A quant has pointed out that a popular on-chain indicator for Bitcoin gives the asset the green light to experience bullish price action. Bitcoin Puell Multiple Has Observed A Plunge Recently As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin Puell Multiple is currently in the “safe to buy zone.” The “Puell […]
A crypto analyst has predicted when Ethereum, the world’s second-largest cryptocurrency, will bottom against Bitcoin, however, under certain conditions. Analyst Predicts ETH/BTC Bottom Timeline In a recent X (formerly Twitter) post, crypto analyst and founder of ITC Crypto, Benjamin Cowen, shared his forecast regarding the Ethereum to Bitcoin price ratio, projecting the timeline for when ETH/BTC would hit its lowest value in the current market cycle. Sharing insights on the market conditions, Cowen noted striking similarities between the present market’s dynamics and the one seen in 2019. He disclosed that ETH/BTC’s recent bounce mirrored the market’s behavior in 2019, two months before the Federal Reserve (FED) cut down rates. Cowen predicts that the ETH/BTC ratio will reach the lowest point in its price cycle when the FED makes a significant change in its monetary policy, often referred to as a “pivot.” The crypto expert expects this pivot to occur in a few months, ultimately suggesting that Ethereum would bottom against Bitcoin in the coming months. His analysis is also based on the assumption that macroeconomic conditions and the FED’s monetary policies can significantly impact the cryptocurrency market. Sharing a price chart of Ethereum against Bitcoin in another post, Cowen projected that the ETH/BTC ratio will head towards a range of 0.03 and 0.04 by summer. Commenting on his prediction of ETH/BTC’s bottom, a crypto community member expressed skepticism about the FED’s likelihood of cutting down rates while inflation was still high. Cowen responded that the absence of a rate cut further reinforced his beliefs that the ETH/BTC ratio has not yet reached its lowest point. He suggests that unless inflationary pressures are addressed, the ETH/BTC ratio may continue on its downward trend. Crypto Expert Calls Ethereum A Higher Risk Asset In another post, Cowen referred to Ethereum as a higher-risk asset and Bitcoin as a lower-risk asset. The crypto analyst’s forecast on Ethereum against Bitcoin is underpinned by his interpretation of capital migration dynamics, suggesting that higher-risk assets typically depreciate relative to lower-risk assets. He highlighted the uncertainty surrounding the future market movements of ETH/BTC following the halving event. Cowen predicted that if ETH/BTC witnesses a “relief rebound” after the halving, then he expects a rejection by the bull market support band, particularly in the context of weekly closing prices, estimated to range between $0.053 to $0.054. While acknowledging his past successes in predicting ETH/BTC price movements, Cowen highlighted that his predictions remain speculative, stating, “Just because I have been right so far about ETH/BTC does not mean I will continue being right.” ETH bulls fail to hold $3,000 | Source: ETHUSDT on Tradingview.com Featured image from Finbold, chart from Tradingview.com
In a significant development within the cryptocurrency community, Roger Ver, an early investor in Bitcoin, has been indicted by the US Department of Justice (DOJ) on multiple charges, including mail fraud, tax evasion, and filing false tax returns. Related Reading: Binance Founder CZ’s Trial Begins Today: Lawyers Discuss Potential Prison Time Roger Ver’s Alleged Tax […]
American multinational investment bank and financial services company, Morgan Stanley has revealed intentions to add Spot Bitcoin Exchange Traded Funds (ETFs) into a selection of its institutionally focused funds. This strategic move potentially reflects Morgan Stanley’s intent to expand into the digital asset space while also capitalizing on the growing interest in digital assets. Morgan […]
An analyst has explained what path Bitcoin might need to follow to surge to a new all-time high (ATH) target of $92,190. Bitcoin Needs To Breach This Resistance Barrier To Rise To New ATH In a new thread on X, analyst Ali discussed whether the BTC price has hit the top. The one signal the analyst has pointed out that may point towards the top has been the massive scale of profit-taking that the market has seen recently. Related Reading: Bitcoin Dominance: Traders Preferring The OG To Dogecoin & Other Altcoins Ali is waiting for another confirmation before the top can be confirmed. In the scenario that the top gets validated, these are the targets the analyst has marked based on on-chain data. The distribution of UTXOs across the various price levels | Source: @ali_charts on X The above chart shows the Bitcoin UTXO Realized Price Distribution (URPD) data from Glassnode, which tells us how many coins were last bought at what price levels. Generally, the cost basis is an important level for any investor, so they are likely to show some reaction when a retest of it happens. This reaction is the largest when many investors share their cost basis around the same level. When this retest happens from above, the holders may respond by buying more, as they could see the drop as a dip opportunity. As such, large cost basis zones below the current price can prove to be centers of support. “If the market top is confirmed, BTC could drop toward $51,530 or even $42,700!” notes Ali, given that these two levels are the next major support lines for the coin. The analyst says, however, that if BTC can instead break the $66,250 level, which is a source of major resistance right now since these loss holders may be desperate to exit at their break-even, then this bearish outlook could become invalidated. An on-chain pricing model could provide some hints about what might happen when such a break occurs. The trend in the MVRV Pricing Bands for BTC over the past few years | Source: @ali_charts on X The Market Value to Realized Value (MVRV) Pricing Bands is a model that, in short, tells us about where the different multipliers of the average cost basis of the entire market currently lie. The chart shows that the market cost basis is currently at $28,800. Historically, three multipliers of this metric have been relevant for the asset: 0.8x, 2.4x, and 3.2x. The 0.8x level is where bottoms occur, while the 3.2x line is a probable spot for tops to form. Bull rallies in proper have occurred after a breach of the 2.4x level. At present, the 2.4x level lies at $69,150. “By rising above $66,250, Bitcoin will gain the strength to push towards $69,150. And if this resistance barrier is breached, BTC can advance toward a new all-time high of $92,190,” explains Ali. Related Reading: This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals This ATH target is based on the fact that the 3.2x level is equivalent to $92,190 at the moment. It remains to be seen whether the top is already in and BTC would retest the lower levels or if more is left to this rally. BTC Price At the time of writing, Bitcoin is trading at around $61,100, down more than 7% over the past week. Looks like the price of the coin has plunged over the past day | Source: BTCUSD on TradingView Featured image from Shutterstock.com, Glassnode.com, chart from TradingView.com
On-chain data shows that, for the first time in history, Bitcoin miners require more than 1 EH/s of daily computing power to mine just 1 token of the asset. Bitcoin Hashcoin Has Set A New All-Time High Now As explained by CryptoQuant head of research Julio Moreno in a post on X, the BTC Hashcoin […]
On-chain data suggests Bitcoin has recently experienced an influx of investors while Dogecoin, Cardano, and other altcoins have seen a slowdown. Bitcoin Total Amount Of Holders Rise While Altcoins See Flat Movement According to data from the on-chain analytics firm Santiment, the number of Bitcoin investors has sharply increased recently. The on-chain metric of interest here is the “Total Amount of Holders,” which keeps track of the total number of addresses on a given network carrying some non-zero balance. When the value of this indicator goes up for any asset, it can be due to several things. The first and most obvious contributor to this trend would be adoption, as a fresh influx of users would naturally create more addresses. Related Reading: This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals Another contributor could be old investors returning to reinvest in the coin after selling out their balance earlier. The indicator would also increase when investors spread out their holdings among multiple wallets for reasons like privacy. In general, some net adoption occurs whenever the Total Amount of Holders goes up. Historically, adoption has been a constructive sign for any blockchain in the long term. Naturally, when this metric’s value goes down, it implies that some investors have decided to exit from the cryptocurrency as they have completely cleaned out their wallets. Now, here is a chart that shows the trend in the Total Amount of Holders for some of the top assets in the sector: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Cardano (ADA), Dogecoin (DOGE), and Chainlink (LINK). How the number of investors has changed for some of the top cryptos | Source: Santiment on X As displayed in the graph, Dogecoin started 2024 with some rapid adoption as its Total Amount of Holders had been observing a sharp uptrend. However, this growth only lasted for the first couple of months, as the metric has since flattened for the memecoin. Other altcoins like Chainlink and Cardano have also witnessed flat action in the metric in this period. The trend had been just the opposite for Bitcoin, where more or less flat movement had occurred in its number of investors earlier in the year, but the asset has seen some uptrend in the metric this month. It’s possible that investors were previously attracted to Dogecoin and other networks, but now that markets have been undergoing bearish price action, traders are back to preferring the original cryptocurrency. Overall, DOGE’s holders are still up 13.8% in the past three months, while BTC’s growth stands at 2.6%. Naturally, the latter’s userbase is also larger, so a relatively small percentage could be due to that. Related Reading: XRP Whales Are Active: Here’s Where They Are Sending Coins Cardano is among the few networks in the sector that have observed negative action in the Total Amount of Holders during this window, although the decrease is a mere 0.1%. BTC Price Bitcoin has been struggling to make any recovery run count recently, as its price is back at $63,000 after the latest failed attempt. Looks like the price of the coin has been heading down recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Santiment.net, chart from TradingView.com
Crypto analyst DonAlt has outlined a scenario where the Bitcoin price could drop to as low as the mid-$40,000. He further suggests that this price breakdown might be necessary for the continuation of BTC’s bull run. How Bitcoin Could Drop To As Low As $47,000 In an update to his Bitcoin analysis, DonAlt noted that Bitcoin had dropped back to around the $60,000 price range and could eventually break that support if it continues to be tested. From the accompanying chart he shared, the crypto analyst hinted that a price breakout below the $60,000 range would see Bitcoin drop to $52,000 or even further down to $47,000. Related Reading: XRP Price Prediction: Analyst Says Prepare For 700% Jump To $4, Here’s When Source: X Meanwhile, he added that this might be something even the bulls want, so there could be a washout below $60,000, which would shake off weak hands. DonAlt also seems to support a price breakout below the support area, as he shared his belief that there is currently complacency in the market. This is when crypto investors ignore the risks associated with Bitcoin, having seen price increases for an extended period. DonAlt said he would continue to hold this complacency belief until proven otherwise. For that to happen, he remarked that Bitcoin would need to reclaim $68,000 or drop below $60,000 and reclaim that support level again. Denis Baca, Head of Product at Zivoe Finance, also recently suggested that BTC could drop below $60,000 before it makes any parabolic move. This was a huge possibility, especially since Baca noted that the flagship crypto historically retests the support level of the 20-week SMA (small moving average) in May. He claimed this could cause Bitcoin to drop to $56,000. BTC Bulls Are Getting Overwhelmed By The Bears Bitcoin bulls look to be succumbing to the pressure from the bears. Crypto analyst Ali Martinez revealed in an X post that there has been a “noticeable dip in Bitcoin whale activity” since March 14. This suggests the current market downtrend could be diminishing their confidence, as these whales are always known to accumulate more during every price dip. Martinez added that a “surge in whale transactions could be the spark needed to boost” BTC’S price. Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges Meanwhile, CryptoQuant’s Head of Research, Julio Moreno, recently noted that Bitcoin’s price has remained tepid due to the slowdown in demand. He alluded to the Spot Bitcoin ETFs, which have seen their demand decline this month. Like Martinez mentioned, Moreno stated that there needs to be a “demand growth” for Bitcoin to experience another rally. At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to data from CoinMarketCap. BTC price trending at $62,200 | Source: BTCUSD on Tradingview.com Featured image from Xataka, chart from Tradingview.com
Following the fourth Bitcoin Halving, Rekt Capital, a popular cryptocurrency trader and expert, has offered a compelling narrative on the future trajectory of Bitcoin, predicting that the crypto asset could peak this bull cycle in the following year. Rekt Capital’s analysis emphasizes on the possibility that this current cycle could reiterate past Halving cycle trends, positioning BTC for significant gains in the coming months. Bitcoin Could Mirror Past Halving Cycle According to the analyst, Bitcoin reached its all-time high within 518 days following the Halving in the 2015–2017 cycle. Meanwhile, after the event in the 2019-2021 bull cycle, the digital asset topped out within 546 days. This suggests that the event has always catalyzed massive growth for the leading cryptocurrency asset. Related Reading: Legendary Trader Predicts When Bitcoin’s Bull Run Will End Should the past trend hold, the next bull market top might happen between 518 and 546 days following the recently concluded fourth Halving, particularly around the middle of September or middle of October in 2025, according to Rekt Capital. The analyst noted that in this cycle Bitcoin is accelerating by about 220 days currently. Thus, the longer time BTC consolidates after this Halving, it will be better for resynchronizing this current cycle with the previous events cycle. Rekt Capital also noted that Bitcoin has experienced further declines in the three weeks after the Halving, according to historical data from 2016. He has labeled the period as the Post-Halving “Danger Zone,” this is where there is a chance of downside volatility at the range low of the Re-accumulation Range. In 2016, approximately 21 days after the occurrence, Bitcoin saw a lengthy -11% decline before gaining momentum toward the upside. However, data for 2016 indicates that if there will be downside volatility in this cycle around the Re-Accumulation Range Low, it may happen during the following 15 days. Although the post-Halving danger zone ends in 15 days, the 2016 data indicates that there may be some negative volatility in the interim, possibly reaching the $60,600 Range Low. Parabolic Phase For BTC It is worth noting that Rekt Capital anticipates a parabolic phase after the re-accumulation phase is concluded. During this stage, Bitcoin usually sees massive growth leading all the way up to a new all-time high. Related Reading: Bitcoin’s Next Move Revealed: Trading Guru Reveals This Cryptic Chart Pattern, Here’s What It Says In the previous Halvings, Bitcoin would historically consolidate in this Re-Accumulation Range for up to 150 days before ultimately entering a parabolic phase. Once BTC breaks out of this re-accumulation stage, Rekt Capital expects BTC to see a parabolic upside by September this year if it consolidates within the aforementioned timeframe. At the time of writing, BTC was down by over 5% in the past 7 days and was trading at $62,504. Presently, its market cap is down by 1.53%, while its trading volume has increased by over 22% in the last 24 hours. Featured image from iStock, chart from Tradingview.com
Bitcoin price struggled to settle above the $65,000 zone. BTC is again moving lower and there is a risk of more downsides below $62,000. Bitcoin started another decline after it failed to surpass the $64,000 resistance zone. The price is trading below $64,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower if there is a daily close below the $62,400 support zone. Bitcoin Price Dives Again Bitcoin price attempted a fresh increase above the $64,000 zone. However, BTC failed to gain pace for a move above the $65,000 resistance zone. A high was formed at $64,301 and the price started another decline. There was a move below the $63,800 level. The price declined below the 50% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high. Bitcoin is now trading below $63,200 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance at $63,350 on the hourly chart of the BTC/USD pair. The pair is signalling a bearish bias below the 76.4% Fib retracement level of the upward move from the $62,408 swing low to the $64,301 high. Immediate resistance is near the $63,350 level or the trend line. The first major resistance could be $64,000 or $64,300. A clear move above the $64,300 resistance might send the price higher. The next resistance now sits at $65,000. Source: BTCUSD on TradingView.com If there is a clear move above the $65,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,500. The next major resistance is near the $66,200 zone. Any more gains might send Bitcoin toward the $67,500 resistance zone in the near term. More Losses In BTC? If Bitcoin fails to rise above the $63,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,400 level. The first major support is $62,000. If there is a close below $62,000, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,000 support zone 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 – $62,400, followed by $62,000. Major Resistance Levels – $63,350, $64,000, and $65,000.
Crypto expert Peter Brandt has boldly claimed that the Bitcoin top for this market cycle may already be in. He made this conclusion based on his “exponential decay” thesis, which he noted may actually be good for the Bitcoin ecosystem. Why Bitcoin’s Price Has Topped Brandt explained that historical data suggests that Bitcoin’s price has topped. He further alluded to an “exponential decay,” which he noted could be used to describe Bitcoin. Brandt’s exponential decay thesis is based on the fact that Bitcoin’s percentage gain has significantly reduced in every subsequent bull cycle. Related Reading: Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price For context, Bitcoin, according to the crypto expert, recorded a 122x increase from its market low to market high between 2015 and 2017. However, that was only 21.3% of Bitcoin’s price gain in the previous cycle (between 2011 and 2013). Source: X Brandt further noted that the same thing happened between 2018 and 2021. Despite a 22x increase from its market low to market high, Bitcoin only recorded 18% of the price increase it saw in the previous cycle. Having laid this premise, the crypto expert concluded that this market cycle shouldn’t be any different as Bitcoin will likely see about 20% of the price gain recorded in the previous cycle. Taking $15,473 as the market low for this cycle, he noted that 20% of the previous cycle’s gain would mean that the market high for this cycle was supposed to be $72,723, a price level that Bitcoin already hit on its way to a new all-time high (ATH) of $73,750. Meanwhile, the crypto expert acknowledged that Bitcoin historically records its most price gains after the Bitcoin halving, which just recently occurred. However, he added that the crypto community has to deal with the fact of the exponential decay, which has made him believe there is a 25% chance that Bitcoin has already topped this cycle.” Why The Exponential Decay Might Be Bullish For Bitcoin Brandt mentioned that Bitcoin would likely drop to the mid $30,000 or its 2021 lows if it has indeed topped. He, however, added that this decline could be the “most bullish thing that could happen from a long-term view.” Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges From a “classical charting point of view,” the crypto expert hinted that Bitcoin was still primed for major parabolic moves to the upside, even though it doesn’t happen now. Source: X He also shared an example of what Bitcoin’s chart could look like when this move happens with the crypto token rallying above $100,000. Brandt also alluded to Gold’s chart from August 2020 to March 2024 as an example of what Bitcoin’s price action could look like soon enough. Interestingly, he recently predicted that Bitcoin will soon be “King over Gold.” BTC price drops below $63,000 | Source: BTCUSD on Tradingview.com Featured image from Forkast News, chart from Tradingview.com
Following the halving event on April 19, the price of Bitcoin has displayed a puzzling performance. BTC initially gained nearly 10% to trade as high as $67,020 on April 24. However, in the last two days, the digital asset’s price has declined by 6.49%, falling below the $63,000 price mark. As expected, such negative performance has drawn attention from investors and market speculators. In particular, renowned analyst with X handle Rekt Capital has provided a theory on Bitcoin’s price fall and perhaps an insight into the future price movements of the crypto market leader. Related Reading: Timing The Breakout: When Will Bitcoin Escape The Post-Halving Consolidation? BTC Potential Price Decline Ahead? In an X post on April 26, Rekt Capital stated that Bitcoin has now entered the Post-Halving “Danger Zone.” The analyst described this phenomenon as a period during which Bitcoin has historically experienced price corrections after the halving event. Rekt Capital noted that in 2016, Bitcoin recorded these price retraces in the three weeks following the Halving event. During this time, the token’s price declined by 11%. The analyst postulates that Bitcoin is now in the Post-Halving “Danger Zone” of the current bull cycle following its price fall over the last two days. It is worth stating that if Bitcoin mirrors past price movement in this phase, the token could be heading for $60,000. However, Rekt Capital states that if the crypto market leader experiences such a fate, it will be within the next two weeks. At the time of writing, Bitcoin trades around $62,672 with a decline of 2.44% in the last day. This price fall underscores BTC’s negative performance in the last month in which it has lost 11.16% of its market value. BTC trades at $63,023 on the daily chart | Source: BTCUSD chart on Tradingview.com Related Reading: Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead Bitcoin ETFs Record Minor Inflow; Net Outflows Hit $217 Million According to data from SoSoValue, the Bitcoin Spot ETF market recorded net outflows to the tune of $217 million on April 25. Unsurprisingly, Grayscale’s GBTC accounted for $138 million of these figures as its total outflows now approach $17 billion. Notably, for the first time ever, Fidelity’s FBTC and Valkyrie’s BRRR produced net outflows estimated at $22 million and $20 million, respectively. Meanwhile, ARK Invest’s ARKB and Bitwise’s BITB also experienced a loss in investment on Thursday. Interestingly, all other Bitcoin Spot ETFs recorded zero net flows except Franklin Tempton’s EZBC, which saw a net inflow of $1.87 million. At the time of writing, the BTC spot ETFs have a combined value of $128 billion, reflecting a remarkable growth since their trading debut on January 11. Featured image from The Economic Times, chart from Tradingview
Data suggests the hype around the new Bitcoin Runes has severely dropped, something that’s not a good sign for miner revenues. Bitcoin Halving Effect Settles In On Miner Revenue As Runes Interest Drops A few days back, the much-anticipated Bitcoin Halving went through. Halvings are periodic events coded into the blockchain in which the BTC […]
Despite BTC’s recent unimpressive price action, crypto analyst Doctor Profit has shared his bullish sentiment for Bitcoin and the broader crypto market. The analyst further suggested that a parabolic move was imminent and that crypto investors should position themselves accordingly. Crypto Market Preparing For A “Third Industrial Revolution” Doctor Profit mentioned in an X (formerly Twitter) post that the crypto market “is preparing itself for the third Industrial Revolution,” thereby hinting at a trend reversal for Bitcoin and altcoins soon enough. “Be part of it, or regret for [a] lifetime,” the crypto analyst added as he warned crypto investors of missing this market rally. Related Reading: HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera In a previous X post, Doctor Profit gave an idea of what to expect from the crypto market (Bitcoin in particular) when it makes its next leg up. He stated that the flagship crypto will rise to $84,000 after it is done trading the sideway range between $60,000 and $72,000. In another X post, he claimed that the super cycle will start after Bitcoin hits $72,000. Meanwhile, Doctor Profit suggested that the price corrections experienced were normal and usually occur in each crypto cycle. He further remarked that the 10 to 20% price fluctuations weren’t big moves. His statement echoes the sentiment of Alex Thorn, Head of Research at Galaxy Digital, who previously warned that bull markets weren’t “straight lines up.” Bitcoin Is In The Re-Accumulation Period In a recent X (formerly Twitter) post, crypto analyst Rekt Capital confirmed that Bitcoin is currently in the Re-Accumulation phase, which occurs after the Bitcoin Halving. He further noted that the goal now “is for Bitcoin to move sideways to catch a breather, for the market to cool off after [a] fantastic Pre-Halving price performance. Related Reading: Why Is The Dogecoin Price Down Today? According to Rekt Capital, this Re-Accumulation period can last for multiple weeks “and even up to 150 days.” The analyst revealed that once this period is over, Bitcoin will experience a breakout from this sideways range, followed by a parabolic uptrend. This uptrend phase is said to last for over a year. However, with the probability of this being an accelerated market cycle, Rekt Capital remarked that the duration for this uptrend could be cut in half. Crypto analysts like Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, predict that the flagship crypto will rise as high as $100,000 when that time comes. At the time of writing, Bitcoin is trading at around $64,360, up in the last 24 hours according to data from CoinMarketCap. BTC bears pull down price | Source: BTCUSD on Tradingview.com Featured image from Kapersky, chart from Tradingview.com
On-chain analytics firm Spot On Chain’s team of analysts, using Google Cloud’s Vertex artificial intelligence (AI), has conducted an in-depth analysis to forecast the future price of Bitcoin (BTC). Their latest report provides valuable insights into the leading cryptocurrency’s short-, medium-, and long-term outlook. Bitcoin Price Forecasts According to Spot On Chain’s report, Bitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024. This projected range indicates the potential for market volatility, with a 48% probability assigned to the scenario where BTC prices may dip below $60,000. Moreover, the report advises a cautious approach, acknowledging the possibility of short-term fluctuations or corrections in the price. Related Reading: SEC Anticipated To Reject Spot Ethereum ETFs In Upcoming Decision, ETH Price Takes 5% Hit Spot On Chain’s analysis reveals a significant movement in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000. This mid-term projection reflects a prevailing bullish sentiment in the market, further fueled by anticipated rate cuts after the Federal Open Market Committee’s (FOMC) December 2023 meeting. These rate cuts aim to bring the federal funds rate down to 4.6% and are expected to boost demand for risk-on assets such as stocks and Bitcoin. Looking ahead to the first half of 2025, Spot On Chain’s modeling indicates a strong probability that Bitcoin will cross the $150,000 threshold. Specifically, a 42% probability is assigned to this scenario, indicating a bullish outlook for Bitcoin’s price trajectory. What’s more, looking at the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises to an eye-popping 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high approximately 6 to 12 months after the Halving event. Price Consolidation On The Horizon? Crypto analyst Retk Capital has also provided insights into the current Bitcoin price action, shedding light on key resistance levels and the potential for a consolidation phase before an anticipated parabolic upside. According to Retk Capital’s analysis, Bitcoin has consistently been rejected from the $65,600 resistance level, failing to regain it as a support level. This resistance zone has significantly impeded Bitcoin’s upward movement in recent days, as seen on the cryptocurrency’s daily BTC/USD chart below. Related Reading: HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera Retk Capital further highlights that Bitcoin has been witnessing downside wicks into a pool of liquidity at approximately $60,600. This occurrence has been observed over multiple weeks, indicating the presence of buyers in that price range. If Bitcoin experiences further downward movement, the analyst believes that there is a possibility that it may approach this area once again. The analyst further notes: Price dropping without context can be emotionally challenging. However, understanding that this downside is part of the consolation within a technical range-bound structure that will precede Parabolic Upside makes this experience much more comforting. As of this writing, BTC is trading at $63,900, down nearly 8% over the past two weeks and the same percentage over the past 30 days. Featured image from Shutterstock, chart from TradingView.com
The Bitcoin price continues to fluctuate wildly after crashing from its all-time high price above $73,000. This has triggered a wave of bearish sentiment in the market, causing a large number of crypto traders to go short on the pioneer cryptocurrency. As a result, these bears lose, risking a large amount if the Bitcoin price resumes its bullish rally. Bears Will Lose $7.2 Billion If Bitcoin Reclaims All-Time High In a post shared on X (formerly Twitter), crypto analyst Ash Crypto revealed an interesting trend concerning Bitcoin that has been developing. The screenshot shared shows that a large number of short trades have been placed on BTC, with the expectation that the price could continue to fall. Related Reading: Analyst Singles Out VeChain And XRP For Parabolic Surge, Here Are The Targets Now, so far, these bulls look to be right as Bitcoin has failed to successfully clear $67,000. However, they stand to lose a lot of money if BTC is able to clear this resistance and resume upward. According to Ash Crypto, there is over $7.2 billion worth of BTC shorts which risk liquidation if Bitcoin were to reach a new all-time high price above $74,000. At the time, the Bitcoin price had recovered above $66,000, spurring a flurry of bearish activity in the market. However, these bears seem to have succeeded, as the BTC price has fallen below $64,000 at the time of writing. As a result, bears have been emboldened, with the expectation that the Bitcoin price will still from here. So far, the liquidation trends risks have continued to rise as the BTC price falls. Data from Coinglass shows that if Bitcoin were to recover above $44,000 and reach a new all-time high, bears stand to lose over $10 billion. Source: Coinglass BTC Bulls Are Not Giving Up Even though Bitcoin bears seem to be making bank with the price of Bitcoin falling, the bulls are far from done. Rather, they have been using this price decline as an opportunity to fill up their bags. This accumulation has been even more prominent among Bitcoin whales, who have picked up 1.4% of the total supply in the last month. On-chain data tracker Santiment reported that in the last four weeks, Bitcoin whales have added 266,000 BTC to their balance. The cohort responsible for this are those holding between 1,000 and 10,000 BTC, making them the mega whales. In total, they spent $17.8 billion on buying BTC in just one month. Related Reading: XRP Price Ready For 70% Breakout As Long-Term Consolidation Nears Its End As a result of this accumulation, these 1,000-10,000 BTC whales now hold 25.16% of all BTC in existence. Their numbers are also on the rise, with Santiment identifying this as the “Highest crowd bullish bias since all-time high week in early March.” For now, Bitcoin continues to struggle with the bears to hold the $63,000 support. Its price is down 4.05% in the last day to trade at $63,600, at the time of writing. BTC bears pull price down | Source: BTCUSD on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com
In a major development, the co-founders of Samourai Wallet, Keonne Rodriguez, and William Lonergan Hill, were arrested by US authorities on charges of operating an unlicensed money-transmitting business and conspiracy to commit money laundering. The duo allegedly facilitated the laundering of over $100 million in criminal proceeds, including funds originating from the Silk Road and […]
On-chain data suggests the selling pressure from the Bitcoin miners and HODLers has been drying up, a sign that could be positive for the asset. Bitcoin LTHs Stop Selling, While Miner Distribution Slows Down As explained by analyst James Van Straten in a post on X, two BTC groups in particular have been a source […]
Bitcoin price climbed above the $66,000 resistance zone and started consolidation. BTC is now eyeing the next move above the $67,200 resistance zone. Bitcoin is eyeing a decent increase above the $67,200 resistance zone. The price is trading above $65,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $67,200 resistance zone. Bitcoin Price Eyes More Upsides Bitcoin price started a fresh increase above the $65,500 and $66,000 resistance levels. BTC even climbed above the $67,000 level. It traded as high as $67,200 and is currently consolidating gains. There was a minor decline below the $66,500 level, but the price remained stable above the 23.6% Fib retracement level of the upward move from the $64,280 swing low to the $67,200 low. Bitcoin price is still trading above $65,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $64,280 swing low to the $67,200 low. Immediate resistance is near the $67,000 level. The first major resistance could be $67,200. A clear move above the $67,200 resistance might send the price higher. The next resistance now sits at $68,500. If there is a clear move above the $68,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000. Source: BTCUSD on TradingView.com The next major resistance is near the $70,500 zone. Any more gains might send Bitcoin toward the $72,000 resistance zone in the near term. Are Dips Limited In BTC? If Bitcoin fails to rise above the $67,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $66,200 level. The first major support is $66,000 or the trend line. If there is a close below $66,000, the price could start to drop toward $65,400. Any more losses might send the price toward the $64,200 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $66,200, followed by $66,000. Major Resistance Levels – $67,000, $67,200, and $68,500.
Crypto analyst Bluntz Capital has predicted a strong price surge for Bitcoin in the coming days, and a new all-time high could be in the books. Bluntz dropped his two cents on Bitcoin’s trajectory on the social media platform X, amidst various price outlooks for the cryptocurrency in recent days. Bluntz is well known for […]
A historical pattern currently forming in a Bitcoin on-chain indicator could suggest that a top may be near for the asset, if not already in. Bitcoin SOPR Ratio Is Forming A Historical Top Pattern Right Now In a CryptoQuant Quicktake post, an analyst has discussed about a pattern regarding the SOPR Ratio. The “Spent Output Profit Ratio” (SOPR) is an indicator that tells us whether the Bitcoin investors are selling their coins at a profit or loss right now. Related Reading: Ethereum To See Fresh Move Soon? What Futures Data Says When the value of this metric is greater than 1, it means that profit-selling is dominant in the market currently. On the other hand, the metric being under the threshold suggests the average holder is moving coins at some net loss. In the context of the current topic, the SOPR itself isn’t of interest; rather, it is a different version called the SOPR Ratio. The name may be a bit confusing as SOPR already contains a “ratio,” but the latter ratio here corresponds to the fact that this indicator compares the SOPR of two Bitcoin cohorts: the long-term holders (LTHs) and short-term holders (STHs). These investor groups make up for the two main divisions of the BTC market done based on holding time, with 155 days being the cutoff between the two. The STHs are those who bought within the past 155 days, while the LTHs include the HODLers carrying coins for longer than this timespan. Now, here is a chart that shows the trend in the 7-day moving average (MA) of the Bitcoin SOPR Ratio over the history of the cryptocurrency: The 7-day MA value of the metric seems to have turned around towards the downside recently | Source: CryptoQuant As displayed in the above graph, the 7-day MA Bitcoin SOPR Ratio had been heading up throughout 2023 and early parts of 2024, but recently, the metric has hit a top and reversed its direction. Whenever the SOPR Ratio is higher than 1, it means the LTHs, who are generally known to be resolute hands, are participating in a higher degree of profit-taking than the STHs. It would appear that as BTC had observed its rally and approached a new all-time high (ATH), these diamond hands had started harvesting some of the gains they had earned over their long holding time. And once the price set a new ATH, these investors participated in peak profit-taking. Since then, their profit-selling has been dropping off, although they are still harvesting notably higher gains than the STHs. In the chart, the analyst highlights how this pattern has been repeated at different points in the asset’s history. While the scale of the peak LTH profit-taking has been heading down over the cycles, it’s still true that the metric’s top has coincided with tops in the price during each of them. Related Reading: Dogecoin To $1: Analyst Thinks Dream Milestone Could Be Hit In Coming Weeks As the line drawn by the quant suggests, it’s possible that the latest peak in the metric may have in fact been the top for this cycle. This is only, however, assuming that the pattern of diminishing returns in the indicator holds to the exact degree judged by the line. It’s possible that the peak will still be higher than the current levels, while at the same time being lower than the previous cycle’s peak, thus still being in-line with the historical Bitcoin pattern. Whatever the case be, though, the fact that the SOPR ratio has apparently hit a top could still be a bearish signal, if only in the short term. BTC Price Bitcoin has been making some steady recovery over the last few days as its price has now surged back above $66,100. Looks like the price of the asset has been going up over the last few days | Source: BTCUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, CryptoQuant.com, chart from TradingView.com
In the midst of the dramatic changes that have occurred in the cryptocurrency space after the Bitcoin halving event, Bitfinex provides a perceptive analysis that reassures investors that the market dynamics of BTC have remained positive in the post-halving period. Bitfinex examines the on-chain data and finds encouraging signs for Bitcoin in spite of the United States economy’s current state of uncertainty in its most recent Alpha report, which was released on April 22. Bitcoin Market Dynamics Remains Bullish According to the Hong Kong-based crypto platform, exchange withdrawals of Bitcoin are currently at levels not seen since January 2023. This simply indicates that a lot of investors are putting their assets in cold storage in expectation of price rises. Related Reading: Bitcoin Halving: Anticipating Price Impact, Miner Challenges, And Long-Term Outlook Also, the exchange noted that long-term investors’ aggressive selling has not yet caused the usual pre-halving price decline, which suggests that new market participants are absorbing the selling pressure quite well, highlighting the tenacity of the present market structure of Bitcoin. The Bitfinex Alpha report revealed that the average daily net inflow from spot Bitcoin Exchange-Traded Funds (ETFs) is $150 million. Given the ETFs’ inflows far exceeding the $30 and $40 million daily issuance rate of BTC following the halving, this significant supply and demand imbalance could encourage further price appreciation. Bitfinex further claims the massive purchases of spot Bitcoin ETFs, which have dominated the entire year’s market narrative, may decline. However, recent ETF outflows have shown that ETF demand may be starting to stabilize. It is important to note that the recently concluded Halving cut down miners’ reward from 6.25 BTC to 3.125 BTC. As a result, miners are now modifying their operating tactics in order to sustain their activities against the decline in reward following the Halving. Thus, the amount of Bitcoin that miners are sending to exchanges has significantly decreased, which may indicate that they are selling ahead of time or collateralizing their holdings to upgrade infrastructure. Consequently, this could possibly lead to a gradual increase in selling pressure rather than a sudden drop in value at the Halving. New BTC Whales Surpassed Old Whales Since the conclusion of the fourth Halving, on-chain data shows a significant rise in new Bitcoin whales. CryptoQuant Chief Executive Officer (CEO) Ki Young Ju, reported the development, noting that the initial investment made by the new whales in Bitcoin is nearly twice that of the old whales combined. Related Reading: Crypto Expert Predicts A Narrative Shift Post-Bitcoin Halving According to the data, the total holding by these new whales, which are short-term holders, is valued at $110.6 billion. Meanwhile, the old whales, which are long-term holders, own a whopping $67 billion worth of BTC. This change in whale demographics may impact Bitcoin’s future course and the dynamics of the cryptocurrency landscape as a whole. Featured image from iStock, chart from Tradingview.com
The fourth Halving has now been completed for Bitcoin. Here’s how the miners have reacted to the event regarding their total hashrate. Bitcoin 7-Day Average Hashrate Hit New All-Time High Recently Halving is a periodic event for Bitcoin in which its block rewards—that is, the rewards that miners receive for solving blocks on the network—are […]
Bitcoin price extended its increase and climbed above the $66,000 resistance zone. BTC is now showing positive signs and might find bids near $65,500. Bitcoin gained pace for a move above the $65,500 resistance zone. The price is trading above $65,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $65,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls might remain active near the $65,500 support. Bitcoin Price Gains Strength Bitcoin price started a fresh increase above the $64,500 and $65,000 resistance levels. BTC bulls even pushed the price above the $66,000 resistance. It traded to a new weekly high at $67,200 and is currently consolidating gains. The price is slowly moving lower toward the 23.6% Fib retracement level of the upward move from the $64,281 swing low to the $67,200 low. Bitcoin price is still trading above $65,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $65,700 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $64,281 swing low to the $67,200 low. Immediate resistance is near the $67,000 level. The first major resistance could be $67,200. The next resistance now sits at $68,500. If there is a clear move above the $68,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000. Source: BTCUSD on TradingView.com The next major resistance is near the $70,500 zone. Any more gains might send Bitcoin toward the $72,000 resistance zone in the near term. Downside Correction In BTC? If Bitcoin fails to rise above the $67,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $66,500 level. The first major support is $65,700 or the trend line. If there is a close below $65,500, the price could start to drop toward $65,000. Any more losses might send the price toward the $64,200 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $66,500, followed by $65,500. Major Resistance Levels – $67,000, $67,200, and $68,500.
Bitcoin exchange Mt. Gox has reportedly begun repaying its users, providing a glimmer of hope for those affected by the exchange’s infamous hack over a decade ago. The trustee of Mt. Gox confirmed the verification process for eligible repayment clients three months ago, and now users are seeing actual payments being made. However, the repayment […]
Bitcoin enthusiasts around the globe can now breathe a collective sigh of relief as the world’s premier cryptocurrency, Bitcoin, rebounds from a recent downturn. Related Reading: Bitcoin Miners Strike Gold: $107 Million Profit From Runes-Fueled Minting Spree Last week witnessed Bitcoin, akin to the broader market, sliding below the $60,000 mark, primarily due to risk aversion, the US tax season, and escalating geopolitical tensions in the Middle East. However, in a surprising turn of events, Bitcoin has not only recovered but has surged past the $66,000 mark, reigniting optimism and sparking discussions about its future trajectory. This recent resurgence in Bitcoin’s price comes on the heels of a significant price correction that coincided with April’s highly anticipated Bitcoin halving event. The halving event, a recurring phenomenon in Bitcoin’s protocol, entails a reduction in the rate at which new Bitcoins are mined, effectively halving the supply. 20% drawdown would fit the current bull’s pattern: pic.twitter.com/usNxQz1t92 — Tuur Demeester (@TuurDemeester) April 18, 2024 Historically, this event has been associated with heightened market volatility, as some analysts feared that the supply shock could trigger a prolonged sell-off. Nevertheless, prominent figures in the cryptocurrency space, such as Tuur Demeester, offer a more sanguine perspective. Demeester suggests that the recent dip to $60,000 might signal the floor of the correction, aligning with historical patterns observed during bull markets. According to Demeester, a 20% drawdown from highs is considered a typical correction for Bitcoin, and thus, there is a strong possibility that $60,000 could serve as a support level moving forward. BTCUSD trading at $65,883 on the 24-hour chart: TradingView.com While Demeester advocates for stability in Bitcoin’s price, anoother analyst, McKenna, foresee a period of sideways movement. McKenna agrees with Demeester regarding the $60,000 floor but predicts that Bitcoin may enter a re-accumulation phase, characterized by prolonged sideways price action. I think there is a high probability that the bottom for the halving selloff is in but simultaneously think there is an equal high probability that we are forming a re-accumulation range. Meaning expect sideways price action for longer than expected. #BTC pic.twitter.com/K24Md0TKXH — McKenna (@Crypto_McKenna) April 21, 2024 Interestingly, McKenna believes that this sideways movement could present an opportune moment for alternative cryptocurrencies, known as altcoins, to shine in the short term. Related Reading: Will Celestia (TIA) Hit $130? Analyst Makes Bold Prediction The recent resurgence in Bitcoin’s price has sparked optimism among investors and analysts alike. As attention turns to May, all eyes are on whether Bitcoin’s sideways movement materializes and if the effects of the halving event truly dissipate. With cautious optimism prevailing, the current price range between $60,000 and $71,000 could become a pivotal zone for future price dynamics, ushering in a new era of prosperity in the cryptocurrency markets. Featured image from Pxfuel, chart from TradingView
Bitcoin miners have struck a proverbial goldmine, reaping an astonishing $107 million in profits, according to data from Glassnode, a leading analytics platform. This unprecedented windfall, amassed on April 20th, underscores a significant shift in the revenue dynamics of Bitcoin mining operations. Related Reading: Will Celestia (TIA) Hit $130? Analyst Makes Bold Prediction The meteoric rise in transaction fees serves as a bellwether for the evolving economic landscape of Bitcoin mining. As the network adapts to new market demands and technological advancements, transaction fees have emerged as a crucial revenue stream for miners. This trend is particularly noteworthy given the scheduled reductions in block rewards, highlighting the resilience and adaptability of Bitcoin’s economic model. According to glassnode, affected by the Runes minting activity, on April 20, Bitcoin miner revenue reached US$106.7 million, of which 75.444% came from network transaction fees, both reaching record highs. https://t.co/lVSyqn1UaE pic.twitter.com/xjkkTor2I9 — Wu Blockchain (@WuBlockchain) April 21, 2024 Runes-Fueled Minting Spree Boosts Miner Revenue Driving this surge in profitability is a recent minting spree focused on Runes, a pivotal development that has left a tangible mark on the network’s dynamics. Reports indicate that a staggering 75% of the total profits stemmed from transaction fees, marking a new pinnacle in the distribution of revenue among BTC miners. Runes is similar to Ordinals; they both let users permanently store data directly on the Bitcoin blockchain, like an inscription etched in stone. But there’s a key distinction in what they store: Ordinals are one-of-a-kind digital collectibles, similar to fancy trading cards. Runes, on the other hand, are designed to act more like meme coins, those widely tradable and often humorous tokens that have been a recent craze in the crypto world. BTCUSD trading at $66,144 on the weekly chart: TradingView.com This paradigm shift in income composition underscores the growing importance of transaction fees as a vital income source, especially as block rewards face planned reductions in the context of Bitcoin’s halving system. This financial triumph comes amidst ongoing debates surrounding the sustainability and profitability of mining activities. With escalating energy demands and mounting regulatory scrutiny, the viability of mining operations has been called into question. However, the recent data paints a reassuring picture of the economic vitality of Bitcoin mining, demonstrating its resilience in the face of external pressures. Implications For Bitcoin’s Future Beyond the immediate financial gains, the surge in transaction fees holds profound implications for the future trajectory of Bitcoin. The unprecedented collection of fees signifies robust network activity and user engagement, indicating strong demand and utilization of the Bitcoin blockchain. This bodes well for the long-term sustainability and development of Bitcoin as a prominent digital currency, bolstering confidence among stakeholders and enthusiasts alike. Related Reading: Ethereum Fueled Up: Will 320 Million USDT Inflow Ignite Price Surge? Featured image from VistaCreate, chart from TradingView
Bitcoin price recovered and climbed above the $64,000 resistance zone. BTC is now facing hurdles near the $65,500 and $66,000 levels. Bitcoin is now struggling to gain pace for a move above the $65,500 resistance zone. The price is trading above $64,000 and the 100 hourly Simple moving average. There is a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh surge if it clears the $65,500 resistance zone. Bitcoin Price Starts Increase Bitcoin price found support above $60,000 and started a fresh increase. BTC climbed above the $62,500 and $63,500 resistance levels. The bulls even pushed the price above the $65,000 level. However, the bears seem to be active near the $65,500 zone. The recent high was formed at $65,598 and the price is now consolidating gains. There was a drop below the $65,000 level, but the price is still above the 23.6% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low. Bitcoin price is trading above $64,000 and the 100 hourly Simple moving average. Immediate resistance is near the $65,100 level. There is also a key contracting triangle forming with resistance at $65,100 on the hourly chart of the BTC/USD pair. The first major resistance could be $65,500. The next resistance now sits at $66,000. If there is a clear move above the $66,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,500. Source: BTCUSD on TradingView.com The next major resistance is near the $68,500 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term. Downside Correction In BTC? If Bitcoin fails to rise above the $65,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $64,500 level. The first major support is $64,000. If there is a close below $64,000, the price could start to drop toward the 50% Fib retracement level of the upward move from the $59,666 swing low to the $65,598 low at $62,500. Any more losses might send the price toward the $61,200 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $64,500, followed by $64,000. Major Resistance Levels – $65,100, $65,500, and $66,000.
Bitcoin has been endeavoring to shift its trajectory from a downturn to an upswing. However, despite its efforts, the coin has remained on a downward trend for several days following its inability to surpass its previous all-time high of $73,833. Will Bitcoin Continue Upward After This Rejection? At the time of writing, the price of […]
Based on on-chain data, here’s how much unrealized profit the various Bitcoin whale and miner groups are holding right now. Bitcoin Whale & Miner Profits Compared Across Cohorts In a new post on X, CryptoQuant founder and CEO Ki Young Ju discussed the total unrealized profits currently held by the various on-chain cohorts. Ju has […]