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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 (BTC) on a Roll, Bulls Ecstatic After Italy’s New Tax Proposal

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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  • Bitcoin (BTC) expands, up 7.4 percent
  • Capital flight from Italy could end up in Bitcoin

By zeroing in and targeting personal saving accounts, Matteo Salvini, the Deputy Prime Minister of Italy, is inadvertently advertising Bitcoin. Resilient and thriving with an unpopular decision, BTC bulls are back. Ending the week strongly, prices are up 7.4 percent from last week’s close.

Bitcoin Price Analysis

Fundamentals

Generally, Bitcoin is a machine, a juggernaut whose benefits is enough to promote the first successful digital asset. Withstanding the test of time, shaking off critics-and governments attempts to stunt its growth, Bitcoin is on overdrive thanks to the Network effect.

Law enforcement and the FBI were successful in dismantling the founders of Silk Road and punishing Ulbricht, but Bitcoin shook off the Fear, Uncertainty and Doubt (FUD). Before the great financial crisis, there had been attempts. However, none were successful.

Leveraging the power of the masses, the elusive Satoshi created a self-lubricating robot propped by everyday people fed up by banks. So BTC is back full circle to the early days of Bitcoin. The Italian government is pushing citizens to the wall .

Keen on raising more revenue, Matteo Salvini is going after personal saving held in private bank vaults.  As a result of this controversial decision, a Twitter user, Giacamo Zucco, is elated. Saying the move is a direct endorsement of Bitcoin, he sarcastically lauds the government saying:

“Never been more proud than these last few days of Italy’s role in promoting Bitcoin! This is just one of many tweets of the same kind! They say that Bitcoin, unlike scam coin, has not a marketing department. Not true: its marketing department is the socialist Nation States.”

Candlestick Arrangements

Bitcoin BTC

Currently, BTC is trading within a bullish breakout pattern. Adding 3.1 percent and 7.4 percent in the last day and week respectively, bulls are back. However, in line with the previous BTC/USD trade plan, the best approach going forward is to be cautiously optimistic going forward.

Because of this stance, there is an opportunity for aggressive traders to accumulate in smaller time frames as they aim at $8,500 or $9,100. On the reverse side, a definite close above $9,100 complete with high trading volumes will set the ball rolling for $10,000 or better.

Technical Indicators

From the daily chart, May 30th candlestick has superior participation, albeit being bearish. As such, it props this trade plan. Any close above $$8,500 or May highs should ideally be with better trading volumes exceeding 31k or 47k of May 14th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock
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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

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

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