BitTorrent Price Analysis: BTT Cools off, But it Can Double to 80 Satoshis

 

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There is something special about BitTorrent. It operates by the very tenets from where modern blockchains are built on, that is peer-to-peer. Rolling out in 2004, the protocol–from where many files and data have been shared, is popular in the interwebs.

Read: Top 5 Crypto-Wallets in 2019

To quantify how massive BitTorrent is, statistics indicate that the tool—uTorrent, has been installed in 100 million different mobile phones. Note, this count excludes desktop installations and could perhaps explain the discrepancy between mobile downloads and monthly active users standing at $170 million.

These hard numbers alone mean the protocol is one of the largest in the world and the software through which Tron’s, a similarly minded platform aiming to create a blockchain based entertainment ecosystem, popularity surged days after the acquisition was made public.

Also Read: At Binance The Fiat Show Begins: Use Simplex To Buy Crypto

Subsequent tokenization means the complete decentralization of software allowing seeders who previously shared their bandwidth and files at their volition a steady revenue stream. The BitTorrent (BTT) ICO  was a success. In roughly 18 minutes all TRC-10 tokens set aside by the Tron and BitTorrent Foundations were absorbed.

Nevertheless, this “astronomical” demand for BTT has been tainted by accusations of deliberate sabotage from Binance allowing 600 whales to gabble up all tokens at the expense of real users who use the network on a daily basis.

Luckily, the initial demand is still helping pump BTT, BNB and TRX.

BTT/BTC Price Analysis

BitTorrent 4HR Chart--Feb 5.png

No doubt, BTT is a top performer. After their initial rollout and listing at Binance, BTT is up 42 percent against BTC and TRX. While there is real confidence now that this utility token is operating off a working platform, we expect immediate demand as seeders continue to be incentivized from their action.

All the same, it seems like there has been a climactic buy and BTT is peaking after two weeks on overdrive. In the 4HR chart, there is a clear double bar bearish reversal pattern—dark cloud cover, which has been confirmed. As such, we expect BTT to drop from this week’s highs of 37 satoshis.

Ideal supports will be at around 16-20 satoshis coinciding with the 61.8 and 78.6 percent Fibonacci retracement levels from the last two week’s high low. From these levels, aggressive traders can pick up and pump prices above this week’s highs.

On the reverse side, risk-averse traders can wait for clear breaks above 37 satoshis before loading on pullbacks with first targets at the 161.8 percent Fibonacci extension levels at 54 satoshis and later 80 satoshis.

All Charts Courtesy of Trading View–Binance

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.