Cryptocurrencies

Bitcoin (BTC) on October 6, 2020

Volatility is still sulking the markets; Bitcoin (BTC) hasn’t budged that much today, October 6, 2020. Things are off to a bad start for a $ 20,000 BTC by the end of the year, as the winds are not in favor of the oldest crypto.


Binance blocks Bitcoin

According to the on-chain analyst Cole garner, the rise of Bitcoin would face a cap of 2,800 BTC – or about $ 30 million – waiting to be sold on Binance (BNB).

While a setback is not necessarily imminent, the BTC will struggle to rebound and exceed $ 11,000.

In the very short term, Bitcoin is expected to remain confined between key supports and resistances at $ 10,500 – $ 11,000. During the last 2 years, Bitcoin recorded a negative 4th quarter.

The end of the year promises to be difficult for the oldest crypto whose price is also threatened by the controversial US presidential election, a possible second wave of COVID-19 that could cause even partial paralysis of the economy and, a possible crash of traditional financial markets.

For the moment, the BTC is in a neutral zone on a daily basis and, is bullish on a weekly and monthly basis.

The bulls were able to defend the 10,500 USD following the announcement of the CFTC on lawsuits against BitMEX ; Bitcoin even absorbed half of the losses in that fall and is trading at $ 10,728 as of this writing.

An infusion of Bitcoins on the markets

Cole garner also noted in a series of tweets yesterday, October 5, 2020, that the number of addresses BTC has increased dramatically over the past week.

Data from Glassnode report 22,000 new addresses BTC in just one day. Usually, this number is in a range of 5,000 – 10,000.

The increase in the number of these new addresses indicates an increase in the adoption of Bitcoin, which is fundamental to support the rise in the price of BTC.

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Will historical data get the better of Bitcoin? Will the latter record another negative 4th quarter? Perhaps we should forget about $ 20,000 and ask ourselves if Bitcoin will still trade above $ 10,000 on January 1, 2021. We are still waiting for this famous leverage that causes an exponential rise. Right now the $ 20,000 and $ 100,000 seem like an exponentially exaggerated forecast.

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