• Bitcoin witnessed a massive fall in the early trading hours and landed close to $24,000, while the bears continue to dominate.
• The BTC price is speculated to offer an opportunity for a good entry as the token is gearing up to go long soon.
• Analysts believe that Bitcoin may soon encounter a good entry to place a long trade as the price is primed for more than 10% upswing very soon.
Bitcoin Price Analysis
Recent Market Situation
Bitcoin price yet after hitting $25,000, dropped and faced a huge rejection resulting in a pullback of more than 2%-3% at the moment. The seeking pressure has mounted for the second consecutive day due to which the price may continue to drop for some more time ahead.
Long Opportunity on Bitcoin
However, after a brief pullback, the token is believed to ignite a firm upswing soon, and hence here’s where you can long on Bitcoin. The BTC price is appearing extremely strong nowadays as the bulls are constantly outpouring the bears. The token has now begun to trade within an ascending triangle which appears to be in a significant swing low position. Further, below this position, there is a huge gap which is very positive for a long trade.
One of the well-known analysts, Tolberti believes that the price may drop still harder to reach the lower support that could be just below $24,000 and rebound finely to reach levels beyond $26,000. Hence says that the Bitcoin price may soon encounter a good entry to place a long trade as the price is primed for more than 10% upswing very soon. Furthermore, from an Elliot wave perspective; BTC has been moving with 5-wave impulse upwards and 3-wave corrections downwards; suggesting that when this bearish wave ends – we might expect BTC prices moving towards north side again with further growth potentials above $30K range in 2021-22 market situation.
Technical Chart Overview
The chart displays above shows that BTC prices are trading inside an ascending triangle pattern – indicating there could be some short term dips before it breaks upwards with bullish momentum again (towards end of 2021). Also from Elliot wave perspective – 5 wave impulse & 3 wave corrections suggest further growth potentials over next couple of months ahead with an estimated target range between $28K-$30K respectively (in 2021-22).
Hence it can be concluded from analysis mentioned above – that though current market situation appears bearish at first glance – but if one looks closely – we can see there are opportunities available for traders/investors who want take advantage of near term bullish trend expected in BTC prices over upcoming weeks/months ahead (2021-22). So make sure you do your research & plan accordingly before taking any decisions related investing/trading activities related cryptocurrencies like bitcoin etc..
FTX Crypto Fraud
• Soham Bhatia has filed a class action lawsuit against Silvergate Bank and its parent company, Silvergate Capital Corporation for their alleged role in aiding and abetting the fraudulent scheme orchestrated by Sam Bankman-Fried (SBF) through FTX and Alameda Research.
• Silvergate Exchange Network (SEN) allowed FTX to have a 24/7 crypto-fiat exchange, and therefore, Silvergate was complicit in FTX’s fraudulent activity.
• Over $8 billion of customers‘ funds were lost as a result of mismanagement by FTX and Alameda.
Silvergate Capital Market Outlook
Despite investigations into FTX, Silvergate Capital has attracted notable institutional investors such as Citadel Securities, who purchased a 5.5% stake in the company worth approximately $25 million, and BlackRock who announced a 7.2% stake in Silvergate Capital at the end of 2020. On Tuesday, SI shares gained over 18%, closing the day’s trading at $17.36.
Class Action Lawsuit Against Silvergate
Soham Bhatia is one of the millions of FTX customers whose funds have been locked following the defunct cryptocurrency exchange’s involvement in a multibillion-dollar fraudulent scheme. He has taken extra steps by filing a class action complaint against Silvergate Bank and its parent company, Silvergate Capital Corporation for their alleged role in aiding and abetting the fraudulent scheme orchestrated by Sam Bankman-Fried (SBF) through FTX and Alameda Research. Bhatia has accused Alan J. Lane (CEO of Silvergate) of knowingly assisting SBF in laundering billions of fraudulent assets through SEN which allowed FTX to have a 24/7 crypto-fiat exchange thus making them complicit with this fraud activity.
Loss Of Funds
FTX transferred billions of users‘ digital assets to Alameda which were later used to pay for their debts resulting in an estimated loss of over $8 billion which may never be recovered due to mismanagement from both parties involved i.e., FTX & Alameda research .
Federal Reserve Rules Applicable To Both Parties
Both Soham Bhatia & The CEO of silver gate are subject to rules laid down by Federal Reserve Bank Of California .
• The Bitcoin price has been displaying a bullish trend since reaching $24,000 last week.
• Fetch.ai (FET) has seen a remarkable 300% increase in value year-to-date.
• Crypto analyst CrediBull thinks an ATH by the end of this year is highly plausible, though a correction before following the footsteps of Fetch.ai is likely to play out.
Bitcoin Price Likely to Rally to New All-Time High
The Bitcoin price has been displaying a bullish trend, characterized by higher highs and higher lows, since reaching $24,000 last week. Despite current market indicators suggesting neutrality, potential volatility could drive the price to a new all-time high. The bullish sentiment is on the brink of overtaking the weekly bearish momentum, should the upward trend persist in the coming weeks. Additionally, the cryptocurrency market has recovered to pre-FTX levels following a recovery rally in January.
Explosive Growth: The Rise Of Fetch.ai (FET)
Fetch.ai (FET) has seen an impressive 300% increase in value year-to-date according to recent crypto market data. Founded in 2017, Fetch.AI is an AI-focused organization that has developed an open decentralized machine learning network with a cryptographic economy; this progress has drawn significant attention from both the cryptocurrency community and institutional investors leading to a significant increase in its price since reaching its low in November/December of last year mirroring that of Bitcoin’s 2021 performance..
Possible All Time High By Year End?
Crypto analyst CrediBull thinks an ATH by the end of this year is highly plausible if Bitcoin follows Fetch’s footsteps however they indicate possible corrections before doing so likely playing out first thus keeping investors on their toes for when it does happen..
Market at Crucial Period
The BTC market is currently at crucial period after trading for more than five months below 200D MA with 50 and 200 WMA glaring at possible dreaded death cross; bulls must push over $25k if crash event invalidation is sought after..
It remains unclear how far or fast BTC will rise if pushed above $25k but one thing’s certain – with unexpected volatility always around corner predicting future developments accurately remains difficult task even for experts!
• BudBlockz (BLUNT) is a crypto project that is uniting the crypto space and cannabis ecosystem.
• BLUNT is predicted to rapidly skyrocket in 2023 due to its revolutionary features, including an exclusive collection of NFT tokens called Ganja Guruz.
• BudBlockz provides a streamlined eCommerce platform for cannabis users, allowing for private and legal transactions with both parties.
A bear market has cast a dark cloud over cryptocurrency in the last few months. However, coins such as BudBlockz (BLUNT) and Ultra have kept rising high due to their market conditions. Cryptocurrencies are largely unstable, with the cryptocurrency market changing and advancing continually. Some undervalued coins are making the waves now, making investors believe investing can make great gains in the future.
In November 2022, BudBlockz launched its signature collection of NFT tokens called Ganja Guruz. It is a collection of 10,000 exclusive artworks developed on the Ethereum blockchain. It intends to compete with other cryptos, including Ultra. Financial analysts and experts believe BudBlockz is revolutionary and will bridge the gap between legal marijuana and the crypto industry – making it more valuable than other cryptos. Additionally, it has successfully penetrated the cannabis industry, increasing its value to billions in following years by providing a streamlined eCommerce platform for cannabis users powered by cryptocurrency technology and space.
How Does BLUNT Intend To Compete With UOS?
BudBlockz allows consumers to make legal transactions with both parties while providing complete privacy when buying/selling products within its marketplace; this makes it stand out from Ultra (UOS). Additionally, with using blockchain infrastructure as its platform for launching an interoperable process for legal cannabis products – BLUNT offers several advantages over UOS which could give them an edge in competition between one another in upcoming years.
It is predicted that BudBlockz will rapidly skyrocket in 2023 because it is uniting the crypto space and cannabis ecosystem; allowing investors to make great gains within their investments if they choose wisely . By providing a streamlined eCommerce platform powered by crypto technology & space , BLUNT stands out from UOS – giving them an edge when competing against one another within digital currency markets & industries alike .