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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Buoyed By Free Marketing, Will BTC Prices Double By 2020?

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

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  • Bitcoin (BTC) consolidating below $11,200
  • Iranians turning to Bitcoin

Despite deliberate attacks from politicians, Bitcoin as an innovation is an “unstoppable force”. Fearing the unknown, they are unknowingly marketing BTC as an alternative. For now, BTC is steady, but bears are firmly in control.

Bitcoin Price Analysis

Fundamentals

Cryptocurrency investors and traders are in the space to make money, then later for the technology. At least that is what statistics reveal. Bitcoin may be the first of its kind -and a genuinely successful digital asset that continues to transform lives.

Since the ledger that underpins Bitcoin is immutable and secured by a swarm of supporters across different geographical locations, its network is highly reliable as well as robust. Besides, because of mathematics, there is no need for trust.

As a result, there is low latency and costs. Because of this and more, analysts argue, Bitcoin is a real threat to fiat including the dominant of them all, the USD. Trump calls the central bank issued currency, the “mighty.”

Even so, it is prone to manipulation, and with a distinct, centrally controlled SWIFT network; the USD can be a controlling tool. By imposing financial sanctions, the US and allies can achieve their objectives regardless of innocent citizens of the affected economies.

To that end, Iran whose Iranian Rial collapsed, dropping by 50 percent plans to roll out a gold-backed national currency. While at it, Iranians are mining the scarce BTC which is their reliable store of value as hyperinflation rages on.

Candlestick Arrangements

Bitcoin BTC

At the time of press, there is a temporary respite for Bitcoin. After days of unrelenting drawdown, BTC buyers are back. However, considering the level of participation-and candlestick arrangement more so as visible from the weekly chart, bears may flow back, crashing the optimistic.

Besides price action that is favoring sellers and the inability of traders to reverse last week’s losses, current consolidation is a primer for sellers. Unless otherwise there is an up-thrust above $11,200 in a bid to reverse June 27 losses, bears have their sight at $9,500 or lower in days ahead.

Therefore, in light of the above, the best approach for conservative traders is patience. Once BTC blast past $14,000, they can buy the dips as they aim for $18,000 or $20,000 all-time highs. As it is, every high is a selling opportunity with stop limits above $11,200 and targets at $9,500.

Technical Indicators

Because of this, confirming candlestick signaling buyers or sellers above $14,000 or $9,500 ought to be with high trading volumes exceeding 82k of June 26. Depending on breakout direction, BTC will either soar to $18,000 or fall to $7,500.

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

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