Bitcoin rally above $9,000 stalls as sellers push BTC back to key support...
One week in review:
April 27–May 3 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin rally above $9,000 stalls as sellers push BTC back to key support | | | After starting Monday at $7,650, Bitcoin surged through previously stubborn resistance levels to hit highs of $9,440. The gains mean the world's biggest cryptocurrency has comfortably outpaced the Dow's price recovery. Bitcoin's handsome year-to-date returns have also outshone gold, its last major competitor — cementing its position as 2020's best-performing asset. | | #2. Top crypto traders explain where Bitcoin price will go after $9,400 rally | | | Bitcoin did cool off substantially after Thursday's surge, slipping more than 9% to $8,550 the very same day. Cointelegraph analysts, such as Michaël van de Poppe, warn significant resistance at $9,500 could put BTC's pre-halving rally in jeopardy, with less than a week to go. He described the $9,200-to-$9,500 resistance zone as crucial. It provided support throughout the summer of 2019, and this week, it seems an overwhelming amount of traders chose to sell at this level. | | | Van de Poppe says Bitcoin needs to achieve a clear breakthrough of $9,000 for the rally to continue — warranting a continuation toward $9,400 that opens up the road to $10,500 with enough momentum. | | #3. DPRK Insider: Kim Jong Un in good health, crypto will help fight imperialism | | | Rumors have been swirling around concerning the health of North Korea's chain-smoking, obese leader, Kim Jong Un — and there's even been speculation he has died following failed heart surgery. This prompted concern in the crypto community that Pyongyang may end up selling the crypto holdings under Kim's direct control. Estimates suggest these assets are worth a whopping $670 million, and any bulk sale would cause prices to crash. | | | A journalist's joke that 65,000 BTC had been transferred from Kim's Trezor wallet to Coinbase didn't help matters. On Wednesday, an individual associated with the government told Cointelegraph that Kim is in good health — and said he believes Bitcoin has a role in North Korean society. | | #4. Prediction of the Week New stock-to-flow forecast puts average Bitcoin price at $288,000 by 2024 | | | It's a popular price model for Bitcoin, and thus far, it's been accurate. Now, PlanB's stock-to-flow forecast suggests BTC will be trading for an average price of $288,000 by 2024 — and these dizzying prices could happen as early as this year. Stock-to-flow calculates a value based on the supply of new Bitcoins entering circulation through mining versus the existing supply, or "stock." Before the latest forecast was released, an "updated" chart had put BTC/USD at an average of about $100,000 between 2020 and 2024. | | | With the new version, this prediction has almost tripled overnight. It is worth noting that some crypto heavyweights have serious reservations about this model. | | #5. FUD of the Week Is Elon Musk selling his Bitcoin? | | | In his latest series of nonsensical tweets, Elon Musk revealed plans to sell all his physical possessions — prompting speculation that his Bitcoin holdings are included. The eccentric Tesla founder apparently won't even have a house after the fire sale has taken place. | | | His other weird missives included random lyrics from the national anthem, comments that Tesla's stock price is too high, and claims that his girlfriend is mad at him. That's a lot to take in. The debate raging now is whether or not Musk defines Bitcoin as a physical possession or not. | | #6. FUD of the Week Peter Brandt likens Tether to "Nigerian trinkets" | | | Peter Brandt isn't known for holding back his opinions, and now, the veteran trader has Tether in his sights. He has compared holding USDT to the risk of owning "the Nigerian trinket" — and said those who purchase the controversial stablecoin are "fools." To be fair to Nigeria, its currency is actually called the naira — not the trinket. Inflation there stands at about 18%, and although this isn't good, it isn't terrible compared with the likes of Venezuela, which continues to battle with hyperinflation. Brandt's point appears to be that Tether is neither reputable nor well regulated, which makes it a risky asset for parking funds. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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