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Bitcoin (BTC)’s market outlook now

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Bitcoin

Last November 13th Bitcoin’s price in $6,000 and that was when it took off until it went beyond $17,000 on December 17th and, on the next day, the bears took over the market. It’s been going down since that day. Then November 14th of this year arrived and BTC plummeted, and then it went down again over the next weekend.

It was a slaughter. It went under 5k, so we all thought that 4.5k would be a good support level. It broke it and we thought the same about the 4k level, which it also broke. How low can it go? Will it go all the way to 3k? Maybe even lower, back to the 2014 level of $2000? We hate to give you bad news but it’s just possible.

The market is heavily oversold right now, but that, unfortunately, doesn’t mean it’s about to bounce back. All it means is that selling pressure is very intense. Over the last 24 hours, it’s recovered a little and Bitcoin is higher than 3.5k as we write this, but is this a fluctuation before a new fall or is it going to stay stable for a while now? There’s no way to know.

How Bitcoin market works

So this would be a good time to stop and think about the way the Bitcoin market works so we can visualize the circumstances in which things could improve, whenever they do.

Let’s start with the most obvious thing. This market has no institutional players. Wall Street and the traditional financial system have not overcome their Bitcoinphobia yet. This is a market that’s dominated by retail investors for the most part. Yes, some of them are very rich and can move a lot of money around, but they’re still private citizens, not institutional investors.

Rumors of institutional money pouring into crypto have been floating around the cryptosphere all year long but nothing’s happened yet. This is very important. It’s a big injection of money into Bitcoin, of the kind that only institutions can manage, what could bring about the next bullish market. It’s not the only factor, but it would go a long way. It’s not just about the money. If the world sees how the financial institutions trusting Bitcoin, that will breed a lot of confidence in everybody.

Another hand could come from Silicon Valley investors. Earlier this year, a bull run on Apple stock brought the company’s worth over a trillion dollars. And now it’s happened again, this time for Microsoft, which is now even bigger. These are the kind of investors who understand technology and are willing to trust it and invest in it. It’s the ideal bunch of people to become interested in Bitcoin and other cryptocurrencies and stop the current bear market. They will come into crypto, sooner or later, but when?

One thing is kind of clear: there are no serious predictions signaling an imminent change of trend. The Elliott Wave model needs two more correction waves before the cycle starts again, and some analysts are talking about a three-year-long bear market before it goes back up.

We don’t even know if we already hit rock bottom because, just when the price was headed for 3k, it bounced back, but only to 4k, it didn’t really start a new trend.

So what will happen? We’re pretty sure the market will recover, and reach new heights. That’s what it’s always done. We just don’t know when or how.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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