Bitcoin has currently successfully broke through USD 9500 as well as Ethereum through USD 9500.
If Bitcoin can rally pass 10.5K which is the next big hurdle, it can easily go parabolic for a while. It is going to be really interesting where Ethereum is going to be when Eth 2.0 is released.
#Ethereum 2.0
Solves scaling problems which is a major problem. The thing about cryptocurrency is that it doesn't work like traditional markets where when you reach certain new highs, it's going to dip down and crash, it could just be the beginning of a bull run even when Ethereum or Bitcoin has rallied for even 50%. I am currently spending tons of my time learning everything there is to know about cryptos as I believe that it's definitely going to be very lucrative.
Img Src: Tradingview
My own analysis of Bitcoin's price action. One of the ways I guide myself is to check out as many news whether it's on YouTube, decrypt.co and etc, I gather as much data as I could and definitely crowd consensus wins.
From the charts, Bitcoin has broken out of the descending triangle pattern. If everything goes accordingly, it will slowly have to move upwards to 10.1k in the short term and maybe 10.5k and finally breaking out. This is going to be an Ethereum and Defi led rally. The more boring it gets the better. It means that the potential energy stored for a significant price gain would be high for a stronger rally.
I read this in a technical analysis book and one interesting fact that was highlighted was the fact that if we imagined two scenarios. One where man a tries to bang through a door as he runs from a distance of 10metres and another who is 100metres away. Who would be more successful in doing it. The man who is nearer.
The slower the ascend up, the stronger is the bounced going to be and the more probable that is is going to stay at that price for a while once it breaks out.
Other important news I've read about so far is that Mastercard is expanding to cryptocurrency.
This is exciting.
Just a few weeks ago, paypal announced its integration with cryptos and now mastercard. Mainstream mass adoption is beginning.
I guess, what's going to happen is that when Bitcoin hits a crazy high sometime in the near future, it's going to be in the news.
Img src: Google.com
Then everyone wants to have a piece of it.
This is just the movie, platform. The prisoners are in this platform placed on different levels and each month, they take turns to be allocated to different levels. The ones located at the lowest deck gets crumps leftover by those who are in the upper platforms. Those who are early are in the top level of the platform. I guess, I am in the middle of the platform because I did not come early enough when Bitcoins was worth pennies. Hopefully, I still get just a loaf of bread.
@luueetang