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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

The Bitcoin and Gold Advantage, Will BTC Trounce Status Quo?

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

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  • Bitcoin (BTC) uptick, adds 16.7 percent
  • The entry of Lagarde as ECB chair is bullish for cryptocurrencies

Gold and Bitcoin, according to leading analysts, are certified safe havens. The global economy may end up floundering. However, the entry of Christine Lagarde as the ECB chair is bullish news for cryptocurrencies like Bitcoin. Thus far, BTC is up 16.7 percent week to date.

Bitcoin Price Analysis

Fundamentals

The battle for the next generation store of value is a fierce contest between gold and Bitcoin. While the former has a well tabulated history, the latter is an emerging, scarce and community-powered asset.

It is purely digital, and unlike gold with infinite supply, BTC is all about transparency and mathematics. Participants, through a public blockchain, can determine the exact number of BTCs in circulation and even make projections of future emissions. Even so, there are skeptics.

Although both assets are making a comeback with gold breaking from a five-year trade range, surging towards the $2,000 in June 2019, BTC has more potential. However, that is not enough to convince gold supporters, with a superior market cap and liquidity, gold is undoubtedly a trusted asset backed by central banks.

In that case, Jim Rickards of Strategic Intelligence and an author of Currency Wars: The Making of the Next Global Crisis differs from BTC bulls. Saying the world’s most valuable asset is a bubble, he claims:

“It’s clearly a bubble — it looks like the second biggest bubble in history after tulip mania. Although at the rate it’s going it will pass tulip mania, you know, in a matter of days. Name your bubble. It’s bigger than all of them.”

Candlestick Arrangements

Bitcoin BTC

By surpassing expectations, there is an element of resilience as far as BTC is concerned. After weathering and successfully rejecting bearish attempts, BTC is literally on a roll. Snapping back to trend and adding an impressive 4.8 percent and 16.7 percent in the last day and week, buyers are back in contention.

Presently, BTC is changing hands at slightly over $12,400. Therefore, bulls are a pole position to add to their gains. Even though capped inside June 27 trade range, bulls of April through to June may flow back boosting prices. As a result, risk-off traders can buy the dips as long as prices are trending above the middle Bollinger Bands (BB).

Meanwhile, risk-averse traders can wait for conclusive breakouts above $14,000 or June 2019 high before initiating buy positions on dips. Like before, feasible bull targets are at $15,000 and $18,000. On the other hand, sharp liquidation below $9,500 and middle BB cancels this bullish outlook.

Technical Indicators

It is imperative that BTC buyers reverse June 27 losses. For comprehensive trend continuation, any surge above $14,000 confirming bulls must be with high trade volumes exceeding 82k of June 26.

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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