Bitcoin Price Prediction
The BTC/USD was closed at $46,898.00 after hitting a high of $47,541.00 and a low of $45,606.00. BTC/USD finished another day of consolidation with minor gains. A senior professor of international trade policy at Cornell University told CNBC that Bitcoin might not last that much longer as its blockchain technology is not very efficient.
Eswar Prasad criticized the leading cryptocurrency for its validation mechanism for transactions, which is environmentally destructive. He further said that bitcoin did not scale up very well. He believed that newer cryptocurrencies like Solana were better than BTC as they enabled DeFi platforms and websites to thrive and allowed the easy transfer and exchange of NFTs. These comments from cryptocurrency experts negatively impacted leading digital assets and further capped gains in BTC/USD on Monday.
According to a new study by the National Bureau of Economic Research, a small group of investors controls more of the supply of Bitcoin. The study revealed that 10,000 BTC account holders hold 5 million out of the 19 million coins in circulation, meaning 0.01% of the BTC holders control 27% of the total supply of coins worth about $232 billion.
According to crypto.com, about 114 million accounts hold bitcoin, and of those, 10,000 accounts hold about 5 million BTC. This study contrasts the statements from bitcoin advocates who have been saying for years that cryptocurrency was more democratic than fiat currency and that crypto was a way to redistribute financial power that has traditionally been in the hands of banks.
The study revealed that control of bitcoin was largely in the hands of a small group of investors and showed what bitcoin was spent on. The study also showed that 90% of bitcoin transactions resulted from a user buying something with BTC, but the transactions were made between a single user’s crypto accounts. Furthermore, on Monday, the Pennsylvania-based company Stronghold Digital Mining said that it was buying 9080 Bitcoin Rigs, which will add about 826 petahashes per second to its hash rate. These mining rigs will be installed in Stronghold’s reclamation and power generation facilities. This news also added some positive momentum in BTC/USD.
BTC/USD Intraday Technical Levels
Pivot Point: 46681.7
BTC/USD - Technical Outlook
Bitcoin's price has fallen below $46,500 once more. BTC fell below $46,000, while bulls remained active near the $45,500 support level. A low was created near $45,600, and the price is now rising. The price appears to be building a double bottom pattern near $45,500. The price rose beyond the 23.6 percent Fib retracement level of the decline from the $48,289 swing high to the $45,600 low. The next significant resistance level might be $48,000, after which the price could surge to the $48,500 level. If the aforementioned double bottom pattern holds true, the price may move towards the $50,000 resistance zone. All the best!
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