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Bitcoin Nears $ 40K: Is Now Time To Buy?

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Bitcoin had hit $ 39,900 last night after starting a bullish move from $ 34,500. This sudden surge in the price of BTC is certainly no accident. Very explicit factors support this overlap observed at the level of the first crypto on the market. However, the fundamental question to ask: Is this the start of a new BTC bull run?

Last Tuesday, Bitcoin fell below $ 30K. The threat of a return to $ 20K was palpable. Moreover, JP Morgan experts had revised their forecast from Bitcoin to 144,000 at the end of the year and fear in the very short term, a fall to $ 20K.

But, the event of ” B World Between Elon Musk, Cathie Wood and Jack Dorsey attached to the Amazon rumor seem to have caused a BTC downtrend inflection. The speakers all argued in favor of Bitcoin. Tesla’s boss said his company could review last May’s decision and accept Bitcoin again.

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Amazon Rumor: The X Factor In This Bitcoin Uptrend

The “B World” conference that took place last Wednesday was cited as a bullish factor. But in reality, the big leap in Bitcoin’s price came the weekend after the Amazon rumor had it. In fact, a UK newspaper, City AM reported that an anonymous Amazon source has stated that the company intends to accept Bitcoin in its marketplace before trading. launch your own cryptocurrency in 2022.

This rumor has its reason for being when we know that the e-commerce giant had posted a job offer to recruit a digital currency and blockchain expert. The company of the richest man in the world blurted out this statement after the offer:

We are inspired by the innovation that is happening in the cryptocurrency arena, and we are investigating what that could be like on Amazon.

If the Amazon rumor is confirmed by company officials, it could, crypto analysts say, have the same effect that Paypal had on Bitcoin’s price last October.

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The “B World” conference: Demystify taboos!

This summit meeting was carried out with the aim of demystifying the taboos of Bitcoin. Now was the time for its pro cryptos to share with the public their real intentions in the crytosphere. The event appears to have carried a wave of optimism after two months of absolute uncertainty.

For Elon Musk, it is a question of reviewing his decision to ban bitcoin payment from Tesla cars. He also reiterated the fact that Tesla and SpaceX were not planning to sell their bitcoins. Among other things, decrypt.co revealed in an editorial that Musk also made it known that he had bought some Ethers and that he would be a big fan of DeFi. Cathie Wood said Art Investment purchased shares of Grayscale Bitcoin Trust during the event.

The event would not have had an immediate effect on the price of BTC but it was part of the dynamite that caused the price of the first crypto to explode.

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Bitcoin Price: Closer to $ 60K than $ 20K

Last week, well before this bullish move, an expert from Bloomberg said Bitcoin was more likely to climb back to the $ 60K mark instead of sinking below $ 20K. He compared Bitcoin’s current situation to that of 2018 when the cryptocurrency price fell 80% after rising to $ 4,000. Shortly after the crash, BTC would begin a rally towards $ 14K that stretched into 2019.

He added in the course of his analyzes:

Bears more geared towards tactical trading seem to proliferate when bitcoin holds around 30% below its 20-week moving average, giving buy and hold types time to pile up. ”

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Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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