Bitcoin (BTC) Prices Responding as Billionaires like Jack Accumulate

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin price up 3.6 percent, finding support from breakout levels
Jack Dorsey is accumulating BTC, buys $10k worth every week
Current transaction levels low but up from early Feb 2019

High net-worth individuals, it seems, are ramping up at current spot levels. Down 75 percent from 2017 highs, Bitcoin is available at a discount. As interest pick up, the resulting demand could push prices above $4,500.

Bitcoin Price Analysis

Fundamentals

Like every new tech, trailblazing luminaries are often early adopters. It may be ten years since Satoshi Nakamoto rolled out Bitcoin. As China and the US try to reach consensus on what to concede as part of their agreement, Jack Dorsey, the CEO of both Twitter and Square—multi-billion-dollar firm, is once again showing the world his unwavering support for Bitcoin.

He’s not only talking but sinking money, partaking in infrastructure development necessary to take Bitcoin to the next level. Although there are no official comments from Twitter on whether the social media platform will make Tippin.me an inbuilt feature, what we do know is that Jack is accumulating and confident of price.

NewsBTC reported that the tech leader is funneling $10,000 every week buying Bitcoin at current discount levels.

Candlestick Arrangement

At spot rates, Bitcoin is up 3.6 percent from yesterday’s close. If anything, this is bullish and cements our long-standing view that Bitcoin (BTC) is technically bullish, only recessing in the last few days.

Even so, risk-averse traders ought to be in the sidelines until after prices rally above $4,500. Supporting and confirming this outlook should be a spike in market participation levels. Preferably, the first leg up confirming bulls of Feb 24 should completely engulf and reverse losses of Feb 24.

Generally, Bitcoin is moving within a consolidation, and as long as the aggressive type of traders can buy on dips, we should note that $3,800 is reliable support.

On top of that, price action is trading within a bullish breakout pattern with floors at $3,800 and a $1000 range with conservative buy triggers at Dec 2018 highs of $4,500.

Technical Indicators

Our Bitcoin (BTC) analysis anchors on Feb 18 and Feb 24 bars. They counter each other with equally high transaction volumes. Since we are in an uptrend, trend resumption will only print out once prices rally reversing Feb 24 bears. Accompanying this upswing should be high transaction volumes registering above 40k.

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.