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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Will Bitcoin (BTC) Collapse Because of Feb 24 Sell Off?

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

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  • Bitcoin prices in range mode
  • LocalCoinSwap launches a service allowing buying or selling of crypto without KYC
  • Transactional volumes shrink to 15k in the last four days.

Fiat—crypto on-ramps are indispensable liquidity doors. Enthusiasts and investors now have an option to buy or sell crypto without KYC. All the same, it is until prices race above $4,500 is when we expect prices to rally towards $6,000.

Bitcoin Price Analysis

Fundamentals

In a largely unregulated environment, regulators are demanding compliance from platforms facilitating fiat to crypto or crypto to fiat conversions. As significant players, exchanges do follow laid down rules and that can be a problem for crypto hard-liners.

Despite this hitch, it is true that exchanges play a crucial role. Good news is that there exist peer-to-peer networks like LocalBitcoins that connect buyers and sellers within a given location.

LocalBitcoins is dominant but the newly launched LocalCoinSwap promise clip part of the exchange’s market share. Like the LocalBitcoins, it is peer-to-peer, but the main differentiator is that users can buy or sell more than 20 cryptocurrencies and settle using any of the 250 supported payment methods. Besides, the platform is fast, private as users need not submit their details.

Candlestick Arrangements

Bitcoin

From the charts, it is clear that Bitcoin (BTC) buyers are under pressure mainly because of Feb 24 sell-off. In the short-to-medium term, this can be bad news for bulls.

However, buyers can snap back to trend once there is a sharp reversal of recent losses and prices rally above $4,500 complete with above average volumes. That would only confirm bulls set in motion by higher highs of late Dec, early Jan and Feb 2019 but could cause a sentiment shift and the hype element associated with crypto could cause a temporary pump driving prices above Dec 2018 highs as losses of Feb 24 are wiped out.

All the same, we must acknowledge from a top-down approach, volume indicators point to bears. Before there is confirmation, every low should be a buying opportunity for risk-off traders, and once sellers print below Feb 18 lows, our bullish outlook will be null. Assuming prices edge past Feb 24 highs, a modest target will remain at $5,800.

Technical Indicators

Transaction volumes are low averaging 15k in the last four days or so. Unless there is a sharp increase in volumes driving prices above $4,500, sellers are technically in charge. Confirming or invalidating this stand is a resumption of activity as volumes swell above 40k.

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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
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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