BTC price "profit taking" has resulted from large ETF inflow days in the past, while both Bitcoin and Ether shrug off the latter's ETF launch day.
A new study conducted by the Nakamoto Institute has unveiled surprising insights into the demographics of Bitcoin ownership in the United States, challenging several popular assumptions about the typical cryptocurrency investor. The research, spearheaded by Troy Cross and Andrew Perkins, analyzed responses from a survey of 3,538 American adults, aiming to penetrate deeper into the […]
Crypto analyst RLinda has made a bullish case for Bitcoin, suggesting that the flagship crypto could soon hit a new all-time high (ATH). She also provided reasons why Bitcoin could rise to as high as $90,000. Why Bitcoin Could Rise To As High As $90,000 RLinda mentioned in a post on TradingView that fundamental and technical preconditions support further price growth for Bitcoin, which could send its price to as high as $90,000. On the Fundamental side, she noted that the market is waiting for the Spot Ethereum ETFs launch, which would be “another positive lever for the cryptocurrency market.” Related Reading: Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow Furthermore, RLinda stated that Donald Trump, who already affirmed his support for cryptocurrencies, is increasing his chances of being reelected. According to her, the market will react positively if he eventually wins. The crypto analyst highlighted “other local nuances” that could propel Bitcoin to such heights. She noted that other high-ranking US politicians are reconsidering their stance on Bitcoin, and the US Securities and Exchange Commission (SEC) is also “smoothly changing its position on cryptocurrencies.” This includes SEC Commissioner Hester Peirce’s recent statement that the Commission is open to reconsidering the inclusion of staking plans for the Spot Ethereum ETFs. BTC From A Technical Perspective On the technical side, RLinda revealed that a classic bullish flag pattern is forming on Bitcoin’s daily chart. She further remarked that at the moment, there is a “high probability” of Bitcoin retesting the strong resistance at $71,700 or even going higher to restest its current ATH of $73,794. She added that only after Bitcoin retests these zones will it become possible for the flagship crypto to “follow the formation of prerequisites for the breakout of global resistance” at $73,800. RLinda mentioned that $67,250 and $71,750 are resistance levels that Bitcoin should look to break. Meanwhile, $63,800 and $59,300 are support levels that the flagship must remain above. Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? Furthermore, RLinda revealed that Bitcoin’s current price range is favorable for a resistance breakout, which she claimed will “open a new way to the nearest resistance.” In the short term, she expects Bitcoin to break out from the $67,250 resistance level and experience further growth to between $71,700 and $73,800. With Bitcoin already retesting the $67,250 resistance level, RLinda provided an update on her trade idea. She highlighted a cup-and-handle pattern on Bitcoin’s weekly timeframe. The crypto analyst stated that this bullish pattern is in the last stage of “its formation before realization.” From the chart she shared, this cup-and-handle formation supports a potential price surge to $90,000 for Bitcoin. At the time of writing, Bitcoin is trading at around $67,300, up almost 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Mt. Gox, the defunct crypto exchange, has initiated another transaction as part of its ongoing repayment plan to creditors, this time moving a small amount of Bitcoin (BTC) to Bitstamp, another major exchange participating in the distribution of funds to Mt. Gox’s former users. Mt. Gox Trustee Continues Bitcoin Distribution According to the latest data […]
The crypto market is again all shades of green, with Bitcoin and altcoins enjoying significant rallies. Crypto analyst Capo of Crypto has provided further optimism, suggesting that these tokens will still make more massive moves to the upside. “The Best Is Yet To Come” For Bitcoin Capo of Crypto opined in an X (formerly Twitter) post that the “best is yet to come” for Bitcoin and altcoins. He noted that Bitcoin is pumping, having reclaimed the $60,000 range as support. The crypto analyst added that altcoins also seem to have found their local bottom, meaning they are well-primed for massive rallies to the upside. Related Reading: Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? With Bitcoin also back above $65,000, it seems that it is just a matter of when and not if before the flagship crypto reclaims the $70,000 range. Capo had previously mentioned that reclaiming the $65,000 level would be the next bullish confirmation for the flagship crypto. The analyst added that the market should expect high prices once that happens. As to how Bitcoin could rise, Capo stated that the main target would be the liquidity zone between $74,000 and $76,000. Bitcoin rising to these price levels would mark a new all-time high (ATH) for the flagship crypto. Crypto analyst Rekt Capital shared a similar sentiment with Capo, suggesting that Bitcoin’s successful retest of the $65,000 resistance level would send it back above $70,000. Bitcoin rising back above $70,000 is believed to be where the real fun begins, as crypto analysts like Michael van de Poppe had previously mentioned that the bull run will continue once the flagship crypto is back above this price level. Crypto analyst Crypto Kaleo had also recently advised market participants not to get shaken out. He stated that the market is still heading “way higher” and that a little more patience is needed before the “fun really starts.” “Huge” Altcoin Season Is Brewing Crypto analyst Mkybull Crypto stated in an X post that a huge altcoin season is brewing. He claimed that this cycle might be similar to the explosive altcoin season rally in 2017, as altcoins’ current price action shares a similar price action to that period. Mikyull Crypto added that the fakeout made many believe the altcoin season for this cycle had been written off but suggested that isn’t the case, as something similar happened in the 2016 post-halving cycle. Related Reading: CBOE Global Markets Lists Spot Ethereum ETFs, Confirms Launch Date Interstingly, Capo stated that he is most bullish on altcoins. He alluded to the Spot Ethereum ETFs, which are expected to begin trading this week. Crypto analysts predict that these funds could spark a massive rally for Ethereum and altcoins, by extension, which could help usher in the altcoin season as they outperform Bitcoin. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin adds a Chinese rate cut to its existing bag of bullish BTC price events as bulls stare down final resistance.
Spot Bitcoin ETFs have achieved yet another milestone, recording a total of 900,000 BTC since its launch. This historic milestone occurs amidst the substantial wave of BTC accumulation in July. Spot Bitcoin ETFs Holdings Surpass 900,000 BTC Spot Bitcoin ETFs have accomplished an unprecedented feat, as the United States BTC ETF holdings have now surpassed […]
As the Bitcoin 2024 conference in Nashville draws near, scheduled for July 25-27, the BTC community braces for what could be a pivotal moment in Bitcoin’s history. The event is attracting unprecedented attention, possibly set to surpass the landmark announcement in 2021 by Jack Mallers that El Salvador would adopt Bitcoin as legal tender. The anticipation around the conference has been significantly amplified by the scheduled appearance of Donald Trump, the leading US presidential candidate. Rumors that began circulating last week have suggested that Trump might endorse Bitcoin as a potential reserve asset should he win the presidential election in November. These speculations were further fueled by Dennis Porter, founder of the regulatory advocacy group Satoshi Act Fund, who posted on social media platform X about an unconfirmed leak claiming that Trump plans to “announce a USA bitcoin strategic reserve in Nashville,” citing sources wishing to remain anonymous. Bitcoin Could See A “$100,000 Trinity Candle” Amidst this backdrop, Dan Ripoll, a former managing director at financial service company Swan and now a professional trader, outlined a bold scenario that could potentially more than double Bitcoin’s price instantly if Trump’s plans come to fruition. Speaking on X, Ripoll described the possibility as “one of the most gangster moves” Trump could make. Related Reading: Here Are 5 Reasons To Be Bullish On Bitcoin, Analyst Says His hypothetical involves Trump announcing at the conference that he has significantly invested in Bitcoin and plans to integrate it into the US Strategic Reserve. “Get balls long BTC (as in thousands of coins) going into the Bitcoin Conference next week. Announce plans to put BTC in the US Strategic Reserve. BTC goes vertical with a $100,000 Trinity Candle. Trump quintuples his net worth overnight. He never sells,” Ripoll theorized. According to him, such an action would not only enhance Trump’s net worth but also be positive for BTC hodlers if he keeps his promise. “Then, he should actually follow through with that promise and start accumulating BTC once in office. Everyone wins. Gensler comes after Trump for market manipulation. Trump to Gensler: “You’re Fired”, Ripoll added. Ripoll also suggested that the Democratic Party could potentially undercut Trump’s impact by adopting a pro-Bitcoin stance before the elections, though he expressed skepticism about their willingness to make such a move. Ripoll stated: “The Democrats could steal his thunder by coming out in favor of BTC before the election. But they won’t do it. It makes one question, how badly to the Dems want to win this thing?” Reactions From The BTC Community The reactions within the Bitcoin community to this speculative scenario has been mixed. Eugene Gant expressed skepticism about the broader implications of linking Bitcoin with potential political maneuvers, questioning the ethicality of leveraging a public position for personal financial gain through cryptocurrency. Ripoll responded by emphasizing the broader benefits if America adopts Bitcoin as a reserve asset, suggesting that tying the dollar to “hard money” could stabilize the currency and benefit holders of Bitcoin. Related Reading: Bitcoin Option Traders Are Betting On A Price Breakout Ahead Of US Elections: QCP Capital Another community member, Steve, voiced concerns that Trump’s history of promoting and then divesting personal ventures could indicate a similar strategy with Bitcoin—buying low, pumping the price, and then selling high. Ripoll countered by noting the common trajectory from skepticism to support within the Bitcoin community, suggesting it wouldn’t be surprising if Trump had genuinely shifted his stance. The expert concluded: “Everyone who is a bitcoin maximalist started off as a bitcoin skeptic. Every single one of us. It would not be surprising to see that he actually learned about it and changed his tune. That is the path.” The anticipation for the Bitcoin 2024 conference featuring Trump is clearly visible in the BTC price action over the past days. At press time, BTC traded at $67,373, up more than 24% in the past two weeks. Featured image created with DALL.E, chart from TradingView.com
The State of Saxony, gripped by fears of a sudden Bitcoin price crash, hastily ordered the sale of its 50,000 BTC stash.
Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term. He made this assertion based on his belief that the Spot Ethereum ETFs will not instantly have the impact that many expect it to have on ETH’s price. Bitcoin Will Continue To Outperform Ethereum For Now Crypto […]
The price of Bitcoin has been on a tear over the past seven days, returning between the $61,000 and $67,000 zone where it spent most of the second quarter. This positive run of form comes despite the FUD (fear, uncertainty, and doubt) due to speculations about Mt. Gox’s customer repayment. Interestingly, recent trading data have led QCP Capital, a prominent trading data, to suggest that Bitcoin might only be warming up for an even bigger price rally. According to the company’s analysts, the premier cryptocurrency looks primed for significant price growth ahead of the United States elections. BTC Price To Reach $100,000 By Year End? Unsurprisingly, the climb of the Bitcoin price from beneath $60,000 to as high as $67,000 in the past week has been one of the hottest topics of discussion amongst investors. Analysts at QCP Capital are amongst the latest set of experts to weigh in on the recent price action of the market leader. Related Reading: Buying ‘Ethereum Beta’ Altcoins Is A Recipe For Disaster, Researcher Finds According to the QCP analysts, the resilient upward movement of the BTC price reflects how the market may have “shaken off” most of its concerns. As a result, the flagship cryptocurrency may be preparing to continue its bull run, having spent the better parts of the last quarter in consolidation. The QCP analysts pointed out in the report that the perpetual funding rate is back to a neutral position, signaling a balanced sentiment amongst traders. For context, the funding rate refers to a periodic payment exchanged between buyers and sellers in perpetual futures contracts. What’s more, QCP capital noted that the Bitcoin spot market could persist within the $61,000 – $67,000 range in the short term, especially with traders holding substantial long positions at the July 26 $67,000 strike. Ultimately, investors appear to be betting big on a price upswing ahead of the United States elections. Additionally, there has been steady and significant institutional interest in December $100,000 calls. This suggests an increasing confidence in the potential of a year-end rally for Bitcoin, especially with the rising odds of a Donald Trump victory in the upcoming elections. It is worth mentioning that the price of Bitcoin spiked following the assassination attempt on the former United States president. This price movement was linked to the increased odds of a win for Donald Trump, who has been a vocal supporter of the premier cryptocurrency in recent months. Bitcoin Price At A Glance As of this writing, the price of Bitcoin continues to hover around $66,660, reflecting an over 5% increase in the past day. According to CoinGecko data, BTC is up by more than 16% in the past week. Related Reading: Injective (INJ) Breaches Key Resistance, Setting Stage For 1,350% Boom — Analyst Featured image from iStock, chart from TradingView
The Bitcoin price has quickly recovered from its recent dip to a six-month low of $53,500 on July 5th, reclaiming the $66,000 level and setting its sights on retesting its all-time high of $73,700 reached in March. This resurgence comes as major airlines, medical facilities, corporations, and police forces worldwide grapple with a massive information technology (IT) disruption affecting Microsoft’s cloud computing services. Bitcoin Price Unaffected By Global IT Outage Cybersecurity firm CrowdStrike shed light on the cause of the outages, attributing them to a “routine software update” that went wrong. To reassure the public, CrowdStrike emphasized that the incident was not a security breach or cyberattack. The company then quickly issued a new software update that automatically repaired some affected computers. However, some systems required manual reboots and patching, resulting in significant delays. Related Reading: ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What’s Going On? Microsoft, on its part, announced the recovery of its 365 apps and services late Friday morning, though some individual customers may still experience residual impact. Interestingly, amid the chaos caused by the IT outage, cryptocurrency prices remained unaffected, capturing the attention of US Senator Cynthia Lummis. Known for her pro-crypto and Bitcoin stance, Senator Lummis took to social media platform X (formerly Twitter) to highlight the resilience of the Bitcoin price amid widespread cyber outages, stating: “Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin. Vires in Numeris.” Meanwhile, speculation surrounding Bitcoin’s potential as a strategic reserve asset for the United States has been intensifying. Anticipation has been further fueled by the upcoming appearance of former US President Donald Trump in Nashville on July 27, who some predict will announce the largest cryptocurrency on the market as a key to the US economy, potentially providing a massive boost to the Bitcoin price. Sell Signal Emerges As the Bitcoin price continues its recovery, crypto analyst Ali Martinez has detected a significant development on the Bitcoin daily chart as the TD Sequential indicator has generated a sell signal. However, the analyst noted that the signal can be invalidated if Bitcoin manages to close above the crucial threshold of $67,500. The cryptocurrency’s current price stands at $66,666, reflecting a 5% increase within the past 24 hours and an impressive surge of over 16% in the past week alone. Sustaining a close above the level identified by Martinez becomes paramount to avoid a potential correction on its path towards the highly anticipated $70,000 milestone. Related Reading: Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000? While Bitcoin’s upward trajectory is strong, it may encounter resistance at various price levels before reaching its target noted by bearish thresholds at $67,600, $68,380, and $69,700, which could pose challenges to Bitcoin’s price rise. Conversely, Bitcoin can find support from its 200-day exponential moving average (EMA), currently positioned at $62,600, which represents a long-term trend indicator, often regarded as a robust support level. Featured image from DALL-E, chart from TradingView.com
Bitcoin’s price surged to a new one-month high near $67,000 as a variety of bullish factors converged to push cryptocurrencies higher.
Bitcoin’s price surged to a new one-month high near $67,000 as a variety of bullish factors converged to push cryptocurrencies higher.
MAGA is painting a classic bullish reversal pattern right ahead of Donald Trump's keynote at the upcoming Bitcoin 2024 conference in Nashville.
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
The recent remarks by leading US presidential candidate Donald Trump regarding Bitcoin’s potential role as a strategic reserve asset for the United States have ignited substantial discussions among policymakers, legal experts, and financial analysts. While Forbes reported on the potential move, it is David Bailey, CEO of Bitcoin Magazine and advisor to the Trump campaign, […]
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 […]
Bitcoin ETF issuer VanEck has teamed up with asset manager Inter Invest to launch the first-ever offering of Bitcoin exposure within French retirement savings plans. The initiative is facilitated by VanEck’s VBTC Bitcoin ETF, which was also recently launched on Australia’s leading exchange. With a total value of $407 million, the VBTC ETF aims to […]
Bitcoin price displayed surprising strength after various market participants absorbed over 48,000 BTC that the German government sold.
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 […]
Traders ignored the news that Mt. Gox transferred billions of dollars in BTC and instead focused on pushing Bitcoin price above $65,000.
BTC price attempts to stabilize as traders warn of a possible return below Bitcoin buy support at $60,000.
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
BTC price gains since the weekend have transformed market sentiment, but not all Bitcoin traders think the good times will return so easily.
According to the latest on-chain observation, the Bitcoin traders’ realized losses have reached a level that has proven critical to the coin’s movement multiple times in recent years. This begs the question — is the Bitcoin price bottoming out? Traders’ Realized Losses Below -12 Again — What Happened Last Time? In a recent post on […]
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 […]
Bitcoin’s price could be on track to begin the reaccumulation phase as the German government is down to its last few thousand BTC.