🚨 BYBIT – $100 TRADING BONUS: http://bybit.cryptonewsalerts.net
Bitcoin has become a tirelessly bullish asset.
The benchmark cryptocurrency BTC logged yet another record high on Sunday, hitting $28,387 as traders/investors measured its strength against the US dollar, the global reserve currency that has plunged by more than 12 percent from its mid-March top. At least, that is the popular narrative so far.
But bulls failed to push the Bitcoin price towards its psychological upside target of $30,000. Some profit-taking ensued that caused the cryptocurrency to correct to as low as $25,772. But the intraday bearish bias was brief. Traders/investors flocked back into the Bitcoin market. The price rebounded back to reclaim its reliable support level of $27,000.
Bitcoin’s retracement on Monday prompted many analysts to see a bullish continuation scenario. Some pointed to an apprehensible upside technical structure—a Bull Pennant—brewing on the shorter-timeframe charts as the cryptocurrency consolidated sideways.
The technical setup projected $30,000 as its primary upside target, as shown in the chart below.
Nevertheless, some dissenting views also appeared forth. According to Michaël van de Poppe, an independent market analyst, Bitcoin looks poised to continue its downside correction primarily because of its “overbought” status. He stated that the cryptocurrency could fall to below $20,000 in the next major sell-off.
On the other hand, the fundamentals show an altogether bullish bias, promising that the Bitcoin price could be on its way towards $30,000 by the upcoming New Year’s eve. Here are three reasons why a continuation rally could happen.
#1 A BIG FAT STIMULUS CHECK
The US House of Representatives passed legislation on Monday to increase direct economic relief to millions of Americans after President Donald Trump’s unilateral demand.
#2 A $100M INVESTMENT FOR BITCOIN
As the stimulus expansion reaches an impasse, Bitcoin has found more reasons to grow its market cap — thanks to its ever-expanding institutional base.
#3 GOOGLE TRENDS
Internet searches for the keyword ‘how to buy bitcoin’ attained a perfect score on a 12-month timeframe, suggesting that the cryptocurrency market now attracts more retail players.
In other trending Bitcoin News today:
“How Low Could XRP Go? Watch These Price Levels Next”
XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading.
The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.
In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.
The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.
On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:
“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”
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Show Notes / News Resources:
– $30K Bitcoin Prediction: https://bit.ly/38Gy8dO
– XRP Lawsuit Updates: https://bit.ly/3mS2sHi
– Bitcoin Achieved Escape Velocity: https://bit.ly/2WZXjCl
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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