These Are The 4 Reasons Why Bitcion Will Appreciate

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4 Reasons Why Bitcoin Was Just Warming Up in the 2020s

Jack Dorsey’s Square Crypto says bitcoin was just warming in the 2020s. Here four reasons why this dramatic prediction holds true.

Despite calls for its imminent demise, bitcoin has printed higher lows almost every year since it was born. Here are four reasons why the leading cryptocurrency is just getting started. | Image: shutterstock.com

  • Bitcoin delivered investors the highest return on investment (ROI) of any security in any asset class in the 2020s.
  • Jack Dorsey’s Square Crypto says, “This decade was just bitcoin warming up.”
  • Here are four reasons to expect even more from bitcoin in the 2020s.

Square Crypto, the bitcoin division of Twitter founder Jack Dorsey’s Square Payments, rang in the new decade with a prediction.

Here are four reasons why Square Crypto’s assessment holds true.

Now why should you take any of these reasons seriously? Before you read this list, you may want to review this article I wrote in Feb 2020…

The headline was, “10 Reasons Bitcoin Will Party Like 2020 for a Massive Bull Run in 2020,” and in it I correctly predicted the 2020 bitcoin bull market.

The bitcoin price on Jan 1, 2020 was $3760. On Feb 21st, when the article was published, bitcoin was trading at $3893. As of New Year’s Day 2020, that figure is $7222.

I told you this was likely to happen, and I told you why.

1. The Bitcoin Price Floor Is Rising Exponentially

Bitcoin skeptics howl with glee every time the price swings wildly downward.

But the statement “bitcoin is down,” begs the question, “Since when?” And over its one decade-long existence, you don’t have to go back far to find that, “bitcoin is up.”

As popular crypto YouTuber Carl The Moon pointed out last August:

(Carl’s was one of the channels that got swept up in YouTube’s apparently coordinated attack against crypto YouTube creators in December for posting “harmful or dangerous” content.)

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This multi-year trend of rising key support (fancy word that means something like “price floor”) for bitcoin’s price looks doggone near exponential to me.

2. Bitcoin Hasn’t Hit The Fattest Part of the Fish

And there’s more than plenty of room left for that trend to continue. This innovative fintech product has hardly reached market saturation in 2020. In fact, the opposite is the case.

It’s still in the early stage of market adoption.

An Oct 2020 Crypto Radar survey (of 5,000 U.S. adults aged 18 – 65) found that only 6.2% of Americans own bitcoin. The results suggest that number is about to double, as 7.3% of respondents say they plan to own bitcoin.

The U.S. Census estimates the 18-64 population in 2020 at 202,621,000. So the survey finds roughly 12.5 million American adults own bitcoin.

By way of comparison, Facebook’s average monthly users crossed 100 million in 2008. That was four years before its IPO. Bitcoin is just getting started.

3. Institutional Finance Is Bringing in the Big Guns

At the beginning of the decade, bitcoin’s rise was fueled by the “Lunatic Fringe” of earliest market adopters. Back then, only cryptography developers, crazed libertarians, and get rich quick schemers were on the bandwagon.

As we enter the 2020s, high finance is on board with BTC. Massive capitalization by institutional investors drove the 2020 BTC bull market.

4. Second Layer Blockchain Tech Will Speed Adoption

In the above video, former Microsoft CEO Steve Ballmer leads the audience in a chant of “Developers, Developers, Developers!” at the Microsoft 25th anniversary event conference.

Steve Ballmer understood the crucial importance of third party developers to build thriving ecosystems around major tech platforms.

Bitcoin was designed to be an intensely deflationary currency with a limited supply and limited space for transactions. That’s helped BTC hold and grow value, but stood in the way of scaling. Developers are rapidly solving that problem.

Second layer technologies like Lightning Network are building the capillaries to meet demand for greater liquidity. In the 2020s, bitcoin will be as easy to use as Apple Pay to buy your cup of coffee. That’s when it really gets hot.

Disclaimer: The above should not be considered trading advice from CCN.

This article was edited by Sam Bourgi.

Last modified: January 22, 2020 11:40 PM UTC

Markets Contributor for CCN living in Nashville, Tennessee. Bachelor of Business Administration from Belmont University in 2009 (majored in Entrepreneurship). Organized Senator Rand Paul’s first and second online fundraisers in 2009. Correctly predicted the bitcoin bull market of 2020. Roving editor for the Independent Voter Network since 2020. Email me | Follow Me on Twitter (followed by: fmr Rep. Ron Paul (R-TX), Sen. Rand Paul (R-KY), fmr NM Gov. Gary Johnson, and Rep. Thomas Massie (R-KY))

4 Reasons Why Bitcoin Is Now Retesting November Lows — $6.4K Next?

On Monday Bitcoin price (BTC) abruptly fell below the $7,040 support and dropped to $6,800. As recent as Nov. 22 and Nov. 27, $6,800 served as support so a number of traders had already identified the price as the point where Bitcoin would land if the price pulled back.

Cryptocurrency market daily overview. Source: Coin360

At the time of writing Bitcoin is struggling to hold $6,600 and if the current level fails to hold, traders will look for the price to follow the familiar pattern of dropping to the long-term descending channel trendline support at $6,400. Let’s take a look at several technical reasons why BTC/USD is now eyeing a new 7-month low.

Bear crosses galore (bear crosses on multiple timeframes)

As mentioned by Cointelegraph analyst Keith Wareing, BTC is resoundingly bearish on multiple time frames.

Moreover, yesterday’s downside move produced a bear cross on the monthly moving average convergence divergence (MACD) for the first time since June when the signal line crossed above the MACD line.

MACD flips negative

The monthly MACD histogram also flipped negative, suggesting that further downside could be in store for Bitcoin.

BTC USD MACD monthly chart. Source: TradingView

Bear cross between key long-term MAs

Another disconcerting sign on the daily time frame is a bearish cross between the 100-day and 200-day moving average, something which according to the chart below does not happen often.

BTC USD daily chart. Source: TradingView

Bulls appear to have abandoned the $6.8K bounce

The daily timeframe also shows that the relative strength index (RSI) has dipped into oversold territory and the lack of follow-through from traders buying into the dip means a strong oversold bounce has yet to occur.

The last time Bitcoin price dipped to $6,522, the RSI dropped to 22 so if the sell-off resumes, the RSI could easily drop to this level again.

BTC USD daily chart. Source: TradingView

A revisit to the descending channel lower support at $6,400 is not exactly disastrous for Bitcoin price. Traders who analyze the weekly timeframe will remember that Bitcoin traded in the $6K region for nearly 8 months prior to the November 2020 drop to $3,100.

Furthermore, seasoned traders will recall that every Tom, Dick and Harry had called $6K the bottom prior to the Bitcoin Cash (BCH) hard fork debacle in November 2020, which may have been one of the reasons for the unexpected drop to $3K.

BTC USD weekly chart. Source: TradingView

As shown by the volume profile visible range (VPVR) on the weekly timeframe, Bitcoin has support to about $6,300 then below $6,200 the price could swiftly drop to $5,350 where support was built on Bitcoin’s parabolic move from $3,120 in February.

BTC USD weekly RSI chart. Source: TradingView

The RSI on the weekly timeframe is at 39.6 and slowly creeping toward oversold territory. The last time the weekly RSI was oversold was on Dec. 10 when the price was $3,160 and Jan. 21 at $3,425.

Double bottom or nothing?

While the analysis is not calling for a drop to $5,300 or $4,100, Bitcoin’s price action on multiple time frames suggests further downside so it’s crucial to be realistic and honest, rather than driven by emotion and hope.

On the bright side, there’s always the possibility that the price could form a double bottom at $6,520, a point that was seen on Nov. 25 and May 17, 2020.

Ultimately, Bitcoin price needs to hold the pink highlighted zone between $6,700 and $6,300 to avoid a drop back toward the May through April lows in the $4,900 to $5,500 region.

In the meantime, traders should keep an eye out for a possible double bottom around $6,530 and given that the daily and weekly RSI and Stoch are oversold, aggressive traders might look to play an oversold bounce, which seems ripe to take place as Bitcoin comes closer to falling below the long-term descending channel support at $6,400.

Cautious traders can observe to see how traders and price react to this oversold bounce (if it even happens), and they can also watch to see if the daily RSI becomes deeply oversold to form a double bottom at 22.

A relatively risk-free trade might involve playing a bounce at $6,500 to $6,400 with a stop loss placed closely below the entry. If this tactic proves fruitless, then the next option might be setting up a low leveraged long at $5,300 or at least looking to play a deeply oversold bounce at this price.

The views and opinions expressed here are solely those of the author (@HorusHughes) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

4 Reasons Why Bitcoin Will Become More Valuable

It is perhaps easy to get lost in the constant flurry of activities within the burgeoning cryptocurrency market. From government crackdowns to new crypto launches, the arena can seem like a swirling vortex of entropy. Bitcoin, the number one digital currency remains the focal point of the industry. Here are four reasons why Nakamoto’s creation is destined for even greater heights in the future.

The Simplicity of the Bitcoin Blockchain

Bitcoin was the first successful implementation of the distributed ledger framework via a blockchain. Since its creation, there have been many other iterations of the technology to varying degrees of success. While not taking anything away from robust functioning environments like Ethereum and co, the bitcoin blockchain triumphs in its simplicity. Now, with upgrades like SegWit and the Lightning Network, the efficiency of its blockchain can be improved significantly.

While other blockchains delve into more sophisticated and sometimes confusing applications, the Bitcoin blockchain remains quite simple and basic. This simplicity tends to create a mass appeal, especially with the not-so-tech-savvy.

Fintech Revolution

The number one crypto is at the heart of the emerging fintech revolution. The tech market has established itself as a change-driver in the broader financial market. Bitcoin is beginning to dominate fintech with recent reports showing that Square Cash app is outstripping Paypal’s Venmo regarding growth. Such has been the impact of bitcoin that Square sold $34 million worth of bitcoin in Q1 of 2020.

In Africa, bitcoin is at the heart of fintech growth with many remittance and payment platforms offering bitcoin products. As a result, payments have become significantly easier thus lifting a considerable burden from millions of unbanked and underbanked people.

Price Resilience

Bitcoin, much like the larger crypto market is volatile. However, in recent times, bitcoin has shown itself resilient to otherwise profound market events. While other cryptos decline in the high double-digit percentages, bitcoin usually only suffers single-digit declines. A recent example is the Upbit investigation which saw bitcoin show some resilience despite the general crypto price decline. With the market maturing, bitcoin will begin to show even fewer reactions to negative market signals.

Bitcoin Price for the Last Three Months

Adoption by Mainstream Finance

Bitcoin is not without its naysayers like Warren Buffet and Bill Gates. However, there is a noticeable increase in the level of adoption coming from the mainstream finance arena. Nasdaq recently partnered with Gemini to ensure the fidelity of the exchange platform’s bitcoin trading infrastructure. In 2020 both the CME and CBOE launched bitcoin futures trading.

2020 has seen an influx of bitcoin products geared at increasing the presence of institutional investors in the market. Coinbase and Goldman Sachs recently unveiled products targeted at institutional investors. There are also reports of OTC bitcoin trading decks that will allow significant bitcoin buy and sell orders without negatively impacting the market.

Do you agree that bitcoin will become even more valuable in the future? Will it remain the number crypto despite growing competition in the market? Let us know in the comment section below.

Image courtesy of Coinmarketcap, Shutterstock

Why Bitcoin Will Cost a Million

Have you thought that investors have already lost a chance to earn money on the growth of the price of Bitcoin and other cryptocurrencies after 2020 and 2020? Missed opportunities greatly affect the perception of what lies ahead. Especially when the market does not show its characteristic green color. But one fact must be admitted that the price of Bitcoin will most likely rise to $1,000,000, rather than fall to zero. Its history confirms this fact.

Let us turn to the end of 2020 when the price of the first cryptocurrency conquered a new record value of its price every week. The BTCUSD graph resembled a rocket taking off into space without plans for a soft landing. The fear and greed of investors drove Bitcoin prices up.

After the bloody correction of the entire cryptocurrency market by almost 80 percent since the beginning of 2020, daredevil investors suffered a fiasco and left the market, accusing the first cryptocurrency of being a financial pyramid. The market is really silent and this is evidenced by indicators of a decrease in traffic by more than half from popular exchanges, media, or sites associated with blockchain topics. Many have lost faith in the future super profits of cryptocurrencies.

Despite this, Bitcoin responded with a flat correction on the strong support line at around $6,000, which is 600 percent higher than its price at the beginning of last year. The market shows strong excess profits for patient investors.

Why should the price of Bitcoin increase by at least 16,600 percent? To answer this question, one should understand the reasons for the impulsive growth of Bitcoin prices in the past.

In 2020, Bitcoin grew by 1,500 percent in just 148 days. The reason for this was the undermining of confidence in banks in Cyprus, as well as an increase in demand for Bitcoin in China. In just one month, the Chinese exchange BTC China became the largest in terms of volume. In addition, at about the same time, a number of countries, such as Canada, Germany, and the Netherlands, supported the cryptocurrency, speaking in favor of lightened legislative regulation. And, of course, the news about The Silk Road on American TV channels was also important. One can learn about the remaining reasons for the rise and fall of the Bitcoin price from this article.

In 2020, the rise in Bitcoin prices was due to its legalization in Japan and the launch of futures trading using Bitcoin, as well as the growing popularity of ICOs.

There were also other events that influenced the rise in Bitcoin prices. For example, the crisis in Turkey in 2020. Since the beginning of the year, the rate of the Turkish lira fell by 40 percent, and the decline was about 20 percent during August. In this situation, people bought Bitcoin in an effort to rescue to save their savings from further depreciation.

From this we can draw two conclusions:

The price of Bitcoin begins to grow when cryptocurrencies are being used more, which is a consequence of accepting the advantages of cryptocurrencies over Fiat, in particular, Bitcoin over traditional currencies.

The price of Bitcoin begins to rise in a mass crisis, when a country’s economy fails or is corrected, and its people are looking for a way to preserve their savings.

In addition, one should take into account the technical properties of Bitcoin, which affect its value, namely: the deflationary model (only 21 million coins, of which 20 percent is already lost), the security of the asset from physical theft, freedom of movement, and anonymity.

Predicting when the new rapid growth will begin is extremely difficult. “Black Swans” are not predicted, but they can be expected. The main condition for success is that a significant number of branches of the real economy should be in need of Bitcoin.

It all depends on the market infrastructure and the demand for it. Pay attention to what large projects are doing and what their plans are:

Cryptocurrency hedge funds are being set up, preparing to enter the market of institutional investors. The largest cryptocurrency fund, Pantera Capital, has been on the market for five years.

Well-known financial organizations are creating new tools based on leading cryptocurrencies;

Access to cryptocurrency trading is growing through reliable exchanges;

Strong technology companies buy shares of promising startups and create divisions in the blockchain area based on their concerns.

And much more that one can read about between the lines of daily news.

The question arises: “If everything is so good, then why does the price of an asset fall when the news should drag it up?”

This can be explained by the example of a drop of ink and a glass of water. The “effect of a concentrated drop” is that everything that happens inside a crypto community is in a fairly tight space. The outer shell, consisting of the world economy, has not yet allowed the spread of cryptocurrencies to huge masses of people. When this happens, the capitalization of the crypto asset market will find peaks that even the most optimistic investor could not have imagined.

The reason why an economy can accept Bitcoin is an alternative to traditional assets. Global economies are closely intertwined and have a domino effect: when something goes wrong, everyone feels the change. A vivid example of this is the global financial crisis in 2008.

States are aware of the problems of the world economy and are trying to deal with them. One of the most important problems is the preservation of their savings. We need a diversification of investments. In other words, “do not keep all your eggs in one basket.” A possible way out of this situation is to invest in reliable crypto assets. Over the past nine years, only Bitcoin has established itself as reliable. It is an alternative asset.

One step from $1,000,000 is one “black swan” similar to the event of accepting Bitcoin in Japan in 2020.

Such a step could be the acquisition of Bitcoin into the reserve fund in any country to diversify risks. Probably, it is already being acquired for these purposes, while there is no strong movement in the market. Whatever happens in the process of large-scale adoption of Bitcoin by society, all we can do is wait and be ready for a new growing trend.

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