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Bitcoin price analysis: Bullish BTC hits $50,000

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  • Bitcoin price analysis reveals that bullish BTC has hit the $50,000 mark once again.
  • The mark was previously hit in August and, after a flash crash, went bearish.
  • Current support is found at the $47,049 mark.
  • Current resistance is found at the $51,148 mark.

Bitcoin price analysis reveals that the king of cryptocurrency is now enjoying the full swing of the bullish momentum that has been brewing for over three days. The king of cryptocurrency has hit the $50,000 price mark yet again, making it the monthly all-time high. Bitcoin is clearly moving through bullish momentum for over three days, while during the past 24 hours, BTC has been up by 5.19 percent while the king is up by over 20 percent during the past seven days.

Bitcoin price analysis: One day chart reveals bullish momentum

The one-day Bitcoin price analysis chart reveals that the king of cryptocurrency is still enjoying the bullish momentum that was initiated on the 1st of October after a flash rise in the price from the $44,000 to $47,000 high level. With the volatility slightly increased at the time of writing, the king of cryptocurrency is doing mighty fine when it comes to bullish momentum. The upper Bollinger band present at the strongest resistance point is found at the $51148 mark. While the bullish momentum is confirmed on the chart with the current price standing above the moving average, the Bollinger bands’ average, and the lower Bollinger band.

Bitcoin price analysis: Bullish BTC hits $50,000 1

The nine-day moving average is found at the $45,808 mark, while the Bollinger band average is found at $45,190. The lower Bollinger band marking the strongest support is found at the $39,232 mark. Whereas the relative strength index (RSI) is found at the score of 62.33, slightly leaning towards the oversold side.

BTC/USD 4-Hour chart reconfirms bullish momentum

The four-hour Bitcoin price analysis chart shows further confirmation of the brewing bullish momentum that has taken the price above the $50,000 mark once again. Although the volatility is increasing on the four-hour chart, the bullish crossover has occurred on the chart already. The current price is above the upper Bollinger band marking a full-fledge bullish run on the charts.

Bitcoin price analysis: Bullish BTC hits $50,000 2
BTC/USD 4-hour candlestick price chart source: Trading View

The upper Bollinger band is found at $49,861, marking the strongest support instead of resistance at the time of writing. The nine-day moving average also acting as strong support is found at the $48,723 mark. While the Bollinger bands’ average is found at the $48,334 mark. The lower Bollinger band is found at the $46,807 mark. The RSI score is on the oversold zone with a score of 71.59 at the time of writing.

Bitcoin price analysis: Conclusion

The king of cryptocurrency is enjoying bullish momentum after almost a month, and the current momentum is likely to rule the market as a whole for at least another day or so. The current bullish momentum can take the price further high, to the $51,000 range if there is no pullback from the bearish side. On the other hand, if the current support is lost, the king of cryptocurrency is likely to falter along with the support, and the price can fall back to the $47,000 range or even lower.

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Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett

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Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.

The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.

“DOGE looks ready (as long as $BTC cooperates).

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Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”

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Source: Justin Bennett/Twitter

In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.

Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.

“Although the BTC weekly candle might not look great, it still held above $60k.

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That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.

That’s huge.”

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Source: Justin Bennett

Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.

“BTC.D is bouncing from 44.5% support.

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Surprise, surprise.”

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Source: Justin Bennett/Twitter

While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.

“This isn’t necessarily a bad thing for altcoins.

Will they suffer if BTC.D heats up again?

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In the short term and against BTC, yes.

But Bitcoin strength now is massively bullish for alts over the next few months.

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Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

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Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying

Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.

He named several billionaires who used to be skeptical on BTC but have been into it since 2020.

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Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin

According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.

He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.

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Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.

Here’s how much Bitcoin Scaramucci holds

As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.

As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.

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He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.

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