Peter Brandt Claims Bitcoin Will Continue to Trend Higher
U.Today21 hours ago
Published on March 07, 2021 09:52 GMT+0edited on March 07, 2021 10:01 GMT+0
In a recent tweet, legendary trader Peter Brandt opined that Bitcoin would “continue to trend higher” despite many analysts claiming that its rally is too overstretched.
His bullish case is built on the fact the purchasing power of the U.S. dollar continues to diminish.
Bitcoin is trading in the green this Sunday, soaring to an intraday high of $50,877 earlier today.
On Friday, the largest cryptocurrency dipped to the $46,000 level when the global bond turmoil tanked the equities market.
- Bitcoin (BTC) Price Prediction: BTC/USD Is Stuck Below the $52,000 Resistance as Bulls Fail to Break Resistance
- Bitcoin and Ethereum Rally, Altcoins Bulls Seem Comfortable
- Critics Claim Tesla Should Sell Bitcoin Position, Electric Vehicle Firm’s Shares Down 30% Since Buying – Bitcoin News
- How Could It Affect Bitcoin?
Bitcoin (BTC) Price Prediction: BTC/USD Is Stuck Below the $52,000 Resistance as Bulls Fail to Break Resistance
Bitcoin (BTC) Price Prediction – March 8, 2021
Buyers have consistently pushed BTC/USD price to the $52,000 resistance. This is an attempt to break the resistance level. If the bulls break the $52,000 resistance level, the BTC price will rally to $58,000 high. Unfortunately, the bulls are yet to break the recent high. Bitcoin price is presently retracing from the $52,000 resistance.
Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000
The king coin is presently stuck between the $48,000 and $52,000 price level. In early March, Buyers have been making concerted efforts to push Bitcoin price to the previous highs. On March 1, the bulls broke the $50,000 psychological price level but the price made a pullback to the $48,000 support. This propels Bitcoin to rally to the $52,000 resistance. The bull could not sustain the bullish momentum above the $52,000 high because of intense selling pressure. Today, Bitcoin is facing another rejection at the $52,000 resistance as bulls fail to break the recent high. A breakout above the $52,000 will push the BTC price to $58,000 high. Presently, the BTC is falling as the market resumed a range-bound movement.
No Blanket Crypto Ban in India, By Nirmala Sitharaman
There has been no blanket ban on cryptocurrency, says finance minister, Nirmala Sitharaman. The minister indicated that report of a blanket ban on cryptocurrencies was overstated. According to the minister, she said: “Yes, a lot of negotiations, discussions are happening, with Reserve Bank,” said Sitharaman. “The Reserve Bank will be taking a quorum on how, what kind of unofficial currency, cryptocurrency will have to be planned, and how it has to be regulated. But also, we want to make sure that there’s a window available for all kinds of experiments which will have to take place in the crypto world.”. She maintains that : “The world is moving fast with technology. We can’t pretend that we don’t want it. […] I can only give you this clue: that we are not closing our minds, we are certainly looking at ways in which experimentations can happen in the digital world, in cryptocurrency, and so on.”
Bitcoin price has retested the $52,000 resistance thrice after the February 23 breakdown. The Fibonacci tool has remained the same as the market continues its range-bound movement. On March 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but reverse at level 1.272 Fibonacci extensions or the high of $51,896.60. From the price action, the market has reversed twice because of the intense selling pressure.
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Bitcoin and Ethereum Rally, Altcoins Bulls Seem Comfortable
Bitcoin worth shaped a powerful assist base above USD 48,000 and began a recent rally. BTC broke the USD 50,000 and USD 51,000 resistance ranges. It virtually examined the USD 52,000 resistance and it’s presently (05:00 UTC) correcting beneficial properties.
Equally, most main altcoins are displaying optimistic indicators. ETH rallied above the USD 1,700 resistance and examined the USD 1,750 zone. XRP/USD is secure above USD 0.450 and it would climb in the direction of the USD 0.500 resistance.
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Previously three periods, bitcoin price adopted a bullish path above the USD 50,000 resistance degree. BTC even climbed above the USD 51,000 degree and examined the USD 51,850 degree. It’s now correcting beneficial properties and buying and selling under USD 51,000. A right away assist is close to the USD 50,000 degree. The primary key assist is close to the USD 49,200 degree.
The principle weekly assist is now forming close to the USD 48,000 degree. On the upside, the USD 52,000 is a large breakout zone for a pointy improve.
Ethereum price additionally adopted bitcoin and traded above the important thing USD 1,650 resistance zone. ETH even surged above the USD 1,700 resistance and examined the USD 1,750 degree. It’s now consolidating beneficial properties above USD 1,700, and it would proceed greater in the direction of USD 1,780 and USD 1,800.
If there’s a recent decline, the USD 1,700 is a good assist. The foremost assist is now forming close to the USD 1,660 and USD 1,650 ranges.
Binance Coin (BNB) shaped a assist base above the USD 225 degree and it’s rising steadily. BNB climbed above the USD 235 resistance, opening the doorways for a transfer in the direction of the USD 250 resistance. If there are extra upsides, the value might rise in the direction of the USD 275 degree.
Cardano (ADA) is again above the USD 1.100 degree and it’s displaying optimistic indicators. A right away resistance is close to the USD 1.150 degree. The principle barrier for a bigger improve is close to the USD 1.200 degree. On the draw back, the important thing weekly assist sits at USD 1.050.
Litecoin (LTC) is buying and selling above the USD 175 and USD 180 ranges. LTC even climbed above USD 185 and it looks as if the bulls might make one other try and clear the USD 195 and USD 200 resistance ranges. In the event that they succeed, the value might take a look at USD 220.
XRP price is secure above the principle USD 0.450 assist zone. It’s buying and selling above USD 0.464, with a right away resistance at USD 0.480. The essential breakout zone is at USD 0.500, above which the value would possibly rally 10%-15% within the close to time period.
A number of altcoins gained over 10%, together with ENJ, MANA, YFI, RSR, REN, ZEN, CHZ, UNI, and XTZ. Out of those, ENJ rallied by 45%, transferring above the USD 1.70 degree.
General, bitcoin worth is buying and selling above the USD 50,000 pivot degree. There could possibly be a short-term dip in BTC, however the present worth construction suggests possibilities of extra beneficial properties above USD 52,000.
Ever since Tesla announced the company held $1.5 billion in bitcoin on its balance sheet during the first week of February, the company’s stocks have dropped over 30%. One analyst says that Tesla’s shareholders would be “very supportive” if the company announced it would sell the bitcoin. Additionally, the shares of Microstrategy’s firm have also dropped considerably during the last 30 days, after multiple bitcoin treasury purchase announcements.
After Tesla announced to the world that there was $1.5 billion worth of bitcoin (BTC) on its balance sheet, the price of BTC shot up considerably that day. However, 30 days after the fact, it seems shareholders of Tesla (NASDAQ: TSLA) are not so hip to the idea. Furthermore, on social media and forums, critics and even lawyers, have called out companies like Tesla for making such decisions. Tesla shares have not fared so well since the purchase, even though the firm did profit nicely from BTC value increase.
The day the Tesla-bitcoin announcement went viral, shares of TSLA were swapping for $863 a unit. Today, TSLA is down -30.82% and exchanging hands for $597 per share the day before Monday’s stock market opening. The former CEO of Aegon Asset Management, Gary Black, discussed Tesla’s bitcoin holdings on Twitter three days ago and said shareholders would likely be pleased if Elon Musk’s company sold the BTC.
“Imagine the positive momentum [Tesla] would create,” Black tweeted. “If they announced the sale of their [bitcoin] position, and authorized a [Tesla] stock buyback instead. Highly unlikely, but shareholders would be very supportive,” he added.
However, a number of people disagreed with Black’s statements and one individual said he didn’t want them buying back stock. “I want them investing in growth, and making another billion on their BTC position,” the person replied to Black. The former CEO of Aegon Asset Management disagreed and said that it “makes absolutely no sense.”
“If you asked 100 institutional [Tesla] shareholders would they prefer [Tesla] to invest $1.5B excess cash in BTC, or $1.5B excess cash in [Tesla] stock, 95/100 would choose [Tesla] stock,” Black insisted.
It’s excess cash either way. But you’d get far more of $8T of active managers bm’d to the S&P 500 to buy [Tesla], if [Tesla] had a share buyback program instead of buying [bitcoin] with excess cash.
Meanwhile, the firm Microstrategy has also been purchasing bitcoin on a regular basis for a few months now and has profited from this decision as well.
On March 5, 2021, Microstrategy announced it had acquired another $10 million worth of BTC and it currently holds 91,064 bitcoin on the firm’s balance sheet. But over the last 30 days, Microstrategy shares (NASDAQ: MSTR) haven’t done well at all and have dropped -51.25% since February 9, 2021.
On that day in February, MSTR was swapping for $1,272 and today’s stats show the shares were swapping for $620 per unit before the market closed on Friday.
What do you think about the criticism and concerns from people who say these companies should sell their bitcoin to please shareholders? Let us know what you think about this subject in the comments section below.
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How Could It Affect Bitcoin?
While the COVID-19 pandemic has slowed down markets worldwide, especially the US stock market, several investors and traders went after alternative assets and options that could provide them a better store of value.
The United States Senate approved by a 50-49 party-line vote a $1.9 trillion coronavirus stimulus check, a plan already announced by Joe Biden at the beginning of January. This COVID-19 package relief includes the third round of stimulus checks that will be passed to president Biden, with a deadline of March 14 to make changes to the package before Biden gets to it.
The COVID-19 package relief will include a series of direct payments to help boost the economy, hit by the coronavirus pandemic in 2020:
When institutional investors and companies, like PayPal, Grayscale, and Tesla, started hoarding Bitcoin, many realized that BTC together with several altcoins, changed from just being a medium of exchange to become a better hedge against value decreasing fiat.
While the weather in the US is uncertain regarding cryptocurrencies, this would likely act as a boost for most digital assets, reaffirming the need for better financial methods as changes are taking place in the world, and most economies can’t rely on the same classical methods of printing money every month for citizens.
Back in February, Janet Yellen made several mixed statements about crypto, specifically, Bitcoin, calling it a “special concern” by outlining how crypto-assets are being used for “shady businesses”. Yellen added that Bitcoin and other cryptos can be used for financing terrorism, but a report by Chainalysis highlighted how Bitcoin only accounts for 0.34% of terrorism-related transactions, keeping the US dollar as the preferred currency chosen by terrorists.
In the last 24 hours, Bitcoin has recovered 0.50% in price, trading in volumes of $49k, with a decent bullish index showing demand is still strong.
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