Bitcoin Is A Legitimate Store Of Value, BTC Falls 8.1%

Dalmas Ngetich

Last Updated: June 11, 2024 5:31 pm

3 mins read

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Bitcoin (BTC) under pressure, down 8.1 percent
Q1-2 2019 marked the end of the crypto winter

There is growth and Bitcoin ecosystem is improving. Corporations are sinking millions toward blockchain infrastructure development. At the same time, fund managers can capitalize on BTC’s volatility to register extraordinary gains. At the time of press, BTC is shaky and may print lower.

Bitcoin Price Analysis

Fundamentals

At a time when funds are reviewing their portfolio, Bitcoin and crypto investors are in for a big windfall. Surging, and more than tripling in the first half of the year, the rise and rise of Bitcoin is nothing but pure bliss.

Good news is, pundits and analysts expect the coin’s price to surge to new highs. The possibility of BTC blasting above $20,000 and registering new highs is, in fact, on the cards. It’s not hard to see why.

Dynamics around Bitcoin and crypto, in general, is changing. Heavyweights are bullish. As they invest on the asset, regulators are back to the drawing board drafting new crypto and Bitcoin rules. Besides, the entry of Facebook and Libra is a game changer.

That’s regardless of fear given Facebook’s track record. Even though lawmakers in different jurisdictions are skeptical of their future role, citing security and privacy concerns-haunting Facebook once again, their involvement is immense.

Boasting of a large user base as well as financial muscle, Libra’s rollout will increase Bitcoin’s visibility. To that end, Jehan Chu, co-founder digital currency investor Kenetic Capital says:

“The price surge is due to two major factors. One is an increasing consensus among the investment community that Bitcoin is a legitimate store of value for the digital age, and two, Facebook’s Libra cryptocurrency launch has forced every chief executive to take crypto seriously.”

Candlestick Arrangement

Because of the latest USDT minting, the path of least resistance over this weekend is likely northwards. Even though signals are weak, bulls are optimistic. Note that support is at $9,500. Presently, the failure of buyers to reverse losses of June 27 through to 30 is bearish for the coin.

BTC is consolidating inside June 27 bear candlestick. Therefore, from an effort versus result point of view, bears are in pole position. Any dip below $9,500 will confirm the correction of June 26 BTC overpricing, triggering panic sells.

Ordinarily, panic sells lead to fear. Odds are BTC could tumble to $7,500 or worse $5,500 in a retest if such a scenario happens. Conversely, any rally past June high, erasing losses of June 27 affirm bulls of May and June as traders aim at $15,000 and $18,000.

Technical Indicators

June 26 bull candlestick leads this trade plan. Reiterated before, falls or expansions below $9,500 or above $14,000 ought to be with high participation. Ideally, the breakout bar should be with high trading volumes exceeding 82k of June 26 ushering in bears or bulls depending on breakout direction.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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.

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.