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Bitcoin Price Under $50K Now, BTC Correcting Again

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On Thursday, March 4th, Bitcoin is correcting after a phase of growth. It is generally trading at $49,500 USD.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Tech analysis of BTC/USD
  • BTC capitalization now is nearing 1 trillion USD.
  • PayPal is planning to buy a crypto depository service.

On W1, BTC now keeps correcting in an uptrend. The aim of the growth after the pullback is over is 62,000 USD. The MACD histogram remains positive and keeps growing, giving yet another signal for the growth of the price. The signal lines of the indicator are also going up, increasing the chances for further development of the uptrend. Meanwhile, the Stochastic has also formed a Black Cross in the overbought area, suggesting a correction in the nearest future. Judging by all the factors, the asset might soon form a minor pullback to 23.6% Fibo and then go on developing the ascending impulse.

Photo: RoboForex / TradingView

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On D1, BTC/USD demonstrates further correction. The MACD histogram is still declining, the signal lines are forming another Black Cross, which supports the correction. By all means, a correction looks more probable here. The aim of the uptrend is the same as on the larger timeframe — 62,000 USD.

Photo: RoboForex / TradingView

On H4, BTC/USD carries on inside the ascending channel. The Stochastic has formed a Golden Cross in the oversold area. Judging by earlier price movements, the price is likely to demonstrate yet another correction to 23.6% Fibo and go on developing the ascending dynamics. The aim of the growth remains the same as on the larger timeframes – 62,000 USD.

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Photo: RoboForex / TradingView

Thanks to the rally of the last three days, the capitalization of BTC has now again neared 1 trillion USD. The market share of the flagship cryptocurrency is now reaching 59.8%.

An investor Kevin O’Leary thinks that the market capitalization of BTC might as well reach 20 trillion USD. He argues that Bitcoin is a stable financial instrument because it has already been included in the portfolios of many investors as some sort of protection from risks. Earlier, O’Leary mentioned on Twitter that he was going to invest about 3% of his portfolio in the cryptocurrency.

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The PayPal payment service considers buying a crypo custody firm. The firm in question is Curv; the purchase is estimated as 500 million USD. Earlier, PayPal failed to complete the purchase of BitGo, a company working in a similar sphere; anyway, it remained interested. PayPal might even pay less for Curv – some time ago we heard that the service was being sold for 200-300 million USD.

Buying a custody (deposit) firm is quite logical in terms of the work of PayPal with crypto. This became necessary after the company gave its clients access to trading BTC and other digital currencies.

For this article, we’ve used BTCUSD charts by TradingView.

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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