Bitcoin Ceiling at $8,500, But AT&T’s Stamp of Approval Is Bullish

Avatar Dalmas Ngetich 3 months ago
  • Bitcoin capped at $8,500
  • AT&T now accepts Bitcoin, partners with Bitpay

An observer is of the view that the next Bitcoin will not be “Bitcoin” or even a cryptocurrency. If that is correct, it may explain investors’ renewed optimism now that Wall Street is increasingly accepting, interpreting positives from the world’s most valuable asset.

Bitcoin Price Analysis

Fundamentals

Behind Bitcoin is a robust code base. A platform of the people with one express purpose: disrupt traditional finance. A decade after launching, users are ecstatic about what the future holds. Some are touting the emergence of Bitcoin as a revolution in technology and money. Indeed, the rise of digital assets is the paradigm shift that the world seemingly needs.

It’s an inevitable part of evolution, of progress and as Bitcoin shift from a medium of exchange to a store of value rivaling gold, analysts now say that the “Next Bitcoin” will be a “mind-bending economic paradigm”. This new cryptocurrency is expected to give investors who missed the first wave the chance to gain from the benefits of the “new” coin. In a tweet, Alexander Leishman says:

“The “next Bitcoin” is not going to look like Bitcoin at all and may not be a cryptocurrency. It is going to be some mind-bending economic paradigm shift years from now that few will recognize. Investors that missed the “first Bitcoin” are going to miss the next one too.”

The entry of heavyweights perhaps advises his reasoning. The involvement of Fidelity Investments, the New York Stock Exchange, NASDAQ and now AT&T is an endorsement and a stamp of confidence. If anything, they will be the accelerants required for price to surge, boosting investor expectations.

Candlestick Arrangements

Bitcoin BTC

At the time of press, Bitcoin (BTC) is changing hands at $8,080, adding 3.5 percent in the last day and successfully reversing yesterday’s losses as bulls take charge. Although traders are confident, expecting prices to move higher in a continuation of the bullish trend, BTC is consolidating against the U.S. dollar within a broader $1,000 range of $7,500 and $8,500.

In line with previous BTC/USD trade plans, conservative traders should be neutral until when there is a satisfactory breakout above $8,500. Accompanying this upswing should be above average trading volumes exceeding 24k of May 23rd.

Technical Indicators

To reiterate our stance, Bitcoin buyers are in control. However, as prices consolidate within the May 19th trading range, conservative traders should be neutral, and on the sidelines. Any break above $8,500 ought to be with high trading volumes exceeding 24k and more importantly 47k of May 13th as buyers of early May flow back in a trend continuation phase, typical of breakouts.

Chart courtesy of Trading View. Image Courtesy of Shutterstock
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