It Is Seen As A Blessing For Bitcoin Price And Adoption When Trump Is Banning TikTok
Bitcoin experts are keeping their fingers crossed on the ban of TikTok. There is a surge in the price of altcoins. Know the details here
The Good News For Bitcoin
A piece of great news for Bitcoin price as well as the entire cryptocurrency space is Trump’s TikTok Ban that could see 80 million people flock to crypto.
With Ether surging past $ 400, yesterday saw many major altcoins rally to their yearly highs.
As expected XRP in addition had a bumper day exceeding $0.32 while momentarily outperforming Bitcoin.
By wiping out several billion of these gains in a little over an hour, Bitcoin however showed its dominance in the space, and now what does the week ahead look like and what could just be the impact of Trump’s TikTok ban on the cryptocurrency space?
Then Let’s Get Some Perspective
Showing a picture of the future is Bitcoin on the weekly as the leading cryptocurrency by the market capitalisation now has already tested the 0.5 Fibonacci retracement level of $12K before being rejected.
You should probably google how to use the Fibonacci tool Tradingview right now in case you haven’t been paying attention to the weekly fib, as it is probably the closest you will ever get to having Marty McFly’s sports almanac in the Back to the Future 2 than you will ever get.
Sitting at $ 13,500 is the next level to claim 0.618, and in case you are happy with 20% gains on Bitcoin, it does sound great. You will see that most are trading under the 0.236 fib when you look at other top-tier alts meaning that greater upside potential is something we experienced this weekend.
Starting Off With Ethereum
Exploded by 80% from the bottom of an ascending channel, Ether had already made a run at the 0.236 fibs, keeping in the back of your mind that currently Bitcoin is on the 0.5 fib that is two levels higher than the 0.236 as ETH hasn’t even claimed that level yet.
This is likely only the beginning as just wait until this level is broken whereas Ether makes a run-up to 0.382 that has an ETH price of $660.
Sitting around the top of the channel it broke out from, the potential downside is around $300- $330 and looking at the center part of the channel of around $ 280.
In a flash crash earlier this morning, despite the fact levels have already been hit it isn’t at all surprising if they were reached again before the next leg up to $ 660.
With XRP, What’s Cooking?
While the fact observed to be that XRP briefly broke out of the same ascending channel and as Ether was in, thereby only XRP had a long way to go to the 0.236 fibs.
It has a monstrous 188% move to achieve thereby reaching the $0.85c fib target as a matter of fact. There is still a good chance that the number three digital asset by market capitalisation could provide insane gains, from the current level if you have missed Bitcoin and you missed Ether.
Sitting at 24 cents for the middle channel and 19 cents for the lower target, the downside potential for XRP using the same channel levels as Ether whereas the first level once again has been tested in the flash crash and whether we are seeing these levels again in the short term is unlikely considering the current fib targets.
There is another leading crypto that is yet to awake from its bear hibernation if you are worried about FOMOing in at the top.
Thereby, EOS Is Yet To Run
Technically speaking as EOS hasn’t been getting much attention lately, it is looking like the next large-cap coin making a big run-up to 0.236 as in the case of EOS it is $ 6.50 and with the price just under $3, this is giving you some impressive gains in the short term.
Yet to break out of its channel is EOS as the only logical as other top tier alts start to rally in the shadow of Bitcoin, the traders and investors are starting to look at charts trading at the bottom just as it is noticed with ETH and XRP whereas EOS currently trades in the lower part of the channel not quite the bottom where it is planted at $2.50 whereas the risk vs. reward for EOS certainly looks appealing.
To be looking at EOS right now, there are also other good reasons and currently running for POTUS is not only Brock Pierce that can only be a good thing for EOS whereas the parent company Block.one is targeting Gen Z users thereby flocking from TikTok with the Voice Social Media platform as he said in a tweet on July 30, that Mobilising to stand up for their rights and privacy is Gen Z where individuals can make the difference as every voice is heard.
About popular TikTok stars leaving the platform amid privacy concerns, Pierce cites LA Times.
Known for betting on the right thing and the right time is the early Bitcoin investor and with President Trump, hinting towards a ban on TikTok as early as tomorrow, there comes a hole in the US market where 80 million users are looking for alternatives.
There are already other blockchain-based social media platforms focusing on bringing new users to the crypto space while this may put EOS in a good position for extra exposure.
Hyprr the US-based and partnered with banking giant Wells Fargo has recently undergone a rebrand ahead of the launch this month purportedly which was easy on and off ramps into crypto putting its prime position to take over TikToks US-based market share.
On contacting Hyprr CEO David Brieley about his position on the potential of TikTok in the wake of the ban, he opined that Gen Z consumes around billion hours of content per day via social media that is twice that of millennials.
Steemit, when you consider had once occupied a $ 1.8 billion market cap largely based on speculation and millennial appeal where you can only imagine the positive impact as a successful blockchain-based social media platform could have on the market in case it took off like TikTok.
In the wake of such a massive controversial ban on one of the fastest-growing viral platforms, what is the better way than to do so?
Where Is The Bearish Scenario For Bitcoin?
Expecting the downside to be limited to the 0.382 fibs of around $9,500, the Bitcoin fails to hold the previous multi-year resistance of $10,500 as fresh support seeming that bulls are therefore going to be in control for a short while.
Finally, The Bullish Scenario For Bitcoin
The next logical areas of resistance are $ 13,500 if the Bitcoin can push past and hold above $12K representing the 0.618 fibs. It is expected that the price of Bitcoin remains quite flat over the next week, with the alts rallying, and the cyclical effect of low-cap alts flowing into the top tier alts and back into Bitcoin before starting all over again.