More than 25,000 attendees of the Bitcoin 2022 Conference in Miami were inspired this week, feeling the rise amid the unveiling of a 3,000-pound statue of a “laser-eyed” bull. In addition, many experts shared their thoughts on BTC, which is the largest and oldest cryptocurrency with its market value. Here are the details…
The story of the iconic bull statue in Miami
Modeled after the iconic Charge Bull on Wall Street, Miami Bull was created by Florida-based trading firm TradeStation, which launched its crypto brokerage platform in 2019 . “Our goal was to help Miami become a symbol of fintech and crypto and crown it on the global stage,” said James Putra, who heads product strategy at TradeStation Crypto.
As we have reported as Kriptokoin.com, in the last two years, Miami has tried to be a city for the “future of finance”. Mayor Francis Suarez promised to receive part of his paycheck in Bitcoin. The city launched MiamiCoin (MIA) as a way to generate additional municipal revenue. According to Bloomberg, citing Pitchbook data, venture capital funding for crypto startups in the Miami area has skyrocketed to $745 million in 2021, from $6 million the previous year.
But Miami still has a lot to do. Among the waiting items is an iconic monument describing the city’s crypto passions. Unlike New York City’s financial hub and tech hub San Francisco, which is dotted with the Statue of Liberty and the Golden Gate Bridge, Miami “has nothing that captures the essence of the growing crypto and fintech community,” Putra said. They hired a group of strategists and artists to design the statue, including award-winning Furio Tedeschi, known for his work for the “Transformers” series. Putra declined to share how much the firm spent on the bull, but added that it was “worth it” despite the “shocking” bills they received.
Bitcoin price outlook: $46,000 “magic number”
Miami Bull isn’t the only thing that’s causing excitement at the biggest annual meeting for Bitcoin enthusiasts. In a keynote, tech billionaire Peter Thiel criticized Berkshire Hathaway CEO Warren Buffett, JPMorgan CEO Jamie Dimon, and BlackRock CEO Larry Fink, calling them a “financial movement” opposing the “revolutionary youth movement” behind Bitcoin. described them as members of the “gerontocracy”. Thiel, co-founder of PayPal and Palantir, also blamed strong financial numbers for Nitcoin’s failure to reach $100,000.
15-year fintech veteran and trader Putra said that while the crypto market may seem bearish at the moment, it’s not “a crash.” Meanwhile, he said the “magic number everyone is watching” for Bitcoin is $46,000 and used the following expressions:
A sideways market. It has a hard time entering an uptrend, but also very difficult to enter a downtrend. So at best, it’s horizontal and volatile until there’s a meaningful catalyst in one way or another. $46,000 is tied to the opening of the year. A number that is also a breaking point for traders. So above $46,000, the market is bullish. Below $46,000, the market is bearish.
$30,000 visible?
The majority of individual traders and institutions in the Bitcoin derivatives market seem to reflect expectations that Bitcoin is unlikely to rise above $46,000 in the next two months. He observed that these investors were cautiously positioned below $46,000. If Bitcoin breaks above $46,000, the next stop will be to test the previous all-time high of around $69,000.
According to Putra, in order to maintain an upside price trajectory, BTC’s “significantly” previous all-time highs at these price levels rather than “parabolic” jumps will need to be closed. He also said that if Bitcoin stays below $46,000, traders should watch out for the $30,000 level.
I would not like to see this parabolic surge. I like to see a steady slope above the price we took off with a slow and steady rise because that means the reversal will be much more difficult. If you break below $30,000 then it will be a big drop. But I think this is highly unlikely. If you look at the positioning of options, there are a lot of people waiting to buy at $30,000.
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