Bitcoin is continuing to meander between $30K and $40K.
At times, Bitcoin looks as though it may be moving towards recapturing the $40K support line. But then, only a few hours later, Bitcoin seems to take a turn in the opposite direction. Still, the price of BTC seems to have developed some fairly resilient support around the $30K line. The only time Bitcoin managed to dip below $30K over the past few weeks, and then it quickly snapped back up.
Since that point, Bitcoin continued along the same meandering trajectory, wandering around $32K-$34K, occasionally visiting the neighbourhood of $35K-$39K. In comparison to the astronomical journey of swells and dips that Bitcoin went on earlier this year, it seems as though Bitcoin is taking it easy.
Mixed Messages from Bitcoin
So, the big question is all about what is going to come next. Will BTC crash through $30K after all? Will it surge past $40K, $50K and reach new heights above $60K? What gives?
(The answer, of course, depends on who you ask.)
Cointelegraph reported this morning that the number of active addresses on the Bitcoin network fell sharply over the course of the past several weeks, from 1.3 million to approximately 500,000, roughly 60%. The drop caused the number of active wallets on Ethereum to take the lead over Bitcoin for the third time in a month. Before this, the last time that the Ethereum network had more active wallet addresses than Bitcoin was in early 2017.
A Twitter analyst known as 'Mr Whale' pointed out that based on a weekly moving average, active addresses on the Bitcoin network have fallen to their lowest point since April of 2020, a point at which many analysts tie to BTC’s run to $60K earlier this year.
The dip in the number of active Bitcoin addresses could indicate several things. However, it is likely that this change has much to do with the exodus or dormancy of retail investors who entered the market for the first time during BTC’s big rally throughout 2020 and earlier in 2021. If these retail investors fail to actively re-enter the market, it is unclear what the long-term consequences could be.
“Bitcoin Is like a Spring. We Stretch It Too Much and We Put Too Much Leverage.”
Some analysts do not seem to be too concerned about the dip in active wallet activity. Alex Mashinsky, Chief Executive of Celsius and renowned crypto commentator, told CoinTelegraph at the Miami Bitcoin 2021 conference in June that he sees Bitcoin reaching as high as $160,000 this year. “We haven’t seen the highs yet for 2021,” he said.
Mashinsky believes that the Bitcoin market correction that took place in May was just another step along the path to new heights.
“When you go too high, too fast, you are bound for a correction,” he said, adding that “You can see my tweets in both March and February saying ‘we’re going to have a crash, we’re going to have a correction.’ I predicted $30,000.”
Mashinsky cited over-leveraged markets as the reason for Bitcoin’s volatility earlier in the year: “Bitcoin is like a spring,” he said. “We stretch it too much, and we put too much leverage. Too many people got greedy.”
Shortly after the crash in May, CNBC reported that: “Traders taking excessive risk in unregulated cryptocurrency markets” were forced to sell when prices started to drop. Therefore, what may have been a minor correction in the price of Bitcoin spiralled into a price drop of roughly 30 percent.
Leverage is not unique to Bitcoin. It can be practised across capital markets. However, the difference between leverage in Bitcoin and leverage in traditional markets is the fact that it is so unregulated. Some cryptocurrency exchanges allow their customers to take extreme risks. For example, BitMEX allows any one of its users, no matter their level of trading experience, as much as 100-to-1 leverage for cryptocurrency trades.
When Bitcoin crashed in May, $12 billion was liquidated across 800,000 leveraged Bitcoin positions. Therefore, rebuilding the price of Bitcoin in a sustainable way cannot include high amounts of leverage, lest history repeats itself.
A More Balanced Future for BTC?
Now that leverage has been rinsed from the markets, Bitcoin may indeed have an opportunity to rebuild in a healthier way.
There is some evidence to show that this growth could come from the developing world.
#Bitcoin has a market cap of $680 billion dollars.
If 1% of it is invested in El Salvador, that would increase our GDP by 25%.
On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.
— Nayib Bukele ?? (@nayibbukele) June 6, 2021
Additionally, Tanzanian President Suluhu Hassan told the nation’s financial chiefs to prepare for cryptocurrency: “We have witnessed the emergence of a new journey through the internet,” she declared. “I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the Central Bank is that you should start working on that development.”
At times, Bitcoin looks as though it may be moving towards recapturing the $40K support line. But then, only a few hours later, Bitcoin seems to take a turn in the opposite direction. Still, the price of BTC seems to have developed some fairly resilient support around the $30K line. The only time Bitcoin managed to dip below $30K over the past few weeks, and then it quickly snapped back up.
Since that point, Bitcoin continued along the same meandering trajectory, wandering around $32K-$34K, occasionally visiting the neighbourhood of $35K-$39K. In comparison to the astronomical journey of swells and dips that Bitcoin went on earlier this year, it seems as though Bitcoin is taking it easy.
Mixed Messages from Bitcoin
So, the big question is all about what is going to come next. Will BTC crash through $30K after all? Will it surge past $40K, $50K and reach new heights above $60K? What gives?
(The answer, of course, depends on who you ask.)
Cointelegraph reported this morning that the number of active addresses on the Bitcoin network fell sharply over the course of the past several weeks, from 1.3 million to approximately 500,000, roughly 60%. The drop caused the number of active wallets on Ethereum to take the lead over Bitcoin for the third time in a month. Before this, the last time that the Ethereum network had more active wallet addresses than Bitcoin was in early 2017.
A Twitter analyst known as 'Mr Whale' pointed out that based on a weekly moving average, active addresses on the Bitcoin network have fallen to their lowest point since April of 2020, a point at which many analysts tie to BTC’s run to $60K earlier this year.
The dip in the number of active Bitcoin addresses could indicate several things. However, it is likely that this change has much to do with the exodus or dormancy of retail investors who entered the market for the first time during BTC’s big rally throughout 2020 and earlier in 2021. If these retail investors fail to actively re-enter the market, it is unclear what the long-term consequences could be.
“Bitcoin Is like a Spring. We Stretch It Too Much and We Put Too Much Leverage.”
Some analysts do not seem to be too concerned about the dip in active wallet activity. Alex Mashinsky, Chief Executive of Celsius and renowned crypto commentator, told CoinTelegraph at the Miami Bitcoin 2021 conference in June that he sees Bitcoin reaching as high as $160,000 this year. “We haven’t seen the highs yet for 2021,” he said.
Mashinsky believes that the Bitcoin market correction that took place in May was just another step along the path to new heights.
“When you go too high, too fast, you are bound for a correction,” he said, adding that “You can see my tweets in both March and February saying ‘we’re going to have a crash, we’re going to have a correction.’ I predicted $30,000.”
Mashinsky cited over-leveraged markets as the reason for Bitcoin’s volatility earlier in the year: “Bitcoin is like a spring,” he said. “We stretch it too much, and we put too much leverage. Too many people got greedy.”
Shortly after the crash in May, CNBC reported that: “Traders taking excessive risk in unregulated cryptocurrency markets” were forced to sell when prices started to drop. Therefore, what may have been a minor correction in the price of Bitcoin spiralled into a price drop of roughly 30 percent.
Leverage is not unique to Bitcoin. It can be practised across capital markets. However, the difference between leverage in Bitcoin and leverage in traditional markets is the fact that it is so unregulated. Some cryptocurrency exchanges allow their customers to take extreme risks. For example, BitMEX allows any one of its users, no matter their level of trading experience, as much as 100-to-1 leverage for cryptocurrency trades.
When Bitcoin crashed in May, $12 billion was liquidated across 800,000 leveraged Bitcoin positions. Therefore, rebuilding the price of Bitcoin in a sustainable way cannot include high amounts of leverage, lest history repeats itself.
A More Balanced Future for BTC?
Now that leverage has been rinsed from the markets, Bitcoin may indeed have an opportunity to rebuild in a healthier way.
There is some evidence to show that this growth could come from the developing world.
#Bitcoin has a market cap of $680 billion dollars.
If 1% of it is invested in El Salvador, that would increase our GDP by 25%.
On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.
— Nayib Bukele ?? (@nayibbukele) June 6, 2021
Additionally, Tanzanian President Suluhu Hassan told the nation’s financial chiefs to prepare for cryptocurrency: “We have witnessed the emergence of a new journey through the internet,” she declared. “I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the Central Bank is that you should start working on that development.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Ripple Pushes Back: Challenges SEC's Proposed $2 Billion Fine
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔