Bitcoin Price Analysis: BTC Ranging, Russia’s Grand Plans

Dalmas Ngetich

Last Updated: June 11, 2024 6:27 pm

2 mins read

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Bitcoin Price is ranging inside Jan 6 high low
Russia may convert their USD Reserves to BTC to bypass sanctions
Trading volumes are low

Technically, BTC is bearish from a top-down approach but bullish in the short term. We expect ecstatic buys if bulls drive prices above $4,500 and, in that case, first targets will be at $6,000.

Bitcoin Price Analysis

Overview

At the time of press, BTC is up 5.3 percent against the USD in the last seven days. Nonetheless, we are net bullish and expect prices to recover thanks to favorable macros and accompanying candlestick arrangement that shouts bullish.

From the chart, it is clear that prices are consolidating. Depending on the breakout direction, the short-term trend will determine whether we have a distribution or an accumulation. If prices edge higher in line with mid-December bullish thrusts, then the double bar bull reversal pattern of the week ending Dec 23 would be correct.

Fundamentals

On the fundamental front, news has it that the Russian government has plans in place to diversify their cash holdings into Bitcoin in case sanctions are imposed.

While there are other reserve currencies, the state level adoption and this change of heart by Russia won’t bode well with politicians. However, on matters crypto and Bitcoin, any form state adoption will open up doors for Bitcoin.

According to reports, Vladislav Ginko, a Russian Professor with ties to the Kremlin said Bitcoin is the only way of by-passing damaging US and NATO Sanctions. Should there be such orders, Russian elites will quickly diversify their cash reserves into Bitcoin further cementing the coin status as a duo asset that can serve as a medium of exchange and at the same time a store of value.

Remember, reports have it that Russia is sitting on more than $450 billion of reserves. If the government is forced to liquidate any amount, then BTC would surge to new highs.

Candlestick Arrangement

Meanwhile, BTC/USD prices are ranging in lower time frames and virtually unchanged in the last day. Unless otherwise there are dips below $3,700, our previous trade plans are constant.

All in all, prices are oscillating inside Dec 28 high low is bullish from an effort versus result point of view. Up-thrusts above $4,500 would spur demand, and as per our projection, BTC will likely surge towards $6,000.

Technical Indicators

Like yesterday, transaction volumes are light pointing to market participation. To reiterate, upswings lifting BTC above $4,500 should exceed 120k or above the current average of 15k.

All Charts Courtesy of Trading View–BitFinex

Disclaimer: Opinions are those of the author. Do your Research.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.