"Given the constant inflow of corporate participation and retail investors, we expect Bitcoin prices should continue to be skewed to the upside, at least in the near term," Lennard Neo, an analyst at
Analysis
A growing number of business leaders and celebrities e.g., Elon Musk, Jack Dorsey, Alex Ohanian and, most recently, Ricardo Salinas have added the Bitcoin hashtag to their Twitter biographies. It hasn’t gone unnoticed. When Elon Musk added #Bitcoin to his bio in late January, Bitcoin soared by 20%.
If indeed a succession of billionaires and tech moguls have taken the Bitcoin pledge whatever that might entail what is their motivation? Are they trying to manipulate the market, for instance or promote their brand?
Could they be just looking to pull the collective leg of crypto’s true believers? The CEOs, on the other hand, could be deadly earnest: signaling the technological future they believe is coming to pass e.g., global and decentralized.
Market Update
On Jan. 29 Bitcoin (BTC) price briefly rallied to $38,500 before retracing the move and spending the majority of the day struggling to reclaim $35,000.
The wild breakout in Bitcoin price has partially been attributed to Elon Musk changing his Twitter profile to simply “#Bitcoin,” which Musk subsequently followed up with a cryptic tweet saying “In retrospect, it was inevitable.”
Dogecoin (DOGE) also continued to make waves across Twitter and with crypto traders. After reaching a new all-time high at $0.078 on Jan. 28, DOGE price corrected by 41% before rebounding to trade at $0.045.
Daily cryptocurrency market performance. Source:
Developments related to DOGE and r/Wallstreetbets led FTX crypto exchange to create a Wall Street Bets (WSB) index which tracks the price of Nokia (NOK), BlackBerry (BB), AMC Theaters (AMC), GameStop (GME), Silver (SLV), DOGE, and the FTX Token (FTT) using a weighted average of their prices.
Bitcoin (BTC) Price Prediction: BTC/USD Regains Bullish Momentum, Attempts to Breach the $34,500 Resistance
Bitcoin (BTC) Price Prediction – January 29, 2021
Since January 22, BTC/USD price first broke the $30,000 support and pulled back. For the past week, the crypto has been fluctuating between $30,000 and $34,000. There has been no significant price movement as the range-bound levels are yet to be broken.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
BTC/USD – Daily Chart
Today, the BTC price is falling after retesting the $34,000 resistance levels. For the past week, the bulls have made attempts at the resistance thrice to break it. Each attempt results in a fall to the lower price range. The bears have made strong contention to sink BTC price below the $30,000 support level. The $30,000 support has been broken twice as the crypto slumped to $$28,000 low.