Bitcoin – D1 Chart
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Investing.com – The rebounded yesterday, peaking at $ 49,350 early in the afternoon, but appears to be struggling to hold above $ 49,000, consolidating short-term above support towards $ 48,500.
The situation therefore remains precarious on BTC / USD, with an increasingly evident resistance at $ 49,500 / $ 49,300, which precedes an even greater potential resistance with the psychological threshold of $ 50,000, the crossing of which would constitute an important bullish signal, especially since this would confirm the crossing of a downtrend line visible in hourly data since December 7.
On the downside, the 200-day moving average at $ 47,280 and the uptrend line visible since early August, currently around $ 46,000, will be the first major supports to watch.
Regarding the news of Bitcoin or the financial markets in general, it should be noted that few events are to be noted, apart from the influence of concerns related to the variant of the Omicron covid.
However, there have been several interesting statements in recent days.
Dorsey thinks Bitcoin can replace the Dollar
Notably, the former CEO of Twitter (NYSE 🙂 and current boss of fintech company Block (formerly Square (NYSE :)), Jack Dorsey, had a tweet on Monday night with the rap star and Grammy winner. Cardi B. The performer tweeted to her 20.5 million followers the following question: “Do you think cryptos will replace the dollar?” To which Dorsey replied, “Yes, bitcoin will.”
It should be noted that Dorsey did not mention blockchain technology or cryptos in general, specifically citing Bitcoin as a potential future global currency, a goal that some of the most staunch supporters of BTC have already abandoned for a long time given the technical limits. the pioneer of the cryptocurrency market in terms of speed of transactions or energy cost.
Bitcoin will not last long, according to this researcher
On a much more negative note, Eswar Prasad, senior professor and author at Orwell University said in a recent interview with CNBC that “Bitcoin itself might not last much longer.”
Mr Prasad told CNBC he doesn’t believe bitcoin “will have any fundamental value other than what investor faith gives it.”
Cornell’s professor’s pessimistic prediction is based primarily on his negative view of the underlying blockchain technology of bitcoin. He believes the BTC blockchain is inefficient and lacks scalability.
Indeed, Prasad believes that bitcoin “uses a transaction validation mechanism which is destructive to the environment.”
Note, however, that Prasad is not pessimistic about crypto-currencies in general. He firmly believes in the promise of blockchain technology to transform finance. However, he believes that other cryptocurrencies use blockchain much more efficiently than bitcoin.
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