Two Reasons to Buy Bitcoin (BTC), According to This Analyst

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Thu, 06/18/2020 - 12:01
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Vladislav Sopov
It looks like Bitcoin (BTC) bears are failing to build on Monday's success. The king coin may be on the verge of a 38% upsurge, according to one analyst
Two Reasons to Buy Bitcoin (BTC), According to This Analyst
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Aggressive attempts from bears to push Bitcoin (BTC) down below $9,000 ended up in vain. But does this mean a bright future for bulls?

Shorts are losing their steam

Matt David Kaye, managing partner of Blockhead Capital digital assets hedge fund, supposes that the bearish momentum has been shaken off. He reveals that derivatives traders on some markets have yielded little gains from their recent shorts.

Matt David Kaye predicts Bitcoin (BTC) price may reach $13,000
Image via Twitter

So, seller aggression may turn into solid buyer activity. But an influx of volume will be the deciding factor.

Also, two technical analysis indicators are showing that the Bitcoin (BTC) price may be preparing for a brilliant rally. First of all, it is a ‘squeeze’ situation. Mr. Kaye captured this through the analysis of the most recent Bitcoin (BTC) moves.

Futhermore, the Bitcoin (BTC) price may be taking a breather before it breaks out from the channel it has been trading in. If both estimations are confirmed, Bitcoin (BTC) may revisit 2019 highs above $13,000 levels

Don’t expect a cakewalk

Before reaching such inspiring levels, Bitcoin (BTC) may meet some more levels of insane bearish resistance. According to Roundblock Capital CEO Brock Connelly, who posted a comment on a tweet from Mr. Kaye, he foresees a ‘sell wall’ at $10,500.

Brock Connelly: We should wait for the volatility
Image via Twitter

Moreover, correlation with the stock market swings may have a very controversial influence on the Bitcoin (BTC) price in the mid-term.

As covered by U.Today Crypto News, the overnight Bitcoin (BTC) price drop on June 15th, 2020, confused many traders, both spot and derivatives. Bitcoin (BTC) plummeted to three-week lows below $8,900 on some exchanges.

Su Zhu of Three Arrows Capital outlined that the thin channel between $9,170 and $9,270 is crucial for bulls to hold. Bulls managed to do so, which is giving Bitcoin (BTC) holders hope.

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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

News
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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Contents

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.)