Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term. He made this assertion based on his belief that the Spot Ethereum ETFs will not instantly have the impact that many expect it to have on ETH’s price. Bitcoin Will Continue To Outperform Ethereum For Now Crypto […]
Crypto analyst Rekt Capital has provided insights into the Bitcoin future trajectory. Based on his analysis, the flagship crypto might not yet be ready for its next leg up, which could see it climb back above $70,000. Bitcoin Not Yet Ready To Establish $65,000 As New Support Rekt Capital claimed in an X (formerly Twitter) post that Bitcoin is not quite ready just yet for a successful retest of the $65,000 level as new support. For the crypto to establish $65,000 as the new support level, the analyst stated that it would need a similar restest like the one which happened sometime in May earlier this year. According to Rekt Capital, this will confirm a break back into the $65,000 to $71,500 region. Related Reading: PEPE Explosion Imminent: Analyst Predicts Price Will Rocket To $0.00004128 ATH Bitcoin establishing $65,000 is crucial as that will also confirm that the downtrend is over as the flagship crypto still risks dropping to the $60,000 range while still below $65,000. Meanwhile, as Rekt Capital noted, Bitcoin holding above the $65,000 support would mean that it is ready to revisit its previous top above $70,000. Bitcoin rising above $70,000 and reaching as high as $71,500 will inspire confidence among investors that the bull run is well underway again. Crypto expert Michael van de Poppe had before now highlighted the $70,000 range as the level for Bitcoin to beat in order to surpass its current all-time high (ATH) of $73,750. Crypto analyst Altcoin Sherpa also recently highlighted three scenarios that could play out for Bitcoin from its current price level. He claimed that the flagship crypto could dump to $63,000 and “return the pump,” dump to $60,000, and return the pump or dump to $60,000 while enjoying some relief bounces and then “die” after it dumps to $60,000. However, the analyst is most hopeful that Bitcoin just break above this level without any pullback and rise to $70,000. What To Expect From BTC Heading Into The Latter Parts Of The Cycle Crypto analyst Dann Crypto shared his expectations for Bitcoin heading into the latter parts of this bull run. He claimed that Bitcoin will enjoy a run-up heading into the US Presidential elections due to the easy narrative of a potential crypto President and Vice President. He expects this rally to also happen thanks to a potential first-rate cut and just the “overall excitement” after Bitcoin had ranged for about four months. Related Reading: Crypto Analyst Predicts 450% Move For Shiba Inu To Reach New All-Time High Daan Crypto also alluded to the Spot Ethereum ETFs, describing them as a “bit of a wildcard” since they could “accelerate the rally,” but it all depends on how much demand these ETFs enjoy. Once this Bitcoin rally is done, Daan Crypto expects that the market will experience another local top with this likely to happen during the new year. The crypto analyst predicts that the final rally in this bull run will come in the latter half of 2025, as part of the 4-year cycle. Daan Crypto noted that this 4-year cycle has always worked and that there is no reason why it shouldn’t work this time around. He warned market participants to not get fixated on a particular target as the market top for Bitcoin and instead, advised them to be fluid. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin developer Samson Mow has for a while now continued to assert that BTC is going to reach $1 million. He has again reaffirmed his bullish stance and mentioned when exactly the flagship crypto will hit this unprecedented price target. When Bitcoin Will Rise To $1 Million Mow mentioned that he is still certain that Bitcoin will reach $1 million and added that the flagship crypto will reach this price target within a year. Mow had previously explained why he believes that BTC can reach such an ambitious price target. Back then, he alluded to the fact that Bitcoin’s demand was outpacing its supply. Related Reading: Crypto Analyst Predicts Multiple God Candles For XRP, How High Can It Go? He also highlighted the Bitcoin halving which he noted was going to bring about a supply shock for the crypto token. Based on these reasons, Mow expects BTC’s price to “react accordingly” as demand continues to outpace supply. The Bitcoin maximalist also mentioned the Spot Bitcoin ETFs, which have been accumulating a significant amount of the BTC supply, as another factor that would contribute to BTC’s meteoric rise. Mt. Gox’s Bitcoin repayment is an event that is believed could impact the crypto’s price negatively since it could lead to more Bitcoin supply dumped on the market. However, Mow doesn’t believe that is going to happen. He mentioned that only about 20% of the defunct crypto exchange’s BTC will hit the market while the remaining 80% will be moved to cold storage or borrowed against. Mow also had something to say about when exactly the crypto bull run will begin. He mentioned that the bull run starts when Bitcoin is at $100,000. He added that the recent market downtrend is just the “unwinding of the fakery to make retail think Bitcoin is over.” Based on predictions made by crypto analysts like PlanB, BTC could hit $100,000 this year. Interestingly, PlanB also shares a similar sentiment to Mow that Bitcoin can hit $1 million by next year. He claimed that the crypto token could rise to this price level based on the stock-to-flow (STF) indicator. More Conservative Price Targets For BTC Other crypto analysts have given more conservative price targets for Bitcoin in this bull run, although a major consensus seems to be the fact that the flagship crypto will more than likely rise above $100,000. Crypto analyst Mikybull Crypto once mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull run.” Related Reading: Analyst Says Solana Price Could Rise 450% To $840 – Here Are The Drivers Crypto analyst Cryptorphic also mentioned that BTC could rise to as high as $156,000 by next year, while Skybridge Capital CEO Anthony Scaramucci expects Bitcoin to rise higher and reach $170,000 sometime in 2025. Cryptoquant’s CEO Ki Young Ju predicted that BTC could reach $265,000 in this market cycle based on the Hashrate/Market Cap ratio, which he claimed supports such a parabolic rise. Featured image created with Dall.E, chart from Tradingview.com
Craig Wright, an Australian computer scientist who claimed to be Satoshi Nakamoto, the pseudonymous Bitcoin creator, has publicly recanted his statements after being found guilty of making false claims and committing forgery. Craig Wright Is Not Bitcoin Creator Satoshi Nakamoto The identity of the elusive Bitcoin founder remains one of the greatest mysteries in the […]
The German government undoubtedly left a sour taste on the crypto market following the sale of nearly 50,000 BTC, which it seized from the pirated movie website movie2k. This has led to further research into how much Bitcoin other governments hold, given the impact their sales could have on the market if they also decided […]
American multinational finance company, JP Morgan has maintained a bullish stance on the Bitcoin price outlook despite recent bearish trends. The bank has announced the timeline for the conclusion of the ongoing BTC liquidations, predicting a subsequent rebound in the market. JP Morgan Predicts Bitcoin Market Rebound In August In a research report on Wednesday, JP Morgan suggested that BTC liquidations should abate this July, foreseeing the start of a strong bull market as bearish trends caused by sell-offs subside. While the bank believes that a market recovery is imminent, it is also skeptical about the sustainability of high Bitcoin inflows in its year-to-date flow into crypto assets. Related Reading: Dogecoin Sees 868% Spike In Whale Buys, Bulls Ready For Breakout Rally For one, JP Morgan has revised and grossly reduced its former year-to-date crypto net flow from $12 billion to $8 billion. So far this year, Spot Bitcoin ETFs have been the major driver for substantial inflows into the crypto market. JP Morgan’s skepticism also stems from Bitcoin’s high price relative to its production cost and the price of gold. A crypto analyst from the bank, Nikolaos Panigirtzoglou has suggested that the bank’s reduction in the estimated year-to-date net flow was also due to the recent decline in Bitcoin reserves across exchanges. The decline in Bitcoin reserves over the past month is believed to be a result of the ongoing selling pressures and widespread BTC liquidations executed by Mt Gox creditors and the German government. As mentioned earlier, JP Morgan has predicted that this BTC sell-off will officially end in July, giving rise to a substantial bullish rally for Bitcoin in August. Following the bank’s predictions, many crypto analysts and community members have suggested that the recent upsurge in Bitcoin’s price is the continuation of a strong bull market. A crypto analyst identified as ‘CryptoYoddha’ on X (formerly Twitter) has revealed that the German government was preparing to sell their remaining BTC just before the bull run. Despite the aggressive selling by the German government and the subsequent market turmoil, the analyst noted that Bitcoin still appears bullish. About The Ongoing BTC Liquidations Earlier in June, Mt Gox announced that it would be making repayments to creditors in July. While the defunct Bitcoin exchange’s decision to start its repayment process comes as good news to creditors, there is also an underlying unease concerning potential Bitcoin sell-offs. Related Reading: Ethereum Bulls Gear Up For Recovery – Can Spot ETFs Push Price To New Highs? With creditors steadily receiving part of Mt Gox’s 142,000 BTC payment worth about $9 billion, the market fears are somewhat justified as a widespread Bitcoin dump would have a major impact on the price of the cryptocurrency. In addition to Mt Gox’s substantial Bitcoin redistribution plans, the German government has also been seen selling almost 100% of its Bitcoin holdings seized from criminals. These substantial crypto liquidations have put a major damper on the price of Bitcoin, triggering serious price declines that have significantly delayed the highly anticipated Bitcoin bull run. A crypto analyst identified as ‘Rekt Capital’ has indicated that the Bitcoin bull market based on standard halving cycles has already advanced by 40.1%. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin price has crashed back toward the $56,000 level after a brief pump triggered by the CPI data release on Thursday, showing that inflation rates came out at 3%, lower than expected. This bearish trend has continued despite desperate attempts from bulls to keep the price up. Even then, one crypto analyst does not believe that the decline is done and expects the fall to continue from here. Bitcoin Dump Far From Over A crypto analyst on the TradingView website, who goes by the pseudonym ‘Luca VIP,’ has expressed bearish tendencies for the Bitcoin price going forward. In the analysis, the crypto analyst points out that the reason for the current Bitcoin price fluctuation is the fact that it has hit resistance at $59,000 following the pump. Related Reading: Cardano Sees 1,218% Spike In This Major Metric, Will ADA Price Follow? As a result of this rejection, the cryptocurrency is currently in a consolidation phase, which threatens to continue from here. Furthermore, the BTC price is still showing sideways performance, even after the Thursday surge, which suggests that bears are still firmly in control of the price. Additionally, the crypto analyst maps out a possible decline trend from here, putting it as low as $56,000 until the decline is done. However, what’s important is what happens after the Bitcoin price hits this expected support level. Luca explains that despite the decline, the BTC price has formed a W pattern, which is historically a bullish pattern. In this case, a bullish reversal is expected that could trigger a retest of the $59,000 level. If the retest is successful, then the crypto analyst puts the Bitcoin price above $60,000 once again. “BTCUSDT may retest the resistance zone at $59,000. A successful breakout above this level could push the price to higher targets, potentially around $60,000 or higher,” the crypto analyst said. Is It Time To Buy BTC? While the market is still reeling from the Bitcoin price dip, some crypto analysts believe that this is a good time to time. Another pseudonymous analyst who goes by ‘RLinda’ on the TradingView website shared this sentiment recently. Related Reading: Spot Ethereum ETFs FOMO: Tron Founder Justin Sun Drops $5 Million On ETH According to the analyst, the fall to $57,000 presents a good opportunity to get into position for Bitcoin, especially as the market has been plunged into fear by the continuous sell-offs. Apparently, the BTC price is headed toward a renewal of local highs. RLinda’s stance is buttressed by the fact that the Crypto Fear & Greed Index has fallen into Extreme Fear, which has historically been the best time to get positioned for cryptocurrencies. If historical trends are anything to go by, then the price could trade sideways for a while before finally finding strong support and seeing a bounce. Featured image created with Dall.E, chart from Tradingview.com
The German government has depleted most of its Bitcoin holdings after an extended period of selloffs that left crypto investors reeling under selling pressure. The origin of these assets can be traced back to 2013 through the proceeds of the operations of a now-defunct movie content piracy website called Movie2K. Reports came out in mid-January […]
The Bitcoin recovery has not been as impactful as expected, failing to break $60,000 even after a return of bullish momentum. Given this, expectations of a bearish reversal have become the norm as analysts do not believe that the pioneer cryptocurrency has enough steam to sustain the current momentum. One of the analysts who believe the price is destined for a downturn is Finn Oakes, who predicts a return to the $53,000 territory. Bitcoin Forms Double Top Pattern In the analysis that was shared on the TradingView website, crypto analyst Finn Oakes explains that the Bitcoin price has now formed a double top. This occurred after the Bitcoin price crossed the $59,000 level two times and both times, the price had failed to successfully clear this level. Related Reading: XRP Price: Crypto Analyst Identifies ‘Point Of Control’ That Could See A Repeat Of 2017 This double top pattern is shown on the 4-hour hour chart, where there is a reversal pattern forming as a result of this. This double top is bearish for the price and could signal a continuation of the downtrend that began last week. In such a case, the bulls have a hard fight ahead of them. Breaking down the double top, the crypto analyst explains that it has now shown $59,000 to be a strong resistance zone. This means for any rally to occur, the price would successfully have to beat this resistance before it is confirmed. In contrast to the resistance level, $56,000 has now emerged as support for the Bitcoin price. This gives both bulls and bears a tight $3,000 room to fight for dominance and push the price either way. Otherwise, sideways movement could continue. Target For The Decline Given the formation of the double top on the 4-hour chart, the crypto analyst expects the price to drop once again. For the first scenario, where the Bitcoin price breaks below the $56,000 support, the crypto analyst expects a downtrend to the $53,000 level. However, it doesn’t exactly end there if the downtrend is not stopped. In this case, the chart shows the price falling below the $53,000 level and moving toward $52,000. Although, this seems to be a worst case scenario as opposed to an expected target. Related Reading: Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance Furthermore, with the rising volume during the downtrend, the analyst believes this indicates that there is more selling going on in the background, something that could contribute to the price decline. “The trading volume has increased during recent down days, indicating strong selling pressure. This reinforces the current downtrend,” Oakes said. At the time of writing, the Bitcoin price is struggling to hold the $58,000 level. However, it is still seeing 1.08% gains in the last day, according to data from Coinmarketcap. Featured image created with Dall.E, chart from Tradingview.com
For a while now, the German government has been reported to be offloading its Bitcoin holdings, thereby adding significant selling pressure on the flagship crypto. On-chain data shows that they still hold a significant amount of BTC, which they have no option but to sell. How Much Bitcoin The German Government Holds Data from the […]
Miners are an integral part of the Bitcoin network and since new supply comes through them, it can be important to track what the miners are doing with their coins in an effort to predict where the market might be headed next. Given this, Ki Young Ju, founder of the analytics platform Cryptoquant, has tracked […]
Over the weekend, the Bitcoin price dropped below $60,000 amid rapid selling by major holders such as the German and US governments. This led to one of the largest drops seen for the pioneer cryptocurrency in the last two years, costing the market billions of dollars. However, despite this, Bitcoin holders are still seeing major gains, with the vast majority of investors currently in profit despite the market crash. Bitcoin Holders Enjoy Massive Gains According to data from the on-chain tracker IntoTheBlock, there are around 53.57 million Bitcoin holders worldwide. Of these investors, a total of 83% are still seeing profit despite the BTC price drop below $60,000, as it currently sits just above $56,000. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins This figure leaves just around 17% of the total BTC holders that are not currently seeing a profit. Out of this figure, 13% are losing money, meaning they bought their BTC coins when the price was higher than the current value, leaving 4% of holders at breakeven. This means that this 4% bought their coins around the current value, so they are neither making nor losing money at the current price. At these percentages, it means that around 44.61 million Bitcoin investors are still enjoying profits in their positions. 6.8 million BTC holders are suffering losses now, and around 2.16 million investors are currently sitting at breakeven. Interestingly, the majority of these investors sitting in profit have their entry prices below $50,000, meaning that even with another 10% crash from here, the vast majority of Bitcoin investors would still be seeing their holdings in profit. BTC Long-Term Holders At Risk Of Losses While the data shows that the vast majority of Bitcoin investors are still seeing profits, there is a growing trend that is particularly affecting long-term holders. According to a Sentiment report, the average returns of Bitcoin long-term holders risk falling into losses for the first time in more than one year. Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap – Here’s When However, this is not a negative thing for the price, given how BTC has responded in the past when the average long-term holder returns fell into the red. As Santiment notes, this is usually a good time to buy, especially when “Bitcoin’s 30-day and 365-day MVRV are in negative territory.” The tracker further added, “This is when there is mathematical validation that you are buying relative to other traders’ pain.” To put how much of a good buying opportunity this is, “If you had bought the last time both of these lines were in negative territory, your return on BTC would be at +132%,” Santiment notes. To put it in plain terms, developments like these can often be a good indicator of where the bottom is and when to start buying. Featured image created with Dall.E, chart from Tradingview.com
Defunct crypto exchange Mt. Gox’s recent Bitcoin transfers have continued to cause concerns for the crypto community, considering the amount of selling pressure they could place on the flagship crypto. However, Cryptoquant’s founder, Ki Young Ju, has helped to ease these concerns, recently explaining why these transactions might not affect the market. Why Mt Gox’s […]
Veteran trader Peter Brandt has given traders what to expect from the Bitcoin price action in the coming months. His analysis is based on Bitcoin’s price highs and lows in bull market corrections since 2025. The analysis also makes use of Bitcoin’s price movements in previous halving cycles. Brandt’s analysis has come at a pivotal […]
Veteran trader Peter Brandt has raised the possibility of Bitcoin dropping to as low as $44,000. He predicted this could happen based on a technical indicator that paints a bearish outlook for the flagship crypto. Why Bitcoin Could Drop To $44,000 Brandt predicted in an X (formerly Twitter) post that Bitcoin could drop to as low as $44,000 if the flagship crypto has completed a double top. A double top is a bearish pattern that indicates that BTC could witness a severe reversal to the downside, having hit two consecutive peaks and a moderate decline between them. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins Based on Brandt’s chart, the flagship crypto may have completed a double top. However, another analyst, JK, responded to Brandt’s post, noting that the depth of the top in Bitcoin is around 10% of its price. Based on this, JK suggested that it is unlikely that Bitcoin formed a double top since Richard Schabacker (one of the greatest analysts) said that 20% and not less is required for a true double top to form. Brandt seemed to agree with JK’s reasoning, suggesting that it was also possible that a double top hasn’t been completed and that Bitcoin could witness a bullish reversal from its current price range. Some other analysts also shared their thoughts in response to Brandt’s post. One of them, Colin, mentioned that he doesn’t think that was a double top for Bitcoin. Colin added that there was too much strength on these two bounces off the lower ranges and back into the channel to assume a double top. Instead, he believes that Bitcoin’s recent price action is currently an accumulation and not a distribution range. Based on Schabacker’s analysis, another analyst, Chartvist, also explained why it is unlikely that BTC has formed a double top. The analyst mentioned that the volume profile is not in line with the technical of a double top as there is usually a high volume for the first peak and a low volume for the second peak. How BTC Could Drop To $44,000 Crypto analyst CrediBULL Crypto recently provided insights into how Bitcoin could drop to the $40,000 range. He stated that Bitcoin dropping to the demand area at $53,000 could kickstart such a downtrend. However, BTC will need to fail to hold above $53,000 for the possibility of Bitcoin dropping to $44,000 to become feasible. Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap – Here’s When CrediBUILL Crypto is optimistic that BTC won’t drop to such levels. He noted that this was “the least likely to actually play out” among all the scenarios he had outlined for Bitcoin. Instead, he believes Bitcoin will likely reverse from its current price range. He predicts that the flagship crypto will rise to as high as $100,000 in the long term. Featured image created with Dall.E, chart from Tradingview.com
The beginning of July has not been bullish for the Bitcoin and crypto market as earlier expected due to a number of events that have shaken the market. For example, the Spot Ethereum ETFs did not debut on July 2nd as expected, and the US and German governments have been reportedly selling large tranches of BTC. However, a turn in the tide could be coming for Bitcoin and crypto at large as the CPI data is expected to drop on July 11. CPI Data Could Move The Narrative For Crypto Crypto analyst CrypNuevo took to X (formerly Twitter) to share their thoughts on where they expect the Bitcoin price to be headed next. Pointing to the upcoming CPI data, CrypNuevo explains that a rate cut could be imminent in the CPI data that is expected to be released on Thursday, July 11. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins With the inflation data expected to come in lower, this could point to an immediate rate cut or at least a further rate cut by the Fed going forward. Naturally, such rate cuts would be good for the Bitcoin price as they have been in the past. “A rate cut or an imminent rate cut announcement would be greatly received in the crypto market and I believe that we would see prices going up aggressively in that case,” the analyst said. “I don’t discard that if we get a good CPI on Thursday, we see that reversal for that day, because the market tends to price-in what’s to come from the FED,” CrypNuevo explains further further. Will The Bitcoin Bearish Trend Continue? For the analysis, the crypto analyst used the BTC 1-Day chart which showed a rather peculiar wick that the analysis expects to be filled. This wick is the $53,400 wick that occurred in early July before the market recovery, but the analyst does not believe that it is over for the price. Firstly, the analyst expects at least 50% of the wick to be filled, something that already happened over the weekend when the price fell to $54,000. Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap – Here’s When On to the topic of the wick being 100% filled, it could be bullish for the price as the crypto analyst expects that falling to this level could see the price bounce from here. However, there is also the possibility that the price fills this wick and then falls further down. In such a case, the crypto analyst believes that $51,700 would hold for the Bitcoin price. This means that this would be the next support level for bulls to hold. A recovery from here would likely see the price barrel toward $60,000, but the analyst maintains that $60,000 is now resistance for Bitcoin. Featured image created with Dall.E, chart from Tradingview.com
Although Bitcoin has reclaimed the $56,000 price level in the past few hours, its sudden drop below $54,000 on July 5 has reminded investors of the intense volatility associated with the market. In the larger timeframe, Bitcoin has been down by 7% and 20.25% in the past seven and thirty days, respectively. While many crypto traders and analysts are still in the spirit of a bullish cycle in the long term, the sudden price drop wasn’t surprising to some. Notably, crypto trader @TheFlowHorse revealed that the drop to $53,000 resonated with his target of $52,000. Similarly, Ki Young Ju, CEO of CryptoQuant, noted the possibility of Bitcoin dropping to $47,000. Bitcoin Could Crash To $47,000 According to Ki Young Ju, Bitcoin is still in a bull market in the larger timeframe, which will continue until early 2025. This school of thought resonates with many other price outlooks for Bitcoin, especially in the long term. Despite this bullish projection, market participants are currently struggling with short-term bearish conditions. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins As Ki Young Ju noted, this uncertainty opens up the possibility of the world’s leading digital currency plummeting to a chilling $47,000 before finding its footing again. With the crypto market in a prolonged slump since the beginning of June, this bearish case scenario seems increasingly plausible. Bitcoin, in particular, has shed billions in value, and investor confidence is wavering. $112K at the peak of the cycle.https://t.co/beKpUVkNXL pic.twitter.com/Esj02BYms4 — Ki Young Ju (@ki_young_ju) July 5, 2024 Young Ju admonishes traders not to open high-leverage long or short positions based on his long-term bullish projections due to the prevailing uncertainty. When asked what his long-term price target for Bitcoin was, he noted a rise to $112,000 at the peak of the cycle. This prediction is based on the BTC realized market cap since July 2010. Bearish Case For Bitcoin At the time of writing, Bitcoin is trading at $56,520 and has rebounded by 4.67% since its recent fall below $54,000. However, despite this price recovery, the crypto faces a significant risk of falling further amid whale selloffs, which have amounted to over $1.7 billion in BTC in the past 30 days. Defunct crypto exchange Mt. Gox is also starting to repay its creditors in BTC after 10 years of inactivity. This is anticipated to unleash a $2.71 billion supply of Bitcoin onto the market, perhaps intensifying selling pressure. Related Reading: Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price? A reversal to the downside is not out of the books yet. If Bitcoin were to fall to $47,000, it would represent a 16% decline from the current price level. Market participants continue to await how Bitcoin’s price action plays out in July, which has historically been a positive month. Featured image created with Dall.E, chart from Tradingview.com
The crypto market is in a state of panic with a market-wide crash that has shaken Bitcoin and altcoins. With the Bitcoin price continuing to fall from support after support, tens of thousands of traders have lost their positions, leading to hundreds of millions of dollars in losses in just the last day alone. Crypto Market Liquidations Cross $290 Million In the last 24 hours, the Bitcoin price has been crashing, eventually falling below $57,000 before recovering again. However, the damage has already been done, with long traders suffering the brunt of the losses over the last day. Related Reading: 200 Million XRP Tokens On The Move, Where Are They Headed? According to data from Coinglass, there has been $292.8 million worth of crypto liquidations in the last day. In total, 105,458 traders have been liquidated, with 88.61% of them being long traders. The majority of these liquidations have happened in the last 12 hours after Bitcoin fell from $61,000 to $57,000 with $204.97 million in liquidations. Bitcoin alone has seen $91.7 million in liquidations, with second-largest cryptocurrency, Ethereum, following being with $69.86 million worth of liquidations. The single largest liquidation event took place on the Huobi crypto exchange across the BTC-USD pair, where a single liquidation call saw $10.49 million lost. Binance, the largest crypto exchange in the world, recorded $122.67 million in liquidations, OKX exchange saw $89.83 million in liquidations, and Huobi exchange saw $42.07 million in liquidations. Coming in fourth and fifth place is Bybit and CoinEx at $23.04 million and $9.42 million, respectively. Bitcoin Recovery Could Change Trajectory Of Liquidations As mentioned above, the crypto market liquidations have been mostly dominated by long trades given that the Bitcoin price has continued to crash. However, with the price showing a tendency to bounce back up, rising above $57,900 at the time of this writing, shorts are beginning to feel the heat. Related Reading: Shiba Inu Starts July On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170% Coinglass data shows that long liquidations have fallen from 88.61% in the last 24 hours to 56.48% in the last hour. If the price continues to rise, then short traders, spurred on by the bearish wave, could suffer more crashes from here. Despite positive sentiment being eroded, the Bitcoin daily trading volume has seen a notable 50% jump, bringing it to $37.59 billion. So far, bulls seem to be developing support, which makes it the point to hold if the recovery is to continue from here. Bitcoin is currently trading at $57,909, with a 3.87% decline in the last day. It’s down 5.23% on the weekly chart and 15.95% on the monthly chart. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Quinten François has provided an ultra-bullish narrative for the Bitcoin future trajectory. The analyst suggested that things are about to get interesting for the flagship crypto, predicting it could rise to as high as $4.5 million. The “Fireworks” Are Just About To Begin For Bitcoin While highlighting the significance of Bitcoin’s fourth halving, Quinten claimed that the “fireworks” were just about to begin for Bitcoin. The crypto analyst remarked that BTC was currently at the bottom of the range of a growth pattern, which it could enjoy if this fourth halving were to follow the same growth rate as the previous market cycles. Related Reading: Shiba Inu Starts July On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170% If that were to happen, Quinten claims that Bitcoin could be worth between $140,000 and $4.5 million going forward. He noted that this potential move for BTC is starting at the range bottom at $63,000, so he remarked that the fireworks are just about to start for the flagship crypto. From the chart Quinten shared, Bitcoin’s impressive growth to $4.5 million isn’t expected to happen in this bull run. He predicts that Bitcoin could peak at around $1 million if it were to mirror Bitcoin’s trajectory after the first halving. Meanwhile, Bitcoin could eventually rise to $4.5 million in 2028 if it continues to mirror the price action following the first halving. Additionally, BTC’S fourth halving mirroring the second or third halving will bring lower price moves for the flagship crypto. Quinten predicts that Bitcoin will rise to as high as $400,000 or $280,000 if it follows the second or third halving, respectively. Meanwhile, based on the second and third halving trajectory, Bitcoin could rise to as high as $1 million or $800,000 by 2028. Time For BTC To Resume Its Upward Trend Based on recent analyses by different crypto analysts, Bitcoin could resume its upward trend soon enough. Crypto analyst Ali Martinez mentioned that retail investors are returning to the Bitcoin ecosystem, with new Bitcoin addresses hitting a four-month high of 432,026. This could put the flagship crypto in price discovery and lead to a rally as these investors accumulate Bitcoin. Crypto analyst Mikybull Crypto also recently predicted that BTC is set to rise higher. He claimed that the flagship crypto had completed its inverse head-and-shoulder pattern on the daily and noted that Bitcoin’s Moving Average Convergence/Divergence (MACD) indicator suggests an imminent bullish cross, which indicates strength for the flagship crypto. Related Reading: XRP Price Attempts Bullish Decoupling Amid Major Developments Meanwhile, Mikybull Crypto revealed that Bitcoin’s CME gap has been filled. This is significant as crypto expert Michael van de Poppe predicted that Bitcoin could witness a bounce from its current price levels once the CME gap has been closed. At the time of writing, Bitcoin is trading at around $60,600, down over 3% in the last 24 hours according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Fundstrat’s head of research, Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing that the cryptocurrency will eventually pull out of bearish trends soon. Bitcoin To Hit $150,000 In 2024 In a recent interview with CNBC Television, Lee expressed bullish optimism over Bitcoin’s future outlook, reaffirming his previous prediction that the cryptocurrency would reach new all-time highs of $150,000 by the end of 2024. Related Reading: Bitcoin Investors Place $500 Million In Spot BTC Bids Below Market Price Earlier in May, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 before the year ends. At the time, the Fundstrat head of research attributed his ambitious forecast to the cooling down of inflation in the United States (US) and a subsequent increase in the demand for BTC. However, now Lee adds that BTC could witness a sharp rebound following the conclusion of Mt Gox’s Bitcoin repayment process to creditors. During the interview, Lee suggested that the upcoming Bitcoin redistribution by Mt Gox might be driving the bearish pressure on Bitcoin’s price. Earlier in June, Mt Gox disclosed that it would officially start its $9 billion worth of BTC and Bitcoin Cash (BCH) repayment plans in July. The redistribution will see creditors being refunded and compensated for the Bitcoin exchange’s hack attack in 2014. With $9 billion worth of BTC and BCH set to flood the market, speculations are rising concerning potential sell-offs from creditors. This sentiment has led to BTC’s downward spiral, triggering stronger selling pressures from investors. Bitcoin’s price also fell below $60,000 at some point, recording even more declines as miners sold off their holdings to purchase more effective mining tools. Lee believes that following any Gox’s repayment process, Bitcoin may have a “pretty sharp rebound” in the second half of the year. Bearish Trends May Be Over For BTC Bitcoin price has successfully crossed the $60,000 threshold and is now trading at $62,523, as of writing. Since early June, the cryptocurrency has experienced a sharp downward trend, crashing by up to 20% due to the substantial outflows from Spot Bitcoin ETFs. However, Bitcoin may be getting ready for a fresh upside as analysts foresee a major rebound as miners’ selling pressure cool off and the broader crypto market stabilizes. Related Reading: Dogecoin Flashes Major Bullish Signal On 3-Day Chart, Here’s The Target Particularly, on-chain market intelligence platform, CryptoQuant has projected a potential upside for Bitcoin in the third quarter of 2024 (Q3). Furthermore, crypto analyst Ali Martinez has expressed bullish sentiment for BTC’s price prospects. In an X (formerly Twitter) post, Martinez highlighted Bitcoin’s underperformance in the previous month, describing this bearish event as a “negative June.” Despite the downtrend, the analyst foresees a strong rebound for Bitcoin in July, with an average return of 7.98% and a possible price increase to $63,200 or $63,800. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Willy Woo recently explained what needs to happen for Bitcoin to continue its bull run. The flagship crypto has been on a decline for a while now and has failed to make a significant run since hitting its current all-time high (ATH) of $73,750 in March earlier this year. What Needs To Happen […]
The Bitcoin price crash below $66,000 has taken the market by surprise, leading to over $90 million in liquidations in a 24-hour period. But even after dropping so much already, analysts do not believe that the worst is over. In particular, crypto analyst Ali Martinez has said that Bitcoin may still have a ways to go before the crash is over, prediction another 20% decline from here. Bitcoin Falls Below Major Pricing Band Crypto analyst Ali Martinez posted a new analysis on X (formerly Twitter) on the Bitcoin price that paints a rather bearish picture for the pioneer cryptocurrency. According to Martinez, the Bitcoin crash below $68,000 had actually pushed it below an important level. Related Reading: Analyst Says XRP Price Is Long Overdue For Bullish Wave, Here’s The Target The major level of importance here is the $67,890 pricing range, which the price has now fallen below. As Martinez explains, this area is important as the “+0.5σ MVRV pricing band” lies here. It also means that a crash below this level is very bearish for the price, and as Martinez shows, Bitcoin has already fallen below it. This fall puts a bearish motion in place as the crypto analyst believes it may trigger a correction. Now, while corrections are normal, the expectation for how far the crash will go is what is worrying because the analyst has placed a possible $54,930 target for the price. #Bitcoin has dropped below the +0.5σ MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. pic.twitter.com/zZvswgpUpS — Ali (@ali_charts) June 19, 2024 Such a crash would mean that the Bitcoin price would fall another 20% from its current level. Given the previous crashes, this could be devastating for altcoins, whose prices could fall another 50% if BTC were to crash below $55,000. Navigating The Drop In Interest One interesting development for Bitcoin is the drop in interest that has been experienced this week. For example, the daily trading volume, according to CoinMarketCap, fell 43.5% in the last day along. This brings the Bitcoin daily trading volume to around $19 billion from the almost $40 billion recorded the previous day. Related Reading: Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1? This drop in trading volume indicates that investors are taking fewer positions. With the uncertainty surrounding the market, this comes as no surprise, given that investors are prone to wait for the situation to improve before taking more positions. The Crypto Fear & Greed Index has also declined, showing that fear is growing in the market. It is now sitting at a score of 60, which shows greed, a long way from May’s score of 76, which showed extreme greed in the market. At the time of writing, the Bitcoin price is holding at $65,667, with a 0.77% gain in the last day. Featured image created with Dall.E, chart from Tradingview.com
In an interesting turn of events, the Bitcoin open interest has remained high even at a time when the price has been dropping. This suggests that despite the price crash, investors are still looking favorably at the pioneer cryptocurrency. Bitcoin Open Interest Stays Close To All-Time High The Bitcoin price has seen a decline over […]
Thanks to the summer heatwaves in North America, Bitcoin miners may begin to record a considerable increase in their revenue. This extreme weather condition is also expected to significantly impact Bitcoin’s hash rate. Bitcoin Miners To See Increase In Profit Thanks To Lower Competition Bitcoin miners are expected to see an increase in profit because […]
Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy. These analysts also outlined factors that they believe could contribute to BTC’s exponential price surge. Bitcoin To Hit $200,000 And Then $1 Million Chhugani and Sapra predicted in the report that BTC will rise to a cycle high of $200,000 by 2025 and that the flagship crypto will reach $1 million by 2033. Bernstein had previously predicted that Bitcoin would reach $150,000 by 2025. However, these analysts have now revised their targets and alluded to the institutional demand for BTC as one of the reasons they believe the flagship crypto can reach such heights. Related Reading: Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024 The research firm predicts that the Spot Bitcoin ETFs will continue to record impressive demand and that the Bitcoin under management could reach $190 billion by 2025, a significant increase from the $60 billion in BTC that funds issuers already have under management. In other words, these analysts expect BTC’s price to succumb to the supply and demand dynamics, considering that the Bitcoin in circulation is bound to drastically reduce as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs. Moreover, two Bitcoin halvings are set to occur before 2033, further reducing miners’ supply and thereby supporting their base case of BTC hitting $1 million. MicroStrategy To Benefit From BTC’s Growth These Berstein analysts also initiated coverage on MicroStrategy with an outperform rating. They predict that the software company’s stock can rise to $2,890 thanks to its BTC exposure. A rise to $2,890 represents about a 95% increase for MicroStrategy’s stock, which is currently valued at around $1,500. The research firm noted that MicroStrategy has committed itself to “building the world’s largest Bitcoin company.” This has already paid off so far, with Chhugani and Sapra stating that the software company has transformed from a “small software company to the largest BTC holding company” since August 2020 (when it started accumulating BTC). MicroStrategy already owns 1.1% of Bitcoin’s total supply, with holdings worth around $14.5 billion. The company’s BTC holdings are expected to increase soon enough, as they recently announced plans to offer $500 million of Convertible Senior Notes. Some of the proceeds from the proposed sale will be used to buy additional BTC. Related Reading: Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On? Berstein highlighted how the company’s co-founder Michael Saylor has become synonymous with the Bitcoin brand and that the company’s position as the leading Bitcoin company has helped attract “at scale capital (both debt and equity) for an active Bitcoin acquisition strategy.” In dollar terms, Bernstein noted that MicroStrategy’s Bitcoin net asset value (NAV) per share “has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price.” “We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet.” Chhugani and Sapra added. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst TechDev has provided insights into the Bitcoin future trajectory. The analyst suggested that the flagship crypto has yet to reach its full potential in this market cycle and that more price surges lie ahead for the crypto token. Not Yet Time For A Bitcoin Blowoff Top TechDev remarked in an X (formerly Twitter) post that the Bitcoin blowoff tops only happen after the four-week Chaikin money flow (CMF) breaks a line he highlighted on the accompanying chart. His analysis suggests that Bitcoin is still bound to make a parabolic move to the upside before it experiences a significant decline. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? Blowoff tops are a chart pattern that shows the rapid increase in an asset’s price followed by a sharp drop in its price. TechDev’s chart showed that something similar happened in the previous bull cycles, with Bitcoin enjoying a parabolic uptrend for about a year before its price dropped sharply. Similarly, based on TechDev’s chart, Bitcoin is again set to enjoy a parabolic uptrend from now to sometime in 2025 before it reaches its market top and begins to decline significantly. In another X post, the analyst suggested that the time has almost for Bitcoin to enjoy its next leg up. As crypto analyst Rekt Capital claimed, this next move to the upside will take Bitcoin into the ‘parabolic uptrend’ phase of this market cycle. Interestingly, this breakout for Bitcoin could happen sooner than expected, with TechDev claiming that in 18 days, Bitcoin will have a chance at a breakout that it has only seen once in its entire history. From a chart he shared, TechDev hinted at Bitcoin rising to as high as $190,000 in this bull run. It is also worth mentioning that crypto analyst CrediBULL Crypto recently predicted that a Bitcoin breakout is imminent. He said Bitcoin would “absolutely giga send” in seven to ten days and rise to as high as $100,000 when this move happens. Bitcoin’s Breakout May Still Take A While Crypto analyst Rekt Capital recently stated that Bitcoin’s breakout from this Re-Accumulation range would occur in September 2024 if history repeats itself. The crypto analyst claimed that Bitcoin’s struggle to break out from this Re-Accumulation range is “beneficial for the overall cycle.” Related Reading: DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020 He noted that Bitcoin has never broken out this early in the post-halving period. Rekt Capital remarked that a Bitcoin breakout this early means that this cycle would be accelerated and that the bull market would be shorter than usual. As such, he believes that this lengthy consolidation is helping Bitcoin’s price resynchronize with historical halving cycles so that the market can experience a “normal and usual bull run.” At the time of writing, Bitcoin is trading at around $66,900, down almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Despite the price crash after rising to $69,000, the Bitcoin price remains in the game, with bulls continuing to hold up the support above $67,000. Bullish sentiment also continues to prevail, with the market still being fairly greedy amid expectations that the pioneer cryptocurrency is gearing up for a significant price jump from here. Bitcoin Can Still Make A 35% Jump Crypto analyst CryptoCon has revealed that Bitcoin still has a ways to go before the cycle top is in. In the analysis posted on X (formerly Twitter), the crypto analyst revealed that the digital asset is yet to reach Level 3 of the Magic Bands, so the top is not in yet. Related Reading: Historical Trends Suggest Shiba Inu Price Will Rally 1,000% To $0.00024, Analyst Reveals When The analyst points to previous bull cycles where the Magic Bands had been fully completed before the top was finally in. For the whole band to be completed, there are four levels in total. However, the current cycle is still only in the 2.5 level, which means there is still a ways to go. The next major level from here is the Level 3 Magic Band, which usually comes with a surge in price. Following the completion of the Level 2 that saw the price reach a new all-time high above $72,300, the cryptocurrency is now testing the resistance at the Level 2.5, where a break is needed. If the Bitcoin price is able to break this resistance, the crypto analyst sees a 35% surge to $91,500 sometime in 2024. “Taking some time to reach it at Level 3 of the Magic bands, but it’s the next step,” the crypto analyst stated. $91,539 target left untouched and unchanged for #Bitcoin. Taking some time to reach it at Level 3 of the Magic bands but it’s the next step. All in due time… pic.twitter.com/Pwimj05ZQb — CryptoCon (@CryptoCon_) June 12, 2024 When Will The BTC Price Top? Using CryptoCon’s Magic Bands analysis, it is possible that the Bitcoin cycle top is still far away. As the crypto analyst shows, even after hitting the Level 3 magic band, there is still Level 4 left to go, which is what usually marks the cycle top. Related Reading: Crypto Analyst Predicts Cardano Price Will Rally 370% To $2, Here’s The Timeline This means after hitting $91,500 at the top of Level 3, there could be consolidation before the Level 4 Magic Band is completed. When this happens, the crypto analyst expects the BTC price to actually touch above $123,000 before the cycle top is in. If CryptoCon’s analyst is anything to go buy, then Bitcoin still has another 100% move from from its current price before the bull market is over. The cycle top is expected to hit sometime around 2026, according to the analyst. Presently, the BTC price is still being held up by bulls who have continued to endure an onslaught from sellers. Despite falling 4.3% in the last week, it is still trading at $67,900 at the time of this writing.
The Bitcoin price has stalled after hitting the $71,000 level, floating in what is essentially a limbo of indecisiveness. Naturally, periods like these act as a predecessor to a massive move, but what direction the price might be headed in is another thing entirely. In an effort to pinpoint where Bitcoin is going, crypto analyst Alan Santana has analyzed the Bitcoin chart and come up with a possible direction. Bitcoin Could Be Headed Downward Alan Santana’s analysis looks at the Bitcoin performance over the past year in a bid to tell where the price might be headed. As the analyst points out, the Bitcoin price has been in a bullish wave for more than one year, 479 days to be exact, since November 2022 through to March 2024. Related Reading: Inverted Hammer Appears On The XRP Price Chart, Crypto Analyst Picks First Target Of $0.75 Naturally, when bullish waves like these last for so long, it is expected that there will be a crash downward as investors begin to sell off their holdings. The problem is that bearish waves after a bullish wave move faster, and with the bullish wave lasting for 16 months, the bearish wave is expected to unravel quickly. As the crypto analyst points out, it is often 2x or 2.5x faster than the bullish wave. Explaining the reason behind this, Alan Santana said that, “When the market is rising, people are buying, slowly but surely, building up a position and enjoying the market and profits as everything grows. This is not the case when the market turns.” He further explains that “When a correction happens, people either prepare in advance or sell when they realize that the upward potential has been exhausted. So instead of ‘building a position,’ when the majority of players realize that the wave is over they tend to close the entire position, and thus, the down move can really speed up, and that’s why the down move is faster than when prices grow.” Given this, the crypto analyst expects the bearish wave to come with a sharp crash for Bitcoin. This, by extension, would affect the rest of the market, which is known to suffer more than Bitcoin. Where Is The BTC Price Headed From Here? In the bearish wave expected by the crypto analyst, he believes that the Bitcoin price could crash more than 30% from its current price of $71,000. The chart shows a possible initial crash down to the $60,000 levels, and then he expects it to continue further. Related Reading: Bitcoin On The Verge As Global Liquidity Nears New $100 Million ATH At the bottom of this crash is the $47,943 level, presumably where the analyst expects the crash to end. If this does happen, then the BTC price could be looking at an approximately 33% crash, something that could be incredibly bearish for the market. Featured image created with Dall.E, chart from Tradingview.com
Big shorters have placed significant bets on Michael Saylor’s business intelligence and software firm, MicroStrategy, selling stocks worth approximately $6.9 billion. Despite the substantial short positions, MicroStrategy stocks (MSTR), have continued to rise, outperforming investor expectations. MicroStrategy Big Shorters Lose Confidence MicroStrategy short sellers are currently losing confidence as the price of MSTR stocks has […]
Bitcoin long-term holders are back in profit following the flagship crypto’s recent price surge. However, the same can’t be said for most short-term holders yet, given the levels at which they purchased their Bitcoin holdings. Only 0.03% Of Long-term Bitcoin Holder Supply In Loss In a recent market report, on-chain analytics platform Glassnode claimed that the total volume of long-term holder (LTH) supply held in loss is “negligible,” with only 4,900 BTC (0.03% of LTH) acquired above Bitcoin’s current price. These long-term holders in loss are said to have been those who bought the 2021 cycle top and have held since then. Related Reading: Analyst Says Get Ready As Dogecoin Enters ‘Expansion Stage’, Can DOGE Reach $12? Long-term holders currently account for over 85% of the Bitcoin supply in profit. Glassnode noted that this was to be expected, given that the LTH supply in loss during the euphoric phase of the bull market “tends towards zero.” Therefore, this LTH will keep accounting for most of the supply in profit as the bull run progresses. Tokens held for more than 155 days fall under this LTH supply, although most investors in this category are likely those who held with high conviction throughout the last bear market, even as Bitcoin dropped below $20,000. Back then, this LTH supply accounted for most of the unrealized losses. Short-Term Holder Supply Accounts For Most Unrealized Loss Glassnode revealed that the short-term holder (STH) supply currently accounts for most of the market losses as these investors continue to buy the flagship crypto near local and global highs. As such, these holders automatically fall back into a loss whenever Bitcoin encounters a price correction. Data from Glassnode shows that 1 million BTC (26.6%) out of the 3.35 million BTC representing the STH supply are currently at a loss. An overwhelming 56% (1.9 million BTC) of the STH supply is said to have moved into an unrealized loss when Bitcoin recently experienced a price drawdown to the $58,000 level. Related Reading: Popular Analyst Predicts Dogecoin Will Outperform Bitcoin As Market Enters Meme Coin Super Cycle Glassnode also revealed that a “significant cluster” of STH coins was accumulated close to the current spot price. This is significant considering how investors who invested in this region could react to any volatile price fluctuations, irrespective of what direction they take. A significant drop or increase in Bitcoin’s price could lead these investors to offload their tokens. Besides these short-term holders, Glassnode suggested that the ‘Single-Cycle holders’ are another group of investors to keep an eye on. These investors have been holding a “significant magnitude of unrealized profit” since Bitcoin broke above the $40,000 range. They already took some profits when Bitcoin hit its current all-time high (ATH) of $73,000 in March and will likely offload more of their tokens as Bitcoin reaches a new ATH.