BITCOIN (BTCUSD) – Week 31 – Will the 43k resistance hold?
Bitcoin is expected to achieve a market valuation of up to $200 trillion, according to Dan Held, Director of Growth Marketing at crypto exchange Kraken. BTC would be valued at roughly $9.5 million per token in this scenario. Speaking on Kitco News, Held asked host David Lin to suspend his disbelief over a $200 trillion Bitcoin market cap by saying he should consider the “total addressable market of store of value assets.” He went on to mention other store of value assets, such as gold, fiat money, sovereign debt, and real estate, which has a market valuation of $250 trillion. In some sense, they're all "inherently weaker" than Bitcoin as a store of wealth, he says.
The Iranian government has blamed Bitcoin miners for the multiple power disruptions that have occurred in Tehran and other major cities. According to a recent report from CNBC, new companies have sprouted up in the aftermath of China's sweeping crypto-mining prohibitions. According to government officials, many of these mines are also operating without a license.
Technically, in the last week’s report we mentioned the price testing the resistance area at 36k. We were right, but the price didn’t stop there, it pushed higher and reached 39k in the first phase of the move. Now, the price is at the resistance area at 42-43k and it looks like it is in a correction phase. For now, the price action has a higher probability of breaking to the upside after the consolidation that takes place in the red channel marked on the chart. We can see a move to the lower bound of the red channel or even the support area, before resuming the uptrend.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
The Iranian government has blamed Bitcoin miners for the multiple power disruptions that have occurred in Tehran and other major cities. According to a recent report from CNBC, new companies have sprouted up in the aftermath of China's sweeping crypto-mining prohibitions. According to government officials, many of these mines are also operating without a license.
Technically, in the last week’s report we mentioned the price testing the resistance area at 36k. We were right, but the price didn’t stop there, it pushed higher and reached 39k in the first phase of the move. Now, the price is at the resistance area at 42-43k and it looks like it is in a correction phase. For now, the price action has a higher probability of breaking to the upside after the consolidation that takes place in the red channel marked on the chart. We can see a move to the lower bound of the red channel or even the support area, before resuming the uptrend.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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