You are reading Crypto Bit Bybit, a quick round-up of important opinions and trends in the crypto market that you do not want to miss.
Today, we will look at various points of view from crypto influencers on social media platforms. They are an integral part of the crypto community and their opinions are of great values. While grassroots voices might lack in accreditation, they make up for it with sheer passion, willingness to take risks, and down-to-earth spirit.
An Imminent Breakout – Ivan on Tech, DataDash, Plan B and Josh Rager
Ivan on Tech, a crypto YouTuber with 200k followers, shared an optimistic outlook of the Bitcoin price movement. Citing market headlines such as “Investors sinking a record $4.6 trillion into money-market” and “How the Coming Crash in the Dollar Will Unfold”, Ivan on Tech interprets reserving cash on the side-line as a sign of impending hyperinflation. The conservative attitude is shared among institutional investors whose sudden shift to cash and bonds arises from the disbelief in the stock market. As bank deposits are going through the roof, Ivan believes that the time for full crypto adoption has finally come.
DataDash, a channel specialized in hardcore technical analysis, shares Ivan’s positive outlook of 100% crypto adoption. He examines the current cycle and concludes that it exhibits a reverse trend of the cycle in 2017, where the market consistently tested against the $6k resistance and eventually spiraled into a downward breakthrough. However, in the current cycle, the range from $8.3k to $10k is repeatedly tested and gradually narrowed, showing great potential of a massive upward breakout of the $10k barrier, and the promise to reach greater height.
Another influencer PlanB, presents a more audacious prediction. He mobilizes a Stock-to-Flow Model which measures scarcity to simulate future BTC price. The scarcity approach is agreed by The Moon, who asserts that Bitcoin is now the scarcest asset in the world. PlanB’s Stock-to-Flow Cross Asset Class model predicts Bitcoin price of USD288K by 2024, and his latest Bitcoin vs SP500 model, simple as it is, suggests a price of USD20K in the near future.
Or A Bearish/Stagnant Outlook?
The sea of red across markets in the last few days has swayed Josh Rager’s strategy from moderate bullish to the short side, as a sudden drop below $9200 makes him reconsider the possibility of a continuous down. He reiterates that $9260 remains an important level for Bitcoin, and a drop from there may be a sign of the market turning bearish, despite starting the week with a strong bullish run.
Amidst a general optimistic market sentiment, Cole Garner has brought to our attention a huge spike in miner’s outflow overnight on 23 June, recorded the second biggest in volume since Bitcoin hit $10k momentarily in May. Miners moving a large amount of coins is never a good sign. Despite being massively bullish himself, Cole Garner expects the next move to be down. In a separate tweet, he expresses optimism in the long run but draws the psychological barrier in the mid-$6k range.
While some analysts may allude to the trend in March and perceive the recent rejection as the sign of a more aggressive downtrend, an overwhelming majority of social media influencers are optimistic, or at least hopeful, despite the unexpected price adjustment on 23 June. Bearish views are rare to come by, especially among key opinion leaders, which is a slightly unsettling sign of possible market imbalance.