- Bitcoin price analysis is bullish for today.
- BTC/USD saw a strong rally above $50,000 overnight.
- Bitcoin is likely to reach $53,000 today.
Bitcoin price analysis is bullish for today as the market has built up momentum over the last hours after a strong advance overnight to the $52,000 mark. Therefore, we expect BTC/USD to continue higher and reach the $53,000 mark next.
The cryptocurrency market traded with a bullish momentum over the last 24 hours. Bitcoin is up by 2.8 percent, while Ethereum has gained 0.58 percent. Meanwhile, Solana (SOL) is the best performer, with a gain of 9 percent.
Bitcoin price movement in the last 24 hours: Bitcoin rallies away from $50,000 support
BTC/USD traded in a range of $50,132.05 – $52,119.79, indicating strong volatility over the last 24 hours. Trading volume has increased by 19.74 percent and totals $36.86 billion. Meanwhile, the total market cap trades around $971 billion, resulting in market dominance of 41.39 percent.
BTC/USD 4-hour chart: BTC targets $53,000 next?
On the 4-hour chart, Bitcoin price action can be seen to prepare for the next move higher with a slight retracement over the last hours.
Bitcoin price has rallied by more than 75 percent over the last weeks after a new major swing low was set at $29,500 on the 20th of July. From there, BTC/USD set series of higher highs until strong resistance was found at $50,000 over the second half of August.
After retracing to $46,500 and retesting it several days later, Bitcoin had established another higher low. BTC/USD rallied again at the end of August, forming a consolidation around the $50,000 resistance.
This Bitcoin price action development resulted in slow trading yesterday until the market started to advance close to midnight. What followed was a spike to $52,000 overnight, with some retracement over the past hours. Overall, this should lead Bitcoin towards further upside later today.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for the next 24 hours as the market finally broke past the $50,000 mark in a clear way and has reached the $52,000 mark. Since the bullish momentum for BTC/USD is still strong, we expect further upside to the $53,000 resistance next.
While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.
Rich Dad Poor Dad Author Issues Dire Warning on Inflation, Says He’s Buying Bitcoin, Ethereum and Two Additional Assets
Rich Dad Poor Dad author Robert Kiyosaki is concerned that working-class Americans will be wiped out by rising inflation unless they invest in several key assets.
In a YouTube video on The Rich Dad Channel, the widely known author says that true capitalism has been abandoned, and the government instead intervenes on behalf of banks.
“The reason they’re talking about inflation or deflation is because, way back when, in the 70s, a true capitalist would let a business fail. According to [Austrian political economist Joseph] Schumpeter, capitalism destroys inefficient companies.
If you look at one example, not too long ago there was Blockbuster Video. Then Netflix came along and they’re toast. They’re just gone. A true capitalist wipes out the inefficient or the obsolete.
But for the last so many years, since 1907 really, they’ve been saving the banks. The banks are so corrupt, and the reason the Federal Reserve had to come in was to protect the rich bankers.
And what they did was, back in 2008 there was quantitative easing, which is a very complex subject, but basically the Fed just prints money and gives it to banks to prevent them from failing. That’s not capitalism, that’s Marxism. That’s socialism, that’s communism. It’s called central banks.”
Kiyosaki warns that unlimited money printing as part of official government policy will eliminate the working class.
“The reason inflation is going to wipe out people is because the average person is a consumer. Everybody talks about, ‘T-bone steak [costs] this now, and gasoline’s this and toilet paper is that.’
That’s because… Everything’s to protect the bankers. And that’s why I feel for the working-class people. I think it’s criminal that our school system is part of Marxism. There’s no financial education in the schools and it’s not a mistake.
To the people who are complaining about inflation, just know it’s because the Federal Reserve Bank, the U.S. Treasury… they’re as corrupt as they come.”
The author tells his 1.8 million followers on Twitter that the recent 25% price increase at discount retail chain Dollar General is a bellwether event signaling that investors should protect themselves by picking up some cryptos like Bitcoin (BTC) and Ethereum (ETH), as well as gold and silver.
“Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer.
Get smart. Get richer. I am buying more gold, silver, Bitcoin, Ethereum, rental real estate, and oil. What are you buying?”
CNN Business reported this week that Dollar Tree cited rising inflation and the ongoing supply chain crisis as reasons why it planned to permanently abandon its longstanding $1 price point on all products.
At time of writing, Bitcoin is valued at $55,190, Ethereum is exchanging hands for $4,367, gold is going for $1,781, and silver is worth $22.44. Kiyosaki also issued a warning in September that a major stock market crash would occur in October of this year.
Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto markets may hit the brakes
- Bitcoin price congestion and indecision continue, but opportunities on both sides develop.
- Ethereum price fails a bullish breakout above its bear flag, threatening continuation moves south.
- XRP price is positioned at a make-or-break point, hovering above final support that could thrust Ripple below $0.80
Bitcoin price remains inside the Cloud within the Ichimoku Kinko Hyo system, indicating continued volatility and uncertainty. Ethereum price failed to close above the bear flag on Tuesday, but the bullish structure remains. XRP price barely holding support, could drop lower.
Bitcoin price develops opportunities on its Point and Figure charts
Bitcoin price remains stuck inside the Cloud on the daily Ichimoku chart, providing little opportunity or guidance when viewed from that chart style. However, Point and Figure charting reduces the ‘noise’ associated with Japanese candlestick charts and focuses only on price action, giving a clearer picture of Bitcoin’s behavior and what kind of trading opportunities exist.
A theoretical long trade setup exists with a buy stop order at $60,000, a stop loss at $58,000, and a profit target at $66,000. This hypothetical entry is exceptionally bullish for two reasons. First, the entry is a breakout above a triple-top, and second, the entry confirms a powerful bullish reversal pattern in Point and Figure known as a Bearish Fakeout.
BTC/USD $500/3-box Reversal Point and Figure Chart
The theoretical long idea is invalidated if the current O-column moves below $55,000.
On the short side of the trade, a hypothetical short idea is a sell stop order at $53,000, a stop loss at $56,000 and a profit target at $44,000. The entry confirms one of the most sought-after short entry patterns in Point and Figure, a Bearish Catapult. In addition, a trailing stop of one to two boxes to protect any implied profits would help mitigate any whipsaws in price action that may occur.
BTC/USD $1,000/3-box Reversal Point and Figure Chart
The hypothetical short setup is invalidated if the long idea above is triggered.
Mercado Pago: it will not be possible to transfer Bitcoin purchased on the platform
Mercado Pago announced the launch of a service that will allow Brazilians to buy, reserve and sell cryptocurrencies.
As announced by the payments arm of Mercado Livre, this is an initiative in partnership with Paxos.
The collaboration will allow integration with the Mercado Pago account and the management of operations, with blockchain technology.
Thus, without leaving the app, users will be able to track the price, as well as buy and sell Bitcoin, Ethereum and USDP; stablecoin from Paxos.
“This is an important milestone for Mercado Pago, which continues its trajectory by democratizing and massifying operations with cryptocurrencies. From the account, we want to accompany our users as they enter the crypto paradigm, which is gaining more and more relevance in the financial world. Based on the experience of quick and secure use of our platform, we will offer simplified access to these assets”, says Osvaldo Giménez, CEO of Mercado Pago.
Transactions with Bitcoin, Ethereum and USDP can be carried out with money available in the Mercado Pago account. The minimum purchase price is R$1.
However, at this first moment, users who buy cryptocurrencies will not be able to transfer them to external wallets.
Cryptocurrencies in the Paid Market
According to Tulio Oliveira, vice president of Mercado Pago in Brazil, with this first step towards the crypto universe, the company wants to contribute to a great leap in education and financial inclusion of the Brazilian population.
“We will monitor our users closely. Let’s help them improve their cryptocurrency trading experience. In addition, we will offer all educational support for them to make the best decisions”, he said.
Walter Hessert, head of Strategy at Paxos, said that this is a transformative moment for Latin America.
“Mercado Pago is offering a perfect experience in crypto and stablecoins, reaching millions of Brazilians. This will accelerate the conventional adoption of cryptocurrencies and stablecoins across the continent. We are excited to partner with Mercado Pago to make this possible”, he concluded.
Also Read: Adidas’ First Metaverse Partnership Includes NFTs
Also read: Meta reviews policy and enables cryptocurrency ads on Facebook and Instagram
Also read: After quitting Twitter, Jack Dorsey changes Square’s name to Block