Bitcoin Price Analysis: BTC Explosion, Surge 8.4%

Dalmas Ngetich

Last Updated: June 11, 2024 9:14 pm

2 mins read

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Bitcoin prices recover, find support from $3,400
Argentinians can now load their SUBE Travel Cards using Bitcoin
Transaction volumes picking up, Bulls are back

It was the objective of Satoshi Nakamoto to roll out a cash payment system. That is why efforts are being made to drive BTC to the mainstream, and aside from Wyoming, Argentinians using public transport means can load up their cards using BTC. No doubt, such efforts will help pump prices from spot rates.

Bitcoin Price Analysis

Fundamentals

For Bitcoin to strive, then it must find use cases. Aware that scalability is a major concern bogging down adoption, developers are working overtime to create a suitable scaling solution. Ahead of the pack is Elizabeth Stark who is working with her team to make Lightning Network a reality.

As a layer two, off chain alternative that has shown to be cheap, scalable and secure, it promises to revolutionize payment. However, it is still in beta. Regardless, critics are pouring in saying Lightning Network takes transaction off-chain, creating central hubs whose operations are against the state of the main chain—complete decentralization.

All the same, critics are quick to lambast a solution yet there are no other viable alternatives to rival LN. Aside from LN progress, public transport users can top up their SUBE Travel Cards using Bitcoin. It was made possible after a successful collaboration between BiTex and Alto Viaje—a travel card loading platform.

Manuel Beaudroit, the CMO of BiTex said:

“We believe that this type of project is of great importance since it brings technology as disruptive as Bitcoin to the common people, demonstrating the true value and the applications it has in everyday life.”

Candlestick Arrangements

Buoyed by increasing adoption levels and the possibility of a Bitcoin ETF, BTC is clawing back losses and up 8.4 percent at the time of writing. We expect bulls to recover in days ahead and already there are hints from price action characteristics.

Despite recent losses, bulls are technically in charge—at least in the short-term, and resistance stands at $5,800–$6,000. As laid out before, our immediate buy triggers stand at $3,800 and before buyers build enough momentum activating longs, our previous stand is valid until after our trade conditions are live in line with our last BTC/USD trade plans.

Odds of higher highs mostly depend on whether there is confirmation of today’s bull bar. If there is, then those would be the building blocks for further higher highs above $3,800 and later $4,500.

Technical Indicators

As aforementioned, the aim is the complete reversal of Feb 6 losses in a three-bar bull reversal pattern ushering bulls. Powering Feb 6 bear bar were above average volumes—13k versus 10k. Therefore, a solid counter bull bar deflating bears should, first of all, exceed current averages of around 8k. Secondly, it must register high volumes above 13k.

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.