Bitcoin has burst over the $50,000 obstacle and is preparing for another drive to the higher. On his daily Crypto Banter broadcast, Man Ran discusses these and other topics with Sheldon and Birb.
Man Ran believes Bitcoin will experience exponential growth by the end of the year, which is supported by the fact that in previous bull cycles, such as the 2013 and 2017, Bitcoin pumped, experienced a massive pullback, then moved sideways before experiencing exponential price growth by the end of the year.
Ran created a spreadsheet to teach the audiencr the exponential power, which is best described as a quick increase in power multiplied by a number of factors.
After rising from a low of $8 to more than $800 in 2013, Bitcoin experienced a 100-fold increase. In 2017, Bitcoin soared from around $800 to over $20,000, a 25-fold increase.
According to Ran, the impending golden cross is a bullish indicator, and the optimistic bias is backed up by Glassnode’s on-chain measurements. The analytical firm removes the latest seven days of Bitcoin entity net growth, and the algorithm recognizes new entities that subsequently turn out to be old ones, causing recent values to be re-adjusted.
Sheldon clarified why the golden cross is massive. “There has only been three of the golden cross in the last six years, it’s a big thing dependent on higher time frame which shows the bigger picture and has a big impact on the market”.
Sheldon highlighted that whenever the golden cross converges, Bitcoin retains the 200-day moving average. There was a golden cross shortly before the last bull run, another before that but it was a ruse, and the one before that was followed by a tremendous price spike.
Birb claims that the current bull market isn’t over yet. In the next leg, he expects Bitcoin to trade between $90,000 and $120,000. The higher we go, the greater the volatility and the greater the risk of price levels being overthrown, he remarked.
According to Ran, Bitcoin isn’t as enticing to invest in as some altcoins. Altcoins like Ethereum, Cardano, Arweave, Luna, Matic, and Rune, he believes, are more intriguing. He thinks that conservative traders invest Bitcoin to play it safe.
Other subjects discussed included Visa’s $160,000 acquisition of a cryptopunk. OpenSea has set a new record for Ethereum 24-hour trading volume of $125 million. According to DeFi Lama, the DeFi industry has locked up $160 billion, the most it has ever been, surpassing the April peak.
This episode premiered on August, 23rd 2021.