Cryptocurrency Market Outlook; Lackluster Markets Move Higher

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Cryptocurrency Market Outlook; Lackluster Markets Move Higher

Bitcoin Is Moving Higher, Don’t Count On New Highs Yet

The Bitcoin/cryptocurrency market has cooled off, but that is a good thing. The market is up strongly YTD and a little consolidation is a healthy market mechanic, it sets the market up to continue moving higher later this year. Over the last few days the world’s leading cryptocurrency by market cap has been edging higher and taking most of the crypto market with it. The candles formed look pretty bullish and are supported by the indicators so higher prices are likely. The problem is that, without a catalyst, the move is likely to fizzle out before new highs can be set. Even if a new high is set, it will likely trigger another round of profit-taking/market rotation that will keep BTC/USD moving sideways for the next few weeks at least.

Longer-term, I still expect to see BTC continue its rally and possibly as soon as this fall. The signs are growing, Bitcoin is recapturing market share at a steady clip and the hash-rate keeps setting new highs. Coinmarketcap shows Bitcoin dominance approaching 72% and 2+ year high. Blockchain.com shows Bitcoin’s hash-rate has resumed its parabolic move higher as more and more miners get into the act. The bottom line is that Bitcoin is still the number #1 cryptocurrency and the market is flooding into it. It may take a little while longer to work though technical resistance at $13,000 but, once done, the move to new highs will be sharp and severe.

The #1 driver of BTC price over the next 8.5 months is going to be the halvening. As the number of miners and holders increases demand will increase and the halvening is going to cut new-supply in half. Just Litecoin did this year, BTC/USD should see a market-leading rally that adds several hundreds of percentage points to its value. LTC moved up nearly 500% from the low of 2020 to the high pre-halvening level. LTC has since pulled back where it is presenting another buying opportunity. Just like this year, next year when the BTC halvening rally hits full-stride it will help lift the entire crypto market, and Litecoin along with it.

The Year 2020 Cryptocurrency Outlook: Speculators Rely on Bitcoin ahead of Blockchain

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After trending lower in the prior sessions, now Bitcoin has managed to move higher and is in the process of forming a bullish candle.

Bitcoin comes first, ahead of blockchain, for speculators who look towards the year 2020 cryptocurrency situation. Its apparent several platforms have received support funds to create enterprise blockchains which mostly have launched out in 2020. However, the interest of speculators for such projects has waned out as they look towards fresh ideas on tokenization and cryptocurrency. This is a result of the shift in focus to the development of native cryptocurrency given rise to advancement in the decentralization of blockchain as many enthusiasts foresee a change in trend.

Bitcoin has an economic advantage for a fact that it functions because people have a financial interest in it to make it work and succeed. Meanwhile, on the off chance that blockchain exists just for data transmission and there is no on-chain economic incentive, it isn’t truly trustless as data alone can be tampered and is susceptible to a single point of failure.

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Venture funds toward blockchain startups have reduced by almost 60 percent as per CB Insights estimates. Speculators and developer’s initial reliance on venture capitalists and limitations geared towards bootstrap, all contributed to the challenges pure blockchain startups faced in 2020 and 2020 and these have only been amplified in 2020.

BTCUSD Looks to Recover from Its Selling Pressure

After trending lower in the prior sessions, Bitcoin has managed to move higher while staying afloat but above the prior day’s open, and is in the process of forming a bullish candle.

BTC price is trading close above the key technical support level at 8556.05. The pair is been unable to trend lower than the level at 8556.05 in the prior session while the cryptocurrency found demand again around the same price level today at 8708.56.

Although demand for the pair may increase in the event the price moves past the nearby swing high on the level at 9126.98 where existing buy stops may be activated. The outlook remains bearish, displaying an intact downtrend in the short, medium and long-term.

Supply Levels: 6600.00, 7330.53, 8556.05

Demand Levels: 9126.98, 10939.29, 12320.08

Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.

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