Bitcoin Ceiling at $8,500, But AT&T’s Stamp of Approval Is Bullish

Dalmas Ngetich

Last Updated: June 11, 2024 1:43 pm

2 mins read

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Bitcoin capped at $8,500
AT&T now accepts Bitcoin, partners with Bitpay

An observer is of the view that the next Bitcoin will not be “Bitcoin” or even a cryptocurrency. If that is correct, it may explain investors’ renewed optimism now that Wall Street is increasingly accepting, interpreting positives from the world’s most valuable asset.

Bitcoin Price Analysis

Fundamentals

Behind Bitcoin is a robust code base. A platform of the people with one express purpose: disrupt traditional finance. A decade after launching, users are ecstatic about what the future holds. Some are touting the emergence of Bitcoin as a revolution in technology and money. Indeed, the rise of digital assets is the paradigm shift that the world seemingly needs.

It’s an inevitable part of evolution, of progress and as Bitcoin shift from a medium of exchange to a store of value rivaling gold, analysts now say that the “Next Bitcoin” will be a “mind-bending economic paradigm”. This new cryptocurrency is expected to give investors who missed the first wave the chance to gain from the benefits of the “new” coin. In a tweet, Alexander Leishman says:

“The “next Bitcoin” is not going to look like Bitcoin at all and may not be a cryptocurrency. It is going to be some mind-bending economic paradigm shift years from now that few will recognize. Investors that missed the “first Bitcoin” are going to miss the next one too.”

The entry of heavyweights perhaps advises his reasoning. The involvement of Fidelity Investments, the New York Stock Exchange, NASDAQ and now AT&T is an endorsement and a stamp of confidence. If anything, they will be the accelerants required for price to surge, boosting investor expectations.

Candlestick Arrangements

At the time of press, Bitcoin (BTC) is changing hands at $8,080, adding 3.5 percent in the last day and successfully reversing yesterday’s losses as bulls take charge. Although traders are confident, expecting prices to move higher in a continuation of the bullish trend, BTC is consolidating against the U.S. dollar within a broader $1,000 range of $7,500 and $8,500.

In line with previous BTC/USD trade plans, conservative traders should be neutral until when there is a satisfactory breakout above $8,500. Accompanying this upswing should be above average trading volumes exceeding 24k of May 23rd.

Technical Indicators

To reiterate our stance, Bitcoin buyers are in control. However, as prices consolidate within the May 19th trading range, conservative traders should be neutral, and on the sidelines. Any break above $8,500 ought to be with high trading volumes exceeding 24k and more importantly 47k of May 13^th as buyers of early May flow back in a trend continuation phase, typical of breakouts.

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.