A crypto analyst who accurately forecasted the Bitcoin price crash to $99,000 has now made another notable prediction for the pioneer cryptocurrency. While the analyst’s previously bearish projection was driven by volatility and waning market demand for Bitcoin, his new forecast sees the cryptocurrency skyrocketing to new highs above $110,000, fueled by its recent bullish performance. 

Bitcoin To Retest Key Support As Next Move

From a technical perspective, TradingView crypto analyst R.Linda has pinpointed the range between $102,500 and $100,000 as a critical support zone for Bitcoin. The analyst highlights that if Bitcoin can retest and maintain a price above this zone, it could set the stage for a potential market rally to new ATHs of $120,000 in the mid-term. 

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According to CoinMarketCap, Bitcoin is currently trading at $108,594, experiencing a dramatic 4.65% rise in the past 24 hours. R. Linda suggests that this recent price rally may result from strong accumulation and growing investor confidence.

Given Bitcoin’s growing momentum, the TradingView market expert has set new resistance levels at $103,600, $105,700, and $107,500. She believes a successful breakout from these levels could propel Bitcoin to retest new bullish targets between the $108,000 and $112,000 range. 

Despite correctly predicting the recent Bitcoin crash to $99,000, the analyst believes another failure to hold above the $100,000 mark could temporarily stall a price rally, with the possibility of a more resounding crash. R. Linda stated that Bitcoin may form a correction pattern, potentially experiencing a slight pullback to the 0.5 Fibonacci retracement level near $100,000, or even as low as $97,500.

Moving ahead, Bitcoin’s overall trend remains bullish as long as its price quickly recovers from any projected declines and stays above critical support levels. The $102,500 level is highlighted as a pivotal price point expected to trigger Bitcoin’s bullish continuation. 

Bitcoin’s Current Market Condition 

According to R. Linda, Bitcoin surprised the market again by rallying more than 18% over the past week after surpassing previous support zones. The flagship cryptocurrency quickly reignited previous bullish sentiment after retesting “the panic and risk zone” when selling pressures significantly rose.

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This sharp price increase has been attributed to technical, fundamental, and macroeconomic factors. R. Linda has stated an increase in activity from institutional investors and the major players in the space. She suggested that Donald Trump’s inauguration as the President of the United States (US) and speculations about favorable crypto policies under his administration have also significantly contributed to Bitcoin’s recent rebound. 

The bullish combination has solidified Bitcoin’s position, creating a strong momentum that has attracted new buyers and increased institutional interest from players globally. R. Linda highlights that Bitcoin’s price action in the past three days suggests a strong consolidation and accumulation phase, where buyers aggressively defend the price area between $91,000 and $89,000.

Featured image from Unsplash, chart from Tradingview.com

The NFT market is thriving, actually. Once again, the Wall Street Journal makes a fool of itself by tackling subjects beyond the publication’s comprehension. The author declares “the NFT market is collapsing,” citing suspicious numbers and two cases of bad trades as proof. And then, to top it all off poses a terrible theory. The “NFT Sales Are Flatlining” article is embarrassing beyond belief.

Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.

Among other things, it proposes the worst definition of NFTs ever written: 

“NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.”

No, NFTs are not “bitcoin-like” at all. And the WSJ just forgot about the “non-fungible” aspect of these unique digital assets. And yes, someone bought an NFT of Jack Dorsey’s first tweet for $2.9M, another person bought a Snoop Dogg endorsed one for $32K. Both tried to auction the digital assets and only got embarrassingly low offers. Based on those two cases, the WSJ implies that the whole NFT market is dead on the water.

THE DEATH OF NFTs…

One buyer purchased a Snoop Dog curated NFT in early April for about $32,000 worth of the cryptocurrency ether. It’s now up for auction, with an asking price of $25.5 million.

The highest current bid is for 0.0743 ether—about $210.https://t.co/dg54XYijxh

— Steven Russolillo (@srussolillo) May 3, 2022

The WSJ bogus numbers about the NFT Market

Admittedly, the Wall Street Journal probably has access to a wider array of data than NewsBTC. However, the numbers they use to prove the NFT market is dead are suspicious as hell. 

“The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.  

The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November.”

Notice that they don’t link to NonFungible and provide a few low-resolution graphs that the normal eye can’t audit. However, everyone can go to NonFungible. The number of sales for May 3rd is 104.465 and that represents $206B. Hardly the signs of a dead NFT market. Granted, the number of sales for April 3rd is approximately 14K, but on May 1st the NFT market moved a whooping $778B in 117K sales.

That’s not it. The WSJ also presents these stats as if they prove its case:

“The imbalance between supply and demand is also hurting the NFT market. There are about five NFTs for every buyer, according to data from analytics firm Chainalysis. As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people.”

Have they even been to OpenSea? There are hundreds of collections. And NFT aficionados own dozens of pieces. Sometimes, hundreds. Sometimes, thousands. And that’s just one platform that serves one blockchain. Five NFTs for every buyer is nothing.

ETH price chart for 05/04/2022 on Coinbase | Source: ETH/USD on TradingView.com

The Wall Street Journal’s Off The Mark Theory

This might be the most ridiculous part of the article. Let’s let the author bury himself:

“There are signs that collectors may also differentiate between NFTs that catalog a vast set of cartoonlike characters—like the CryptoPunks—and tailored, NFT art projects spurred by major artists who already enjoy museum followings.”

 And then he talks about Jeff Koons and Chinese artist Cai Guo Qiang, who sold out NFT collections, and director Kevin Smith, who’s planning to. Meanwhile, Moonbirds set the NFT market on fire and the Bored Ape’s Otherside literally broke Ethereum. We’re talking billions of dollars for the “cartoonlike characters” team. Not only that, The Nightly Mint points us towards Nansen’s numbers. 

6/ Taking a look at NFT Paradise, volume is robust – the last two weeks are both set to be among the top-10 in history (measured in ETH).

Users per Week and Transactions per Week are likewise looking to reverse downtrends that began at the start of the year. pic.twitter.com/edNKzddMQW

— Nansen (@nansen_ai) May 3, 2022

They clearly show that “the last two weeks are both set to be among the top-10 in history (measured in ETH).” And that “the Blue Chips and Social sectors are on a tear, up 81% and 83% YTD.”

So, what game is the Wall Street Journal playing? Is this a case of poor research or evidence of malicious intent? That’s for you to decide, dear reader.

Featured Image by Philip Strong on Unsplash  | Charts by TradingView