Humanity has now created a non-sovereign – Opined Jeremy AllaireAugust 6, 2019
On Tuesday, the price of the Bitcoin worked past $12,000, and the investors were seeking refuge from the global instability prevalent in the traditional markets.
The trade war between the US and China is escalating, and the stock markets are reeling. In just five days, the price of the Bitcoin climbed more than 20%. The uptick in price trend was accompanied by loud volume.
Jeremy Allaire, CEO of Circle, praised Bitcoin as being a haven in a situation of global macro uncertainty:
“Humanity has now created a non-sovereign, highly secure mechanism to store a value that can exist anywhere that the internet exists. It’s uncensorable; it’s unseizable.”
However, Josh Rager analyst stated, “I do believe BTC needs to have a slight pullback sometime.” Most of the analysts believe that the bulls have taken control of the price of the Bitcoin. The price is trending towards the $13,880, which is the current projected trend.
Josh Rager tweeted: “$BTC is clear skies on the weekly & monthly chart Not much stands in the way of previous $13,880 But a lot can happen during the week including a pullback Lots of people still think $8k, but if Bitcoin closes this week at these levels I don’t expect to see 4-digit BTC again.”
For the second time over the past two days, ETH has been squeezing through the $230 price range for the second time. This is happening at a point in time when Bitcoin is scaling past $12,000.
It was the fourth birthday for ETH, and it is also seen that ETH is breaking away from the Altcoins and it is becoming an independent cryptocurrency like the Bitcoin having its price trend. Despite, ETH is reacting to the price of BTC.
The 50 SMA for ETH provides support at $227.78. The 100 SMA for ETH offers support at $224.50, which is lightly below the supporting trend line. Significant support is seen at $200, and if there should be a reversal from the current market value of $233.94, then traders can look for help at $220, $210, and $200 price ranges.
The RSI is likely to pierce to the overbought zone. The upward direction of the price trend is indicative of bullish momentum. The MACD has sustained its position in the positive territory. There is a growing bullish divergence, and ETH might likely correct higher if it does not form support at $230 in the near-term.
Anthony Sassano from an Ethereum-based startup, stated, “I believe that Ethereum will achieve the original ‘world computer’ vision within the next four years because Ethereum 2.0 will have completed its roll-out. We will have sophisticated scaling solutions (at all layers), and we will have proper privacy solutions.”