BTC (Bitcoin) Coin Analysis 14/05/2021
Updated
Fundamentals:
Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.
Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”
Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.
Bitcoin’s most unique advantage comes from the fact that it was the very first cryptocurrency to appear on the market.
It has managed to create a global community and give birth to an entirely new industry of millions of enthusiasts who create, invest in, trade and use Bitcoin and other cryptocurrencies in their everyday lives. The emergence of the first cryptocurrency has created a conceptual and technological basis that subsequently inspired the development of thousands of competing projects.
The entire cryptocurrency market — now worth more than $950 billion — is based on the idea realized by Bitcoin: money that can be sent and received by anyone, anywhere in the world without reliance on trusted intermediaries, such as banks and financial services companies.
Thanks to its pioneering nature, BTC remains at the top of this energetic market after over a decade of existence. Even after Bitcoin has lost its undisputed dominance, it remains the largest cryptocurrency, with a market capitalization that fluctuated between $100-$200 billion in 2020, owing in large part to the ubiquitousness of platforms that provide use-cases for BTC: wallets, exchanges, payment services, online games and more.
Bitcoin is secured with the SHA-256 algorithm, which belongs to the SHA-2 family of hashing algorithms, which is also used by its fork Bitcoin Cash (BCH), as well as several other cryptocurrencies.
Bitcoin is the first decentralized, peer-to-peer digital currency. One of its most important functions is that it is used as a decentralized store of value. In other words, it provides for ownership rights as a physical asset or as a unit of account. However, the latter store-of-value function has been debated. Many crypto enthusiasts and economists believe that high-scale adoption of the top currency will lead us to a new modern financial world where transaction amounts will be denominated in smaller units.
The top crypto is considered a store of value, like gold, for many — rather than a currency. This idea of the first cryptocurrency as a store of value, instead of a payment method, means that many people buy the crypto and hold onto it long-term (or HODL) rather than spending it on items like you would typically spend a dollar — treating it as digital gold.
The most popular wallets for cryptocurrency include both hot and cold wallets. Cryptocurrency wallets vary from hot wallets and cold wallets. Hot wallets are able to be connected to the web, while cold wallets are used for keeping large amounts of coins outside of the internet.
Some of the top crypto cold wallets are Trezor, Ledger and CoolBitX. Some of the top crypto hot wallets include Exodus, Electrum and Mycelium.
The Lightning Network is an off-chain, layered payment protocol that operates bidirectional payment channels which allows instantaneous transfer with instant reconciliation. It enables private, high volume and trustless transactions between any two parties. The Lightning Network scales transaction capacity without incurring the costs associated with transactions and interventions on the underlying blockchain.
Bitcoin’s original inventor is known under a pseudonym, Satoshi Nakamoto. As of 2020, the true identity of the person — or organization — that is behind the alias remains unknown.
On October 31, 2008, Nakamoto published Bitcoin’s whitepaper, which described in detail how a peer-to-peer, online currency could be implemented. They proposed to use a decentralized ledger of transactions packaged in batches (called “blocks”) and secured by cryptographic algorithms — the whole system would later be dubbed “blockchain.”
Just two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching the world’s first cryptocurrency.
However, while Nakamoto was the original inventor of Bitcoin, as well as the author of its very first implementation, over the years a large number of people have contributed to improving the cryptocurrency’s software by patching vulnerabilities and adding new features.
Bitcoin’s source code repository on GitHub lists more than 750 contributors, with some of the key ones being Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli and others.
Bitcoin’s total supply is limited by its software and will never exceed 21,000,000 coins. New coins are created during the process known as “mining”: as transactions are relayed across the network, they get picked up by miners and packaged into blocks, which are in turn protected by complex cryptographic calculations.
As compensation for spending their computational resources, the miners receive rewards for every block that they successfully add to the blockchain. At the moment of Bitcoin’s launch, the reward was 50 bitcoins per block: this number gets halved with every 210,000 new blocks mined — which takes the network roughly four years. As of 2020, the block reward has been halved three times and comprises 6.25 bitcoins.
Bitcoin has not been premined, meaning that no coins have been mined and/or distributed between the founders before it became available to the public. However, during the first few years of BTC’s existence, the competition between miners was relatively low, allowing the earliest network participants to accumulate significant amounts of coins via regular mining: Satoshi Nakamoto alone is believed to own over a million Bitcoin.
Mining Bitcoins can be very profitable for miners, depending on the current hash rate and the price of Bitcoin. While the process of mining Bitcoins is complex, as we wrote above, mining Bitcoin is best understood as how long it takes to mine one block, as opposed to one Bitcoin.
The current valuation of Bitcoin is constantly moving, all day every day. It is a truly global asset. From a start of under one cent per coin, BTC has risen in price by thousands of percent to the numbers you see above. The prices of all cryptocurrencies are quite volatile, meaning that anyone’s understanding of how much is Bitcoin will change by the minute. However, there are times when different countries and exchanges show different prices and understanding how much is Bitcoin will be a function of a person’s location.
The live Bitcoin price today is $50,273.75 USD with a 24-hour trading volume of $67,589,236,096 USD. Bitcoin is up 0.33% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $940,615,599,685 USD. It has a circulating supply of 18,709,875 BTC coins and a max. supply of 21,000,000 BTC coins.
Technical Analysis:
As you can see the Coin has done its Reaccumulation Phase followed by series of impulsive waves and it has already made the All Time High of 64850$, which Followed by Some Distribution and Plunges to the 46000$.
According to our Analysis and speculation, there has to be some retracement and price Correction to the lower levels of the Past Bullish wave in order for the coin to regain its Bullish rally Strength for the higher highs Burst.
By using Fibonacci Retracement tool, we can specify some Certain Retracements and Support Levels, where we can expect the Price to fall, and if they Could stand, the Price Shall Bounce back up from them, and if broken then the lower next on the line shall be tested.
According to our experience and Observation of Cryptocurrencies Behavioral Movements, and on the general note, we can consider the 78.6% level (17000$) of Fibonacci retracement to be the Golden zone for the crypto currencies, as 61.8% level is for other assets such as Forex and Equites as it has shown les Significant Support on the higher Volatile Assets such as Cryptos.
there are few Targets defined by the Fibonacci Expansion of the same Bullish Wave.
the 2 TP (103000$) will be confirmed if the 38.2% level (41000$) Fibonacci Retracement, Immediate Support Stands and Price could bounce back UP from the same level.
there are 3 Vertical White Dotted Lines on the chart specified by Fibonacci Time Zone and they can show us the Time and Date when we can expect to see the price on some certain levels of retracement or rally...
As the Bitcoins Price Plunges so does its dominance, and we can Expect the Altcoins gets Pump from its Dump.
Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.
Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”
Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.
Bitcoin’s most unique advantage comes from the fact that it was the very first cryptocurrency to appear on the market.
It has managed to create a global community and give birth to an entirely new industry of millions of enthusiasts who create, invest in, trade and use Bitcoin and other cryptocurrencies in their everyday lives. The emergence of the first cryptocurrency has created a conceptual and technological basis that subsequently inspired the development of thousands of competing projects.
The entire cryptocurrency market — now worth more than $950 billion — is based on the idea realized by Bitcoin: money that can be sent and received by anyone, anywhere in the world without reliance on trusted intermediaries, such as banks and financial services companies.
Thanks to its pioneering nature, BTC remains at the top of this energetic market after over a decade of existence. Even after Bitcoin has lost its undisputed dominance, it remains the largest cryptocurrency, with a market capitalization that fluctuated between $100-$200 billion in 2020, owing in large part to the ubiquitousness of platforms that provide use-cases for BTC: wallets, exchanges, payment services, online games and more.
Bitcoin is secured with the SHA-256 algorithm, which belongs to the SHA-2 family of hashing algorithms, which is also used by its fork Bitcoin Cash (BCH), as well as several other cryptocurrencies.
Bitcoin is the first decentralized, peer-to-peer digital currency. One of its most important functions is that it is used as a decentralized store of value. In other words, it provides for ownership rights as a physical asset or as a unit of account. However, the latter store-of-value function has been debated. Many crypto enthusiasts and economists believe that high-scale adoption of the top currency will lead us to a new modern financial world where transaction amounts will be denominated in smaller units.
The top crypto is considered a store of value, like gold, for many — rather than a currency. This idea of the first cryptocurrency as a store of value, instead of a payment method, means that many people buy the crypto and hold onto it long-term (or HODL) rather than spending it on items like you would typically spend a dollar — treating it as digital gold.
The most popular wallets for cryptocurrency include both hot and cold wallets. Cryptocurrency wallets vary from hot wallets and cold wallets. Hot wallets are able to be connected to the web, while cold wallets are used for keeping large amounts of coins outside of the internet.
Some of the top crypto cold wallets are Trezor, Ledger and CoolBitX. Some of the top crypto hot wallets include Exodus, Electrum and Mycelium.
The Lightning Network is an off-chain, layered payment protocol that operates bidirectional payment channels which allows instantaneous transfer with instant reconciliation. It enables private, high volume and trustless transactions between any two parties. The Lightning Network scales transaction capacity without incurring the costs associated with transactions and interventions on the underlying blockchain.
Bitcoin’s original inventor is known under a pseudonym, Satoshi Nakamoto. As of 2020, the true identity of the person — or organization — that is behind the alias remains unknown.
On October 31, 2008, Nakamoto published Bitcoin’s whitepaper, which described in detail how a peer-to-peer, online currency could be implemented. They proposed to use a decentralized ledger of transactions packaged in batches (called “blocks”) and secured by cryptographic algorithms — the whole system would later be dubbed “blockchain.”
Just two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching the world’s first cryptocurrency.
However, while Nakamoto was the original inventor of Bitcoin, as well as the author of its very first implementation, over the years a large number of people have contributed to improving the cryptocurrency’s software by patching vulnerabilities and adding new features.
Bitcoin’s source code repository on GitHub lists more than 750 contributors, with some of the key ones being Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli and others.
Bitcoin’s total supply is limited by its software and will never exceed 21,000,000 coins. New coins are created during the process known as “mining”: as transactions are relayed across the network, they get picked up by miners and packaged into blocks, which are in turn protected by complex cryptographic calculations.
As compensation for spending their computational resources, the miners receive rewards for every block that they successfully add to the blockchain. At the moment of Bitcoin’s launch, the reward was 50 bitcoins per block: this number gets halved with every 210,000 new blocks mined — which takes the network roughly four years. As of 2020, the block reward has been halved three times and comprises 6.25 bitcoins.
Bitcoin has not been premined, meaning that no coins have been mined and/or distributed between the founders before it became available to the public. However, during the first few years of BTC’s existence, the competition between miners was relatively low, allowing the earliest network participants to accumulate significant amounts of coins via regular mining: Satoshi Nakamoto alone is believed to own over a million Bitcoin.
Mining Bitcoins can be very profitable for miners, depending on the current hash rate and the price of Bitcoin. While the process of mining Bitcoins is complex, as we wrote above, mining Bitcoin is best understood as how long it takes to mine one block, as opposed to one Bitcoin.
The current valuation of Bitcoin is constantly moving, all day every day. It is a truly global asset. From a start of under one cent per coin, BTC has risen in price by thousands of percent to the numbers you see above. The prices of all cryptocurrencies are quite volatile, meaning that anyone’s understanding of how much is Bitcoin will change by the minute. However, there are times when different countries and exchanges show different prices and understanding how much is Bitcoin will be a function of a person’s location.
The live Bitcoin price today is $50,273.75 USD with a 24-hour trading volume of $67,589,236,096 USD. Bitcoin is up 0.33% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $940,615,599,685 USD. It has a circulating supply of 18,709,875 BTC coins and a max. supply of 21,000,000 BTC coins.
Technical Analysis:
As you can see the Coin has done its Reaccumulation Phase followed by series of impulsive waves and it has already made the All Time High of 64850$, which Followed by Some Distribution and Plunges to the 46000$.
According to our Analysis and speculation, there has to be some retracement and price Correction to the lower levels of the Past Bullish wave in order for the coin to regain its Bullish rally Strength for the higher highs Burst.
By using Fibonacci Retracement tool, we can specify some Certain Retracements and Support Levels, where we can expect the Price to fall, and if they Could stand, the Price Shall Bounce back up from them, and if broken then the lower next on the line shall be tested.
According to our experience and Observation of Cryptocurrencies Behavioral Movements, and on the general note, we can consider the 78.6% level (17000$) of Fibonacci retracement to be the Golden zone for the crypto currencies, as 61.8% level is for other assets such as Forex and Equites as it has shown les Significant Support on the higher Volatile Assets such as Cryptos.
there are few Targets defined by the Fibonacci Expansion of the same Bullish Wave.
the 2 TP (103000$) will be confirmed if the 38.2% level (41000$) Fibonacci Retracement, Immediate Support Stands and Price could bounce back UP from the same level.
there are 3 Vertical White Dotted Lines on the chart specified by Fibonacci Time Zone and they can show us the Time and Date when we can expect to see the price on some certain levels of retracement or rally...
As the Bitcoins Price Plunges so does its dominance, and we can Expect the Altcoins gets Pump from its Dump.
Trade closed: target reached
1 bearish Target of 41000 USD, Fibonacci retracement 38.2% achievedTrade active
if the Price Could not reach 35500USD and Bunces of from this Level then 103000USD is Confirmed or else it shall Triger the next Support of 35500USD i.e. Fibonacci Retracement 50%Note
BTC is consolidating on the Golden Area of the Fibonacci Projection.it is a very critical level as it has Potential of the re Bouncing the Price and if Broken the the 61.8% may have less chances and the Price directly falls or 78.6% or which is 17000$, or even a little bit lower to 14500$,
Trade active
this trade is going exactly as expected and all the levels are standing precisely
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