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Bitcoin Only Line Of Defense Is Holding But How Far? As Number Of BTC Exchange Inflows Increase

Mark Brennan
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Bitcoin Only Line Of Defense Is Holding But How Far? As Number Of BTC Exchange Inflows Increase

 

Bitcoin does not have sufficient support below 20,000 dollars.



The cryptocurrency markets were relatively quiet over the weekend, with the price of bitcoin mostly managing to keep its value over the $21,000 threshold. This morning, the biggest cryptocurrency in terms of market capitalization is trading hands at about $20,700, which is around the same price as it was over the last 24 hours but is up 2% from where it was a week ago.

Bitcoin dominance which is a view of BTC share in the market is declining. Which shows bitcoin is being converted into stablecoins, fiat, or other cryptos. The current BTC dominance has fallen to 43% from 48% in June.

Author of Crypto Quant, who goes by the Twitter handle M_Ernest stated that there had been an inflow of 4,500 BTC to Coinbase on the spot market. This inflow came from a portfolio with more than 10,000 BTC and a high Coin Days Destroyed value (CDD). This suggests that long-term holders may have shifted their coins with the intention of selling them in the near future.

Ali Martinez, a cryptocurrency expert, recently presented statistics indicating that the price of bitcoin (BTC) must close at or above $21,820 in order to have any chance of continuing to advance. According to the graphic, there are not going to be any major supply bottlenecks ahead. 

In addition, he said that the price of bitcoin must maintain support at around $20,800 in order for the positive perspective to be justified. In such a case, you may anticipate a decline to the level of $19,000.

 

 

The most recent occurrence of the flagship cryptocurrency surpassing the $20,000 milestone elicited a variety of responses from Bitcoin investors. However, many supporters of cryptocurrencies have been amassing a total of 21 million BTC.  

And with the flagship cryptocurrency lately trading hands in the neighborhood of $20,000 presently after the year 2020, small-time investors regarded this as a chance to fulfill their goal to own at least one Bitcoin.

According to information provided on Twitter by Glassnode, approximately 8,755 $BTC worth more than $180 million were taken from recognized wallets associated with cryptocurrency exchanges during the previous week.

legendary trader Peter Brandt recently suggested that Bitcoin’s $20K can provide only a relief rally but BTC is eventually moving to $13K.

Baby Doge Coin Team to Burn 50 Quadrillion BabyDoge At Once

Mark Brennan
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Baby Doge Coin Team to Burn 50 Quadrillion BabyDoge At Once

Baby DogeCoin Team to Burn 50 Quadrillion Coins Tomorrow After Community’s Approval. 


In a bid to boost the value of its cryptocurrency, popular memecoin project Baby DogeCoin has announced that it will be burning 50 quadrillion BABYDOGE by tomorrow.

The Baby DogeCoin team made the announcement today on Twitter, saying that the 50 quadrillion BABYDOGE will be burnt from its token supply on the Ethereum network.

“Did you vote? Looks like there’s a 50 quad burn tomorrow on ETH,” the team announced.

 

Community Approves the Move

The move to burn 50 quadrillions Baby DogeCoin is a collective decision made by members of the community, who were asked to vote on a proposal created on June 1, 2022.

The proposal, which will end tomorrow, requests the BABYDOGE community to decide whether the team should burn the 50 quadrillion tokens at once or burn them over the next two months.

So far, the majority of the vote is in favor of the BABYDOGE team burning all 50 quadrillion tokens on the Ethereum network at once.

Interestingly, the development comes less than a month after the BABYDOGE team burnt 3 quadrillion tokens from its total supply in celebration of its first birthday.

BABYDOGE Token Details and Price

BABYDOGE is a digital currency that has a massive total supply. The cryptocurrency, which launched last year, has a total supply of 420 quadrillion coins and a circulating supply of 159.2 quadrillion tokens.

At press time, the cryptocurrency is trading around $0.0000000016, down 3.8% in the last 24 hours. The Baby DogeCoin community is optimistic that the value of the cryptocurrency will surge tremendously when the 50 quadrillion tokens are burnt tomorrow.

SEC Chairman Piles Pressure on Altcoins, Says ‘Bitcoin Is the Only One I Am Willing To Say Commodity’ 

Lele Jima
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SEC Chairman Piles Pressure on Altcoins, Says ‘Bitcoin Is the Only One I Am Willing To Say Commodity’ 

For SEC Chairman Bitcoin is the only crypto that is a commodity.


Gary Gensler, the chairman of the Securities and Exchange Commission, has stated that Bitcoin (BTC) is the only cryptocurrency he considers outside the SEC’s regulatory purview.

According to the SEC’s Chairman, the world’s largest cryptocurrency by market capitalization is the only digital currency believed to be a commodity, which is subject to be regulated by the Commodity Futures Trading Commission (CFTC).

Gensler made this known during a CNBC interview earlier today. Following Gensler’s comment, it is obvious that the SEC views all other coins, including Ethereum (ETH), as digital currencies that fall under its regulatory oversight.

“In many altcoins, the Public is hoping for a return just like in other financial assets we call securities, and many of these crypto assets have key attributes of security… Bitcoin is the only one I am going to say… it’s a commodity.”

 

Since 2018, many crypto players have believed that ETH is also a commodity after William Hinman, the former director of the SEC’s Corporation Finance noted in his controversial speech that the second-largest cryptocurrency is a commodity.

However, Gensler, who was not in charge of the SEC’s affairs at the time, does not seem to agree with Hinman’s classification of Ethereum, as he refused to add ETH to the list of cryptocurrencies that should be regulated by the CFTC.

John Comments

John Deaton representing the Ripple community in the Ripple Vs SEC lawsuit says “What have I and my 68K friends been saying all along. Every altcoin is in danger.”

 

Other Cryptocurrencies in Trouble?

Recall that the SEC charged Ripple and two of its executives, Brad Garlinghouse and Chris Larsen, in late 2020 for conducting an unregistered securities offering.

The case has lingered for over a year, with some attorneys predicting that the lawsuit may end by March next year.

With the SEC chairman considering only Bitcoin as a commodity, it is expected that other digital currencies may endure a similar fate as Ripple and it is only a matter of time before the Securities and Exchange Commission (SEC) slams a fresh lawsuit against these crypto projects.

Shiba Inu Soars Above 40% In Seven Days As Unification Brings Shibarium Launch Closer

Mark Brennan
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Shiba Inu Soars Above 40% In Seven Days As Unification Brings Shibarium Launch Closer

SHIB has put smiles on investors’ faces after its massive rally in the past seven days. 


After having a rough year, famous memecoin Shiba Inu ($SHIB) has tried to put smiles on the faces of investors, who have solidly stood behind the crypto project amid a major price decline.

According to data on Coingecko, Shiba Inu has recorded a massive increase of 43% in the last seven days. The milestone puts the cryptocurrency as the second-biggest gainer among the top 30 largest cryptocurrencies by market capitalization within the past week.

Polygon ($MATIC) recorded the largest gain of nearly 50% within the timeframe.

Recall that Shiba Inu was trading around $0.00000808 on June 20, 2022. Interestingly, in what came as a shock to many, the cryptocurrency soared massively to eliminate a zero from its price while other digital currencies were down.

What’s Fueling SHIB’s Value?

A number of reasons were attributed to Shiba Inu’s massive rally in the last seven days; however, two factors are identified as the main catalysts that propelled the token’s price increase.

Last week, Shiba Inu announced the launch date of Shibarium’s beta testing and provided an update about its xFund.

Per the announcement, Shibarium beta testing will commence by the third quarter of 2022. Shibarium is considered an integral part of the Shiba Inu ecosystem and will contribute to its transition from a meme coin to a utility project.

The Shiba Inu team has already teased that Shibarium will have similar capabilities to Ethereum Layer-2 scaling platform Polygon.

The team is also planning to deploy all Shiba Inu’s projects, including the upcoming play-to-earn game, Shiboshi, metaverse, etc., to the blockchain when it eventually goes live.

Widespread Whale Accumulation

Meanwhile, the Shiba Inu community has been committed to cryptocurrency despite its massive collapse in value.

Members of the community did not only hold the digital currency amid the massive price decline; significant whale accumulations were recorded in the past months.

Several Shiba Inu whales always believe in cryptocurrency by adding more SHIBs at every opportunity.  As reported, a mysterious Shiba Inu whale, which held over 4 trillion SHIB, added a whopping 130 billion SHIB tokens in one day.

Following Shiba Inu’s tremendous growth, the cryptocurrency has moved higher in the global cryptocurrency ranking, overtaking Tron ($TRX) in the process.

At press time, SHIB trades around $0.00001163 across various exchanges, including Binance and Coinbase.

Ripple Slams the SEC for Its Continued Redaction Requests Regarding Amici’s Participation in the Expert Challenge

Mark Brennan
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Ripple Slams the SEC for Its Continued Redaction Requests Regarding Amici’s Participation in the Expert Challenge

Ripple is fed up with the SEC’s constant request to redact certain portions of its response with respect to amici’s request to participate in the upcoming expert challenge.  


Ripple and two of its executives, Brad Garlinghouse and Chris Larsen, have slammed the Securities and Exchange Commission’s continuous efforts to redact some portion of its recently-filed response regarding amici’s participation in the upcoming Daubert challenge involving one of SEC’s experts.

The defendants noted that it is not possible to grant the SEC’s redaction request without undermining the open judicial system.

SEC’s Redaction Request Uncalled For  

Ripple asserted that even when parties in the lawsuit request to seal documents for safety reasons, the court usually permits narrowed redactions where only the witness’s personal information, including names and residential addresses, can be redacted.

“The SEC’s proposed redactions have nothing to do with purported safety concerns. Defendants’ letter does not pose any meaningful risks; it does not even mention the expert’s name,” an excerpt of the Ripple’s letter reads.

Despite the fact that Ripple tried not to disclose any of the expert’s personal information, the SEC is still proposing redactions to the blockchain company’s letter on three bases.

First, the SEC requested that the court should seal Ripple’s description of the expert’s methodology. Second, the SEC demanded that the court seal two of Ripple’s substantive arguments about the impropriety of the agency’s positions.

Lastly, the Securities and Exchange Commission proposed redactions to Ripple’s argument highlighting the agency’s inconsistency regarding its sealing request.

“None of these proposed redactions revealed any sensitive facts about the experts. They are, on their face, about shielding the SEC from public criticisms,” Ripple added.

SEC Seeking to Seal Recent Motions

The recent development is in respect to amici’s request to file a motion on behalf of over 68,000 XRP investors in response to one of SEC’s expert testimony. Despite the fact that attorney John Deaton was previously granted Amici status in the SEC v. Ripple lawsuit, the plaintiff has blatantly refused to allow attorney Deaton to participate in the expert challenge.

The SEC also requested that the court entirely seal its objection to amici’s request to participate in the lawsuit, adding that making the opposition letter public will only expose the expert to harassment and threats.

While the agency wants its opposition letter to be sealed, Ripple and Individual Defendants have requested that the court publicize its response to the SEC on the subject matter.

As expected, the SEC still called on the court to redact some portions of Ripple’s response, claiming those portions are capable of jeopardizing the experts’ safety.

NightCafe: AI Artists

Andrew MacGill
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NightCafe: AI Artists

AI and art are two things that, at first glance, may seem worlds apart. However, there is a growing body of work that suggests otherwise–that AI can be used to create works of art in its own right. Wait what? Computers making art? How? Where’s the creativity?

One of the most notable examples of AI-created art is the painting “Portrait of Edmond Belamy,” which was created by a machine learning algorithm and sold at auction for $432,500. The painting is in the style of the French post-impressionist artist Paul Gauguin, and was generated by feeding a data set of 15,000 portraits into a generative adversarial network (GAN). The GAN was then able to learn the features of those portraits and generate its own–in this case, the “Edmond de Belamy” portrait.

While the “Edmond Belamy” painting may not be mistaken for a Gauguin original, it is nonetheless an impressive feat of machine learning. And it’s not the only example of AI-created art. Indeed, there are a growing number of artists using AI to create works of art in a variety of styles and mediums.

One such project is NightCafe Studio, an online platform that uses artificial intelligence to generate images based on the style of famous paintings. The platform was developed by Angus Russell, and is now headquartered in Cairns, Australia.The NightCafe Creator is truly a work of art in its own right–it’s an AI-powered image generator that can create images in the style of any painting you choose.

About NightCafe

NightCafe is an artificial intelligence art creation tool available for use online on November 13, 2019, that allows anybody to generate a variety of artwork with ease. It employs AI and a neural style transfer technique to produce more attractive and appealing images than ever before.

The best part about it is that it provides you with simple and straightforward editing tools to use some amazing masterstrokes based on excellent artificial intelligence usage. It’s used by hundreds of people every day to create thousands of AI-generated artworks. Furthermore, this software allows you to secure a complete copyright ownership over your created photographs – whether you choose to watermark them or not.

If you’ve ever wanted to see what a painting by Vincent van Gogh or Pablo Picasso would look like if it were created using artificial intelligence, NightCafe is definitely worth checking out.

NightCafe Creator takes prompts from well-known pieces of art and “generates plausible new works in the same style”. The platform uses a deep learning algorithm to interpret the style of a painting and then creates a new image based on that interpretation.

To use NightCafe, give the generator a written prompt, then select an art style from a drop-down menu. The platform currently supports the styles of van Gogh, Picasso, and Monet. After that, hit the “Create” button and NightCafe will start generating images.

It’s important to note that NightCafe doesn’t simply copy the style of a painting–it creates new images that are inspired by the selected artwork. In other words, the platform is capable of producing original works of art in the style of a given artist.

NightCafe is still in its early stages, but Russell plans to add more features and functionality in the future. He also plans to make the platform open source so that others can contribute to the project.

If you’re interested in exploring the intersection of AI and art, NightCafe is definitely worth checking out.

Why Choose NightCafe?

The AI art generator app is completely free and may be used online by anyone who would like to use it. There’s no need to create an account or install it on your home screen, and you can use it right away. It offers innovative creation tools that allow you to combine many pictures in order to produce something original and creative.

It allowed you to copy and polish your works using any design, input, or image that had previously been used. You only have to pay if you want your paintings printed; otherwise, it’s completely free to create artworks. It offers a variety of styles and style masks so you may produce artwork in whatever way appeals to you without the watermarks.

One of the advantages of using NightCafe is that you can generate thousands of artworks without putting any strain on your computer. It’s easy to use and you don’t need to be an expert in order to create beautiful masterpieces.

Will AI Replace Artists?

AI-created art is not about trying to replace human artists, but rather about expanding the boundaries of what is considered art and opening up new possibilities for what can be created. In other words, it’s about using AI as a tool to create something that wouldn’t be possible without it.

Of course, there will always be those who are resistant to change and who see AI-created art as a threat to the traditional art world. But it’s important to remember that AI is not about replacing human artists–it’s about augmenting them.

In the end, only time will tell how big of an impact AI will have on the world of art. But one thing is for sure–it’s already making a splash and it’s only going to become more popular in the years to come.

7 Tips For Low Risk Crypto Gains

Andrew MacGill
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7 Tips For Low Risk Crypto Gains

Are you tired of losing money when you invest in the crypto market? Or are you still looking for an alternative, less risky strategy for trading crypto? Whichever the case, you must understand that the crypto market is hyper-volatile and requires an analytical review of the underlying digital currencies.

Savvy traders are now looking to invest in the market using software to keep up with the sudden crypto price fluctuations and collect gains, however tiny. It allows you to participate in the crypto trading floor on autopilot and bring returns by following your instructions.

The most crucial thing about crypto is adapting to the challenges of change caused by technology. Algorithms like Kraken bots and others have become popular since they reduce risks and bring efficiency to market execution.

Here are seven tips for low-risk crypto gains:

  1. Start With The Fundamentals

Understanding the underlying digital assets is the secret to investing in the crypto market. You’ll get a clear picture of what you’re getting into and avoid pitfalls along the way.

In addition, the crypto market is forever changing, and the fundamentals will be helpful when looking for low-risk opportunities on the trading floor. You can learn this information from the crypto community and get more insight into the digital currencies and assets landscape.

  1. Research

Currently, over 2000 cryptocurrencies are circulating in the market, and deciding which ones to trade might be challenging. It’s, therefore, crucial to research your preferred coin or token and focus on learning their behavior on the trading floor.

In addition, crypto exchanges and software play a huge role in determining the risk of investing in the hyper-volatile market. So, due diligence will help you leverage market swings and make profitable trades. Also, you might want to backtest strategies such as crypto arbitrage that take advantage of market-price inefficiencies and have a low risk for traders.

  1. Create A Trading Plan

Savvy traders enter trades in the cryptocurrency market when the conditions are favorable. That’s not to say the market has its favorite and bad days; you must have a reason for market execution. The giant whales control the market and can influence how you trade without your knowledge.

So, it’s crucial to have a trading plan to help you make the right moves when on the trading floor. You must constantly analyze the market performance of your cryptocurrencies and behavior during peak and dip periods.

Aside from evaluating the market, you want to avoid losing your portfolio by hanging around in a volatile market.

  1. Have Targets

If you decide to trade cryptocurrency, you must have profit and loss targets every time you enter the market. It controls your approach to the trading floor since you know how much you’re looking to get in return.

In addition, having targets takes care of emotions that can mislead your judgment of the market swings. Mark your take profit or stop loss levels to ensure that you protect your gains and cut unfavorable trades.

  1. FOMO Is Dangerous

Fear of missing outcomes when looking at previous results from early or savvy crypto investors is dangerous. It’s exciting to want a piece of the digital currency breakthrough, but basing your investment in the market on FOMO isn’t recommended.

It’s advisable to identify profitable cryptos with high market capitalization and learn what triggers the market price movement. It’ll help you avoid unnecessary market execution because you want to gain more.

  1. Apply Risk Management

When your trades run well, it’s tempting to want more by opening multiple positions or placing bigger lot sizes on your market entries. If the market turns upside-down, the effect is compounding and can wipe your portfolio out.

In such situations, it’s wise to have small and steady profitable trades than opening several positions. It’ll reduce the risks while safeguarding your gains, however minor in the market.

  1. Diversify

Investment diversification is a classic strategy that savvy traders apply when trading crypto. It provides a safety net whenever you incur unexpected losses and can bounce back immediately.

But when the market works in your favor, you’ll gain more and grow your portfolio. Many cryptos are debuting in the market that you can take advantage of and practice investment diversification. However, research should give you more insights into the underlying digital assets.

Final Thoughts

Collecting profits from the crypto market is quite challenging if you don’t understand how everything works in the industry. The market is overflowing with new digital coins and tokens that can easily confuse you as a newbie. So, you must first research the technological sector to learn how to protect your portfolio from risk exposure while on the trading floor. It’ll enable you to stay in the game longer by aiming for low-risk crypto gains.

Crypto Channeling Tricks Of Traffic For 2022

Andrew MacGill
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Crypto Channeling Tricks Of Traffic For 2022

The market today is not simple, it is obvious to everyone. Few people in the blockchain world have not been touched by the rapid decline in cryptocurrencies. Well, there are times like that, and high volatility is what got us here, isn’t it?

Nevertheless, here and now we have to find a way to stay afloat, not least in the digital marketing business. At a time when every penny counts, the failures of marketing campaigns don’t even hit the wallet anymore, but right in the heart. So how do you avoid critical marketing losses today? What channels remain relevant? What specific techniques should be considered when working with them?

For answers, we turned to Alexander Khrebtenko, marketing director at Flexe.io – Fintech marketing & PR agency, who kindly provided us with answers to our questions and also shared a few special tricks. We provide all the information below.

Alexander Khrebtenko, Flexe.io:

In our work, we mainly use the PPC (pay per click) model. This is a general name for the types of traffic, in which there are also different forms of payment, namely CPA (cost per action), CPM (cost per mile), and others. In particular, we mostly use CPC (cost per click) and CPA (cost per action).

We run ads through the following channels:

  • Google
  • Twitter
  • Reddit
  • Quora
  • LinkedIn
  • Facebook/Instagram
  • Bing

Let’s focus on the first five as the most relevant at the moment. However, before discussing the peculiarities of channels, it is worth bearing in mind that NONE of the campaigns will work properly if analytics are not connected and configured correctly. Since analytics is the base. Therefore, the order of the primary actions is as follows:

  1. Create a “thank you page” that users will see when they take targeted action on the site.
  2. Make sure cookies are saved when customers visit this page. Without them, no analytics will work.
  3. Install google analytics and google tag manager. In most cases, it is faster and better to use these services.

Thank you page – this is the page that will display the keynote that the ad group/keyword/creative/group of ads brought the targeted action. Again, without this analytics, you will spend money blindly.

Let’s move on to platforms. You probably guessed by now that no site likes crypto, and everything related to it. However, with the right approach, you can still get traffic from them. I recommend reading each site’s advertising policy before launching any crypto ads. It always changes, sometimes it becomes more loyal to crypto, and sometimes vice versa.

Google
Running ads for crypto projects is possible, but very difficult. Recently, Google has blacklisted all keywords related to crypto. However, with the right account farming, proper work with proxy servers, and anti-detect browsers, you can achieve results and get traffic from google. The most traffic is given by the display network, but a search campaign can give more quality visitors. where the type of company depends on your product and your customer.

Twitter
Twitter does not like crypto projects in advertising! It’s worth remembering this once and for all. If someone tells you that he managed to pass moderation on Twitter the first time, it means that he was lucky, and the moderators didn’t look after him. Believe me, sooner or later such an account will be banned. Twitter will not give you any license to run ads if you’re a small project, so you’ll have to get out of it. How exactly? Watch the content you post on your profile. This is the key that decides the fate of the advertising account.

Reddit
Reddit doesn’t like crypto projects either! To successfully launch a crypto project advertisement, you need to make it so that advertising about your project is not like a crypto project. To do this, new sites are created, offers are changed, and accounts are farmed.

Quora
Very loyal service for crypto projects. a lot of potential audiences and a great opportunity to run ads on targeted topics where people are already discussing topics relevant to your product. Traffic is very cheap, but not always of high quality. We recommend optimizing traffic for at least 1-2 months then you can reach a satisfactory performance.

Linked IN
The most expensive service. The price per click can reach $20 depending on the trust in the advertising account. LinkedIn is famous for its lead forms, which, when properly linked to a CRM system, can produce effective results. Moderators do not like crypto projects, but if you do not look like a scam and do not offer the main offer of +120000% in 1 day, you will be fine.

We understand that this information is not enough to launch full-fledged marketing campaigns, however, if you already have the basic skills, then our short but important recommendations will greatly simplify your work, no doubt. We wish you success!

Bored Ape Themed Restaurant Gets Bored, Announces Its No Longer Accept Any Crypto Including Ethereum and Ape Coin

Mark Brennan
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0
Bored Ape Themed Restaurant Gets Bored, Announces Its No Longer Accept Any Crypto Including Ethereum and Ape Coin

 

Amidst Crypto Crash Bored Ape Restaurant Announces Its No Longer Accepting Crypto.



This Bored Ape Crypto Restaurant Will No Longer Accept Cryptocurrencies Starting Today Amidst Crypto Bear Market.

Los Angeles Times report that the recently opened Bored Ape Yacht Club theme restaurant in California, which goes by the name Bored & Hungry, has stopped accepting ApeCoin as well as any other kind of cryptocurrency altogether as the cryptocurrency markets continue their downward spiral, with Bitcoin briefly falling below $20,000 earlier this month and Ethereum hovering around $1,200.

Originally, the restaurant was designed to reflect all of the aesthetics associated with the cryptocurrency era, including plates with Bored Ape NFT paintings and walls decorated with memes. The restaurant first announced in April that they would be accepting Ethereum and Ape.

Soon after almost three months, the restaurant stopped taking payments in ETH or APE as both coins are down 60% from their all-time high.

Loss angles times report that the “employee who declined to give their name said that the store wasn’t accepting crypto payments and also refused to clarify whether that option will eventually return.”

This also means being open to the idea of making payments for tangible goods using the recently gained popularity of digital money. On the restaurant’s menu, each item’s price was shown in United States dollars and in the cryptocurrency being accepted there.

The few customers who were there when a representative from the LA Times attempted to engage them in conversation with cryptocurrencies showed almost little interest in it at all. Many individuals remarked that despite virtual money’s availability as a payment method, they continued to use conventional dollars instead. 

Others are keen to save their Ethereum for the time when the market shifts, but other people just didn’t comprehend the growing type of money well enough to bother with it because of its complexity.

However, in spite of the fact that the crypto market has crashed, there are still buyers wanting to purchase cryptocurrency. At least one financial advisor is urging customers to join a business that has boosted employment. It remains to be seen whether Bored Ape is more than a supper for those people.

Legendary Trader Peter Brandt Outline What Can Be a Huge Positive For Bitcoin

Albert Brown
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Legendary Trader Peter Brandt Outline What Can Be a Huge Positive For Bitcoin

 

Peter Brandt Shares A Chart That Coul Be A Big “Tell” For Bitcoin.



Legendary cryptocurrency trader Peter Brandt shared a Twitter chart that he claimed will be a big tell for Bitcoin. He believes a definitive closure of over 50 percent of the 1W Moving average would be very bullish for Bitcoin.

“This chart could be the big “tell.” A decisive close back above 50% would be a huge positive $btc”

 

 

Brandt also pointed out that the majority of responses to the tweet had a pessimistic tone. He went on to say that he was curious as to how many of those people who responded negatively had laser eyes when the price of bitcoin was above $50,000.

“Interesting that overall replies to this tweet were bearish. Wonder how many of those negative responders had laser eyes when $BTC was over $50,000.”

Recently Based on a pattern known as a double-top, the trader Brandt developed a prediction in which he predicted that the next objective for the price of Bitcoin may very well be somewhere around $13,000.  A double top is one of the most bearish types of technical reversal patterns. It emerges when an asset’s price can climb to a new high on two separate occasions in a row, with just a little drop in value between each peak.

However, Peter also gave another prospect in which he said that Bitcoin $20K can hold and provide a ‘relief rally’ but such a rally will not sustain and the relief would be short-term.

Even though the price of Bitcoin relative to the United States Dollar (BTC/USD) is nowhere near where anyone wants it to be, even in a bear market, according to data from Tradingview, the price of Bitcoin over the weekend spared the average Bitcoin holder from more unwelcome surprises than usual.

While some people are acting irrationally and selling their BTC, experts are working hard to demonstrate that the magnitude of the bear market does not seem to be anything out of the ordinary so far. In spite of the fact that losses are still within historical averages, the number of Bitcoins sold at a loss has surpassed all prior records.

A notable movement occurred in the space of fewer than three weeks, as Bitcoin’s share of the global cryptocurrency market cap dropped from its all-time high of 48.36 percent on June 11 to its current value of 43.46 percent at the time of writing. Over the previous week, the value of one bitcoin has increased by 7 percent, reaching $21,323.

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