A new Bitcoin computational framework aims to power various applications and functions using native BTC, including token bridges and aggregator oracles.
The CEO of investment management firm VanEck says spot Bitcoin ETFs have mainly attracted inflows of capital from retail investors four months since their launch.
Over the past week, Bitcoin (BTC) has struggled to move significantly to the upside as the leading cryptocurrency has entered a consolidation phase below the $69,000 mark. This subdued volatility departs from Bitcoin’s usual fluctuations, raising speculation about a potential stagnation phase in its market trajectory. Related Reading: Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation Anticipation Builds For Bitcoin’s Next Rally The cryptocurrency community has closely monitored Bitcoin’s movements, especially as it approaches crucial resistance levels. Insights from prominent crypto analyst Captain Faibik shed light on Bitcoin’s current outlook. Captain Faibik suggests that Bitcoin could be on the brink of a significant breakout, contingent upon surpassing the $70,000 resistance threshold. According to the crypto analyst, the BTC “Bulls must Clear the $70,000 Resistance area to Confirm the upside Breakout.” $BTC is Bouncing back Nicely but still Consolidating within the Triangle. Bulls must Clear the 70k Resistance area to Confirm the upside Breakout.#Crypto #Bitcoin #BTC pic.twitter.com/NxAz8Y1ktq — Captain Faibik (@CryptoFaibik) April 5, 2024 Another crypto analyst, Jelle, Echoes similar sentiments and emphasizes the importance of patience among investors, particularly with the impending Bitcoin halving event on the horizon. Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years within the Bitcoin network to reduce the reward for mining new BTC blocks. Despite Bitcoin’s recent consolidation, anticipation for a potential rally above the $70,000 mark continues to build within the crypto community, especially as the halving is now less than 20 days away. This is because the halving ultimately decreases the supply of new BTC, and reduced supply often leads to increased demand and speculative buying. Hope For Bitcoin Bull Run Jelle’s analysis underscores the historical precedent of Bitcoin’s price movements, noting that previous all-time highs were often preceded by periods of consolidation and uncertainty. Related Reading: Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance? Drawing attention to bullish indicators such as the pennant formation and strong support levels, Jelle predicts a breakout in the coming weeks, providing hope for investors seeking upward momentum in Bitcoin’s price trajectory. While #Bitcoin did not break $69,000 in one go, it looks like it’s forming a new higher low here. Hold $66,500, and we’ll be at $69k again soon. Be patient – the halving is approaching fast. pic.twitter.com/LgMjodV4mF — Jelle (@CryptoJelleNL) April 5, 2024 Meanwhile, current market data indicates a favorable environment for retail traders, with Glassnode reporting increased Bitcoin accumulation by short-term holders since December 2023. This trend suggests growing confidence among retail investors in Bitcoin’s long-term potential, further fuelling expectations for a potential rally beyond $70,000. Featured image from Unsplash, Chart from TradingView
The crypto market is transitioning from the "enthusiastic bull" phase to the “euphoric bull” phase, explains lead on-chain analyst James Check in a latest Cointelegraph interview.
Four market experts assess the current state of the Bitcoin market and where it is heading next.
Bitfinex analysts say Wall Street funding of public Bitcoin mining companies has significantly altered the incentive structure behind Bitcoin mining.
Amid a recent downturn in the broader crypto market, the concept of “buying the dip” has once again surfaced, tempting traders and investors with the prospect of snagging assets at lower prices. However, caution is the watchword from Markus Thielen, CEO of 10x Research, a top analyst in the crypto space. Thielen’s latest advisories suggest that the current market conditions may not yet be ripe for the optimistic strategy of dip purchasing. Related Reading: High-Stakes Week For Bitcoin And Ethereum As Central Bank Decisions Approach: Key Predictions The Basis Of Bearish Sentiment Thielen’s recent analysis, released earlier today, underscores a bearish outlook on flagship cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), advising that it may be premature to buy the dip. This guidance is rooted in a comprehensive approach to market analysis, combining analog models, data-driven predictive models, and objective analysis. At the heart of Thielen’s cautionary stance is a detailed report outlining the factors contributing to the firm, 10x Research’ bearish outlook on Bitcoin and Ethereum. Despite a seemingly attractive price point for these cryptocurrencies, Thielen believes the market has not yet bottomed out, suggesting further declines before any significant rally. The report pinpoints $63,000 and $60,000 as critical support levels for Bitcoin. A breach below $60,000, Thielen warns, could precipitate a fall into the $52,000-$54,000 range. Yet, despite these short-term bearish indicators, Thielen remains optimistic about Bitcoin’s potential, envisioning a climb to heights of over $100,000 within the year. Thielen noted: Buying this dip is still too early. Technically, we still expect Bitcoin to trade below 60,000 before a more meaningful rally attempt is started. Based on the previous new high signals, we could paint a rosy picture of 83,000 and 102,000 upside targets, but for the time being, we are more focused on managing the downside. The Crypto Market’s Critical Juncture The current state of the crypto market reflects a tense anticipation of the upcoming central bank announcements from the US Federal Reserve. This decision is expected to significantly influence monetary policy and, by extension, the cryptocurrency market. Particularly, insights from crypto futures exchange Blofin suggest that the outcome of this announcement could sway market sentiment substantially. Meanwhile, the market reacts in real-time, with Bitcoin slightly increasing 2.4% in the past 24 hours but still showing a notable decline over the past week. Adding to the complexity of the market dynamics are observations from Alex Krüger, a respected figure in macroeconomics and cryptoanalysis. Related Reading: Bitcoin Might Be Poised For A ‘Double Pump Cycle,’ Reveals Analyst – Here’s Why Krüger attributes the recent price collapse to several factors, including market over-leverage, the negative sentiment ripple from Ethereum, and speculative fervor around certain altcoins. These elements combine to paint a picture of a market at a crossroads, with significant volatility and uncertainty ahead. Reasons for the crash, in order of importance (for those who need them) #1 Too much leverage (funding matters) #2 ETH driving market south (market decided ETF not passing) #3 Negative BTC ETF inflows (careful, data is T+1) #4 Solana shitcoin mania (it went too far) — Alex Krüger (@krugermacro) March 20, 2024 Featured image from Unsplash, Chart from TradingView
The last time Bitcoin traded above $60,000 was in November 2021, shortly after it reached its all-time high. Is a “pre-halving retracement” imminent?
The effects of the spot Bitcoin ETF approval will go far beyond the capital inflows into these investment products, according to Swan Bitcoin CEO Cory Klippsten.
Any retrace in the price of Bitcoin over the next two weeks could be investors’ last chance to scoop up Bitcoin at “bargain-buying" prices, says pseudonymous trader Rekt Capital.
An annual review of the Bitcoin mining industry reflects how large-scale miners had to tackle all-time high hash rates and difficulty adjustments.
Morgan Greek Capital CEO gives less than 50% odds a spot Ethereum ETF will be approved in the U.S. this year.
Bitcoin is likely to reach $1 million quickly due to a “torrent of money” coming from institutional investors in 2024, according to the Jan3 CEO.