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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 Prices May Surge But High Fees a Challenge

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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  • Bitcoin up 9.5 percent
  • High transaction fees will lead to financial exclusion

In Jeff Garzik’s deduction, high Bitcoin fees, despite Lightning Network development, will, in the long run, slow down adoption. Meanwhile, Bitcoin is up 9.5 percent from last week’s close trading above $8,000.

Bitcoin Price Analysis

Fundamentals

Jeff Garzik is one of Satoshi’s early collaborators. Together with Garvin, they are relentless in their advocacy for a trustless network. He diverged from Bitcoin and was an ardent supporter of Segwit2X, a scaling solution that failed to take off.  Jeff now says the inability of Bitcoin to scale will in the long run slow down adoption.

While talking to CCN, the tech leader said even with layer-2 solutions as Lightning Network, “transaction fees go up to the point where [most people] just can’t afford to use Bitcoin.” He said:

“The pace of innovation of the core of Bitcoin is slow, and it’s a real challenge. If you onboard a bunch of people on Lightning, stuff like that, the transaction fees goes up to the point where [most people] can’t afford to use Bitcoin.”

Adding that high transaction fees will then lead to financial exclusion, especially for people outside the US and the EU:

“If you have to pay $10 for a Lightning transaction, that leaves Bitcoin to [people in] the US and EU, and that’s it. We just excluded the rest of the world due to transaction fees.”

Candlestick Arrangements

Bitcoin BTC

From Bitcoin daily chart, price is stable and up 9.5 percent from last week’s close. At some point this week, sellers temporarily took charge. However, the reaction in the past 72 hours has been stellar. With the emergence of buyers, the uptrend is solid.

As a result, every low is technically a buying opportunity as long as the price is trending above $7,500 or May 19th low. The level also coincides with the 50 percent Fibonacci retracement of May trading range. Besides the increase in participation, the failure of sellers to press lower, wiping May 19th gains is bullish. That is, if we analyze price action from an effort versus result point of view.

All the same, conservative traders, as laid out in previous BTC/USD trade plans, ought to stay out until better signals print. Once there is sufficient momentum that will drive prices above May 19th high and $8,500, these patient traders can load up on dips with targets at $10,000 and $12,000.

Technical Indicator

Therefore, because of this, May 19th bull bar anchors this trade plan. In an uptrend, any surge above $8,500 must be with high trading volumes exceeding 25k of May 19th and ideally, 47k of May 14th.

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

Ad discliamer

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