cryptocurrency Archives

January 4, 2024January 4, 2024

Bitcoin Is About To Reach $1 Trillion Market Capitalization…Again

The first decentralized cryptocurrency, Bitcoin, has paved the way in the recent crypto rally. An essential characteristic of the Bitcoin protocol is the strict limit on the number of bitcoins that can be created: it is stipulated that no more than 21 million bitcoins can ever be created, and as of 10 October 2022, 18,925,000 Bitcoins are in supply.

In February 2021, Bitcoin hit a $1 trillion market cap for the first time. The market cap of $1 trillion was later surpassed as Bitcoin hit an all-time high of $69,200. After the all-time high was reached, the year 2022 was a bearish year for Bitcoin investors and traders as price dipped to $16,614. The year 2023 saw a bullish trend for Bitcoin as the year’s opening price was at $16,614 and the closing price was at $41,952. That is approximately a 156% increase in price. As of the time of this writing, the current price of Bitcoin is at $43,133 with a market cap of $845 billion.

As it is expected to see a price rally in the coming weeks, we might see the price of Bitcoin reach a new high in 2 years as price could reach $46,000 psychological level. Though RSI has shown that price is overbought on the weekly chart, this might not reduce the momentum of the bulls.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrencies in your portfolio? Schedule a meeting with us here.

June 20, 2022June 20, 2022

Crypto Bulls To Resume Activities

In one of our articles written in Q4 2021 when the price of Bitcoin was at $58,229 and Ethereum at $4,200, we talked about price of Bitcoin to fall to $29,000. On the 10th of May, 2022, Bitcoin reached $29000, which was spot on. Many of the bulls have been liquidated due to the recent price fall. With the price fall of Bitcoin to $20,000, the gap up in December 2020 and January 2021 has been filled.

Our forecast currently shows crypto bulls are about to resume activities, as we might be seeing a rally in the coming weeks. Price of Bitcoin might be back to $48,000 and Ethereum to $3,500. This could be a sign of relief for investors after crypto has lost $1.1trillion in market capitalization in the last 80 days, the fastest and largest known loss in its history. Buying Bitcoin $48,000 and buying Ethereum above $3500 might be a bull trap. We might be seeing Bitcoin at a 4-digit value and Ethereum at a 2-digit value after prices reach $48,000. Are investors prepared to see price of Bitcoin at $4,000 and Ethereum at $90? Time will tell.

Yes, the market is about to favour the bulls, as a strong support is reached at $20,000 for bitcoin and Ethereum at $1,000. RSI on the weekly chart shows price has been oversold. There are some dojis formed in May and the first week in June, which is a sign of price reversal. Currently we still have price in the lower region of the Bollinger bands, as price is consolidating.

June 16, 2022June 16, 2022

Solana Falls Below $30

The cryptocurrency space has suffered a setback in recent times as most crypto assets have dipped in price. This has led to the funds of many investors and traders being wiped out. The hope of price recovery keeps dashing out as price continue to fall.

Solana is the 9th biggest cryptocurrency in the world by market cap, which stands at over $10.7billion. On the 13th of May, 2022, according to this article, Solana was at $52. Our analysts envisaged a continuous fall in price. On the 14th of June, price dipped to $25. The last time Solana price was at $25 was in July 2021, that’s about a year ago. Note that Solana reached an all-time high at $259 in November 2021.

The daily chart shows that the price of Solana has been oversold twice between May and June 2022 on the RSI. The NFT world has also suffered alongside this crypto crash. The value of all Ethereum and Solana-based projects have dropped across all boards. There are currently no indications of a price rally. The price of Solana is currently ranging, though the current price is at $31.395.

May 6, 2022May 9, 2022

UNCHARTED Podcast: Episode 4

CRYPTOCURRENCY: An overview of the Crypto market

CRYPTOCURRENCY: Analysis of Bitcoin & Ethereum

In this podcast episode, we did a general review of markets. First, we extensively discussed Cryptocurrencies. We looked into Bitcoin and Ethereum and the recent stagnation. We also did a forecast of the direction that these major Cryptos may move in the coming months. We touched on Solana and the impact Bitcoin has on all cryptocurrencies. Here’s a forecast on Bitcoin we made some months back.

CURRENCIES: The Impressive Run of the US Dollar and how Risk-Aversion is contributing to it

CURRENCIES: Depreciation of world currencies and their reliance on the USD

CURRENCIES: US Dollar as a Safe Haven, GBPUSD, & NZDUSD

CURRENCIES: Possible causes for USD rise and Inflation

CURRENCIES: US Economic Strength and quarter-over-quarter GDP growth

CURRENCIES: Recession Fears & USDJPY

We also took a dive into the world of Currencies, specifically the United States Dollar. The Dollar has been dominating the world of currencies. Despite inflation rates being sky high, the Dollar seems to be doing relatively well when compared with other major currencies. We also discussed the Central Banks and their reactions to the inflation their respective countries face.

COMMODITIES: An overview of Gold & Silver

COMMODITIES: USD vs Gold, which is the Safe Haven of Choice?

We closed this episode on Commodities. During times of crisis, it is expected that people will hedge their funds in Precious Metals but this isn’t what we are seeing. Investors are hedging their funds in USD and investors from emerging markets also see USD as a safe haven as opposed to Gold and Silver.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here.

February 22, 2019February 22, 2019

Bitcoin Might Fall Back To Major Support Level

There was a sudden rise in the price of $BTCUSD on the 8th of February after a long range in price. Price initially was around 3360 before the upward movement to 3631 on the same day. After the bullish movement, a range in the price of $BTCUSD began. Two weeks later, $BTCUSD price began a bullish movement on the 19th of February which reached the resistance level of 3981.

On the RSI chart, price of $BTCUSD has been overbought at least twice in February. $BTCUSD price might fall to 3500 due to overbought positions. $BTCUSD bulls tried to move price about $600 in February. The bears seem to be in control of the Crypto world, giving little chances to the bulls. In the 4hr timeframe, price of $BTCUSD might fall about $500 in the next few days. Ichimoku is still showing a bullish trend which may likely give a reversal signal.

January 16, 2019January 31, 2019

Crypto Lovers, Bitcoin Is Currently Oversold

Despite low volatility in recent times, there may be few huge profitable chances. To take a look at Bitcoin, the year 2018 favoured sellers. In 2018, $BTCUSD started at 13228 level and closed at 3665.33. There were several speculations from few experts that Bitcoin will continue the uptrend as in 2017 but it went all the way down in 2018. The highest point Bitcoin reached in 2018 was 17165 which was in January and the lowest in December at 3172.28. Many investors have lost interest due to the uncertainties of $BTCUSD thereby reducing demand. Due to the lower volatility, investors might not necessarily trade $BTCUSD for the long term.

The first major bullish movement in the year might start soon if more buyers come into the market. RSI on the 4hr chart shows an oversold region for the past 5 trading days. Price is yet to cross to the upper part of the Bollinger bands but deliberate efforts of $BTCUSD buyers could push price to 4092 from its current 3564.

January 17, 2018August 28, 2018

New Year, New Markets

Happy new year! It is 2018 and the only market that doesn’t sleep now is the cryptocurrency market. This is a brand new market being created right before our very eyes. What a time to be alive! No matter the asset or investment vehicle, human nature still reigns supreme. And in a pure market where human nature reigns (and not algos), technical analysis works so beautifully. But if you trade based on the news, you’ve been in for a wild ride. While the king of cryptos is Bitcoin ($BTC.X), 2017 saw an explosion in blockchain innovation that allowed many other coins to be created by just about anybody. This explosion in coins led to an explosion in wealth creation as buyers and sellers raced to the markets. Traders, investors and techies from the West to Zimbabwe have been making money in cryptos and everybody wants in.

Seeing the frenzy for information, I decided to host my first investment event, “What is Bitcoin, Anyway”. I rescheduled this event 3 times since September. I was originally going to talk about the importance of investing. (*yawn*) I forgot to order food. I also forgot to send out invitations. It was my first event! I was concentrating so hard on getting the talk and presentation right that the event production went right out the window. LOL oh well. Thankfully, my office is in a WeWork so the venue hid my blunders well. I had a good audience and the presentation was so well received that I was asked to do another.

Yes, I will have another crypto event despite the crash in cryptocurrencies right now all across the board. While I understand the hesitancy in buying cryptos, I also think it is irresponsible to write off any investment opportunity due to ignorance. However, it is also irresponsible to invest, in a market this new and still unregulated, alone or naive. Do as much learning as you can. Read, watch and ask questions. Hire an investment adviser. Get a mentor. Every investment story is the same, so always do your homework — trade what you see, not what you hear.

And stay tuned for my next event, First Friday Pasadena. February is the #crypto edition?