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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Price Analysis: $3,800 is Definitive for BTC

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin Price drop 4.1 percent in the last day
  • Wyoming could be the blockchain and crypto center in the US
  • Participation levels low, prices may consolidate in days ahead.

Despite bullish fundamentals, BTC continues to cede ground against the USD. At spot rates, prices are steady and trending within our support zone. Unless otherwise there are sharp gains above $3,800, sellers may snap back to trend.

Bitcoin Price Analysis

Fundamentals

Wyoming may be the center of crypto attention thanks to their openness and embrace of new technology, but the real deal is the endorsement from the United Nations.

In their latest World Economic and Social Survey 2018 Report, a multinational organization made up of 193-member concluded that Bitcoin and cryptocurrencies, in general, were a new frontier in the finance. Of course, this is no brainer.

For a technology that is barely ten years, the underlying technology is not only disruptive but brings about efficiency, transparency and above all a new level of ownership. It is because of these inherent properties that the organization firmly believes that businesses can build new business models around the benefits of crypto and blockchain.

“The innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation…As such, the blockchain technology presents the possibility—a first in the field of finance! —that trust in institutions backed by a government can be replaced by trust in computer code.”

Candlestick Arrangements

Bitcoin

Even with that, BTC is struggling against a strong wave of sell pressure. At spot rates, the coin is stable in the last day as prices hover around yesterday’s close. Nonetheless, our projection is bullish. Note that prices are yet to breach through our support zone.

When we paste a Fibonacci retracement tool, our immediate support lies between $3,500 and $3,700 flashing well with the 61.8 and 78.6 percent Fibonacci levels based off Dec 2018 high low. However, because of yesterday’s downturns and sharp losses from above $3,700, we recommend patience until after prices rally above $3,800.

After that, first targets will remain as before– at $4,500 and $5,000. The only bummer is if there is confirmation of yesterday’s losses and prices slide, complementing Jan 10 losses as prices dip below $3,500—the lower limit of our support zone. That likelihood will most likely catalyze further declines towards $3,200.

Technical Indicator

Average transactional volumes are still low. Yesterday’s bear bar for example printed above average volumes at 20k against 12k which is still low. Ideally, for a convincing break below or above, volumes should be above 35k rivaling those of Dec 17 (bull bar) or Jan 10 (bear bar).

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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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