A mixed bag of fortunes once more as Saturday gave way to Sunday. The famed weekend bulls have yet to surface and Bitcoin price is now in a clear and present danger of giving way to the bears.
After pinging back and forth between both sides of USD 10,000, right now at 9:05 am UTC (CoinDesk), price is trading at USD 10,012, a little lower than yesterday’s but still finely poised to go off in either direction.
— BitcoinValueBot (@bitcoinvaluebot) September 22, 2019
Altcoins as well have not been trading in any certain trends, but are today a little worse off than they were yesterday. Ether is still standing strong above USD 210 while Litecoin is impressively holding on above USD 70. Ripple (XRP), however, was not able to remain close to 30 cents and will be fortunate if they can keep above 28 cents.
This isn’t to say that the sentiment rise in altcoin markets we discussed yesterday is now off the table. It simply means that any altcoin boom will probably need to wait a few more months or weeks at least while Bitcoin consolidates.
While we all wait for that, it’s worth revisiting some of the oldest feuds in Bitcoin history, if only to add some context to the decade of price movement. Overstock founder Patrick Byrne, who was known as one of the oldest advocates for Bitcoin, has recently appeared in mainstream news again, this time in his latest reiteration as the “Mad King“. The label, given to him by Forbes when they recently profiled him, may not be a deserved one, but Byrne has declared war on the “Deep State”, aiming all his guns at its “pet”, the US Securities and Exchange Commission (SEC).
It would seem to be a huge fall from grace, since only five years ago, Wired had ushered him into the mainstream at a Bitcoin Messiah. Then, they noted his longevity with his rise, fall, and subsequent rise… but we wonder if his rise, fall, rise, fall, and current rise is now being written on the walls.
— Rich Tehrani (@rtehrani) September 22, 2019
This week, Byrne declared publicly, “before the yuck-yucks spin the truth”, that he was going all-in on precious metal and crypto, having sold his entire stake in Overstock to buy “counter-cyclical” assets. This meant that his 5 million shares brought him a fresh bankroll of USD 90 million, which he planned to put into gold, silver and “two flavors of crypto”. One of the reasons, he claimed:
“Just as we learned in Game of Thrones that behind the scenes the Iron Bank makes the big decisions, in Corporate America insurance companies get the last say.”
The Mad King got a sword in his back in that piece of literature, so one wonders what kind of betrayal lies in wait for Byrne. But for now, his path is that of the Mad King’s beginnings of paranoia, going to war with everyone he felt had become a threat. Byrne declared:
“The gold and silver are stored outside of the United States, in Switzerland, and within two weeks, will be scattered in other locations that are even more outside of the reach of the Deep State, but are places that are safe for me… [I need] the ammo to go to war against the Deep State.”
Whether or not the crypto he buys will ever push prices up is a mystery, since he also claims that the crypto is stored “in mathematical mist, behind long keys held only in the memory of someone who is quite good at storing such things in memory”. A priest “who never sits [sic] foot in the West” is the only one who has his paper backups.
In any case, Bitcoin dominance is dropping slightly, after long periods of extending its percentages this year, as altcoins finally gain some sort of advantage in price while Bitcoin remains stagnant. Is this the beginning of a bull run for the medium term?
Most traders are still undecided. One DonAlt sums up the general sentiment:
“As soon as we get a close above red or below green the small time frame will get interesting. Close below $9,000, I’ll target $7,500. Close above $12,000, I’ll target $14,000+.”
There is a reason why I haven't been on Twitter in a week.
This is just not worth commentating about.
As soon as we get a close above red or below green the small time frame will get interesting.
Close below $9000, I'll target $7500-
Close above $12000, Ill target $14000+ pic.twitter.com/HgRxtlE249
— DonAlt (@CryptoDonAlt) September 17, 2019
Anyway, the Bakkt movements and considerations we have long been discussing since the end of last year could find a happy ending if it launches tomorrow. As it appears right now, traders both in Bitcoin and altcoin are waiting for precisely that to happen, or not. We can only follow the crowd in this matter.
Image Courtesy: Pixabay