A crypto analyst has predicted that Bitcoin (BTC), the world’s largest cryptocurrency, is on track to reach an unprecedented $263,000. However, he also emphasized that this bullish surge to new all-time highs is contingent on Bitcoin meeting specific market conditions. Bitcoin Set For Massive Rally To $263,000 In an X (formerly Twitter) post on July 23, a crypto analyst identified as ‘Trader Tardigrade’ revealed that Bitcoin’s current price chart was forming a key technical pattern known as the “Cup with Handle chart pattern.” Notably, the Cup with Handle pattern is a unique technical indicator where the price movement of a cryptocurrency typically resembles a cup, followed by a downward price trend which emulates a handle. This handle often signifies a buying opportunity to go long on the asset. Related Reading: Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down? Sharing a price chart illustrating Bitcoin’s Cup with Handle pattern, Trader Tardigrade noted that Bitcoin could witness a substantial rally to a measured target of $263,000 before the end of 2024. The analyst disclosed that for this bullish surge to happen, Bitcoin’s price will have to break above the $68,000 level, which represents the handle part of the Cup with Handle chart pattern. In a more recent X post, the crypto analyst revealed that Bitcoin’s price has reached the upper resistance of the descending channel pattern. This pattern signifies when the price of a cryptocurrency is moving within two parallel trend lines and sloping downwards. Typically, the upper trend line in this pattern acts like a resistance and the lower line acts as a support. The analyst further noted that Bitcoin’s price has successfully reached the upper resistance of the descending channel. However, he disclosed that the resistance was weaker than the lower support, making it easier for the cryptocurrency to potentially breakthrough. Trader Tardigrade also predicts that Bitcoin could undergo a brief period of consolidation before witnessing its next breakout move. The analyst declared that the market was currently in the middle of a bull run, with Bitcoin set to surge even higher until late 2025. Key Support Level Identified For Bitcoin’s Next ATH Bitcoin’s price is currently trading at $64,239, marking a slight decrease of 3.11% in the last 24 hours, according to CoinMarketCap. Despite the cryptocurrency’s struggles to reach new highs, Ali Martinez, a prominent crypto analyst, remains bullish on its future outlook. Related Reading: Machine Learning Algorithm Predicts Shiba Inu Price Will Rise 119% In 5 Days Sharing a price chart depicting Bitcoin’s UTXO realized price distribution (URPD), Martinez predicted that BTC is poised to surge to new all time highs soon. The analyst also disclosed that the $66,000 price mark was a crucial support level for Bitcoin. He added that if Bitcoin succeeds in holding a price level at $66,000, it would set a strong foundation for a potential rally to new levels. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin layer 2s could be collectively worth around $7.6 trillion, the report added.
Marathon remains bullish on Bitcoin price in the long term, as it sold none of the BTC it mined during June.
Contrary to earlier speculation, Vice President Kamala Harris has declined to attend the much-anticipated Bitcoin 2024 conference in Nashville, shifting the spotlight to former President Donald Trump, whose highly anticipated speech could have a major impact on Bitcoin and the entire nascent industry. Kamala Harris Opts Out Of Bitcoin Conference Initially, discussions were indicating Harris’s […]
Bitcoin price started another decline below the $66,500 level. BTC is gaining bearish momentum and might revisit the $63,200 support. Bitcoin started a fresh decline from the $68,500 resistance zone. The price is trading below $65,500 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses and trade toward the $63,200 support zone. Bitcoin Price Gains Bearish Momentum Bitcoin price failed to hold gains above the $66,500 support level. BTC started another decline and traded below the $66,000 support zone. There was a move below the 50% Fib retracement level of the upward move from the $63,225 swing low to the $68,313 high. Besides, there was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair. The pair is now accelerating lower below the $65,000 level. Bitcoin price is now trading below $66,000 and the 100 hourly Simple moving average. It is also below the 76.4% Fib retracement level of the upward move from the $63,225 swing low to the $68,313 high. If there is a recovery wave, the price could face resistance near the $65,200 level. The first key resistance is near the $65,500 level. A clear move above the $65,500 resistance might spark another increase in the coming sessions. The next key resistance could be $66,200. The next major hurdle sits at $66,800 and the 100 hourly Simple moving average. A close above the $66,800 resistance might push the price further higher. In the stated case, the price could rise and test the $68,000 resistance. More Losses In BTC? If Bitcoin fails to recover above the $65,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level. The first major support is $63,200. The next support is now near $62,500. Any more losses might send the price toward the $61,500 support zone 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 – $64,000, followed by $63,200. Major Resistance Levels – $65,500, and $66,800.
Bitcoin is within a bullish formation following gains from last week after spring, as seen on July 15 when prices broke above the 20-day moving average. However, even with the optimism, cracks are beginning to form. Yesterday, on July 23, prices retracted, cooling off from over $67,500 to falling below the all-important support at $66,000. […]
After rising by more than 28% over the 16 days, the Bitcoin price was rejected at key resistance at $68,500 on Sunday. Since then, the BTC price is displaying a slight pullback, but according to Charles Edwards, the founder of Capriole Investments, investors can expect the bullish momentum to continue. Edwards shared the chart below and stated via X, “BREAKING: Hash Ribbon buy signal just fired.” Why The Bitcoin Hash Ribbons Matter This statement is significant, as the hash ribbons have historically been a reliable indicator, with an 84% accuracy rate in predicting Bitcoin’s major price bottoms. The hash ribbons are predicated on the interplay between the Bitcoin hash rate—the total computational power used to mine and process transactions—and Bitcoin’s market price. Related Reading: Is Bitcoin’s Recent ETF Inflow Surge a Setup for a Fall? What Traders Need to Know Analysts observe that a drop in Bitcoin’s price or an increase in operational costs, such as electricity, may cause miners to halt operations temporarily. This period, known as ‘miner capitulation,’ is crucial because a resumption in mining activity is typically viewed as a bullish signal for Bitcoin’s price. The indicator itself is derived from the moving averages of the Bitcoin hash rate; specifically, the 30-day and 60-day moving averages. A ‘Buy’ signal occurs when the shorter-term moving average crosses above the longer-term average after a period of miner capitulation, indicating that the worst of the sell-off may be over and a recovery phase is likely imminent. Crypto analyst Jelle, known on X as @CryptoJelleNL, commented, “Hash ribbons are showing that minor capitulation is over! This signal prints after every halving event, and after major corrections — and suggests the next leg of expansion is just around the corner. Time for 80k+?” Related Reading: Mt. Gox Creditors Begin Withdrawing Owed Bitcoin And BCH Funds Via Kraken Further supporting the bullish sentiment, the account @DaFinancialPage noted on X, “Miner Capitulation. The Hash Ribbons indicator’s blue buy signal has appeared 19 times. Of those, 16 marked Bitcoin’s macro low, giving it an 84% win rate. The 3 times it didn’t, a major correction followed.” Thus, the appearance of the hash ribbon ‘Buy’ signal can be interpreted as a strong indicator for the next bullish phase in Bitcoin’s market cycle. However, the three instances when the signal failed to predict a significant rise highlight the inherent risks and uncertainties with every indicator. Notably, technical analysis aligns closely with the anticipated target of $80,000 discussed by Jelle. The 1.272 Fibonacci extension is sitting at approximately $79,337. However, before a new all-time high can be explored, Bitcoin must secure support at the 0.618 Fibonacci retracement level at $65,943 in the daily chart, which could act as a critical juncture. Subsequent levels at the 0.786 Fibonacci at $69,384 and the 1.0 Fibonacci at $73,767 serve as potential interim targets. At press time, BTC traded at $66,403. Featured image created with DALL·E, chart from TradingView.com
Amid the recent recovery from a significant price correction of over 25% that sent the Bitcoin price to a 6-month low of $53,500, the largest cryptocurrency on the market has since recovered to trade in the $66,000 to $68,000 range despite the start of Mt. Gox creditor repayments. Investors, buoyed by prospects of continued price appreciation, have adopted a HODL stance, opting to retain their assets rather than selling them off following the alleged hack suffered by the Bitcoin exchange in 2011. BTC Hodlers Stand Firm Data from market intelligence platform Arkham reveals that Mt. Gox initiated a significant movement of $2.47 billion worth of BTC to new wallets, facilitating the distribution of 5,106 BTC worth $335 million to four distinct Bitstamp addresses on Wednesday. Concurrently, creditors have commenced receiving their owed Bitcoin and Bitcoin Cash (BCH) through the US-based crypto exchange Kraken, as previously reported by NewsBTC on Thursday. Despite initial concerns of a sell-off akin to the June events, where the German police’s wallet sold over $3 billion in BTC, impacting Bitcoin’s market performance, analytics from CryptoQuant indicate a positive shift. Related Reading: Road To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana Price A notable increase in Bitcoin withdrawals from Kraken post-Mt. Gox reimbursements suggest that affected users opt to hold onto their coins, moving them from exchanges to cold wallets. On-chain data compiled by the firm shows that in the past 24 hours alone, more than 5,000 BTC worth $329 million have been withdrawn from exchanges, contributing to the current consolidation price action and stability for the Bitcoin price over the past few days. Arkham’s data further illustrates Mt. Gox’s ongoing efforts to repay creditors, with over 50,000 BTC transferred from the exchange’s wallet out of a maximum of 142,000 BTC while retaining 90,344 BTC valued at approximately $6 billion in BTC. Echoing the sentiment of CryptoQuant’s findings, Alex Thorn from Galaxy Digital highlights that most creditors are long-term Bitcoin proponents with a profound understanding of the technology. Thorn asserts that their preference to reclaim Bitcoin rather than opt for a USD payout signifies a strong inclination towards holding their assets rather than triggering a sell-off. Moreover, Thorn points out that the substantial capital gains implications of selling Bitcoin could dissuade creditors from liquidating their holdings. Bitcoin Price Analysis At the time of writing, the largest cryptocurrency on the market is trading at the $66,400 milestone, as it is a key support level for the Bitcoin price on its way to retesting the upper resistance walls with an eye on the all-time high of $73,700 reached on March 14th. Adding to the bullish sentiment surrounding BTC’s price performance over the past week, the price may find notable support levels that could prevent further declines in the event of a sell-off by some Mt. Gox creditors in the coming days at $65,000. Related Reading: Litecoin (LTC) Set To ‘Wake Up’, According To Legendary Trader’s Forecast Another key level for the bulls to watch is the $63,500 area, where the 200-day exponential moving average (EMA) is located, which, as seen in the daily BTC/USDT chart below, has previously accompanied the price on further gains and acted as a strong support for BTC. Ultimately, it remains to be seen what stance creditors of the failed Mt. Gox exchange will take in the coming days and weeks as more repayments are expected to flood creditors’ wallets and what impact this may have on the price Featured image from DALL-E, chart from TradingView.com
Christen Ager-Hansen told Cointelegraph that he warned his former colleagues, including Craig Wright and financial backer Calvin Ayre, against going to court.
US Vice President Kamala Harris is reportedly in discussions to join the speaker lineup at the upcoming Bitcoin conference, adding to the roster that already includes leading US presidential candidate Donald Trump and candidate Robert F. Kennedy Jr. The conference, set to take place in Nashville from July 25-27, is anticipated to be a blockbuster […]
Bitcoin price struggled below the $68,500 resistance zone. BTC is correcting gains and might decline further below the $65,500 support zone. Bitcoin started a correction wave from the $68,500 resistance zone. The price is trading below $66,500 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses and trade below the $65,500 support zone. Bitcoin Price Holds Gains Above $67K Bitcoin price failed to stay above the $66,500 and $67,000 resistance levels. BTC extended its decline and traded below the $66,000 support level to move into a short-term bearish zone. There was a break below a key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair. The pair even spiked below the $65,500 level. A low is formed at $65,458 and the price is now consolidating losses. It is trading below the 23.6% Fib retracement level of the recent decline from the $68,240 swing high to the $65,458 low. Bitcoin price is now trading below $66,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $66,150 level. The first key resistance is near the $66,800 level and the 50% Fib retracement level of the recent decline from the $68,240 swing high to the $65,458 low. A clear move above the $66,800 resistance might spark another increase in the coming sessions. The next key resistance could be $67,100. The next major hurdle sits at $67,200. A close above the $67,200 resistance might push the price further higher. In the stated case, the price could rise and test the $68,000 resistance. More Losses In BTC? If Bitcoin fails to climb above the $67,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $65,500 level. The first major support is $65,080. The next support is now near $64,200. Any more losses might send the price toward the $63,500 support zone 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 – $65,500, followed by $65,000. Major Resistance Levels – $67,200, and $68,000.
Bitcoin price could reach above the $88,000 mark by September, driven by continued Bitcoin ETF inflows.
Bitcoin started the new week in an uptrend, signaling a return of bullish sentiment among crypto investors. This bullish sentiment has continued to propel the price forward with $70,000 remaining the major target from here. According to one analyst, this recovery signals an entrance into the final wave, which is Wave 5, that could send the BTC price back toward its ATH price. Analyst Says Bitcoin Price Could Hit $72,000 In a TradingView post, crypto analyst Arthur Signals shared an interesting analysis of the Bitcoin price, saying that the cryptocurrency has entered the final Wave 5. The analysis goes through the BTC performance in the month of July, identifying the start of Wave 1 when the price first surged from its lows below $54,000. Related Reading: Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down? Moving forward, Wave 2 happened with the crash back down from $60,000 to $56,000. Wave 3 followed right after with an increase above $65,000, while Wave 4 was the decline to $63,000 that was recorded over the weekend. The current leaves only Wave 5, which is usually the most bullish of all the waves. With this final wave, the crypto analyst expects the price of Bitcoin to eventually break above $70,000 and rise toward its current all-time high of $73,000. However, for the BTC price to properly complete this move, it has to break the $68,275 peak that was recorded on Sunday. From here, the Bitcoin price would need to create a new peak to confirm the breakout, which has a $72,000 target from the crypto analyst. World Events That Could Send The BTC Price Flying While the wave formations on the Bitcoin chart paint a bullish picture for the price, there are also other developments that are bullish for the price, and one of those is the US presidential elections. On Sunday, incumbent president Joe Biden announced that he was stepping down from the race, giving his support to Vice President Kamala Harris to run on the Democratic ticket. Related Reading: Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow This development has so far been bullish as the market now expects a victory for Donald Trump, who has been openly vocal about his support for cryptocurrencies. “Biden’s announcement, after some unexpected volatility, has given Bitcoin bullish momentum as the market strengthens its confidence in a Republican election victory,” Arthur Signals pointed out in the post. If Trump does emerge victorious in the election, which is scheduled to be held in November, it will be a positive development for crypto. Trump has declared support for Bitcoin, hinting at using it for treasure purposes. This, in addition to rumors that Trump is considering BlackRock CEO Larry Fink as Treasury Secretary, has sparked bullish expectations for Bitcoin this year. Featured image created with Dall.E, chart from Tradingview.com
After a decade-long wait, creditors of the now-defunct Mt. Gox Bitcoin exchange have finally begun receiving their owed Bitcoin (BTC) and Bitcoin cash (BCH) via the Kraken and Bitstamp crypto exchanges. However, this had a notable impact on the cryptocurrency market, contributing to a nearly 4% drop in the price of Bitcoin after users confirmed the deposits to their wallets from the exchanges. Mt. Gox Distributes Millions To Bitstamp And Kraken On an early Tuesday morning, wallet addresses linked to Mt. Gox initiated the transfer of $2.85 billion worth of BTC. According to on-chain data from blockchain analytics platform Arkham, Mt. Gox executed the movement of $2.85 billion in BTC to new wallets with the primary purpose of distributing 5,110 BTC, equivalent to $340.1 million, to four distinct Bitstamp addresses. Related Reading: Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETH’s Price Reaching $8,000 In Q4 Bitstamp is one of the five exchanges that collaborate with the Mt. Gox Trustee to facilitate the return of funds to the exchange’s creditors, including Kraken and Japanese exchanges Bitbank and SBI VC Trade. Notably, Mt. Gox still retains possession of 85,234 BTC, valued at approximately $5.70 billion. While some users within the Reddit community have confirmed the receipt of Bitcoin returned by Mt. Gox through Kraken, Bitstamp users have reported not yet receiving their allocations. Kraken had previously announced the successful reception of creditor funds from the Mt. Gox trustee amounting to over $3 billion or 48,641BTC, estimating a timeframe of 7-14 days for the complete deposit of funds into user accounts. Critical Support Zones For Bitcoin In the aftermath of the Mt. Gox payouts, market data analysis platform CryptoQuant has spotted the price correction that BTC has experienced over the past few hours, with the company noting that it has impacted the line of 1-3 month BTC holders. CryptoQuant emphasizes the importance of monitoring support levels, specifically highlighting the $63,600 area, representing the average purchase price of 3-6 month bitcoin holders. Crypto analyst Caleb Franzen, on the other hand, has observed Bitcoin returning to a familiar support zone, which has proven effective. Despite the temporary setback, Franzen contends that Bitcoin has displayed a pattern of higher highs and higher lows in the short term, indicating resilience amidst the current price volatility. Related Reading: Ethereum Price Stays Flat Despite Today’s ETF Debut: QCP Explains Why Further insights provided by analyst Ali Martinez point to a potential double-bottom pattern with bullish relative strength index (RSI) divergence on lower time frames for Bitcoin. If confirmed, Bitcoin could see a rebound to $67,600, contingent upon the critical support level at $66,000 holding firm. Delving into on-chain data, Martinez underscores a crucial support zone for Bitcoin between $63,440 and $65,470. Within this range, approximately 1.89 million addresses collectively purchased 1.23 million BTC, highlighting the significance of this zone as a key area to monitor in the coming days. Featured image from DALL-E, chart from TradingView.com
On-chain data shows the Bitcoin mining revenue has neared its yearly average, a sign that capitulation could be coming to a close for miners. Bitcoin Miner Revenue Is Now Close To Its 365-Day SMA In a new post on X, analyst James Van Straten has discussed about how the situation of the BTC miners is […]
A new study conducted by the Nakamoto Institute has unveiled surprising insights into the demographics of Bitcoin ownership in the United States, challenging several popular assumptions about the typical cryptocurrency investor. The research, spearheaded by Troy Cross and Andrew Perkins, analyzed responses from a survey of 3,538 American adults, aiming to penetrate deeper into the […]
Crypto analyst RLinda has made a bullish case for Bitcoin, suggesting that the flagship crypto could soon hit a new all-time high (ATH). She also provided reasons why Bitcoin could rise to as high as $90,000. Why Bitcoin Could Rise To As High As $90,000 RLinda mentioned in a post on TradingView that fundamental and technical preconditions support further price growth for Bitcoin, which could send its price to as high as $90,000. On the Fundamental side, she noted that the market is waiting for the Spot Ethereum ETFs launch, which would be “another positive lever for the cryptocurrency market.” Related Reading: Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow Furthermore, RLinda stated that Donald Trump, who already affirmed his support for cryptocurrencies, is increasing his chances of being reelected. According to her, the market will react positively if he eventually wins. The crypto analyst highlighted “other local nuances” that could propel Bitcoin to such heights. She noted that other high-ranking US politicians are reconsidering their stance on Bitcoin, and the US Securities and Exchange Commission (SEC) is also “smoothly changing its position on cryptocurrencies.” This includes SEC Commissioner Hester Peirce’s recent statement that the Commission is open to reconsidering the inclusion of staking plans for the Spot Ethereum ETFs. BTC From A Technical Perspective On the technical side, RLinda revealed that a classic bullish flag pattern is forming on Bitcoin’s daily chart. She further remarked that at the moment, there is a “high probability” of Bitcoin retesting the strong resistance at $71,700 or even going higher to restest its current ATH of $73,794. She added that only after Bitcoin retests these zones will it become possible for the flagship crypto to “follow the formation of prerequisites for the breakout of global resistance” at $73,800. RLinda mentioned that $67,250 and $71,750 are resistance levels that Bitcoin should look to break. Meanwhile, $63,800 and $59,300 are support levels that the flagship must remain above. Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? Furthermore, RLinda revealed that Bitcoin’s current price range is favorable for a resistance breakout, which she claimed will “open a new way to the nearest resistance.” In the short term, she expects Bitcoin to break out from the $67,250 resistance level and experience further growth to between $71,700 and $73,800. With Bitcoin already retesting the $67,250 resistance level, RLinda provided an update on her trade idea. She highlighted a cup-and-handle pattern on Bitcoin’s weekly timeframe. The crypto analyst stated that this bullish pattern is in the last stage of “its formation before realization.” From the chart she shared, this cup-and-handle formation supports a potential price surge to $90,000 for Bitcoin. At the time of writing, Bitcoin is trading at around $67,300, up almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin has a supply cap of 21 million, making it an excellent hedge against currency devaluations and geopolitical turmoil.
Mt. Gox, the defunct crypto exchange, has initiated another transaction as part of its ongoing repayment plan to creditors, this time moving a small amount of Bitcoin (BTC) to Bitstamp, another major exchange participating in the distribution of funds to Mt. Gox’s former users. Mt. Gox Trustee Continues Bitcoin Distribution According to the latest data […]
The crypto market is again all shades of green, with Bitcoin and altcoins enjoying significant rallies. Crypto analyst Capo of Crypto has provided further optimism, suggesting that these tokens will still make more massive moves to the upside. “The Best Is Yet To Come” For Bitcoin Capo of Crypto opined in an X (formerly Twitter) post that the “best is yet to come” for Bitcoin and altcoins. He noted that Bitcoin is pumping, having reclaimed the $60,000 range as support. The crypto analyst added that altcoins also seem to have found their local bottom, meaning they are well-primed for massive rallies to the upside. Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? With Bitcoin also back above $65,000, it seems that it is just a matter of when and not if before the flagship crypto reclaims the $70,000 range. Capo had previously mentioned that reclaiming the $65,000 level would be the next bullish confirmation for the flagship crypto. The analyst added that the market should expect high prices once that happens. As to how Bitcoin could rise, Capo stated that the main target would be the liquidity zone between $74,000 and $76,000. Bitcoin rising to these price levels would mark a new all-time high (ATH) for the flagship crypto. Crypto analyst Rekt Capital shared a similar sentiment with Capo, suggesting that Bitcoin’s successful retest of the $65,000 resistance level would send it back above $70,000. Bitcoin rising back above $70,000 is believed to be where the real fun begins, as crypto analysts like Michael van de Poppe had previously mentioned that the bull run will continue once the flagship crypto is back above this price level. Crypto analyst Crypto Kaleo had also recently advised market participants not to get shaken out. He stated that the market is still heading “way higher” and that a little more patience is needed before the “fun really starts.” “Huge” Altcoin Season Is Brewing Crypto analyst Mkybull Crypto stated in an X post that a huge altcoin season is brewing. He claimed that this cycle might be similar to the explosive altcoin season rally in 2017, as altcoins’ current price action shares a similar price action to that period. Mikyull Crypto added that the fakeout made many believe the altcoin season for this cycle had been written off but suggested that isn’t the case, as something similar happened in the 2016 post-halving cycle. Related Reading: CBOE Global Markets Lists Spot Ethereum ETFs, Confirms Launch Date Interstingly, Capo stated that he is most bullish on altcoins. He alluded to the Spot Ethereum ETFs, which are expected to begin trading this week. Crypto analysts predict that these funds could spark a massive rally for Ethereum and altcoins, by extension, which could help usher in the altcoin season as they outperform Bitcoin. Featured image created with Dall.E, chart from Tradingview.com
Spot Bitcoin ETFs have achieved yet another milestone, recording a total of 900,000 BTC since its launch. This historic milestone occurs amidst the substantial wave of BTC accumulation in July. Spot Bitcoin ETFs Holdings Surpass 900,000 BTC Spot Bitcoin ETFs have accomplished an unprecedented feat, as the United States BTC ETF holdings have now surpassed […]
Bitcoin traders dare to dream of BTC price discovery this week as markets enjoy a late-week surge to six-week highs.
As the Bitcoin 2024 conference in Nashville draws near, scheduled for July 25-27, the BTC community braces for what could be a pivotal moment in Bitcoin’s history. The event is attracting unprecedented attention, possibly set to surpass the landmark announcement in 2021 by Jack Mallers that El Salvador would adopt Bitcoin as legal tender. The anticipation around the conference has been significantly amplified by the scheduled appearance of Donald Trump, the leading US presidential candidate. Rumors that began circulating last week have suggested that Trump might endorse Bitcoin as a potential reserve asset should he win the presidential election in November. These speculations were further fueled by Dennis Porter, founder of the regulatory advocacy group Satoshi Act Fund, who posted on social media platform X about an unconfirmed leak claiming that Trump plans to “announce a USA bitcoin strategic reserve in Nashville,” citing sources wishing to remain anonymous. Bitcoin Could See A “$100,000 Trinity Candle” Amidst this backdrop, Dan Ripoll, a former managing director at financial service company Swan and now a professional trader, outlined a bold scenario that could potentially more than double Bitcoin’s price instantly if Trump’s plans come to fruition. Speaking on X, Ripoll described the possibility as “one of the most gangster moves” Trump could make. Related Reading: Here Are 5 Reasons To Be Bullish On Bitcoin, Analyst Says His hypothetical involves Trump announcing at the conference that he has significantly invested in Bitcoin and plans to integrate it into the US Strategic Reserve. “Get balls long BTC (as in thousands of coins) going into the Bitcoin Conference next week. Announce plans to put BTC in the US Strategic Reserve. BTC goes vertical with a $100,000 Trinity Candle. Trump quintuples his net worth overnight. He never sells,” Ripoll theorized. According to him, such an action would not only enhance Trump’s net worth but also be positive for BTC hodlers if he keeps his promise. “Then, he should actually follow through with that promise and start accumulating BTC once in office. Everyone wins. Gensler comes after Trump for market manipulation. Trump to Gensler: “You’re Fired”, Ripoll added. Ripoll also suggested that the Democratic Party could potentially undercut Trump’s impact by adopting a pro-Bitcoin stance before the elections, though he expressed skepticism about their willingness to make such a move. Ripoll stated: “The Democrats could steal his thunder by coming out in favor of BTC before the election. But they won’t do it. It makes one question, how badly to the Dems want to win this thing?” Reactions From The BTC Community The reactions within the Bitcoin community to this speculative scenario has been mixed. Eugene Gant expressed skepticism about the broader implications of linking Bitcoin with potential political maneuvers, questioning the ethicality of leveraging a public position for personal financial gain through cryptocurrency. Ripoll responded by emphasizing the broader benefits if America adopts Bitcoin as a reserve asset, suggesting that tying the dollar to “hard money” could stabilize the currency and benefit holders of Bitcoin. Related Reading: Bitcoin Option Traders Are Betting On A Price Breakout Ahead Of US Elections: QCP Capital Another community member, Steve, voiced concerns that Trump’s history of promoting and then divesting personal ventures could indicate a similar strategy with Bitcoin—buying low, pumping the price, and then selling high. Ripoll countered by noting the common trajectory from skepticism to support within the Bitcoin community, suggesting it wouldn’t be surprising if Trump had genuinely shifted his stance. The expert concluded: “Everyone who is a bitcoin maximalist started off as a bitcoin skeptic. Every single one of us. It would not be surprising to see that he actually learned about it and changed his tune. That is the path.” The anticipation for the Bitcoin 2024 conference featuring Trump is clearly visible in the BTC price action over the past days. At press time, BTC traded at $67,373, up more than 24% in the past two weeks. Featured image created with DALL.E, chart from TradingView.com
The State of Saxony, gripped by fears of a sudden Bitcoin price crash, hastily ordered the sale of its 50,000 BTC stash.
Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term. He made this assertion based on his belief that the Spot Ethereum ETFs will not instantly have the impact that many expect it to have on ETH’s price. Bitcoin Will Continue To Outperform Ethereum For Now Crypto […]
The price of Bitcoin has been on a tear over the past seven days, returning between the $61,000 and $67,000 zone where it spent most of the second quarter. This positive run of form comes despite the FUD (fear, uncertainty, and doubt) due to speculations about Mt. Gox’s customer repayment. Interestingly, recent trading data have led QCP Capital, a prominent trading data, to suggest that Bitcoin might only be warming up for an even bigger price rally. According to the company’s analysts, the premier cryptocurrency looks primed for significant price growth ahead of the United States elections. BTC Price To Reach $100,000 By Year End? Unsurprisingly, the climb of the Bitcoin price from beneath $60,000 to as high as $67,000 in the past week has been one of the hottest topics of discussion amongst investors. Analysts at QCP Capital are amongst the latest set of experts to weigh in on the recent price action of the market leader. Related Reading: Buying ‘Ethereum Beta’ Altcoins Is A Recipe For Disaster, Researcher Finds According to the QCP analysts, the resilient upward movement of the BTC price reflects how the market may have “shaken off” most of its concerns. As a result, the flagship cryptocurrency may be preparing to continue its bull run, having spent the better parts of the last quarter in consolidation. The QCP analysts pointed out in the report that the perpetual funding rate is back to a neutral position, signaling a balanced sentiment amongst traders. For context, the funding rate refers to a periodic payment exchanged between buyers and sellers in perpetual futures contracts. What’s more, QCP capital noted that the Bitcoin spot market could persist within the $61,000 – $67,000 range in the short term, especially with traders holding substantial long positions at the July 26 $67,000 strike. Ultimately, investors appear to be betting big on a price upswing ahead of the United States elections. Additionally, there has been steady and significant institutional interest in December $100,000 calls. This suggests an increasing confidence in the potential of a year-end rally for Bitcoin, especially with the rising odds of a Donald Trump victory in the upcoming elections. It is worth mentioning that the price of Bitcoin spiked following the assassination attempt on the former United States president. This price movement was linked to the increased odds of a win for Donald Trump, who has been a vocal supporter of the premier cryptocurrency in recent months. Bitcoin Price At A Glance As of this writing, the price of Bitcoin continues to hover around $66,660, reflecting an over 5% increase in the past day. According to CoinGecko data, BTC is up by more than 16% in the past week. Related Reading: Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom — Analyst Featured image from iStock, chart from TradingView
The Bitcoin price has quickly recovered from its recent dip to a six-month low of $53,500 on July 5th, reclaiming the $66,000 level and setting its sights on retesting its all-time high of $73,700 reached in March. This resurgence comes as major airlines, medical facilities, corporations, and police forces worldwide grapple with a massive information technology (IT) disruption affecting Microsoft’s cloud computing services. Bitcoin Price Unaffected By Global IT Outage Cybersecurity firm CrowdStrike shed light on the cause of the outages, attributing them to a “routine software update” that went wrong. To reassure the public, CrowdStrike emphasized that the incident was not a security breach or cyberattack. The company then quickly issued a new software update that automatically repaired some affected computers. However, some systems required manual reboots and patching, resulting in significant delays. Related Reading: ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What’s Going On? Microsoft, on its part, announced the recovery of its 365 apps and services late Friday morning, though some individual customers may still experience residual impact. Interestingly, amid the chaos caused by the IT outage, cryptocurrency prices remained unaffected, capturing the attention of US Senator Cynthia Lummis. Known for her pro-crypto and Bitcoin stance, Senator Lummis took to social media platform X (formerly Twitter) to highlight the resilience of the Bitcoin price amid widespread cyber outages, stating: “Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin. Vires in Numeris.” Meanwhile, speculation surrounding Bitcoin’s potential as a strategic reserve asset for the United States has been intensifying. Anticipation has been further fueled by the upcoming appearance of former US President Donald Trump in Nashville on July 27, who some predict will announce the largest cryptocurrency on the market as a key to the US economy, potentially providing a massive boost to the Bitcoin price. Sell Signal Emerges As the Bitcoin price continues its recovery, crypto analyst Ali Martinez has detected a significant development on the Bitcoin daily chart as the TD Sequential indicator has generated a sell signal. However, the analyst noted that the signal can be invalidated if Bitcoin manages to close above the crucial threshold of $67,500. The cryptocurrency’s current price stands at $66,666, reflecting a 5% increase within the past 24 hours and an impressive surge of over 16% in the past week alone. Sustaining a close above the level identified by Martinez becomes paramount to avoid a potential correction on its path towards the highly anticipated $70,000 milestone. Related Reading: Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000? While Bitcoin’s upward trajectory is strong, it may encounter resistance at various price levels before reaching its target noted by bearish thresholds at $67,600, $68,380, and $69,700, which could pose challenges to Bitcoin’s price rise. Conversely, Bitcoin can find support from its 200-day exponential moving average (EMA), currently positioned at $62,600, which represents a long-term trend indicator, often regarded as a robust support level. Featured image from DALL-E, chart from TradingView.com
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Bitcoin miners seem to be capitulating, a harbinger of a bullish reversal, according to Ark.
Bitcoin miners seem to be capitulating, a harbinger of a bullish reversal, according to ARK.