Connect with us

Bitcoin

Bitcoin Faces Major Corrections, but a Bull Run to $100,000 Remain Intact

Published

on

Bitcoin dropped 6% after failing to take back $63,000, causing millions of dollars of liquidation across the markets. The Bitcoin Fear & Greed Index falls from its seven-month high, indicating that after the price of Bitcoin rose by nearly 45% in the past month, buyers began to take profits

While some investors believe the price dump signals the end of the bull market, many analysts are confident that bitcoin is now copying the 2017 bull run and the ambitious goal of $100,000 per bitcoin remains intact. 

Studying the RSI of the past few years, it is observed that whenever the indicator line broke through the 70% horizontal trendline, what followed was a significant uptrend in bitcoin price. 

Advertisement

In July 2012, the RSI moved upward, and the price of bitcoin rose in tandem. With minor corrections, the 2013 bull run saw bitcoin increase in value as much as 185 times. 

In November 2016, the indicator broke through the suppression. Similar to the scenario in 2013, bitcoin rose slowly at the beginning with several corrections, then skyrocketed in 2017, recording a 28 times increase in value. 

In 2020, history repeated itself and bitcoin rose all the way to $65,000 from $10,000. What followed was the crash that pushed bitcoin all the way down to $40,000. Now, with the coming of November, the RSI is climbing towards the 70% horizontal trendline again, indicating that buying pressure is building. However, there is no bull run without corrections. For instance, Filbfilb forecasts that bitcoin could drop to $50,000 in the following days. Traders should still remain cautious and manage positions wisely. 

$50,000 or $72,000 or $100,000?

While forecasting a drop to $50,000, Filbfilb is confident that the bitcoin price could reach $72,000. Meanwhile,TechDev believes the price of bitcoin could reach $200,000 to $300,000 based on the analysis of Fibonacci levels in previous bull runs. While his prediction seems too good to be true, PlanB offers a more reasonable insight with bitcoin prices closing at $63,000 in October and $98,000 in November. 

The volatile market presents us with many opportunities to make profits. Futures trading is one of the most popular tools to grow your wealth. You can benefit from price swings to earn money by speculating the direction of crypto’s price. 

Advertisement

Bexplus offers 100x leverage in BTC, ETH, DOGE, ADA, and XRP futures contracts. Bexplus is trusted by over 800K traders around the world, including the USA, Japan, Korea, and Iran. No KYC, no deposit fee, traders can receive the most attentive services, including 24/7 customer support. 

  • 10 Free BTC for Simulated Trading

Bexplus users can get a demo account to simulate the real trading environment and strategy with 10 BTC. You can practice trading skills and learn about how to analyze the market trend with the trading simulator. Even if you make wrong predictions and analyses, you will not lose a penny.

  • BTC Wallet : up to 21% Annualized Interest Without Any Risks

Bexplus users can gain profits not only from trading. Join the Bexplus wallet, you can earn up to 21% annualized interest without taking risks. With up to 21% annualized interest, it is no doubt one of the most profitable rates in the industry. While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.

  • Trade Freely on Android & iOS

The top-ranking Bexplus app integrates all the necessary functions and tools (real-time charts, a variety of indicators, news alerts, etc.) while keeping a minimalist and intuitive interface. With the Bexplus app, you can manage your account anywhere and anytime you want. Furthermore, the 24/7 notification could keep you updated with big price movements, making it easier to secure your positions.

The meme coin did flip its opponent the previous day in terms of market cap. However, a spike in DOGE’s price helped it reclaim its throne from SHIB. On the contrary, SHIB is not far off from DOGE’s market cap. SHIB holders are hopeful of the coin surpassing Dogecoin in the short term.

Collectively, a major chunk of investors in the industry are considering buying the dip, before another run. As the stats do seem promising for the digital asset’s march towards its new milestone. The meme coin has created billionaires, returning massive gains to their investments of just over a thousand grand. The coin has also imbued fellow meme coins to rise towards the limelight.

Advertisement

News Source

Bitcoin

Rich Dad Poor Dad Author Issues Dire Warning on Inflation, Says He’s Buying Bitcoin, Ethereum and Two Additional Assets

Published

on

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.

Advertisement

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.”

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

News Source

Continue Reading

Bitcoin

Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto markets may hit the brakes

Published

on

  • 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.

Advertisement

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.

News Source

Advertisement
Continue Reading

Bitcoin

Mercado Pago: it will not be possible to transfer Bitcoin purchased on the platform

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

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

Advertisement

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

News Source

Advertisement
Continue Reading