Bitcoin Price Analysis: BTC Lift Off, Cross-Hairs at $4,500

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin Price recover, bulls bounce back
Market leaders set positives in Blockchain and crypto
There is a jump in market participation level. Volumes swell in the 4HR time frame

After Jan 20 drops, BTC is finding support at around $3,500—the lower limit of our support zone. As a result, there is a likelihood that Bitcoin prices will rally in coming days.

Bitcoin Price Analysis

Fundamentals

Jerry Yang has been a longtime fan of blockchain and cryptocurrencies. So, his recent comment at the Nikkei Innovation Asia Forum held in Singapore is nothing new. At the Forum, he said blockchain is a perfect fit for banks and trading.

Yang is particularly impressed by the type of infrastructure in progress saying it shall have a long-term implication. However, this is not the first time he has endorsed this nascent technology.

In a CNBC interview back in late 2017, the Yahoo Co-founder said he was a firm believer in cryptocurrencies and the efficiencies it tags goes a long way in benefiting the society not only from transactions point of view but from it does create a transparent system.

As we know, banks’ operations are often opaque, and it is common to hear of large settlement after being held accountable for facilitating money laundering or defrauding customers.

Candlestick Arrangements

At spot rates, BTC prices are stable and positively hovering above the lower limit of our support zone at $3,500. From candlestick arrangement, this is bullish, and if anything, developments, especially in the 4HR chart, is exceptionally optimistic meaning aggressive traders can initiate positions at spot rates.

Behind this optimism is a bullish pin bar—clearer in the 4HR chart—bouncing off Jan 20 lows at the back of above average volumes—5k versus 2k. Increasing demand in lower time frames means there is a similar pattern in the daily chart, lifting investor confidence.

All the same, we shall interpret this as positive, but before we recommend risk-averse traders to buy, BTC prices first need to rally above $3,800 or Jan 14 highs. Only then will traders execute with first targets at $4,500 with liquidation level at around $3,500-700.

Technical Indicators

There is a rejection of lower lows and backing this resurgence is increasing demand for BTC as aforementioned. The double bar bull reversal pattern in the 4HR chart is at the back of high trading volumes—5k versus 2k. Because of this, risk-off traders can buy at spot rates, but it is ideal if there is confirmation as a spike in market participation drive prices above $3,800.

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.