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Seasoned market analyst Peter Brandt is warning Bitcoin traders and investors alike, saying that the king crypto is poised for a sharp corrective move.
Brandt tells his 636,800 Twitter followers that the largest cryptocurrency by market cap has broken down from crucial diagonal support that has kept BTC afloat for the first few months of 2022.
“The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of $32,000 or so – my guess is $28,000. This does NOT make me a hater BTC.”
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Show Notes / News Resources:
✔ Bitcoin Technical Analysis: https://bit.ly/38NZQsQ
✔ Warren Buffett Bashes Bitcoin: https://bit.ly/3LBGu8x
✔ BTC Unprecedented Spot Buying: https://bit.ly/3kxnBaZ
✔ $28K Bitcoin Prediction: https://bit.ly/3LEN0LN
🔴 DISCLAIMER: This is NOT financial advice. This is an entertainment and opinion-based show. I am not a financial adviser. I am not responsible for any investment decisions that you choose to make. Always do your own research and never invest what you cannot afford to lose.
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The Metaverse Could Be Taken Over by Big Tech Companies
If the Metaverse is a virtual universe with a lot of content, the future lies in entrepreneurs who can provide services and do useful things for the community. The challenge lies in how to monetize such services effectively. Tokens can be used for ownership of hour sessions, which is similar to the concept behind online cinemas. A token can also be used as a pass to attend an event or to another planet. Its creation will be a catalyst for blockchain systems to develop, including decentralized finance, governance and smart contracts.
One of the biggest fears for decentralized virtual world enthusiasts is that Meta could be taken over by big tech companies. Microsoft is planning to create a metaverse of its own, which will allow Teams users to visit virtual spaces as early as 2022. A metaverse is a combination of software, hardware, data centers, and blockchain technology. The company did not respond to a request for comment. Ultimately, however, investors are concerned that the centralized players could dominate the metaverse and turn it into a virtual app store.
With the help of blockchain technology, users can own virtual land and use it to play games and earn money. Popular metaverses are SecondLive, Axie Infinity and Decentraland. The Axie infinity metaverse is built on the Ethereum blockchain. Its tokens are called Axies. Axies are non-fungible tokens that are constructed from over 500 body components. In Axie, players can breed a single Axie up to seven times. Their offspring can then be sold on the gaming platform.