CRYPTO CORNER EPISODE 139
Crypto Guide: Market Analysis, News & Reviews
In today’s episode:
►Market Roundup – Bitcoin, Dogecoin, XRP – TA and February projections
These are my opinions, not financial advice, always DYOR.
On Jan 29th Bitcoin briefly rallied to 38,500 before dropping sharply back below $35k and this move was (most likely) triggered by Elon Musk – the richest man in the world (officially), who changed his Twitter bio simply to #Bitcoin….. and then followed this with a cryptic tweet tweet saying:
“In retrospect, it was inevitable” which to many might have been unclear, but the crypto community was quick to spot the obvious Bitcoin reference.
Miner selling pressure increased. The main reason why we are not able to break above the current resistance levels is the copious amounts of selling pressure that miners, especially those in China are putting on the markets. As Chinese New Year approaches, this could be a factor in the sell-off we currently see by the miners. Selling levels are at their highest since July 2019, when we had the first leg of recovery and the signs of an ending bear market. This is also an indicator that the floor at which miners are comfortable to hold their Bitcoin has not yet been reached, and many analysts are now calling for Bitcoin to drop further and some even suggest that we might have topped out already, meaning the next few months could see Bitcoin drop by another 30-40% although, I personally don’t see this being the most likely scenario due to rising buying appetite from institutional investors, who most likely will buy off the dips and keep its price above the $20k level.
Time will tell…
While Bitcoin was trying to stay above the $34K level, Dogecoin began a massive pump. It took it to 700%+ gains in the space of 24 hours and then… DUMP began.
The same is now happening with XRP – I discuss these in greater detail in today’s episode, so take a look:
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The information contained in this article is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.