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Ibrahim Anifowoshe

Articles by Ibrahim Anifowoshe

Bitcoin Edging Toward $60K: Why Is the Coin Teasing?

April 3, 2021

At 11:10 GMT on Saturday, BItcoin traded at $59,785, a loss of 0.2% in the last 24 hours. As the price of the king cryptocurrency corrects, the coin continues to trade extremely close to $60k. In the past few days, Bitcoin has been able to fully recover from a fall to $52,000 toward the end of March.
As this goes on, data from Santiment indicates that recent transactions from Bitcoin whales (wallets with over $1 million) are seeing increased activity. Around this time a year ago, whale transactions saw around 229 transactions per day. This figure has massively increased. At the time of writing, BTC was witnessing around 1,930 whale transactions, a whopping 734% increase.

Just yesterday, an under-the-radar wallet moved hundreds of millions of dollars worth of BTC. According

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Bitcoin Hits $60K, Edges Closer to Breakout

April 2, 2021

On Friday, Bitcoin briefly hit $60,000 and surged above the psychological hurdle. This is the fourth time the coin is retesting $60k in a slow grind back to its all-time high of $61,000.
TradingView showed bullish tendencies remaining overnight for the BTC/USD pair. A correction below $60k pushed the king cryptocurrency back to $59,000. At 11:19 GMT on Friday, the coin was exchanging hands at $59,810, only about $200 away from $60,000 and a gain of 1.79% over the last 24 hours.

While BTC is currently correcting, ETH has surged up to $2,000. The sustained bullish momentum means that Bitcoin has effectively canceled out the flash crash from last week.
For popular trader Crypto Ed, the outlook was for $60,000 to disappear as resistance based on fading selling pressure on exchanges. Higher

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As the Second Quarter Begins, Bitcoin Is in Its Best Year Yet

April 1, 2021

As the second quarter begins, Bitcoin price is looking at its strongest three-month gain than any quarter since 2013. With a 103% gain in the first 3 months of 2021, the coin looks primed for more.
Typically, March has been a bad month historically for Bitcoin. However, the king cryptocurrency saw a  massive increase of nearly 30% over the month is strong evidence that this year is different. Moreover, it was during this year that Bitcoin tested an all-time high of $61,000, a record high for the coin.
At 18:30 GMT, Bitcoin was trading at $58,823. A loss of 0.68% over the last 24 hours.
The second quarter of the year has been historically the strongest in the life of Bitcoin. Two years ago, Bitcoin’s second quarter saw nearly 160% returns in the green, a value which analysts and bulls are

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Bitcoin Price Crash Paused by Goldman Sachs Entry into the Market

March 31, 2021

Bitcoin fell over $2,000 on Wednesday. The price fell from $59,400 to nearly $57,000 in just five minutes of trading. At 17:39 on Wednesday, the coin was exchanging hands at $59,122, a gain of 0.63% over the last 24 hours.
Market analysts have blamed the quick fall on overleveraged long positions. The plunge liquidated about $600 million worth of extended bullish contracts across major futures exchanges. After the fall, Bitcoin maintained a short-term price floor at around $58,000. Now, the king cryptocurrency is close to retesting $60,000.

The respite to bulls came from Goldman Sachs which announced that it would soon offer its first investment services for Bitcoin and other cryptocurrencies to clients of its private wealth management group.
This latest development from Goldman Sachs was

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$73K Is the Next Key Level As PayPal Begins Bitcoin Payments

March 30, 2021

Bitcoin price began a rebound since the start of the week. It is once again approaching current record highs, handing the price baton back to the bulls. At 17:06 GMT on Tuesday, the price of a Bitcoin was trading at $58,791, a gain of 1.8% over the last 24 hours.
In the run-up to the options expiry last Friday, Bitcoin saw price corrections throughout the week. While a rebound is not new in the cryptocurrency market, Bitcoin is currently about $1,000 away from $60,000. The consolidation of the price has been going on for most part of March suggesting that Bitcoin has been building a solid base to rocket from.

The chart above shows that the critical support area tested last week was between $49,500 and $51,000. Since the support level held, another higher low was made. This is fueling

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Bitcoin Dominance at Its Lowest Since Late Last Year As Visa Begins to Accept Crypto Payments

March 29, 2021

As Bitcoin continues to consolidate, signs of a bullish comeback are beginning to show. The coin surged to 57,600 on Monday at 16:33 GMT. A gain of 2.1% over the last 24 hours.
But the cryptocurrency market is witnessing alt-season 2.0, with Bitcoin now accounting for less than 60% of the total cryptocurrency market cap.

On March 29, analyst Filbfilb, co-founder of trading suite Decentrader, announced on Twitter that conditions were finally right for a fresh altcoin surge. The conbined market cap of altcoins stood at $750 billion.
Altcoin season has been a full three years in the making. With Bitcoin consolidating after hitting an all-time high of $61,700, it appears that circumstances have played into traders’ hands.
At the time of writing, Bitcoin market cap dominance fell to 59.4%,

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Bridgewater Associates Founder Says Government Outlawing Bitcoin Is a Good Thing

March 27, 2021

Ray Dalio, a billionaire investor and the founder of the world’s largest hedge fund, Bridgewater Associates has said that he believes that Bitcoin will have a similar impact as gold in the 1930s.
Dalio told Yahoo Finance on Influencers with Andy Serwer that the government’s conservative approach towards Bitcoin is the right thing. He suggested that investing in Bitcoin was similar to investing in gold as a return on bonds and cash diminished due to the war. He explained:
Back in the ’30s in the war years … because cash and bonds were such bad investments relative to other things, there was the movement to those other things, and then the government outlawed them. They outlawed gold.
That’s why also outlawing bitcoin is a good probability.
He noted that Bitcoin poses some kind of threat

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Bitcoin Subjected to Increased Bearish Pressure

March 27, 2021

Bitcoin price has been under a lot of bearish pressure lately as the coin fell to the $52,000 level during the week. At 14:15 GMT on Saturday, the coin was trading at $54,747, a 2.9% increase in the last 24 hours. While the king cryptocurrency is looking to recover, how soon can it get above the previous all-time high of $62,000?
During the last week, BTC witnessed a drop of over 5%. However, the gradual uptrend in the price movement looks encouraging.

Since the start of the month, the pioneer cryptocurrency’s price action has been limited to two price levels: the upper limit has remained around the region of $60k acting as resistance while the lower limit remains a strong support close to $50k. During the last few days, Bitcoin hit $51,178. A massive fall confirming pressure from

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Bitcoin Investors Not Slowing Down As General Motors May Follow Tesla’s Steps

March 26, 2021

With the week closing, Bitcoin has shed almost $10,000. However, it seems that the cryptocurrency’s supply problem is not abating as exchange BTC reserves are at an all-time low.
According to data analytics firm, Glassnode, the share of  BTC addresses holding 1 BTC Or less has accumulated 5.20% of the total Bitcoin supply. The firm revealed that the share of all mined BTC by these addresses three years ago was 3.97% which has now increased by 1.23%.
Throughout the week, Bitcoin continued to range between the $52k to $60k levels. At 14:25 GMT on Friday, the coin was exchanging hands at about $53,214, a gain of 2.79% in the last 24 hours. Despite this, everyone wants BTC.
It seems that investors are not stopping. HODLers are not ready to sell even though Bitcoin retraced from an all-time

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Bitcoin Price Takes a Massive Hit, Pushes Market Cap Below $1 Trillion

March 25, 2021

After enjoying a good run in the second week of March, Bitcoin price has taken a massive hit this week as the price continues to bleed.
Yesterday, there seemed to be some relief after the price touched $57,230. The price soon melted. At 12:58 GMT on Thursday, the price was trading at $51,528, a loss of almost 10% in the last 24 hours.
As the digital asset corrects, investors have not taking this lightly. Many have resorted to taking profit. Cumulatively, BTC investors have pulled out close to $145 billion. This exit has caused the market capitalization of the king cryptocurrency to fall below $1 trillion.
Recall that Bitcoin first cleared the $1 trillion market cap level earlier this year. It went on to surpass this level in the third week of February 2021. Soon after, the coin dropped

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Analysts Predict Bitcoin’s Price at $80,000 by April As Tesla Allows BTC Payment

March 24, 2021

As Bitcoin price continues to trade at the mid-$50,000, indicators are turning more bullish. At 18:23 GMT on Wednesday, Bitcoin was exchanging hands at $55,696, up 0.57% over the last 24 hours.
Despite the strained movement of the coin as it barely holds above its support level, Glassnode co-founders, Yann Allemann and Jan Happen have shared data from the analytics firm that shows that Bitcoin could be poised for a big upside move soon. This is due to the expiration of $6 billion in options contracts set to mature by this Friday. The duo said: 
Bitcoin price expectations for April are high with lots of investors placing their new bets on $80k.

The above chart shows that many investors on the Deribit’s platform are confident that the cryptocurrency’s price will settle at those levels.

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Institutional Investors Not Bothered by BTC Price Correction

March 23, 2021

Bitcoin is back at trading at the mid-$50,000 range after several rejections from resistance at above $60,000 per coin.
At 18:22 GMT on Tuesday, the coin was trading at $55,780, a gain of 1.06% over the last 24 hours. Since late 2020, this is the first time the momentum of the coin has turned bearish.
When Bitcoin broke above $13,000 and set a higher high for the first time beyond the 2019 peak, momentum carried the king cryptocurrency tens of thousands of dollars higher. But, right now, after repeated failed attempts to rally higher, that bullish momentum is beginning to fizzle out.
However, this doesn’t seem to bother Bitcoin whales and institutional investors.
According to data by crypto analytics firm, Santiment, institutional investors are not bothered by the fall in the price

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Bitcoin Fails to Break Resistance As Michael Saylor Tells Potential Investors to Buy

March 22, 2021

At 16:05 GMT on Monday, Bitcoin was trading at $57,793, a 2.88% increase in price over the last 24 hours. In the past few weeks, the coin has been the subject of a lot of positive predictions. However, over the last few weeks, Bitcoin made a retracement from a new all-time high of around $62,000, only to make $60,000 its immovable obstacle.
On March 18, the coin managed to reach $60,300 before it crashed back to the $57,000 level. Then, on March 20, the king cryptocurrency went up to $60k again, only to fall even more strongly to $55,550. Since then, the coin has been in the $57,000 to $59,000 range.
With the end of the first quarter in sight, the bullish signals for Bitcoin are showing signs of waning. Traders are starting to assess the impact of rising US bond yields

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Elon Musk Hold $5 Billion in Bitcoin, Anthony Scaramucci Says

March 20, 2021

Elon Musk, the number 2 world’s richest man and CEO of Tesla and SpaceX could own $5 billion worth of Bitcoin, according to billionaire fund manager and SkyBridge Capital CEO, Anthony Scaramucci.
The former White House director of communications claimed that Elon Musk owned over $5 billion in Bitcoin through his companies and personally. Scaramucci also said that he understood that alongside Tesla, even SpaceX owns BTC on its balance sheet.
The billionaire made this known on his Twitter:
Elon Musk didn’t stop with Tesla. I understand that SpaceX owns bitcoin on its balance sheet.
Elon Musk has now become synonymous with cryptocurrencies. For years, he has spoken up for Bitcoin and more recently for Dogecoin. He has even been called the “CEO of Dogecoin.”
Recall that Tesla bought $1.5

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Institutional Interest for Crypto in Asia Increases As Bitcoin Price Charts Signal Breakout

March 20, 2021

After falling to sub-$53,000 levels, Bitcoin is currently forming a bullish ascending triangle on the hourly chart, a signal that there they may be a breakout this weekend. The sudden surge which carried Bitcoin to its new all-time high around $62k was followed by a correction. The value of BTC stumbled to $53k, however, it was since pushed higher to settle at around $56,000 to $59,000 range. With the current price action, institutional investors interest in the coin in Asia is heating up.
At 12:26 GMT, the coin was exchanging hands at $59,198, a 0.23% gain over the last 24 hours. Over the week, the price was ranging and tested $60k twice. From the current price action, it appears that $53,000 is the bottom. Amid a renewed bullish momentum, the coin halted retracement at $56,000, leaving

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As Bitcoin Trades Tight, Metric Shows Pro Traders Increased Their Longs

March 19, 2021

For a few days now, BTC has continued to swing between $57,000 and $59,000. As Bitcoin continues to reject a $60,000 resistance level, it appears top traders at major Bitcoin exchanges have increased their long positions.
After the pioneer cryptocurrency hit a new all-time high near $62,000 on March 13, Bitcoin has been falling to new support levels. The coin had held firm at $54,000. But currently, there is decent buying activity around $57,000.
Professional traders are showing substantial optimism as their interest seems to be picking up as the coin price goes up.

The top traders’ long-to-short indicator is calculated using clients’ consolidated positions, including spot, margin, perpetual and futures contracts.

As it stands, OKEx traders bought the dip on March 15, moving to a 1.35

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Anthony Scaramucci Admits Bitcoin Is Better than Gold As Adoption Grows

March 18, 2021

SkyBridge Capital’s Anthony Scaramucci has admitted that Bitcoin is better than gold if investors take the time out to study it.
The hedge fund manager made this known in an interview with CNBC on March 18. Scaramucci who is the CEO of SkyBridge Capital admitted that, although gold may have been the choice for a store of value for over 4,000 years, he believes that nothing is forever.
He told the host, Joe Kernen, that:
The world is changing — that’s the final record, Joe, the world is changing.
Scaramucci’s comment is in sharp contrast to gold evangelist, Peter Schiff, who remains convinced that Bitcoin will fail, leaving gold as the sole choice to escape the perils of central bank economic policy.
The investment manager also noted that Bitcoin meets the conditions of money as technology.

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Bitcoin ‘Will Not Stop at $100K,’ Says Stock-to-Flow Creator

March 17, 2021

As Bitcoin price hovers around the $55,000 support level, stock-to-flow creator, Plan B has said that the coin will reach $288k by December.
According to the analyst, Bitcoin price will not stop at $100,000 this year. With the coin trading sideways below both it’s recent peaks of $58,300 and $61,700, investors are concerned about where the 2021 bull run is headed.
For the followers of the stock-to-flow model, the bull run is just getting started. In a number of posts on Twitter on Wednesday, the creator, Plan B, noted that Bitcoin will not stop at $100k but will continue toward a $288k average price level. He noted:
December close: $28,992 January close: $33,141 February close: $45,240 March 17 price: $55,000 We are only 3.5 months into the bitcoin bull market. IMO BTC will not stop

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Bitcoin Current Price Correction May Cause a Drop to Mid-$40,000

March 16, 2021

Bitcoin is currently consolidating between $55,000 and $56,000, a price correction after rejecting $61,000. At 18:15 GMT on Tuesday, the coin was exchanging at $55,265, a loss of 1.4% in the last 24 hours.
The pioneer cryptocurrency earlier hit a new all-time high during the past weekend. However, whale clusters suggest that one key level has to be defended to prevent a major drop from the current price to the mid-$40,000 region.

According to analysts at Whalemap, a platform which tracks Bitcoin whale activity, $55,406 is the critical whale cluster support area. If Bitcoin falls below $55,406, a further drop to $47,438 should be expected.
Whale clusters occur when whales or high-net-worth individuals buy or sell Bitcoin and do not move these coins after. Typically, whale clusters serve

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Bitcoin Attempts Another Correction As India Proposes Crypto Ban

March 15, 2021

Bitcoin surged incredibly during the weekend. The king cryptocurrency reached a new all-time high of $62,000. However, since then, the price has been correcting, losing a whooping $7,000 to reach $55,000. At 17:34 GMT on Monday, the coin was trading at $56,220, a loss of 6.10% in the last 24 hours.
It is possible that this downtrend was triggered by India’s proposed ban on Bitcoin. The country announced a ban on trading, holding, and mining of the pioneer cryptocurrency. A bill is expected to give companies and individuals involved with cryptocurrencies just 6 months to withdraw from crypto-related activities.
This is not the first time countries would be banning cryptocurrencies and economic activities related to them. China has banned cryptocurrencies in one form or the other. A recent

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It Is Not Time to Sell Your BTC: Analyst Say Dips Likely to Be Limited

March 14, 2021

Yesterday, March 13, Bitcoin price smashed past $61,500 price level to reach a new all-time high. At 11:12 on Saturday, the price of the coin had gained 4.84% in the last 24 hours to settle for a price of $60,307.
This past week, the coin steadily rose above the $55,000 resistance against the dollar. Then, the BTC/USD pair broke the $58,000 level and settled above the 100 simple moving average (4-hours).
The uptrend gained momentum above the 76.4% Fib retracement level of the key downward move from the $58,281 swing high to $40,073 low. There is strong indication that $58,500 and $60,000 are the current resistance levels.

The price is currently correcting below the $61,000 level. The first support level is near $60,000. The key bullish trend may allow the support to fall further

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Bitcoin Breaks $60,000, Analysts Say There Is Still Room to Appreciate

March 13, 2021

Bitcoin finally broke the $60,000 level. A price that it had almost reached before falling from around $58,000. Since the rise above $50,000 on March 9, every dip has been bought by institutional investors.
But analysts are not satisfied with the current bullish momentum. They believe, based on current on-chain metrics, that the coin still has a long way to go before it can comfortably reach considerable resistance.

At 19:51 GMT on Saturday, the coin was changing hands at $60,597. A gain of 5.92% in the last 24 hours. The price is up more than 14.5% since last week. There was a drop in price from February 22, a drop of 20% from data provided by CoinMarketCap. Based on the current price action, it is safe to say that price recovery is now complete.
Altcoins rally is speeding past

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One Year Later After Black Thursday Crash, CFTC Probe Binance

March 12, 2021

Today marks the one year anniversary of the largest single-day sell-off of Bitcoin in the asset’s 12-year history.
February 2020, as we began to hear about the Covid-19 novel virus, Bitcoin had set a new all-time high and the price was back above $10,000 for the first since early 2019. Weeks later into March, an over 30% fall in the stock market occurred. As traditional stocks fell, over 50% collapse took place across the crypto market.
By March 12, panic fully set in and the pressure caused large liquidations in the Bitcoin market. On this day, the pioneer cryptocurrency plunged by 40% alone. Billions of dollars was liquidated that day.
Since then, the price of the coin has risen more than ten-fold. A rise from a meager $4,000 to an astounding $58,000.
At 18:50 on March 12, 2021, Bitcoin

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Bitcoin May Close March Bearish

March 11, 2021

Yesterday, Bitcoin showed a bullish signal that encouraged investors that the crypto was showing a better price action compared to last week. This quarter has been the most profitable quarter on record for the king cryptocurrency. Within the past three months, the coin has gained more than $25,000.
However, despite this enormous price gain, the coin is showing its first ever bearish divergence on quarterly timeframes in the asset’s history.
Last year, alongside the pandemic showed incredible resilience. During 2020, the price in the first three quarters of the year ranged from $4,000 to $10,000. But as soon as it broke this range, the price skyrocketed.
As the price traded for $56,897 at 18:29 GMT on Thursday, gaining 0.04% in the last 24 hours, the hike in the volatility of the coin

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Bitcoin Nears $57K As Companies with Bitcoin Exposure Increases

March 10, 2021

Bitcoin broke the $50,000 barrier cleanly at the start of the week. At 18:50 GMT, the coin traded at $56,997, gaining 5.70% in the last 24 hours. This new price comes a relief to the market, especially the bulls, who have had to witness the downside of the coin this past week.
Despite new hands coming into cryptocurrencies, the slump of Bitcoin price has continued to persist. Robinhood, a trading platform, noted that more 3 million new users purchased crypto from their platform in January. Crypto buyers on the platform have exceeded 6 million since the start of this year. This is a strong indication that crypto adoption among retail investors has greatly increased.
Considering this, it is almost unfathomable why the volatility of the coin is so high. The dip in the market from $58,352

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Bitcoin Begins Uptrend As Large Holders Continue to Accumulate

March 9, 2021

At 14:25 GMT on Tuesday, Bitcoin was trading at $54,152, a gain of 6.16% since the last 24 hours. This is an encouraging uptrend indicating that Bitcoin may now focus on $50,000 as the key support level.
According to data from Tradingview, the coin struggled to break out and was still consolidating as of writing. A retracement to around $53,000 may occur by the close of the day due to the current heavy volatility.

The weekend upside hinted at Bitcoin’s move towards a bull run. However, it’s still yet to secure $50,000 as a strong support level following last week’s downside.
Contributor to German news daily Die Welt, Holger Zschaepitz, summarized to his Twitter followers:
Bitcoin jumps >$54k aided by more signs of institutional interest in the largest cryptocurrency. Institutional

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Bitcoin Is Eclipsing Gold Faster than Expected

March 8, 2021

It seems that the term “gold standard” might soon be fading from our lips as Bitcoin seems to be replacing the precious metal faster than expected. According to a top analyst at Bloomberg, technical and fundamental support for Bitcoin is growing remarkably at the expense of gold.
Gold has a long history. Fiat currencies were pegged to the precious metal, and till today it is still used as an investment and hedge against inflation or economic distress.
However, a number of important indicators are pointing to the possibility that Bitcoin is pushing aside gold as the most significant store of value. Mike McGlone, a senior commodity strategist at Bloomberg has noted that this could set the stage for the wider adoption of the king cryptocurrency.
He tweeted on Monday that the Bitcoin market is

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Bitcoin Breaks $50,000 Barrier: What to Expect Going Forward

March 7, 2021

Last week, Bitcoin corrected below the $48,000 support level against the dollar. At 8:09 GMT on Sunday, the coin was trading at $50,503, a gain of 3.81% in the last 24 hours.

During the past week, bulls were able to prevent a downside break below the $46,000 support area. A close call was around $46,350 before the coin started a fresh increase. There was also a break above the 50% Fib retracement level of the downward move from the $52,640 swing high to $46,350 low.
Now that the coin has broken $50,000 resistance, there’s a chance that this week might begin a new surge for the coin.
Earlier, there was a key contracting triangle forming with resistance near $50,200 on the 4-hour chart. The triangle resistance was close to the 61.8% Fib retracement level of the downward move from

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Bitcoin Price Remain Below $50K As Investors Remain Worried

March 6, 2021

For the past few days, the price of Bitcoin has continued to trade in a downtrend after falling below the psychological barrier of $50,000. Going into the weekend, the price continues to struggle, falling below $48,000 on March 6.

At 18:21 GMT, the price of Bitcoin traded at $48,620. A loss of 1.21% in the last 24 hours.
Investors and traders are concerned. Hoping that BTC will break the $50,000 level to resume a bull cycle. It is also expected that a drop below $46,000 will likely open the floodgate for newer lows for the benchmark cryptocurrency. This may mean a terrible change in the momentum and a rise of negative sentiment toward the coin which has been on an uptrend for almost a year.
Rekt Capital, a popular trader noted that if Bitcoin falls below $46,000, traders may expect

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Kraken Research Suggests New Highs for Bitcoin As Whales Keep Buying

March 5, 2021

New research by the Bitcoin and cryptocurrency exchange platform, Kraken has shown that the coin next top out would be between $75,000 and $306,000.
The report read the logarithmic growth curve that connects historical tops and bottoms. It suggested that when Bitcoin enters a price of $75,000, it would signal entry into overbought territory.
The report states:
Based on previous cycles, Bitcoin could likely continue appreciating gradually in price before ultimately going parabolic and hitting resistance, which will signal the end of its fourth bull market cycle.
However, analysis of the coin’s retracement history shows that if the coin was to continue along its current growth curve and enter a retracement similar to previous market crashes, $30,000 would be the bottom to expect.
A 70%

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