The future of Bitcoin is looking bleak as the asset has refused to move back above the 200-day moving average. This key indicator is used to show the general market trend and when used in higher time frames, usually overrides technical analysis in the lower timeframes.
Let’s dive in and explore Bitcoin price and adoption.
Bitcoin Price Analysis
On the macro level, the sharp rejection of Bitcoin after the Grayscale news pump further cemented the bears’ power in the current market. There has not been much change on the macro scale in the past week despite wallets with more than 10 bitcoins now at a 3-year high of 157,352. At the same time, the number of Bitcoin addresses (potential holders) with a non-zero balance has exceeded 48.5 million—more than the entire population of Spain.
Adoption is increasing, but the price is lagging, showing that there might be an explosive price move to the upside when Market Makers finally stop suppressing the price.
Short-term traders in last week’s setup are in profit, though the price is far from hitting the take profit level. This weekend, a potential Short with an RR of 3.26 is available. A 15X leverage could turn a 30% profit quickly.
Bullish Bitcoin Adoption Updates
In El Salvador, starting in 2024, Bitcoin education will be coming to every public school, thanks to Mi Primer Bitcoin NGO’s partnership with the Ministry of Education. Such type of adoption sets a foundation for the next generation of global citizens to naturally tend toward digital finance.
British Fintech bank ‘Revolut’ with 15M users integrated Bitcoin segwit addresses and on-chain withdraw and receive features. Meanwhile in the U.S.A, 58% of American crypto investors hold Bitcoin, according to a global survey on crypto and web3′ by Consensys and YouGov.
Btrust, the Bitcoin non-profit founded by Jack Dorsey and Jay-Z, acquires Qala – the African Bitcoin and Lightning engineering training organization. Not to mention, the financial research firm Bernstein said #Bitcoin is about to experience an unprecedented rally led by institutional investors, after Greyscale’s lawsuit victory against the SEC. To top it off, South Africa’s largest supermarket group, Pick n Pay, is now accepting Bitcoin.
While all this happens, Bitcoin pundits estimate that the asset is back below the “Extremely Undervalued” portion of the Rainbow Chart. BitMEX Co-Founder, Arthur Hayes also predicts Bitcoin bull run will accelerate in the next “6 to 12 months.
“Whether the Fed raises or cuts, we are in a good position.”
Arthur Hayes
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make investment decisions based solely on what you read here.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
