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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Hold Bitcoin (BTC), Billionaire Recommends Even as Coin Demand Wane

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

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  • Bitcoin prices likely to crumble
  • Chinese billionaire recommends hodling
  • Transaction volumes low averaging 6k.

Although Bitcoin is on an uptrend, it may correct in days ahead as sellers of Feb 24 flow back pouring cold water on bulls’ effort. All the same and according to Zhao, a Chinese billionaire, Bitcoin holders should hold as much as possible when nobody cares.

Bitcoin Price Analysis

Fundamentals

According to the US SEC, Bitcoin and Ethereum are the two most decentralized platforms. Indeed, as a pioneer and a growing network powered by a global community, Bitcoin represents freedom and a gradual disassociation from power. However, as dopamine-triggering as it is to own and transact with Bitcoin, we must not bury our heads in the sand.

Trading BTC is illegal in China, but the country is by a wider margin, home to more than 80 percent of all Bitcoin mining. Because of this, the “White House, in particular, seems to be thinking about what it means to have 80 percent of Bitcoin mining taking place in China and a majority of Ether mining taking place in China”, said Cory Johnson, the former Chief Marketing Strategist at Ripple in an interview. All in all, it will be counter-productive to orchestrate a 51 percent on the network despite claims that two Chinese pools have the firepower to attack the system even though it is highly unlikely.

While not allowing room for uncertainty, a Chinese billionaire Zhao Dong is calling for patience because if people” don’t pay attention to Bitcoin now, they won’t pay much attention to most of the time, so for them, only how many tens of thousands of Bitcoins will break them will be noticed again” adding that believers of BTC should “hold as much as possible when nobody cares.”

Candlestick Arrangement

Bitcoin

For coin holders, it may be an excellent time to ramp up. However, for traders, candlestick arrangement points to weakness, and that means every high should be a liquidation level in days ahead. It is easy to see why.

A level deeper in the 4HR chart and demand is waning as prices flat out. It is likely that buyers will correct the over-extension of Mar 16. As a result, BTC could temporary slide back to $4,000, gifting aggressive traders an opportunity to ramp up with first targets at $4,500.

If not and prices rally above$4,200 or the 23.6 percent Fibonacci level of Dec 2018 high low, then it is likely that Bitcoin (BTC) could close above $4,500 by end month.

Technical Indicators

Feb 24—36k versus 19k average– is our anchor bar. In an effort versus result point of view, weak volumes are driving recent bulls and would likely crumble unless there is an injection of high transaction volumes above driving prices above $4,200 as aforementioned.

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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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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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