The newest hype in 2019 is by all means BitTorrent Token ($BTT). After promoting out on Binance in below 14 seconds the cryptocurrency has seen an amazing rise since its itemizing on the Binance trade. The worth greater than triple because it’s beginning worth of roughly 14 satoshis. At the moment $BTT is buying and selling at 26 satoshis after reaching an all time excessive of 37 sats. The most important query proper now could be for those who missed the boat is it price buying the token at the moment.
Earlier than I am going any additional I need to reiterate that this text shouldn’t be used as monetary recommendation. I’m not a monetary adviser and never a grasp dealer, if I knew the precise reply I wouldn’t be right here writing this text. I’ll current each the professionals and cons of buying $BTT on the present value of 26 satoshis and you’ll determine for your self what to do.
Let’s begin with the Execs:
There’s huge hype surrounding $BTT proper now. Justin Solar continues to be busy pumping the token on his twitter account which may imply an extra inflow of traders within the subsequent few days. There are rumors of main celebrities approaching board together with an athlete that was 4 tremendous bowl titles. Right here is an instance of one among Justin’s latest tweet:
We’ll have a secret marketing campaign launched on #ValentinesDay for #TRON and #BitTorrent! Quite a few celebrities shall be on board. FYI, one of many principal character in #Friends, one winner of three #goldenglobeawards & one winner of 4 #SuperBowl titles. $BTT#BTT#TRX$TRX
— Justin Solar (@justinsuntron) February 6, 2019
2. Huge Purchase Help
At the moment it could take roughly 1900 BTC with a purpose to transfer the value down 20%. Whereas attainable, it could be extraordinarily tough and would require fairly a number of folks dumping the token at a loss.
3. The Market Is Correcting
It’s apparent that the BitTorrent Token market is correcting from its all time excessive. An inexperienced dealer will make selections primarily based on emotion and more often than not panic promote when a crypto goes down and FOMO purchase on the way in which up. A seasoned dealer will normally do the exact opposite, purchase when the market is correcting and most of the people are scared, and promote on the way in which up making an attempt to catch the highest.
4. BitTorrent Token Is a Huge Deal
Moreover the hype, BitTorrent is liable for over 22% of web site visitors on this planet. $BTT is an enormous deal and shall be supported by the biggest community any cryptocurrency has ever laid its arms on. Whether or not you imagine within the hype or not, you may’t argue that the token could have an precise use case on an enormous community.
Now that we outlined some execs of probably getting right into a place with $BTT, let’s go over the unhealthy information:
1. Technical Indicators Are Not Wanting Good
Wanting on the Binance chart, the MA(7) line is simply now crossing the MA(25) line. What meaning is the quick time period transferring common is crossing under the long run transferring common. In technical evaluation that signifies extra bearish momentum forward. The 2 indicators first crossed again at 13 satoshis and the market performed alongside by rising virtually 300%.
2. $BTT Is Overvalued
As Moon Overlord talked about on twitter, Justin purchased $BTT for $140 million and the market cap of the token is already overvalued at over $150 million. Whereas that in itself doesn’t outline the token’s value, it’s a great gauge to see the potential price of the cryptocurrency at the least within the quick time period.
Justin Solar purchased BitTorrent for $140 million.
— Moon Overlord (@MoonOverlord) February 5, 2019
3. Huge Resistance
As we talked about within the execs part, there may be huge purchase help for the token. The identical is true for the resistance, there are huge promote orders already in place on Binance. To place issues in perspective, it could take round 1200 BTC for the value to maneuver as much as 32 satoshis or 20%. With so many orders in place, transferring the market will take an enormous quantity of quantity. Nothing that may’t be achieved with the quantity of consideration $BTT is presently receiving however one thing that’s undoubtedly price retaining in thoughts.
4. We’re Nonetheless in a Bear Market
Bitcoin continues to be affected by crypto winter. Whether or not it would come to an finish anytime quickly is anyone’s guess. Nevertheless, it’s vital to grasp that if BTC’s worth drops, so does $BTT’s worth. Whereas that’s additionally true for some other cryptocurrency, the general market sentiment shouldn’t be serving to $BTT in any means.
So there you might have it, primarily based on the factors talked about above would you pull the set off and buy some $BTT? Personally I’m going to attend on the sidelines and see what unfolds. I do imagine that there it’s extremely unlikely for $BTT to double in value anytime quickly, so the chance of coming into right into a place outweights the potential reward.
Disclaimer: This isn’t buying and selling or funding recommendation. The above article is for leisure and schooling functions solely. Please do your individual analysis earlier than buying or investing into any cryptocurrency.
Initially Appeared On NullTX