- Bitcoin (BTC) ranging but up 4.4 percent
- Adoption depends on the level of BTC awareness
Unrelated, Justin Sun may clear any lingering doubt if he successfully convinces Warren Buffet to pour his billions into blockchain and crypto. It will be a momentous breakthrough. Justin will be lauded, perhaps immortalized. However, Bitcoin will be the biggest beneficiary, given its liquidity and popularity. Currently, it is up 4.4 percent and ranging with caps at $8,500.
Bitcoin Price Analysis
Fundamentals
Crypto, and Bitcoin, in particular, is unique. Founded by principles fronting independence and decentralization, the platform’s utility continues to manifest. Pulverized by poor leadership and general corruption, citizens in crippled economies are finding refuge in Bitcoin.
Even so, not everyone is aware of Bitcoin’s true potential. If anything, the Oracle of Omaha, a veteran investor in Warren Buffet was slammed for belittling Bitcoin and crypto investing as rat poison. That’s in spite of the value for money and superior rate of investment on initial capital reaped by early adopters.
Hopefully, Justin sun may convince him otherwise during the $4.6 million dinner he rightfully secured. Depending on influencers on his list, Warren may budge and even divert some of his billions towards blockchain development.
All the same, the key to mainstream adoption is heavily reliant on public education. Improving awareness is a cog that will turn the adoption wheel to the better. Already, findings show that American young adults are likely to shift their funds to digital assets and invest in Bitcoin for the long haul.
Complementing these are endorsing results that went a level deeper, revealing how the institutional interpretation of gold investing is changing. Trusted for eons, gold is better capitalized and is undoubtedly a banker’s favorite.
Notwithstanding, they are bulky. Although scarce, gold may be after all infinite, subsequently affecting supply-demand dynamics and price by extension.
Candlestick Arrangements
At press time, the resilience of BTC buyers is evident. Oscillating above $8,000, it appears as if bulls are resolute. Despite this, previous BTC/USD trade plan is valid. Note that even if bulls are flowing back, supporting prices, it is vital that the accompanying demand thrust prices above $8,500.
The level has persistently capped bulls’ effort, breached once in the last month. Most importantly, the rewinding of May 30th three-bar bear reversal pattern with an uptick of participation will set the foundation for a moon sling.
If prices inch higher at the back of high trading volumes, blasting above $9,100 in a trend continuation phase, BTC will likely surge to $10,000 or $12,000.
Technical Indicators
From above-and as per previous assertions, May 30th candlestick is leading. Distinct with above-average trading volumes of 31k, break or close above $8,500 or $7,500 ought to be with similar or better participation confirming or nullifying buyers of April and May.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
