Whenever we witness a new technology that didn’t make public headlines, the mainstream media fails to mention it in their news, because for them it won’t get many viewers and clicks. When Bitcoin smashed its all-time high prices, those same news outlets rushed to write articles about how “great and majestic” cryptocurrencies are. But they failed to keep reporting good content when the price entered a bearish trend and started bashing the technology.
Today, when Bitcoin breached the 20-30-40 thousand, they jumped back on the bandwagon and were ecstatic to write about cryptocurrencies again. With the events of last week’s price adjustments, Bloomberg published a very weak article, discussing how “potentially dangerous” it is currently to buy Bitcoins. Let’s take a closer look at what was said in this article, refute the ideas in case needed, and learn to have our own analysis instead of just feeding on the garbage they throw at us.
Bitcoin Price Prediction – Refuting Bad Claims
If you read the article written by Bloomberg, you will notice that they were VERY VAGUE in the message they are sending, and the article was rather “descriptive” rather than “predictive”:
- Bitcoin retreats from 40k
- Bitcoin futures and Grayscale Bitcoin trust will determine the future
- If Bitcoin fails to go above 40k, it might sink further
Those were the only comments regarding a cryptocurrency that extended its uptrend for almost a year now, making more than 700%. They did also talk about how Bitcoin is being used as a hedge against the weakness of the Dollar. Honestly, as smart readers, we do expect better analysis and predictions from such weak content.
When talking about how a retracement from 42k could signal a further dive in prices, one must be able to recognize patterns. So far, Bitcoin has been on an uptrend, with occasional price consolidation around specific areas. In a previous article, we did predict how a price consolidation would happen around 35K. This would only be natural, as if prices were to continue upwards with no breathers, a bubble would be forming and would pop in the near future. If we look at figure 1 below, do we see a crash? Is there any sign of price weaknesses?
It is important when talking about Bitcoin, to mention key areas of support, resistance, and key fundamental news that are happening in the cryptocurrency market. Today, altcoins are showing signs of strength in their prices, as most did not reach their all-time highs yet unlike Bitcoin. Isn’t this newsworthy of mentioning, rather than focusing on “oh, Bitcoin fell from 40k to 35K, panic everyone”?
Don’t get us wrong…A bear market might happen, and it is most likely to hit mid-2021 to adjust prices, but so far non of the indicators Bloomberg’s article gave us confirm anything, they rather sound beginnerish.
The Cryptocurrency market as a whole
In the past 24 hours, the cryptocurrency market was mostly seen higher, with “The Graph” and “Horizen” in the lead making 51% and 31% respectively. While Bitcoin prices continue to consolidate around 35K, the altcoin market is seeing tremendous gains. The top 10 is also witnessing a consolidation, except from ChainLink’s impressive 10% increase:
1- Bitcoin (BTC) : + 4.14 %
2- Ether (ETH) : + 2.09 %
3- Tether (USDT) : 0 %
4- Polkadot (DOT) : – 0.42%
5- Ripple (XRP) : + 3.22 %
6- Cardano (ADA) : + 1.23 %
7- Litecoin (LTC): + 1.17 %
8- Bitcoin Cash (BCH) : + 1.96 %
9- Chainlink (LINK) : + 10.01 %
10- Stellar (XLM): + 0.01 %
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