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BTC Price Prediction: Can BTC Reclaim Its $40k Throne?

BTC Price Prediction Can BTC Reclaim Its $40k Throne

Bitcoin has broken through $37k resistance level. Moreover, the bullish BTC price prediction in the first quarter of 2021 is up to $40k. Bitcoin continues to entertain investors with its aggressive performance in the crypto world. Recently, Bitcoin recovered from its $23k bearish dip and smashed its $37k resistance level. As a result, investors are …

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  • Bitcoin has broken through $37k resistance level.
  • Moreover, the bullish BTC price prediction in the first quarter of 2021 is up to $40k.

Bitcoin continues to entertain investors with its aggressive performance in the crypto world. Recently, Bitcoin recovered from its $23k bearish dip and smashed its $37k resistance level. As a result, investors are now looking forward to Bitcoin to reclaim its $40k bullish position.

Aside from its bullish performance, the market capitalization of Bitcoin also breaks the $700 billion mark. In other words, Bitcoin remains to be the king of crypto in terms of mass adoption. For this reason, Bitcoin stayed as one of the favorite cryptos in the financial world and considered as one of the profitable cryptos in 2021.

With this performance of Bitcoin, do you think it will regain its $40k bullish position? Let us find out in this BTC price prediction 2021 article.

BTC Price Analysis and Prediction

BTC ALMA and RSI
BTC ALMA and RSI (Source: TradingView)

Based on the graph above, BTC continues to side with the bullish market. Currently, BTC trades a high price of $37k above the Arnaud Legoux Moving Averages (ALMA). In addition, this price level of the crypto has a growth rate of +10.2% in the past 24 hours. If this keeps on, the crypto might have a big chance of breaking its resistance level of $38,900.

Granted that, BTC price is most likely to reclaim its $40k bullish position, a position favored by all BTC holders. Of course, this event might happen if the bullish market continues to favor the crypto.

However, if the bullish market turns against BTC,  it might break out and fall. In short, BTC price could plummet for as low as $30k, a price level that could cause FUD. In this case, BTC price must regain its composure quickly and head back to its uptrend position above ALMA.

Otherwise, the bearish market might drag down the price of the crypto to $23K, a price level within the bearish territory. Meanwhile, the moving average convergence/divergence (MACD) of BTC resides under the signal indicator. Therefore, traders must trade with caution since the MACD is still far from performing a bullish crossover.

In terms of trading, the relative strength index (RSI) of the crypto is within the neutral level. For this reason, scalp and day traders can trade with confidence without the fear of a major price reversal.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Source: https://coinquora.com/btc-price-prediction-can-btc-reclaim-its-40k-throne/

Blockchain

Legacy Records, The First Record Label Paying Music Artists In Crypto

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From painters to digital artists to musicians, crypto continues to find integration across artistic mediums. Music continues to be a field that is ripe for revitalization, from a business standpoint. Accordingly, a number of different musicians have been releasing songs and albums as NFTs. Now, we have what’s being reported as the first official record label looking to get involved. The label looks to have artists join the ranks of other musicians getting involved in crypto.

Two-Pronged Approach

In a press release issued to start this week, Legacy Records CEO Keishia McLeod said it came down to “either get involved or get left behind”. McLeod cited unique income stream opportunities for artists and closed by saying that “this is the future, not a trend”. McLeod has stated previously her intent to drive the label to be at the forefront of leveraging emerging technology in music.

There are two major buckets contributing to Legacy’s approach. The first is the most notable, as the label will become the first to offer artists an opportunity to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans around NFTs, and number of artists seeking to get paid in crypto, have not yet been disclosed.

Related Reading | The “Hottest” NFT: Max Denison Pender Creates And Destroys A Self-Portrait In A Volcano 

As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com

Legacy Music’s Broader Business Growth 

Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will look to take advantage of the potential press buzz from the announcement. However, in tandem with the release, the label also announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The label also merged with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’, to provide legal guidance around digital execution.

McLeod has noted previously that the label has desired being a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.

Related Reading | Reviewing Topps MLB’s First Swing At NFT Tech

Music Artists Emerging Into Crypto

Legacy’s roster has the potential to join a growing list of music artists that continue to engage with crypto and NFTs. Last month, we wrote about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live promptly had a sketch explaining the digital collectibles parodying Eminem’s “Without Me”.

Other musicians engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.

Each week, our team recaps the week’s NFT action with ‘NFTs In A Nutshell‘ – covering everything NFT, from sport, music, and more.

Featured image from Pixabay, Charts from TradingView.com

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Source: https://bitcoinist.com/the-first-record-label-paying-music-artists-in-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=the-first-record-label-paying-music-artists-in-crypto

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Blockchain

XRP, Dogecoin, Chainlink Price Analysis: 17 May

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Dogecoin required to counter bearish conditions before a jump above $0.569 resistance. Lastly, Chainlink needed to push above $45.5 to trigger a bullish comeback after a descending triangle breakdown.

XRP

Source: XRP/USD, TradingView

Gains made over the last three days were impressive especially considering a bearish broader market, but sellers returned at $1.52-resistance. At press time, the cryptocurrency traded within the channel $1.52-$1.31 and reflected a degree of equilibrium between the buyers and sellers. For those hoping to make profits from a volatile XRP market, ADX’s movement dimmed expectations. Since mid-April, ADX has been on a steady decline and a period of consolidation seemed likely.

RSI hovered in the neutral territory around 50. A symmetrical triangle awaited a breakout to the upside and the Fibonacci tool presented a few target levels above the 200% extension level north of $3 (not shown).

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

On the daily timeframe, Dogecoin showed some sideways movement as bulls prepared for the next upswing. The channel between $0.523 and $0.373 was bolstered by the 20-SMA (blue) and formed a reliable buy zone should another dip occur.

As mentioned earlier, breaking above $0.569 resistance could trigger another rally in the DOGE market. Steering clear of $0.73-resistance would heighten the chances of DOGE touching $1. However, bearish conditions still presided and had to be countered first before any talks of an upswing. Awesome Oscillator noted bearish pressure after a series of red bars. MACD line remained below the Signal line but a bullish crossover could signal the onset of an uptrend.

Chainlink [LINK]

Source: LINK/USD, TradingView

Chainlink broke south from a descending triangle and a single candlewick dropped as low as $35.1- representing losses of 14% from the bottom trendline. Now below its 50-SMA (yellow) on the daily timeframe, bearish sentiment could lead to another sell-off towards $31 for LINK. On the other hand, some buying volume was noted on the 4-hour timeframe. A pickup in volumes and buying pressure could lead to a resurgence above $45.5 and this would likely push LINK beyond $50. A broader market recovery could act as a catalyst for such a price swing.

Meanwhile, RSI’s lower highs confirmed weakness after LINK formed a peak at $52.9. Even though Chaikin Money Flow dipped over the past couple of days, the index was still well above the half-line as capital inflows outmatched outflows.


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Source: https://ambcrypto.com/xrp-dogecoin-chainlink-price-analysis-17-may

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Speculation Tesla Dumped Its Bitcoin Holdings Denied By Musk

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Elon Musk puts to bed rumors that Tesla has sold its remaining Bitcoin holdings. The comments came following his second attack on the leading cryptocurrency. This time, he called out the dominance of Chinese mining pools in a now-deleted tweet.

Bitcoin continued from its weekend slide with another drop today, currently down 5% at the time of writing. Given Musk’s apparent influence on markets, some insist he exercises more restraint on social media.

Tesla Has Not Dumped Its Bitcoin

Last week, the Tesla boss announced his firm would no longer accept Bitcoin as payment for its EVs. The reason he gave was a growing concern about the use of highly polluting coal by miners.

This coincided with a mass sell-off in which Bitcoin was hit particularly hard, closing the day down 13% to $49.5k.

Today, Musk tweeted that Bitcoin is highly centralized due to the small number of mining pools that control the network. He maintains that coal is a significant power source for miners, despite counter claims that the network runs mostly on renewable sources.

“A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound decentralized to you?”

In amongst the responses, @CryptoWhale suggested that Tesla will sell their Bitcoin holdings. Adding that, if that happened, Bitcoiners would only have themselves to blame. He was referring to the outpouring of hate directed at Musk.

Musk replied to the tweet with a response of “Indeed.” Some publications interpreted this as confirmation that Musk had already dumped his Bitcoin holdings.

But in a semblance of grace, Musk put the record straight by saying Tesla has not dumped its BTC holdings.

“To clarify speculation, Tesla has not sold any Bitcoin.”

However, with everything that has gone on since last week, is it only a matter of time before Tesla sells up?

Musk Should Be Aware Of His Influence In Moving Markets

Key crypto figures have rallied together in support of Bitcoin. Michael Saylor announced a $15 million BTC buy adding to MicroStrategy’s already substantial war chest, while Jack Dorsey tweeted a message of support in improving its green credentials.

However, @PlanB took a less nuanced approach by accused Musk of deliberating trying to destroy Bitcoin. The comment came in a poll asking his followers whether Musk has derailed Bitcoin from meeting expectations per the stock-to-flow model (S2F).

S2F refers to a predictive model based on scarcity over time. PlanB, who adapted it for Bitcoin use, puts the price of BTC at a minimum of $100,000 by year-end.

The Managing Partner and Co-founder of Nexo, Antoni Trenchev, said Musk should “wake up” to his influence in moving markets.

“He has to wake up to the reality that with his following, even single-worded tweets can move markets.”

But as some would suggest, he is already well aware of his clout in that regard.

Bitcoin daily chart YTD

Source: BTCUSD on TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/speculation-tesla-dumped-its-bitcoin-holdings-denied-by-musk/?utm_source=rss&utm_medium=rss&utm_campaign=speculation-tesla-dumped-its-bitcoin-holdings-denied-by-musk

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