Bitcoin Unfazed by Facebook, Why Further Gains Are Likely


The crypto sphere has been awash with commentary on Libra this week. It has dominated mainstream and crypto media to such an extent that most are already sick of it. Bitcoin and crypto markets are completely unfazed though and continue to inch higher.

Over the past 24 hours BTC has regained its composure and hit an intraday high of $9,350. The 2 percent pump came in early hours trading on Asian markets following a day or so of consolidation. There is still a large wall of resistance north of $9.5k but this has not been an issue in the past.

Where Next For Bitcoin?

Analysts have been eyeing the charts as usual and some have identified another head and shoulders forming.

“$BTC currently consolidating below resistance. Meme head and shoulders forming (I counter trade this pattern often on Bitcoin) on 4 hr/1hr charts. Price slowly ranging & expect sideways next couple days & would like to see fake-out down before breaking resistance above,”

Looking at the patterns indicates another day or two of consolidation before a larger move, which could come at the weekend as it did the last.

Trader ‘Bleeding Crypto’ has been looking at the heat chart and agrees that things are pretty calm at the moment.

“No real heat up or down…. This feels like the calm before the storm…. Its to quiet and eerie right now, I wonder what’s going to happen…. I can hear a pin drop!!”

There has been very little movement for most crypto assets over the past few days. Markets did not even blip when the world’s largest social media network thundered into the scene with its own offering. Many are in agreement that Libra would actually be a good thing for Bitcoin et al.

Satoshi’s Useful Idiot

Zuckerberg could in fact be Satoshi’s useful idiot as RT’s Max Keiser colorfully put it.

“It’s built into the protocol’s genesis block that eventually a heavyweight like $fb would take on BTC. This increased awareness and appeal to would-be potentates will, of course, drive the hashrate to new highs, leading to new ATH for BTC price. Zuck is Satoshi’s useful idiot.”

There is no doubt that a digital payments system that bypasses banks and commission eating forex agents will save millions for the potential market of billions of users. Once people get used to the concept of digital money they will start looking for the real thing. Hello Bitcoin!

Facebook’s reputation with data handling, security, and privacy has been made painfully clear over the past couple of years. If millions of people start to rely on it to pay their bills and manage their finances they could come unstuck pretty rapidly. A clear and far superior alternative already exists which is why Libra is bullish for Bitcoin.

Image from Shutterstock

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