The CEO of the on-chain analytics firm CryptoQuant explained that Bitcoin’s price isn’t currently overvalued based on its network fundamentals. Bitcoin Price May Not Be Overvalued Yet Based On Thermo Cap Ratio In a new post on X, CryptoQuant CEO and founder Ki Young Ju has discussed about how the recent trend in the Bitcoin Thermo Cap Ratio has been like. The “Thermo Cap” is a capitalization model for BTC that calculates the total value of the asset by taking each token’s value as the same as the spot price when it was mined on the network. Related Reading: Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds Put another way, this model calculates the cumulative value of the coins mined by the miners since the inception of the blockchain. This is quite different from what, for example, the usual market cap does. In the market cap’s case, the current spot price is taken as the value of all coins in circulation. As the coins that miners mine are the only way to increase the cryptocurrency’s supply, the Thermo Cap may be considered a measure of the “true” capital inflows coming into the network. Here is a chart that displays how the Bitcoin Thermo Cap has changed over its history: As the above graph shows, the Thermo Cap has seen an accelerating growth curve. This naturally reflects the increasing amount of capital flowing into the asset over the years. In the context of the current topic, though, the indicator of interest isn’t the Thermo Cap itself but rather the Thermo Cap Ratio. This metric tracks the ratio between the Bitcoin market cap and the Thermo Cap. The chart below shows the trend in the Thermo Cap Ratio over the asset’s history. An interesting pattern is visible in the graph. It appears that very high values of the Thermo Cap Ratio have coincided with highs in the cryptocurrency’s price. Related Reading: Bitcoin Has Solid On-Chain Cushion Below $68,900: Stage Set For Fresh Rally? At high values, the Bitcoin market cap is quite large compared to the Thermo Cap, meaning that coins are trading at a much higher rate than they were mined at. It’s also apparent that bottoms in BTC occur when the ratio assumes low values. The recent trend in the indicator has been that of a rise, but its value has not touched the levels where bull run tops would have happened in the past. “Bitcoin is not currently overvalued based on network fundamentals,” notes the CryptoQuant founder. BTC Price Bitcoin has been unable to break out of its range recently as its price has kept up the trend of sideways movement. At present, BTC is trading at around $68,900. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Bitcoin rose to as high as $70,000 on June 3, signaling a bullish outlook for the flagship crypto. This price surge is believed to be due to some recent developments that are positive for the Bitcoin ecosystem. Interest Rate Cuts Could Come In September Data from The CME FedWatch Tool shows that the probability of […]
At spot rates, Bitcoin is resilient, soaking in selling pressure and bouncing off the 20-day moving average, as evident in the daily chart. As BTC floats above $69,000, it appears that bulls are preparing for even more gains in the days ahead. For now, BTC has a strong rejection at $72,000. However, if this level […]
Crypto analyst Tara has highlighted a bullish pattern that recently formed on the Bitcoin chart. She also revealed how high the flagship crypto could rise on its next leg up. Furthermore, her analysis suggested that Bitcoin may be about to enter the parabolic phase of this market cycle. “Major Impulse” Move On The Horizon For Bitcoin Tara mentioned in an X (formerly Twitter) post that she believes that Bitcoin is about to make a major impulse move that will send its price to $75,800, representing a new all-time (ATH) for the crypto token. She made this remark while revealing that the “full ABCDE on price and RSI has been completed.” Related Reading: Chainlink Is Not Done: Analyst Predicts 300% Rise Against Bitcoin According to her, Bitcoin just broke out of the resistance on the Relative Strength Index (RSI) and has completed the retest of the breakout level at $67,800. This development is significant as it suggests that Bitcoin may soon enter the parabolic phase of this cycle. Crypto analyst Rekt Capital recently claimed that Bitcoin is one breakout away from entering this phase while highlighting the $70,000 range as the level to beat. Crypto analyst Michael van de Poppe also highlighted $70,000 as the price level BTC needs to break through to reach a new ATH. Meanwhile, if Bitcoin reaches $75,800 as Tara predicts, that would mean that the flagship crypto has entered the “escape velocity phase,” which could set it up for further moves to the upside. Crypto analyst James Check (also known as Checkmatey) claimed that Bitcoin could attain this escape velocity phase shift at $73,000. Furthermore, BTC hitting this new ATH is also significant as it could cause the flagship crypto to rise as high as $100,000 during this upward trend. Crypto analyst Crypto Jebb mentioned that there is a “great degree of likelihood” that Bitcoin will rally to the $100,000 price mark should it break its current ATH of $73,800. Interestingly, he made this remark while highlighting an inverse heads and shoulders pattern that could send Bitcoin’s price to $75,000. btc Is Headed To $85,000 On The Next Leg Up Crypto analyst Mikybull Crypto has also offered a bullish narrative for Bitcoin, stating that a megaphone pattern has formed on BTC’s chart and has a price target of $85,000. He also added that this breakout will happen soon. Before now, the analyst highlighted a broadened wedge that had formed on BTC’s daily chart and remarked that the “breakout is closer than you think.” Related Reading: Dogecoin Whales Buy $112 Million Worth Of DOGE As Crypto Investors Turn Their Attention To Meme Coins Meanwhile, crypto analyst Ali Martinez also outlined how BTC could rise to $79,600 soon. He stated that Bitcoin is currently hovering around the +0.5σ pricing band at $66,800 and that the flagship crypto will likely test the 1.0σ pricing band at $79,600 if it can hold above this level.
The ECB is widely anticipated to implement a 0.25% rate cut, following seven consecutive months of easing inflation across the eurozone.
Crypto analyst TechDev (@TechDev_52) recently shared a detailed chart analysis suggesting that Bitcoin might be on the cusp of its most significant breakout to date. This analysis, backed by historical patterns and technical indicators, points to a potential shift in the market that could lead to unprecedented price levels for Bitcoin. The chart provided by TechDev illustrates Bitcoin’s price action in USD alongside its price relative to the M1 money supply (BTC/M1). Historically, Bitcoin has exhibited distinct phases of parabolic price increases, known as “blowoff tops,” followed by sharp corrections. These blowoff tops are marked with green check marks on the chart, occurring in 2011, 2013, and 2017. Each of these peaks was followed by significant corrections. Notably, the 2021 peak did not result in a blowoff top, as indicated by the red cross on the chart. This deviation from historical patterns is significant because it suggests a possible change in market behavior. TechDev’s chart also highlights a key pattern known as the “descending right-angled broadening formation.” This technical pattern is characterized by a series of lower highs and lower lows, creating a broadening wedge shape. The pattern typically signals a period of consolidation, where the price oscillates within the broadening trend lines before a decisive breakout. The chart shows that Bitcoin has recently broken out of this broadening wedge, indicating a potential shift from a consolidation phase to a new bullish trend. Related Reading: Bitcoin Whale Indicator Flashes Signal Last Seen Before 480% Surge In Mid-2020 The analyst commented, “Significant. Bitcoin has only seen blow-off tops after breakouts against M1 money supply. And the longer it’s consolidated, the longer it’s run. This breakout follows the longest consolidation yet. In fact, it represents a textbook breakout of a 5 year broadening wedge. The last 5 years have been corrective against M1. BTC is once again impulsive against it for the first time since 2017. We’ve never seen a Bitcoin breakout like this one.” Bitcoin Could Outpace The 2021 Cycle Another critical aspect of TechDev’s analysis is the breakout of Bitcoin against the M1 money supply. The M1 money supply includes physical currency and checkable deposits, representing the most liquid forms of money in the economy. TechDev points out that Bitcoin has broken out against M1 for the first time since March 2017. This breakout is particularly significant because it suggests that Bitcoin’s recent price increase is driven by intrinsic demand rather than merely an increase in the money supply. Related Reading: Market Analysis: How Will Mt. Gox’s Bitcoin Distribution Affect Crypto Prices? TechDev comments on this breakout, stating: “You’re looking at the first breakout of Bitcoin against M1 money supply since March 2017 when it went historically parabolic for 9 months. Comparisons and trend projections involving 2021 may end up dramatically underestimating things. One interpretation: In 2021 BTC was carried to new USD highs by increased money supply. In 2024 it’s gotten there on its own demand (and thus broke out against M1). Add the anticipated M1 growth this time and we likely see BTC outpace expectations based in part on 2021.” TechDev’s analysis underscores the importance of understanding Bitcoin’s performance relative to macroeconomic indicators like the M1 money supply. By breaking out against M1, Bitcoin demonstrates strong intrinsic demand, which is a bullish signal for future price movements. The historical patterns of blowoff tops following similar breakouts suggest that Bitcoin could be entering a new phase of price discovery, potentially leading to new all-time highs. At press time, BTC traded at $69,032. Featured image created with DALL·E, chart from TradingView.com
The price of Bitcoin appears to have returned to a choppy market condition, quashing any hopes of a breakout to new highs soon. However, the good news is that the current bull cycle may still not be over, even though it is taking a while for the premier cryptocurrency to resume its upward momentum. Specifically, the latest on-chain observation shows that Bitcoin has been going through a “euphoria wave” over the past few months. Here’s the implication of this phase on the current bull run. How Old Is The Current Bitcoin ‘Euphoria Wave’? Blockchain intelligence firm Glassnode revealed via a post on the X platform that Bitcoin has entered the euphoria phase of the market cycle. This on-chain observation is based on the “Percent Supply in Profit” metric, which measures the percentage of the total circulating Bitcoin supply that is currently in profit. Related Reading: Can BONK Break The Mold? Analyst Predicts Stellar Rise For The Solana Memecoin According to Glassnode, the “Euphoria Wave” is identified as a period during which the supply in profit usually fluctuates around the 90% level. This phase typically lasts between 6 to 12 months and is characterized by increased investor sentiment and heightened market speculation. Glassnode’s data shows that 93.4% of the circulating Bitcoin supply is currently in the green and that the Euphoria Wave is “relatively young”. The on-chain analytics platform noted that the euphoria phase has only been active for about two and a half months. As with every phase in the market cycle, the Euphoria Wave will eventually come to an end at some point. Historically, the euphoria phase can signal tops and is usually followed by a cooling-off period, which is marked by a downturn in the price of Bitcoin. If the last cycle – with a 6-month Euphoria Wave – is anything to go by, then there might still be about three to four months in the current bull run. Ultimately, the current profitability of the premier cryptocurrency may prove pivotal in the duration of its bull cycle and overall future trajectory. Rise Of BTC Accumulation Addresses Continued In May: Analyst One of the tell-tale signs of the bullish sentiment around Bitcoin is the continuous rise in accumulation addresses. According to an on-chain analyst on CryptoQuant’s platform, there has been a notable increase in the number of new BTC accumulation addresses. The analyst pointed out the continuity of this positive trend despite BTC’s relatively slow price action in May. Meanwhile, the large Bitcoin holders have also continued to load their bags, with significant purchases recorded over the past month. Related Reading: Dogecoin Whales Buy $112 Million Worth Of DOGE As Crypto Investors Turn Their Attention To Meme Coins As of this writing, Bitcoin is valued at $67,744, reflecting a mere 0.4% increase in the last 24 hours. According to data from CoinGecko, the pioneer cryptocurrency is up by about 15% in the past month. Featured image from iStock, chart from TradingView
DMM Bitcoin, one of Japan’s largest cryptocurrency exchanges, recently suffered a major setback when it reported a loss of 48 billion yen ($305 million) in Bitcoin (BTC) due to a security breach. The incident, discovered on May 31, 2024, revealed the illegal leakage of BTC from a DMM Bitcoin wallet. As a result, several services […]
Brandt claimed that BTC’s price would fluctuate over the next 12–18 months before finally surging 230% against gold.
Experts say BTC and ETH derivatives will be instrumental in integrating crypto to TradFi and sending each to new all-time highs.
Crypto analyst Pierre has provided insights into why $69,000 is a significant price level for Bitcoin. He suggested the flagship crypto could hit a new all-time high (ATH) if it successfully holds above that range. A Breakout Above $69,000 Could Lead To A Bitcoin Recovery Pierre mentioned in an X (formerly Twitter) post that Bitcoin must break above $69,000 as it would allow the crypto token to retest a range around the ATH region of $73,000. This could also open up the possibility of the flagship hitting a new ATH if it enjoys a breakout during the retest of the current ATH region. Meanwhile, Pierre outlined what needs to happen for Bitcoin to avoid declining significantly. He noted that the flagship crypto must avoid losing the range between $67,500 and $68,200 as support. He claimed that a drop below this range could lead to Bitcoin retesting the range between $65,000 and $66,500. Crypto analyst Michael van de Poppe also shared a sentiment similar to Pierre’s, although he specifically made reference to the $70,000 price level. He claimed that BTC will likely see a new ATH once it achieves a successful breakout above $70,000. In a recent X post, he claimed that Bitcoin must hold above $66,000 and $67,000 to avoid “further downward momentum to $60,000.” Crypto analyst Rekt Capital also suggested that Bitcoin simply needs to break above $70,000 to enter the ‘parabolic uptrend’ phase. However, it could take a while before Bitcoin achieves that successful breakout above $70,000. Arthur Hayes, the co-founder and former CEO of BitMEX, predicted that BTC will continue to range between $60,000 and $70,000 until August. Van de Poppe suggested that it might not take that long for Bitcoin to break above $70,000. He predicted listing the Spot Ethereum ETFs could trigger a significant move for Bitcoin and altcoins. Bloomberg analyst Eric Balchunas recently predicted that these funds could go live in June or by July 4th at the latest. A Weekly Close Above $69,000 Could Alter History In a recent X post, Rekt Capital claimed that a weekly close above the $69,000 range “would alter the course of history.” However, he suggested it was unlikely to happen, stating that Bitcoin doesn’t “favor a breakout this early post-halving.” The crypto analyst had previously mentioned that “history suggests that this historic breakout is still several weeks away.” However, he added that it has become clear that Bitcoin is “only one weekly close above the range high away from entering the parabolic phase of the cycle.” Before now, Rekt Capital revealed that Bitcoin hitting a new ATH before the halving had brought about an accelerated cycle but that the flagship crypto could consolidate for longer to resynchronize with previous halving cycles. Featured image created with Dall.E, chart from Tradingview.com
In a blog post, Ethereum founder Vitalik Buterin revisited the pivotal Bitcoin block size debate that starkly divided the Bitcoin community mainly from 2015 to 2017. Engaging deeply with two authoritative books, Buterin re-examined the historical nuances of this schism from his unique perspective as both a participant and a thought leader in the crypto […]
Babylon, a crypto startup co-founded by Stanford University engineering Professor David Tse, has secured $70 million in its latest funding round, according to a Bloomberg report. The company reportedly aims to bridge the gap between Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies. Bitcoin As A Staking Asset Per the report, the funding round was […]
In an extraordinary turn of events, two hackers have successfully cracked the long-forgotten password of a digital wallet, leading to the recovery of approximately $2 million worth of Bitcoin (BTC). Lost Bitcoin Fortune Unlocked As reported by Wired, the story began in 2013 when an individual known by the alias “Michael” securely stored his Bitcoin holdings in a password-protected digital wallet. Unfortunately, over time, he lost access to the wallet due to a corrupted file containing the 20-character password generated using the RoboForm password manager. Despite his efforts to prioritize security, Michael’s concerns about potential hacking led him to refrain from storing the password in his manager, inadvertently locking himself out of his fortune. Related Reading: Ethereum Hovering Above $3,700 As Mega Whales Accumulate: $4,900 Incoming? Enter Joe Grand, a renowned electrical engineer and hardware hacker, popularly known as “Kingpin.” In 2022, Grand gained recognition for aiding another cryptocurrency wallet owner in recovering $2 million worth of digital assets after forgetting the PIN to his Trezor wallet. Since then, numerous individuals have approached Grand seeking his expertise, but he selectively chooses his projects. Michael initially approached Grand two years ago, seeking assistance in recovering his lost Bitcoin. However, due to the unique challenges posed by a software-based wallet, Grand declined the request. Nonetheless, Michael persisted, and last June, Grand agreed to give it another shot, teaming up with a fellow hacker named Bruno from Germany. Months of reverse engineering led Grand and Bruno to a significant breakthrough. They discovered a flaw in the pseudo-random number generator used by the RoboForm program, which was employed by Michael in 2013. The flaw tied the generated passwords to the date and time on the user’s computer, making them predictable. Armed with this knowledge, the hackers devised a plan to exploit the flaw and crack the password. The major hurdle in this process was Michael’s inability to recall the exact date when the password was generated. However, armed with the knowledge that Bitcoin had been moved into the wallet for the first time on April 14, 2013, Grand and Bruno configured RoboForm to generate passwords within a specific time frame, utilizing the parameters used by Michael. From Forgotten To Found Despite initial failed attempts, Grand and Bruno persisted, adjusting the time frame and parameters until they finally struck gold. On November 15, 2023, they discovered the correct password—20 characters long and generated on May 15, 2013. The long-lost Bitcoin treasure was finally within Michael’s grasp. However, the report notes that the successful recovery of Michael’s assets raises concerns about password security, particularly for users who generated passwords using earlier versions of RoboForm. While Siber Systems, the company behind RoboForm, claims to have fixed the flaw in 2015, questions remain about the vulnerability of older passwords. Grand stresses the importance of understanding the improvements made to password generation in newer versions. Related Reading: Lil Pump-And-Dump: SEC Issues Warning As More Musicians Dump Their Memecoins Having access to his Bitcoin once again, Michael experienced a stroke of luck. He waited for the value of Bitcoin to rise before selling a portion of his newfound fortune. With 30 BTC currently valued at $3 million, Michael eagerly anticipates the potential for even greater returns as he aims for a future surge to $100,000 per coin. As of press time, the largest cryptocurrency on the market is trading at $68,200, consolidating for the past week below the key $70,000 threshold that is crucial to BTC’s uptrend prospects. Featured image from Shutterstock, chart from TradingView.com
Crypto analyst Cryptorphic has predicted that Bitcoin could rise as high as $156,000 in this market cycle. The analyst alluded to historical trends to prove why the flagship crypto could easily attain such a price target. Bitcoin To Hit $156,000 By May 2025 Cryptorphic mentioned in an X (formerly Twitter) post that “Bitcoin could hit […]
American multinational investment company BlackRock, has recently achieved a monumental milestone, recording over $20 billion in total assets. The BlackRock Spot Bitcoin ETF has successfully surpassed Grayscale to become the largest Bitcoin fund in the world. BlackRock Overtakes Grayscale BlackRock iShares Bitcoin Trust has recently become the world’s largest Bitcoin fund, overtaking its primary rival, Grayscale Bitcoin Trust (GBTC). Related Reading: Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important As of Tuesday, May 28, BlackRock’s Spot Bitcoin ETF held around $19.68 billion in Assets Under Management (AUM), overthrowing Grayscale’s Bitcoin ETF with $19.65 billion and surpassing the third largest, Fidelity Investments, which recorded $11.1 billion in AUM. Over the past two days, BlackRock has recorded more inflows, pushing its AUM to more than $20 billion presently. Following the launch of its Spot Bitcoin ETF on January 11, Grayscale has consistently recorded massive outflows worth billions of dollars. For years, the asset management company was the world’s largest Bitcoin fund, reaching a peak of about $44 billion in 2021. However, since its conversion into an ETF at the beginning of 2024, investors have pulled out almost $18 billion from Grayscale’s Bitcoin fund. On May 3, GBTC recorded its first inflow, receiving approximately $63 million, and effectively ending its 82-day streak of outflows. Its previous outflows had already significantly weakened Grayscale’s position as the largest Bitcoin ETF. In contrast, BlackRock’s Spot Bitcoin ETF has been recording millions of inflows since its launch, making it unsurprising that IBIT has eventually surpassed Grayscale’s GBTC. BlackRock has only recorded a handful of outflows and minimal zero flows. Its highest recorded inflow occurred on March 12, with IBIT gathering approximately $849 million in a single day. Additionally, BlackRock’s Spot Bitcoin ETF witnessed its first outflow on May 1, losing about $36.9 million. On the same day, Grayscale had reported outflows of more than $167 million. Investors are likely favoring BlackRock’s Spot Bitcoin ETF due to its relatively affordable ETF management fees, which decreased from 0.30% to 0.25%. On the other hand, Grayscale has the highest ETF management fees among all the 11 approved United States Spot Bitcoin ETFs. While the asset management company has promised to slash fees, Grayscale’s Bitcoin Trust’s current ETF management fees remain as high as 1.5% annually. Still Leading Spot Bitcoin ETF Net Inflows According to Farside data, for the past week, BlackRock has been leading the Spot Bitcoin ETF race, recording the most inflows out of the 11 Spot Bitcoin ETFs. Related Reading: Shiba Inu Price Prediction: SHIB Shows Unusually High Strength Against Dogecoin Excluding May 27, when all United States Spot Bitcoin ETFs saw zero flows, BlackRock recorded a total of $127.1 million for the first two days. BlackRock’s Bitcoin Trust saw $102.5 million in inflows on Wednesday, while Grayscale’s Spot Bitcoin ETF witnessed outflows of $105.2 million. Currently, Grayscale is still recording more outflows, losing $31.1 million as of writing. Featured image created with Dall.E, chart from Tradingview.com
Renowned Chief economist and Bitcoin skeptic, Peter Schiff is making headlines again with his latest controversial statement mocking BTC. In an X (formerly Twitter) post laden with sarcasm, Schiff suggested a radical scenario where everyone becomes rich after companies in the United States sell off their entire assets to invest in BTC. Schiff Says Sell […]
In a technical analysis shared by noted crypto analyst Josh Olszewicz on the social platform X, there appears to be a significant bullish sentiment building around Bitcoin, particularly if it surpasses the crucial $72,000 mark. Olszewicz, leveraging both the Ichimoku Cloud and Fibonacci extensions, illustrates a scenario where breaking this key resistance level could catapult Bitcoin towards a target of $91,500. Here’s How Bitcoin Could Skyrocket To $91,500 The analysis utilizes the Ichimoku Cloud, a complex technical indicator that provides insights into the market’s momentum, trend direction, and potential areas of support and resistance over different time frames. Currently, Bitcoin’s price action is depicted as being in a bullish phase, situated above the cloud. This positioning above the cloud is traditionally viewed as a bullish signal, suggesting a strong uptrend with robust support levels formed by the cloud’s lower boundaries. In the Ichimoku setup, the conversion line (Tenkan-sen) and the baseline (Kijun-sen) cross occasionally, providing buy or sell signals based on their intersection relative to the cloud. As of the latest chart, the conversion line recently crossed above the baseline, reinforcing the bullish outlook depicted by the cloud’s positioning. Related Reading: Mt. Gox Bitcoin Transfer: CryptoQuant Analyzes Potential Market Effects Of The $9.4B Movement Adding another layer to the technical narrative, Fibonacci extension levels have been plotted from a significant low at $56,485.87 up to a high, providing potential targets and resistance levels. The 0.5 Fibonacci extension level is marked at $63,727.40, already surpassed by the current price trajectory. The 1.0 extension finds itself at $71,897.29, closely aligning with the analyst’s noted pivotal level of $72,000. Beyond this, the 1.618 extension at $83,456.87 represents a lucrative first price target, while the ultimate 2.0 extension looms at $91,513.53. A key observation is the volume profile, which shows a declining trend in trading volume. This decreasing volume can often indicate a period of accumulation, as less selling pressure allows prices to stabilize and potentially build a base for an upward breakout. The declining volume trend line underpins the consolidation phase seen in recent months, suggesting that a sharp movement could be imminent once accumulation concludes. Related Reading: Whales Push Bitcoin Into Narrow Consolidation Range: What To Expect Next Olszewicz’s emphatic remark, “BTC: when this baby hits $72k you’re going to see some serious shit,” underscores the high stakes associated with this resistance level. This is not merely a technical observation but a signal to the market that once $72,000 is decisively broken, the path to much higher levels becomes increasingly probable. Such a breakout would likely activate a flurry of trading activity, as both retail and institutional investors might see it as a confirmation of a sustained upward trend, potentially pushing the price towards the $91,500 mark indicated by the 2.0 Fibonacci extension. At press time, BTC traded at $67,783. Featured image created with DALL·E, chart from TradingView.com
Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving lower toward the $66,250 support zone in the near term. Bitcoin extended its downside correction below the $68,000 zone. The price is trading below $68,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down unless there is a close above the $68,500 level. Bitcoin Price Dips Further Bitcoin price extended its downside correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone. A low has formed at $67,100 and the price is now consolidating losses. It recovered above the $67,5000 level and the 23.6% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low, with a bearish angle. Bitcoin is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair. The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low. The next key resistance could be $69,250. A clear move above the $69,250 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $72,600 resistance. More Losses In BTC? If Bitcoin fails to climb above the $68,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level. The first major support is $67,000. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $67,100, followed by $66,250. Major Resistance Levels – $68,000, and $68,800.
In a bold move that has sent its stock price soaring, medical device company Semler Scientific Inc. has announced that it has allocated a significant portion of its cash reserves to Bitcoin (BTC). According to Bloomberg, the San Jose, California-based firm purchased 581 Bitcoin for a total of $40 million, including fees and expenses. Semler […]
Bitcoin price struggled to stay above $70,000 and corrected gains. BTC is now trading below $69,000 and showing a few bearish signs. Bitcoin extended its downside correction below the $69,000 zone. The price is trading below $69,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below the $67,500 support. Bitcoin Price Revisits Support Bitcoin price started a downside correction after it failed to stay above the $70,000 support. BTC declined below the $69,200 and $68,500 support levels. The price even dipped below the $67,500 support. A low has formed at $67,243 and the price is now consolidating losses. It moved above the $68,000 level and the 23.6% Fib retracement level of the downward move from the $70,600 swing high to the $67,243 low. Bitcoin is now trading below $69,000 and the 100 hourly Simple moving average. However, there is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair. If there is a fresh increase, the price might face resistance near the $68,800 level. The first major resistance could be $69,000 or the 50% Fib retracement level of the downward move from the $70,600 swing high to the $67,243 low. The next key resistance could be $69,550. A clear move above the $69,550 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance. More Losses In BTC? If Bitcoin fails to climb above the $69,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,650 level and the trend line. The first major support is $67,500. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $67,500, followed by $66,250. Major Resistance Levels – $69,000, and $70,600.
In 2017-2018, the debate was whether Tron would surpass Ethereum to second place. But, looking at how things have evolved, the debate has been settled. Ethereum is the most dominant smart contracts platform. However, this has not prevented analysts from comparing Bitcoin and the world’s most valuable altcoin. Will ETH Finally Flip BTC? Taking to […]
Bitcoin briefly shot over $70,000 yesterday before plunging below $69,000 to spot rates. While there are hints of weakness, one analyst on X notes that inflow to exchanges like Binance and OKX is subdued, meaning that users are not keen to sell despite prices tanking and failing to break $72,000. Bitcoin Inflow To Exchanges Remain Low The analyst notes that exchange inflows are low at spot rates. As of May 28, exchanges received just 25.9K BTC daily. From historical exchange inflow data from CryptoQuant, the current inflow rate is at the 2016 level. There was a sharp pick-up in momentum after 2016, but the inflow to exchanges has been shrinking since the beginning of the year. It should be noted that the United States Securities and Exchange Commission (SEC) approved nine spot Bitcoin exchange-traded funds (ETFs) around this time. Related Reading: Bullish Bitcoin: Expert Cites $123,832 Target Based On Past Trends With this product in the United States, some large whales likely decided to convert their coins and hold ETFs instead. In this way, they diverted custody to an approved custodian, depending on the spot Bitcoin ETF issuer they chose. Mt. Gox Moving BTC: How Will Prices React If They Sell? While the average inflow to exchanges is at 2016 levels, there might be changes in the coming months. On May 28, Mt. Gox, the defunct crypto exchange hacked in 2014, moved over $9.4 billion of BTC, data from Token Unlocks show. This unexpected transfer sparked market concerns. Currently, the intention remains unknown. Still, the implications could be dire if they decide to liquidate on exchanges. Even with this possibility, the analyst argued that BTC’s low average exchange inflow to exchanges would be a timely cushion. Should Mt.Gox creditors decide to sell, the analyst believes the market will easily absorb this sell-off despite increased initial volatility. What this means is that the price impact will be minimal. Related Reading: Polkadot (DOT) Price Prediction: Analyst Sparks Bullish Frenzy With $10 Target Before being hacked and losing over 800,000 BTC, Mt. Gox was a popular Bitcoin exchange. At one point, it commanded over 70% of all global BTC trading volume. In the next few months, victims of the unfortunate hack will be compensated. Feature image from DALLE, chart from TradingView
Inflows to crypto Bitcoin funds top $1 billion as BTC price remains stuck in a range below all-time highs.
In his latest video update on YouTube, renowned crypto analyst Rekt Capital delved into the complex dynamics surrounding Bitcoin’s halving events, articulating a compelling case for why the market has yet to fully price in the halving which took place on April 19. Drawing on historical data and patterns, Rekt Capital provided an in-depth analysis of the cyclical nature of Bitcoin’s price movements post-halving, suggesting that substantial growth phases still lie ahead. Why The Bitcoin Halving Is Not Priced In Rekt Capital began by revisiting the historical impact of Bitcoin halvings, which occur approximately every four years and reduce the block reward received by miners by half. This constriction in supply, if demand remains constant or increases, typically leads to a significant price increase. “The Bitcoin halving is not priced in,” Rekt Capital asserted, pointing out that each previous halving led to a rally that not only reached but also surpassed previous all-time highs. “The halving every four years always precedes a fantastic surge in Bitcoin’s price action towards new all-time highs,” he noted. This consistent pattern forms a compelling narrative that the post-halving market dynamics are predictable to a degree, yet complex enough to remain partially unanticipated by the market. “Two phases remain in the cycle: The Post-Halving Re-Accumulation phase (red) and the Parabolic Rally phase (green),” he stated. Related Reading: Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3% Focusing on the reaccumulation phase that traditionally follows each halving, Rekt Capital highlighted that this phase typically lasts about 160 days. During this period, the market often sees a consolidation of price before a breakout leads to a parabolic rally. “We are currently in a reaccumulation period again in this cycle. This is post-halving reaccumulation,” he stated, emphasizing the significance of this phase in setting the stage for the next bull run. The analyst elaborated on the nature of these cycles, noting deviations in the current trends compared to past cycles. “This cycle is exhibiting an accelerated rate, with new all-time highs appearing 260 days prior to the halving, a first in Bitcoin’s history,” he explained. Such deviations suggest that while historical patterns provide a roadmap, each cycle can introduce new dynamics that affect market behavior. Related Reading: Bitcoin Bargains: Expert Reveals Ideal Buy Zones For Maximum Gain Rekt Capital did not overlook the potential risks and market corrections that could occur. He warned of the initial rejection often seen after reaching the high range of post-halving prices, a trend noted in previous cycles. “Every time we’ve seen an initial attempt to get to the range high resistance after the halving, that first attempt after the halving is one that rejects,” he explained. This observation is crucial for investors expecting immediate gains post-halving, as it tempers overly optimistic expectations with a realistic view of possible short-term retracements. The analyst also addressed the issue of diminishing returns in successive cycles, a factor that seasoned Bitcoin investors watch closely. While each cycle’s peak has historically been higher than the last, the rate of growth has slowed. “If this was a one-to-one extension from what we saw in the previous cycle, getting us to $250,000 might be unrealistic this time around, and we are probably looking at a more subdued increase,” he predicted. Nonetheless, Rekt Capital maintained a bullish outlook for the long term, suggesting that while the explosive growth rates of early cycles might not repeat, the overall upward trajectory of Bitcoin’s price post-halving remains intact. “This is going to be the most parabolic phase of the cycle where we see those gains come very quickly in a short space of time,” he concluded, affirming the significant opportunities that lie ahead for Bitcoin investors. At press time, BTC traded at $68,561. Featured image created with DALL·E, chart from TradingView.com
The transfer represents the first significant on-chain movement from Mt. Gox-related wallets in the past five years, ahead of the October 2024 repayment deadline.
Bitcoin prices are firm when writing and trading at around multi-month highs but below the all-important liquidation line at around $72,000. While up roughly 20% from May 2024 lows, some analysts are already questioning the sustainability of the uptrend, especially considering the level of engagement. Bitcoin Struggling For Momentum: Will Bulls Or Bears Take Over? […]
Crypto expert Michael van de Poppe has outlined an important price level from which Bitcoin must break out. He claims that once it achieves a successful breakout, the flagship crypto will see a new all-time high (ATH). Bitcoin Needs To Break Through $70,000 Van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin needs to break through $70,000 on the lower time frame (LTF) basis. Once that happens, the analyst claimed that Bitcoin will likely see a new ATH. Related Reading: Prepare For Impact: Market Expert Says Biggest Disaster In Crypto Yet To Come He also noted that lower timeframe regions at $67,000 were holding. Meanwhile, he highlighted Bitcoin’s long consolidation, stating that almost three months have passed since the crypto token remained in that range. . However, the crypto expert believes that Bitcoin will likely remain stuck in this range for a “substantial period,” with the flagship crypto possibly trading lower. This is because he foresees a rotation from Bitcoin towards Ethereum and other altcoins, which will cause the flagship crypto not to move to the upside. This long consolidation period was expected from BTC. Arthur Hayes, the co-founder and former CEO of BitMEX, predicted that the crypto token would continue to range between $60,000 and $70,000 until August. Crypto analyst Rekt Capital has also repeatedly mentioned that Bitcoin will face such a long consolidation period, which he claimed is good for Bitcoin. He noted how the flagship crypto hit a new ATH before the halving event brought about an accelerated cycle. However, a long consolidation period means Bitcoin is trying to resynchronize with previous halving cycles. He suggested this is better since it will make the bull run longer. Rekt Capital claimed If it successfully resynchronizes with the previous bull cycles, Bitcoin will peak sometime in September or October next year. In a recent X post, Rekt Capital mentioned that “there is still scope for additional consolidation at these highs” but added that the time left in this phase “is slowly running out.” The chart the analyst shared suggested that Bitcoin simply needs to break out from the $70,000 range before it enters into the ‘parabolic uptrend’ phase. BTC May Be Headed To $78,000 Next Crypto analyst Mikybull Crypto recently suggested that Bitcoin could be headed to $78,000 on its next leg up. He revealed that the flagship crypto had broken out of an inverse head and shoulders pattern and was currently “bull flagging for the next move.” He highlighted $78,000 as the price target for this next move. Related Reading: Terra LUNA’s LUNC Set To Jump 13x, Analyst Reveals The Drivers In a subsequent X post, he claimed that BTC retesting its support level might be the next step before this “explosive rally” finally happens. Bitcoin potentially rising to $78,000 is significant as it could clear the road for the flagship crypto to hit $100,000. Crypto analyst Crypto Jebb previously mentioned that there is a “great degree of likelihood” that Bitcoin would rally to $100,000 should it break its current ATH of $73,800. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin price has cooled off after surging to as high as $71,000 on the back of the Ethereum ETF approval news last week. Not long after the price spike, the premier cryptocurrency witnessed a correction to $67,000 and appears to be back in a consolidation range. Interestingly, Bitcoin whales seem to be awakening from their slumber, as they have been loading their bags with significant BTC amounts in the past few days. This begs the question – can the returning whales’ appetite push Bitcoin to a new record-high price? Is A Return To All-Time High Imminent? A pseudonymous analyst shared in a CryptoQuant Quicktake post that Bitcoin whales are showing an increased buying appetite and getting active in the market once again. The relevant indicators here are the total whale holdings and a moving average tracking a 30-day percentage change in the balance. Related Reading: Prepare For Impact: Market Expert Says Biggest Disaster In Crypto Yet To Come Whales are entities (individuals or organizations) that own substantial amounts of a cryptocurrency (typically at least 1,000 BTC, in this case). Due to the size of their holdings, whales are often able to influence price movements and market dynamics through their activities. In the Quicktake post, the on-chain analyst noted a recent increase in the monthly percentage change in whale address holdings and a steady rise in the total whale balance. The pseundonymous pundit said: The whales’ appetite for buying Bitcoin has returned strongly, after a two-month decline in buying interest since March. From the chart above, it was observed that the Bitcoin whales had increased their holdings by more than 11% in March when the BTC price hit a new all-time high of $73,737. However, the BTC accumulation rate steadied in April, with the 30-day percentage change falling to around 3% by the end of the month. Bitcoin accumulation appears to be on the rise in May, with the monthly percentage change returning to above 5% as of May 24. The CryptoQuant analyst said in the post: They [whales] are now returning with a strong buying force again, indicating that the current prices are suitable for purchasing and accumulating despite the widespread fear. If the whale accumulation of BTC returns to its March level, there is an increased likelihood of the Bitcoin price returning to and perhaps surpassing its current all-time high. This projection is even more plausible considering that the premier cryptocurrency did forge a new high the last time the whales accumulated BTC at that rate. Bitcoin Price At A Glance As of press time, the price of Bitcoin stands at around $69,216, reflecting a bare 0.8% increase in the past 24 hours. Related Reading: Why Did CORE Price Surge 20% While The Crypto Market Dumped? Featured image from iStock, chart from TradingView
Ethereum exchange-traded funds (ETF) have been the talk of the town – and rightly so – after the United States Securities and Exchange Commission (SEC) approved the listing of the investment products during the week. Meanwhile, the Bitcoin spot ETF market continued its resurgence on one side, marked by a second consecutive week of positive inflows. This streak of positive inflows represents a complete shift from previous weeks when investment activity was dangerously low. However, this recent turnaround reflects a rise in investor confidence over the past two weeks. Bitcoin Spot ETF: $252 Million In Net Inflows In One Day On Friday, May 24, the US Bitcoin spot ETF market saw another day of positive inflows, marking the 10th consecutive day of significant investment into these funds. According to data from SoSoValue, the market recorded a total net inflow of approximately $252 million to close the week. Related Reading: Lido (LDO) Takes The Lead With 13% Surge Post Ethereum ETF Approval – Key Levels To Watch Breaking this down, BlackRock amassed a substantial percentage of the total daily investment, with the IBIT ETF posting an inflow of $182 million. Grayscale Bitcoin Trust (GBTC), on the other hand, did not attract any capital on Friday, ending the week with zero daily outflows and inflow. Other ETF issuers, such as Fidelity, Bitwise, and ARK Investment, also witnessed impressive inflows on Friday. Most notably, Fidelity’s FBTC came second to BlackRock’s fund after attracting about $43.7 million on the last day of the week. More importantly, this positive inflow day means that the Bitcoin spot ETF market has amassed significant investment every day for the second week in a row. And after the close of Friday’s trading session, the net inflow in the past week stood at an impressive $1.06 billion. This sustained positive trend in terms of capital inflow suggests that investor confidence in Bitcoin ETFs might be back at an all-time high. The last time there was a consistent positive capital inflow into these products, the Bitcoin price rose to a new all-time high. With Ethereum spot ETFs on the brink of trading in the US, crypto exchange-trade products seem to be in fashion at the moment. And they might just be the catalyst that the crypto market – particularly Bitcoin – needs to resume what is left of the bull cycle. Bitcoin Price At A Glance As of this writing, Bitcoin is valued at $68,868, reflecting a 2.5% price increase in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by 3% on the weekly timeframe. Related Reading: Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode Featured image from iStock, chart from TradingView