🚀 3 Key Variables to Skyrocket Bitcoin in 2024!

Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where we ride the rollercoaster of volatile price change and brag about how we didn’t panic at all during the ride… 😅

🚨 Before we begin! Thank you for 10,000 subscribers! It could have not been possible without each and every one of you!

Thank you! 🎉

Now, let’s take a look at our important topics for this week!

Select one if you would like to skip ahead!

💰🚀 2024 is a Big Year!

🗳️📊 Bitcoin Domination Poll

📈🔍 Internet Computer Forecasting

📚✏️ Weekly Lesson: Charting a Graph

🤓💡 Interesting Fact of the Week:

In 2009, the creator(s) of Bitcoin, Satoshi Nakamoto, mined the first Bitcoin block called the “genesis block”.

That block alone yielded 50 Bitcoin which is equivalent to $2.2 million today!

🤯 At the time of mining, it would have only been worth about 5 cents!

Click here to see the wallet address that holds the first Bitcoins ever brought into circulation!

Why 2024 is a Big Year!

Since 2020, we have been waiting…and now the time has arrived! 😃

We are very excited for what 2024 has in store for cryptocurrency!

So, what have we waited 4 years for? 🤔

The bitcoin halving! 

Estimated to take place in April of this year, The Bitcoin reward will decrease from 6.25 Bitcoin to 3.125 Bitcoin! 😲  

📅⏳ Click here to view the “Bitcoin Halving Countdown Timer”!

Why the Halving is Important

To bring more Bitcoin into circulation, they need to be “mined” by a computer running perpetual calculations and equations to “find” the next block in the chain.

Thus, why it is called a “blockchain”. 😎

Once this block is “mined”, the individual responsible for mining this block is provided a reward, which is more Bitcoin.

So, why is this important? 🤔

Because the cost of upkeep (machines, electricity, etc.) is becoming more expensive as more people compete for the same block.

To keep the incentive alive for miners, they need to be able to make a profit even after paying off the expenses. With the “Bitcoin halving”, the reward is now being cut in half.

🌟 Now, to the main reason for why this is important!

If the reward is being cut in half, then the price would need to double to make up for the 50% of Bitcoin they are no longer receiving.

In theory, Bitcoin would go from being valued at $44,085.84 to $88,171.68! 🚀

Bitcoin Spot ETF Soon?

As the cryptocurrency community has eagerly been waiting for 10 years since the first proposal was made, we are all on the edge of our seat! 😨

So, why do we bring this up this week? 🤷‍♂️

Because this adoption into the market will be the next step towards Bitcoin becoming the gold standard! ✨

At this present time, Bitcoin is #10 in the world by total asset market cap!

Hypothetically, let’s say that Bitcoin becomes the new gold standard.

The market cap could be gold’s current market cap that is $13.783 trillion. At this very moment, it would make Bitcoin’s price $703,601.67! 🤯

Again…hypothetically…

Bitcoin Wallet Addresses Increase!

At this time, there are over 12.7 million wallet addresses that hold at least .01 Bitcoin! (~$439.14). 😮

In 2020, there were 7.7 million…

When it comes to addresses that are actively making transactions, we see a fluctuation of around 800,000 last year, which is up from the beginning of 2020 which was at 711,000.

In 2021, we reached the high of active addresses at 1.2 million addresses! 🤯

The further we progress in time, the more adoption we will witness as many countries are making strides to implement Bitcoin in various ways!

Will Bitcoin Takeover?

📢 It’s that time of the week again!

🔮 Grab your crystal ball as we take a look at this week’s community poll!

During the next bull run, what number asset with Bitcoin be worldwide? 🤔

It is currently at #10, click here to reference to chart before making your prediction! 🌟

Internet Computer Price Forecast

Please note: The circulating supply of ICP has more than tripled since its inception. This can cause a drastic change in the high price potential.

🧠 Remember! This is only a projection, this is not the exact numbers that we saw in our crystal ball, I mean in the conducted analysis. 😅

⚠️ This is NOT a call to action! The potential high price stated above is subject to change based on outside variables.

How to Chart a Graph

So, why exactly is a technical analysis important? 🤷‍♂️

Because it shows us the psychology behind why movements occur and how/when they may occur in the future.

If you need to review the lesson on candlesticks from last week before we begin, click here!

👀 Let’s take a look at the chart below.

Above are daily candlesticks for Solana’s price movement.

To understand the psychology behind the movements, we need to know where the current supports of movement are! 🔍

Here they are! 💡

So, why are these candlestick wick bottoms the support? 🤔

Because movement stopped at these areas, which could signal a large buyer for all of the sell orders.

The lines drawn are pinpoints from each of the support areas which are further used to anticipate future movements.

What else do we need to know? 🤷‍♂️

Exactly what is stopping the price from moving up higher. Resistance!

The orange highlights the resistance points!

These are key areas where the price moved up but was stopped by a selling pressure.

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📚 Ready for your lesson review?

Make sure to review the lesson above before answering the question!

Question: What is important to remember about resistance?