Bitcoin Price Prediction: BTC Growth Amid Argentine Politics and Indian Crypto Shift to Dubai

3 views 7:01 am 0 Comments November 20, 2023
In the ever-evolving world of cryptocurrency, Bitcoin continues to make headlines with its latest surge. Trading at $37,292, the digital currency marked a significant increase of 2.5% on Monday. This uptick in value coincides with the political shift in Argentina, where Bitcoin’s price surged following Javier Milei’s victory in the presidential race, underscoring the cryptocurrency’s sensitivity to global events.

Adding to the dynamic landscape, Neon EVM, operating on the Solana blockchain, has announced its plan to support gas fee payments in various tokens, per Protocol Village. This development reflects the increasing versatility and utility of cryptocurrencies.

Moreover, there’s a notable shift in the epicenter of crypto innovations, with Indian companies in Silicon Valley increasingly turning their gaze towards Dubai, a move fueled by favorable regulatory environments and burgeoning market opportunities.  This geographical shift from Silicon Valley to the dunes of Dubai marks a significant moment in the crypto sphere’s global expansion.

Milei’s Presidential Win in Argentina Spurs Bitcoin Surge Amid Economic Shifts

Javier Milei has decisively won the Argentine president, which has caused Bitcoin’s value to skyrocket. The economic plan of the president-elect, who supports converting the peso to the dollar, is changing the cryptocurrency markets and raising expectations for the nation’s future monetary policies.

With a lead of over two million votes, Milei’s victory comes after a week of outspoken criticism of central banking practices, culminating in the broadcast shattering of a central bank piñata.

To stabilize finances in the face of a catastrophic economic crisis brought on by a startling 143% peso hyperinflation, Milei suggests a drastic dollarization of the Argentine economy.

Although he has not committed to adopting Bitcoin, his election raises questions about future developments in cryptocurrencies and draws parallels with El Salvador’s ground-breaking programs.

Markets worldwide are carefully examining how Argentina’s new government will affect the nexus between established banking and developing digital assets. The increase in Bitcoin’s price reflects Milei’s policies’ rising sway over the cryptocurrency market.

Neon EVM on Solana: Multi-Token Gas Fee Support

Neon, an Ethereum Virtual Machine (EVM) on Solana, is set to enhance user experiences by allowing gas fee payments in various tokens, including SPL, USDC, USDT, and SOL. These updates come as part of the latest blockchain developments from November 16–22. The mainnet of Neon EVM is scheduled to launch before the end of the year, as announced at EthGlobal.

Meanwhile, ZkLink is introducing Nexus, an L3 layer designed to connect multiple ZK Rollup layer-2 ecosystems, aiming to reduce liquidity fragmentation. Union Labs has secured $4 million in seed funding to develop a trustless bridge between layer-1 and layer-2 networks and appchains.

Additionally, Nocturne has launched v1 on Ethereum, paving the way for on-chain private accounts. These advancements underscore the ongoing progress in blockchain technology, promoting user accessibility, privacy, and interoperability.

Regarding the impact on Bitcoin’s (BTC) price, while these developments are primarily centered around Ethereum and its ecosystem, improvements in blockchain technology generally foster a positive sentiment in the crypto space.

Enhanced innovation and interoperability may boost confidence in the broader blockchain sector, which could favor Bitcoin’s price as a leading cryptocurrency.

Indian Crypto Firms’ Shift: From Silicon Valley to Dubai’s Dunes

With 30% of Indian expats living in the UAE, they have the potential to make a substantial contribution to India’s remittances, which make up 18% of the $110 billion in remittances received globally.

These links expand into Web3, the developing blockchain-based internet, beyond remittances. Both countries are investigating the integration of their central bank digital currency (CBDC) schemes, with their combined trade amounting to $85 billion.

Due to India’s complex crypto tax laws, the local business has seen a 90% fall in volume, forcing Indian crypto enterprises to transfer to Dubai’s rapidly developing crypto ecosystem.

The United Arab Emirates’ advantageous tax regime, conducive business atmosphere, and devoted regulatory body entice Indian cryptocurrency enterprises, potentially bolstering the industry’s general optimism and positively impacting the price of Bitcoin.

Bitcoin Price Prediction

In the dynamic world of cryptocurrency, Bitcoin (BTC/USD) continues to dominate, with the price at $37,105.77 as of November 20. Analyzing the 4-hour chart, Bitcoin’s pivot point is $36,737, marking a critical juncture for short-term movements.

The immediate resistance level at $38,631 could pave the way for further gains, with subsequent targets at $39,930 and $41,824. Conversely, supports are established at $35,492, followed by $33,544 and $32,300, safeguarding against potential pullbacks.

Bitcoin Chart - Source: Tradingview
Bitcoin Chart – Source: Tradingview

The Relative Strength Index (RSI) stands at 57, indicating a balanced market leaning towards bullish sentiment but not overextended. The MACD shows a value of 70 with a signal of 98, hinting at potential upward momentum.

Furthermore, Bitcoin’s price exceeds the 50 EMA of $36,617, reinforcing a short-term bullish trend. The observed chart patterns suggest a bullish inclination for Bitcoin.