Bitcoin’s Future is Shining but BTC Bulls under Liquidation Pressure

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin (BTC) stable above $5,000
Adoption will drive BTC prices higher

For mainstream adoption of digital assets, there must be utility. Bitcoin as a peer-to-peer cash system is useful with a secure network that is censorship resistance and immune to politics. With increasing use fueled with next year’s halving, Bitcoin (BTC) is likely to expand.

Bitcoin Price Analysis

Fundamentals

Bitcoin adoption is all about the number of individuals willing to ditch fiat and hold BTC. To satisfactorily gauge how many do, analysts track active Bitcoin addresses. Good news is, despite the cyclic nature of Bitcoin and other asset prices; the number of BTC public addresses is up.

Not surprising, the number of BTC users tend to correlate with prices. As BTC prices edge higher, we expect the number of addresses to increase reflecting flow from fiat, further increasing demand and dominance of the world’s most valuable asset.

Presently, prices are up, and as analysts project BTC’s next wave of higher highs to blast above 2017 peaks towards $50,000 and even $1 million, investors are upbeat. Technically, candlestick arrangements are supportive but fundamental developments are crucial.

#Decoupling #Bitcoin is decoupling from alts-coins and the stock market.

BTC is the most underpriced asset in the world at the moment.

— Max Keiser (@maxkeiser) May 2, 2019

A case in point is next year’s halving which, if history is a guide, will likely support prices thanks to reducing scarcity—and encouragingly, increasing demand. That, and the US Presidential election many ruffle traditional markets through uncertainty further boosting Bitcoin, a global coin that is slowly evolving into a new-age asset that can serve as a store of value, a medium of exchange and a settlement layer.

Candlestick Arrangement

Bitcoin (BTC) is up, reversing shocks of early this week. Gains from NY session did spill over, and traders are building on from the Asian and European sessions. At spot rates, BTC is stable.

Nonetheless, what concerns us is the confirmation of Apr-30 bull bar printing a three-bar bull reversal pattern off $5,000. From our previous BTC/USD trade plan, it was imperative that bulls reject further price depreciation.

Now that prices are edging higher as buyers seek to reverse losses of Apr-30 albeit with low transaction levels our trade conditions hold. Moving on, risk-off, aggressive traders should load at spot rates with stops at $4,950 in line with our previous trade plan.

However, for trend continuation and confirmation of Apr-2 buyers, prices must close above the double-bar bear reversal pattern of Apr-24 complete with above average volumes.

Technical Indicators

As aforementioned, buyers are in control. From candlestick arrangement, Apr-2 bear bar determines the short to medium trend. With 18k versus 10k averages, break above $5,600 or $4,950 ought to be with volumes exceeding 10k average volumes, 18k of Apr-25 or 38k of Apr-2.

Chart courtesy of Trading View

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.