Bitcoin (BTC) Price May Revisit $8,300 Before Huge Rally: Analyst

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Sat, 06/20/2020 - 14:36
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Vladislav Sopov
Bitcoin (BTC) resisted the aggression of the bears this week but failed to take root above $9,500. So, traders are guessing about the next possible moves.
Bitcoin (BTC) Price May Revisit $8,300 Before Huge Rally: Analyst
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Crypto strategist Parabolic Thies, Creator of the indicator Market God, analyzed the Bitcoin's dominance chart and foresees a bright future for the Bitcoin (BTC) bulls mid-term.

Money Flows Out of Altcoins

An anonymous analyst who goes by the name Parabolic Thies (@KingThies) is sure that Bitcoin's dominance is ready for a rally. It may continue to grow above its actual level high of 66%.

Bitcoin (BTC) dominance indicates the upcoming rally
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This fact indicates that the altcoins are running out of money. This process is sustainable regardless of Bitcoin's price swings, the analyst highlights.

With that being said, the Bitcoin (BTC) bears shouldn't get too excited about a short-term pale performance for the king coin. However, a short journey between the $8,000-$9,000 zone may be on the menu for a flagship cryptocurrency. There are also two levels of significant importance here for Bitcoin (BTC) buyers.

The traders may comfortably buy Bitcoin (BTC) at $8,900 and then at $8,300. That's here the steam of bears must be lost.

Bitcoin (BTC) Still Looks Great

After the correction, the price of Bitcoin (BTC) has all the chances to break above the psychological level it has attempted to conquer five times since the infamous Black Thursday - the $10,000 mark. 

In the five-digit club, the first level of a support/resistance reversal is around $10,300, according to the analyst.

Other prominent cryptocurrencies experts share this general view. Yesterday, cryptonomics researcher Chris Burniske recommends not forgetting about Bitcoin (BTC) despite its performance looking weak amidst the only DeFi assets rally.

Burniske outlined that this discrepancy would only purge Bitcoin's narrative of its useless obsession. The researcher also warned that this distortion shouldn't "cloud rationality" for Bitcoin (BTC) traders.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)