Bitcoin may be aiming for another retest of a crucial price level that prevents the digital gold from entering another bear cycle, which appears to be the next logical objective given that the first cryptocurrency was unable to break through $25,000, according to the cryptocurrency’s daily chart.

Bitcoin May Fall If It Goes Below This Level

After falling below $20,000 in June, Bitcoin has been trading in a rising wedge for more than a month. Since then, the value of the king cryptocurrency has increased by over 25%, with occasional jumps to a 30% price increase.

BTC/USD trades at $24k. Source: TradingView

Sadly, one pattern—the decreasing volume profile—kept the market as a whole cautious and signaled that traders and investors are not supporting the current direction.

When the market once again experiences intense selling pressure, it can eventually finish with downward volatility. A dip below the wedge’s lower border at roughly $23,400 would mark the precise start of the reversal. Fortunately, the threshold coincides with the crucial 50-day moving average support level, which frequently serves as a guideline for trending assets.

Peter Schiff Says Bitcoin May Go Below $10k

The economist and ardent opponent of Bitcoin, Peter Schiff, has reaffirmed his gloomy outlook for the price of Bitcoin (BTC/USD), speculating that the benchmark cryptocurrency may go below $10,000.

Putting Bitcoin’s “rally into perspective” demonstrates that bears are still firmly in control, according to Peter Schiff.

Just to put the #Bitcoin rally into perspective, take a look at this chart. The pattern remains very bearish. There’s both a double top and a head and shoulders top. There’s a rising wedge forming below the neckline. At a minimum support will be tested below $10K. Look out below! pic.twitter.com/OHNhwsgxxs

— Peter Schiff (@PeterSchiff) August 14, 2022

In June, Bitcoin hit a low of $17,600 as the bear market deepened and the wider cryptocurrency market experienced instability.

Bitcoin’s recent climb to highs of $25,000 and retest of support were mentioned in Schiff’s tweets on Monday, in which he reiterated his previous prediction that BTC will reach $0. However, despite the gold advocate’s dire predictions for BTC, Michael Saylor of MicroStrategy insists that “Bitcoin is hope.”

According to Saylor, the devaluation of fiat currencies amid runaway inflation in countries such as Argentina leaves BTC as the best alternative for the people. The cryptocurrency thus offers more than an investment. He tweeted:

“This week the benchmark interest rate reached 69.5% in Argentina. It has increased 1750bp in two weeks. The official inflation rate has surged to 71%. It is expected to exceed 90% by year-end. Bitcoin is more than an investment. Bitcoin is hope.”

Featured image from Shutterstock, chart from TradingView.com

What is OWNIC?

As a licensed sports dNFT platform, OWNIC is leading the way with the first-ever sports NFT collectible where an athlete’s performance throughout the course of their career is shown on a card using cutting-edge, dynamic NFT technology.

To do this, OWNIC has introduced the idea of xP power and is placing tamper-proof off-chain data into the Blockchain. Gaining xP, which reflects a card’s strength, depends on an athlete’s career accomplishments and other gamified on-platform features. By putting them to use, it seeks to transform the sports collectibles industry and make the collector an integral part of an athlete’s career.

Burn Feature

Through the process of burning, it is possible to reduce the overall quantity of a specific Card Type. Furthermore, every time a dNFT is burnt in this way, its Rarity is openly updated on the Blockchain to reflect that it is no longer in circulation.

$OWNQ tokens and other incentives are offered to collectors willing to burn their cards in exchange for new collectibles. Simultaneously, widespread burning might make low-Rarity cards hard to come by. As a result of this, a card’s Rarity group is refreshed, and a new xP accumulation coefficient is then assigned to it. $OWNQ tokens are in-house native tokens offering wide variety of use cases.

Staking

Several elements go into calculating staking returns, but xP is the major one. The greater a card’s total xP, the better its staking returns will be for a collector.

Card Properties

The platform has generated various card features, serving distinct features. These properties helps identify categorization of athletes and offering unique benefits to its holder.

Card Type

Different types of cards represent various athletes. The platform uses a proprietary data algorithm created in collaboration with Wyscout to determine how athletes should be classified.

Rarity

The Rarity of OWNIC collectibles is based solely on the sort of card it is. This is achieved by categorizing each card into one of six rarity categories.

Traits

All athletes have their own set of abilities and playing styles, these traits are used to assign an athlete to a specific category. After reaching a milestone in a particular attribute, xP increases significantly.

Prima Power (xP)

Prima Power (xP) redefines the value generating process for dNFTs, focussing on a single number. The xP trigger is dynamically updated on the dNFT in real-time. It gives the  cardholder access to a wide variety of privileges, benefits, rewards and opportunities.

Skills

Players are rated on twenty-eight different performance measures split into four categories using licensed data from Wyscout. The game-like experience heavily emphasizes the use of an athlete’s skills as per their dNFT.

Wearables

Jerseys, boots, and other accessories may be added to a dNFT to customize it. The platform has teamed up with some of the biggest names in athletic clothing to create some limited collections. In MetaTeam, accessories raise xP and improve a card’s performance. Users can buy and sell wearables on the OWNIC Marketplace since they are also NFTs.

Exclusive Marketplace

The OWNIC Marketplace is where dNFTs are released, traded, loaned, and swapped. Drops happen exclusively on the marketplace in either single releases or packs. Single releases are when a dNFT card is individually listed. Open Pack is when dNFT cards are combined and offered blind to a buyer without them knowing the contents before opening.

The Marketplace can also be used to burn dNFTs and assemble them into collections or open packs containing dNFT cards. In addition, the NFT Swap Market allows users to exchange cards without a fee. Finally, the NFT Loan Market will enable users to loan out cards they own and receive interest in return.

Benefits of an OWNIC dNFT

• Exclusive OWNIC cards
• Signed merchandise
• Personalized cards
• Explore the athletes’ Metaverse
• Play-2-Earn Championship Prizes
• Private Discord Channel Membership
• OWNIC Wearables
• All-Inclusive Attendance to an Athlete’s Home Game Lottery
• Club DAO Voting Rights
• Whitelist Lottery
• Airdrop Lottery

VirtualScout

VirtualScout is a new kind of Play-2-Earn game that financially rewards the most diligent scouts. It’s a fun way to measure one’s scouting abilities against those of other collectors; the winner is the one with the most high-performing players in their collection.

MetaTeam

dNFT collectors form sports teams using the club-building simulator and Metaverse to compete against one another.

InnerCircle

Collectors get exclusive access to the InnerCircle of athletes represented by cards with a high xP (Prima Power). This unique feature opens up an array of rewards, including admission to events and the athletes’ Metaverse, autographed goods, and one-on-one encounters with athletes.

Club DAO

An athletic club that OWNIC will own and manage via DAO (Decentralized Autonomous Organization). Depending on the amount of xP, dNFT collectors may vote on club decisions.

Milestones

When a card is minted, it becomes active and may be used in the Milestones game right away. Gains in dNFT strength are most strongly associated with reaching major career Milestones. Milestones are the most significant accomplishments that define an athlete’s whole career and reaching them is the reward for effective scouting.

Less Risk

The chance of being duped or receiving a fake NFT is reduced since they can only be purchased via the official OWNIC website and OWNIC’s Marketplace.

Eternal

OWNICs dNFTs, unlike actual card collections, are non-perishable digital assets that may be kept and passed down through generations forever.

Investment Opportunity

Historically, trading cards with sports themes have been a solid financial proposition and have retained long term value.

Blockchain Integration

One of the most remarkable things about this platform is how well it integrates blockchain technology with conventional e-commerce practices inside its ecosystem, making buying, selling, and trading possible without any noticeable friction.

Conclusion

With OWNIC’s dynamic NFT technology, a new era of rewards, games, and experiences becomes available. Once an individual buys an OWNIC dNFT card, they will have a wide range of benefits. It offers multiple rewards and opportunities through VirtualScout, MetaTeam, InnerCircle, dNFT Staking, and Club DAO.

When a collector’s total xP increases, they get access to more coveted opportunities and receive more exclusive prizes overall. Since xP is a competitive number, OWNIC uses it in various tournaments and incentive schemes, entitling its collectors to a wide range of benefits and swag. With the rising trend of NFTs, the dynamic NFT offered by the platform is unique and worth the hype.

On-chain data shows the Bitcoin funding rates have remained at positive values recently as the crypto’s price has continued its recovery.

Bitcoin Funding Rates Have Been Mostly Positive During The Past Month

As pointed out by an analyst in a CryptoQuant post, the BTC funding rates have been green recently, but not as positive as back between July 18th to 22nd yet.

The “funding rate” is an indicator that measures the periodic fee that perpetual futures contract traders are paying each other.

When the value of this metric is greater than zero, it means long traders are paying a premium to the short traders right now in order to hold onto their positions. Such values indicate that a bullish sentiment is more dominant in the market currently.

On the other hand, negative values of the indicator suggest the number of shorts are overwhelming that of the longs right now. This kind of trend naturally hints that the majority sentiment is bearish at the moment.

Now, here is a chart that shows the trend in the Bitcoin funding rates over the past couple of months:

The value of the metric seems to have been above the zero mark in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin funding rates have been positive for quite some time now, with a few spikes down into the red region.

This shows that longs have been the more dominant force on the futures market during these last few weeks. This trend makes sense as green funding rates usually follow in periods of climbing prices, while negative rates appear during downtrends as longs get liquidated.

The quant from the post notes that the few red spikes that have been observed recently have turned out to be reliable buying points ever since the crypto first hit $24k again.

The analyst believes Bitcoin could possibly have further room to grow still as while funding rates have been quite positive recently, they are still not as green as between 18-22 July. Back then, the value of BTC hit a local top above $24k.

BTC Price

At the time of writing, Bitcoin’s price floats around $24.2k, up 1% in the last week. Over the past month, the crypto has gained 18% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the price of the coin has been moving sideways in the last few days | Source: BTCUSD on TradingView

Featured image from Mariia Shalabaieva on Unsplash.com, charts from TradingView.com, CryptoQuant.com