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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

Will Bitcoin Shine? After Ponzi Jab, BIS Boss Says CBDC Destabilizing

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

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  • Bitcoin price under pressure
  • Carstens of BIS against central bank digital currencies (CBDCs)
  • Volumes low and drop below or above Mar 21 high-lows must exceed 13k

According to BIS’s Carstens, central banks shifting to CBDCs will destabilize the economy. However, that is not stopping some central banks from experimenting with them. Meanwhile, Bitcoin (BTC) is under pressure and could drop to $3,500—800 zone in days ahead.

Bitcoin Price Analysis

Fundamentals

True, we cannot ignore the effects of digitization. It is broad and profound. We expect the rate of digitization to pick up as millenials surpass baby boomers. Impressive as it is, regulators and central banks included are not hiding their heads in the sand.

The rise of global digital assets like crypto is a headache to many as they provide an alternative to government-issued fiat. Up against internal and external factors, these paper issued currencies have an infinite supply. Besides, the value depends on the state of the economy. A weak government means watered-down paper money. We need not look far. Venezuela, despite its richness and vastness in oil reserves, is struggling to stay afloat after years of mismanagement and sheer corruption. As its economy tank, the Bolivar is what it is—paper.

Surprisingly, even with all these evidence and trust links, senior BIS executive and a Bitcoin critic is against central bank digital currencies. In his view, CBDCs are faster and therefore possible facilitators a bank run destabilizing the system in the process. Apart from fears of a bank run, Carstens believes CBDC can affect interest rates thereby increasing the balance sheet of the adopting central bank.

Candlestick Arrangement

Bitcoin

All the same, Bitcoin (BTC) is wavy and undoubtedly under pressure. Days after collapsing on Mar 21, bulls are struggling to recover. It is likely that the week will close lower. However, a significant take away in days ahead is not the resilience of bulls but the source of this liquidation.

Regarding Feb 24 bar, a simple Fibonacci retracement tool reveals that Mar 21 weakness is at a key reaction level—the 6.18 percent mark. Even though liquidation is yet to be affirmed, any drop below Mar 21 lows reveals weakness increasing odds of a collapse to $3,500-800 zone.

Technical Indicators

Regardless of our BTC weakness, Mar 16—13k versus 7k anchors of analysis. Although bears of Mar 21 and the resulting double bar bear reversal pattern stands out, sellers will only be in charge once several trade conditions are live. Any drop below Mar 16 or 21 lows must have high volumes exceeding 13k of Mar 16 and 11k of Mar 21.

Chart courtesy of Trading View–BitFinex

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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

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