Čvn 19

Bigger Than Russia – Bitcoin Now 8th Largest World Currency

Still think Bitcoin is a passing fad? Here’s a news flash for you. At $8,940, it’s bigger than Russia’s monetary base. That makes Bitcoin the eighth largest currency in the world. And the price keeps on climbing…


Which Countries Have the Biggest Monetary Base in the World?

The answer might surprise you. Check out the chart below by Crypto Voices. You’ll see that gold is still by far the largest monetary system in the world at almost $8 trillion. However, Bitcoin is hot on its heels.

Bitcoin Base Money

When it comes to a country’s monetary base, however, that is measured in terms of the total amount of currency in circulation or held in commercial deposits in the central bank, not in its gold reserves. 

With its $25 trillion dollar debt, it’s no surprise that despite being the world’s largest economy, the U.S. lags in fourth place behind Japan, China, and the Euro Zone when it comes to base money.

You might wonder why oil-rich countries like Saudi Arabia and the United Arab Emirates don’t appear on this report. Is it because most of their wealth is held in oil and not in fiat?  Crypto Voices says:

Don’t know their methodologies, but Saudi Arabia and Denmark, for example, are pegged currencies, so their base money is the USD and EUR, respectively, and shouldn’t be counted. The correct economic comparison is the monetary base value of each currency’s central bank.

Bitcoin Monetary System Now 8th Largest World Currency

If you don’t count gold and silver, Bitcoin is now the eight largest currency in the world. It comes in at 9th place after the two precious metals.

How significant is this? Well, with a market cap currently at $162 billion and with some analysts predicting a BTC value of over $40k by the end of 2019, after just 10 years of being created, it’s a pretty big deal indeed.

Bitcoin is already bigger than the base money of Russia, South Korea, Brazil, Canada, and Norway. With cryptocurrency adoption on the rise around the world, it won’t be long before it catches up with–and overtakes–the monetary base of India, Switzerland, the UK, and, yes, the United States as well.

Will Bitcoin become the world’s largest monetary base? Add your thoughts below!


Images via Shutterstock, Crypto Voices

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Čvn 19

Automatic Bitcoin Micropayments Are Coming to Lightning Network

With the introduction of Joule Allowances, the Bitcoin network takes one step closer to achieving its potential for automated micropayments and ‘streaming money.’


Joule Allowances Enables BTC Auto-Micropayments

Since its inception, Bitcoin has been trying to live up to its promise of being an enabler of frequent, low-value, instant payments. However, this is difficult to achieve on-chain, particularly when a block is mined roughly every 10 minutes

Now, a web-based tool is promising to make Bitcoin a reliable, seamless and affordable payment option. On June 13, 2019, software developer and co-founder at Grant.io, Willie O’Beirne gave an introduction of Joule Allowances.

Joule is a WebLN-enabled browser extension that utilizes the user’s own lightning node to enable seamless micropayments in the background.

To avoid confusing Joule’s users and to make its operation more practical, O’Beirne notes that for now Joule Allowance payments will be restricted to payments made via WebLN only.

WebLN is a library that comprises of specifications for lightning apps and client providers to facilitate secure communications between apps and users’ lightning nodes.

To transact payments with Joule, the user needs an app that accepts or makes Lightning payments, as well as a compatible web browser, such as Chrome, Firefox, and Opera. Soon, Brave will also become compatible.

When configuring the allowance, the user will have the options of setting the maximum amount of satoshis that the application use, the maximum amount per payment, and the frequency with which the payments can be made.

Joule Allowances is still under development. O’Beirne explains,

Joule’s interface is just the start of automatic payments while browsing the web with Lightning. There’s currently ongoing discussion of how to programmatically request, configure, and inspect allowances via WebLN, a discussion of using the HTTP 402 response code for payments (that could be done automatically), and new features that would make programmable auto-payments more feasible (e.g., customizable LND macaroons.)

Bitcoin Micropayment Capabilities Improving

Regardless of whether a fee is high or low, transactions have to wait to be confirmed with the next block, which usually takes around 5-15 minutes.

According to Bitcoinfees.earn.com, as of this writing, the fastest and cheapest transaction fee is 72 satoshis/byte. And for the median transaction size of 225 bytes, the charge is 16,200 satoshis. (One bitcoin equals 100 million satoshis.)

However, technical innovations such as Lighting Network and SegWit are easing network congestion, particularly in terms of scalability and reduced transaction fees. Now, the advent of automated payments such as Joule Allowances gets Bitcoin one step closer to become a viable micropayment option as well.

What impact do you think Joule Allowances will have on Bitcoin micropayments? Let us know in the comments below!


Images via Twitter/@wbobeirne, Shutterstock

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Čvn 18

XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram.


XRP Climbs 15% in a Week

Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains.

That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers.

Ripple

XRP price 1 hour candles – Tradingview.com

XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion.

The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year.

Big Partnership Driving FOMO

The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements.

A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity.

Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated;

This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.

MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers.

The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added;

Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.

Will XRP hit $0.50 this week? Add your comments below.


Images via Shutterstock, Tradingview.com

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Čvn 17

Bitcoin Price Targets Next Key Resistance Level – Is 5 Figures in Play?

The weekend has been extremely bullish for bitcoin price, which has surged to a new 2019 and thirteen month high. Those gains have held into Monday morning in Asia and analysts are now scouring the charts looking for the next move for BTC.


Bitcoin Price Painting a Bullish Picture

Bitcoin has held on to most of its weekend gains and remains over $9k during the morning’s Asian trading session. Yesterday’s surge of 8% from $8,600 to top $9,300 has lifted the king of digital assets to new highs not seen since early May 2018.

Over the past 24 hours, BTC has retested $9,300 twice before a minor pullback to $8,830. It has currently recovered back to 00 and looks set to retest resistance again.

bitcoin

BTC price 1hr candles – Tradingview.com

As usual, traders and analysts have been scouring the charts looking for the next levels of support and resistance. It appears that a previous high from May last year and a crucial Fibonacci level will come into play as the next major resistance level to be overcome before bitcoin can consider five figures. Trader Josh Rager has been looking at the charts.

$BTC Strong Weekly Close. Bitcoin has been extremely bullish & foresee a test of the major resistance between $9500 to $9600, the 0.382 fib (is a typical “take profit” area is at $9532). But last time everyone expected a major pullback in the $6ks it busted right through to $7k+

Max Keiser also doubled down, maintaining his ambitious price target saying that there is ‘hardly any bitcoin for sale at all” before here and $28,000.

Will the Uptrend Continue?

A big profit taking session from day traders is likely to send BTC correcting back to the high $8,000s. However, as pointed out above, many also expected a massive correction back to $6k which has yet to materialize. Looking at next moves for BTC, analyst ‘Big Chonis’ added.

one more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…

The 23.6% Fib level for the big picture currently sits just below $7k so a correction back to this will be a huge move. At the moment the sentiment is bullish despite last week’s new from Binance that US customers will be forced to migrate to the soon-to-be-launched ‘Binance America’ for regulatory reasons.

A new high for the year could be imminent as the often expected ‘Red Monday’ following a strong weekend has yet to materialize. Most crypto assets are still in the green today and total market capitalization is at $284 billion, which is also around the highest it has been this year.

Will bitcoin hit five figures this week? Add your thoughts below.


Images via Shutterstock

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Čvn 15

Hong Kong Protests Could Boost Bitcoin as Wealthy Move Assets Offshore

Bitcoin could be boosted by the current political unrest Hong Kong as the upper and middle classes are reportedly starting to move their assets offshore.


Hong Kong Begins Moving Wealth Offshore

Fears over the hated extradition bill, whose introduction the Hong Kong government has only suspended but declined to withdraw, are causing the wealthy to start moving their capital from Hong Kong to offshore.

People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.

hong kong

In protest, Hongkongers have been staging massive street demonstrations for several days, with varying degrees of violence. These demonstrations have caused widespread alarm, particularly for both government and business.

On June 10, 2019, the US State Department warned that “the amendments could damage Hong Kong’s business environment and subject our citizens residing in or visiting Hong Kong to China’s capricious judicial system.”

Moreover, the city is already suffering from liquidity problems, fueled in part by the China-U.S. trade war. Many now fear that if the extradition bill passes, it will increase capital outflows, thus further reducing liquidity.

As a consequence, rich people are now focusing on how to move their wealth offshore. According to Reuters,

Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions.

In addition, many middle-class Hongkongers are withdrawing their money from Chinese banks in protest.

For many, these events explain in part Bitcoin’s present trajectory towards the $9,000 USD price mark.

Hong Kong authorities are now backing down. However, they are not withdrawing the bill.
On June 14, 2019, Hong Kong Chief Executive Carrie Lam announced that she was suspending the extradition bill she was trying to push through the Hong Kong Legislative Council.

But the mere suspension of the bill does not satisfy protesters. Therefore, they will go ahead with another massive demonstration on Sunday, June 16.

Thus, Lam’s latest move will not remove uncertainty from the political and business environment for a long time because she has not set a date for the next step forward.

Earlier this week Bitcoinist reported that Hong Kong is already seeing an uptick in Bitcoin trading volume on LocalBitcoins platform.

hong kong

If the political unrest continues, it will likely further encourage the rich and the middle-class to protect their assets by moving it elsewhere from the former British colony.

Hong Kongers, therefore, may already be eyeing the world’s first apolitical and borderless store of wealth, i.e. Bitcoin, to prevent the government from tracking their private data and confiscating their wealth. In fact, China is no stranger to paying a premium for cryptocurrencies to not only trade and invest but also as a means to circumvent capital controls.

In October 2018, a Chinese court issued a ruling saying there is no prohibition on owning and transferring bitcoin in China.

Will some wealthy Hong Kongers choose Bitcoin to protect their wealth? Let us know in the comments below!


Images via Twitter/@xinwenxiaojie, Shutterstock

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Čvn 15

Bitcoin Bulls Are Running Again – Is $9,000 The Weekend Target?

After over a week of consolidation, bitcoin price has started to move again as we enter the weekend. Many had anticipated a selloff and larger correction, which still may come, but at the moment the bulls are back in play as BTC breaks resistance.


BTC/USD Breaks Resistance

From an intraday low of around $8,200, bitcoin price shifted gear and broke this resistance level to push to a high of $8,730 a few hours ago during early Asian trading. The 6% gain has had the usual effect of lifting most of the altcoins with it. Bitcoin volume has also increased to its highest level for over a week which is back above $20 billion.

At the time of writing, BTC 00 had retraced slightly but was still trading at a two week high of $8,650.

bitcoin

BTC prices 1-hour candles – Tradingview.com

Bitcoin Correction Fears Fading

Now that the expectations of a massive correction have started to dissipate, and the head and shoulders formation has broken down, traders and analysts are turning to the charts to map out bitcoin’s next move.

Analyst Josh Rager has shared two possible scenarios revolving around a resistance level at $8,566.

Battle at the $8566 resistance. Two possible scenarios:
1. Close above this level and continue up to $8750+
2. Close below level, retest $8k area followed by push back up to $8750+
The next couple hours will be key for 4hr and daily close.

It turns out that the first scenario was the correct one as the daily candle closed at $8,700. BTC is currently sitting at the next resistance level so a move above this could take it back to $9k once again. The opposite would be a pullback to the $8,400 zone in the short term.

Trader ‘CryptoFibonacci’ has been looking at the futures charts which also confirms that the head and shoulders are now null.

So, the “possible” Head and Shoulders pattern is null and void IMO. The futures closed right close to the 61.8 retrace. Another gap is possible, but the Squeeze indicator is still not giving any signal at all.

The move has taken bitcoin dominance back over 56% and lifted total crypto market capitalization by over $10 billion in the last 24 hours.

Total market cap is now around $272 billion, its highest level since June 3. The rest of the pack appears to be slowly following their leader but gains are a lot smaller as bitcoin is clearly in the driving seat this Saturday morning.

Will bitcoin hit $9k this weekend? Add your thoughts below!


Images via Shutterstock

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Čvn 14

Visa, Paypal Say They’ll Pay $10 Million to Run ‘Facebook Coin’ – Report

Big companies like Visa and PayPal are reportedly willing to pay millions for the privilege of running a node on the Facebook cryptocurrency network.


Facebook’s foray into crypto has been met with mixed reaction. Some are hailing it as the next step in a global financial revolution, while others have expressed concerns over the company’s shady past record when it comes to security, privacy and data abuses.

Nevertheless, U.S. tech and finance giants clearly want a slice of the Facebook crypto pie. According to the Wall Street Journal, a number of financial and e-commerce companies, venture capitalists and telecommunications corporations have already pledged to back the new project.

Big Names Want In On ‘GlobalCoin’

The report added that over a dozen firms, which include Mastercard Inc, Visa Inc, PayPal Holdings Inc, Stripe Inc, Booking.com, and Uber Technologies Inc, have formed a consortium and agreed to pledge $10 million each to secure governance over the new crypto coin.

It was reported last month that the social media giant was recruiting backers and aimed to raise $1 billion for the crypto project.

Fearing Bitcoin, VISA and Mastercard Reclassify Crypto Purchases as 'Cash Advances'

The currency dubbed ‘Libra’ or ‘Global Coin’ is expected to be officially announced next week. The stablecoin will be pegged to a basket of government-issued currencies — similar to the IMF’s SDR (special drawing rights) basket of fiat currencies — to avoid the volatility of cryptocurrencies.

The report was not very complimentary of bitcoin stating,

It has been a decade since bitcoin was born, yet consumers hardly use it—or the hundreds of other cryptocurrencies—to pay for things. Facebook is betting it can change that with a crypto-based payments system built around its giant social network and its billions of users.

The usual regulatory concerns have been raised as governments get anxious about the potential for money laundering. According to the WSJ, Facebook won’t exactly control the new coin, neither will the individual members of the consortium, which is known as the Libra Association.

Citing people familiar with the situation, it added that some could serve as nodes for blockchain transaction validation.

Facebook is still the direct developer of the greatly guarded technology so its influence over the coin is likely to be as strong as it has over the data on the social media platform. Just like Google, Facebook has a highly secretive algorithm that determines what users can and cannot see in its news feed.

‘Facebook Coin’ Will Boost Bitcoin

Co-founder and partner at Morgan Creek Digital Anthony ‘Pomp’ Pompliano said that the move was especially bullish for Bitcoin adoption considering two of the backers are Visa and Mastercard.

Participating in the Libra project allows companies like PayPal, Visa, and Mastercard to exert some level of control over the new ‘cryptocurrency’ and its centralized governance. This makes the new coin unlike Bitcoin that’s an open-access cryptocurrency allowing anyone to download the software and run a node.

Therefore, ‘Facebook Coin’ is unlike to pose any real threat to the future of decentralized peer-to-peer finance. Instead, it already looks to be more like a competitor to banks or even Starbucks Rewards than P2P ‘digital gold.’

Will Facebook crypto be a threat to bitcoin? Add your thoughts below.


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Čvn 12

‘Ultra-Bull Case’ for Bitcoin Driven By Central Banks – Anthony Pompliano

Anthony ‘Pomp’ Pompliano of Morgan Creek Digital believes Bitcoin is about to experience an epoch-defining next 18 months.


‘A Perfect Storm for Bitcoin’

Speaking to Bloxlive TV earlier in June, Pompliano said the next 18 months will be crucial for Bitcoin. The Morgan Creek Digital co-founder believes the plethora of developments with potentially global economic impacts will contribute to upscaling Bitcoin’s role in the global financial system.

Pomp drew a line linking trade tensions between the U.S. and China, dovish central bank policies and the 2020 Bitcoin halving as important drivers that will have a positive impact on BTC price.

According to Pompliano:

Over the next 12 to 18 months, we are going get a perfect storm for bitcoin. There are a number of events that are going to happen at the same time. Central banks will be forced into some interest rate cuts, maybe some QE. These events [will] ultimately drive Bitcoin into an ultra-bull case.

Already, several market analysts warn that the current global economic trajectory is one tending towards another financial crisis. Bitcoin appears to be in prime position to ride this tumultuous economic wave, offering, as Bitcoinist called it in an op-ed late last year, “a non-political alternative to the money printing pyramid.”

Era Defining Moment for BTC

Monetary policymakers around the world from the Federal Reserve in the U.S. to the Bank of Japan (BOJ), and the European Central Bank (ECB) are all adopting dovish policies.

There are reports of adopting rate cuts or even zero-interest-rate policy (ZIRP), not to mention the seemingly permanent quantitative easing used to paper over the cracks of a deteriorating market.

Bitcoin emerged after the 2008 financial crisis and the next year-and-a-half could potentially form its defining crucible. This ‘digital gold’ is already providing a suitable shelter for investors against the coming financial storm. Ironically, it is the banks themselves that could further solidify its status as the prime driver in the separation of money and state.

federal reserve system

If the separation of church and state opened the way for religious and political freedom, Bitcoin proponents argue that a politically-neutral, opt-in monetary system could do the same for economic freedom. In other words, it can do to money what the internet did for information.

Bitcoin in many ways has the ability to ‘scale trust’ in society by completely removing it from the equation. This will be particularly important when it comes to transferring and storing value compared to the ‘full faith and credit’ fiat money that has been holding the global financial system hostage.

Bitcoin will hopefully be a fully realized store of value when, not if, the credit bubble inevitably bursts.

What is your bitcoin price prediction for the year ending 2020? Let us know in the comments below.


Images via Shutterstock, Twitter @Jessicaw_tv

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Čvn 12

Bitcoin Has Dwarfed Warren Buffet’s Berkshire Hathaway in ROI

Warren Buffett’s Berkshire Hathaway has seen an impressive increase of around 997,900 percent in its stock price since Warren Buffett took control. Bitcoin, on the other hand, is up 720,000,000% in its short 10-year history since its first recorded price. 


Berkshire Hathaway Up 997,900%

Berkshire Hathaway, a multinational conglomerate holding company, the CEO of which is no other but popular investor and one of the richest men alive, Warren Buffett, has seen an increase of 997,900 percent in its stock price since the prominent investor took control of it back in 1964.

The company is also well-known for the fact that it has been under the leadership of one of the most well-known investors, Warren Buffett. He is currently the CEO at Berkshire Hathaway.

Forbes’ latest listicle of the richest men puts Buffett as the third wealthiest man with an estimated net worth of $82.5 billion.

Bitcoin Up 720,000,000% in 10 Years

Bitcoin, on the other hand, has only been around in the past decade. However, in this relatively short amount of time, the cryptocurrency has managed to increase by a whopping 720,000,000 percent since its first ever recorded price.

Ironically, Buffett, being the prominent and well-known investor that he is, is a sworn Bitcoin-basher. In fact, Buffett has been particularly vocal on his stance on the matter, calling Bitcoin all sorts of things. Buffett said:

It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me. It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.

If that’s not definitive enough, Buffett has also called the leading cryptocurrency “rat poison squared.”

Going even further, Buffett’s Berkshire Hathaway invested $340 into an alleged Ponzi-type scheme according to Bloomberg. Federal investigators maintain that DC Solar, the company which received Buffett’s backing has used new investors’ money to pay back existing investors.

So if Buffett, the infallible investment genius that everyone seems to believe he is, failed to recognize a Fed-investigated Ponzi-scheme, could it be possible that he’s also wrong about Bitcoin?

Facts Speak For Themselves

Regardless of whether Buffett likes it or not, this “rat poison” has massively outperformed the company he controls. It’s also worth noting that Berkshire Hathaway wholly owns prominent corporations such as Geico, Duracell, Long & Foster, and so forth. It also controls minority shares at American Express, Wells Fargo, and The Coca-Cola Company.

Bitcoin does none of the above and isn’t even a company with any central authority. It’s simply a decentralized protocol for money that ensures no one breaks the rule. Bitcoin is an asset class of its own that has managed to gain 722 times more money to its investors compared to Berkshire Hathaway. And it only took it 10 years.

So, in case anyone doubts John McAfee in putting a $1 million price target for Bitcoin, it’s perhaps worth considering all of the above. Sure, it may not happen by December 31st, 2020, but it’s certainly a possibility.

Maybe Buffett should reconsider. Though, perhaps Justin Sun is the one (not) to make him change his mind.

What do you think of Bitcoin hitting $1 million? Do you think it will happen? Don’t hesitate to let us know in the comments below!


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Čvn 11

Bitcoin Resistance Turns Support at $8,000 as H&S Pattern Forming

Following the close of a big red candle on the weekly chart, many expected the pullback to accelerate and Bitcoin price to fall even further today. Such is the nature of crypto markets that BTC did the opposite and moved back up above $8,000 once again.


As has been typical of Bitcoin price chart patterns, the ‘Bart Simpson’ styled spikes have been quite frequent lately. Another one of these occurred during late US trading sending BTC surging from $7,630 to top out at $8,090 in just two hours according to Tradingview.com.

bitcoin

BTC price, 1 hour candles, Tradingview.com

The six percent surge has wiped out all losses over the past three days and returned Bitcoin to the $8,000 level, which has become resistance turned support once again. During Asian trading, this morning Bitcoin remained just below $8k where it has been rangebound within this channel for the past week.

Bitcoin Resistance Turns Into Support

Trader and market analyst Josh Rager has been looking at the charts noting the next possible places that Bitcoin can go to in the short term.

Support that flipped to resistance, flipped back to support. Still in a channel and need to break above $8200 – closing there would likely lead up to $8700+. $7900 to $8000 has been the most accumulated price range since May 13.

The most likely scenario for the next day or so is more consolidation here. Self-styled ‘chart psychologist,’ ‘Chonis Trading’ has identified a pennant, the end of which could spell the next move.

Fellow trader ‘The Crypto Dog’ confirmed that nothing really has changed for Bitcoin momentum in a recent tweet.

So far, so nothing. As exciting as today was, bulls haven’t managed to secure a breach past a significant resistance. We’re still much in the same boat as yesterday, more waiting…

There is also a lot of talk about the clear head and shoulders pattern that is forming but has yet to fully complete. These are typically indicative of a trend reversal and could signal a break to the low side and the start of the deeper correction that many are also predicting.

Bearish Candles Can’t Be Ignored

Other confirmation signals would include the bearish candles on the weekly chart that Bitcoinist reported on yesterday. Many are still secretly hoping that the 30% plus correction does finally materialize as it will no doubt provide a huge buying zone for Bitcoin.

Nearly all of the traders and analysts on crypto twitter have at one stage or another said that they would be loading up if BTC ever got close to $6k again. When this happens it will catalyze the next big move upwards keeping the current bull run intact.

Will you be buying Bitcoin if it drops back to $6k? Add your thoughts below.


Images via Shutterstock, Tradingview.com

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