Cryptocurrency Market Analysis 【November 21】
Crypto Practice Investment Article November 21
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【Crypto Market Analysis】
Price changes of cryptocurrencies since last week
(one week) are summarized as follows
Summary: Current price (change from one week ago)
※From this time, values are in dollars.
（Cryptocurrencies are often reported from abroad, so dollar notation is easier to express）
※1Dollar =149Yen
Bitcoin37000Dollars（2％）
Ethereum1992Dollars(-2%）
Binance Coin263Dollars(8％）
Ripple0.60Dollars（-7％）
Solana55Dollars(-%)
Cardano0.36Dollars（-%）
MATIC 0.76Dollars(32%)
Avalanche 22Dollars(26%)
Uniswap5.0Dollars（2%）
Bitcoin remains at the same price level as last week.
Bitcoin Daily Chart
Considering the current price of Bitcoin, here is our view
○Target price is $40,000 (6,000,000 yen)
○Break above the 200-day moving average
Bitcoin has recently shown increased volatility (price range), but compared to last week there is not much change in price; it has declined once and then risen to the current range.
The weekly chart analysis is as follows.
Weekly Chart
• Break above the 200-day moving average (orange line)
As in the previous week, when viewed weekly, the current price range is a zone where prices have repeatedly collided since 2021 during the uptrend.
Recently a red candlestick appeared, but it does not indicate a large drop; compared with the rise from 25,000 dollars, it seems to be holding the decline.
Bitcoin bears become Bitcoin bulls in Argentina’s presidential election
Bitcoin price in Argentina’s fiat currency “peso” (BTC) is approaching its previous high (ATH). In the middle of this year, it updated the high for November 2021 and has continued to rise. According to CoinGecko data below, year-on-year increase exceeds 390%. One factor that continues to push the price higher is that Javier Milei, a pro-Bitcoin member of the lower house, gained support in the election and was actually elected president
Note that Milei’s election has attracted attention from the crypto industry, but some point out that the core of his economic policy is not cryptocurrency but complete dollarization
Last week’s presidential election in Argentina attracted a lot of attention. Milei, who is pro-Bitcoin, was elected. On that day, Bitcoin’s price reacted slightly and rose.
News articles mention dollarization, i.e., stabilization of the world’s anchor currency, but they also suggest considering assets like Bitcoin to grow wealth.
Argentina is said to have a 90% tax rate and is in a very poor economic condition.
It will be notable to see what economic policies the new president will implement and whether concrete Bitcoin policies will be announced, following El Salvador.
In such economically weak countries, Bitcoin buying and premium pricing are becoming more common.
Japan is no exception; due to yen depreciation, comparing Bitcoin yen and Bitcoin dollar charts shows the same shape, but the rise is larger in Bitcoin yen. This suggests that as the yen loses value, Bitcoin charts rise more easily.
The peak Bitcoin price in 2021 was about 7.5 million yen, but with the current yen depreciation it has jumped past 10.5 million yen and may exceed 10 million.
Below are the statements by Argentina’s new president ↓
“The government will give you nothing. The government produces nothing. What creates value is the private sector.”
From the private sector, wealth is forcibly extracted and shared within friends, and the government only distributes a little as a pretense.
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(This article has been distributed since 2016)
