The latest Bitcoin news show mixed feelings about the movement of BTC as the most dominant cryptocurrency out there. In times when the price of Bitcoin remains relatively stable, there are still some concerns about its future.
Today, we are featuring one Bitcoin analyst which spoke to a crypto media outlet in an interview and told it that a drop to $1,850 is still very likely for the most dominant cryptocurrency. Known under his handle “Bleeding Crypto” – this analyst spoke about the crucial resistant levels and the possibility of a drop to $2,400 to $3,100 as the most likely next near-term move for BTC.
According to the analyst, BTC remained in the $2,400 region in mid-2018 for several months before it dipped to $1,850 and established a bottom after the Bitcoin Cash hard fork – which in turn led to a bearish trend of the market.
As he said, a drop to $2,450 is the first step in such scenario, stating:
“I believe so because if you look at the chart on May of 2017 we maintained support at $2,450 region for months before we dipped to $1,850 and that marked the end of the BCH fork bearish trend. We shot up from there and we never came back and really re-tested that area $2,450. So, I believe like with most significant area of support, a test back is probably as price action tends to repeat itself. So a test back of $2,450 does not seem irrational.”
His tweet also went viral:
$BTC Some of you have asked for a chart on why I am calling $2400 – $3100 drop with a possible wick to $1800. Explanation is on the chart. And the way BTC is looking right now, I hope we can even make it to the rejection point! LOL pic.twitter.com/r03HjZaQsh
— Bleeding Crypto (@Bleeding_Crypto) March 8, 2019
““Bitcoin is also at one of those funny areas where it can pump with the rest of the market. Or, it can ruin every decent looking altcoin set up and retest ATH salt levels around CT,” another trader said.
Right now, the possibilities for Bitcoin and the rest of the crypto market remain open – with a lot to be seen in the near future.
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Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
‘’It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.’’Even before the interview, the teen bitcoin millionaire outlined the problems of the currency on social media. He first purchased bitcoin at the age of 12 after his grandmother gave him $1,000. Over the years, he was trading cryptocurrencies and now has about 457 bitcoins which is nearly $3.6 million. Finman also pointed out that the future for bitcoin as a leading cryptocurrency is not guaranteed. Bitcoin is ‘’facing a lot of stiff competition and I think it really has to respond to that.’’ Erik also revisited his statement which was deemed as extremely controversial in 2018 when he pointed out that the ‘’long-term bitcoin is dead.’’ He defended the statement saying that the cryptocurrency needs to have one or two more bull runs in order to be set for the better future. As reported in the altcoin news last week during the MarketWatch, Finman raised his concerns about Bitcoin. He even stated that Litecoin was also afflicted since the altcoin decreased over 95 percent since its record high. Despite his pessimistic view, Finman is bullish on blockchain technology as well. He added that anyone who failed to become a billionaire by investing in crypto or in blockchain, in ten years from now they would have themselves to blame. Among the top cryptocurrencies that Finman believes have the best chances of success include ZCash and Ethereum. He praised Bitcoin Cash’s technology but he says the altcoin is poorly marketed.
Crypto Startups Should Go All-In On Blockchain: Expert Opinon
“So why should you as an entrepreneur or investor care more about blockchain than Bitcoin? Bitcoin is still a speculation on a future crypto currency that the world may not yet adopt. Maybe in the future, maybe not. But blockchain is a serious technology that can provide a variety of solutions. Imagine you are an automotive manufacturer and you have a product quality problem. Rather than recall thousands or millions of cars, you can simply recall the cars whose part is potentially defective based on blockchain identification and tracking.”The areas that the crypto startups should follow include digital rights management, tokenizing other assets, customer rewards programs and digitizing real estate. Of course, there are more uses cases for blockchain technology but he believes those are the most important areas. Schroeder focuses mostly on those because he believes they have the most potential. Following the reports in the best cryptocurrency news sites, a huge number of companies are tackling digital rights management via blockchain. For example, BitTorrent’s cryptocurrency is one example of how to handle that. The holders of the coin will be able to use it to purchase content directly from its creator. Schroeder makes a valid point that people are too close to cryptocurrencies and usually get burned. This is why he stated:
“In the 1800’s it was not always the gold miners who thrived. But the people who sold picks and shovels did. In the early days of the internet, it was not the multitude of startups that were rewarded. Most failed. But the builders of web infrastructure and internet technology thrived. Don’t confuse the adoption of Bitcoin as a digital currency with the enormous potential for blockchain technology.”
Bitcoin In Myanmar No More: CBM Sees It As Liability
“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
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