- Bitcoin capped at $8,500
- AT &T now accepts Bitcoin, partners with Bitpay
An observer is of the view that the next Bitcoin will not be “Bitcoin” or even a cryptocurrency. If that is correct, it may explain investors’ renewed optimism now that Wall Street is increasingly accepting, interpreting positives from the world’s most valuable asset.
Bitcoin Price Analysis
Fundamentals
Behind Bitcoin is a robust platform. A platform of the people with one express purpose: disrupt traditional finance. A decade after launching, users are ecstatic of what the future holds. Some are touting the emergence of Bitcoin and indeed, the rise of digital assets, as the paradigm shift that the world needed.
It’s an inevitable print of evolution, of progress and as Bitcoin shift from a medium of exchange to a store of value rivaling Gold, an analysts now say, the “Next Bitcoin” will be a “mind-bending economic paradigm” that investors who missed the first wave will surely miss the benefits of the “new” coin. In a tweet, Alexander Leishman says:
“The “next Bitcoin” is not going to look like Bitcoin at all and may not be a cryptocurrency. It is going to be some mind-bending economic paradigm shift years from now that few will recognize. Investors that missed the “first Bitcoin” are going to miss the next one too.”
The entry of heavyweights perhaps advises his reasoning. The involvement of Fidelity Investment, NYSE, NASDAQ and now AT &T is an endorsement and a stamp of confidence. If anything, they will be the accelerants required for price to surge, surpassing investor expectations.
Candlestick Arrangements
At the time of press, Bitcoin (BTC) is changing hands at $8080, adding 3.5 percent in the last day and successfully reversing losses of as bulls take charge. Although traders are confident, expecting prices to print higher in trend continuation, BTC is consolidating against the USD within a broader $1,000 range with limits at $7,500 and $8,500. In line with previous BTC/USD trade plans, conservative traders should be neutral until when there is a satisfactory breakout above $8,500. Accompanying this upswing should be above average trading volumes exceeding 24k of May 23rd.
Technical Indicators
To reiterate our stance, Bitcoin buyers are in control. However, as prices consolidate within the May 19th trading range, conservative traders should be neutral, and on the sidelines. Any break above $8,500 ought to be with high trading volumes exceeding 24k and more importantly 47k of May 13th as buyers of early May flow back in a trend continuation phase, typical of breakouts.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
