The famously pre-planned, programmatic event, currently predicted for April 19, is surprisingly hard to predict at minute scales.
Higher fees from Ordinals and BRC-20 may be good for miners but they risk pushing activity to the fragmented world of L2s and harming adoption of Bitcoin around the world. Proposals for “OP_CAT” and CTV would upgrade the network and allow more innovation at the chain-level, says Bob Bodily, CEO of Bioniq, an Ordinals marketplace.
Bitcoin is now hovering around the $70,000 threshold after a notable recovery it witnessed a few days ago. Due to the recent momentum, crypto enthusiasts are becoming less pessimistic about the digital asset’s growth prior to the halving event. With the fast approaching much-anticipated Bitcoin Halving, Rekt Capital, a well-recognized cryptocurrency analyst and aficionado, has offered his market insights mapping out three distinct stages of the event for investors. 3 Distinct Aspects Of The Bitcoin Halving Rekt Capital’s analysis delves into Bitcoin‘s movement before and after the halving takes place, which is expected to happen this month. In the seven days leading up to the occurrence, the crypto analyst underscored three stages to observe for a successful outcome. Related Reading: Bitcoin To $150,000 Is “Programmed” With Halving Approaching: Analyst These three phases include the final pre-halving retrace, the re-accumulation phase, and the parabolic uptrend phase. Emphasizing on the first aspect, Rekt Capital noted that the pre-halving retrace is documented in the books and has already manifested. During this period, Bitcoin experienced an 18% pullback compared to 2016 and 2020’s retracement of 38% and 19%, respectively. The expert believes that the concluded pre-halving Retrace was the last chance to purchase a deal during the pre-halving phase. Following the conclusion of the retrace, Rekt Capital has confirmed the development has laid the groundwork for the Re-accumulation range. It is important to note that the aforementioned range occurs a few weeks ahead of the halving, and it ends with a breakout from it a few weeks later. Specifically, the period could last for several weeks and up to 150 days or five months. Given the manifestation of the range, sideways movement through the halving and beyond is the major purpose of BTC. Thus, the analyst has stressed the need to be patient around this phase, as many investors get frustrated, bored, and disappointed here because their Bitcoin investments lack significant returns. As a result, they lose confidence and get shaken out of the market before the event. BTC’s Post-Halving Rally Might Mirror Previous Trend As for the parabolic uptrend, Rekt Capital claims the phase will begin when Bitcoin breaks out from the re-accumulation range. He further stated that the price of BTC tends to grow more quickly and enters a parabolic upsurge during this stage. Related Reading: Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why According to the expert, this area has typically lasted about a year or a little more, particularly around 385 days in the past. However, with the possible accelerated cycle that is currently in development, the period could be halved within this bull market cycle. Rekt Capital’s key perspectives came amidst Bitcoin demonstrating strength to revisit its current all-time high of $73,000. BTC has managed to amass gains of more than 6% in the past few days. It recovered to the $70,000 level after plunging as low as $67,000 on Wednesday and is getting close to $71,000. At the time of writing, BTC was trading at $70,854, indicating over 6% increase in the past week. Its market capitalization is up by 1% and its trading volume has plummeted by more than 21% over the past day. Given the current trend in the coin market, BTC could be in a position to see even bigger gains in the months to come. Featured image from iStock, chart from Tradingview.com
BTCFi protocols are gaining traction ahead of the anticipated Bitcoin halving event on April 19. Can they match Ethereum-native DeFi in the future?
While Bitcoin halvings can put a huge dent in crypto mining profitability, miners say they wouldn’t have it any other way.
Crypto traders expect the upcoming halving to send BTC price much higher, but what does the options market say about pro traders' expectations?
With Bitcoin ripping higher and closing in on breaking all-time highs, one analyst on X thinks $150,000 post-halving is “programmed.” The analyst remains upbeat in a post, highlighting several fundamental developments that could drive the world’s most valuable coin to new valuation and more than 2X from spot rates. Currently, the path of least resistance remains northward. Buyers have shaken off the bears of the past trading month, finding anchor from the March 20 bull bar. On April 8, the coin soared above the key liquidation level at around $71,800. Bitcoin has since cooled off, but the leg up remains, and it may form the basis of another breakout above $74,000. For bulls to be firmly in control and align with the analyst’s outlook, there should be a follow-through of the April 8 surge, ideally with rising trading volumes. This could catalyze demand, even placing Bitcoin above $74,000 and fresh 2024 highs before the highly anticipated Halving event. Eyes On Bitcoin Halving: A Supply Squeeze In The Making? As the analyst explains, the “Halving” event is a crucial catalyst for this potential surge. Less than ten days away, this event is a protocol-driven occurrence that will see the network reduce block rewards to 3.125 BTC, down from the current 6.25 BTC. Related Reading: Filecoin Bull Run On The Horizon? Analyst Sees 250% Surge This reduction, combined with sustained demand, will likely create a scarcity of Bitcoin, potentially driving up its price. Ahead of Bitcoin’s Halving, the analyst said the amount of BTC held by exchanges is dwindling. To illustrate, Coinbase’s holdings stand at a six-year low. However, this is not an isolated event; data shows that major exchanges like Binance are seeing decreasing supply. At the same time, over-the-counter (OTC) desks, which handle large, private cryptocurrency transactions, are reportedly running low on Bitcoin, indicating strong institutional demand. This suggests a potential supply squeeze set to only worsen in the coming months. Impact Of Spot BTC ETFs: London, Hong Kong In The Picture Already, spot Bitcoin exchange-traded funds (ETF) issuers, the analyst added, are on a buying spree, gobbling up over $300 million of BTC every day. Since these issuers are acting on behalf of investors, both retail and institutions, they are actively infusing capital into the market, a huge boost for prices. It should be noted that the surge from Q4 2023 to early January was primarily because of the anticipated spot Bitcoin ETFs. The spillover effect and the billions flowing into the asset make BTC more liquid and resilient against aggressive sellers. Additionally, the London Stock Exchange plans to list exchange-traded notes (ETNs) backed by Bitcoin in Q2 2024. Like the spot ETFs in the United States, this product will inject liquidity into the market and legitimize the coin as a worthy asset class, similar to gold. Related Reading: VeChain On The Edge: Insider Says VET Will Reach The Finish Line In Asia, the Securities and Futures Commission (SFC) of Hong Kong will likely approve multiple spot Bitcoin ETFs. Some of the noteworthy applicants include leading Chinese asset managers. Feature image from DALLE, chart from TradingView
Investors in the cryptocurrency space are eagerly awaiting the halving of Bitcoin in order to fuel future market growth. However, top cryptocurrency expert and trader Benjamin Cowen cautions that if the price of BTC follows a previous pattern, there may be a correction. Bitcoin Halving Could Impact Price Negatively Cowen has highlighted a trend that could potentially lead to a significant decline in the crypto asset’s price when the Bitcoin halving event commences, which suggests that BTC could be poised for a decline in the coming days. Related Reading: Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving According to Cowen, should Bitcoin continue to follow the same trajectory as it entered the spot ETF during the halving, BTC may witness a trend toward the downside. The crypto expert advocates that these patterns typically do not repeat precisely. However, he believes putting the idea out there is crucial in case it happens again in a similar manner. In response, a pseudonymous user commented on Cowen’s post and reminded the expert that he forgot the arrow backup. Responding to the user, Cowen stated that he believes the outcome of the next phase will depend on whether or not ALT/BTC pairs have collapsed by then. Furthermore, he affirms there could be a move on the upside if they have not broken down. Meanwhile, in the event that they have broken down, the pattern can transit to something new. It is worth noting that the Bitcoin halving event is forecasted to take place within the next 11 days. Given Bitcoin’s halving previous significant impact on price, BTC could be positioned for a notable price surge in the coming days. However, if Cowen’s recent prediction manifests, it could paint a different picture for the crypto asset during the halving event. The expert’s prediction has sent quite a frenzy in the crypto community, with analysts like Peter Brandt supporting his insights. Peter Brandt acknowledged Cowen’s projections noting that previous Bitcoin bull markets have exhibited a similar fundamental trend. What To Expect During The Halving Event As the halving event approaches, the cryptocurrency data analytics platform Kaiko has laid out a perspective to watch out for. Kaiko’s perspective delves into the impact the halving has had on BTC’s price in the short term over the years. Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months According to the platform, in the past, the short-term price effect of Bitcoin halvings has been inconsistent. Nonetheless, historical data reveals that the coin tends to rise 9-12 months after halving, making it a generally bullish development. At the time of writing, Bitcoin’s price was up by 8% in the past 7 days, valued at $70,770. Its overall market cap is down by over 2%, however, while its trading volume is up by over 8% in the past day. Featured image from iStock, chart from Tradingview.com
Bitcoin is changing hands at around a three-week high when writing following refreshing gains on April 8. With the coin trading higher and above previous resistances, now support, analysts on X are upbeat. In a post, one analyst said the recent dip before the upcoming Halving could be the final fire sale of 2024 before ordinary […]
Bitcoin price is now eyeing the $73,000 level, right under its all-time high, where new short positions are beginning to stack up.
Amid the renewed strength recently displayed by Bitcoin, Michael Van De Poppe, a recognized cryptocurrency analyst and trader has offered an intriguing prediction for BTC, highlighting that the crypto asset is likely to reach the $300,000 threshold in this bull cycle. Bitcoin Price Targetted At Unprecedented Heights This Cycle Over the past month, the price of Bitcoin has been consolidating and hasn’t been able to sustain its rise beyond its new peak of $73,000. However, things could soon be changing, as Michael Van De Poppe expects the coin to surge immensely in the short term. His forecast coincides with anticipation around the upcoming Bitcoin Halving expected to take place in less than 12 days, fueling optimism within the crypto community. Related Reading: 12 Days Until Bitcoin Halving: Why $100,000 Isn’t Much Further Away According to the expert, the largest cryptocurrency asset by market cap is still experiencing significant resistance. Nonetheless, if Bitcoin manages to break out of this zone, the coin could witness a progression towards new all-time highs in the coming months. Given that BTC achieved the $70,000 price level ahead of the halving event, Poppe believes that it is likely to surge to unprecedented levels, particularly topping out at $300,000 in this bull run. The post read: Bitcoin still facing crucial resistance. If this breaks, then we will be seeing a continuation towards new all-time highs. Bitcoin at $70,000 pre-halving. Likely $300,000 this cycle. Poppe underscored that the price of Bitcoin returned to $70,000 level over the weekend. As a result, he has pointed out bullish indicators that are presently occurring in the crypto landscape. The analyst also noted that the strength of the cryptocurrency markets has now exceeded our perceptions, and dips in altcoins represent opportunities for good entries. In addition, BTC’s price action demonstrates the potential to reach a new all-time high pre-halving, and the shift in favor of altcoins is on the horizon. Altcoin Season Set To Kick Off In Weeks Poppe is super bullish toward an ‘altcoin season’. However, it is important to note that altcoins’ value has frequently coincided with shifts in Bitcoin’s supremacy. But even though Bitcoin’s dominance is still at its peak prior to the halving, Poppe thinks these coins still have a lot of momentum. Related Reading: Forget Bitcoin! Altcoins Set For Explosive Growth With Potential 1,000x Returns — Analyst He advocates that a new altcoin season will undoubtedly begin in the upcoming weeks. “We always have one, we have seen Meme coins, Solana (SOL) ecosystem, and AI,” he stated. The expert’s statement suggests that the Solana ecosystem, AI projects, and meme coins in recent months have led the altcoin market. Thus, Michael Van De Poppe has contended that in the impending alt season, crypto initiatives that prioritize the tokenization of Real-World Assets (RWA), the Ethereum (ETH) ecosystem, and the Decentralized Physical Infrastructure Network (DePIN) are likely to be next, paving the way for alts this cycle. At the time of writing, the altcoin’s overall market excluding Bitcoin and Ethereum was valued at $753.47 billion. This indicates a 2% increase in the market cap in the past 24 hours. Featured image from iStock, chart from Tradingview.com
For miners to remain profitable and continue their mining operation, BTC price must rise above $80,000 post-halving.
With the fourth Bitcoin halving just 12 days away, the community is buzzing with anticipation, speculating on the potential for Bitcoin to breach the significant $100,000 threshold. Joe Consorti of Theya Research has offered a comprehensive analysis, diving into the intricacies of Bitcoin’s current market position and the factors that might catapult its value to new heights. This event, a cornerstone in Bitcoin’s design to halve the rewards for mining new blocks every four years, historically triggers a bullish momentum, and the present scenario appears to be aligning with past precedents. The Significance Of Bitcoin’s Consolidation Phase Consorti’s analysis titled, “Bitcoin’s 4th Halving Is [12] Days Away, and $100,000 Isn’t Much Further Behind It”, begins with a deep dive into Bitcoin’s ongoing consolidation phase, which he argues is a critical period that precedes a potential bull run. “Bitcoin continues its consolidation. In keeping with its previous phases of consolidation at $30k and $40k, BTC spends several weeks at key psychological price levels exchanging hands between buyers and sellers before advancing higher,” Consorti stated on X. Related Reading: FOMO Gives Way To Fear: Bitcoin-Ethereum Ratio Signals Shift In Crypto Sentiment He emphasizes that this is the sixth week of Bitcoin’s consolidation above $60,000, marking the least volatile period at this price level and following a new all-time high. This, according to Consorti, signals a strong market confidence that could be the foundation for the next surge. The analysis further explores the broader market dynamics, particularly the correlation breaks within the current cycle that have made the stock market an unreliable indicator of US economic sentiment. “The market at large has experienced massive correlation breaks this cycle […] This has a great deal to do with businesses extending their debt maturity during 2021 when rates were still low, and the US Treasury’s massive crisis-level fiscal deficit,” Consorti explains. He argues that these factors have contributed to the decoupling of traditional economic indicators from the stock market’s performance, inadvertently benefiting asset prices, including Bitcoin. The Role Of ETFs And The Spot Market A significant portion of Consorti’s analysis is dedicated to the behavior of Bitcoin ETFs and their interaction with the spot market. Despite a slowdown in net inflows to Bitcoin ETFs, the volume remains robust, indicating a healthy market. “This was one of the lowest weeks yet for BTC ETF inflows, although when you net in the outflows they are still healthy compared to previous weeks,” Consorti notes, suggesting that ETF shares are actively exchanging hands, mirroring the consolidation seen in the spot market. Related Reading: $115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next? This interplay between ETFs and the spot market, according to Consorti, provides a stable foundation for Bitcoin’s price, further solidifying the case for an impending bull run. “The funding rate is extremely muted, and we’re still at the same price [around $70,000]. In this period of consolidation, the spot market has really taken control of Bitcoin price action. This will mean more stable footing for the ensuing bull run, raising my confidence further that this consolidation is preceding a move higher rather than lower,” Consorti concluded. Expert Consensus On The Bullish Outlook Consorti’s optimistic forecast is echoed by other industry experts, who have also shared their bullish predictions. CRG, another renowned analyst, emphasized the significance of Bitcoin’s recent performance, stating, “Great weekly close. Fresh all-time highs this week,” indicating a positive momentum that could be sustained in the post-halving period. Great weekly close Fresh all time highs this week Source: my plums pic.twitter.com/wyxwomdDjZ — CRG (@MacroCRG) April 8, 2024 TechDev, a crypto analyst, highlighted a rare pattern in Bitcoin’s trading history: “It doesn’t happen often. Bitcoin closed 2 consecutive months over the upper Bollinger band. Each time it has then doubled within 3 months before the next red candle.” This historical pattern, if repeated, could potentially drive Bitcoin’s price way beyond $100,000. It doesn't happen often.#Bitcoin closed 2 consecutive months over the upper Bollinger band. Each time it has then doubled within 3 months before the next red candle. pic.twitter.com/veOOOmT8Id — TechDev (@TechDev_52) April 7, 2024 Daan Crypto Trades provided a technical perspective, focusing on Bitcoin’s resistance levels and potential targets: “Thoses previous ‘resistances’ didn’t end up putting much of a fight. It’s just the previous all-time high that’s making the price stall for the time being. Targets above are ideas for price discovery if we can leave this area behind us.” Daan’s targets are the 1.272 Fib at $83,562, the 1.414 Fib at $91,164 and the 1.618 Fib at $102,085.” #Bitcoin High Timeframe Level Cheat Sheet ✍️ Thoses previous "resistances" didn't end up putting much of a fight. It's just the previous all time high that's making price stall for the time being. Targets above are ideas for price discovery if we can leave this area behind us. https://t.co/AeP9vzOk7M pic.twitter.com/BWvcg8EjLE — Daan Crypto Trades (@DaanCrypto) April 7, 2024 At press time, BTC traded at $69,739. Featured image created with DALL·E, chart from TradingView.com
Bitcoin's price volatility for the last 30 days stands around 4% — down from nearly 18% in April 2013. It's starting to look more like a traditional equity.
Druk Holding and Investments and mining firm Bitdeer will increase their mining capacity in Bhutan sixfold before the Bitcoin halving.
Bitcoin Magazine’s technical editor says it’s necessary to implement covenants - which allow joint ownership of UTXOs - if Bitcoin is to fulfill its promise of bringing financial self-sovereignty to people globally.
Crypto Jelle, a cryptocurrency analyst and aficionado, has expressed optimism toward the price action of Bitcoin, highlighting the potential for the digital asset to revisit the $69,000 threshold in the short term. Bitcoin Poised For Short-Term Gains Due to waning interest in the cryptocurrency market, the price of Bitcoin fell by 5.60% to $66,650. However, the latest price decline does not seem to have dampened traders’ and analysts’ expectations for a sustained bull run, and one of those is analyst Crypto Jelle. Related Reading: Bitcoin Crash Warning: CryptoQuant CEO Sees LUNA-Like Risks Ahead Crypto Jelle advocates for the largest crypto asset noting that although Bitcoin did not break $69,000 in one go, it appears that it is making a new higher low at this point. He believes that the coin could reach the aforementioned price again soon, urging investors to hold around the $66,500 price level. Thus, he advises the crypto community and traders to be patient, since the much-anticipated Bitcoin halving is approaching quickly. Jelle underscored that new all-time highs for Bitcoin do not happen in one go. According to the analyst, every ATH breakout over the past years was preceded by a chopping period. As a result, a large number of people tend to lose hope in the crypto asset, prompting them not to invest in BTC. Given the recent performance of BTC, Jelle claims, we are witnessing the same thing occur once more. Drawing attention to a bullish pennant formation, Jelle stated that Bitcoin currently appears to be getting ready to break out of this area. This is due to a strong bounce from the 4-hour Exponential Moving Average (EMA) 200, and now reaching an even higher low. Based on the development, the crypto expert anticipates the breakout to take place in the upcoming weeks. Within the next 15 days, the Bitcoin halving event has been slated to commence. Given its past impact on BTC’s price, Crypto Jelle’s prediction could come to pass more quickly than anticipated. Two Events Aside from Halving Considered To Boost BTC’s Price This Year While the community is hoping for the halving event to improve prices, Lark Davis, a crypto expert has pointed out two other events that could impact the asset significantly, affirming a bullish year for BTC. These include the United States elections scheduled to happen in November, and the Federal Reserve interest rate cuts. According to Davis, these events are equally as important as the halving event as they will propel the bull market even further. Related Reading: Banking Giant Goldman Sachs Ranks Bitcoin As World Best Performing Asset With the stock market performing traditionally well, around 83% during an election, and Bitcoin being part of Wall Street, BTC is expected to rise. Davis then mentioned the three rate decreases that Goldman Sachs said would occur in 2024, starting in June. It is worth noting Goldman Sachs predicts that the terminal interest rates will fall between 3.25% and 3.5%. Davis believes these reductions will increase market liquidity and encourage investors to invest more in cryptocurrency assets. Featured image from iStock, chart from Tradingview.com
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.
Popular cryptocurrency analyst and enthusiast Rekt Capital has delved into the recent performance of Bitcoin (BTC) citing the beginning of a breakout process from a weekly range that could possibly lead to an upswing. Bitcoin Begins The Breakout Process Rekt Capital previously highlighted that Bitcoin has been wedged within a weekly range he dubbed Black-Black, ever since it witnessed about 18% correction. The candle-bodied peak from 2021 and the upside-wicking peak from 2021 basically created this weekly range. Related Reading: Can This Bullish Chart Pattern Propel Bitcoin Price To $75,000? He then claimed that regaining the $69,200 Range High for Bitcoin could indicate that the cryptocurrency is prepared to break out of the weekly range. Additionally, it might also signal the conclusion of the aforementioned pullback period. It appears the analyst’s forecast has come to pass as BTC has surpassed the $69,200 level, triggering a breakout activity. According to Rekt Capital, the first phase in the breakout process that Bitcoin has initiated is a Weekly Close above the Range High. However, before moving higher, BTC might need to dive into the range high in order to properly retest it as new support. As a result, it would be the second phase to validate the break out from the week range properly. The crypto expert’s analysis coincides with a recent drop in the price of Bitcoin today, raising speculations about its next movement. Bitcoin opened the day around the $71,000 threshold; a few hours later, the crypto asset fell to $69,200 level. As of the time of writing, Bitcoin was trading at $69,500, indicating a decline of about 1.29% in the past day. BTC’s market cap has also decreased in the last 24 hours by the same percentage, while its daily trading volume has increased by over 52%. A Bullish Month For BTC This suggests that investors are still bullish toward the digital asset despite the retrace witnessed today. Investors are even more optimistic as Bitcoin’s halving event approaches because of the possible impact on BTC. Even though BTC began the day with a decline, several analysts still believe it might perform robustly in April. This is due to the fact that Bitcoin has mostly experienced significant growth in April over the past years. Related Reading: Bitcoin Pre-Halving Dip Expected: Will BTC Rally Before US Fed Decision? Zia Ul Haque, the Founder of Open4Profit claims that in the past April has been superior to March while providing a comparison of the monthly increases in the price of Bitcoin from 2013 until 2024. According to data shared by Haque, April has witnessed an average 14.2% increase in price. Haque anticipates a better performance this time since the much-awaited Bitcoin halving event will take place this month. “Halving is just at the end of this month – April 20th, pre-halving narrative can bring lots of attention to this market,” he stated. Featured image from iStock, chart from Tradingview.com
Hedge fund CEO Mark Yusko predicts a $150,000 Bitcoin peak this year, with the halving event as a key driver, complemented by Bitcoin ETFs.
The Bitcoin Halving event, which will cut miners’ rewards in half, is set to take place in mid-April. Once that happens, the crypto community will have its eyes on specific predictions that have been projected to be actualized after the Halving event. Related Reading: FTX Founder Sam Bankman-Fried Gets 25 Years Prison Sentence – Details […]
Coinbase's Head of Research sees a potential crypto market turnaround in Q2, with factors like spot Bitcoin ETFs influencing stability.
Charles Edwards, founder of the Bitcoin and digital asset hedge fund Capriole Investments, published a detailed examination of Bitcoin’s current market phase suggesting a bullish trajectory, potentially reaching the $100,000 mark. The analysis hinges on the identification of a Wyckoff ‘Sign of Strength’ (SOS), a concept derived from the century-old Wyckoff Method that studies supply and demand dynamics to forecast price movements. Understanding The Wyckoff ‘SOS’: Bitcoin To $100,000? The Wyckoff Method, developed by Richard D. Wyckoff, is a framework for understanding market structures and predicting future price movements through the analysis of price action, volume, and time. The ‘Sign of Strength’ (SOS) within this methodology signifies a point where the market shows evidence of demand overpowering supply, indicating a strong bullish outlook. Edwards’s observation of an SOS pattern in Bitcoin’s recent price movements suggests that the market is at a pivotal point, where sustained upward momentum is highly probable. In Capriole’s latest newsletter, Edwards offered a precise depiction of Bitcoin’s market behavior, highlighting a period of volatility and consolidation in the $60,000 to $70,000 range. Related Reading: Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains This phase was anticipated by the hedge fund. Currently, as Bitcoin ventures above its last cycle’s all-time highs, it aligns with the predicted zig-zag SOS structure. Edwards elucidates, “It would not be surprising to see a liquidity grab at / into all-time highs […] All consolidation above the Monthly level at $56K is extremely bullish. It would be uncommon (but not impossible) for price to continue in a straight line up.” The “zig-zag” phase also perfectly aligns with the halving cycle as BTC tends to consolidate “both months either side of the Halving.” Edwards added that “the realities of a much lower supply growth rate + unlocked pent up tradfi demand will then kick-in and launch 12 months of historically the best risk-reward period for Bitcoin.” From a technical perspective, Bitcoin’s foray into price discovery territory above $70,000 is devoid of significant resistance levels. This opens a pathway to psychological and Fibonacci extension levels, with Edwards pinpointing $100,000 as the next major psychological resistance. Related Reading: Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO The 1.618 Fibonacci extension from the 2021 high to the 2022 low is noted at $101,750, serving as a technical marker for potential resistance. Edwards reflects on investor sentiment, stating, “You can also imagine quite a few investors would be happy seeing six-digit Bitcoin and taking profit in that zone,” acknowledging the psychological impact of such milestones. BTC Fundamentals Support The Bull Case Edwards also delves into the importance of fundamentals, underscoring their role in providing a bullish backdrop for Bitcoin. The introduction of the Dynamic Range NVT (DRNVT), a unique metric to Capriole, indicates that Bitcoin is currently undervalued. Edwards describes DRNVT as “Bitcoin’s ‘PE Ratio'”, which assesses the network’s value by comparing on-chain transaction throughput to market capitalization. The current DRNVT readings suggest an attractive investment opportunity, given Bitcoin’s undervaluation at all-time price highs. “What’s fascinating at this point of the cycle is that DRNVT is currently in a value zone. With price at all time highs, this is a promising and unusual reading for the opportunity that lies ahead in 2024. It’s something we didn’t see in 2016 nor 2020,” Edwards remarked. With both technical indicators and fundamental analysis signaling a bullish future for Bitcoin, the anticipation surrounding the upcoming Halving event adds further momentum to the positive outlook. Despite the expectation of volatility and consolidation in the short term, Edwards confidently states, “probabilities are starting to skew to the upside once again.” At press time, BTC traded at $69,981. Featured image from Shutterstock, chart from TradingView.com
BTC price can more than double in price this cycle, thanks to Bitcoin ETFs, next month's halving, and easing monetary conditions.
The massive overall demand for Bitcoin along with macroeconomic factors will play a far bigger role in driving the price of Bitcoin this year.
An unidentified individual or entity who received 2,000 Bitcoin in mining rewards in 2010 has consolidated them into a single wallet.
Bitcoin price remains shaky at the $70,000 resistance, but on-chain data suggests market participants are preparing for a stronger rally.
Bitfinex analysts say Wall Street funding of public Bitcoin mining companies has significantly altered the incentive structure behind Bitcoin mining.
Bitcoin, the world’s most valuable coin, is once again deviating from historical norms. According to an analysis by one crypto analyst, the coin is in the “overbought” territory of the Relative Strength Index (RSI) for the first time in the lead-up to halving. The RSI is a popular technical indicator analysts use to gauge the price momentum of traded instruments. Bitcoin Overheating? RSI Stands Above 70 The analyst points out that the Bitcoin RSI on the monthly chart is currently above 70, indicating an overbought condition and overheating. This is a significant development as it’s the first time in Bitcoin’s history that this has happened before a halving. The Bitcoin network is set to halve miner rewards in mid-April. This event, which occurs roughly every 200,000 blocks, will cut rewards distributed to miners by 50% from the current level of 6.125 BTC. Miners play a vital role in confirming transactions and maintaining network security. Related Reading: Bitcoin ‘Real Pump’ Nears New All-Time Highs, Analyst Says The fact that Bitcoin prices appear to be “overheating” just before halving is net bullish for the coin. It suggests that prices are not only breaking from historical trends but also building strong momentum. Besides the strong upside momentum, the analyst notes that Bitcoin now trades above a critical dynamic level on the monthly chart. The confluence of these positive developments could explain why traders are upbeat. Most analysts agree that the coin will likely break higher in the weeks ahead, clearing the recent all-time high of around $73,800. BTC Pinned Below $73,000 And Consolidating Thus far, Bitcoin prices are firm, increasing as evident in the daily chart. After sharp contractions in the past few trading sessions, the welcomed reversal over the weekend lifted the coin towards the elusive $70,000 level and a previous all-time high. However, judging from the candlestick arrangement in the daily chart, a break above $73,800 would likely catalyze more demand. So far, prices are moving sideways within a broad range despite signals of strength relayed from other indicators. Related Reading: Why Is The Price Of LUNC And USTC Up Today? While some investors are bullish, expecting prices to rise, caution should prevail. A close above $74,000 would thrust Bitcoin into unchartered territory. Beyond this, the analyst uses technical indicators to make projections. These tools use historical parameters and lag. As such, they may not be as accurate and, thus, misleading in some instances. Feature image from DALLE, chart from TradingView
Cryptocurrency expert and analyst Doctor Profit has identified regions that are vital for Bitcoin (BTC) presently, which could possibly propel the crypto asset’s price to unprecedented heights at a very fast pace. For the most part, the cryptocurrency community is concerned about the way that Bitcoin’s price has performed during the last week. Nonetheless, Doctor Profit’s latest weekly update on the crypto market and Bitcoin has provided optimism for investors within the crypto space. Bitcoin For A Massive Leg Up To $100,000 In his analysis, Doctor Profit explores the Life Cycle Assessment (LCA), psychological analysis, and technical analysis (TA) of Bitcoin’s recent performance. Drawing attention to the previous Sunday report, the analyst predicted a sideways movement for Bitcoin in the longer term. However, the largest cryptocurrency asset is currently moving in the indicated sideways region, as he points out. Related Reading: Bitcoin ‘Real Pump’ Nears New All-Time Highs, Analyst Says The expert claims that some people are unable to see the wider picture playing out within the sideways movement. Due to this, they fail to understand that price fluctuations in the 20% range are normal and even beneficial for moves in big market caps. Thus, Bitcoin is preparing for its next big move, which will push prices over $80,000 and hit $100,000 at high speed. He noted that this bullish sideways movement is referred to as an accumulation area in trading terminology. During this stage, a convergence of profit-taking, incoming investment, and undecided money, practically leads to a mid-term consolidation. Consequently, he is bullish about the sideways trend and anticipates a looming upward surge. Furthermore, Doctor Profit underscored the significance of Bitcoin’s recent breakout above its previous all-time high (ATH) of $69,000, and the necessity of exercising patience as the coin consolidates close to its peak level. He stated: What many fail to understand is that Bitcoin just broke through its all-time high (ATH) in the last few weeks and is now slowly building support near the ATH region. People don’t realize that this is a process that takes weeks. Doctor Profit asserts that before continuing to rise and entering the super cycle, the market would spend weeks in the area of the Golden Bull. “After confirmation at $72,500, it won’t be long until BTC rises beyond $70,000 and enters the super cycle,” he added. Recent Retest Pattern Aligns With Past Trends Doctor Profit seems to be pleased with Bitcoin retesting its previous ATH level in the $60,000 range. He highlights the potential of Bitcoin and the slow transformation of the $60,000 resistance level into a solid support point, paving the way for the upcoming super cycle similar to other ATH breakouts. Related Reading: Bitcoin Pre-Halving Dip Expected: Will BTC Rally Before US Fed Decision? “Bitcoin now appears mature enough to withstand this pressure at $60,000 and maintain its above-average price without any difficulty,” he stated. Despite ongoing corrections, the analyst has urged investors to be confident, citing the Bitcoin Halving as a catalyst for an impending upward surge. Featured image from iStock, chart from Tradingview.com