Closely followed crypto analyst Nicholas Merten says that market conditions have reached a point that an unexpected relief bounce that liquidates Bitcoin bears is becoming more likely.
He says that the BTC major moving averages are pointing towards a relief rally to about the $30,000 range.
“We rallied all the way from $29,000 to $53,000 [in July 2021]. To put that into perspective, in a matter of just a few weeks, or simply put, less than months, we saw an 80% move in Bitcoin’s price. Am I calling for that exactly? No, what I am calling for is for us to come up and to retest this previous consolidative range [$30,000].”
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Show Notes / News Resources:
✔ Bitcoin Technical Analysis: https://bit.ly/3v8CPsz
✔ Tesla Dumping 75% of it’s Bitcoin: https://bit.ly/3PJTjj6
✔ Macro Updates from Raul Pal: https://bit.ly/3vA6vzp
✔ Rich Dad Warns of Biggest Bond Crash: https://bit.ly/3vbCyoK
✔ Bitcoin Rally Prediction to Fake Out Bears: https://bit.ly/3Pz7bg6
🔴 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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Facebook Launches a New Metaverse
Facebook, the social network that first brought the world of augmented reality to life, is launching a virtual world called the Metaverse, where users can exist as avatars. To further enhance the user experience, Facebook has launched a $50 million fund for research into the metaverse. After Facebook announced the new name, native tokens of the largest play-to-earn games jumped 10% in less than 24 hours. Its investors are reportedly worried about the future of Facebook.
The term Metaverse was first used in 1992 in the cyberpunk novel Snow Crash by Neal Stephenson, which described a world where users can wear virtual reality goggles to experience other realities. Since then, the concept of a metaverse has evolved into many different forms, from virtual reality to augmented reality to cryptocurrency. In 2018, the book Ready Player One became a blockbuster movie, and Facebook acquired VR hardware and software company Oculus.
The metaverse will rely on entrepreneurs to create content, services, and other useful things for the metaworld. These services and content will need to be monetized in the most efficient way possible. Tokens could be non-fungible, such as those issued by online cinemas, and could be used for hour session ownership. Tokens could also serve as passes to events or even a planet in the metaverse. And with more people becoming accustomed to virtual reality, the metaverse will grow into an entirely new world.
The name change has catapulted the concept of the Metaverse into the forefront of news, but the hype surrounding it goes beyond the Facebook name change. It is arguably the most significant technological breakthrough since the invention of the internet. While the tech bigwigs have been at the forefront of the conversation, other individuals are following the trend. For example, Facebook recently announced a $50 million investment to research the Metaverse and plans to hire 10,000 Europeans by the end of the five years.