It’s happening”

However, some correction is bound to kick in. He eyed $37,000 as a potential floor.

BUT consider this, significant buyer bids are in place in the area between $36,000 and $41,000. Here’s how it looks.

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Moreover, he added, “We can expect multiple ETF approvals,” as well.

Headwinds from China- will it destroy this build-up? 

Since 2009, China and Hong Kong have “banned” or otherwise caused FUD in the crypto space on 19 separate occasions and counting. The events have a ring to them — in September 2017, the original “ban” announcement sent Bitcoin tumbling, only to recover to its original levels within weeks and set a new all-time high of $20,000 less than three months later. Even though the weak hands liquidated their holding due to fear, strong HODLers remain unfazed. Consider this tweet.

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