El Salvador president, Nayib Bukele, has affirmed that his country will not sell its bitcoin, emphasizing that “At the end 1 BTC = 1 BTC (this was true when the market price was low and it’s true now).” Bukele further shared: “Now that bitcoin’s market price is way up, if we were to sell, we […]
Bitcoin News
Elon Musk Criticizes NFTs, Gives Nod to Inscriptions: ‘At Least Encode the Jpeg on the Blockchain’
Elon Musk, the chairman of X, has referred to non-fungible tokens (NFTs) and the defects of their implementation, indirectly making the case for inscriptions. Answering a post on X on the topic of NFTs, Musk suggested saving the jpeg (an image format) of the NFT on the blockchain, like inscriptions are currently saved on Bitcoin.
Elon Musk Indirectly Nods at Ordinal Inscriptions
Elon Musk has given indirect support to Ordinal inscriptions, a series of images and other data saved on the BTC blockchain. In an X post commenting on the issue of non-fungible token (NFT) data, and how it can be linked to content not owned by the issuers, that can be removed, Musk declared:
Yeah, at least encode the jpeg on the blockchain!
Musk’s complaints about how standard NFTs work are not new. On the Joe Rogan Experience podcast, Musk stated:
The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG.
As Musk explained, earlier NFT implementations featured a link to the content highlighted in the file that led to a website, something that was pointed out by critics of the NFT mania back in the day. However, Ordinal inscriptions and Stamps, two recently introduced protocols, allow users to save the desired media directly on top of the Bitcoin blockchain, securing the longevity of the file.
The rise of these inscriptions has raised discussions on what constitutes a “fair use” of the blockchain space, with some mining pools even opting to filter transactions containing them, considering these inscriptions “spam.”
The post that started the discussion featured a video and a song about NFTs that Musk also posted in 2021. Leonidas, a co-founder of Ord.io, later reported this video was inscribed on Bitcoin by an unknown user who paid ,223 in fees to this end. The file, identified as Inscription 51,887,020, has a size of 366.57 KB.
What do you think about Elon Musk’s views on NFTs? Tell us in the comments section below.
Analyst: Inverse Bitcoin Price Chart Points To Bitcoin Reaching “At Least” $6,130
The entire crypto community of traders, analysts, and investors alike are all watching Bitcoin closely, as the digital asset reaches an important inflection point in its life as a financial instrument. As traders seek to predict not only the direction of Bitcoin price, but the price target itself, oftentimes a chart will be turned upside-down to gain an unbiased and unfiltered look at support and resistance levels, as well as any patterns that may be playing out.
One particular analyst has flipped a high-timeframe Bitcoin price chart on its head, hoping to glean additional insight from it. According to the “support” levels, which are actually resistance levels, the trader says Bitcoin “is heading to at least ,130.”
Analyst: Bitcoin Price Is Headed to 30, Can’t Convince Me Otherwise
Bitcoin is close to putting the final nail in the bear market coffin, and is potentially entering either an accumulation phase or the beginning stages of a new bull trend. With fear and panic still felt throughout the market, crypto investors are in disbelief.
The gain more confidence, traders take to charts in order to help to determine and predict price movements. Occasionally, more advanced chartists will turn a price chart upside-down to try and remove any existing bias from the new perspective.
Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May
Prominent crypto analyst Josh Rager has shared such an inverse chart via Twitter, and on it clearly demonstrates powerful “support” at roughly ,137. The trader claims that from the looks of it, Bitcoin price is headed to “at least ,130,” and that it would be hard to convince him otherwise.
$BTC – Inverted Chart to k+
On high time-frame, looks like Bitcoin is heading to at least 30 and hard to convince me otherwise
From there, a pullback to 00 would set up some nice opportunities pic.twitter.com/THxyYAPbLG
— Josh Rager
(@Josh_Rager) May 6, 2019
At that level, the analyst expects Bitcoin to bounce at “support” around ,000. He further predicts that a pullback to ,100 – the last level of powerful resistance Bitcoin broke through to spark a massive ,000 early April rally – is possible if Bitcoin makes a correction before moving up further.
At that level, he says “you know what to do,” suggesting that it is now time to start buying dips, further hinting that a bull run could be beginning.
Both areas on the chart posted by Rager show high volume nodes at each key price level, suggesting that this is where there is much liquidity to be tapped into for traders.
Related Reading | Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%
Resistance at ,000 will be difficult to break through, as Bitcoin bounced off the price level as support multiple times throughout the bear market. It wasn’t until that support broke in November 2018, when Bitcoin fell to its ultimate bear market bottom at ,150.
Bitcoin is now valued at nearly double in price from its bear market low, causing most of the cryptoshere to consider the bear market over.
Featured image from Shutterstock
The post Analyst: Inverse Bitcoin Price Chart Points To Bitcoin Reaching “At Least” ,130 appeared first on NewsBTC.