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Bitcoin [BTC] receives major endorsement after Marc Faber purchases cryptocurrency

Biraajmaan Tamuly

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Bitcoin [BTC] receives major endorsement after Marc Faber purchases cryptocurrency
Source: Pixabay

Bitcoin, the most popular cryptocurrency in the ecosystem, received another significant endorsement after Marc Faber announced that he purchased the digital currency, after criticizing it for a year.

In a recent interview with Cash, the legendary stock market expert and investor revealed he purchased his first Bitcoins earlier this year. Admitting that he bought the cryptocurrency to learn about the crypto ecosystem, the 73-year-old investor indicated that his curiosity regarding crypto assets led him to his first Bitcoin purchase.

Faber stated that he “bought bitcoin for the first time ten days ago”. Justifying his purchase, he claimed that BTC “looked better” from a technical perspective after plummeting from $20,000 to the trading range of $3,000 by the end of 2017.

Faber gave credit to Wences Casares, Xapo CEO and PayPal board member, for influencing his decision to acquire BTC as the stock market expert wanted to learn more about cryptocurrency.

In the interview, Marc Faber said,

“I was tempted to purchase Bitcoin when it was available for $200. But I held myself from purchasing something that I didn’t fully understand. But in the last three months Bitcoin has surged 15 percent in valuation.”

Previously, Marc Faber had been skeptical of Bitcoin and cryptocurrencies in general.



In 2017, David Moadel interviewed Faber, who mentioned that he did not fully understand how much the value of Bitcoin will rise to. He suggested the value of Bitcoin might go up or down, but eventually did not know where the valuation would end.

Faber had then been uncertain about the entire cryptocurrency market. He said,

“I would suggest to my followers that they invest such an amount in Bitcoin [BTC] that they can afford to lose.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin price prediction: BTC prices primed for small correction that could evolve into a major correction

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Bitcoin prices primed for a small correction which could evolve into a major correction
Source: Unsplash

Bitcoin has been on a parabolic bullish rally for quite a while, which was followed by sideways movement of the price. However, at press time, the pattern formed indicated an imminent correction.

At press time, Bitcoin was priced just below $8,000, i.e., $7,979 and had a market cap of $141 billion. The dominance of Bitcoin had reduced as the rally ceased and stood at 57%.

Descending Triangle Pattern

Source: TradingView

As seen in the chart above, Bitcoin’s prices are enclosed in a continuation pattern, i.e., a descending triangle, which is a bearish pattern for Bitcoin. The volume for the same can also be seen decreasing over the course of the pattern, which affirms the above pattern.

When the pattern unfolds, the price will break out of the pattern and head downward; the only thing stopping the price from dipping is important resistance points. The price is likely to hit $7,820 level after the breakout, however, if the former level fails there are subsequent resistance points at $7,674, $7,529, and $7,256, which will be tested in that particular order.

A possible Double Top in the formation?

The above breakout is a short-term movement of price, however, on a longer time frame, the price is stuck in limbo, which explains the sideways movement. The parabolic rally was quick which is why most prominent traders, including Peter Brandt, Tone Vays, and others, are expecting a correction, that is overdue.

Source: TradingView

In the above chart, the way the price of BTC is moving suggests the possibility of the formation of a double top. However, the pattern is only confirmed after the price breaks the lowest resistance, i.e., $7,529. After which, the price will decline quickly into a correction that is being expected by most of the traders in the crypto space.



There is however a scenario where the price might just take off from here since it’s is undergoing a sideways movement, which can also be treated as an accumulation phase.

Conclusion

Crypto Twitter is quite bullish on Bitcoin and expects it to continue the rally, however, technical analysts and traders are awaiting a correction. According to Tone Vays, the price of Bitcoin will reach $4,500 before proceeding to a bull rally; Peter Brandt is also awaiting a pullback. No matter the outcome, it is better to tread carefully or stick to stacking sats.





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