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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Analysis: BTC Back above $4,000, Jimmy Song Confident

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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Latest Bitcoin News

The fall from 2017 peaks was a test of resilience and even dashing for those who bought on “dips”. Though the technique called Dollar Cost Averaging may work, last year’s meltdown coincided with a cool off period weeks after the Bitcoin and altcoin market rallied to new highs. No doubt, the 74 percent retracement shook retail investors to the core. To quantify, there was a radical re-valuation and the total market cap shrunk 85 percent from peaks of $795.6 on Jan 6, 2018, billion to just over $125 billion on Dec 31 was a momentum of reckoning. A testing period weeding out speculators from enthusiasts.

But still, according to Jimmy Song–Bitcoin Educator, Developer and Entrepreneur, Bitcoin is king and because it rides on disruptive technology, “real disruption means that there’s bound to be significant volatility.” Even though prices slowed down, there was widespread adoption as the Bitcoin Gospel spread across the world reducing price volatility. Remember, during this period, altcoin prices dropped 90 percent after printing highs in late 2017 and early 2018.

Jimmy Song insists that there is a gulf between the king of crypto and altcoins. Bitcoin is an epitome of decentralization, a digital asset that the SEC has endorsed as a utility. In his opinion, the coin “has been in the enviable position of allowing the market to determine what’s desirable instead of some central authority.”

Bitcoin (BTC) Price Analysis

Bitcoin

BTC prices are back to green, and after a period of consolidation hours before surging off from $3,700-800 support—which is also the 61.8 percent Fibonacci retracement level as laid out in our previous BTC/USD trade plan, prices are likely to expand above $4,100.

As aforementioned, BTC price expansion of Jan 1—2300 HRs, 6.5k versus 2.2k, is a confirmation of increased market activity and subsequent price increment between Dec 17 to 20 albeit with lighter volumes. This is normal and often print during consolidations.

Note that BTC prices are moving within Dec 28 high low and in a clear uptrend. Therefore, for prices to re-test $6,000, there must be firm conviction from buyers. This means any break above $4,100 must be at the back of above average trade volumes although aggressive traders can still buy at spot prices with stops at $3,800.

Our Bitcoin (BTC) Trade plan is as follows:

Buy: $4,100

Stop: $3,800

Target: $4,500, $6,000

 

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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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.

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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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