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Bitcoin’s Next Moves Could be Crucial–What’s the Future for BTC?

Is BTC building support below $40K, or could Bitcoin retest lower levels?

Republished by Plato



The price of Bitcoin appears to have achieved some stability over $35K–but its next moves will be crucial.

Since the price of BTC dropped below $40K in mid-May, the price of the asset has meandered throughout the $32K-$38K range, never quite managing to build enough support to recapture $40K.

Analysts believe that if support about $35K continues to build, there could be a meaningful and sustained movement toward and above $40K–one that isn’t so pumped on leverage. If not, however, BTC could enter a new period of price discovery on the lower end. What’s next for BTC?

“Volatility is expected in crypto or for any new emerging technology or asset class.”

Wouter Witvoet, CEO and founder of DeFi Technologies, believes that BTC’s price doldrums are nothing more than a phase: “I do believe the price of Bitcoin will recover and then exceed previous all-time highs,” he told Finance Magnates.

“Volatility is expected in crypto or for any new emerging technology or asset class,” he continued. “Pay attention to the adoption rate of the networks. If the participants in the network keep growing over time, the value of the network rises.”

By this metric, “Bitcoin [and cryptocurrencies in general] have the fastest growing adoption rate of any technology in human history.” Indeed, the rate of Bitcoin adoption has been comparatively higher than the rate of adoption of the internet.

Similarly, Sebastian Quinn-Watson, Founder at Yieldly Finance, told Finance Magnates that “In a world where Bitcoin’s current price is still 10x the price from its 2020 lows, we don’t see this dip as a particular concern.”

“As Ray Dalio has often mentioned, BTC is a natural hedge against a never before seen expansion of USD money supply. We know institutions are buying it at rates never before seen. This is a tailwind that speaks to a long term bullishness on BTC,” he said.

Sebastian Quinn-Watson, Founder at Yieldly Finance.

“Big drops will no longer be possible when the capitalization of Bitcoin is so large that retail sales will not affect the exchange rate.”

In the meantime, a little (or a lot) of price volatility may just be par for the course. Oleg Kurchenko, Founder of European digital asset exchange Binaryx, told Finance Magnates “If there are no periods of sharp drops of 20-50 percent over several days, there can be no periods of rapid growth of 100-200 percent over a short time as well.”

“Sharp movements make crypto assets attractive for retail investors, who tend to take high risks in pursuit of high profits,” he said.

“If you remove the risk, then cryptocurrencies will become as boring assets as metals or other traditional assets trading on the world’s largest exchanges,” he added.

However, Bitcoin won’t always be capable of such extreme volatility: “Big drops will no longer be possible when the capitalization of Bitcoin is so large that retail sales will not affect the exchange rate,” he told Finance Magnates.

Bitcoin over the next five years

In other words, Bitcoin would need to reach a point where its market cap is almost entirely comprised of non-leveraged long-term institutional and retail hodlers–and a lot of them.

But when could Bitcoin reach that point?

Shidan Gouran, founder of Canadian merchant bank Gulf Pearl, believes that it could happen sooner rather than later: “Just in the past year, Bitcoin has gone up more than four times, and actually even went up more than eight times before its current tumble,” he said.

Oleg Kurchenko, Founder of European digital asset exchange Binaryx.

“Given its past performance, it’s very realistic and reasonable to assume that one Bitcoin can reach $1MM USD at some point in the near future; I would give it five years at maximum,” he said. “This is only a 20x increase from its all-time high, and we have seen Bitcoin achieve this level of growth multiple times in a time span of a few weeks.”

After all, BTC’s performance in the bigger picture is still quite impressive: Charlie Silver, chief executive of, told Finance Magnates that, yes, “In the last 60-90 days, there has not been a lot of positive action in the market.”

However, “If you go back a year, bitcoin was at about $6-7K.” Compared to that price point, BTC is up more than 600%. Therefore, Silver believes that “We’re still solidly in a bull market.”

Shidan Gouran, chief executive of merchant banking advisory Gulf Pearl.

“It may still bounce around between support and resistance–it may hit $30K again for a day or two and then rally back up towards $60K…This is normal market action for any kind of tradable item whether it’s a stock, bond, real estate, gold, or another kind of commodity.”

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Conflicting beliefs about how BTC derives its value

However, Shidan–and many others in the world of traditional finance–have serious questions about the way that Bitcoin is deriving its value over the long term.

“Having said this, I am very much against the thought of people investing in Bitcoin,” Shidan continued.

Why is this? While many analysts believe that Bitcoin gains its primary value by acting as a hedge against fiat currency inflation, Shidan believes that Bitcoin’s “main support comes from either being a quasi-religious movement promulgated by so-called ‘Bitcoin Maximalists’ who feel disenfranchised and, on the other hand, a ‘greater fools’-driven greed by the remaining investor base.”

“At the same time, Bitcoin’s importance as a technological innovation should not be underestimated,” he said.

“It’s the first prototype for systems of Internet-connected decentralized databases that can be written to and read from by anyone, on a global scale, while ensuring that no one can spoof others or change their transaction history. Digital assets and cryptographic tokens will remain a central requirement and feature of these systems.”

“I believe that after reaching its all-time high, Bitcoin will pop like no other market has,” he said “It will always find some support with a marginal community, but will remain a speculative asset on the periphery of society. There is no demand beyond being a form of gambling or symbolizing a political identity.”

David Russell, VP of Market Intelligence at TradeStation Group, also pointed out that “Bitcoin could be a victim of its own success.”

“Just as Yahoo and AOL put the Internet on the map, Bitcoin made crypto a mainstream business,” Russell told Finance Magnates. “But that doesn’t mean it will remain the go-to asset.”

David Russell, VP of Market Intelligence at TradeStation Group.

A shift away from BTC and toward other decentralized assets?

Beyond concerns about the ways in which BTC derives its value, Bitcoin is also currently undergoing something of an environmental reckoning.

“Concerns about Bitcoin’s electricity usage have become a sudden, and somewhat, unforeseen, problem,” said David Russell, VP of Market Intelligence at TradeStation Group, to Finance Magnates.

“While the issue has been known forever, the market’s recent attention has definitely hurt sentiment. Institutions are increasingly concerned about ESG issues and Bitcoin’s proof-of-work model might not be the best suited for that priority.”

Instead, Russell believes that the Bitcoin dip could signal the beginnings of a long-term shift in attention toward other cryptocurrency assets.

“Right now the activity is shifting toward the Ethereum ecosystem,” he said. “Ethereum could be stealing a lot of Bitcoin’s thunder here. The upcoming switch to proof-of-stake, combined with fee burning in July, give Ethereum some apparent positives that Bitcoin doesn’t seem to enjoy now. Their valuation gap is closing quickly.”

Will we see a ‘DeFi Summer’ in 2021?

As focus continues to shift toward Ethereum, there is also quite a bit of attention on the decentralized finance (DeFi) ecosystem that sits on top of it.

Still, both ETH and DeFi assets across the board are heavily dependent on the price of Bitcoin. “Currently, there is an inescapable correlation to BTC price and the wider Altcoin and DeFi market,”Yieldly Finance’s Sebastian Quinn-Watson said. However, “it is one that we expect to weaken over time.”

“The DeFi market will become immune to the downward fluctuations of BTC, as more and more DeFi projects mature and gain wider adoption,” he continued, adding that “With this recent BTC low, we noticed that the top DeFi coins were actually far less impacted by the dip, such as $ALGO and $UNI.”

But will 2021 see a DeFi summer like the one in 2020? “We will have an endless summer of DeFi,” Quinn-Watson told Finance Magnates.

“DeFi is part of the generational change that is disrupting finance. It is the natural extension of what Fintech such as Revolut and Monzo have been doing with savings and credit. DeFi is doing this on a rapid scale across an increasingly larger number of fintech products.”

“The innovation to come for DeFi is going to be incredible, especially as there are massive incentives for developers and innovators to build and grow DeFi.”

Coinsmart. Beste Bitcoin-Börse in Europa


El Salvador’s historic bitcoin law will go into effect on Sept. 7.

Republished by Plato



According to the Reuters report, El Salvador’s President Nayib Bukele announced in a national address on Thursday that the recently passed law making bitcoin legal tender will take effect on Sept. 7, noting that its use will be optional. As reported earlier, El Salvador’s Congress already approved Bukele’s proposal to embrace the world’s leading cryptocurrency, making El Salvador the first country in the world to adopt bitcoin as legal tender.

“The use of bitcoin will be optional.”

“The use of bitcoin will be optional, and nobody will receive bitcoin if they don’t want it… If someone receives payment in bitcoin, they can choose to receive it in dollars automatically,” said the 38-year old president Bukele. Salaries and pensions will continue to be paid in U.S. dollars, Bukele added, without specifying if that included salaries paid to state workers and private sector employees. Earlier, Athena Bitcoin said it plans to invest over $1 million to install some 1,500 cryptocurrency ATMs in El Salvador, especially where residents receive remittances from abroad. According to Athena Bitcoin’s website, the ATMs can be used to buy bitcoins or sell them for cash.

El Salvador’s President unveils the official digital wallet ‘Chivo.’

El Salvador has announced that it will release an official digital wallet for BTC and other currencies, according to a local media report published on June 24. The new digital wallet is called Chivo, and it will form the basis for everyday use of the currency. President Bukele, who led the effort to authorize bitcoin as legal tender, said that the government would give away $30 worth of BTC after users download the app during a conference.

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Crypto Price Analysis & Overview June 25th: Bitcoin, Ethereum, Ripple, Cardano, and Polkadot

Republished by Plato



This week was a complete rollercoaster in the cryptocurrency market. Unfortunately, things failed to turn out for the better and the majority is trading in the red.



Bitcoin is down a steep 11.7% this week as it currently trades beneath $34,000. The cryptocurrency started the week by dropping into support at $31,185 (downside 1.618 Fib Extension) on Monday.

On Tuesday, it took a brief dive beneath $30K for the first time since January 2021. It dropped as low as $28,800 before the buyers regrouped and quickly pushed BTC back higher. In total, BTC did not spend more than 3 hours beneath the $30k level.

Since rebounding above $30K, BTC created the first three consecutive bullish candles since the mid-May price capitulation. It did reach as high as $35,500 today. However, it was unable to close above resistance at $34,760 (downside 1.414 Fib Extension) and has since dropped.

Looking ahead, the first support lies at $33,520. This is followed by $32,465, $31,185 (downside 1.618 Fib Extension), and $30,000. Added support lies at $28,800, $27,750 (January 2021 lows), and $36,840 (downside 1.414 Fib Extension).

On the other side, if the buyers can climb above resistance at $34,760, the first resistance lies at $36,000 (20-day MA). This is followed by $38,000, $39,490 (early-June highs), $40,000 (50-day MA), and $42,000 (January 2021 highs).

BTC/USD Daily Chart. Source: TradingView.


Ethereum fell by a very steep 201 over the week as it trades at $1888 – support provided by the 200-day MA and a .886 Fib. The cryptocurrency fell beneath $2200 on Monday and crashed into the $1888 support.

On the Tuesday spike lower, ETH dropped to $1710 but quickly rebounded to close the daily candle above the 200-day MA. Since then, ETH has been unable to reclaim the $2000 level and has returned to the 200-day MA.

Looking ahead, if the sellers break beneath the 200-day MA, the first support lies at $1710 (mid-March support). This is followed by $1625 (downside 1.272 Fib Extension), $1500, and $1425 (January 2021 highs).

On the other side, the first resistance lies at $2000. This is followed by $2160 (bearish .382 Fib), $2300 (bearish .5 Fib & 20-day MA), $2500 (100-day MA), and $2600.

ETH/USD Daily Chart. Source: TradingView.

ETH is also in trouble against BTC after dropping from 0.063 BTC on Monday and heading beneath 0.06 BTC on Tuesday. It continued to run lower as it broke below support at 0.0569 BTC today.

It is currently trading at 0.056 BTC, but the bearish momentum is still likely to drag it lower in the coming days.

If the sellers push beneath 0.056 BTC, the first support lies at 0.0541 BTC (April 2018 lows & 100-day MA). This is followed by 0.0513 (downside 1.272 Fib Extension), 0.05 BTC, and 0.0473 BTC.

On the other side, the first strong resistance lies at 0.06 BTC. This is followed by 0.0628 BTC, 0.0648 BTC (20-day MA), and 0.068 BTC (50-day MA).

ETH/BTC Daily Chart. Source: TradingView.


XRP fell by an even steeper 25% over the week. The cryptocurrency dropped from $0.781 resistance on Monday to reach $0.6.

It continued on Tuesday to hit the support at $0.55 provided by the 2019 highs and a long-term ascending trend line. It has since attempted to rebound but is struggling to make ground back above $0.7 as it now trades at $0.62.

Moving forward, the first strong support lies at $0.6. This is followed by $0.55 (2019 highs), $0.5, $0.478 (this week’s low), and $0.4.

On the other side, the first resistance lies between $0.7 and $0.72 (200-day MA). Above this, resistance is found at $0.781 (bearish .236 Fib), $0.8282 (2020 highs), $0.9, and $1.00.

XRP/USD Daily Chart. Source: TradingView.

Against bitcoin, XRP set a fresh three-month low this week as it broke beneath the 2200 SAT (100-day MA) support and plummeted beneath the July 2020 lows at 1900 SAT to reach 1760 SAT.

There, the support provided by the 200-day MA and a downside 1.618 Fib Extension allowed XRP to rebound. However, it is still struggling to sustain itself above 1900 SAT.

Looking ahead, the first strong resistance lies at 2000 SAT. This is followed by 2122 SAT (bearish .236 Fib), 2200 SAT (100-day & 20-day MA), and 2425 SAT (bearish .382 Fib).

On the other side, the first support lies at 1800 SAT. This is followed by 1660 SAT (200-day MA), 1550 SAT (November 2020 low), and 1365 SAT (.786 Fib).

XRP/BTC Daily Chart. Source: TradingView.


ADA dropped by a smaller 9% this week as it trades above $1.30. It had fallen from resistance at the 100-day MA around $1.42 on Monday and dropped as low as $1.00 on Tuesday.

There, it found support at the 200-day MA and quickly recovered back above $1.15 to close the daily candle. Since then, ADA pushed higher but was unable to break the 100-day MA yesterday. It is currently testing a descending trend line that dates back to the May peaks.

Looking ahead, the first resistance lies at $1.42 – provided by the falling trend line, the 20-day MA, and the 100-day MA. This is followed by $1.52 (bearish .382 Fib), $1.60 (50-day MA), and $1.71 (bearish .5 Fib).

On the other side, the first support lies at $1.120. This is followed by $1.15, $1.10, and $1.00 (200-day MA).

ADA/USD Daily Chart. Source: TradingView.

ADA is pretty neutral against BTC this week. It did drop beneath support at 3820 SAT (.382 Fib) on Monday and fell as low as 3440 SAT (.5 Fib) on Tuesday. However, the bulls regrouped and allowed the daily candle to close above 3540 SAT (downside 1.272 Fib Extension).

From there, it has pushed back above the 3820 SAT support but is struggling to make ground beyond 4000 SAT.

Looking ahead, the first resistance lies at 4000 SAT (20-day & 50-day MA). This is followed by 4200 SAT, 4400 SAT, 4570 SAT (1.414 Fib Extension), and 4900 SAT (1.618 Fib Extension & June highs).

On the other side, the first support lies at 3820 SAT (.382 Fib). This is followed by 3540 SAT (downside 1.414 Fib Extension), 3440 SAT (.5 Fib), 3200 SAT (100-day MA), and 3060 SAT (.618 Fib).

ADA/BTC Daily Chart. Source: TradingView.


DOT is down by 32% this week as it trades around $15. The coin fell from above $20 on Monday to reach $13 on Tuesday. The buyers did manage to defend support around $14, provided by a .786 Fib Retracement.

Unfortunately, the bulls have been unable to push much past $17 since rebounding, and the market is looking like it will head lower again.

If the sellers push lower, the first support lies at $14 (.786 Fib). This is followed by $13, $10 (.886 Fib), and $6.90 (Sep 2020 highs).

On the other side, the first resistance lies at $17. This is followed by $20 (20-day MA), $22.5, and $25 (200-day MA).

DOT/USD Daily Chart. Source: TradingView.

Dot is also struggling against BTC this week as it dropped beneath the 200-day MA around 54,500 SAT and continued lower to meet support at 45,000 SAT on Tuesday.

Since then, the market has moved sideways, unable to really push higher again.

Looking ahead, the first support beneath 45,000 SAT lies at 44,000 SAT (May lows). This is followed by 40,600 SAT, 40,000 SAT, and 35,770 SAT (.786 Fib).

On the other side, the first strong resistance lies at 50,000 SAT. This is followed by 52,700 SAT, 55,000 SAT (200-day & 20-day MA), and 60,000 SAT.

DOT/BTC Daily Chart. Source: TradingView.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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MEHH Token Offering Scalable Digital Payment Solution to Merchants

Republished by Plato



[PRESS RELEASE – Please Read Disclaimer]

Scalable solution, a blockchain company enabling cryptocurrency payments for merchants to receive or send instant payments.

Cryptocurrency is becoming a next-generation payment choice among merchants and customers. Every day, more and more people are using connected devices to make payments. The adoption of digital currency is not limited to laptops but also reaches across the industry like tablets, phones, IoT devices, and smartwatches.

The demand for digital tokens is rapidly increasing. Amalgamate of innovative and secure digital payment mode will help merchants to stay ahead in the game.

Merchants can now take advantage of MEHH Token to expand their horizons and grow their user base around the world. Just with a single integration, now merchants can add MEHH tokens to their existing application or exchange platform.

Value Proposition for Merchants and Customers

MEHH Token is built on a decentralized Ethereum Blockchain Technology. Its permissionless network allows merchants to accept digital payments. Our token delivers the following value proposition to owners:


  • Revise quick payment in MEHH token
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  • Easy access to make payments
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  • Secure transactions
  • Convenient to move, exchange, or withdraw
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Our mission is to support the vision of enabling digital payments for merchants and customers. By allowing each partner to receive and send payment across the network, the MEHH token ensures instant transfer and safe transaction. We designed these capabilities to redefine the way merchants send or receive payments and transform the Fintech industry by developing a platform that makes a positive impact.

Find out more at


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