Bitcoin (BTC) Defying Gravity, Up 15% With Facebook’s Libra as a Tailwind

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin (BTC) surge, adds 15 percent
Brian Kelly dismissive of Libra

Libra is the key that opens the door for the masses. Hosting more than two billion users, Facebook is the catalyst, introducing the world to Bitcoin and cryptocurrencies. Even so, Brian Kelly says Libra is more of a digital fiat than a cryptocurrency.

Bitcoin Price Analysis

Fundamentals

Facebook’s Libra white paper is live. Consequently, blockchain commentators are pouring over, dissecting content, trying to come up with a fitting conclusion on what the so-called “Libra” is truly is. For the neutrals, Libra is a necessary intervention.

Powering the stablecoin is a data collecting company struggling with trust. Bogged down by controversies, Facebook is a representation of grit. It has powered through criticism to be the largest social media giant with billions of users. Now, these users are about to be introduced to blockchain — and Bitcoin could be the biggest beneficiary.

Although the community is split with critics saying Libra is neither a blockchain nor a cryptocurrency but a well-designed stablecoin that will open the doors for the masses, BTC supporters are ecstatic because of this renewed interest. Brian Kelly, while talking to CNBC’s “Fast Money”, said:

“This is really the main difference: what Libra is doing is creating a digital version of the US Dollar, yen, and euro. It’s like a stablecoin, but you still have all the characteristics of a fiat currency. Bitcoin is … digital gold. And, in my opinion, it’s probably a lot better than gold, but there is no trusted third party involved, and that’s a huge difference.”

Nonetheless, the announcement of Facebook’s plans is timely. As it is, this excitement could be the tailwinds propelling prices to $10,000 and beyond.

Candlestick Arrangements

At the time of press, BTC bulls are determined. Changing hands at above $9,300, BTC is trading 15 percent higher than last week’s close. Because of this, the path of least resistance is northwards as buyers take charge. Hardly surprising, BTC bulls are in the driving thanks to supportive fundamentals.

On top of that, favorable price action places buyers as a fore as underlying momentum buoy prices in a bullish breakout pattern. Since BTC is above $9,100 or May high, every low is a buying opportunity with targets at $10,000 and $12,000.

Contrarily, support is in between the $8,800 and $9,100 zone.

Technical Indicators

Although buyers are ecstatic, there is a bearish divergence as prices inch higher at the back of shrinking participation. Ideally, any surge above $9,500 ought to be with high trading volumes exceeding 31k of May 30. That will set the ball rolling for $10,000 or higher as aforementioned.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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.