Empire Can Bitcoin Break Through $70k, Or Lower? | 1000x Live
Aug 28, 2024
Avi Felman, a cryptocurrency expert, and Jonah, a knowledgeable figure in the crypto space, dive into the current Bitcoin market volatility, exploring trends between $61K and $65K. They discuss Ethereum's evolving role in the market, pondering if it's the new XRP of this cycle. The duo also navigates Telegram's controversial implications for decentralization and trading strategies in a shifting landscape. Finally, they engage with a live audience, providing valuable insights and answering pressing crypto questions in real time.
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Bitcoin Rangebound but Bullish
- Bitcoin's price has been ranging between $61.5K and $65K.
- This range-bound behavior, combined with general uncertainty, is considered bullish.
Decreased Bitcoin Supply Overhang
- The decreasing Bitcoin supply overhang isn't due to fewer coins, but a shift in average ownership cost.
- As the average price people paid for Bitcoin increases, they're less inclined to sell at current levels.
Trading in Range-Bound Markets
- In range-bound markets, avoid overtrading and remain disciplined.
- Focus on the likely breakout direction instead of precise timing predictions.