Nicholas Merten from Data Dash discussed Bitcoin breaking above $50,000 in price for the first time in history and what it means for the market.
Nicholas says Bitcoin has broken above $50,000 (like he predicted to happen by the end of February) ahead of schedule due to the Tesla news and other bullish news coming out of recent (1:23).
Nick says it’s an interesting time to approach the historical logarithmic chart resistance that has held down price in the last three cycles. He added he is quite confident Bitcoin can break the line of resistance depending on how it performs throughout February and March as positive news that might serve as a catalyst to break the resistance develop (3:55).
Nich believes Morgan Stanley application to SEC to launch a Bitcoin ETF in the USA is one of the big news items that will shape up Bitcoin’s rally to $60-65k. Another is Micro Strategy announcement of their proposed private offering of $600 million of Convertible senior notes (7:12).
Nick says there is some serious momentum going on that doesn’t seem stagnated anytime soon and with corporate companies from America and other countries buying up Bitcoin, there is really no reason to be bearish (15:23).
Nicholas discussed another project called Cosmos (16:00) a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains.
Nick says Cosmos does have a really interesting vision with scalability proving to be the issue in the broad of blockchain space at the moment when it comes to the cost of transactions while also maintaining a good degree of security but added he would love to see even more community development on the blockchain for network effect