{"id":201334,"date":"2021-10-13T11:00:26","date_gmt":"2021-10-13T10:00:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=201334"},"modified":"2021-10-13T12:47:51","modified_gmt":"2021-10-13T11:47:51","slug":"bitcoin-is-primed-to-be-heading-to-its-64000-high-heres-why","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-is-primed-to-be-heading-to-its-64000-high-heres-why\/","title":{"rendered":"Op-Ed: Here\u2019s why Bitcoin is primed to be heading to its $64,000 high"},"content":{"rendered":"

One of the most calming influences during the summertime Bitcoin downturn was Salvadoran President Bukele, who tweeted: \u201cBuying the dip. 150 new coins added.\u201d<\/span><\/p>\n

As of October 12th, Bitcoin\u2019s price seems to be climbing to new highs despite a slight drop caused by El Salvador\u2019s announcement to become the world\u2019s first nation to accept the coin as legal tender earlier last month.<\/span><\/p>\n

\"bitcoin
Source: TradingView BTC\/USD Chart<\/a><\/figcaption><\/figure>\n

The optimism generated by El Salvador\u2019s news was so high that a Reddit movement<\/a><\/span>\u00a0was started encouraging the platform\u2019s 3.3 million users to \u2018buy $30 of BTC\u2019 – adding a further $99.5 million to the currency. Instead,\u00a0Bitcoin<\/a><\/span>\u00a0and the wider cryptocurrency markets plummeted, with some altcoins shedding upwards of 25% from their value.<\/span><\/p>\n

Bitcoin itself fell almost $4,000 to $45,300 in the space of 15 minutes at 4 pm on Tuesday (September 7th), dipping to $44,300 in the early hours of Wednesday.<\/span><\/p>\n

\"\"<\/p>\n

The correction comes as a sharp decline in what\u2019s been a week of cautious optimism across the cryptocurrency landscape. There was even an\u00a0all-time high reached by Solana<\/a><\/span>\u00a0(SOL), thanks in no small part to the ongoing NFT boom across the cryptocurrency landscape.<\/span><\/p>\n

In the chart above, we can see evidence of El Salvador\u2019s BTC purchase as trading volume briefly doubled prior to the correction. In total, El Salvador\u00a0bought 550 worth of Bitcoin<\/a><\/span>\u00a0as President Nayib Bukele claimed that he intended to spend more than $225 million on the adoption of the cryptocurrency.<\/span><\/p>\n

The move meant that citizens could now receive their salaries in Bitcoin, buy groceries using BTC, and pay taxes in crypto, too.<\/span><\/p>\n

Despite this optimism at such widespread adoption, the total cryptocurrency market capitalization fell by more than $300 billion in the wake of the pullback.<\/span><\/p>\n

Why did the Crypto Markets Fall?<\/span><\/h2>\n

Unlike the market collapse of May 2021, which was brought on by severe regulatory clampdowns in China and fears over the carbon footprint of BTC publicized by the world\u2019s richest man, Elon Musk, the recent dip was actually prompted by positive news surrounding El Salvador\u2019s adoption<\/a><\/span>. So, what went wrong?<\/span><\/p>\n

Barron\u2019s speculates<\/a><\/span>\u00a0that the fall may have been prompted by investors \u2018selling the news\u2019 of El Salvador becoming the first country to adopt BTC along with the prospect of Reddit users buying $30 worth of Bitcoin en masse. These sell-offs can lead to more widespread liquidations in cryptocurrencies that can carry a snowball effect across the market.<\/span><\/p>\n

Elsewhere,\u00a0Leah Wald<\/a><\/span>, CEO of Valkyrie Investments, claimed that she was unsurprised by the sharp downturn. “When this move was first announced, it didn't have nearly as big of an impact on price as some may have expected it might, possibly because El Salvador's population is less than New York City's, but also because the announcement was light on details and people were on the fence about how this was going to be implemented.”<\/span><\/p>\n

“Transaction fees, processing times, and other hurdles also make this feel more like a beta test rather than a solution to many of the problems plaguing the country's poor,\u201d Wald explained.<\/span><\/p>\n

Spilling onto Wall Street<\/span><\/h2>\n

The crypto market pullback was so severe that some cryptocurrency-based stocks experienced similar downturns on Wall Street as a result.<\/span><\/p>\n

Frustratingly for crypto\u00a0exchange, Coinbase, the market uncertainty in the wake of El Salvador\u2019s adoption of BTC caused the company\u2019s stock to lose out on much of its recovery following a challenging start to August.<\/span><\/p>\n

The wider market pullback will undoubtedly be a setback for the company, which\u00a0Freedom Finance Europe\u00a0recently anticipated could be subject to\u00a0some 35% growth<\/a><\/span>\u00a0towards highs of $300 USD per share with clearer forecasts.<\/span><\/p>\n

Robinhood, an investment platform that also offers cryptocurrency options, has also experienced a weak start to September in the wake of\u00a0Bitcoin\u2019s latest price fall<\/a><\/span>\u00a0– however, this appears to be part of a more long-term downward trend.<\/span><\/p>\n

Optimism for Recovery<\/span><\/h2>\n

Skipping to early October, we can now see that Bitcoin is heading towards a new high.<\/span><\/p>\n

While investor panic is liable to set in during such significant dips, multi-thousand-dollar drops in the space of minutes aren\u2019t uncommon in the cryptocurrency landscape, and one of the most calming influences during the downturn was President Bukele himself, who tweeted<\/a><\/span>: \u201cBuying the dip. 150 new coins added.\u201d<\/span><\/p>\n

It appears that Bukele isn\u2019t the only buyer to remain optimistic in the face of harsh pullbacks. Trading volume in the 24 hours following the dip\u00a0accelerated by 43.4%<\/a><\/span>\u00a0as investors interpreted the falling price of BTC as a discounted rate for more purchases.<\/span><\/p>\n

\"bitcoin
Source: Alternative.me<\/figcaption><\/figure>\n

In the wake of Bitcoin\u2019s pullback, the cryptocurrency\u2019s Fear and Greed Index, which charts social media sentiment surrounding BTC fell to a neutral level at 47 from a score of 79 (extreme greed) prior to the crash. <\/span><\/p>\n

Although this is a significant drop in sentiment, opinions towards the currency remaining neutral following a steep decline show that investors are largely remaining unperturbed by the events.<\/span><\/p>\n

Maxim Manturov, head of investment research at Freedom Finance Europe notes that \u201cthe crypto market lacks stability and can start being regulated any time, which actually already happened in China. In June, the Chinese government banned banks and payment systems from using Bitcoin, which led to a temporary collapse of the flagship crypto's price.\u201d<\/p>\n

Bitcoin\u2019s decline from its peak of $52,774 at 4 am on Tuesday 7th September to $45,264 just over 24 hours later has served as a fitting welcome for El Salvador to the wildly volatile world of cryptocurrencies.<\/p>\n

However, unlike earlier in the summer when the value of the coin plummeted below $30 briefly, there\u2019s more optimism that this is a blip on the road to greater price accumulation. If this remains the case, El Salvador may be the first of many more adoptee nations.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of the most calming influences during the summertime Bitcoin downturn was Salvadoran President Bukele, who tweeted: \u201cBuying the dip. 150 new coins added.\u201d As of October 12th, Bitcoin\u2019s price seems to be climbing to new highs despite a slight drop caused by El Salvador\u2019s announcement to become the world\u2019s first nation to accept the […]<\/p>\n","protected":false},"author":128,"featured_media":201340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,25891,35372,6849],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"\nOp-Ed: Here\u2019s why Bitcoin is primed to be heading to its $64,000 high<\/title>\n<meta name=\"description\" content=\"As of October 12th, Bitcoin\u2019s price seems to be climbing to new highs despite a slight drop caused by El Salvador\u2019s announcement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-is-primed-to-be-heading-to-its-64000-high-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Op-Ed: Here\u2019s why Bitcoin is primed to be heading to its $64,000 high\" \/>\n<meta property=\"og:description\" content=\"As of October 12th, Bitcoin\u2019s price seems to be climbing to new highs despite a slight drop caused by El Salvador\u2019s announcement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-is-primed-to-be-heading-to-its-64000-high-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-13T10:00:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-13T11:47:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/bitcoin-ath.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dmytro Spilka\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dmytro Spilka\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-is-primed-to-be-heading-to-its-64000-high-heres-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-is-primed-to-be-heading-to-its-64000-high-heres-why\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dmytro-spilka\/#person\",\"name\":\"Dmytro Spilka\",\"url\":\"https:\/\/cryptoslate.com\/author\/dmytro-spilka\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/dmytro-spilka\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dmytro-spilka\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/01\/dmytro-spilka-profile.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/01\/dmytro-spilka-profile.jpg\",\"caption\":\"Dmytro Spilka\"},\"jobTitle\":\"CEO\",\"description\":\"Dmytro is a tech and blockchain writer based in London. 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His work has been featured in various publications, including Entrepreneur.com, HuffPost, TNW, TechRadar, ReadWrite, and Bitcoin.com.","sameAs":["https:\/\/solvid.co.uk"],"url":"https:\/\/cryptoslate.com\/author\/dmytro-spilka\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/201334"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/128"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=201334"}],"version-history":[{"count":8,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/201334\/revisions"}],"predecessor-version":[{"id":201380,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/201334\/revisions\/201380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/201340"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=201334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=201334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=201334"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=201334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}