Ki Young Ju, the founder of the on-chain analytics platform CryptoQuant, revealed that Bitcoin whales are currently moving out of character in terms of profit-taking. These whales likely believe that the bull is far from over, which is why they haven’t secured as much profit as they have done in previous bull runs. Bitcoin Whales Have Taken Lesser Profits In This Market Cycle Than Past Ones Ki Young Ju mentioned in an X post that if the Bitcoin bull cycle were to end here, it would mean that Bitcoin whales have just set the record for the least profit-taking across all cycles ever. Crypto analyst Ali Martinez tried to counter Ki Young Ju’s point by highlighting how these whales have been distributing their BTC across different addresses, leading to a drop in the number of addresses holding between 1,000 and 10,000 BTC. Related Reading: ‘FLOKI Master Plan’: Crypto Analyst Predicts 2,000% Jump For The Shiba Inu Competitor However, the CryptoQuant founder claimed that this is still the lowest return rate across all cycles, no matter how much these whales sold through those different wallets. He also revealed that the whales that are selling now are doing so with little profit, suggesting that they are likely new whales with weak hands. Meanwhile, Ki Young Ju noted that the type of transactions that Martinez alluded to cannot always be considered as sales. He remarked that one must look at more macro-level aggregated data, such as historical realized profit, rather than just transactions to get the bigger picture. These whales are believed to be holding back on taking profits just yet, considering that the bull run looks to be far from over. The CryptoQuant CEO also mentioned earlier that Bitcoin was still in the middle of a bull run based on the market cap to realized cap metric. Instead of taking profits, these Bitcoin whales are still accumulating more BTC ahead of the next leg of the bull run. CryptoQuant recently revealed that there has been a surge in the outflows from exchanges, the largest since November 2022. Meanwhile, Ki Young Ju also noted that new whales are accumulating at a rate the market has never witnessed before. When Is This Market Cycle Expected To Peak? Crypto analysts like Rekt Capital have predicted that the Bitcoin market top could occur sometime in mid-September or mid-October 2025. However, in a recent report, CoinMarketCap offered a different opinion, predicting that the cycle top could potentially be between mid-May and mid-June 2025. Related Reading: Analyst Says PEPE Bearish Continuation Is Possible For A 50% Price Crash The platform noted that Bitcoin is currently ahead of historical trends, especially considering that it hit a new all-time high (ATH) before the Halving event. CoinMarketCap pointed out that this market cycle is accelerating by approximately 100 days, which indicates that the next peak could arrive sooner than expected. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoinverse is currently buzzing with anticipation as HBO prepares to air its documentary, “Money Electric: The Bitcoin Mystery,” which claims to unveil the true identity of Bitcoin’s elusive creator, Satoshi Nakamoto. The feature is scheduled to premiere on Wednesday, October 8, 2024, at 2 am CET (Tuesday, 9 pm EST). Directed by the Emmy-nominated […]
Crypto analyst Ali Martinez has suggested that the Bitcoin crash might not be over despite the relief rally to $61,000. The analyst highlighted the $60,365 price level as being important to avoid a potential crash to as low as $57,000. Bitcoin Needs To Hold Above This Price Level To Avoid Crash Martinez stated in an X post that $60,365 is a key price level to watch for Bitcoin. He claimed a break below this could cause the flagship crypto to fall to $57,420. However, if it holds above this level, the analyst remarked that a rebound to $63,300 is on the table. Therefore, Bitcoin’s trajectory depends on the crucial support at $60,000. Related Reading: Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long? In another analysis, Martinez suggested that Bitcoin was likely to suffer more downward pressure in the short term rather than a rebound. He revealed that since May, every correction of the market value to realized value (MVRV) ratio from its 90-day average has led to a significant Bitcoin correction. In line with this, the analyst noted that the latest rejection has already triggered a 10% drop, suggesting that Bitcoin could suffer more price decline. Analyst Justin Bennett also believes that Bitcoin will likely drop lower and predicts that it could fall to as low as $57,000. He added that a relief to take out the $63,200 short positions would be nice. Meanwhile, he alluded to the US Job report, which is set to be released on October 4. The analyst expects significant volatility amid this inflation data. A weak job report could lead to a Bitcoin crash, similar to what happened in August, with the flagship crypto dropping to $54,000. The inflation data is also significant as it would provide insights into whether the market can expect further rate cuts from the Federal Reserve this year. Veteran trader Peter Brandt also looks to be bearish on Bitcoin at the moment. He highlighted a ‘Three Blind Mice’ pattern that was forming on the BTC chart, indicating that the crypto is set to witness a bearish reversal following its uptrend in October. Why A Price Crash Could Be Good The on-chain analytics platform Santiment suggested that a Bitcoin price crash might be much needed for the flagship crypto to go higher. The platform noted that the crowd has considerably cooled off its excitement toward crypto since BTC retraced over 9% from its local high of $66,400 recorded on September 27. Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally Santiment claimed that this is encouraging, considering that markets typically move in the opposite direction of the crowd’s expectation. As such, the Bitcoin price could enjoy a surprise rally, seeing as market participants are more bearish on its trajectory. Ali Martinez noted that Bitcoin was currently in the complacency stage and just needed to cool off before it began its next rally. Featured image created with Dall.E, chart from Tradingview.com
Popular crypto analyst Il Capo of Crypto has returned to social media platform X after over two months of hiatus to drop an interesting outlook for Bitcoin and Ethereum in the coming months in light of the recent correction since the beginning of October. The analyst, which has been so big on a looming altseason since the beginning of the year, has revealed a bearish outlook for Bitcoin and even Ethereum (king of altcoins) in the short term. Known for his sometimes controversial and often contrarian predictions, Capo returned just as the market experienced a notable correction in October, sharing his bearish outlook for both Bitcoin and Ethereum. His latest prediction is that Ethereum could plummet as low as $1,800 before seeing any substantial recovery. ETH’s Predicted Decline Ethereum has already dropped by 10% in the past seven days and is currently trading around around $2,330, but according to Capo, this decline could worsen. He predicted that ETH might fall further into the $1,800 to $2,000 range, which is a possible 23% dip from its current price, before eventually rebounding. However, he believes an altcoin season will still materialize. Related Reading: Still Holding Your Hamster Kombat Tokens? You Might Be In For A Nice Surprise Soon Quick update: There’s a possibility of one last shakeout, with $BTC testing the $48k-50k zone and $ETH $1.8k-2k, before the real altseason begins. If that happens, I’ll be adding more to my altcoin bags. https://t.co/sx6u8wPNrK — il Capo Of Crypto (@CryptoCapo_) October 2, 2024 Capo’s track record of analysis since the beginning of the year shows a consistent belief in the upcoming dominance of altcoins. Throughout 2024, he has repeatedly emphasized the potential for altcoins, particularly Ethereum, to outperform Bitcoin as profits generated from BTC flow into smaller assets. However, the altcoin season has yet to materialize, and Bitcoin has continued to dominate the crypto investment scene. Time To Go Long On Ethereum? It’s worth noting that Crypto Capo’s predictions often have a certain lore attached to them. There is a running joke among some investors that whenever Capo makes a prediction, the market tends to do the opposite. This goes as far back as his prediction of Bitcoin falling to $12,000 last year, but the crypto eventually broke past resistance levels. Now, with Capo predicting the possibility of continued decline for Ethereum and Bitcoin amid October’s bullish market sentiment (often dubbed “Uptober”), it raises the question from many investors if his bearish call is far-fetched. Related Reading: Dogecoin At $10 Thesis: What Each Breakout Cycle Says About The DOGE Price Only time will tell if the market plays out according to Capo’s analysis. However, given the current inflow of investments and the crypto market, which has mostly rallied in October, it wouldn’t be surprising if Ethereum rebounds rather than experiences the significant drop Capo is forecasting. Naturally, many savvy whales and traders have seen the current decline as an opportunity to “go long” and accumulate more Ethereum in expectation of the resumption of inflows. This sentiment is reflected through the US Spot Ethereum ETFs, which witnessed $14.45 million in inflows yesterday despite the price correction. Interestingly, it is important to note that Capo’s analysis is only talking about a possible case and remains bullish for Ethereum in the long term. Featured image created with Dall.E, chart from Tradingview.com
In his latest video analysis titled “BITCOIN’S One Indicator Signaling LAST Major Dip,” Dan Gambardello, a noted crypto analyst with 370,000 subscribers on YouTube, delves into the latest price action of Bitcoin to forecast what could potentially be the final major dip. After dropping as low as $60,000 on Wednesday, the fear of another deeper price crash has grabbed the Bitcoin market. Why This Could Be The Final Leg Down For Bitcoin Gambardello emphasizes the significance of the daily and six-hour charts. On the daily chart, Bitcoin is currently testing the 50-day moving average, a level that often serves as a litmus test for short-term market sentiment. However, the analyst’s main focus is on the six-hour chart’s Relative Strength Index (RSI), a momentum oscillator used to measure the speed and change of price movements, which has hit oversold levels. According to Gambardello, the RSI reaching oversold territory is traditionally viewed as a bullish signal, potentially indicating an approaching end to the current price dip. Related Reading: Bitcoin Price Could Skyrocket To $118,000 By Year-End: Here’s Why “The bottom is actually, I think, close. There could be some type of capitulation in the very short term, but I think there could be a very strong bounce after that happens,” Gambardello noted, suggesting that despite the immediate market turmoil following the Israel-Iran conflict news, the fundamentals point towards an eventual robust recovery. Via X, Gambardello added, “Nothing like a 6 hour oversold RSI at the beginning of bull season. Also great during bull season.” This assertion is grounded in his analysis of past market behaviors during similar conditions, reinforcing the cyclical nature of Bitcoin’s market dynamics. Drawing parallels to historical data, Gambardello highlights the behavioral trends of Bitcoin in previous Octobers, noting a pattern of initial declines followed by strong recoveries by the end of the month. “October will close green. It’s always [like this] with the dip. People are just freaking out. I guess that’s it, but this gives us a little time. We’re getting all these red candles going into October, give us another week, maybe even two and we could get a pump, a breakout to the upside to end October,” Gambardello claims. Related Reading: Will Israel-Iran Conflict Push Bitcoin Further Down? Analysts Discuss Further deepening the analysis, Gambardello discusses the potential scenarios around Bitcoin’s lower trend line, a recurrent support level over the past six months. He speculates that if Bitcoin approaches this trend line again, it could effectively serve as a robust support level, potentially marking the last significant downturn before a sustained upward trend. Notably, one final touch of the trendline could bring down the BTC price as low as $50,000. However, Gambardello thinks that this is a less likely scenario as the 6-hour RSI has already hit oversold territory while BTC is currently bouncing off the 50-day moving average. Moreover, Gambardello refers to Bitcoin’s performance in past halving years, which are typically followed by bull markets, as seen in 2016 and 2020. Gambardello suggests that the current year could follow a similar trajectory. “This is a Halving year. We’ve seen what’s happened in Halving years in 2020 and 2016 in October. Is it going to repeat?” At press time, Bitcoin traded at $60,899. Featured image created with DALL.E, chart from TradingView.com
With the start of the highly anticipated Uptober here, market experts have been super bullish on the Bitcoin future outlook. In line with this, a crypto analyst has identified a major catalyst that could propel Bitcoin to new all-time highs (ATHs) in the Fourth Quarter (Q4) of 2024. Bitcoin Sets Sights On New ATH In Q4 Bitcoin has been on a roll these past few days, with its price skyrocketing towards the end of September after experiencing a decline earlier. The cryptocurrency has been confirming analyst’s predictions of a bullish Q4 with its recent price movements. Related Reading: XRP Price Ready For 4x Jump To $2.6 As Major Bullish Pattern Breaks Occurs According to CoinMarketCap’s data, Bitcoin rose by about 1.03% in the past seven days, ending September on a bullish note. Given the cryptocurrency’s positive momentum in September, crypto analyst, Eric Crown has predicted on X (formerly Twitter) that Bitcoin could rise to new all-time highs in Q4. Crown has based his predictions on the historical performance of Bitcoin, particularly focusing on the months following September. He disclosed that historically, whenever Bitcoin closed a green September, it followed up with a bullish trend in Q4 every single time. Following this trend, Crown has surmised that Bitcoin closing September in the green was a major catalyst for a bullish surge. As a result, he predicts that the average return for Bitcoin in this current Q4 would be close to 170.42%. If a few major “outliers” are removed, a modest return of 50% would be a more realistic expectation of potential gains. Calculating Bitcoin’s projected price using these percentage returns would see the cryptocurrency rising to $173,344 with a 170.42% return and $96,153 with a 50% return. While he remains generally bullish on Bitcoin’s price outlook, Crown has also disclosed in a more recent X post that the month of October has generally seen low momentum in Bitcoin during the first 10 days. This analysis is also evident in Bitcoin’s current price which has declined today by 0.69% and is trading at $63,976, as of writing. Considering this trend, Crown has projected that Bitcoin is likely to witness a price low at the beginning of the month, before starting its projected bullish rally to new highs. Analysts Confirm Green Q4 For BTC According to crypto analyst Kaizen, Bitcoin’s price performance in October from 2013 to 2023 was 80% in the green. The analyst also disclosed that during every United States (US) election year, the months of Q4 were 100% green. Moreover, each year after Bitcoin closed positively in September, it always had a green October. Related Reading: Shiba Inu Price Could Jump 200% To $0.00006 In October, Here’s Why Following this recurring historical trend, Kaizen notes that this Q4 could be extremely bullish for Bitcoin. He highlighted that not only is 2024 an election year, but Bitcoin has recently closed the month of September on a positive trend, as a result the cryptocurrency could be gearing up for a major rally. Featured image created with Dall.E, chart from Tradingview.com
MicroStrategy was shot into the limelight when it began publicly buying Bitcoin back in 2020. While it is not the only publicly listed company to do this, the company’s aggressive Bitcoin strategy set it apart from the rest. Four years later, MicroStrategy is now the public company with the largest BTC holdings in the world, recording over $5 billion in profit so far. However, the profit on the BTC holdings is not the only positive that has come from the company’s Bitcoin investment strategy. MicroStrategy’s Stock Price Blows Up MicroStrategy’s MSTR stock price has completed an incredibly successful year that has seen it perform the big hitters in the stock market. A year ago, the MSTR stock price was sitting at a low of $45. However, as the Bitcoin price recovered and the company’s BTC portfolio grew, so did the company’s stock price. Related Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again In only one year, the price surged more than 317% to reach a new all-time high of $192 back in March 2024, according to data from TradingView. This put it above its previous February 2000 peak of $139, making it its highest level in more than two decades. Interestingly, the surge to the $192 all-time high in March coincided with the the Bitcoin all-tine high of $73,750 in the same month. This suggests that the MicroStrategy stock price is closely correlated with the Bitcoin price performance. It’s understandable given that Bitcoin has become the company’s largest holdings, meaning that as the Bitcoin price rises, so does the valuation of the company, translating to an increase in the stock price. Currently sitting at $167 at the time of this writing, meaning it’s 16% down from its $192 all-time high. However, it is still 250% higher than its $45 price level a year ago. This puts it ahead of the likes of Apple which is up only 24% year to date and Amazon, with a 34% year-to-date increase. Even NVIDIA’s outstanding performance falls behind MicroStrategy, with a 155% year-to-date increase. Padding Up With Bitcoin Despite being four years in, MicroStrategy is not letting up on its Bitcoin purchases, with major purchases this year. In 2024 alone, the company has bought 63,079 BTC which cost around $4.04 billion to acquire. The most recent purchase was on September 20, when former CEO Michael Saylor announced that the company had purchased 7,420 BTC for $489 million. This has brought the company’s total BTC holdings to 252,200 for a whopping cost price of $9.9 billion. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? Despite the already massive Bitcoin holding, accounting for more than 1.166% of the total supply, MicroStrategy plans to continue buying BTC. The company announced it was offering $700 million in convertible notes, which was later amended to $1 billion, the proceeds of which would be used to purchase more BTC. As for the company’s plan for its massive BTC stash, Saylor has previously revealed that the company has no plans of selling soon. For now, the plan looks to be to buy as much BTC as possible to hold as a treasury asset. Featured image created with Dall.E, chart from Tradingview.com
A crypto analyst has just confirmed an impending Bitcoin (BTC) crash, pointing to the formation of a bearish descending triangle formation on the cryptocurrency’s price chart. With Bitcoin’s price holding strong above the $60,000 mark, the key question now is how low this anticipated downturn is. Analyst Confirms Incoming Bitcoin Crash TradingView crypto analyst, Alan Santana has published a report warning of potential risks in Bitcoin’s current price behavior, pointing to a possible price crash driven by the formation of a new descending triangle. Santana noted that currently, the price of Bitcoin is trading above $60,000, which is about 20% lower than its March 2024 All-Time High (ATH) of more than $73,000. The analyst hypothesized that if Bitcoin were trading at a lower price level of $37,000, this would represent a 50% decline from its March ATH. In such a case, this price would be seen as a strong correction from all-time highs. Santana also revealed that trading at $37,000 would be advantageous for Bitcoin, especially before a major political event like the upcoming United States (US) Presidential elections in November. This means that by trading below $40,000 or $37,000, Bitcoin would be due for a significant recovery to new highs. However, since BTC is currently trading at $63,635, a price mark close to a critical resistance level, this indicates a strong momentum. As such, if an unexpected event or market shakeout occurs, it could potentially trigger a massive price decline for the cryptocurrency. Moreover, Bitcoin has formed a descending triangle pattern, which the analyst has flagged as a bearish signal. He revealed that on the cryptocurrency’s monthly chart, this pattern broke to the downside, ultimately confirming an impending price crash. As a result, Santana has warned that investors should expect a Bitcoin crash, citing the cryptocurrency’s prolonged sideways movement with a bearish bias over the past six months. He further disclosed that BTC has been printing lower highs in the short-term and mid-term for more than six months, highlighting that lower highs were an indication of a bearish trend. Based on the cryptocurrency’s market behavior, descending triangle pattern and current price, Santana has predicted that Bitcoin could dip below $49,000. He noted that the next Fibonacci retracement level below $49,000 sits around $40,000 to $43,000, meaning the main target for this bearish forecast could be even lower. BTC Uptrend Hinges On $70,000 Breakout While emphasizing the potential for Bitcoin to crash below $49,000, Santana also disclosed that Bitcoin could witness a major uptrend if its price can successfully break above the $70,000 mark. He revealed that a strong confirmation above this price is necessary to consider BTC bullish this cycle. Specifically, if the cryptocurrency can achieve a one or two weekly or monthly close above $70,000, it could spark a bullish turnaround for the market. However, while Bitcoin is rising and maintaining a price above $60,000, the market is only seeing over-leveraged traders being liquidated and the growth of altcoins. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin is currently trading around $63,500 as we start the journey into the last week of September with optimism for bullish prices. Renowned crypto analyst Willy Woo has offered an optimistic outlook for Bitcoin’s next steps, drawing attention to a key technical indicator, the Puell Multiple. In his recent analysis, Woo suggested that Bitcoin is […]
The Fed rate cuts have boosted the confidence of Bitcoin investors, with whales buying up to 1.6 billion BTC since the macro decision. With such a bullish outlook, there is the possibility that the flagship crypto can soon reach $70,000. Fed Rate Cuts Prompt Buying Spree Among Bitcoin Whales The Fed rate cuts have prompted a buying spree among Bitcoin whales. These investors bought over 1.6 billion worth of Bitcoin following the macro decision on September 18. Data from the market intelligence platform IntoTheBlock shows that these whales have bought 25,510 BTC since September 19. Related Reading: Tether (USDT) Surges With Massive Inflows, Closing In On Historic $120 Billion Market Cap Milestone This accumulation trend is unsurprising, as the 50 bps interest cut has provided a bullish outlook for risk assets, including Bitcoin. The flagship crypto is expected to experience a significant price surge since more liquidity will flow into its ecosystem as investors can access more money following the Federal Reserve’s quantitative easing (QE). With Bitcoin projected to enjoy massive moves to the upside, a rise to $70,000 soon enough is possible. The flagship crypto already flipped the $60,000 price level as support following the Fed rate cuts and is holding comfortably above that level. As expected, more liquidity is already flowing into the BTC ecosystem, as is evident from the $1.6 billion purchase by these whales. Therefore, it shouldn’t be long enough before the crypto reaches the $70,000 price level. Bitcoin reaching this level is significant as it could pave the way for BTC to hit a new all-time high (ATH). The $70,000 price level has acted as strong resistance since the crypto dropped below this level after rising to its current ATH of $73,000 earlier in March. However, Bitcoin could easily break above this resistance this time, considering it has more bullish momentum thanks to the Fed rate cuts. History Could Repeat Itself In addition to the Fed rate cuts, Bitcoin’s historical trend provides a bullish outlook for the flagship crypto and suggests that a rise to $70,000 should happen soon enough. Crypto analyst Ali Martinez recently noted that Bitcoin enjoyed a 61% and 171% price increase in 2016 and 2020, respectively. These years were both halving years. Related Reading: Crypto Whales Buy $228 Million In XRP Following $5 Price Prediction The analyst further revealed that Bitcoin’s price action this year mirrors 2016 and 2020. As such, history could repeat itself, and the flagship crypto could enjoy gains similar to those in previous years. Moreover, Q4 of each year is historically when Bitcoin enjoys its most returns. Therefore, BTC should witness significant price gains heading into the last quarter of this year. Meanwhile, the post-halving rally is also around the corner, which could prompt this price surge to $70,000. At the time of writing, Bitcoin is trading at around $63,900, up over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin has performed well in the past few days after experiencing a strong downturn in the first two weeks of September. This rally kickstarted in the middle of this week after the Fed decided to slash the benchmark interest rate by 50 basis points (bps), a move that proved positive for cryptocurrencies. Notably, this rally was already predicted by a few crypto analyst through technical indicators. One of such is Ali Martinez, who is a master of the TD Sequential. However, in an interesting turn of events, the analyst has highlighted the case for investors to “book some profits,” which is a sign of potential price correction up ahead. Analyzing The Bitcoin Rally Bitcoin, which struggled to gain momentum earlier in the month, entered a strong rally that began to take shape midweek. This rally saw Bitcoin break above $63,000 again and increase its market dominance. Furthermore, the rally peaked at $63,830, reflecting an increase of about 20.77% from a low of $52,827 on September 6. Related Reading: Grayscale XRP Trust Surges 11.44% One Week After Launch, Here’s The Catalyst However, despite the current optimism surrounding Bitcoin’s price action, Martinez has issued a word of caution to investors. In a post shared on social media platform X, Martinez highlighted that the TD Sequential, a tool he frequently uses to analyze market trends, is now indicating the potential for a price correction near the $63,700 level. Martinez pointed out that the same TD Sequential indicator, which flashed a buy signal at $57,400 before Bitcoin’s recent rally, is now warning of a possible pullback. This suggests that while the recent surge has been remarkable, the market may be nearing a critical juncture where prices could retrace. The TD Sequential told you to buy #Bitcoin at $57,400, and now it is telling you to book some profits at $63,700! pic.twitter.com/0h1yNowkae — Ali (@ali_charts) September 20, 2024 Is It Time To Sell? Looking at Bitcoin’s price action since July, the $63,000, which acted as an order block earlier in the year, has largely acted as the beginning of a resistance level during price increases. However, while the TD Sequential signals a potential price correction, Bitcoin bulls are still testing the confirmation of a continued rally. Related Reading: Dogecoin Open interest Remains Muted Below $500 Million, What’s Going On? According to another analysis by Ali Martinez, Bitcoin is now testing the 200-day SMA, which is a critical level for confirming bull runs. History has shown that failure to break above the 200-day SMA has led to significant corrections in the past. If history were to repeat itself, this could lead to a correction towards $40,000 before the end of the year. Recent market dynamics and fundamentals have shown Bitcoin is now in a better place than it was in the past. There are now bullish catalysts within the ecosystem, like Spot Bitcoin ETFs, that would prevent a correction of such magnitude. Also, a green monthly close in September could better pave the way for a green ‘Uptober,’ leading to the continued rally in October. Nevertheless, the $63,000 and 200 SMA $63,900 price levels are important to watch for Bitcoin moving forward. Featured image created with Dall.E, chart from Tradingview.com
According to a crypto analyst known pseudonymously as Master Kenobi on social media platform X (formerly Twitter), the prime cryptocurrency that’s going to outperform Bitcoin in this market cycle is none other than Dogecoin, the original OG meme coin. The analyst suggested that Dogecoin will outperform Bitcoin in the ongoing market cycle due to the […]
Crypto analyst Jelle has highlighted a bullish pattern on the Bitcoin chart, which he predicts could send its price as high as $90,000. He also provided a timeline for when this parabolic rally could begin. This comes amid a bullish outlook for the flagship crypto following the Fed rate cuts. Descending Broadening Wedge Could Send Bitcoin To $90,000 In an X post, Jelle mentioned a descending broadening wedge pattern that had formed on Bitcoin’s chart. He claimed that the pattern has a price target of $90,000 and added that he expects the price breakout to this target to begin in October. The analyst also remarked that the fourth quarter of this year should be “fun” for Bitcoin. Related Reading: Ethereum In 2021 Vs. 2024: Fractal Suggests Major Breakout In Q4 Indeed, based on history, Bitcoin could enjoy significant returns throughout October, November, and December of this year. The flagship crypto has recorded positive monthly returns in the fourth quarter of the last two halving years. Moreover, Q4 always yields the highest returns of the year for Bitcoin. Meanwhile, in another X post, Jelle highlighted key price levels that Bitcoin needs to break above to ride to a new all-time high (ATH) and this $90,000 price target. He remarked that claiming $62,000 will be a good start for the flagship crypto and that once the price breaks above $65,000, there will be no stopping the train to a new ATH. Bitcoin’s current ATH stands at $73,000, a price level reached in March earlier this year. However, analysts like Jelle have continued to suggest that it is still way below the crypto’s market peak in this bull run. There is also the possibility of Bitcoin rising above $100,000 in this bull run. Standard Chartered predicts that BTC could reach this price level this year. The bank has also predicted that Bitcoin could rise to as high as $150,000 if Donald Trump wins the election. BTC’s Bull Case Just Got Stronger Jelle also mentioned that Bitcoin’s bull case grew stronger following the Fed rate cuts. The US Federal Reserve announced a 50 basis point (bps) interest rate cut on September 18, a move widely regarded as bullish for the flagship crypto. The crypto analyst mentioned that expansionary policy is on the horizon with looser monetary back in place. Related Reading: Fantom To $2: Here’s What’s Driving The FTM Price Recovery More liquidity is expected to flow into risk assets like Bitcoin, sparking a price surge in the crypto’s price, which has remained stagnant for a while due to low demand. The bulls also look to be back following the rate cuts, which could signal a bullish reversal for BTC. Crypto analyst Ali Martinez recently revealed that 61.95% of top traders on Binance are going long on the flagship crypto. Before now, there was a bearish sentiment among these traders, as NewsBTC reported that 51.41% of them were shorting Bitcoin. At the time of writing, Bitcoin is trading at around $61,900, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Larry Fink, the founder and Chief Executive Officer (CEO) of BlackRock, the world’s largest asset manager, has admitted to being wrong about his previous views on Bitcoin. While reversing his former stance on the pioneer cryptocurrency, the renowned CEO lauded praises for the cryptocurrency, underscoring its incredible growth over the years. BlackRock CEO Confesses Misjudgment […]
Bitcoin’s technical analysis is setting up the stage for an explosive move above $150,000. The cryptocurrency’s current price action is flashing various patterns on the price charts, most of them bullish. Furthermore, these patterns are playing out across multiple timeframes, giving analysts different angles to examine in terms of the cryptocurrency’s future outlook. According to […]
Crypto analyst Jelle has highlighted a bullish pattern that has been forming on the Bitcoin chart for the last three years. The analyst suggested that it could soon be time for the pattern to play out, with a price target of $100,000 and above in sight if it does. 3-Year Cup And Handle Pattern Could Soon Play Out For Bitcoin In an X (formerly Twitter) post, Jelle stated that it shouldn’t be long before the 3-year cup and handle pattern on Bitcoin’s chart starts playing out. The analyst suggested this could happen as soon as the fourth quarter of this year and noted that the pattern has a 6-figure range. The accompanying chart showed that Bitcoin could rise above $100,000 and reach as high as $140,000. Related Reading: Solana Liquid Staking Could Touch $18 Billion – Will It Benefit These Altcoins? Indeed, the fourth quarter of the year is bullish for the flagship crypto, although it remains to be seen if it can rise above $100,000. Bernstein analysts have predicted that Bitcoin would at least reach $90,000 if Donald Trump wins the election. Standard Chartered has offered a more bullish prediction, stating that BTC will get to $150,000 by year-end if Trump wins. However, irrespective of the election’s outcome, its aftermath is bullish for the flagship crypto since it would provide more certainty to the market. Historically, Bitcoin also enjoys positive monthly returns in the last quarter of every halving year. In 2016 and 2020, the flagship crypto enjoyed three consecutive months in the green between October and December. The Fed rate cuts could begin at the next FOMC meeting next week, which will be held between September 17 and 18. This is expected to boost investors’ confidence in investing in risk assets like Bitcoin. Other Reasons BTC Could Rise Above $100,000 Crypto analysts have provided other reasons why Bitcoin could rise above $100,000 from a technical analysis perspective. Titan of Crypto highlighted a Bitcoin bull pennant that is currently forming on the monthly timeframe. He predicted this could send the flagship crypto to as high as $158,000 if it plays out. The crypto analyst had earlier revealed a Golden Cross that had formed on Bitcoin’s 2-month chart. He noted that this bullish pattern has always led to a massive rally for BTC, suggesting that this could happen again. The chart he shared showed that the flagship crypto could reach six figures if this rally were to occur. Related Reading: Cardano Price Prediction: The Roadmap To New All-Time Highs Crypto analyst SalsaTekila has offered a more bullish prediction that Bitcoin could rise above $200,000 in this market cycle. He claimed this price level looks like a “target for chickens.” The analyst remarked that the market is structurally different this time as the spot market looks to dominate. He added that this is ultimately bullish as the available supply diminishes. At the time of writing, Bitcoin is trading at around $59,900, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
BlackRock, the prominent American multinational investment management corporation, has once again emphasized the enduring belief surrounding the Bitcoin potential as a strategic asset. In a recent statement, the firm reiterated a school of thought that has been gaining momentum within the financial world for years. According to the investment company, BTC is a good tool for hedging against increasing global disorder, which might arise from growing distrust in governments, banks, and fiat currencies. Reflecting on this perspective, renowned cryptocurrency analyst Michaël van de Poppe aligns with BlackRock’s outlook, predicting a Bitcoin price as high as $600,000 in the current market cycle. BlackRock’s Involvement With Bitcoin There’s no denying the fact that BlackRock’s decision to foray into Bitcoin in 2023 through applications of Spot Bitcoin ETFs was a turning point for the cryptocurrency. As the biggest asset manager in the world, this move sent ripples throughout the investment community and affirmed Bitcoin’s growing role as a legitimate asset class. Related Reading: XRP Price To Reach $40? Crypto Analyst Says You Should Get In Right Now CEO of BlackRock, Larry Fink, who was once a proud Bitcoin skeptic, changed his stance and became an advocate of investors adding Bitcoin to their portfolio in order to hedge against inflation. According to him, Bitcoin “is an asset class that protects you.” In a similar statement, Blackrock noted that Bitcoin could be a “hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.” This comes amidst inflation concerns in economies all around the globe since the beginning of the year. The company’s perspective echoes the sentiments of many investors who believe that as the cracks in conventional financial systems become more apparent, BTC will play a critical role in preserving wealth as its value continues to increase in the future. An example of such investors is Michaël van de Poppe, who is a staunch Bitcoin enthusiast. In reply to a social media post mentioning BlackRock’s comments, van de Poppe noted that Bitcoin’s current valuation is still very low. In terms of a correct valuation, the analyst notes a target between $300,000 and $600,000. Bitcoin currently trades at $57,983, which represents price increases of 417% and 935%, respectively. This explains it all. The current valuation of #Bitcoin is still super low. I wouldn’t be surprised with $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A — Michaël van de Poppe (@CryptoMichNL) September 12, 2024 What’s Next For BTC? Although BTC is up by 3.89% in seven days, it continues to hover beneath $58,000 in what seems like forever. This is because Spot Bitcoin ETFs, which recently went on two days of inflows after weeks of consecutive outflows, recently registered another day of outflow. This could suggest a slowdown in a growing bullish sentiment among institutional investors. Related Reading: Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB Recover? From a technical perspective, Bitcoin faces critical resistance at several key price levels. The first significant hurdle for the cryptocurrency would be breaking through the $60,000 mark, and then $62,000 with strong upward momentum. Featured image created with Dall.E, chart from Tradingview.com
Following the release of the Consumer Price Index (CPI) data for the month of August, the Bitcoin price saw a major rebound. From trending around the $55,000 level, the price has since recovered and bulls continue to fight to turn the $58,000 resistance into support. However, despite the strength being shown by Bitcoin during this […]
Bitcoin might be stuck in a downtrend, but fundamental analysis suggests it is in a healthy position. According to a recent analysis by crypto analyst Kaleo, Bitcoin is currently putting up healthier dynamics than it did in the previous halving cycle. This intriguing outlook for Bitcoin comes amidst the cryptocurrency’s struggle to stand firm above $54,000 and break above $57,000. Bitcoin Is In A Healthier Place Kaleo’s Bitcoin analysis, which was posted on social media platform X, compared the current BTC price performance since the recently concluded April 2024 halving to its performance after the previous halving in May 2020. It has already been 141 days since the last halving, but the BTC price has yet to perform up to expectations that many expected. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December The analyst highlighted that Bitcoin is currently trading 19% below its all-time high of $69,434 reached during the last market cycle. While some may interpret this underperformance as a sign of a prolonged bearish trend, Kaleo pointed out that Bitcoin is actually still holding up well. This is because, at the same time, after the 2020 halving, Bitcoin was already down 46% from the 2018 top. This historical context reiterates BTC’s stronger position today despite its current struggles to break above substantially. At the time of writing, Bitcoin is trading at $56,616. The lack of sustained bullish momentum since August has caused several crypto analysts to scale back their once-optimistic predictions. There have now been many negative and bearish predictions given the current market situation. However, Kaleo reminds us of a sentiment similar to that that dominated the market shortly after the 2020 halving. Back then, negative outlooks were prevalent. Many market participants expressed doubts and negative predictions about BTC’s future. Yet, Bitcoin bulls eventually defied these predictions, driving the cryptocurrency’s market cap above the $1 trillion level for the first time. This also triggered a significant rise in the value of many altcoins and the emergence of new sectors like NFTs. #Bitcoin / $BTC What if I told you Bitcoin is in a healthier place now than when it was at the same point post halving last cycle? It’s currently only down ~19% from last cycles top (141 days post halving). In 2020, it was down ~46% from the 2018 top 141 days post halving.… pic.twitter.com/tZ0mFey15I — K A L E O (@CryptoKaleo) September 9, 2024 What’s Next For BTC? Kaleo’s analysis suggests that despite the current pessimism, history might repeat itself, and Bitcoin will once again rise above market expectations. Furthermore, the analyst suggests the crypto ecosystem is now in a better place to support a stronger price surge. Institutional investors, for instance, are now able to efficiently invest in BTC through Spot Bitcoin ETFs. Regulatory clarity surrounding the crypto industry has also improved massively in the last four years. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When Another analyst, Rekt Capital, examined previous halving cycles and proposed that if history repeats itself, the next Bitcoin breakout could occur in October, which has historically been a strong month for Bitcoin. History also shows that the market peak could occur between 518 and 546 days after the April halving. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin recovery at the beginning of the week has been a welcome development, especially given the incredibly bearish movements of the last month. However, even with the price on the up and up, there is still some danger lurking around that could stop the rally dead in its tracks. So, it has become important for the BTC price to hold some important levels if the rally is to continue, and one crypto analyst has identified one of the major support levels for this. Bitcoin Must Hold $55,881 Crypto analyst Rekt Capital took to X (formerly Twitter) to inform his 500,000 followers of what is ahead for the Bitcoin price. According to the crypto analyst, the bitcoin price has been able to protect an important level so far and that is the bargain-buying area. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December This bargain-buying area that Rekt Capital is referring to is the $53,250 level, one to which Bitcoin has held up quite nicely. Despite the breakdown, the fact that this level held shows strength for the digital asset. But even with this, the pioneer cryptocurrency still has a long way to go. As the crypto analyst explains, the fact that the Bitcoin price held the bargain-buying area happened beneath the black Downtrending Channel. This means that bulls would have to hold up momentum to continue the rally, and the best way to do this is to reclaim and hold the $55,881 level as support. #BTC The good news is that Bitcoin has Weekly Close above ~$53250 to protect the very bottom of the bargain-buying area (orange) that has formed beneath the black Downtrending Channel To build on this momentum, Bitcoin would need to next reclaim $55881 (blue) as support to try… https://t.co/pSYJZpk8E3 pic.twitter.com/Y3wPkLouRH — Rekt Capital (@rektcapital) September 9, 2024 If this support holds, then the crypto analyst forecasts a possible continuation of the rally. But not just any continuation, one that would drive the price above $60,000 once again. In this case, Bitcoin could be set on a path to a brand-new all-time high. BTC Hitting A Bottom It seems that sentiment is starting to recover as crypto analysts are predicting a rally for the Bitcoin price. Another analyst known as Cousin Crypto on X has pointed out that the BTC price might reach its bottom soon, giving a couple of reasons for this. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When For one, the crypto analyst points out that the BTC price has marked its first higher low in 200 days. Next, the potential Fed rate cuts that could happen next week could help strengthen the Bitcoin price. Third on the list is that the market is still sitting in Extreme Fear, which usually marks market bottoms. Given all of these, the analyst believes that there are bottom signals flashing for the Bitcoin price. In line with Rekt Capital’s analysis, if the Bitcoin price does bottom, then the next leg-up could put the price above $60,000 quickly. Featured image created with Dall.E, chart from Tradingview.com
Despite seeing multiple crashes over the last few months, the expectations for the Bitcoin price remain incredibly high. Predictions have ranged from hundreds of thousands of dollars to millions, but they all maintain one thing in common, and that is the fact that the Bitcoin bull market is far from over. To this end, pseudonymous […]
Three years ago, on September 7, 2021, the country of El Salvador shocked the world when its president, Nayib Bukele, announced that the country would be adopting Bitcoin as legal tender. Not only that, the county also began buying BTC to add to its reserves, growing that stash over the years. Now that the country […]
The recent Bitcoin and crypto market crash has seen prices plunge into the red across the board. As a result, sentiment among crypto investors has plunged rapidly and this has caused the Fear & Greed Index to plunge into the Extreme Fear territory. This suggests that investors are less likely to put money into the market, but it could also come with good news for the market. Fear & Greed Index Sitting At Extreme Greed The Bitcoin Fear & Greed Index is one of the best indicators of telling how investors are feeling toward the market at any time. This index uses a scale of 1-100, representing sentiments ranging across Fear, Extreme Fear, Neutral, Greed, and Extreme Greed. Each of these can show how investors are feeling and could be a tell for where the Bitcoin price could be headed next from here. Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play Usually, when the Fear & Greed Index is sitting on either extreme, it could mean that the price is about to swing in the opposite direction. So, for example, the Bitcoin Fear & Greed Index is in Extreme Greed could suggest that the price is about to fall, and vice versa. This trend would be positive for the Bitcoin price right now as the Fear & Greed Index has fallen into the Extreme Greed territory. As of Friday, the Fear & Greed Index had fallen as low as 22, which put it firmly in the Extreme Fear territory. Going by the Bitcoin price having a tendency to recover when the index is in the red, it could mean that the price is reaching a bottom. An example of this is when the Bitcoin Fear & Greed Index fell to 20 in August, before the crypto market seeing a quick rebound. If that happens here, the Bitcoin price could be on the verge of a recovery. Bitcoin Rebound Not Likely In September While the Fear & Greed Index sitting in the Extreme Fear territory could point towards a bottom, the rebound may not materialize for a while. This is because the month of September has historically been very bearish and expectations are that this month will not be different. Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Here’s Where Price Is Headed Next Veteran analyst Benjamin Cowen outlined this in a post on X (formerly Twitter), revealing that this month is already on track with previous September months. So far, the Bitcoin price has already fallen 8.16%, and “If BTC closes the month at this price, it would be a fairly typical September,” the analyst explains. The avg. return of #BTC in September is -6.3% So far this month, BTC’s return is already -8.16%. The only time in the last 5 years where the Sep. monthly return was worse than this was 2019 (-13.91%) If BTC closes the month at this price, it would be a fairly typical September pic.twitter.com/bZ9cRIl9OU — Benjamin Cowen (@intocryptoverse) September 6, 2024 However, the month of October is usually bullish, so if this trend continues, then September is likely to end in the red. But then when October rolls around, prices are expected to pick back up. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin (BTC) is at a crucial level after a sharp 15% retrace from recent local highs. While traders and enthusiasts speculate about the causes of this downturn, the consensus is clear: demand is weakening. Related Reading: Bitcoin (BTC) Short-Term Holders At Risk As Unrealized Losses Remain High CryptoQuant’s head of research, Julio Moreno, has provided […]
Bitcoin (BTC) and Ethereum (ETH) have started September in the red, having already suffered price declines since the beginning of the month. This bearish sentiment towards the foremost cryptocurrencies and, by extension, the broader crypto market is due to several macroeconomic factors. Market Still Feeling The Effects Of The Yen Carry Trade Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the Yen carry trade. The Yen recently surged against the US dollar, suggesting that investors are still selling riskier assets like these cryptocurrencies to unwind their carry trade positions, which utilized the low-yielding Yen. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 In an X (formerly Twitter) post, hedge fund manager James Lavish also suggested that the effects of the Yen carry trade was still in play. He noted that the Nikkei 225 had dropped by 3.7% while the USD/Yen trading pair was heading lower. The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish statement that they will continue to hike rates if the economy and prices continue to perform as expected. This has also sparked fear among traders and prompted them to close their carry trade positions, thereby putting more selling pressure on Bitcoin and Ethereum. Bitcoin and Ethereum suffered major losses during the August 5 market crash, which was caused by the BOJ’s decision to hike interest rates for the second time since 2007. Bitcoin, on its part, dropped below $50,000, while Ethereum dropped to as low as $2,200. As such, with the effects of the Yen carry trade still in play and the BOJ hinting at more rate hikes, Bitcoin and Ethereum risk suffering further price declines. US Stock Market Crash Contributes To Bitcoin And Ethereum’s Fall Furthermore, Bitcoin and Ethereum’s correlation with the US stock market has also contributed to their price crash since the beginning of September. Specifically, on September 3, over $1.05 million was wiped out from the stock market, which also sparked fear in the crypto market and led to a wave of sell-offs for Bitcoin and Ethereum. Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. Data from Farside investors showed that the Spot Bitcoin ETFs and Spot Ethereum ETFs witnessed total net outflows of $287.8 million and $47.4 million, respectively. With such a bearish outlook for Bitcoin and Ethereum, there is an urgent need for a spark that could provide bullish momentum for the crypto market. Crypto community members are hoping that the US Federal Reserve will cut interest rates at the next FOMC meeting set to be held between September 17 and 18, as that will provide some relief to the market and help inject more liquidity into Bitcoin and Ethereum. At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Summers have historically been very bearish for the Bitcoin price, and the year 2024 has been no different. Since summer began in June, the price of Bitcoin has been very weak, with multiple flash crashes rocking the pioneer cryptocurrency at various points. So far, the Bitcoin price has gone from over $70,000 to below $50,000 at one point. However, this could all be coming to an end as a crypto analyst has pointed out similarities with the summer of 2023 that suggest a recovery is imminent. When The Summer Chop Might End Crypto analyst Crypto Jelle, comparing the number of days that previous summer chops have lasted, has come up with a likely timeline for when the Bitcoin price decline could come to an end. Mainly, he takes into account the performance of Bitcoin in the summer of 2023 and how many days it lasted before it officially came to an end. Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally According to the post, the summer chop of 2023 actually lasted a total of 219 days, or approximately seven months. Given that trends like these tend to mirror each other, there is a chance that the current summer chop could last around the same time as that of 2023 did. The analyst points out that the current summer chop has been going on for 190 days, or approximately six months. Going by the duration of summer 2023, it means there is still around one month left to go before the bearish phase is finally over. This suggests that the month of September will continue to be choppy for the Bitcoin price. However, the good news is that it is likely the last month of downtrend before another rally begins. “If this chop-season lasts as long as the previous one, it will end around the start of October,” the crypto analyst stated. Day 190 of chop-season today. The previous summer chop lasted for 219 days, after which price more than doubled in the months that followed. If this chop-season lasts as long as the previous one, it will end around the start of October.#Bitcoin pic.twitter.com/dXYMVCbmM9 — Jelle (@CryptoJelleNL) September 4, 2024 Bitcoin Open Interest Flush Good For Price Another crypto analyst who has predicted a potential surge in the Bitcoin price is @CredibleCrypto on X (formerly Twitter). The analyst had previously predicted a drawdown for the cryptocurrency. By the middle of the week, the Bitcoin price had completed the drawdown, prompting the analyst to move to the next phase of the prediction. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 According to him, the drawdown below $57,000 could mean that the BTC price is now ready for a recovery. He explained that “Didn’t get that move up first unfortunately but we have now hit my downside target so hopefully this just means we are now ready for that relief rally sooner rather than later.” The price crash also saw a massive wipe of open interest (OI) from the market, but the crypto analyst believes that this could be good, although buyers are yet to arrive. “Nice wipe on OI here but no immediate signs of buyers stepping in just yet,” Credible Crypto said. “Let’s see how things develop.” Featured image created with Dall.E, chart from Tradingview.com
In a video release on Wednesday, Howard Lutnick, CEO of Wall Street firm Cantor Fitzgerald, delivers some striking predictions about the future relationship between traditional financial institutions and Bitcoin. The video, titled “Howard Lutnick on Bitcoin and tradfi,” is making waves within the community as Lutnick outlines a bold future where big banks will deeply […]
A crypto pundit has identified striking similarities between the Bitcoin (BTC) market behavior in 2023 and 2024. Based on the analyst’s observation, he believes that Bitcoin is experiencing a comparable cycle of decline, characterized by widespread investor sell offs, which could precede a significant price breakout to new levels. Comparing The Bitcoin Markets Of 2023 And 2024 In a rather lengthy X (formerly Twitter) post on September 3, a crypto pundit identified as ‘Dana Crypto Trades’ shared some intriguing details about the current Bitcoin market, comparing it to the market environment and trends observed in 2023. The analyst noted that Bitcoin’s price fluctuated within a range for over six months, much like it did last year. Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? He highlighted that despite the cryptocurrency‘s bearish performance, the expectations about the market’s future outlook in the fourth quarter of 2024 remain particularly optimistic. Last year, numerous crypto investors chose to sell off their Bitcoin holdings when they were priced around $25,000, hoping to buy back at a lower value. This massive sell-off occurred despite the more than 90% probability that Spot Bitcoin ETFs would gain approval this year. Interestingly, A similar behavior is unfolding in the present Bitcoin market. The market sentiment has turned negative due to Bitcoin’s recent price volatility, leading investors to become bearish. Most of these investors are now liquidating their holdings, with the expectation to repurchase it at a 10% to 20% lower price. Daana Crypto has warned that while trying to buy Bitcoin at a lower price might seem like a great investment strategy, it carries a significant amount of risks. Basically, if the market moves upwards instead of the expected decline, investors who sold their Bitcoin may miss out on substantial gains. He referenced a situation last year, where some investors had missed out on a 3X price increase in Bitcoin because they had sold off their coins and were waiting for a slight price dip. While providing insights into current market set up, Daan Crypto acknowledged that he is unable to predict Bitcoin’s short term market movements, therefore advises that investors remain cautious. He indicated that for most investors, holding Bitcoin over the long term might be the best strategy, especially if the market could witness a significant breakout to the upside once bearish trends turn stable. BTC Eyes Next Target At $100,000 In Q4 Another crypto analyst, known as ‘Stockmoney Lizards,’ on X has also drawn comparisons between Bitcoin’s current market patterns with those from the early years. Related Reading: Solana Sees 7,600% Surge In Institutional Inflows, Here’s Why He observed similar trends in Bitcoin’s price action in 2016 and 2024, indicating that the pioneer cryptocurrency could experience a comparable but less dramatic price increase to what was seen in 2016. Despite this, the crypto analyst has set a price target of $100,000 for Bitcoin by the end of Q4 2024. Featured image created with Dall.E, chart from Tradingview.com
The quest to uncover the true identity of Satoshi Nakamoto, the pseudonymous architect of Bitcoin, continues with new revelations from the Federal Bureau of Investigation (FBI). Dave Troy, a well-known investigative journalist, has shared insights from a Freedom of Information Act (FOIA) request he filed, which sought any records pertaining to Satoshi Nakamoto held by […]
Bitcoin is weaving through a consolidation phase since marking a new all-time high of $73,777 in mid-March. Since then, Bitcoin’s daily closing prices have exhibited significant restraint, never sealing above $71,500 and maintaining a floor above $54,000, though it has seen a major intraday low touching $49,000. This consolidation phase has nudged the Fear and Greed Index towards a cautious “fear” score of 30, revealing an atmosphere of apprehension amongst traders who find themselves frequently whipsawed by the volatile market dynamics. Is $60,000 The New $10,000 For Bitcoin Price? Despite the prevailing market nerves, some market experts believe that this is a potential buying opportunity, reminiscent of similar market conditions seen in 2019. Bloomberg ETF expert James Seyffart remarked via X: “Bitcoin right now around $50k-$70k over the last 6 months kinda sorta reminds of BTC trading around $7k – $10k from mid 2019 through early to mid 2020.” Related Reading: Expert Explains Why Bitcoin Price Could Explode To $1 Million This Cycle He acknowledges the complexities of comparing historical and current charts, emphasizing that while historical patterns should not dictate future outcomes, the comparative dynamics offer insightful parallels. “I obviously know not to equate historical charts with current charts. i know all the differences of the current price dynamics etc. $10k was way further off the $20k+ ATH that 60K is. But go ahead — make fun of me. I can take it,” Seyffart added. James “Checkmate” Check, a leading on-chain analyst and co-founder of Checkonchain, concurred with Seyffart’s observation. “The similarities between the 2024 chop-consolidation, and the one we experienced back in 2019 are strange, and uncanny.” In 2019, the market notably surged from $4,000 to $14,000 within three months, significantly driven by the PlusToken Ponzi scheme in China, which absorbed approximately 2% of Bitcoin’s total circulating supply at the time. This was followed by a mass sell-off of these acquired coins on Huobi by the Chinese CCP, contributing to prolonged market choppiness until the sharp downturn in March 2020. Drawing a parallel, Check noted that a similar sequence unfolded in 2024 when the market climbed from $40,000 to $73,777, catalyzed by a substantial uptake in spot bids from US spot ETFs, absorbing around 5% of the Bitcoin supply. This was succeeded by substantial selling activities from the US and German governments, involving approximately 70,000 BTC, which contributed to sustained market chop until the 5-August Yen Carry Trade unwind. “Seriously, it is truly bizarre how similar these events are, and this is just based on the headline events. There is even more evidence below the surface,” Check concluded. He shared several on-chain metrics which highlight the strong similarities. Related Reading: Top Economist Predicts Bitcoin Price Top Before Worst Recession Since 1929 His “Supply Overheads During 2024 Chop-consolidation” chart showed that the 6-month sum of spent coins older than 1 year was quite similar to historical movements. In 2019, 1.75 million BTC was moved by this cohort; comparably, in 2024, as of today, 1.9 million BTC has been mobilized. Noteworthy, the large entities, including the Grayscale Bitcoin Trust (GBTC), German Government, and the US government, accounted for about 454,000 BTC of this movement. Additional data from Check’s analysis highlighted the “Realized Profits” during these periods. In 2019, 3.4 million BTC were sold for profit over six months. In 2024, this figure stands at 3.33 million BTC. However, the analysis of realized losses provides a stark contrast between the two periods. In 2019, losses equaled 30% of the profits, indicating a market fraught with investor fear and readiness to sell at losses. Conversely, in 2024, losses are only 10% of the profits. This comparison demonstrates how market sentiment has shifted from 2019 to 2024, with investors in 2024 appearing more confident and less prone to panic selling. At press time, BTC traded at $59,689. Featured image created with DALL.E, chart from TradingView.com