According to a popular crypto analyst on the X platform, the Bitcoin price might be primed for a fresh rally beyond its current all-time high. However, the analyst has identified a crucial resistance level that could determine the fate of the flagship cryptocurrency in the short term. $67,300 Could Prove Pivotal To BTC’s Price — […]
The Bitcoin price rally triggered by Federal Reserve chairman Jerome Powell’s latest speech has been the major talking point in the crypto community this weekend. Analysts at trading firm QCP Capital are amongst the latest entities to weigh in on BTC’s return to within the $61,000 and $70,000 consolidation range. How Interest Rate Cuts Could Affect The Bitcoin Market In its latest report, QCP Capital reacted to the Bitcoin price rallying on the back of the Fed’s announcement of a potential cycle of lower interest rates. Based on on-chain data, this price surge was primarily triggered by spot Bitcoin demand rather than through futures or other derivatives. According to QCP, the funding rates, which indicate the cost of holding long positions in the futures market, remained flat during the rally. The trading firm mentioned, however, that if the Bitcoin price maintains support at $62,000, a rise in leveraged long positions is expected, especially as the end of the summer holidays approaches. Related Reading: Bitcoin Price Surges Above $64,000 — Here’s The Resistance Level To Watch Furthermore, the QCP report shows a significant increase in bullish calls in the options market, particularly around the $62,500 – $63,000 strike prices, just before Powell’s speech at Jackson Hole. The trading firm added: Even on the backend, bulls continue to pile on to their long bets in Dec and Mar (80k to 85k strikes). Powell confirmed that the Fed will slash interest rates in the next month. QCP analysts revealed that a 25 basis point (bp) cut could be potentially bullish for the Bitcoin price, suggesting that the Federal Reserve is taking a cautious approach towards the economy. Meanwhile, a 50bp cut could indicate the Fed “taking acute action to prevent the economy from falling flat.” While selling pressure has waned and steady capital has flowed into the spot exchange-traded funds (ETFs) over the past two weeks, QCP analysts still believe that the Bitcoin price will continue to consolidate within the $61,000 and $70,000 until 2024 fourth quarter. “We maintain the view that the US elections accompanied with bullish seasonality could be the catalyst for all-time-highs,” the analysts said. Bitcoin Price At A Glance As of this writing, the price of BTC stands at around $64,250, reflecting a bare 0.5% increase in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency has increased in value by more than 8% in the past week. Related Reading: Solana Eyes Price Surge To $220: Breaking Through This Resistance Is The Key Featured image from iStock, chart from TradingView
The Bitcoin price performance has been uninspiring in the past week, mirroring the broader cryptocurrency market climate. However, the premier cryptocurrency seems to be ending the week on a high note following an unexpected Friday rally. The price of BTC appears to have received a breath of fresh air following Federal Reserve Chairman Jerome Powell’s Jackson Hole speech, finding its way above the $64,000 mark — again — with an almost 7% surge. The question now is — how far can the Bitcoin price climb? Here’s Why $66,250 Is A Crucial Level For BTC Prominent crypto analyst Ali Martinez took to the X platform to share an interesting prognosis for the Bitcoin price over the next few days. The relevant indicator here is the Glassnode “UTXO Realized Price Distribution” (URPD) metric, which monitors the amount of a particular cryptocurrency that was purchased at a given price level. Related Reading: Is A Bitcoin (BTC) Negative Correlation With Stocks A Bullish Signal? Analyst Reveals Typically, the likelihood for a price level to act as an on-chain support or resistance zone depends on the number of coins that have their cost basis at the specific level. For context, the cost basis of an investor refers to the original price (including the transaction fees) at which they acquired a coin or token. Price levels beneath the current spot value with substantial buying activity will likely act as support zones. On the other hand, levels above the current price could prove to be significant resistance areas. The chart below depicts the distribution of Bitcoin at different price levels surrounding the recent spot price of the coin. Based on data from the highlighted chart, $64,045 and $66,250 seem to be the next crucial resistance levels to watch. While it appears that the Bitcoin price has flipped the $64,045 resistance wall, the $66,250 zone remains to be breached. According to data from Glassnode, nearly 382,000 coins were moved within the $66,250 price area. The last time BTC climbed above the $66,250 level, it traveled as high as the $70,000 mark before it encountered some resistance. It would be interesting to see how far the price of the premier cryptocurrency would go this time, especially considering that there is no major resistance wall above the $66,250 area based on the URPD indicator. Bitcoin Price At A Glance As of this writing, the price of Bitcoin is around the $64,000 mark, reflecting an almost 7% increase in the past 24 hours. This single-day performance has also shown on the weekly timeframe, with the flagship cryptocurrency climbing by nearly 10% in the past week. Related Reading: Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Here’s The Roadmap Featured image from iStock, chart from TradingView
Bitcoin is beginning to show signs of a potential upward trend as several on-chain metrics are turning positive. These metrics, which often serve as indicators of future price movements, paint a picture of growing optimism in the market. One of the key indicators supporting this positive outlook is the exchange inflow/outflow data, which reveals a […]
Anthony Scaramucci, Founder and Managing Partner at Skybridge Capital, a global investment firm, has asserted that Bitcoin (BTC) is not a reliable store of value. Known for his support for BTC and candid financial analyses, Scaramucci has provided a reason for this belief. Why Bitcoin Falls Short As A Store Of Value Claim In an […]
Henrik Zeberg, Head Macro Economist at Swissblock, has reasserted his prediction that a US recession is inevitable, but not before a dramatic upswing in financial markets, including a substantial rally for Bitcoin to heights between $115,000 and $120,000. In his most recent analysis posted on X, Zeberg expounded upon the cyclical nature of markets and how they align with historical economic indicators and current fiscal policies. “REMEMBER!? In December 2022, everybody was BEARISH! I was BULLISH! We were told that ‘Imminent Crash’ was ahead of us – despite the fact that the market bottomed in October 2022,” Zeberg reiterated in his post. He laid out his refined predictions for major market indices and Bitcoin, pointing to a forthcoming “Blow Off Top”. Bitcoin Faces Its First Recession Ever A “blow-off top” refers to a sharp, rapid increase in the price in financial markets, followed by an equally sharp decline. This pattern is characterized by intense buying pressure that drives prices to extreme highs, often driven by speculative or euphoric behavior among traders. This surge in prices is usually unsustainable, leading to a significant sell-off as traders take profits or react to overbought conditions. Related Reading: These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals The blow of the top predicted by Zeberg could be triggered by the US Federal Reserve injecting massive amounts of liquidity into circulation to prevent a recession. Based on this, Zeberg forecast that the S&P 500 will rise to 6,100-6,300, the Nasdaq to 24,000-25,000, the Dow Jones Industrial Average to roughly 45,000, and Bitcoin to $115,000-120,000. Zeberg’s bullish stance contrasts starkly with his dire prediction for the post-rally period. “Now….. we are not at the top – yet! But Recession IS coming – and it will be the worst since 1929. Major Bear market (in 2 phases; Deflationary and Stagflationary – separated by a mid-way bounce as Fed enters in 2025),” he explained, suggesting a complex recessionary cycle influenced by both market dynamics and Federal Reserve (Fed) policies. The economist’s skepticism toward the effectiveness of impending Federal Reserve rate cuts is rooted in a detailed critique of similar historical measures. Despite the market’s expectation of a 25 basis points cut at the next FOMC meeting in September—a move supported by 73.5% of market participants (according to the CME FedWatch tool), with a smaller fraction (26.5%) anticipating a more aggressive 50 basis points cut—Zeberg remains unconvinced these will forestall recessionary pressures. Related Reading: September 10: A Bitcoin Game Changer, Says Hedge Fund Founder “But… but… Fed rate cuts…. ?? The Global Economy is breaking. US Recession begins December 2024,” Zeberg stated, reflecting his belief that short-term liquidity injections are insufficient to counteract deeper economic malaises. He points to the liquidity cycle metrics comparable to those seen in 2007, questioning the effectiveness of such strategies in preventing the 2008 financial crisis. Furthermore, Zeberg highlights the recent end of the inversion between the US. 2-year and 10-year Treasury yields, traditionally viewed as a predictor of economic downturns. The inversion, where short-term yields exceed long-term yields, is typically a signal of investor uncertainty about the near-term economic outlook. Another pillar of Zeberg’s argument is the recent job market data. The US Bureau of Labor Statistics revised its March 2024 total employment estimates downward by 818,000—the largest revision in 15 years—indicating significant weakness in the job market, far more pronounced than initial estimates suggested. “Economy much weaker than expected,” Zeberg commented. At press time, Bitcoin traded at $60,764. Featured image created with DALL.E, chart from TradingView.com
Travis Kling, the founder and Chief Investment Officer of Ikigai Asset Management, is proposing a direct link between the US presidential election outcomes and the Bitcoin price. Via X, Kling delves into the political dynamics and their perceived implications for crypto markets, particularly focusing on the potential re-election of Donald Trump. Why September 10 Could Be Crucial For Bitcoin Kling’s analysis hinges on several key political events and their corresponding impacts on betting markets, which he believes are reflective of broader economic expectations. “NFA. I’m wrong often. Bitcoin has likely been trading with a correlation to Trump winning. And that makes sense to me. BTC/crypto will be MUCH better off under a Trump admin,” Kling stated. He emphasized the Democratic National Convention’s perceived shortcomings and an expected endorsement of Trump by Robert F. Kennedy Jr. as pivotal moments that could drive the Bitcoin price. “The DNC does not appear to be going particularly well. RFK is supposed to be endorsing Trump on Friday. These factors are showing up on Polymarket and if RFK goes for Trump, I would guess Poly would widen out further,” Kling noted. He anticipates these developments will peak on September 10. Related Reading: Historical Data Suggests Bitcoin Could Rise 1,000%, Here’s Why This is when the first debate between former President Donald Trump and Vice President Kamala Harris will be in Philadelphia. “It’s Trump’s to lose IMO. If he shows up for Kamala the way he showed up for Biden, polls/Poly should widen further still.” Kling expects the Bitcoin price to surge towards $72,000. “Given that BTC is trading with Trump, it would make sense to me that all this would add up to BTC being back up to the top of this 6-month range,” Kling speculated. However, he also warned of too much optimism. Kling is unsure if the BTC price can break out of the trading range established in mid-March “prior to the election, unless polls/Poly REALLY widen out for Trump. Hate it or love it, this election is highly consequential for us, short-term price action just being one aspect of that.” Notably, not everyone is sharing Kling’s opinion. Matthew Sigel, Head of Digital Assets Research at VanEck, provided a contrasting perspective. Sigel stated, “Bitcoin is Not Currently Trading With Trump Odds, Though I Expect That to Change. Related Reading: Bitcoin On Brink Of Massive Breakout Like Gold In 2008: Hedge Fund CEO FalconX, a prominent crypto prime broker, also recently conducted an analysis which scrutinized the correlation between Bitcoin prices and Trump’s electoral odds on Polymarket—a platform for betting on political outcomes. From June 1 to August 15, their findings indicated no apparent correlation, underscoring that other factors might have influenced Bitcoin’s price more significantly. These factors included the 50,000 BTC sell-off by the German government and liquidations by former customers of Mt. Gox. Undoubtedly a coalition of Trump and Kennedy Jr.’s would be extremely bullish for Bitcoin. While it enhances Trump’s odds of winning the US election, another strong Bitcoin supporter would join the Trump campaign. Kennedy Jr., like Trump, has advocated for substantial government involvement in Bitcoin, proposing that the Treasury Department should purchase 550 Bitcoins daily until it amasses 4 million BTC in reserves. At press time, BTC traded at $61,067. Featured image created with DALL.E, chart from TradingView.com
Looking at the formation in the daily chart, Bitcoin bulls are struggling for momentum. Despite the expansion on August 8, reversing losses of August 5, buyers didn’t follow through, meaning traders are waiting for more confirmation before diving in. The lack of activity in the past few trading days means prices are inside a bull […]
Bitcoin price remains steady above the $60,000 zone. BTC is now consolidating gains, and the bulls could aim for a move above the $62,000 resistance zone. Bitcoin started a consolidation phase above the $60,000 zone. The price is trading above $59,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $59,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might attempt a fresh increase if it clears the $61,500 resistance zone. Bitcoin Price Holds Gains Bitcoin price remained stable above the $58,500 pivot level. BTC formed a base and started a steady increase above the $60,000 resistance zone. The price climbed above the $60,200 and $60,500 resistance levels. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low. The current price action is positive and seems like the bulls could aim for more gains above the $60,800 resistance zone. Bitcoin is now trading above $60,200 and the 100 hourly Simple moving average. The price is now consolidating near the 50% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low. On the upside, the price could face resistance near the $60,800 level. The first key resistance is near the $61,800 level. A clear move above the $61,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $62,000. A close above the $62,000 resistance might spark more upsides. In the stated case, the price could rise and test the $63,500 resistance. Another Decline In BTC? If Bitcoin fails to rise above the $61,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,200 level. The first major support is $59,800. The next support is now near the $58,500 zone. Any more losses might send the price toward the $58,000 support zone or even $57,500 in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $60,200, followed by $59,800. Major Resistance Levels – $60,800, and $61,800.
Over the years, the Bitcoin price has been through multiple bull and bear cycles, and with the cycles have come a rather consistent trend. As a result, crypto analyst will often use the historical performance of the coin to determine what might happen next. This time around, market expert PlanB has pointed to previous cycle performances that paint a bullish picture for Bitcoin going forward. Bitcoin Could Rise 1,000% In a post on X (formerly Twitter), crypto analyst PlanB proposed that the Bitcoin bull run is far from over. The crypto analyst points to previous cycles and how the Bitcoin price has performed to come to this conclusion. This comes with an initial leg up before a drawdown and then followed by an even larger run. Related Reading: Cardano Kicked Out Of Top 10 Crypto By Market Cap, What’s Going On? The analysis takes a look at the last two bull cycles with similarities that have played out both times. In the 2017 bull run, the Bitcoin price had seen an initial 4x increase before slowing down. While the slowdown looked to be the end of the bull market, it was only a short stop. What followed was a 10x market rally that sent the BTC price to new all-time highs. In the next bull cycle, which occurred between 2020 and 2021, the Bitcoin price would put on a similar play. There was an initial 4x increase that ended in 2020. This was followed by a slowdown before another rise. By the time the bull cycle was done, the BTC price had completed a 7x increase. Bitcoin increased 4x from the bottom in 2022 to now. Historically 7-10x follows from here. What do you think bitcoin will do next 12 months? pic.twitter.com/WtyO0u5RHn — PlanB (@100trillionUSD) August 21, 2024 Taking this into account and the fact that the current cycle is still following this trend, PlanB believes it’ll play out similarly. The crypto analyst points out that the Bitcoin price has already completed the first phase of this trend after rising 4x since 2022. If this trend plays out, then the BTC price could be headed for between a 700% and 1,000% price increase from here. Even if the BTC price were to see a diminished return like it did between the last two cycles, a continuation of the trend would still ensure a between 300% and 400% increase from here. Either way, it would mean that Bitcoin will eventually break the coveted $100,000 price target. How High Would A 1,000% Rally Be? Going by PlanB’s prediction, if the Bitcoin price were to finish in the bottom of the range with a 700% increase, then the price would be looking at at least $400,000 by the time the bull market is over. If it goes through to the top of the range with 1,000%, it would reach above $550,000. Related Reading: Dogecoin Faces Supply Squeeze: What This Means For Price Currently, the Bitcoin price is still trending at $59,000, which suggests a slowdown. If the timeline in the post is to be followed, then the BTC price would be at six figures less than a year from now. Featured image created with Dall.E, chart from Tradingview.com
A crypto analyst has emphasized the need to stay invested in Bitcoin (BTC), forecasting a significant breakout to the upside. Despite BTC’s previous price crash and market volatility, the analyst has remained bullish on the cryptocurrency’s future outlook. Bitcoin Bullish Surge Incoming In an X (formerly Twitter) post on August 20, a crypto analyst identified […]
A recent research report by the onchain analytics platform Cryptoquant noted that the demand for Bitcoin (BTC) has dropped into negative territory. The platform also highlighted the unwavering conviction among long-term holders, which is undoubtedly a positive for the flagship crypto. Bitcoin’s Demand On The Decline Cryptoquant stated that the demand for the flagship crypto […]
Q4 could be a blockbuster moment for Bitcoin price as a multi-year historical price trend holds up.
The metrics suggest that Bitcoin is unlikely to be overvalued at current levels and its price action is developing “steadily without significant anomalies or sharp jumps.”
The slowdown in Bitcoin demand can be attributed to a sharp decline in purchases in the United States.
The slowdown in Bitcoin demand can be attributed to a sharp decline in purchases in the United States.
While crypto has been at the eye of the storm in the race for the White House, a notable absence in the recent unveiling of the Democratic Party’s latest platform ahead of the Democratic National Convention has discouraged the industry. The document, unveiled amidst heightened anticipation, notably overlooks any mention of Bitcoin or digital assets, […]
VanEck is still advocating for its Solana ETF with regulators, said Matthew Sigel.
Bitcoin could see a breakout to new all-time highs as soon as next month, but BTC must first tackle significant resistance around $59,500.
Bitcoin could see a breakout to new all-time highs as soon as next month, but BTC must first tackle significant resistance around $59,500.
Bitcoin price started a fresh decline from the $60,000 resistance zone. BTC is now moving lower and might test the $57,650 support zone. Bitcoin started a fresh decline from the $60,000 resistance zone. The price is trading below $58,800 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $59,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might attempt a fresh increase if it stays above the $57,650 zone. Bitcoin Price Dips Again Bitcoin price struggled to settle above the $60,000 resistance zone. BTC formed a top near the $60,200 level before the price started a fresh decline. There was a move below the $58,500 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $56,117 swing low to the $60,210 high. Besides, there was a break below a key bullish trend line with support at $59,700 on the hourly chart of the BTC/USD pair. The pair retested the $58,000 support zone. Bitcoin price is now trading below $59,000 and the 100 hourly Simple moving average. However, the price is still above the 50% Fib retracement level of the upward move from the $56,117 swing low to the $60,210 high. On the upside, the price could face resistance near the $58,800 level. The first key resistance is near the $59,500 level. A clear move above the $59,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $60,000. A close above the $60,000 resistance might spark more upsides. In the stated case, the price could rise and test the $61,500 resistance. More Losses In BTC? If Bitcoin fails to rise above the $58,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level. The first major support is $57,650. The next support is now near the $57,000 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $58,000, followed by $57,650. Major Resistance Levels – $58,800, and $59,500.
The Bitcoin price began Friday, August 16 from beneath the $57,000 level, following a sudden 7% fall on Thursday. While the premier cryptocurrency is showing good signs of recovery, a prominent crypto analyst has explained how the latest price decline may have pushed the BTC price into a bearish phase. Bitcoin MVRV Drops Below 1-Year […]
Following a tumultuous start to the month, the cryptocurrency market has yet to shake off the early August blues. The story has not been very much different for the price of Bitcoin, which struggled to make an impact in the past week. With BTC’s price almost 20% adrift of its all-time high of $73.737, there have been increased calls for the premier cryptocurrency to return to the bull market. Interestingly, a recent on-chain observation shows that Bitcoin has witnessed substantial bearish pressure in the past two years. Bitcoin Spot CVD Persists In The Negative — What Does This Mean? In a recent post on the X platform, blockchain data company Glassnode revealed that the Bitcoin spot market has been experiencing a net-sell side bias over the past two years. This on-chain observation is based on the Spot Cumulative Volume Delta (CVD) indicator, which measures the net difference between buying and selling trade volumes. Related Reading: MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%? The Spot CVD metric is used by investors to assess the current market sentiment. It offers detailed insight into whether the bulls or bears are the dominant market participants. Typically, a positive Cumulative Volume Delta value implies more buying pressure in the market, while a negative value suggests that the sellers are in control. According to the latest data from Glassnode, the yearly median CVD value has been bouncing between -$22 million and -$50 million over the past two years. This trend suggests a net sell-side bias, with selling volume overshadowing buying volume in the spot market for some time now. While the persistence of a net-sell side bias suggests investors offloading their coins rather than accumulating, it does not necessarily imply a bearish condition for the Bitcoin market. It rather spotlights a cautious approach by the investors, with an overall decline in spot demand of BTC. Although it is difficult to say how the spot Cumulative Volume Delta will shift over the coming months, the metric is one that investors should look out for. This is especially relevant because a return of CVD to positive values could signal an increase in Bitcoin spot market demand, which could be favorable for the Bitcoin price. BTC Price At A Glance As of this writing, the price of Bitcoin is slightly above the $59,000 mark, having increased by more than 2.5% in the past 24 hours. This recent momentum, though, is not enough to wipe off the coin’s loss on the weekly timeframe. According to data from CoinGecko, the Bitcoin price is down by more than 2% in the past week. Related Reading: Cardano Sees Massive 150% Volume Surge, Yet ADA Price Stalls With 4% Decline Featured image from iStock, chart from TradingView
A crypto analyst has unveiled a new bearish death cross for Bitcoin (BTC), the world’s largest cryptocurrency. According to the analyst, Bitcoin is at risk of further price stalls before any potential upward movement. Bitcoin Prints Another Bearish Death Cross In an X (formerly Twitter) post on August 15, a crypto analyst identified as ‘Mags,’ shed light on Bitcoin’s recent price movements, emphasizing key pattern formations and the cryptocurrency’s future outlook. Sharing a chart illustrating Bitcoin’s price action from October 2023 to August 2024, Mags observed that BTC has printed a bearish death cross on the daily chart, where the 50-day Moving Average (50 MA) crosses below the 200-day Moving Average (200 MA). Related Reading: XRP Price Prediction: Analyst Says God Candle Will Send Price To $57 The analyst indicated that the formation of this death cross signals a potential short-term weakness in the Bitcoin market. Generally, a death cross pattern in a cryptocurrency’s chart suggests the probability of further bearish momentum and price declines. According to Mags, Bitcoin’s recent bearish cross is the second death cross the cryptocurrency has formed since its price bottom at $15,500. He revealed that the previous bearish cross had occurred in September 2023, when Bitcoin was trading at $25,000, representing less than half of its current price. Following the 2023 bearish cross, Bitcoin traded sideways for several weeks, marked by considerable market volatility. However, the cryptocurrency’s price eventually regained momentum and reclaimed the moving averages. This led to a bullish cross, where 50 MA surpassed the 200 MA, triggering a strong upside rally. Mags suggests that Bitcoin is currently replicating the same death cross pattern observed in previous trends. He predicts that the pioneer cryptocurrency will experience a few weeks of “choppy price action,” followed by a bullish confirmation if it succeeds in reclaiming the moving averages. The analyst further anticipates a significant bullish cross, potentially leading to a strong rally for Bitcoin. Bullish Rise To $143,000? In another X post, a crypto analyst identified as ‘Milkybull Crypto,’ shared a more optimistic price forecast for Bitcoin. By referencing a price chart that tracks Bitcoin’s movement from 2022 to the end of 2024, the analyst drew a parallel between the cryptocurrency’s current market situation and certain events that occurred in 2023. According to Milkybull Crypto, many analysts had predicted a significant Bitcoin crash to $10,000 in 2023. However, the market defied these bearish expectations with an unexpected upward momentum. Related Reading: Prepare For Impact: Shiba Inu Whales Increase Their Holdings By 600% In A Single Day The crypto analyst has disclosed that a similar situation was presently unfolding in the market, with most analysts calling for a Bitcoin cycle top. He expects that in the fourth quarter (Q4) of 2024, Bitcoin will exceed all predictions, rising towards $95,000, before experiencing a massive surge to $145,000. As of the latest update, the price of Bitcoin is trading below the $59,000 mark. CoinMarketCap reports that the cryptocurrency had experienced a 4.32% decline over the past week which had pushed it to a current price to $58,484. Featured image created with Dall.E, chart from Tradingview.com
The United States (US) government has recently moved a whopping 10,000 Bitcoin (BTC) seized from Silk Road, a notorious online black market platform. Over the years, the government has executed multiple large-scale Bitcoin transfers, strategically relocating these assets to new wallets or different exchanges. US Government Moves 10,000 BTC To Coinbase Prime In an X […]
The Bitcoin price could increase by over two-fold based on a key bull signal historically correlated with price rallies.
As Bitcoin adoption continues to gain momentum globally among countries and traditional financial (TradFi) institutions, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has emerged as a stealth holder of the largest cryptocurrency on the market. Unexpected Bitcoin Whale? According to a recent analysis by K33 Research analyst Vetle Lunde, NBIM, which manages the […]
In a recent report, crypto research firm Kaiko drew the crypto community’s attention to the Bitcoin liquidity crisis. The firm added that this issue has been amplified since the launch of the US Spot Bitcoin ETFs. BTC’s Liquidity Fragmentation Kaiko analysts noted in the report that liquidity fragmentation continues to persist for the flagship crypto, […]
Bitcoin has not been in the $20,000 range going on two years now and some believe that the pioneer cryptocurrency will never revisit this level again. However, according to one analyst, the Bitcoin price falling back to $20,000 is a matter of when, not if. While they do not expect that this crash will happen anytime soon, they have warned that the possibility should not be ruled out at this point. Bitcoin Price Could Go For $20,000 Crypto analyst “Without Worries”, in a new analysis on the TradingView website, has outlined the possibility for the Bitcoin price to crash to $20,000 once again. The analysis focuses on the Bitcoin price on the 3-week chart, which showed some interesting insights into the movement of the digital asset. Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here’s When According to the crypto analyst, there are some important events that have taken place, giving birth to the expectation that this will happen. One of these has to do with the Stochastics RSI that has made some notable moves. As the crypto analyst points out, the Stochastic RSI had moved above 80 and then eventually crossed back down to 50. This move in the Stochastic RSI, which happens to be one of the most important indicators of bull and bear cycles, shows resistance is building. At this point, the analyst advises investors to watch out for confirmation of resistance that could signal the start of the downtrend. Looking back, the crypto analyst revealed that resistance had previously appeared back in 2018 and 2019. What followed was a downtrend. Then again, in 2021, the resistance appeared, and each time, there was an average 70% decline following the resistance. If this resistance were to reappear, then historical performance would suggest that the Bitcoin price would follow the same trend. In that case, a 70% decline from the current all-time high price would mean that the BTC price does return to the $20,000 level once again. However, this is months away from playing out, according to the analyst. Will BTC Rally Into 2025? Touching on the topic of the Bitcoin bull run continuing into the year 2025, the crypto analyst does not believe this is possible. He believes that with so many calls for the pioneer cryptocurrency to reach new peaks, it is not going to happen. Related Reading: Ethereum Price Ready For 75% Breakout To $4,723, Here’s Why However, the analyst does not believe that the market has topped at this point. They point out that the market is still in fear, which is not an ideal time for the market to reach its top. Instead, the top will come when the market is in euphoria. “When this RSI resistance confirms, there will be no long opportunities in the market until 2027 at the earliest,” the analyst said in closing. Featured image created with Dall.E, chart from Tradingview.com
GSR’s Brian Rudick discusses the recent market meltdown, how towering bull tenets and fading risks could propel Bitcoin to $1m, and why the recent dip is a gift, all combining to make cryptocurrency’s risk-reward its most compelling in years.