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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Market Efficient But Small, BTC Bulls Aim Sights At $10,000

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read

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  • Bitcoin adds 10.7 percent in 24 hours
  • Bitwise says Bitcoin spot and arbitrage markets more efficient

For the first time this year, Bitcoin is trading above $8,500 as bulls take charge. In line with prevailing sentiment and candlestick arrangement, it is likely that BTC will rally towards the psychological $10,000 mark.

Bitcoin Price Analysis

Fundamentals

There is excitement around Bitcoin and crypto market in general. Often, the former does drag or lift the latter. At the moment, the spike in BTC’s price and market participation is permeating to the altcoin market.

After yesterday’s stellar performance during the American session, Bitcoin is trading above $8,500 for the first time this year. The level acts both as a resistance mark and a buy trigger from previous trade plans. Now that BTC is above $8,500, expanding to highs of nearly $9,000 at some point yesterday, the community is confident that this is the beginning of something huge rally.

Leading the camp is Brian Kelly, a permabull, who is expecting prices to rally into and after next year’s halving. Another prominent supporter is Bitwise Asset Management. The firm said the Bitcoin spot market is “significantly smaller and significantly more efficient” than it was in 2017, meaning that have full faith in this market.

While presenting their comment to the U.S. Securities and Exchange Commission (SEC), they added that there has been a dramatic improvement in Bitcoin spot and arbitrage market despite increasing volatility and shrinking trade volumes.

“This comes despite high volatility and (at times) declining overall trading volume, and is driven by a large number of factors that reflect the growing maturity of the space. After you remove the fake volume and fake data from the equation, you are left with an extremely efficient and orderly market and one that is backstopped by a regulated derivatives market of significant size.”

Candlestick Arrangement

Bitcoin BTC

At the time of writing, Bitcoin is changing hands at $8,850. The world’s most valuable asset is up 10.7 percent in the last day, trading within a bullish breakout pattern. Note that though BTC is above $8,500, the accompanying trade volumes are low and below those of May 19th.

Nonetheless, the fact that BTC is now above April peaks in a trend continuation phase after prices tumbled to the 61.8 percent Fibonacci retracement level based on the trading range of the first three weeks of May is bullish.

For solid breakout, BTC prices must close above $8,500. After that, subsequent bars should ideally print higher banding along the upper BB as buyers aim at $10,000 and later $12,000.

Technical Indicator

In light of the last 24 hours events, May 26th bull bar with 19k is the trade plan’s reference bar. Today’s bar has a long upper wick hinting of sell pressure. However, confirming bars must be buoyed with wide-ranging bull bars with volumes above 19k or 47k of May 17th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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