The Bitcoin price was $16,825.85, down -0.10% in the last 24 hours. The current price movement of Bitcoin has resulted in a market value of $323,794,533,258. Bitcoin has changed -63.61% so far this year. According to CoinDesk’s Digital Asset Classification Standard, Bitcoin is classed as a currency (DACS). Bitcoin is the world’s first decentralized cryptocurrency, a sort of digital asset that records, signs, and sends transactions across the Bitcoin blockchain without the control of a central authority.
The Bitcoin network (with an upper-case “B”) was established in January 2009 by an unknown computer programmer or group of programmers under the alias “Satoshi Nakamoto.” The network is a peer-to-peer electronic payment system that employs bitcoin (lower case “b”) as a cryptocurrency to transmit value via the internet or as a store of value like gold and silver. Each bitcoin is composed of 100 million satoshis (the smallest unit of bitcoin), making each bitcoin divisible to eight decimal places. That implies that anyone may buy a fraction of a bitcoin for as low as one US dollar.
Billionaire software entrepreneur Mark Cuban is positive on Bitcoin, predicting that the price will continue to fall. “I want Bitcoin to fall a lot further so I can purchase some more,” Cuban remarked on comedian Bill Maher’s “Club Random” podcast. The owner of the NBA’s Dallas Mavericks stated that investing in gold was not worthwhile, preferring digital assets. Mark Cuban, who is worth $6.25 billion, has long been a supporter of cryptocurrencies, notably Bitcoin, Ethereum, and Dogecoin.
“Gold is a store of value, as is Bitcoin,” he explained when Maher made the analogy that what if everything had been to hell in a handbasket but they had a gold bar? Someone would have assaulted or murder you and stolen your gold bar. It is useless.” Owning gold these days, according to the investor, it is essentially the same as owning a digital transaction, therefore he opted to invest in Bitcoin.
According to CoinGecko, bitcoin is currently selling at $16,844, which is more than 75% down from the all-time high of $69,044 it reached last year. In 2022, gold—and silver—performed far better as investments. Despite the fact that the crypto market and US equities have taken a beating, metals have mostly kept their worth. Gold is presently priced at $1,800 per ounce, up from $1,807 at this time last year.
Bitcoin, according to Maher, is not worth purchasing since it is not backed by anything. But Mark Cuban retorted, claiming that owning stock in “90% of the firms out there” was similarly meaningless. During the two-hour chat, the two agreed on at least one point: that San Francisco is no longer a good place to establish a digital startup, with Mark Cuban calling the city “pretentious.”
Cuban said that an entire industry had been pushed out and the entire technical sector had deteriorated from and this is the latest thing, to just people urinating on the street. SEC Chair Gensler’s attitude on bitcoin is criticised by Mark Cuban. Cuban was originally a sceptic of cryptocurrencies, but his NBA club now takes cryptocurrency for tickets and merchandising. It became the first basketball team to take Dogecoin in 2021. Since then, Mark Cuban, along with billionaire Elon Musk, has stated that Dogecoin, a cryptocurrency established as a joke, may be beneficial for making payments.
Bitcoin, the first decentralized cryptocurrency in the world, to record, sign, and send transactions across the Bitcoin blockchain without the intervention of a centralized authority and under Satoshi Nakamoto, an unidentified computer programmer or group of programmers introduced the Bitcoin network. Mike Novogratz, the founder, and CEO of Galaxy Digital predicted that a single Bitcoin (BTC) will be worth $500,000 in five years during a broadcast interview with Bloomberg Technology in March.
Knowledge of Bitcoin
The name Bitcoin.org domain was registered in August 2008 and this is WhoisGuard Protected today at least, which means the person who registered its identity is private. However, on the Cryptography Mailing List at metzdowd.com in October 2008, someone or some organization going by the fictitious name Satoshi Nakamoto posted that he has been working on a new electronic payment system that’s peer-to-peer, with no trusted third party. The Bitcoin – A Peer-to-Peer Electronic Cash System, a now-famous white paper that was posted on Bitcoin.org, would go on to become the Magna Carta for how Bitcoin functions today.
The first Bitcoin block, known as Block 0, was mined on January 3, 2009. The line “The Times 03/Jan/2009 Chancellor on edge of the second bailout for banks” can be found in this block, which is also referred to as the “genesis block.” This text may serve as both verifications that the block was mined on or after that date as well as political commentary.
For every 210,000 blocks, the incentives for Bitcoin are halved. As an illustration, in 2009, the block reward was 50 new bitcoins. The reward for finding a block was reduced to 6.25 bitcoins on May 11, 2020, as a result of the third halving.
The smallest unit of a bitcoin is known as a satoshi, and one bitcoin can be divided up to eight decimal places (100 millionths of one bitcoin). if modifications are required and approved by the participating miners, Bitcoin could be made divisible to even more decimal places.
Understanding Bitcoin as a type of digital currency isn’t that difficult but for instance, if you have a bitcoin, you can send smaller amounts of that bitcoin to pay for goods or services using your cryptocurrency wallet. Therefore, when you attempt to grasp how it operates, it gets really difficult.
Blockchain Technology for Bitcoin
A blockchain and a network are needed to power it to contain cryptocurrency. Blockchain is a common database that houses data that is used for encryption techniques to protect data, so when a transaction occurs, data from the previous block is copied to a new block with the new data, encrypted, and the transaction is validated by validators, or miners, in the network and a new block is constructed and handed as a reward to the miner(s) that verified the data in the block once a transaction has been confirmed, and are then free to use, hold, or sell the new Bitcoin. However, the information held in the blocks on the blockchain is encrypted by bitcoin using the SHA-256 hashing algorithm and it is simply explained, a 256-bit hexadecimal integer can be used to encrypt transaction data that is stored in a block. All transactional information and details about blocks before that block are contained in that number.
Mike Novogratz, the founder, and CEO of Galaxy Digital predicted that a single Bitcoin (BTC) will be worth $500,000 in five years during a broadcast interview with Bloomberg Technology in March.
Cryptocurrencies are something Mike Novogratz firmly believes in. In reality, it is known that how Galaxy Digital and Goldman Sachs had joined to give clients of both firms access to an Ethereum investment fund for a minimum investment of $250,000. A similar Bitcoin investment fund was also being offered by Goldman and Galaxy.
Although no one is surprised by his support for Bitcoin, his price projection and time horizon are audacious considering the current market value of the cryptocurrency.
The cost of Bitcoin and its market value would have to rise by 12 times
According to CoinMarketCap, Bitcoin has the highest market cap, which is over $768 billion at the time of writing. Although Bitcoin’s price rose by a healthy 60% last year, it has now fallen by just over 40% from its all-time high of about $69,000 on November 8, 2021.
The price of Bitcoin would need to rise by more than 12 times to reach $500,000, which would expand its market capitalization to an astounding $9.2 trillion in just five years. I haven’t heard any analysts estimate that Google, Apple, or Amazon’s respective company valuations will climb tenfold by 2027, so that’s comparable.
The collapse of the FTX exchange in early November, however, made the cryptocurrency crisis far worse, and Bitcoin’s price fell to its lowest point in two years. After a little comeback, the leading cryptocurrency is currently trading just above the $17,000 mark. According to U.Today, in a recent interview with CNBC, Mike Novogratz called former FTX CEO Sam Bankman-Fried “delusional” and said that the disgraced crypto guru needed to serve time in prison.
In an earlier prediction, Mike Novogratz stated that Bitcoin would hit $500,000 in 2028 after five years. Investors were persuaded by his incredibly bullish prediction that BTC will soar to new yearly highs. In May 2022, when TerraUST and LUNA lost all of their value and went to zero, Mike Novogratz reiterated his earlier assertion that he still thought Bitcoin would reach $500,000 in five years.
Bitcoin: Will It Achieve $500,000 by 2028?
The persistent and severe bearish market conditions have appeared to have dampened Mike Novogratz’s enthusiasm for bitcoin.
Novogratz recently told Bloomberg that he no longer thinks Bitcoin will reach $500,000 in five years. The impending recession, he continued, will impede Bitcoin’s rise and make rallies more difficult.
For those who are unaware, Mike Novogratz was one of the first to foresee that 2022 will be a worse year for cryptocurrency investors. His prediction came true, as the markets were in the red for the whole calendar year.
His prediction that Bitcoin would not reach $500,000 by 2028 may come to pass if the world economy continues to be unsteady. The markets are being pushed back by layoffs, inflation, and recession concerns, which is causing Bitcoin’s price to decline.
Due to a series of events that have significantly harmed any altcoin, including Bitcoin and Ethereum, the crypto winter may last longer. Bitcoin, the most popular cryptocurrency, fell more than 3% to $16,160 after failing to break out of a descending triangle pattern in the market. Similarly, Ethereum, the second-most valuable cryptocurrency, has fallen nearly 5% to $1,171, following Bitcoin’s lead.
It looks like that the bad time of crypto is not going to end any time soon. The recent FTX collapse has also affected the entire crypto industry and most of the big coins are going down when it comes to their price. Just recently, we have seen the sudden crash of BTC going below $17000 which looks quite alarming to all Bitcoin holders. While on the other hand, for the people who were thinking to buy BTC, it may be a good time for them since they are now less expensive than their value before the collapse.
China Lockdown Causes a Sell-Off in Global Markets. Cryptocurrencies fell as a result of investor apprehension in global markets brought on by protests in China against Covid restrictions. Outraged by the stringent COVID-19 regulations, protesters demanded the resignation of China’s powerful leader.
On Sunday, officials in at least eight cities attempted to suppress demonstrations that posed a direct threat to the ruling Communist Party. This was a rare rebuke. Nearly three years into the pandemic, dissatisfaction with President Xi Jinping’s well-known zero-COVID policy has sparked a surge of public disobedience on the mainland not seen since President Hu Jintao took office a decade ago.
The COVID-19 regulations are also having an impact on the second-largest economy in the world. The largest demonstrations against the ruling party in decades have taken place since and have spread to cities like Beijing, the capital, and dozens of university campuses.
China’s role in the cryptocurrency slump:
The second-largest economy in the world, China has a significant impact on global financial markets; therefore, financial backers are searching for a place of refuge to stop their speculations. Since stocks and digital currencies are not considered safe havens, today’s price action is bearish.
However, Bitcoin and other currencies may experience a sharp bullish reversal as the situation in China improves and the protest ends.
However, given that some investors are beginning to believe that Chinese stocks may have reached a crossroads following the recent sharp gains, the protests may dampen sentiment. This is the case in spite of a growing chorus of bullish China calls on Wall Street, which cited favorable policies and low valuations.
The unrest in China may also dampen hopes that a gauge of currencies from emerging markets will experience its strongest monthly rally in six years on global markets.
The recent FTX collapse has affected the entire crypto industry and most of the big coins are going down when it comes to their price. Just recently, we have seen the sudden crash of Bitcoin sinks below $17000 which looks quite alarming to all Bitcoin holders. While on the other hand, for the people who were thinking to buy BTC, it may be a good time for them since they are now less expensive than their value before the collapse.
Cryptocurrency exchange FTX has been struggling to allow withdrawals as the market embarks on a turbulent week. CoinMarketCap data shows that the value of the cryptocurrency market fell 3.8% to $851.6 billion on Monday. Not just the Bitcoin sinks, there are many major coins that are also affected including ETH. Both the crypto Market pioneers Bitcoin and Ethereum were down 6%, as indicated by the data gathered from comics. That slid down the bitcoin’s cost to $16,681 from $21,304, a 22% downfall, while ether went straight 24% down to $1,240 from $1,627.
The FTX token was exchanging at $2.65, addressing a loss of almost 90% over the course of the week. Binance coin went to $281.72, carrying its loss of one week to 21%. Fanning the fire, Changpeng Zhao, the President of the opponent Binance exchange, consequently stated on Twitter that he wanted to strip FTX tokens then worth about $580 million.
Changpeng was an early financial backer in FTX and got tokens last year in return for his value in the other exchange. Not just the crypto industry, the FTX collapse has also badly affected US stocks. A US bank i.e. “Silvergate Capital” that lends to the crypto industry also fell 5.1% due to this misfortune.
Despite all these things going on in the crypto industry, investors are waiting for the bull market to make everything go great. We don’t know how much longer it will take to get into the bull market but we are sure that the time is not too far. Till then, you can take advantage of this mishap and get the coins while they’re still recovering, because they’ll likely be a lot more valuable in the future. Invest now and enjoy your profits in the future. There are risks in every investment, but with a long investment horizon, you can protect yourself against any short-term market movements.
Bitcoin is the world’s first decentralized cryptocurrency, a sort of digital asset that records, signs, and sends transactions across the Bitcoin blockchain without the oversight of a central authority. The BTC network was established in January 2009 by an anonymous computer programmer or group of programmers under the alias “Satoshi Nakamoto.” The network is a peer-to-peer electronic payment system that employs bitcoin as a cryptocurrency to transmit value via the internet or as a store of value like gold and silver.
The newsletter’s publishing date will stay unchanged, and the content will continue to focus on technical and fundamental analysis of cryptocurrencies from a macro perspective to spot important movements in investor mood and market structure.
Is it time to go long?
Bitcoin’s (BTC tickers down $20,737) price has risen this week, reaching $21,000 on Oct. 26. This prompted a few traders to declare that the bottom had been reached or that BTC was entering the next phase of some technical structure such as Wyckoff, a range break, or some form of support resistance flip.
Before we get all positive and open 10x longs, let’s go back to a previous analysis to see if anything has changed in Bitcoin’s market structure and whether the recent burst of bullish momentum is indicative of a larger trend change.
When the last update was released on September 30, Bitcoin was trading at about $19,600, remaining within the range of the previous 136 days of price action. I discovered bullish divergences on the weekly relative strength index (RSI) and moving average confluence divergence at the time (MACD). There were also a few potential “bottoming” signs from other on-chain indicators that were at multi-year lows.
The Bollinger Bands are Quite Tight.
The Bollinger Bands on the daily period remain constrained, and this week’s leap to $21,000 was the expected expansion or increase in volatility. After breaking out from the upper arm, the price has retraced to test the mid-line/mid-band (20MA) as support, as is customary.
Despite the severity of the rise, Bitcoin’s price remains capped below. For the past two weeks, Bitcoin’s “record-low volatility” has been the talk of the town, and when utilizing the Bollinger Bands, GMMA, and BVOL, the tighter price range does hint at expansion, but in which direction is unknown.
Bitcoin has been trading in the $18,600-$24,500 area for 36 days, and the price remains towards the middle of that range according to technical analysis. The rise to $21,000 did not result in a substantial daily higher high or break out of the present range, which is effectively a lateral chop.
For the time being, the price is above the 20-day moving average, but it has yet to cross over the 50-day moving average, and the majority of the Oct. 26 gain has been retraced back to the low $20,000 area.
In The Future
Multiple data points appear to indicate that Bitcoin’s price is undervalued and in the process of forming a bottom, but none indicates that the market bottom has been reached.
Several Bitcoin mining companies have openly acknowledged the need to restructure debt, and the possibility of missed debt payments, and some have even hinted at impending bankruptcy this week and in previous months.
Since June, most publicly traded miners have been selling the majority of their mined BTC, and recent stories about Compute North and Core Scientific suggest that Bitcoin’s price is still vulnerable owing to solvency difficulties among industrial miners.
According to Glassnode data, the aggregate size of miner balances is roughly 78,400 BTC and is “held by miners we have labeled (accounting for 96% of current hash rate).” According to Glassnode, in the event of “income stress,” miners may be obliged to liquidate tranches of these reserves in the open market, and the effect on Bitcoin’s price might be the next spark of a sell-off to new yearly lows.