BTC TOP 3
BTC Stronger amid china fud
BTC to China: Good riddance! 😀
Heard of the song, “What doesn’t kill you makes you stronger”? That’s what exactly is happening to Bitcoin now.
With the recent fuds against BTC, the world’s most famous whistleblower, Edward Snowden, says in a tweet, “China’s crypto ban has made Bitcoin even stronger”. *see full tweet below*
Scott Melker of The Wolf of All Streets, on one of his YouTube videos, agrees with this statement. He pointed out China has banned Bitcoin, more or less, 13 times! But the difference with the recent May ban, it was more about banning the miners and reinforcing the rules that they’ve been making for the past years — hence, it seems to be much stricter this time around. But if you can remember, the biggest argument against Bitcoin in the past was that it was ‘too centralized in China‘ — e.g. that fear that China can take over the miners, 51% attack the network, too much volume in China, all these things. Then mysteriously, China started to ban things and leads BTC to a bearish case. But in reality, more decentralization is good for BTC. It matches the core ethos of Bitcoin, remember why you entered the cryptospace?
China taking a step back on crypto is a good thing actually. The less control China has, the more they missed the opportunity to have taken that control. They could’ve attempted, and would’ve succeeded. The fact that that has not happened and they’ve gone the other way is massively bullish for the Bitcoin network and for the future price.
Not only Scott, Ben “BitBoy Crypto“, the most popular and recognized crypto-influencer on YouTube and many other platforms, is on the same page as well. Bringing up the hash rate, said that even with all the China fud noise recently, BTC’s hash rate has almost completely recovered after that China ban on miners. Also revealed that most, if not all, of China miners, have moved to Kazakhstan and Kyrgyzstan, and just recently, Uzbekistan. This move has made Kazakhstan the #3 hash rate country in the world.
So, what are your thoughts on this? Do you also think that this mistake of China is a very good opportunity for Bitcoin?
Whether we like it or not, the cryptocurrency market is still tied to the whole financial market: when the stock market goes down, or when something of huge scale drops and crashes, it always brings down with it the whole market. Until when can Bitcoin and crypto decouple with the stock market, that’s still a question we all want to find an answer to soon.
Now, news about China’s Evergrande crisis is once again circulating on mainstream media as trading shares are currently being suspended. Fear and speculation could really spread quickly like a forest fire. But how is Bitcoin currently doing so far?
Doing real good! At the time of this writing, BTC has closed above $49k, which is a very important key level to watch for more bullish continuation, on the 4-hr chart.
Crypto Michael, another one of YouTube’s rising crypto experts says, “everything is still fine, crucial levels are still there (holding).” But still reminded to be watchful of the equity markets as they could affect the trend. But, assured, as of the moment, Bitcoin is quite positive in contrast to the equity markets.
Here are some alts that are currently pumping right now, along with their targets:
SOL – broke out of descending trendline, currently at $167~, should be heading up to $260. *if looking for an entry, a retest of support could happen at around $152
UNI – broke out and retested, currently at $25, should test $30 first, then head up to $44.
BNB – above the equilibrium should eventually make its trip to the top of the channel, targeting $691
LUNA – wait for a retest of $45 after a close above it, target $84
If you want to know more altcoins and see how they’re doing, leave a comment below. 🙂
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Elisa is our Head of Market Analysis at Rocket Crypto X
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