Analysts

Feb 20 2021

Bitcoin (BTC) Price Prediction: BTC/USD Rallies to $56,000 High After a Pullback Above $51,000 Support

Bitcoin (BTC) Price Prediction – February 20, 2021
BTC/USD is trading at $56,980 at the time of writing. Analysts have predicted that once the $50,000 psychological price level is breached, BTC price will rally to $60,000. The $50,000 resistance was broken on February 17. Three days later, the price has rallied above $56,000.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

Following the breaking of the $50,000 resistance, Bitcoin has risen above $56,000 high. The upside momentum appears to be faster on the upside when compared to the previous price movement. The major resistance is the $52,500 high. BTC price corrected for two days before breaking above it. The price made a pullback to $51,000 support before resuming upward. The bullish momentum broke the $52,500 as price rallied above $56,000 high. The BTC price is currently facing resistance at $57,500. The RSI and the daily stochastic have indicated that BTC price has reached the overbought region of the market. It is doubtful if the upside momentum will continue or subside.

Bitcoin (BTC) Indicator Reading
Bitcoin is above the 80% range of the daily stochastic. It indicates that Bitcoin has been in the overbought condition since February 4. The stochastic bands are sloping horizontally above the 80% range.The moving averages are sloping northward indicating the uptrend. The crypto’s prices are well above the SMAs which indicates that Bitcoin is rising. Bitcoin is at level 88 of the Relative Strength Index period 14. It indicates that Bitcoin is in an uptrend zone and may not continue upside momentum.

On a weekly chart, a retraced candle body on January 18, tested the 61.8% Fibonacci retracement level. The retracement implies that BTC price will rise to level 1.618 Fibonacci extension or the high of $58,048.40. The market is currently facing some resistance at a $57,000 high. If this level is crossed, the BTC price will hit $60,000.

Bitcoin (BTC) Price Prediction: BTC/USD Rallies to $56,000 High After a Pullback Above $51,000 Support

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Feb 19 2021

$56.3K Bitcoin price and $1T market cap signal BTC is here to stay

As Bitcoin (BTC) price pushed above $55,300 in the morning trading session, its market cap surpassed $1 trillion for the first time on Feb. 19. The breakout continued throughout the day and within the past hour BTC price hit another all-time high at $56,368.

Now that Bitcoin has cemented its status as a trillion-dollar asset among the likes of Amazon, Apple and Google, legacy banks are showing increasing interest in offering cryptocurrency custody services for their customers.

*BTC/USDT 4-hour chart. Source:* *TradingView*

According to Treyce Dahlem, an analyst at TheTIE, social media conversations including ‘Bitcoin’ as a keyword have increased by 38% since Feb. 18. More than 102,000 tweets have been sent out in the past 24-hours, and this is only “30,000 tweets shy of setting a new record high.”

Dahlem said:

“The number of Twitter users talking about Bitcoin on a daily basis has reached a new all-time high of 38,500, up 325% from a year ago.

Altcoins rise as DeFi and CeFi begin to merge

*Daily cryptocurrency market performance. Source:* *Coin360*

Multiple altcoins joined BTC and Ether (ETH) in establishing new all-time highs as both centralized and decentralized exchange tokens experienced strong breakouts.

Binance Coin (BNB) continued to benefit from the growing influence of the Binance Smart Chain (BSC) as surging volume lifted the token to a new high of $348.72.

This parabolic rally secured BNB’s spot as the third-ranked project by market capitalization behind Bitcoin and Ether.

DeFi-related projects like PancakeSwap (CAKE) and Venus (VXS) are two of the top attractions on the BSC and both hit new highs at $20.62 and $101.50 respectively. REN also made waves after its recent integration with BSC helped lift the token to a record high at $1.69.

Traditional markets close the week mixed

Following a week of new highs for the major indices, traditional markets closed the week mixed on Friday as the U.S. economy faces continued fallout from the pandemic and rising unemployment.

The NASDAQ finished the day up 0.07% while the Dow was flat. The S&P 500 declined by 0.19%.

Bullish momentum may extend through the weekend

As traditional markets close up for the week, the bullish momentum propelling Bitcoin and altcoins high is showing no signs of slowing down. Recent historical data shows that Bitcoin’s rallies in 2021 have a tendency to occur on the weeked and many analysts believe the top-ranked digital asset could attack the $60,000 level over the weekend.

The round the clock nature of the crypto sector means that markets are always active somewhere on the planet. As the current bull market attracts wider attention from retail and institutional investors, the trend of trading volume decreasing on weekends seems to no longer be in effect.

While Ether (ETH) price has remained pinned below $2,000, it still managed to rally to a new all-time high at $1,974.

There are increasing bullish murmurs that institutional investors are deeply interested in the returns being offered through staking on Eth2 as well as participating in the growing DeFi sector, both of which are the driving force behind the growing demand for Ether.

*Total cryptocurrency market capitalization. Source:* *CoinMarketCap*

Recent price breakouts from top tokens like Bitcoin and Binance Coin and DeFi superstars like REN and CAKE have also helped lift the total market capitalization of the cryptocurrency sector to a new record $1.705 trillion. Bitcoin’s dominance currently stands at 61.1%

$56.3K Bitcoin price and $1T market cap signal BTC is here to stay

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Feb 17 2021

Elon Musk’s Tweets About MarsCoin Causes Surge in Price

Elon Musk’s influence in the crypto industry has continued to grow, with the billionaire playing on this severally. In what is becoming more of a show of power, the Tesla chief executive caused an accidental jump in the price of a lesser-known asset this week.

DOGE and “MarsCoin” on Musk’s Mind

Beyond his love for autonomous vehicles, Musk is also known to be a space enthusiast. His company SpaceX is working with the U.S. government on several space exploration initiatives, and it has also been launching satellites into orbit for years now.

While the billionaire has been vocal in his support for cryptocurrencies- particularly, Bitcoin and DOGE, – he caused a massive jump in the price of MarsCoin, a relatively obscure digital asset. Musk had tweeted to criticize DOGE on Monday, explaining that the asset had become too centralized, with many investors looking to profit off it.

After claiming that he’d pay actual cash to see major DOGE shareholders void their wallets, a Twitter user had suggested that Musk could create an “Elon Coin” and offer it as an incentive to these DOGE whales instead. This way, the billionaire won’t have to append so much money to get what he wants.

Changpeng “CZ” Zhao, the chief executive at top exchange Binance, also weighed in on the conversation, explaining that Musk could call his proposed digital asset “MarsCoin.” Responding, Musk confirmed that there would “definitely be a MarsCoin.”

There will definitely be a MarsCoin!

— Elon Musk (@elonmusk) February 16, 2021

Moves Following Musk’s Tweet

The tweet immediately caught the attention of investors, who immediately flocked to purchase Marscoin – a digital asset that bases its mission on the possibility of humans traveling to the red planet. Data from CoinMarketCap shows that the asset has seen a significant jump of late, moving from $0.081 yesterday to $1.34 earlier today. The rally has since cooled down, but such is the type of influence that Musk now holds.

Marscoin’s market cap has also surged,m hitting $21.8 million – up almost 700 percent in the past day – while trading volumes jumped by 8,000 percent to $60,185 in the same period.

While Marscoin isn’t affiliated with Musk in any way, the asset is hoping to become humanity’s asset of choice when the Mars takeover does happen. The asset’s website touts it as the most viable blockchain platform for trading, voting, and capital allocation once the red planet has been colonized.

As for DOGE, the asset and its investors now understand that Musk’s sentiment can just as well be effective if they work in the negative. Several hours after the billionaire’s tweet, the dog-themed cryptocurrency saw a 23 percent plunge in its price, moving from $0.063 to $0.048. However, considering that the entire market slid in that same period, Musk’s role in this DOGE slump is less clear.

Some analysts believe that the market slump is due to Bitcoin reaching all-time highs, as the leading cryptocurrency had taken volumes out of several altcoins. Whatever it is, the market is coming to learn that Elon Musk isn’t to be messed with.

Elon Musk’s Tweets About MarsCoin Causes Surge in Price

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Feb 16 2021

Bitcoin (BTC) Price Prediction: BTC/USD Rallies to $50,500 High but Fails to Sustain the Upturn

Bitcoin (BTC) Price Prediction – February 16, 2021
Today, Bitcoin bulls have broken the $48,000 and $50,000 resistance levels. BTC/USD has reached the high of $50,500 but was resisted. The bullish momentum could not be sustained because of overwhelming selling pressure above the psychological price level. The price eventually dropped and found support above $48,000.

Resistance Levels: $48,000, $49,000, $50,000
Support Levels: $35,000, $34,000, $33,000

Today’s price action is very significant as buyers were able to push Bitcoin above the $50,000 resistance but pulled back to $48,000 low. Analysts believe that if the $50,000 resistance is breached, Bitcoin will have an accelerated price movement on the upside. In today’s price action the candlestick has a long wick above the $50,000 resistance. The long upper shadow indicates that there is strong selling pressure above the $50,000 resistance. That is the reason BTC price fell from the high of $50,500 to $48,000 low. Bitcoin is trading at $48,309 at the time of writing. On the upside, if the bulls break the $50,000 resistance and bullish momentum is sustained, this will propel the price to rise and rally above the $60,000 high. However, if BTC price faces another rejection, the market will drop to as low as $44,000.

India Crypto Ban Is Like Banning the Internet, Says Former Coinbase CTO
There is an impending ban on Bitcoin and other crypto currencies by the Indian government. In late January, the Crypto currency and Regulation of Official Digital Currency Bill have been introduced in India. The bill lays the groundwork for an official digital currency issued and overseen by the Reserve Bank of India. However, an anonymous senior Finance Ministry official spoke to Bloomberg that the upcoming ban was very likely to occur. He indicated crypto investors will have three to six months before converting their money to legal tender.

The former Coinbase chief technology officer, Balaji Srinivasan has indicated that India’s impending ban on Bitcoin and other crypto currencies is like banning the “financial internet.” He further indicated that: “It’s really important that the ban (India’s plan to ban owning, trading, mining or investing in crypto currency) should not go through. It would be a trillion-dollar mistake for India, without exaggeration.”

Meanwhile, Bitcoin has made a tremendous move as it broke above the $50,000 resistance. However, the bulls were overpowered because of strong selling pressure. On February 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1.272 Fibonacci extension or the high of $50,899.40. If price reaches that level, it is expected to reverse to level 78.6 % Fibonacci retracement level where it originated. The price action has already confirmed these levels and reversed.

Bitcoin (BTC) Price Prediction: BTC/USD Rallies to $50,500 High but Fails to Sustain the Upturn

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Feb 12 2021

Bitcoin bulls eye $50K as data show BTC’s liquid supply in steady decline

On Feb. 12 Bitcoin (BTC) price hit a new all-time high at $48,985 before pulling back to the $46,000 level.

A quick glance at the 4-hour chart shows the top-ranked cryptocurrency trading in what appears to be a brief phase of consolidation but BTC is still maintaining its bullish momentum through a pattern of higher highs and higher lows.

If BTC can maintain its current pace and structure, a move to the $50,000 level could possibly occur before the weekend ends.

A report released by analysts at Decentrader shows that as Bitcoin’s liquid supply has been decreasing, demand for the top cryptocurrency has been increasing as the number of BTC that have not moved on-chain for an extended period of time also rises.

*Bitcoin liquid supply. Source:* *Glassnode*

As can be seen on the chart above, BTC currently has a liquid supply of roughly four million coins and the figure has been steadily decreasing since June 2020 as whales and institutional investors increase their exposure to this nascent asset class.

Further evidence of the growth of big-money players can be found by looking at the surge in wallets holding more than 1000 BTC.

*Wallets holding at least 1000 BTC vs BTC price. Source:* *Decentrader*

As the number of large wallets grows, the number of smaller wallets has remained flat or decreased, indicating that “larger players are scooping up bitcoin off smaller players.”

PayPal delves deeper into cryptocurrency

Additional bullish news for the cryptocurrency sector came as PayPal announced that it plans to extend its crypto services to residents of the United Kingdom.

This marks the first time users outside of the U.S. will be able to purchase crypto through the platform which should be available on the PayPal and Venmo apps by the end of Q2 2021.

In an effort to keep up with the likes of PayPal and the Cash App, Apple Pay has unveiled a new partnership with BitPay that will allow Apple Wallet users to use their BitPay card to make purchases.

It has also emerged that Grayscale Investments may soon bring a new level of exposure to decentralized finance as a newly filed corporate registration in the State of Delaware shows that the asset manager is considering Yearn Finance as a potential future offering.

Choppy trading sets the tone in traditional markets

Traditional markets faced early pressure on Friday following the Feb.11 announcement that federal regulators have launched probes into Robinhood and Reddit for signs of market manipulation related to the recent wild moves seen in stocks like GameStop and AMC.

After weathering the early downturn, all three major indices managed to climb higher and finish the day in the positive with the S&P 500 and NASDAQ closing out the session at record levels, up 0.47% and 0.50% respectively. The Dow also managed to squeeze out a positive gain of 0.09%.

The wider cryptocurrency market continued its bullish upsurge as multiple projects saw double-digit gains and new all-time highs.

Ether (ETH) ventured deeper into uncharted territory on Friday by setting and set a new all-time high at $1,863, while Polkadot (DOT) was the best performing top-10 coin, experiencing an increase of 21% overnight for a new high at 29.52.

Other notable performers include the pure proof-of-stake protocol Algorand (ALGO), which increased 38% for a 2021 high at $1.84, and Tezos (XTZ), which saw its price increase 23% for a new record high of $5.41.

The overall cryptocurrency market cap now stands at $1.48 trillion and Bitcoin’s dominance rate is 60.4%.

Bitcoin bulls eye $50K as data show BTC’s liquid supply in steady decline

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