Bitcoin is trading lower slightly today, down $136 or 0.5% as of 7:40 EDT. We have seen muted action lately not giving us many hints as to the future direction of the asset other than Friday’s exaggerated low. 

The CPI report for April 2023 was released earlier today showing that overall inflation is slowly calming down however services and food cost remain sticky.

Balaji Srinivasan, the former CTO of Coinbase, has closed a bet ahead of time in which he had predicted Bitcoin's price would reach $1 million per BTC. The bet was settled at a price of $29,562, which is 97% lower than the target price. Instead of losing the bet, Srinivasan has donated a total of $1.5 million to three different entities as a settlement.

Bitcoin’s current price range has been keeping the volatility low for the last seven weeks of trading as pricing has been locked with a floor of $26,500 and a ceiling just above $30,000. On the surface, it appears as a normal consolidation after rallying over $10,000 since the start of the year, but when we look back historically the magnitude of Bitcoin at its current level is revealed.

Before we dive into Helium’s new token and what it could mean for investors, miners, and adoption of the “people’s network” let us first recap how Helium became the world’s largest decentralized network of long-range radio hotspots dedicated to the internet of things and beyond.

Helium’s hectic history - 2021 the year of explosive growth

Yesterday Bitcoin was in the midst of a rally that brought it back above $30,000 due to new data coming out re-igniting fears of a banking crisis when it had a sudden downturn that wiped away all of the recent gains in just about an hour.

Most people that have any knowledge of Bitcoin and cryptocurrencies in general understand the concept of what a “halving” is. Halving refers to an event in which all the new coins produced on a blockchain are cut in half. Although Bitcoin is not the only cryptocurrency to have a massive deflationary aspect in its code, but it did indeed invent this idea of a halving mechanism.

Bitcoin may be well on its way to $35k

According to A Fibonacci retracement from the all-time highs (Nov. 2021) to the lows hit exactly one year later (Nov. 2022) BTC has just breached the first significant retracement level this week. 

In our last article, we spoke about the possibility of a pivot from bearish to bullish and even an end to the crypto winter if Bitcoin was able to trade and hold above $26,000.