Bitcoin Price Prediction Following Buterin’s Analysis of Scaling Disputes – Will BTC Adapt?

Forex
June 1, 2024
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Bitcoin Price Prediction

Bitcoin (BTC) has failed to sustain its overnight bullish momentum, trading near $67,700. This downturn is influenced by several factors, including a $300 million hack at a Japanese crypto exchange and President Biden’s veto of a bill targeting SEC crypto regulations.

Additionally, Vitalik Buterin’s insights on Bitcoin scaling disputes emphasize the need for new technologies like ZK-SNARKs, though these technical discussions are not expected to immediately affect BTC price.

Bitcoin Price Impact Minimal as Vitalik Buterin Reflects on Block Size Debate

Vitalik Buterin, co-founder of Ethereum, recently discussed the Bitcoin blocksize debate. He admitted that the proponents of smaller blocks had prevailed, but he noted that advocates for larger blocks lacked the technical skills to implement their ideas successfully.

Efforts by big blockers to increase Bitcoin’s transaction capacity through hard forks, such as Bitcoin Classic and Bitcoin Unlimited, were unsuccessful.

Buterin recommended adopting new technologies like ZK-SNARKs to address scalability issues and prevent future disputes. He also highlighted advancements like BitVM, which could enable decentralized Bitcoin rollups and improve transaction processing without changing Bitcoin Core.

Key Points:

Smaller blocks won the debate over larger blocks.
Big blockers lacked effective implementation skills.
Technologies like ZK-SNARKs and BitVM offer scalability solutions.

The impact on Bitcoin price is likely minimal, as the discussion centres on historical events and technical improvements rather than immediate market influences.

DMM Bitcoin Hack: Potential $300M Impact on Bitcoin Price

DMM Bitcoin, a Japanese cryptocurrency exchange, suffered a significant hack, losing 4,502.9 Bitcoins valued at about $300 million. The breach was detected at 1:26 p.m. local time, leading to swift preventive measures to avert further losses.

The exchange, with support from affiliated companies, has pledged to replace the stolen Bitcoin, ensuring users’ funds remain secure.

HACK ALERT – MORE THAN $300M IN BITCOIN “ILLEGALLY LEAKED” FROM JAPANESE EXCHANGE

– According to a sudden report from the Asia-focused Nikkei media outlet, some 48 billion yen’s worth of #Bitcoin has been “illegally leaked” from a Japanese exchange called ‘DMM Bitcoin’.

-… https://t.co/MFAfKEd2dF pic.twitter.com/csD9Vz6dom

— BSCN (@BSCNews) May 31, 2024

DMM Bitcoin has temporarily suspended spot purchases and warned users of possible delays in Japanese yen withdrawals. Chainalysis identified this hack as the largest since December 2022 and the seventh-largest in history.

Despite the incident, DMM Bitcoin has promised full reimbursement to its customers and has enhanced its security protocols.

Key Points:

Loss of 4,502.9 Bitcoins worth $300 million.
Immediate actions are taken to prevent further losses.
Assurance of full reimbursement and enhanced security measures.

The hack could impact Bitcoin’s price due to heightened concerns about security and trust in cryptocurrency exchanges.

President Biden’s Crypto Veto

President Biden has vetoed legislation approved by both the House and Senate aimed at crypto regulation. The proposed law sought to overturn SEC guidelines that would require certain corporations to classify crypto assets as liabilities on their balance sheets, even if held for clients.

Biden contends that this would weaken the SEC’s ability to protect investors and enforce regulations. Despite some Democratic support, the law was primarily backed by Republicans.

This veto highlights the growing political focus on cryptocurrencies, especially with former President Trump recently advocating for crypto donations and investor rights.

Key Points:

Vetoed legislation aimed at overturning SEC crypto guidelines.
Biden’s concern: weakening SEC investor protections.
Legislation primarily supported by Republicans.

President Biden’s veto signals ongoing regulatory uncertainty in the cryptocurrency market, potentially affecting Bitcoin’s price due to increased investor caution and market volatility.

Bitcoin Price Analysis on June 1, 2024 (US Session Outlook)

Bitcoin (BTC/USD) is currently trading around $67,623, with the pivot point at $68,070 serving as a crucial indicator for market direction. The immediate resistance levels are positioned at $68,800, $69,800, and $70,600. On the downside, support levels are found at $67,500, $66,650, and $65,932.

The Relative Strength Index (RSI) is at 47.53, suggesting a neutral to bearish sentiment. The 50-day Exponential Moving Average (EMA) aligns with the pivot point at $68,070, indicating significant dynamic resistance at this level. Technically, an upward trendline is supporting Bitcoin near the $66,650 level, with resistance around the $67,900 mark.

A bullish breakout above $67,900 could drive BTC prices towards $69,000 or higher. Conversely, the 50 EMA and RSI signal a selling bias, suggesting a potential downward move. Therefore, selling below $67,900 is advisable, while a breakout above this level may warrant a buy position.

Bitcoin Price Prediction – Source: Tradingview

Technical indicators show that a bullish breakout above $68,862 could lead to further gains towards $70,620. Conversely, a break below $67,885 might expose BTC to further downside risks, targeting $67,107 or even lower towards $66,380 and $65,428.

Conclusion: The outlook for Bitcoin remains cautiously bullish above the pivot point of $68,232, with immediate resistance at $68,862 and support at $67,107. Traders should monitor these key levels for potential market movements.

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