Bitcoin’s value has been in a volatile phase since the failure of its first attempt to cross the $50,000 on August 23. Subsequent attempts seem to cross this barrier but fail to stay on top.
The adoption of Bitcoin turns out to be going well despite the crash of May 19 or the turbulent markets that followed, many countries are approaching BTC in one way or another, which has given rise to two factions, the partisans and those who remain absolutely away from cryptocurrencies.
JP Morgan, the money giant, turns out to have either of the two qualities: In a recent report, the bank’s analysts pointed out the recent in altcoins and the madness around NFT.
Added analysts,
The percentage of altcoins is higher through old criteria and, in our view, is more likely to reflect the “mania” of foam and retail investors than a mirrored picture of a structural upward trend.
While the position is a warning about the recent explosion of altcoins and not a set of virtual assets, John Paulson, a billionaire investor and hedge fund guru, has been critical of cryptocurrencies. The CEO of Paulson and Co. said those assets have a “limited source of nothing” and added that they “have no intrinsic value. “
Despite this, giant establishments like MicroStrategy or Twitter are still Bitcoin. Twitter’s latest beta update reportedly includes a tipping feature that allows users to tip BTC.
In reaction on September 1, Dorsey showed the data by accepting that Twitter can use African partners for this goal as a step for the future.
On a similar but positive note, Alexander Lukashenko, the Belarusian president, called on the government to take advantage of BTC in a speech at the Petrikovsky mining and processing plant on August 27.
The president noted that Belarus has enough deserted trading sites and select electrical infrastructure to mine Bitcoin and use it as an additional income.
While the mining exodus sparked by Chinese regulations has wreaked havoc, things have calmed down after migration to mining-friendly countries.
With BTC making an attempt to break through the $50,000 level, the techniques also promise profits in the near future.
The value of Bitcoin began a big uptrend on July 21 at $29,000 and rose to $48,000 in less than a month. After scoring a local high, BTC began to consolidate and tried to cross the mental point of $50,000 3 times, but time failed.
Currently, the pioneer cryptocurrency is just above the $ 49,000 point and wants to turn the resistance point of $ 51,483 into a barrier to demand, which will likely cause a large build up of up to about $ 57,000.
In the May 12 drop, BTC fell temporarily, creating a spread known as the “fair price spread. “The markets close this hole and it can be noticed as a return to the average. Therefore, a decisive close above $51,483 is a bullish outlook.
This recovery, while optimistic, may appeal to retail investors, creating a loop of positive feedback and pushing BTC to retest the next mental point at $60,000 In a very bullish case, the all-time high at $64,854 can also be retested.
Chart 1 day BTC /USDT
IntoTheBlock’s Global In/Out of the Money (GIOM) style supports this bullish outlook, which shows that $56,575 is the significant point hindering recovery. Here, about 3. 46 million addresses bought 1. 54 million BTC.
These investors are lately underwater and have chosen to break even, which increases the promotion tension and slows down the escalation. Therefore, breaking this barrier is exceptionally bullish and is a key to the clock.
GIOM BTC Chart
The accumulation in the number of active addresses on the Bitcoin blockchain over the more than two months has increased from approximately 775,000 to 1,000,000.
This accumulated 29% in new users indicates the possible entry of new capital, which is a bullish signal.
Table of active BTC addresses
The accumulation in the transaction volume metric is perfectly synchronized with the expansion of active addresses. This chained index has risen from $34 billion to $205 billion since June, a 500% increase, indicating that capital inflows have increased.
This expansion is a bullish signal and indicates that investors are returning to the markets and are positive about Bitcoin’s performance.
BTC volume in USD
Finally, the surprise source model, which shows investors’ request for BTC, has reached the maximum accumulation phase. This era of time is considered a position in which long-term holders collect the benchmark crypto and are regularly followed through an explosive bull run. .
Willy Woo said in his newsletter that the 2021 bull race will end now.
Now is a low-risk time to collect BTC. . . the call and points of origin at stake point to a place of continued bull market acceptance until 2022. Most market acceptance venues expect a bear market spot in 2022, but long-term chain design does. that. I suspect this has still been taken into account, especially in the long-term feature market.
BTC Supply Shock Model
Overall, chained metrics imply a positive outlook for Bitcoin’s value. Combining this with techniques dating back to a $60,000 run, it looks like BTC is in a position for an explosive move.
While things seem optimistic for Bitcoin’s value, not exceeding $50,000 that leads to a decline to $46,000 will be concerning. However, if BTC creates a low below $44,705, it will invalidate the bullish outlook.
In some cases, this move can result in a collapse of $41,330 or $40,550.
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