Following the highly anticipated 2024 Bitcoin Conference in Nashville, Tennessee, over the weekend, a notable spike in positive market sentiment drove the Bitcoin price to a one-month high of $70,000 on Monday. Analysts are now eyeing the potential for an extended super-cycle, with market expert Doctor Profit suggesting that the recent rally could begin a significant uptrend with plenty of room to run. Bitcoin Price Projections According to a recent report by Doctor Profit, the current price action is the first phase of this potential super cycle, noting that during the 2021 bull run, he had accurately predicted Bitcoin’s crash to around $18,000, followed by the capitulation event triggered by the FTX collapse, where it hit $15,400. “At this point, I posted that I am going all in with the 2021 bull market gains back into the market at prices between $16,000 and $18,000,” Doctor Profit stated. “This bottom price is historically significant and unlikely to be revisited.” Related Reading: Dogecoin Price (DOGE) Eyes Impressive Gains: Will It Break Through? The analyst further explained the various phases of the current market cycle, highlighting the “pre-bull” phase characterized by resistance at $38,500, which needed to be breached to enter the second pre-bull phase. Doctor Profit believes that this phase was driven by significant buying activity from Binance, Changpeng Zhao (CZ), Justin Sun, and Bitfinex whales, as well as the filing of the Bitcoin exchange-traded fund (ETF) by BlackRock in June 2023. The “Golden Bull” phase, as seen in the chart above, followed the approval of the BlackRock Bitcoin ETF and saw the entry of traditional financial players into the crypto market, leaving the $48,000 to $74,000 range as one of the most crucial support levels that will be defended during the upcoming bull market, according to the analyst. “This region of golden bull will mark, or be very close to the Bitcoin bottom for the incoming bear market,” Doctor Profit explained. “Again, this region is BlackRock investors’ entry, and at all cost they will defend it during this bull market.” Considering these levels that could support BTC’s price in the coming months, Doctor Profit’s technical analysis points out that the initial target for this super cycle is set at the $86,000 threshold, with projections ranging between $110,000 and $120,000 in a conservative scenario. However, Doctor Profit noted that in the most optimistic scenario, the Bitcoin price could soar between $180,000 and $220,000 if the price surges above $70,000 and consolidates above this milestone. Investor Confidence Peaks Adding to the bullish sentiment, a recent report by CoinShares showed that Bitcoin has seen healthy inflows of $519 million in the past week, bringing its month-to-date inflows to $3.6 billion and year-to-date inflows to a record $19 billion. The firm noted that this surge in inflows and investor confidence could be attributed to the potential use of BTC by the US government as a strategic reserve asset following Donald Trump’s speech on Saturday, as well as the increased likelihood of a Federal Reserve rate cut in September 2024. Related Reading: XRP Price Hints at Breakout: Can It Achieve New Heights? As reported by our sister site Bitcoinist, former US President Donald Trump reiterated his plans to create a national Bitcoin stash and turn the cryptocurrency into a strategic reserve asset for the US dollar. Trump also promised that the US government would retain ownership of all BTC in custody rather than participate in a market sell-off that could ultimately affect price action and potential upward movement. At the time of writing, the largest cryptocurrency on the market is trading at $68,800, registering price gains of 1.3% and 2.3% in the 24-hour and 7-day time frames, respectively. Featured image from DALL-E, chart from TradingView.com
During the 2024 Bitcoin Conference in Nashville, Tennessee, Jan van Eck, CEO of global asset manager and Bitcoin exchange-traded fund (ETF) issuer VanEck, made headlines with his revealing comments about his personal Bitcoin holdings. Van Eck Reveals Personal BTC Holdings During his appearance at the conference, Van Eck began by sharing his perspective on Bitcoin’s growth and evolution over time, likening it to a “teenager” that is not yet fully formed, as many investor classes have not yet joined the market. Related Reading: Wall Street Expert Sees 20x Potential In Ripple Via XRP And IPO Addressing his investment approach, Van Eck revealed that in his conversations with other attendees at Bitcoin conferences, he has found that they tend to hold significantly more Bitcoin in their portfolios. He further stated: Everyone I meet at Bitcoin conferences owns way more in their own portfolio, and I always say, wait a minute, I always want to tell people what I’m doing personally because they should know. Interestingly, when asked about his portfolio, Jan Van Eck replied that he owns “well over 30%” in Bitcoin without disclosing the amount in BTC or USD. This disclosure comes as VanEck recently published a report outlining a significant bullish long-term price projection for BTC, suggesting that the Bitcoin price could reach a value of $2.9 million per coin by 2050. $2.9M Bitcoin Forecast By 2050 Per the report, Bitcoin’s scalability issues, which have historically hindered widespread adoption, will be resolved through the emergence of advanced Layer-2 (L2) solutions. By combining Bitcoin’s “immutable property rights and sound money principles” with the increased functionality of Layer 2 technology, the asset manager envisions creating a new, globally accessible financial system. Under this optimistic scenario, the VanEck team believes that by 2050, Bitcoin could be used to settle 10% of the globe’s international trade and 5% of the world’s domestic trade. According to the report, this level of adoption could lead to central banks holding 2.5% of their assets in Bitcoin, driving the price of the largest cryptocurrency on the market to a substantial $2.9 million per coin by the year 2050. Related Reading: Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch? In addition, the report estimates that Bitcoin L2 solutions could be worth a total of $7.6 trillion, or approximately 12% of Bitcoin’s total projected value. The asset manager further noted: Though it has established itself as an important store of value assets, our projection of its price more than 25 years into the future is predicated on the assumption that increasing numbers of people around the globe use Bitcoin as a medium of exchange. At the time of writing, BTC was trading at $67,600, up over 4% in the last 24 hours, after hitting a weekly low of $63,500 on Thursday. Featured image from DALL-E, chart from TradingView.com
Amid the recent recovery from a significant price correction of over 25% that sent the Bitcoin price to a 6-month low of $53,500, the largest cryptocurrency on the market has since recovered to trade in the $66,000 to $68,000 range despite the start of Mt. Gox creditor repayments. Investors, buoyed by prospects of continued price appreciation, have adopted a HODL stance, opting to retain their assets rather than selling them off following the alleged hack suffered by the Bitcoin exchange in 2011. BTC Hodlers Stand Firm Data from market intelligence platform Arkham reveals that Mt. Gox initiated a significant movement of $2.47 billion worth of BTC to new wallets, facilitating the distribution of 5,106 BTC worth $335 million to four distinct Bitstamp addresses on Wednesday. Concurrently, creditors have commenced receiving their owed Bitcoin and Bitcoin Cash (BCH) through the US-based crypto exchange Kraken, as previously reported by NewsBTC on Thursday. Despite initial concerns of a sell-off akin to the June events, where the German police’s wallet sold over $3 billion in BTC, impacting Bitcoin’s market performance, analytics from CryptoQuant indicate a positive shift. Related Reading: Road To $200: Crypto Pundit Reveals Key Levels To Watch For The Solana Price A notable increase in Bitcoin withdrawals from Kraken post-Mt. Gox reimbursements suggest that affected users opt to hold onto their coins, moving them from exchanges to cold wallets. On-chain data compiled by the firm shows that in the past 24 hours alone, more than 5,000 BTC worth $329 million have been withdrawn from exchanges, contributing to the current consolidation price action and stability for the Bitcoin price over the past few days. Arkham’s data further illustrates Mt. Gox’s ongoing efforts to repay creditors, with over 50,000 BTC transferred from the exchange’s wallet out of a maximum of 142,000 BTC while retaining 90,344 BTC valued at approximately $6 billion in BTC. Echoing the sentiment of CryptoQuant’s findings, Alex Thorn from Galaxy Digital highlights that most creditors are long-term Bitcoin proponents with a profound understanding of the technology. Thorn asserts that their preference to reclaim Bitcoin rather than opt for a USD payout signifies a strong inclination towards holding their assets rather than triggering a sell-off. Moreover, Thorn points out that the substantial capital gains implications of selling Bitcoin could dissuade creditors from liquidating their holdings. Bitcoin Price Analysis At the time of writing, the largest cryptocurrency on the market is trading at the $66,400 milestone, as it is a key support level for the Bitcoin price on its way to retesting the upper resistance walls with an eye on the all-time high of $73,700 reached on March 14th. Adding to the bullish sentiment surrounding BTC’s price performance over the past week, the price may find notable support levels that could prevent further declines in the event of a sell-off by some Mt. Gox creditors in the coming days at $65,000. Related Reading: Litecoin (LTC) Set To ‘Wake Up’, According To Legendary Trader’s Forecast Another key level for the bulls to watch is the $63,500 area, where the 200-day exponential moving average (EMA) is located, which, as seen in the daily BTC/USDT chart below, has previously accompanied the price on further gains and acted as a strong support for BTC. Ultimately, it remains to be seen what stance creditors of the failed Mt. Gox exchange will take in the coming days and weeks as more repayments are expected to flood creditors’ wallets and what impact this may have on the price Featured image from DALL-E, chart from TradingView.com
After a decade-long wait, creditors of the now-defunct Mt. Gox Bitcoin exchange have finally begun receiving their owed Bitcoin (BTC) and Bitcoin cash (BCH) via the Kraken and Bitstamp crypto exchanges. However, this had a notable impact on the cryptocurrency market, contributing to a nearly 4% drop in the price of Bitcoin after users confirmed the deposits to their wallets from the exchanges. Mt. Gox Distributes Millions To Bitstamp And Kraken On an early Tuesday morning, wallet addresses linked to Mt. Gox initiated the transfer of $2.85 billion worth of BTC. According to on-chain data from blockchain analytics platform Arkham, Mt. Gox executed the movement of $2.85 billion in BTC to new wallets with the primary purpose of distributing 5,110 BTC, equivalent to $340.1 million, to four distinct Bitstamp addresses. Related Reading: Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETH’s Price Reaching $8,000 In Q4 Bitstamp is one of the five exchanges that collaborate with the Mt. Gox Trustee to facilitate the return of funds to the exchange’s creditors, including Kraken and Japanese exchanges Bitbank and SBI VC Trade. Notably, Mt. Gox still retains possession of 85,234 BTC, valued at approximately $5.70 billion. While some users within the Reddit community have confirmed the receipt of Bitcoin returned by Mt. Gox through Kraken, Bitstamp users have reported not yet receiving their allocations. Kraken had previously announced the successful reception of creditor funds from the Mt. Gox trustee amounting to over $3 billion or 48,641BTC, estimating a timeframe of 7-14 days for the complete deposit of funds into user accounts. Critical Support Zones For Bitcoin In the aftermath of the Mt. Gox payouts, market data analysis platform CryptoQuant has spotted the price correction that BTC has experienced over the past few hours, with the company noting that it has impacted the line of 1-3 month BTC holders. CryptoQuant emphasizes the importance of monitoring support levels, specifically highlighting the $63,600 area, representing the average purchase price of 3-6 month bitcoin holders. Crypto analyst Caleb Franzen, on the other hand, has observed Bitcoin returning to a familiar support zone, which has proven effective. Despite the temporary setback, Franzen contends that Bitcoin has displayed a pattern of higher highs and higher lows in the short term, indicating resilience amidst the current price volatility. Related Reading: Ethereum Price Stays Flat Despite Today’s ETF Debut: QCP Explains Why Further insights provided by analyst Ali Martinez point to a potential double-bottom pattern with bullish relative strength index (RSI) divergence on lower time frames for Bitcoin. If confirmed, Bitcoin could see a rebound to $67,600, contingent upon the critical support level at $66,000 holding firm. Delving into on-chain data, Martinez underscores a crucial support zone for Bitcoin between $63,440 and $65,470. Within this range, approximately 1.89 million addresses collectively purchased 1.23 million BTC, highlighting the significance of this zone as a key area to monitor in the coming days. Featured image from DALL-E, chart from TradingView.com
The Bitcoin price has quickly recovered from its recent dip to a six-month low of $53,500 on July 5th, reclaiming the $66,000 level and setting its sights on retesting its all-time high of $73,700 reached in March. This resurgence comes as major airlines, medical facilities, corporations, and police forces worldwide grapple with a massive information technology (IT) disruption affecting Microsoft’s cloud computing services. Bitcoin Price Unaffected By Global IT Outage Cybersecurity firm CrowdStrike shed light on the cause of the outages, attributing them to a “routine software update” that went wrong. To reassure the public, CrowdStrike emphasized that the incident was not a security breach or cyberattack. The company then quickly issued a new software update that automatically repaired some affected computers. However, some systems required manual reboots and patching, resulting in significant delays. Related Reading: ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What’s Going On? Microsoft, on its part, announced the recovery of its 365 apps and services late Friday morning, though some individual customers may still experience residual impact. Interestingly, amid the chaos caused by the IT outage, cryptocurrency prices remained unaffected, capturing the attention of US Senator Cynthia Lummis. Known for her pro-crypto and Bitcoin stance, Senator Lummis took to social media platform X (formerly Twitter) to highlight the resilience of the Bitcoin price amid widespread cyber outages, stating: “Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin. Vires in Numeris.” Meanwhile, speculation surrounding Bitcoin’s potential as a strategic reserve asset for the United States has been intensifying. Anticipation has been further fueled by the upcoming appearance of former US President Donald Trump in Nashville on July 27, who some predict will announce the largest cryptocurrency on the market as a key to the US economy, potentially providing a massive boost to the Bitcoin price. Sell Signal Emerges As the Bitcoin price continues its recovery, crypto analyst Ali Martinez has detected a significant development on the Bitcoin daily chart as the TD Sequential indicator has generated a sell signal. However, the analyst noted that the signal can be invalidated if Bitcoin manages to close above the crucial threshold of $67,500. The cryptocurrency’s current price stands at $66,666, reflecting a 5% increase within the past 24 hours and an impressive surge of over 16% in the past week alone. Sustaining a close above the level identified by Martinez becomes paramount to avoid a potential correction on its path towards the highly anticipated $70,000 milestone. Related Reading: Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000? While Bitcoin’s upward trajectory is strong, it may encounter resistance at various price levels before reaching its target noted by bearish thresholds at $67,600, $68,380, and $69,700, which could pose challenges to Bitcoin’s price rise. Conversely, Bitcoin can find support from its 200-day exponential moving average (EMA), currently positioned at $62,600, which represents a long-term trend indicator, often regarded as a robust support level. Featured image from DALL-E, chart from TradingView.com
In what is being hailed as a significant victory for the Bitcoin market, the German government has officially depleted its Bitcoin reserves after holding 50,000 BTC in its wallet just months ago. Bitcoin Wallet Now Empty After Massive Selling Spree Data from market intelligence firm Arkham shows that the German government recently transferred the remainder of its 3,846.05 BTC stash worth approximately $223 million to Flow Traders and 139Po, likely for over-the-counter (OTC) services. As a result, Arkham’s platform reveals that the government’s wallet now stands empty, with zero BTC remaining, as seen in the image below. Related Reading: XRP Price Eyes Colossal 280% Breakout Amid CME Group Partnership Interestingly, data researcher Jay analyzed the German government’s selling activities and found that Germany sold a staggering 42,000 BTC in just one week, averaging 250 BTC per hour over 168 hours. Earlier this year, the German police made headlines when confiscated 50,000 Bitcoin worth $2.17 billion in the country’s most extensive cryptocurrency seizure. The seizure occurred in January, and the Bitcoin was taken after the suspects voluntarily transferred the funds to official wallets provided by the BKA (Bundeskriminalamt), the German Federal Criminal Police Office. This consistent selling pressure from the German government was notorious for contributing to the significant 25% price retracement experienced by the largest cryptocurrency, resulting in a low of $53,500 not seen since February. Sell Pressure, Support Levels, And Investor Sentiment Crypto analyst SkewA commented on this recent development, noting that in the future, market observers will closely monitor the passive flow of Bitcoin, particularly for signs of reduced supply. According to the analyst, this will serve as a gauge to determine if the market has effectively absorbed the recent sell pressure and highlighted the $60,000 level as the current market supply zone, with the potential for a retest of this crucial level. Related Reading: 6,400 Ethereum Mystery Move Sparks ETH Rally Talk Pre-ETF Nod On the other hand, market expert Dann Crypto Trades notes that Bitcoin is currently attempting to regain support from the May lows. Price action has been volatile in this range, and Dann believes that a true higher timeframe reversal will only occur once the “green zone” above $59,000 is successfully recaptured. The analyst sees the $56,500 level as crucial support for BTC’s upside momentum in the short to medium term. Meanwhile, crypto analyst Ali Martinez has identified a bullish sentiment surrounding Bitcoin’s outlook, noting that the accumulation trend score indicates a shift in investor sentiment after an extended distribution phase since April. At the time of writing, BTC trades at $57,600, remaining in its trading range between this level and the $59,000 zone for the past two days. Featured image from DALL-E, chart from TradingView.com
Recent developments surrounding the repayment of creditors and investors of the defunct Bitcoin (BTC) exchange, Mt. Gox, have sparked concerns about potential effects on Bitcoin’s price. As the market retraced over 20% from its three-month high above $70,000, the movement of 47,000 BTC to repay creditors has raised questions about the market’s stability. However, industry experts, including CryptoQuant CEO Ki Young Ju and Alex Thorn, head of research at Galaxy Digital, have offered insights into this development, suggesting that the impact on BTC’s price may be less significant than initially feared. Internal Transfers, OTC, And Brokerage Services Examined Ki Young Ju, in an analysis shared on social media, outlined three possible scenarios for the BTC transactions related to creditor repayment. Firstly, an internal transfer could have taken place to increase security by changing wallets. Secondly, an over-the-counter (OTC) deal may have been executed specifically not to impact the market price. Related Reading: Is This Ethereum ICO Project To Blame For ETH’s Price Slump? In a third scenario, a brokerage service may have been used, possibly involving the sale of the BTC after it bypassed broker wallets and exchanges. Ju mentioned that 1.5K BTC went to Bitbank, Japan’s largest crypto exchange. Still, no significant increase in trading volume was observed, indicating that it may not significantly impact the market. According to Ju’s analysis: If scenario 3 applies, 94K BTC is available for sell-side liquidity, but selling this much BTC without on-chain movement is unlikely. If it’s OTC selling, we’re in the clear. Holding Bitcoin Over USD Payouts? Alex Thorn of Galaxy Digital offered additional insight into the Mt. Gox creditor dynamics and their potential impact on the market, noting that fewer coins may be distributed than originally anticipated, which could result in less selling pressure on Bitcoin than the market expects. Thorn noted that the majority of creditors are long-term Bitcoin enthusiasts with a “deep understanding” of the technology, for which he believes their desire to reclaim their coins rather than accept a USD-denominated payout indicates a strong preference for holding onto their Bitcoin, which would not contribute to an expected sell-off. Related Reading: Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next? In addition, Thorn explained that the significant capital gains implications of selling BTC may discourage creditors from liquidating their holdings. Despite the relatively low recovery rate, Thorn believes the 140x appreciation since bankruptcy offers significant value to creditors who may choose to hold on to their coins and expect further price appreciation. At the time of writing, the leading cryptocurrency in the market is being traded at $56,300. This reflects a decrease of over 1.5% within the past 24 hours and a decline of nearly 20% over the month. Ultimately, it remains to be seen how the Mt. Gox drama will unfold and how it will or will not affect the Bitcoin price after more than 10 years of waiting for creditors to receive their payments. Featured image from DALL-E, chart from TradingView.com
Joana Cotar, an independent member of the Bundestag, one of Germany’s legislative chambers, has called on the government to stop the ongoing Bitcoin (BTC) sell-off, which has had a notable impact on the BTC market, resulting in a 10% drop in the cryptocurrency’s price over the past two weeks. Bitcoin As Valuable Asset Class For State Treasury In a letter addressed to the government, Cotar emphasized that BTC has gained recognition as a genuine asset class and a promising investment for the future due to its remarkable price surge. The lawmaker highlighted that traditional financial institutions now view Bitcoin as a real asset with properties similar to “digital gold,” making it suitable for the state treasury. Related Reading: Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed Cotar pointed out that governments worldwide are reevaluating Bitcoin to foster innovation within the ecosystem or enforce stricter regulations on Bitcoin ownership and transactions. However, she acknowledged that understanding the benefits of Bitcoin can be challenging for individuals, and the same applies to governments and politicians. Cotar underscored that a well-designed Bitcoin strategy has the potential to reshape a country’s development, foster economic prosperity, and safeguard fundamental human freedoms for all citizens. As BTC continues to gain acceptance globally, she believes more nations will consider integrating it into their financial and economic systems. Interestingly, Cotar outlined several advantages for the German government in retaining its Bitcoin holdings instead of selling them. BTC Strategy For Germany Firstly, including Bitcoin in the treasury alongside traditional fiat currencies and gold reserves diversifies a nation’s assets, reducing risks associated with overexposure to a single asset class. Second, the lawmaker highlighted Bitcoin’s scarcity and deflationary nature, which makes it an attractive alternative for wealth preservation. By holding Bitcoin as part of the national treasury, Cotar believes that the government can protect national reserves from inflation and currency devaluation beyond its control. Furthermore, Cotar highlighted that including Bitcoin in the treasury can enhance overall portfolio performance, as various studies have shown that Bitcoin’s risk-adjusted returns surpass those of traditional investments like stocks and bonds over the long term. Related Reading: Solana Eases Gains: Can SOL Bulls Safeguard the $132 Support? Cotar, who has long been a proponent of making Bitcoin legal tender in Germany through appropriate legislation, further argued that developing a favorable regulatory framework for all Bitcoin-related activities can open doors for new businesses and technological progress while paving the way for further economic development in the country. Cotar concluded by emphasizing that a Bitcoin-friendly legal framework will promote research and development in the financial and technology sectors, attract top talent, and foster collaboration between private companies, government institutions, and the scientific community. Sell-Off Continues, Putting Pressure On BTC Price It is worth noting that the German government sold another batch of confiscated BTC worth over $175 million on Thursday. According to data from market intelligence platform Arkham, the German authorities still hold 40,359 BTC worth approximately $2.3 billion. This, along with the US government selling off its Bitcoin holdings, caused BTC to fall as low as $56,700 on Thursday. However, the largest cryptocurrency in the market, which has seen a 17% price drop in the monthly time frame, has recovered to its current price level of $58,300. Featured image from DALL-E, chart from TradingView.com
The Bitcoin price has experienced a significant correction after failing to consolidate above the $70,000 level and retesting its all-time high of $73,700, which it reached in March. With a retracement of nearly 10% over the past week, BTC is now trading just above support at the $60,000 level. However, based on historical data, further price drops may be expected in the coming days, aligning with patterns observed before explosive bull runs. Bitcoin Price Analysis Crypto analyst Rekt Capital has compiled data showing the depth and length of retracements during previous market cycles. Historical patterns show retracements of approximately -23% (February 2023), -21% (April/May 2023), -22% (July/September 2023), -21% (January 2024), -23.6% (April/May 2024), and the current -16% retracement. Related Reading: Solana Developer Shares “Big News” That Could Send The SOL Price Flying Notably, the current retracement has not yet reached the average depth or length. Considering these statistics, Bitcoin could potentially retrace a further 6% to a trading price of $56,400. Additionally, the downtrend may continue for the next seven days until July 1st, possibly marking the final retrace below the sub $60,000 levels before a potential restart of the bull run and explosive price gains. However, the Bitcoin Crosby Ratio, a key indicator, is approaching the oversold territory. Throughout Bitcoin’s history, this has often signaled crucial reversal points for the cryptocurrency. Notably, the last time this occurred, Bitcoin rallied over 190% from approximately $25,000 to new all-time highs above $73,000. Furthermore, the Bitcoin daily Relative Strength Index (RSI) has entered the oversold zone for the fourth time since the $15,500 bottom reached in November 2022. In the past, such occurrences have frequently preceded rallies, resulting in gains of over 100%. Time To Buy The Dip? Renowned market expert Ali Martinez has identified a compelling correlation between Bitcoin’s market value to realized value (MVRV) Ratio and subsequent price jumps. The MVRV Ratio is a metric that compares the market capitalization of Bitcoin to the realized value of its coins. It provides insights into whether Bitcoin holders are at a profit or loss based on when they acquired their coins. Related Reading: Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 Prediction? When the MVRV Ratio dips into negative territory, it suggests that many Bitcoin holders are in unrealized losses, potentially indicating an attractive buying opportunity. Analyzing the historical data, Martinez observed a consistent pattern where Bitcoin’s price experienced notable jumps following MVRV Ratio dips below -8.40%. On four occasions, these dips were followed by price surges of 63%, 100%, 92%, and 28%, respectively. These findings indicate that periods of negative MVRV Ratios can indicate strong market support and a subsequent bullish trend. Featured image from DALL-E, chart from TradingView.com
Bitcoin (BTC), the largest cryptocurrency on the market, has again taken the lead in the crypto landscape. However, this time it comes with a sense of caution among investors triggered by macroeconomic data, particularly from the United States. In addition, the resulting outflows of over $600 million from the primary market of the digital asset ecosystem, as reported by asset manager CoinShares, have raised concerns about potential price corrections shortly. Against this backdrop, renowned analysts and technical experts have weighed in to share their insights and predictions on Bitcoin’s future trajectory. Crypto Experts Warn Of Looming Bitcoin Correction Crypto analyst Timothy Peterson, in a social media post on X (formerly Twitter), highlights Bitcoin’s substantial 65% rise over the past six months. However, based on ten years of historical data, Peterson suggests a 90% probability that BTC will experience a 10-20% decline in the next 90 days, taking the BTC price below the key $60,000 threshold. On a more optimistic note, Peterson noted that there is also a two-thirds chance that Bitcoin will finish the next three months with a 50% increase. This projection places the median Bitcoin price path at $65,000, followed by $52,000, and potentially reaching $98,000 by October. Related Reading: Ethereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump? Supporting these predictions, technical analyst Rekt Capital points out that Bitcoin tends to form clusters of price action near the resistance range high above $71,600. Historical patterns indicate that these clusters often precede downside moves, leading to lower levels within the range. In line with Peterson’s analysis, this correction could potentially take Bitcoin’s price down to around $56,000, similar to the previous correction observed after its all-time high of $73,700 in March. BTC’s Post-Halving Trajectory On Track? Rekt Capital further emphasizes that Bitcoin trades within its normal re-accumulation box following the Halving event. This re-accumulation phase typically begins a few weeks before the Halving and concludes with a breakout months afterward. The analyst further shared that the current Re-Accumulation Range for Bitcoin is estimated to be between $60,000 and $70,000, with price fluctuations within this range. This phase aims to stabilize Bitcoin’s price, preparing it for the next cycle phase—the “Parabolic Phase.” Rekt Capital suggests that the Re-Accumulation phase can last several months, potentially up to 150 days. Upon breaking out of the re-accumulation area, Bitcoin enters a parabolic uptrend characterized by accelerated growth. Considering the timeline, the market is now two months after the Bitcoin Halving and the current price action aligns with previous 60-day post-Halving periods. Related Reading: This Altcoin Gem Will Overtake Solana, Predicts Arthur Hayes In summary, considering the scenarios presented by the analysts, BTC is anticipated to remain within its established range, possibly experiencing deeper corrections before embarking on an upward trajectory toward further price appreciation and the potential to reach new all-time highs. At the time of writing, BTC has exhibited a recovery in the past hour, witnessing an upward spike after hitting a Monday low of $65,000. Presently, it is trading at $66,800. Featured image from DALL-E, chart from TradingView.com
In an extraordinary turn of events, two hackers have successfully cracked the long-forgotten password of a digital wallet, leading to the recovery of approximately $2 million worth of Bitcoin (BTC). Lost Bitcoin Fortune Unlocked As reported by Wired, the story began in 2013 when an individual known by the alias “Michael” securely stored his Bitcoin holdings in a password-protected digital wallet. Unfortunately, over time, he lost access to the wallet due to a corrupted file containing the 20-character password generated using the RoboForm password manager. Despite his efforts to prioritize security, Michael’s concerns about potential hacking led him to refrain from storing the password in his manager, inadvertently locking himself out of his fortune. Related Reading: Ethereum Hovering Above $3,700 As Mega Whales Accumulate: $4,900 Incoming? Enter Joe Grand, a renowned electrical engineer and hardware hacker, popularly known as “Kingpin.” In 2022, Grand gained recognition for aiding another cryptocurrency wallet owner in recovering $2 million worth of digital assets after forgetting the PIN to his Trezor wallet. Since then, numerous individuals have approached Grand seeking his expertise, but he selectively chooses his projects. Michael initially approached Grand two years ago, seeking assistance in recovering his lost Bitcoin. However, due to the unique challenges posed by a software-based wallet, Grand declined the request. Nonetheless, Michael persisted, and last June, Grand agreed to give it another shot, teaming up with a fellow hacker named Bruno from Germany. Months of reverse engineering led Grand and Bruno to a significant breakthrough. They discovered a flaw in the pseudo-random number generator used by the RoboForm program, which was employed by Michael in 2013. The flaw tied the generated passwords to the date and time on the user’s computer, making them predictable. Armed with this knowledge, the hackers devised a plan to exploit the flaw and crack the password. The major hurdle in this process was Michael’s inability to recall the exact date when the password was generated. However, armed with the knowledge that Bitcoin had been moved into the wallet for the first time on April 14, 2013, Grand and Bruno configured RoboForm to generate passwords within a specific time frame, utilizing the parameters used by Michael. From Forgotten To Found Despite initial failed attempts, Grand and Bruno persisted, adjusting the time frame and parameters until they finally struck gold. On November 15, 2023, they discovered the correct password—20 characters long and generated on May 15, 2013. The long-lost Bitcoin treasure was finally within Michael’s grasp. However, the report notes that the successful recovery of Michael’s assets raises concerns about password security, particularly for users who generated passwords using earlier versions of RoboForm. While Siber Systems, the company behind RoboForm, claims to have fixed the flaw in 2015, questions remain about the vulnerability of older passwords. Grand stresses the importance of understanding the improvements made to password generation in newer versions. Related Reading: Lil Pump-And-Dump: SEC Issues Warning As More Musicians Dump Their Memecoins Having access to his Bitcoin once again, Michael experienced a stroke of luck. He waited for the value of Bitcoin to rise before selling a portion of his newfound fortune. With 30 BTC currently valued at $3 million, Michael eagerly anticipates the potential for even greater returns as he aims for a future surge to $100,000 per coin. As of press time, the largest cryptocurrency on the market is trading at $68,200, consolidating for the past week below the key $70,000 threshold that is crucial to BTC’s uptrend prospects. Featured image from Shutterstock, chart from TradingView.com
In a remarkable turn of events, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% surge in the past 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move toward higher targets. The latest momentum shift in Bitcoin’s price action has caught the attention of industry experts, particularly the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for a larger market structure release has been in the works since the March highs. Bitcoin Breaks Out The co-founders of Glassnode believe this breakout has been coming for a long time. They state that they have been waiting for the trigger to unleash a major bullish structure since the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it looks like the market has finally done so. Related Reading: Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise They believe the trigger was the recent lower-than-expected US inflation figures and weaker retail sales data, which could prompt a more “dovish stance” from the Federal Reserve. According to the Glassnode co-founders, this opens the door to a more dovish stance from the Fed. They explain that Bitcoin and the market liked this, and now they expect the price to reach $66,000 before $69,000 and then up towards $84,000. They also believe the altcoins will follow this move strongly. However, not all analysts are as bullish in the immediate term. Crypto trader and analyst Justin Bennett suggests that Bitcoin needs to hold the $65,000 level as new support, cautioning that the $68,000 and $73,000 price levels could act as resistance and liquidity pockets. He warns that if Bitcoin loses the $65,000 support, it’s back to the “chopfest” – further consolidation and volatility. Andrew Tate Considers Dumping Fiat For BTC In a surprising move, popular internet personality and self-proclaimed “Top G” Andrew Tate has announced his intention to abandon fiat currency and invest over $100 million into Bitcoin. In a post on social media platform X, formerly known as Twitter, Tate declared, “I’m about to leave fiat completely and ape over 100M into BTC.” Tate, who has faced numerous legal issues and has been banned from several social media platforms, cited his frustrations with the traditional banking system and fiat currency as the driving force behind this potential decision. “I’m done with the banks. I’m done with their money. Done with the scams,” he wrote in the post. Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish In a follow-up post, Tate acknowledged that he has not finalized this decision, as he currently holds more cryptocurrency than fiat currency in his portfolio. However, he hinted that he might “leave fiat completely,” suggesting that his preference for Bitcoin and other digital assets is growing. As of press time, Bitcoin is testing the $65,900 mark, having regained its bullish momentum. It remains to be seen how far the current rally can extend and whether the bullish momentum can survive potential selling pressure at higher price levels. Featured image from Shutterstock, chart from TradingView.com
Mike Novogratz, the CEO and founder of Galaxy Digital, shared his insights on the current state of the cryptocurrency market. According to Bloomberg, Novogratz predicts that Bitcoin (BTC) will likely remain within a relatively narrow trading range for the current quarter as the adoption of cryptocurrencies in traditional finance continues to evolve. Stagnant Crypto Market Per the report, Novogratz described the current phase in the crypto market as a consolidation period. He emphasized that Bitcoin, Ethereum (ETH), and other cryptocurrencies, including Solana (SOL), are expected to consolidate. This consolidation phase suggests that the Bitcoin price will likely trade within a range of approximately $55,000 to $75,000 until significant market events drive prices higher. Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz The crypto market has experienced a period of stagnation following the historic bull run witnessed in the past two quarters. This surge was fueled by the launch of spot US Bitcoin exchange-traded funds (ETFs) and the Bitcoin Halving, which reduced the supply of new BTC. However, Bitcoin’s price trend reversed due to diminishing optimism surrounding interest rate cuts by the Federal Reserve (Fed), amid consistently strong economic indicators. According to Novogratz’s analysis, if his predictions hold, Solana could continue to consolidate within its current trading range of $120 to $150. This consolidation has been observed over the past month, indicating a period of stability for the cryptocurrency. Similarly, Ethereum’s price has closely mirrored Bitcoin’s movements and has traded between the $2,870 and $3,200 levels. Ethereum recently failed to consolidate above the significant $4,000 mark reached in mid-March. As a result, Ethereum has experienced a period of price consolidation within the range above. Bitcoin Volatility Persists Novogratz acknowledged the tailwinds that propelled the market during the fourth quarter of 2023 and the first quarter of 2024. Galaxy’s CEO believes that these tailwinds will likely persist throughout the current quarter and possibly the next unless there are significant developments, such as the Fed initiating rate cuts due to an economic slowdown or until the regulatory landscape becomes clearer after the upcoming election. Moreover, Novogratz noted a significant shift in counterparties’ willingness to lend crypto for extended periods without collateral, a trend that was not prevalent just six months ago. He emphasized that engagement in the crypto space has reached a new level, with growing interest from individuals and institutions alike. Related Reading: CPI Preview: Bitcoin Price Poised To Surge If Projections Hold True On Tuesday, Bitcoin experienced a 2.7% decline, trading at $61,400. Since achieving a record high of $73,700 on March 14, the largest cryptocurrency in the market has undergone a 16% decline. Despite this, Galaxy Digital reported notable first-quarter results, with net income more than tripling to $421.7 million. Featured image from Shutterstock, chart from TradingView.com
Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial $61,000 threshold. This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger. Bitcoin Bulls Eye $68,000 According to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance. Related Reading: Standard Chartered Bank Analysts Sound Warning Alarm: Bitcoin Price Can Still Drop To $50,000 Analyzing the recent correction in the Bitcoin price, analyst Crypto Con suggests that the market correction was necessary for the long-term price trajectory. The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator support zones, such as the Directional Movement Index, indicate a healthy price consolidation. In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment. According to their data, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price. Bitcoin Price Poised For Bullish Surge Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, suggesting that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory. This occurrence has historically been followed by an upward price movement in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure. Related Reading: Why This Crypto Bull Run Might Not Live Up To The Past: Analyst Another positive signal highlighted by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement. The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the cycle top is approximately 19 months, indicating the potential for a sustained upward trend. Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends. Featured image from Shutterstock, 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 recent volatility in the Bitcoin (BTC) price and its struggle to consolidate above the $70,000 mark has raised questions about the sustainability of its ongoing bull run. However, market expert Charles Edwards, co-founder of Capriole Invest, believes that the decentralized finance (DeFi) protocol Ethena Labs (ENA) could significantly extend and boost Bitcoin’s bull market to new heights. In a recent post on social media site X (formerly Twitter), Edwards suggested that Ethena’s actions, such as constraining over-leverage in derivatives markets and reducing spot supply, can propel Bitcoin’s price higher for a longer period. Bitcoin Bull Market Boost To provide further context as to why Edwards is suggesting this possibility, on April 4th, Ethena Labs announced its intention to engage in a cash-and-carry trade involving Bitcoin. According to the protocol’s announcement, Ethena Labs can manage risk and provide a more stable backing for its product by buying and shorting Bitcoin. Related Reading: Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible? One of the key factors Edwards highlights is Ethena’s ability to constrain over-leverage in Bitcoin derivatives markets. By doing so, Ethena aims to prevent excessive risk-taking and potential market instability. Additionally, Ethena’s taking spot supply off the market can reduce selling pressure, thus supporting Bitcoin’s price and prolonging the bull market. The protocol also noted that Bitcoin derivative markets offer superior scalability and liquidity compared to Ethereum (ETH). This characteristic reportedly makes Bitcoin a suitable asset for delta hedging, a risk management strategy employed by Ethena. With $25 billion of Bitcoin open interest available for Ethena to delta hedge, the capacity for its synthetic dollar product, USDe, to scale has increased significantly. Ethena Labs noted in their announcement the following: In just 1 year, BTC open interest on major exchanges (exc. CME) has grown from $10bn to $25bn, while ETH OI has grown from $5 to $10bn BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity for delta hedging Weighing The Risks While Edwards’ statement is optimistic about Ethena’s impact on Bitcoin’s bull market, one user raised concerns about potential downsides. Edwards acknowledges that execution risks, such as custody failure or delta neutrality failure, could have adverse effects. Edwards identifies custody risk as the most significant risk in this context. However, he highlights that any negative impacts will likely be short-lived, and market forces will ultimately dictate Ethena’s net annual percentage yield (APY). Related Reading: Bitcoin To $150,000 Is “Programmed” With Halving Approaching: Analyst In short, by limiting over-leveraging in future markets and reducing spot supply, Ethena could significantly support the price of BTC and extend the current bull run. Currently, BTC’s price has experienced a significant decline, plummeting to the $68,800 level. This marks a 4.3% decrease compared to Monday’s price. In parallel, Ethena’s native token, ENA, has also followed the overall downtrend of the market, reflecting BTC’s price movement with a 4% decrease. Presently, ENA is trading at $1.22. Featured image from Shutterstock, chart from TradingView.com
The recent ratio between Bitcoin (BTC) and Ethereum (ETH) prices suggests a potential decline in risk appetite within the crypto market. The ratio has reached its highest level since April 2021, indicating a stronger demand for Bitcoin than its smaller rival, Ethereum. This development has led crypto asset trading firm QCP Capital to speculate that this shift in the ratio could be an early indication of a transition from “fear of missing out” (FOMO) to outright fear. Bitcoin And Ethereum Performance Regarding recent market trends, the second quarter of 2024 has begun with relatively subdued activity. Bitcoin’s price has dipped below the $70,000 mark and has remained range-bound between $65,000 and $68,000 for the past few days despite briefly touching the $70,000 mark on Monday. Related Reading: XRP To $20 And Ethereum To $20,000: Crypto Analyst Reveals When This Will Happen According to QCP’s analysis, the inflow of funds into the spot Bitcoin Exchange-Traded Fund (ETF) market has not been substantial enough to drive significant price movements in either direction. As a result, the company has observed that funding rates have stabilized, and the front end of the forward curve has declined from previous highs of 50% to less than 20% currently. Interestingly, while the front end of the forward curve has decreased, the back end remains elevated. This has led to interest in rolling spot-forward basis positions further out, potentially driven by the continued demand for long-dated Bitcoin calls extending into 2025. On the other hand, Ethereum’s performance has been relatively weak. QCP also notes that the ETHBTC ratio cross-tests a critical support level after breaking below 0.05. Notably, there has been sustained selling of Ethereum calls, resulting in lower volatility and downward pressure on the price. Ultimately, QCP finds that these developments are prompting speculation as to whether this could be an early sign of FOMO turning into fear, particularly about Ethereum’s role as a proxy for altcoins. While Bitcoin may find support from topside demand and ETF inflows, Ethereum’s performance and its impact on altcoins will be important factors to watch closely. Will BTC Experience A Double-Top? Renowned crypto analyst Crypto Con has raised an intriguing question about whether BTC is poised for a double top similar to the patterns observed in 2013 and 2021. Analyzing previous market cycles, Crypto Con highlights that more evident double tops, such as those witnessed in the first and third cycles of 2021, triggered significant initial surges on the Fisher Transform indicator. In contrast, the 2017 double-top formation showed a more subtle initial rise in June. Notably, all final cycle tops ended with a regular bearish divergence, where the price reached higher levels while the indicator declined, as seen in the chart below. Related Reading: Polygon Observes Buy Signal: Analyst Suggests MATIC Rebound To This Level Currently, Bitcoin is approaching levels similar to those seen in 2017, as seen in the lower part of the chart. Crypto Con suggests that if the Fisher Transform indicator can consolidate around these levels without spiking to the line seen in 2013 and 2021, it could indicate a higher likelihood of a single top formation, which is the analyst’s most likely outcome, for December 2024, marking the top of this cycle. Featured image from Shutterstock, chart from TradingView.com