Bitcoin is beginning to show signs of a potential upward trend as several on-chain metrics are turning positive. These metrics, which often serve as indicators of future price movements, paint a picture of growing optimism in the market. One of the key indicators supporting this positive outlook is the exchange inflow/outflow data, which reveals a […]
Anthony Scaramucci, Founder and Managing Partner at Skybridge Capital, a global investment firm, has asserted that Bitcoin (BTC) is not a reliable store of value. Known for his support for BTC and candid financial analyses, Scaramucci has provided a reason for this belief. Why Bitcoin Falls Short As A Store Of Value Claim In an […]
On-chain data shows the OTC desks that Bitcoin miners like to use have seen their balance shoot up, a sign that historically been bearish. Bitcoin Miners Have Been Depositing Big To OTC Desks Recently As pointed out by an analyst in a CryptoQuant Quicktake post, BTC miners have been sending coins to over-the-counter (OTC) desks […]
Bitcoin price remains steady above the $60,000 zone. BTC is now consolidating gains, and the bulls could aim for a move above the $62,000 resistance zone. Bitcoin started a consolidation phase above the $60,000 zone. The price is trading above $59,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $59,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might attempt a fresh increase if it clears the $61,500 resistance zone. Bitcoin Price Holds Gains Bitcoin price remained stable above the $58,500 pivot level. BTC formed a base and started a steady increase above the $60,000 resistance zone. The price climbed above the $60,200 and $60,500 resistance levels. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low. The current price action is positive and seems like the bulls could aim for more gains above the $60,800 resistance zone. Bitcoin is now trading above $60,200 and the 100 hourly Simple moving average. The price is now consolidating near the 50% Fib retracement level of the downward move from the $61,800 swing high to the $59,805 low. On the upside, the price could face resistance near the $60,800 level. The first key resistance is near the $61,800 level. A clear move above the $61,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $62,000. A close above the $62,000 resistance might spark more upsides. In the stated case, the price could rise and test the $63,500 resistance. Another Decline In BTC? If Bitcoin fails to rise above the $61,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,200 level. The first major support is $59,800. The next support is now near the $58,500 zone. Any more losses might send the price toward the $58,000 support zone or even $57,500 in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $60,200, followed by $59,800. Major Resistance Levels – $60,800, and $61,800.
Over the years, the Bitcoin price has been through multiple bull and bear cycles, and with the cycles have come a rather consistent trend. As a result, crypto analyst will often use the historical performance of the coin to determine what might happen next. This time around, market expert PlanB has pointed to previous cycle performances that paint a bullish picture for Bitcoin going forward. Bitcoin Could Rise 1,000% In a post on X (formerly Twitter), crypto analyst PlanB proposed that the Bitcoin bull run is far from over. The crypto analyst points to previous cycles and how the Bitcoin price has performed to come to this conclusion. This comes with an initial leg up before a drawdown and then followed by an even larger run. Related Reading: Cardano Kicked Out Of Top 10 Crypto By Market Cap, What’s Going On? The analysis takes a look at the last two bull cycles with similarities that have played out both times. In the 2017 bull run, the Bitcoin price had seen an initial 4x increase before slowing down. While the slowdown looked to be the end of the bull market, it was only a short stop. What followed was a 10x market rally that sent the BTC price to new all-time highs. In the next bull cycle, which occurred between 2020 and 2021, the Bitcoin price would put on a similar play. There was an initial 4x increase that ended in 2020. This was followed by a slowdown before another rise. By the time the bull cycle was done, the BTC price had completed a 7x increase. Bitcoin increased 4x from the bottom in 2022 to now. Historically 7-10x follows from here. What do you think bitcoin will do next 12 months? pic.twitter.com/WtyO0u5RHn — PlanB (@100trillionUSD) August 21, 2024 Taking this into account and the fact that the current cycle is still following this trend, PlanB believes it’ll play out similarly. The crypto analyst points out that the Bitcoin price has already completed the first phase of this trend after rising 4x since 2022. If this trend plays out, then the BTC price could be headed for between a 700% and 1,000% price increase from here. Even if the BTC price were to see a diminished return like it did between the last two cycles, a continuation of the trend would still ensure a between 300% and 400% increase from here. Either way, it would mean that Bitcoin will eventually break the coveted $100,000 price target. How High Would A 1,000% Rally Be? Going by PlanB’s prediction, if the Bitcoin price were to finish in the bottom of the range with a 700% increase, then the price would be looking at at least $400,000 by the time the bull market is over. If it goes through to the top of the range with 1,000%, it would reach above $550,000. Related Reading: Dogecoin Faces Supply Squeeze: What This Means For Price Currently, the Bitcoin price is still trending at $59,000, which suggests a slowdown. If the timeline in the post is to be followed, then the BTC price would be at six figures less than a year from now. Featured image created with Dall.E, chart from Tradingview.com
A crypto analyst has emphasized the need to stay invested in Bitcoin (BTC), forecasting a significant breakout to the upside. Despite BTC’s previous price crash and market volatility, the analyst has remained bullish on the cryptocurrency’s future outlook. Bitcoin Bullish Surge Incoming In an X (formerly Twitter) post on August 20, a crypto analyst identified […]
A recent research report by the onchain analytics platform Cryptoquant noted that the demand for Bitcoin (BTC) has dropped into negative territory. The platform also highlighted the unwavering conviction among long-term holders, which is undoubtedly a positive for the flagship crypto. Bitcoin’s Demand On The Decline Cryptoquant stated that the demand for the flagship crypto […]
For young people especially, crypto has grown to be a hot button topic in the 2024 US election. Frustrated with the conventional financial system and seeking candidates to push their interest in digital finance solutions and digital currencies, Gen Z and Millennials today account for 40% of the vote, according a recent Coinbase survey. Related […]
On-chain data shows a Bitcoin wallet has suddenly moved coins dormant for 10.8 years. Here’s how much profit it made on its investment. Bitcoin Wallet With 24 BTC In Balance Has Come Alive After 10.8 Years According to data from the cryptocurrency transaction tracker service Whale Alert, a BTC address has just moved out coins […]
While crypto has been at the eye of the storm in the race for the White House, a notable absence in the recent unveiling of the Democratic Party’s latest platform ahead of the Democratic National Convention has discouraged the industry. The document, unveiled amidst heightened anticipation, notably overlooks any mention of Bitcoin or digital assets, […]
The historical Spot Bitcoin Exchange-Traded Funds (ETFs) have been a pivotal advancement for the entire cryptocurrency sector, attracting retail and institutional investors. Recent data shows that the institutional investors of the products have witnessed a notable surge as BTC continues to hold steady. Spot Bitcoin ETFs Institution Ownership Upswing In a recent X (formerly Twitter) […]
Bitcoin price started a fresh decline from the $60,000 resistance zone. BTC is now moving lower and might test the $57,650 support zone. Bitcoin started a fresh decline from the $60,000 resistance zone. The price is trading below $58,800 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support at $59,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might attempt a fresh increase if it stays above the $57,650 zone. Bitcoin Price Dips Again Bitcoin price struggled to settle above the $60,000 resistance zone. BTC formed a top near the $60,200 level before the price started a fresh decline. There was a move below the $58,500 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $56,117 swing low to the $60,210 high. Besides, there was a break below a key bullish trend line with support at $59,700 on the hourly chart of the BTC/USD pair. The pair retested the $58,000 support zone. Bitcoin price is now trading below $59,000 and the 100 hourly Simple moving average. However, the price is still above the 50% Fib retracement level of the upward move from the $56,117 swing low to the $60,210 high. On the upside, the price could face resistance near the $58,800 level. The first key resistance is near the $59,500 level. A clear move above the $59,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $60,000. A close above the $60,000 resistance might spark more upsides. In the stated case, the price could rise and test the $61,500 resistance. More Losses In BTC? If Bitcoin fails to rise above the $58,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level. The first major support is $57,650. The next support is now near the $57,000 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $58,000, followed by $57,650. Major Resistance Levels – $58,800, and $59,500.
Nasdaq and NYSE have reportedly shelved plans on Bitcoin ETF options, proving a massive dampener for all those investors looking for more accessible cryptocurrency trading. This comes in as both the exchanges have called back their applications meant to list and trade options based on Bitcoin ETFs. In a move that we could say is […]
The Head of Research at the on-chain analytics firm CryptoQuant has explained why Bitcoin may be at risk of seeing a further drawdown. Bitcoin Is Still On Verge Of Bear Market In This Indicator In a new post on X, CryptoQuant Head of Research Julio Moreno has discussed the latest trend in the Bitcoin Bull-Bear Market Cycle Indicator. The “Bull-Bear Market Cycle Indicator” from CryptoQuant is an indicator based on the P&L Index. The P&L Index combines a few popular BTC metrics related to profit and loss, so it sums up the market balance in one value. This indicator can ascertain whether the asset is going through a bullish or bearish period by comparing it against its 365-day moving average (MA). Related Reading: Bitcoin Observes Pullback To $58,000: Is This The Cause? When the cryptocurrency breaks above its 365-day MA, it can be assumed to be inside a bull market. Similarly, falling under this MA implies a transition toward a bear market. The Bull-Bear Market Cycle Indicator, the actual metric of focus here, exists to make this pattern easier to follow; it keeps track of the distance between the P&L Index and its 365-day MA. Now, here is a chart that shows the trend in the Bitcoin Bull-Bear Market Cycle Indicator over the past couple of years: As displayed in the above graph, the Bitcoin Bull-Bear Market Cycle indicator had reached extreme values during the price all-time high (ATH) earlier in the year (colored in red). At these levels, the P&L Index has quite the gap over its 365-day MA, so the cryptocurrency’s bull rally has become overheated. The graph shows that the metric also gave this signal on a few other occasions during the past two years, and each time, the asset’s price reached the top. However, these previous tops weren’t enough to hold the market back in the long term, as the Bull-Bear Market Cycle Indicator continued to maintain inside the bull territory (shaded in orange), where the P&L Index is above its 365-day MA. Related Reading: This Is The On-Chain Level That Made The Bitcoin Crash Bottom However, bull market momentum has finally shown signs of running out, with the indicator even briefly plunging into the bear territory (light blue) during the recent price crash. While the metric has recovered back into the bull region with the surge that BTC’s price has observed, it’s still very close to the neutral mark, meaning it can potentially sink back into the bearish zone shortly. Based on this trend, Moreno notes that BTC could still risk seeing a further correction. BTC Price Bitcoin has seen its recovery stall recently, as its price is still trading around the $58,500 mark. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
A crypto analyst has unveiled a new bearish death cross for Bitcoin (BTC), the world’s largest cryptocurrency. According to the analyst, Bitcoin is at risk of further price stalls before any potential upward movement. Bitcoin Prints Another Bearish Death Cross In an X (formerly Twitter) post on August 15, a crypto analyst identified as ‘Mags,’ shed light on Bitcoin’s recent price movements, emphasizing key pattern formations and the cryptocurrency’s future outlook. Sharing a chart illustrating Bitcoin’s price action from October 2023 to August 2024, Mags observed that BTC has printed a bearish death cross on the daily chart, where the 50-day Moving Average (50 MA) crosses below the 200-day Moving Average (200 MA). Related Reading: XRP Price Prediction: Analyst Says God Candle Will Send Price To $57 The analyst indicated that the formation of this death cross signals a potential short-term weakness in the Bitcoin market. Generally, a death cross pattern in a cryptocurrency’s chart suggests the probability of further bearish momentum and price declines. According to Mags, Bitcoin’s recent bearish cross is the second death cross the cryptocurrency has formed since its price bottom at $15,500. He revealed that the previous bearish cross had occurred in September 2023, when Bitcoin was trading at $25,000, representing less than half of its current price. Following the 2023 bearish cross, Bitcoin traded sideways for several weeks, marked by considerable market volatility. However, the cryptocurrency’s price eventually regained momentum and reclaimed the moving averages. This led to a bullish cross, where 50 MA surpassed the 200 MA, triggering a strong upside rally. Mags suggests that Bitcoin is currently replicating the same death cross pattern observed in previous trends. He predicts that the pioneer cryptocurrency will experience a few weeks of “choppy price action,” followed by a bullish confirmation if it succeeds in reclaiming the moving averages. The analyst further anticipates a significant bullish cross, potentially leading to a strong rally for Bitcoin. Bullish Rise To $143,000? In another X post, a crypto analyst identified as ‘Milkybull Crypto,’ shared a more optimistic price forecast for Bitcoin. By referencing a price chart that tracks Bitcoin’s movement from 2022 to the end of 2024, the analyst drew a parallel between the cryptocurrency’s current market situation and certain events that occurred in 2023. According to Milkybull Crypto, many analysts had predicted a significant Bitcoin crash to $10,000 in 2023. However, the market defied these bearish expectations with an unexpected upward momentum. Related Reading: Prepare For Impact: Shiba Inu Whales Increase Their Holdings By 600% In A Single Day The crypto analyst has disclosed that a similar situation was presently unfolding in the market, with most analysts calling for a Bitcoin cycle top. He expects that in the fourth quarter (Q4) of 2024, Bitcoin will exceed all predictions, rising towards $95,000, before experiencing a massive surge to $145,000. As of the latest update, the price of Bitcoin is trading below the $59,000 mark. CoinMarketCap reports that the cryptocurrency had experienced a 4.32% decline over the past week which had pushed it to a current price to $58,484. Featured image created with Dall.E, chart from Tradingview.com
The United States (US) government has recently moved a whopping 10,000 Bitcoin (BTC) seized from Silk Road, a notorious online black market platform. Over the years, the government has executed multiple large-scale Bitcoin transfers, strategically relocating these assets to new wallets or different exchanges. US Government Moves 10,000 BTC To Coinbase Prime In an X […]
Bitcoin has observed a pullback down to the $58,000 level during the past day. Here’s what could be the cause behind it, according to on-chain data. Exchanges Have Seen A Large Amount Of Tether Withdrawals Recently According to data from the market intelligence platform IntoTheBlock, centralized exchanges have recently seen a Tether (USDT) outflow spree exceeding $1 billion. Related Reading: This Is The On-Chain Level That Made The Bitcoin Crash Bottom Investors usually keep their coins in exchanges when they want to trade them in the near future, so them making the move to withdraw their tokens potentially implies that they are interested in holding into the long-term. For volatile assets like Bitcoin, exchange outflows can naturally be a bullish sign for this reason. In the context of the current topic, though, the asset being withdrawn is a stablecoin, so the implication for the market is a bit different. Generally, investors store their capital in the form of fiat-tied tokens like Tether when they want to escape the volatility associated with coins like BTC. Such holders do eventually plan to venture back into the other side of the market and they may use exchanges for doing so. When holders buy into assets like Bitcoin using their stablecoin, they naturally end up boosting their prices. As such, exchange inflows of stables can be a bullish sign for the sector. Withdrawals of USDT and others into self-custody instead, however, can be a bearish sign for the market, as it shows the investors don’t believe they would be making a swap into the volatile side in the near future. The latest Tether withdrawals may, therefore, be why the Bitcoin price has tumbled. This USDT exiting exchanges could even have represented fresh BTC sells, as many investors like to move into self-custody as soon as they have swapped between assets. As IntoTheBlock has pointed out in the chart, the last two large USDT exchange outflows also had a bearish effect on BTC. In some other news, the cryptocurrency derivatives market as a whole has seen a large amount of liquidations as a result of the volatility that Bitcoin and other coins have displayed during the past day. Below is a table from CoinGlass that sums up the liquidations that have occurred in the latest volatile market phase. As is visible above, around $146 million in cryptocurrency liquidations have occurred over the past day, with $120 million coming from the long contracts alone, representing more than 80% of the total. Related Reading: Bitcoin ETFs Are “Important, But Not The Drivers,” On-Chain Analyst Argues Interestingly, Ethereum (ETH) is the symbol that has contributed the most towards this derivatives flush and not Bitcoin like is usually the case. That said, ETH has only $6 million more liquidations than BTC. BTC Price At the time of writing, Bitcoin is trading around $58,800, down 4% over the last 24 hours. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
With Bitcoin consolidating between the $58,000 and $61,000 price level, cryptocurrency analyst and trader, Bob Loukas in a cautionary statement, has forewarned investors that the price stasis of the crypto asset is likely to remain, noting that no notable rally will take place before the middle of September. Loukas popular for his unbiased assessment of […]
As Bitcoin adoption continues to gain momentum globally among countries and traditional financial (TradFi) institutions, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has emerged as a stealth holder of the largest cryptocurrency on the market. Unexpected Bitcoin Whale? According to a recent analysis by K33 Research analyst Vetle Lunde, NBIM, which manages the […]
In a recent report, crypto research firm Kaiko drew the crypto community’s attention to the Bitcoin liquidity crisis. The firm added that this issue has been amplified since the launch of the US Spot Bitcoin ETFs. BTC’s Liquidity Fragmentation Kaiko analysts noted in the report that liquidity fragmentation continues to persist for the flagship crypto, […]
Bitcoin has not been in the $20,000 range going on two years now and some believe that the pioneer cryptocurrency will never revisit this level again. However, according to one analyst, the Bitcoin price falling back to $20,000 is a matter of when, not if. While they do not expect that this crash will happen anytime soon, they have warned that the possibility should not be ruled out at this point. Bitcoin Price Could Go For $20,000 Crypto analyst “Without Worries”, in a new analysis on the TradingView website, has outlined the possibility for the Bitcoin price to crash to $20,000 once again. The analysis focuses on the Bitcoin price on the 3-week chart, which showed some interesting insights into the movement of the digital asset. Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here’s When According to the crypto analyst, there are some important events that have taken place, giving birth to the expectation that this will happen. One of these has to do with the Stochastics RSI that has made some notable moves. As the crypto analyst points out, the Stochastic RSI had moved above 80 and then eventually crossed back down to 50. This move in the Stochastic RSI, which happens to be one of the most important indicators of bull and bear cycles, shows resistance is building. At this point, the analyst advises investors to watch out for confirmation of resistance that could signal the start of the downtrend. Looking back, the crypto analyst revealed that resistance had previously appeared back in 2018 and 2019. What followed was a downtrend. Then again, in 2021, the resistance appeared, and each time, there was an average 70% decline following the resistance. If this resistance were to reappear, then historical performance would suggest that the Bitcoin price would follow the same trend. In that case, a 70% decline from the current all-time high price would mean that the BTC price does return to the $20,000 level once again. However, this is months away from playing out, according to the analyst. Will BTC Rally Into 2025? Touching on the topic of the Bitcoin bull run continuing into the year 2025, the crypto analyst does not believe this is possible. He believes that with so many calls for the pioneer cryptocurrency to reach new peaks, it is not going to happen. Related Reading: Ethereum Price Ready For 75% Breakout To $4,723, Here’s Why However, the analyst does not believe that the market has topped at this point. They point out that the market is still in fear, which is not an ideal time for the market to reach its top. Instead, the top will come when the market is in euphoria. “When this RSI resistance confirms, there will be no long opportunities in the market until 2027 at the earliest,” the analyst said in closing. Featured image created with Dall.E, chart from Tradingview.com
On-chain data suggests that Bitcoin miners would be under pressure right now as the price is quite close to the baseline for these chain validators. Bitcoin Difficulty Regression Model Puts Mining Cost At $57,200 In a new post on X, analyst Checkmate talked about the current situation of Bitcoin miners. The analyst referred to the […]
On-chain data shows the Bitcoin whale entities have sold approximately $588 million in the cryptocurrency during the past week. Bitcoin Whales Have Made Large Selling Moves Recently As pointed out by analyst Ali Martinez in a new post on X, the BTC whales have sold around 10,000 BTC over the last seven days. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which tells us about the total amount of Bitcoin that a given wallet group currently holds. Related Reading: Only 66% Of Ethereum Holders In Profit Despite 21% Price Jump The addresses or investors are divided into these cohorts based on the number of tokens that they are carrying in their balance right now. A holder with 5 BTC, for instance, is put inside the 1 to 10 coins group. In the context of the current topic, the whale cohort is of interest, which typically includes the addresses holding between 1,000 and 10,000 coins. At the current exchange rate, this range converts to $58.8 million at the lower end and $588 million at the upper one. Clearly, the investors belonging to the group would be among the largest in the market, so the cohort can be considered to have some influence. As such, the behavior of the whales can be worth keeping an eye on. Now, here is a chart that shows the trend in the Supply Distribution for this Bitcoin group over the past few months: As displayed in the above graph, the Bitcoin supply held by the whales has observed a significant decline recently. More specifically, the investors belonging to the cohort have removed a combined 10,000 BTC from their wallets during this selloff, worth about $588 million right now. From the chart, it’s visible that the sharpest selling came during the crash that BTC saw earlier, but these whales have also offloaded significant amounts in the recovery rally that has occurred over the last few days. So far, the Supply Distribution of the cohort has shown no signs of a reversal, so it’s possible that the whales are still in net selling mode. Naturally, this could slow down the asset’s recovery efforts. Nothing is set in stone, though, so the indicator could be used to monitor the coming days to see which direction these humongous investors really take. A net accumulation spree would suggest a renewal of confidence among the large hands and could pave the way for a further rise in the Bitcoin price. Related Reading: Bitcoin Investors Again Show Extreme Fear As BTC Slips To $59,000 In some other news, BTC has been forming a symmetrical triangle pattern recently and is closing in on its apex, as the analyst has explained in another X post. “Bitcoin is showing a symmetrical triangle on the lower time frames,” notes Martinez. “A sustained close outside the $59,000 – $59,530 range could trigger a 4.80% move for BTC.” BTC Price Bitcoin has struggled to put together bullish momentum in the last couple of days as its price has slumped to $58,800. Featured image from Dall-E, Santiment.net, charts from TradingView.com
A crypto analyst has unveiled a highly optimistic forecast for Bitcoin (BTC), suggesting that the end of the supposed Bitcoin bear trap could propel the price of the cryptocurrency to new highs, potentially reaching $72,000. Bitcoin Set To Hit $72,000 In a recent X (formerly Twitter) post, a crypto analyst identified as ‘Sensei’ has predicted that Bitcoin will surge to $72,000 soon. The analyst shared a price chart highlighting two parallel trend lines that trace Bitcoin’s recent price movements. Related Reading: Analyst Says Dogecoin Price Will Surge 2,500% To $2.55, Here’s When The analyst rooted his optimistic projections in the potential for a bullish surge in Bitcoin following the recent market bear trap. Given Bitcoin’s earlier crash of over 20%, many analysts, including Sensei, have speculated that this sharp drop might actually be a bear trap. The crypto analyst indicated in another X post that Bitcoin was moving past this supposed bear trap, suggesting that the cryptocurrency could reach the $72,000 target once the bear trap concludes. Furthermore, Sensei disclosed that Bitcoin was 24% from reaching a new all time high this bullish cycle. This implies that the pioneer cryptocurrency was on the path to surpass its March’s all time high which saw its price skyrocketing by more than $73,000. In his daily posts on X, the analyst shows unwavering support for Bitcoin, persistently urging investors to HODL their cryptocurrencies in preparation for a potential bullish surge. He predicts that the biggest bull run will start following Bitcoin’s breakout between the price of $70,000 and $78,000. Additionally, he has provided a potential timeline for this substantial bull run, forecasting that the Bitcoin bull run might commence by the end of August 2024. While $72,000 may be a short term price target for Bitcoin, Sensei remains highly bullish on the cryptocurrency’s long term future outlook, anticipating a substantial rise to $150,000. Despite hopes of a price recovery and subsequent bullish rally, Bitcoin has dropped below $60,000, according to CoinMarketCap. As of writing, the cryptocurrency is trading at $58,773, recording a significant 4.11% decrease in the last 24 hours. Analysts Stay Positive On BTC’s Future Outlook In the face of price declines and large-scale market liquidations, analysts maintain a positive outlook for Bitcoin’s price, predicting massive uptrends once the market downturn subsides. Related Reading: Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The ‘Clear Winner’ Popular crypto analyst, Michael van de Poppe expects Bitcoin to experience a major bullish breakout following a period of consolidation. The analyst indicated that the market could be on the cusp of a significant Bitcoin bull run, potentially propelling its price above $250,000. Sharing a similar sentiment, a crypto analyst identified as ‘Milkybull Crypto’ noted that Bitcoin’s price was gaining strength following its higher low on a 3-day chart. The analyst has projected that the cryptocurrency is poised to witness a short term price consolidation before experiencing an upward movement. Featured image created with Dall.E, chart from Tradingview.com
As negative market sentiment continues to weigh heavily on Bitcoin, popular crypto analyst and enthusiast Stockmoney Lizards voiced his insights on this pessimistic view, providing key objectives to look out for in these turbulent times. These propositions aim to recuperate investors’ resiliency and focus despite growing uncertainty due to market instability and unfavorable trends. 5 […]
The crypto market is not where it should be right now, at least in terms of prices – altcoins specifically – that some investors believe should be up, as always. Altcoins, otherwise known as any digital assets excluding Bitcoin, plummeted to new lows against Bitcoin last week. This decline is steep and has been gaining […]
After Bitcoin‘s recent price recovery from a major downswing last week triggered by a broader market decline, investors and traders have been speculating on the crypto asset’s performance in the short and long term. However, cryptocurrency analyst and trader, Mags, delving into the current price rebound has disclosed that BTC’s price in the long term […]
On Monday, Bitcoin, the largest cryptocurrency asset, suffered a major decline, which saw its price dropping as low as $49,000 due to a broader market decline triggered by Japan’s stock market downswing. However, following the black Monday event, the crypto asset has recovered strongly, surpassing major assets in the world like the Nasdaq Stock, as […]
Not many in the industry anticipated the Bitcoin crash last week or how far it will eventually go. However, crypto analyst Ali Martinez is one of the analysts who expected another crash, and had seemingly managed to predict where the price would eventually bottom. Following his correct prediction, Martinez has now revealed where he expects […]
On-chain data shows that the Bitcoin Network Value to Transactions (NVT) Golden Cross has dipped into the bottom region, which may be bullish for the asset’s price. Bitcoin NVT Golden Cross Has Seen A Sharp Decline Recently As an analyst in a CryptoQuant Quicktake post explained, the Bitcoin NVT Golden Cross is giving a bottom signal for the third time in 2024. The “NVT ratio” is an on-chain metric that keeps track of the ratio between the Bitcoin market cap and transaction volume. When the value of this metric is high, it means the asset’s value (that is, the market cap) is high when compared to the network’s ability to transact coins (the transaction volume). Such a trend could imply the BTC price is overvalued. Related Reading: XRP Sharks & Whales Push Bags To ATH As Price Rockets 19% On the other hand, the low indicator suggests the market cap is low compared to the transfer volume, so the cryptocurrency’s price could have room for growth. In the context of the current topic, a modified version of the NVT ratio is the actual indicator of relevance: the NVT Golden Cross. This metric compares the short-term trend of the metric with its long-term one to determine the appearances of local tops and bottoms in the NVT ratio. More particularly, the 10-day moving average (MA) stands for the short-term trend and the 30-day MA for the long-term. Now, here is a chart that shows the trend in the Bitcoin NVT Golden Cross over the over the past few months: In the graph, the quant has highlighted the two regions of the NVT Golden Cross that have historically been relevant for cryptocurrency. At values above 2.2, the asset can be assumed to be close to the top, as here, the short-term trend of the NVT ratio has significantly surpassed its long-term one. Similarly, the zone under -1.6 is where bottoms can probably form. From the chart, it’s visible that the indicator has observed a plunge recently as the Bitcoin price itself has crashed down. The metric has entered the latter region, suggesting that the coin may have become underpriced. This is the third time that the NVT Golden Cross has breached this territory this year, with the first instance occurring back in January, during the price drawdown that had followed the spot exchange-traded fund (ETF) approval. This period of the asset being undervalued was followed by a rally towards the new all-time high (ATH). Related Reading: Solana (SOL) Jumps 39% From Crash Low, But Is This Rally Sustainable? The second instance of the indicator entering the bottoming zone was last month, with the low paving the way for a rally toward $70,000. Given that both of these occurrences proved bullish for Bitcoin, it remains to be seen where this third one leads. BTC Price Bitcoin has furthered its recovery during the past day as its price has now broken back above the $58,200 mark. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com