Bitcoin (BTC) Price Prediction – January 24, 2021
Surprisingly, BTC/USD dropped to $28989 on January 22 but the bulls ‘bought the dips’ as the coin corrected upward. The price corrected upward but faced another rejection at the $34,000 high. The implication is that BTC price may continue its downward move.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
Following its inability to break the psychological price level of $40,000 for the second time, BTC price fell to $34,000 support and resumed consolidation between $34,000 and $38,000. While the bulls were defending the $34,000 support from further decline, the bears were defending the $38,000 high from a retest of the previous highs. The range-bound movement lasted for a week before the bears broke the $34,000 support signaling a further downward movement of the coin. The BTC price has already fallen to retest the $30,000 support but a strong buying pressure pushes BTC price upward again. The upward move was stalled at the $34,000 resistance. This implies that the selling pressure will continue as price will revisit the $30,000 support. Meanwhile, the BTC price is trading at $31,976 at the time of writing.
Bitcoin Is a “Hedge Against Dystopia”, by Kenneth Rogoff
Professor Kenneth Rogoff is an economics professor at Harvard University who is a crypto skeptic. He said that he doesn’t see Bitcoin succeeding as it is often touted as a store of value or hedge asset. In a Bloomberg interview on Thursday, he said: “It’s conceivable, you know, it could have some use in a dystopian future, but I think the governments are not going to allow pseudonymous transactions on a big scale. They’re just not going to allow it. The regulation will come in.The government will win. It doesn’t matter what the technology is.” Nonetheless, over the years of its existence, Bitcoin has been criticized by prominent people. Warren Buffett has criticized the asset as “probably rat poison squared” and financial commentator Dennis Gartman expressed skepticism in late 2020. Professor Kenneth Rogoff concluded in this manner: “I certainly think I agree that it’s speculative. I’ve been a Bitcoin skeptic, and certainly, the price has gone up, but there’s sort of an ultimate question of what’s the use. Is it just valuable because people think it’s valuable? That is a bubble that would blow up. I think, over the long run, if there’s not use, yes, the bubble will burst. “I hope there’s not such a valuable use, but I suppose it’s a hedge against dystopia.”
Nevertheless, Bitcoin is still fluctuating above the $30,000 support. The Fibonacci tool has indicated a downward movement of the coin. On January 15 downtrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement level suggests that BTC price will fall to level 2.0 Fibonacci extensions or the low of $28,696.60. The price action has already confirmed this level.BTC is rising up.
Institutional Investors Continue to Buy Bitcoin as Price Tops $50K: Report
The recent price developments have not deterred institutional investors from allocating funds in bitcoin. Just the opposite, the latest major withdrawal from Coinbase to custody wallets worth $630 million became a fact earlier today, suggesting that institutions keep accumulating.
Institutions Double-Down on BTC
CryptoQuant’s CEO Ki Young Ju has repeatedly outlined the connection between bitcoin’s price and institutions using the largest US-based crypto exchange, Coinbase, to purchase more of the asset.
Past examples provided by the analytics company have indeed been followed by an increase in BTC’s value when such investors transferred sizeable quantities to custody addresses.
Ju predicted last week when BTC struggled beneath $45,000 that the asset will soon rather than later return above $48,000, which he classified as the “institutional buying level.”
His projection materialized, and the cryptocurrency has even increased above $50,000. Furthermore, Ju outlined that institutional investors have withdrawn another significant portion from Coinbase to custody wallets.
CryptoQuant’s data suggests that the withdrawal this time was about 12,400 bitcoins. From a USD perspective, this considerable about accounts for roughly $632 million with today’s prices.
It’s Not Just Coinbase Though
During last week’s market crash, when BTC lost about 25% of its value in a matter of days, reports emerged that miners have transferred substantial portions to exchanges and had cashed out some profits just before the drops.
The community feared that institutional and retail investors might follow as it could be the beginning of further sales that could harm the asset’s price even more. However, it seems that this is not the case.
Data from another monitoring company, Glassnode, shows that bitcoin holders had indeed increased the transfers to exchanges in the last week or so in February. Nevertheless, the trend has quickly reversed, and BTC investors have withdrawn some of their portions outside of trading venues.
Looking at the bigger picture, it becomes clear that investors seem determined to decrease the bitcoin holdings stored on exchanges. In the past six months alone, the percentage of BTC on trading platforms has declined from over 14.5% to 12.5%, suggesting HODLing mentality.
TRON’s First Cross-Chain Prediction Market Comes Through a Partnership with Prosper
The popular blockchain project TRON will introduce the DLT-agnostic prediction market Prosper to its ecosystem. TRON users and TRX holders will be able to provide liquidity and enhance the success-rate of the prediction market solution.
TRON Teams Up With Prosper
Justin Sun’s TRON announced its latest partnership in a press release shared with CryptoPotato earlier today. It informed that the two blockchain projects have teamed up to address some of the issues related to decentralized prediction markets.
Such tools have been active for a while, but the statement highlighted the lack of sufficient liquidity as a major hurdle on their way to receive mass adoption. This comes mostly because each prediction market “has traditionally been segregated to a single chain,” and not enough users could provide the necessary liquidity to produce accurate predictions.
Prosper works similarly – the higher the liquidity is, meaning more users are involved, the more “predictions are made, leading to a more accurate and robust prediction outcome based on greater collective insight from the crowd.”
Furthermore, Prosper operates a cross-chain platform, which enables it to aggregate liquidity into its platform regardless of the user’s access point.
With the introduction of TRX, one of the largest digital assets by market cap, TRON and Prosper expect a surge in the liquidity to the underlying pool. Additionally, the integration will enable users to receive access to new applications that could impact their investment strategies and potential earnings.
The statement also touched upon a free insurance pool provided by Prosper. It allows the platform to repay any funds stolen from hacks from an emergency fund that is automatically set aside.
This partnership with TRON is an extension of Prosper’s efforts to collaborate with the biggest players of the DeFi world.” – said Iva Wisher, co-founder of Prosper.
TRON Aims at Ethereum
The announcement further explained that TRON is currently “working to create a competing DeFi ecosystem that rivals its counterparts while allowing for inexpensive transactions, creating a win-win situation for platform users.”
The PR outlined Ethereum’s major role in the space but touched upon its scaling issues, which have caused significant transaction delays and high gas costs.
Dogecoin becomes the most popular cryptocurrency
TL;DR Breakdown Doge now more popular than altcoin About Doge crypto Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter […]
- Doge now more popular than altcoin
- About Doge crypto
Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter more than any other cryptocurrency.
ICO Analytics notes that Dogecoin commanded 10.4 percent of all crypto-related mentions on the social media platform in February, with Bitcoin recording 10.1 percent of all crypto-related mentions. Dogecoin was mentioned ten times more than Uniswap—an Ethereum-based decentralized exchange that has 17,000 active users.
About Dogecoin cryptocurrency
Dogecoin came into existence in 2013 as a joke featuring a Shiba Inu dog as a mascot. The coin is now valued at over $6.5 billion, with many celebrities, tech experts, and investors having a stake in the meme coin. One of the coin’s biggest fan is the world’s richest man, Elon Musk, the CEO of electric car makers Tesla. The CEO never stopped tweeting about the crypto, even stating that the coin would go to the moon in one such tweet.
While Musk continued talking about the altcoin on Twitter, the crypto continued to gain popularity on TikTok, another social media sparking a Dogecoin’ Challenge’, which trended for several days. The coins’ popularity has led the altcoin price to surge. The crypto went from less than $0.002 in January 2020 to an all-time high of $0.083 last month a 4050% increase.
However, the crypto has also faced a series of criticism, with one single address holding more than 27 percent of the coins’ total supply. It is believed that the coin price is usually artificially pumped. Elon Musk detests the coin for this reason. The monopoly of investors also has slowed down active development for the coin and is one reason investors are afraid of taking on the coin, according to Elon Musk.
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