Bitcoin Price Begins Consolidation; Markets Cooling Down

bitcoin price analysis chart

As the parties wind down in the US and the impending hangovers begin to fester, Bitcoin is taking a breather. In what appears to be the beginning of a consolidation phase, BTC has dropped around 8% on the day.


Bitcoin Price Back To $11000

The epic 25% bounce back from the depths of $9,600 took Bitcoin price to $12000 briefly yesterday. For the duration of the fourth, it managed to consolidate around $11,800 but has fallen sharply a hours ago. The latest dip has returned BTC back to $11k, and it is currently holding just above there at 00.

bitcoin

BTC price 1-hour chart – Tradingview.com

Daily volume has retreated back to $25 billion and BTC market capitalization has just dipped below $200 billion again. As Bitcoinist reported earlier this week, BTC may have found a floor at around $10,000 but a drop below this could signal a deeper dip than the previous one, possibly somewhere back in the $8k region.

The CT traders seem to have taken the day off for the US holiday and things are pretty quiet in crypto land at the moment. Looking at next of support, the 50-day moving average is currently at $9,200 so this may serve as the next lower low if BTC heads south again.

On the -hour chart, Bitcoin price has already dropped below the 50 MA and could head towards the 200 which is currently at $9,600. As in previous cycles, there was a lot of buying pressure at figures but this may not be of the same magnitude if BTC drops below $10k again.

, which often as a counter trade signal, seems to be bullish on Bitcoin however with this rather festive tweet posted a few hours ago.

Altcoins Getting Battered Again

Total crypto market capitalization has dumped over $15 billion on the day but Bitcoin dominance remains over 65% according to Tradingview.com. Yet again the altcoins, which are already in bad shape, are getting battered.

Ethereum has dumped 5% to return to $285 and XRP has shed a similar amount falling back to $0.387. Litecoin is holding $120 at the moment but Bitcoin Cash and EOS are both down 4%. There is a lot of red on the altcoin during Asian trading this morning and only a handful of the very low cap ones are making any progress.

The weekend may see more consolidation from Bitcoin which appears to result in a dump in the altcoins. It might be time for the daddy of crypto to take a breather for a bit.

Bitcoin price make another lower low or remain for a while? Add your thoughts below.


Images courtesy of Shutterstock, @CNBCFuturesNow, Tradingview

The post Bitcoin Price Begins Consolidation; Markets Cooling Down appeared first on Bitcoinist.com.


Source: bitcoinist
Bitcoin Price Begins Consolidation; Markets Cooling Down

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New Price Target: One Bitcoin Equates To 700 Acres Of Land

This novel way of looking at the equivalent scarcity of land and Bitcoin was tweeted by Bylls CEO, Francis Pouliot. So what’s that target price then?


First Off, Let’s Check Those Sums

Pouliot’s initial claim didn’t show his working out, which would’ve seen him docked marks at my school. Even though got all the answers right… sorry, where was I?

Fortunately, Blockstream CEO, Adam Back was on hand with some sums, he thought the figure was . Although he went about explaining it in a roundabout way.

Reasoning that 700 acres were less than 5 quarter sections, he had already lost me… I tried again. 700 acres is under 5/4 of a square mile (1 square mile is 640 acres). In Canada (which is where Pouliot hails from but wasn’t specified) a quarter section is $100-200k CAD. So a bitcoin would be equivalent to $500k – $1 million CAD of land.

And then just when you think it’s the valuation Back thinks is low, he does the first calculation I did. The surface area of the earth divided by 21 million, gives 6000 acres of land per bitcoin.

Ummm, We Should Probably Double Check That

My next thought, and indeed one of the other commenter’s, was that not all of that surface area is land. Dividing the available land on earth by 21 million gives us around 1750 acres per bitcoin, which is still some way off our original 700.

Luckily, another commenter had been trying to work out how Pouliot got to the 700-acre figure. After some research, it seems that we were only considering agricultural land (or land with agricultural potential). At 37% of the planet’s land area, this gets us to a figure (when rounded) of 700 acres of it for every bitcoin that will ever exist.

So What Is The Value Of 700 Acres Of Land as Bitcoin?

First of all, some caveats: 1/ We do not have a bitcoin standard, so land is not priced in bitcoin, 2/ 700 acres of Manhattan will be vastly expensive than 700 acres of Kamchatka. So let the thought experiment begin…

Russia sold Alaska to the United States for $7.2 million in 1867, which equates to $124.3 million today, allowing for inflation. That was for 375.3 million acres or the equivalent of approximately one-third of a dollar per acre today. Which makes… $231.88 per bitcoin?

Nah, we don’t like that. Who’d choose 700 acres of Alaska anyway? It’s not all agricultural land, and the Russians got ripped off by all accounts.

new york fed

In 2008 the Federal Reserve Bank of New York put a figure of $90 million on an acre of Manhattan. Just accounting for inflation (and not changes in the real estate ), that’s nearly $2500 per square foot today. So using 700 acres of Manhattan as our yardstick gives us a $75 billion bitcoin.

Hmmm. One last try…

Richard Branson bought the 30 hectares (74 acres) Necker Island in the British Virgin Islands for $180,000 in 1979. In 2006 he estimated its value at around $60 million and called it his best deal ever.

$60 million accounting for inflation and divided by 74 gives… pretty much around $1 million per acre.

But then an 8-acre plot in the Portuguese interior goes for around €20,000, so…

…we might as well be comparing bitcoin price to avocados or something!

What do you think of bitcoin price in hectares? Share your below!


Images via Shutterstock

The New Price Target: One Bitcoin Equates To 700 Acres Of Land appeared first on Bitcoinist.com.


Source: bitcoinist
New Price Target: One Bitcoin Equates To 700 Acres Of Land

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