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Tag: bitcoin halving

  • Bitcoin Block Channel Reveals $400,000 Price Target – Details

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    Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

    Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

    In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

    In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

    Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

    Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

    Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

    Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

    Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

    He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

    In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

    His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

    Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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    Semilore Faleti

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  • Bitcoin’s (BTC) Double-Digit Post-Halving Surge Hasn’t Hit Overbought Yet

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    536 days after halving, Bitcoin’s $126K rally is just warming up, and analysts say the true breakout may be next.

    Bitcoin (BTC) scored a new all-time high of $126,100 on Monday. However, profit-taking overpowered the market, and the crypto asset retreated by 4%. by Friday. Then came the Trump-induced fear, and BTC plunged to $101,000 on some exchanges before it recovered to $112,000 as of press time.

    Despite this, new data suggest that the real bull market phase could still be ahead.

    Bitcoin’s “Warm Zone” Momentum

    Binance market data indicates that Bitcoin has entered an important phase in its post-halving cycle, and is showing signs of measured strength rather than a speculative bubble. As of this week, over 530 days since the April 20, 2024, halving, Bitcoin is trading near $112,000, which is an 85% increase from its halving-day price of roughly $63,800.

    The data positions the market at 35% through its typical four-year cycle, a midpoint historically characterized by steady but controlled upward momentum.

    CryptoQuant noted that the cryptocurrency remains comfortably short of overheating levels. The Z-Score, a metric used to gauge price deviation from historical averages, currently stands at 1.47. This places Bitcoin within a “neutral momentum” zone, well below the 2.5 threshold that has previously indicated speculative excess and impending corrections.

    In addition to that, the 30-day moving average sits at about $115,913, and reflects a stable ascent rather than a parabolic rise.

    Volatility indicators further support the narrative of a steady climb. Binance data shows Bitcoin’s 30-day standard deviation at approximately $4,540, indicating low volatility and potential price compression. Interestingly, these conditions often precede major directional moves if supported by renewed liquidity inflows.

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    Historically, Bitcoin’s price peaks have occurred between 500 and 600 days after each halving, a window that saw major cycle tops in 2013, 2017, and 2021. With the current cycle approaching this range, traders are watching closely for signs of acceleration or deviation from past patterns.

    While long-term holders and institutions continue to consolidate positions, the market remains in a phase of balanced optimism. The coming months will test whether Bitcoin repeats its familiar boom-and-peak trajectory or matures into a steadier, less volatile growth phase.

    No Euphoria, Yet

    Bitcoin Vector’s analysis also echoed a similar sentiment. Although long-term holders moving coins to exchanges suggest some selling, which resulted in a mild pullback, the activity is moderate and persistent rather than excessive. The market shows no signs of euphoria.

    If this transfer spike eases while on-chain fundamentals remain strong, it would validate confidence in Bitcoin’s uptrend, supporting continued momentum through Q4.

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    Chayanika Deka

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  • The ‘Uptober’ Effect: Why Analysts Are Bullish on Bitcoin’s Price in October

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    Bitcoin (BTC) is on track for a third consecutive “green” September, a trend that has historically set the stage for a “double-digit” October rally.

    With gains for the month currently hovering around 8%, analysts are watching to see if this pattern, dubbed “Uptober”, will repeat itself.

    Look Out for the Double-digit October

    Analysts are watching BTC closely this month, noting that in past years, every September with an upward trend has been followed by double-digit gains in October. For example, in 2024, the asset recorded a +7.29% increase in September, which was followed by a +10.76% rise the next month. In 2023, it gained +3.91% during the same period and was followed by a +28.52% jump in October, as shown below:

    BTCUSD monthly returns. Source: CoinGlass

    This consistent trend has led experts to believe that traders and investors could be positioning their portfolios to anticipate a rally, which may result in a self-fulfilling prophecy. As institutional and retail money pours in, the heightened buying pressure creates the very surge they were predicting, amplifying the “Uptober” narrative and making it a key part of the market’s psychology.

    The April 2024 Bitcoin halving, which slashed the reward for mining new blocks by 50%, has created a supply shock. Historically, the year following a halving has been a powerful growth period. The “Uptober” rally fits into this broader cycle, as the reduced supply meets sustained demand.

    Past data provide evidence of this trend. For instance, the 2016 halving was followed by a landmark bull run in 2017, where BTC’s price surged from a few hundred dollars to nearly $20,000. Similarly, the 2020 halving was the precursor to a historic surge in 2021, when the cryptocurrency’s price skyrocketed from around $10,000 to a peak near $69,000 by November.

    Macroeconomic Policy and Institutional Adoption

    Following months of economic uncertainty, recent actions by central banks, including a rate cut by the Federal Reserve in September 2025, have injected a sense of confidence into riskier assets. The recent reduction by 25 BPS saw the flagship cryptocurrency’s price rally to $118 K.

    Additionally, recent shifts in U.S. government policy are seen as a bullish sign. The Trump administration has taken a pro-crypto stance, with the creation of a Strategic Bitcoin Reserve in March 2025.

    The continued growth of spot Bitcoin ETFs, particularly in the United States, has also become a major driver of demand. Recent data highlights this trend. In the first half of September, these investment products saw their largest weekly inflows since July, with some funds accumulating hundreds of millions of dollars in a single day.

    Institutional demand is said to be outpacing the pace of new BTC supply coming from mining. The combined holdings of US-listed ETFs have now crossed 1.3 million BTC, showing the adoption by large investors and its impact on market dynamics.

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    Wayne Jones

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  • Riot Achieves $84.8M Revenue Boost in Q3 2024, But Future Hash Rate Capacity Predictions Revised Lower

    Riot Achieves $84.8M Revenue Boost in Q3 2024, But Future Hash Rate Capacity Predictions Revised Lower

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    Bitcoin mining firm Riot recorded $84.8 million in revenue in the third quarter of 2024, representing a 65% increase over the same quarter in 2023.

    This growth can be attributed to the 159% year-over-year increase in deployed hash rate which reached 28 EH/s by the end of the quarter.

    Riot’s Q3 Financial Results

    According to the official press release, the surge in hash rate has enabled Riot to maintain strong operational output, producing 1,104 Bitcoin during the quarter. Notably, this production level aligns with the company’s Bitcoin output from the third quarter of 2023, even in the context of the recent halving event.

    However, the quarter ended with a net loss of $154.4 million, reflecting a rise from a net loss of $80 million in the same quarter of 2023. Riot reported that this figure was comprised of an unrealized loss on marketable equity securities of $38 million, $30 million related to non-cash stock-based compensation expenses, and $60 million attributed to depreciation and amortization.

    In a statement, Riot CEO Jason Les revealed that the mining company ended the quarter with approximately $1.3 billion in cash, restricted cash, marketable equity securities, and 10,427 Bitcoin held. The exec added,

    “Looking forward, I am incredibly excited about our future path, as our teams continue working to develop and deploy even more power capacity and hash rate across Texas and Kentucky, towards Riot’s next goal of achieving 100 EH/s in self-mining capacity.”

    Riot had previously announced the acquisition of the Kentucky-based firm Block Mining in a transaction worth around $92.5 million. The deal included $18.5 million in cash from Riot’s reserves and $74 million in Riot common stock.

    Hash Rate Projections Revised

    Riot has revised its self-mining hash rate capacity expectations, which now predicts a total capacity of 34.9 EH/s by the end of 2024, down from the previously projected 36.3 EH/s. This adjustment is mainly due to delays in the expansion of the newly acquired Kentucky facilities, which are now expected to be operational in 2025 instead of 2024.

    The company said that it anticipates an end-of-year capacity of 46.7 EH/s for 2025, a decrease from the earlier estimate of 56.6 EH/s. Meanwhile, the Corsicana Facility’s full development is expected to wrap up by 2026 alongside Kentucky expansion plans to achieve a total hash rate capacity of 65.7 EH/s by the end of that year.

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    Chayanika Deka

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  • Bitcoin Rips Above $70,000: Is The Post-Halving Advance Officially On?

    Bitcoin Rips Above $70,000: Is The Post-Halving Advance Officially On?

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    Bitcoin is on a tear, easing past the psychological round number at $70,000. At press time, the world’s most valuable coin is approaching $72,000, a critical resistance level that marks June 2024 highs.

    Bitcoin Breaks Above $70,000 And Descending Triangle

    As buyers press on, reversing losses of the second half of last week and soaring to print a three-month high, one analyst has also picked out another crucial development. In a post on X, the technical analyst said not only is the price firm at press time, but the explosion over the last two days means the coin is trading above a descending wedge.

    Technically, based on the analyst’s preview, the coin is within a key breakout formation. Accordingly, it signals that the era of discouraging lower lows, seen in the better part of Q3 2024, could be over as buyers take over. Specifically, the series of lower and lower highs seen since prices retraced from all-time highs is likely over.

    As it is, buyers are buoyant. According to the CoinMarketCap poll, over 70% of voters think the coin is heading higher. This preview is crucial, considering the importance of hype in the crypto scene.

    Usually, whenever prices tick higher, traders tend to rush in so as not to miss the leg up by opening leveraged positions on perpetual futures platforms like Binance or Bybit. Meanwhile, the more conservative ones opt to buy at the spot market, aware that though gains could be posted, risks are also mitigated.

    Is The Post-Halving Advance On?

    For the uptrend to continue, the analyst said, it is important gains posted on the last two days are confirmed. In this case, a follow-through will see Bitcoin lift off, breaking $72,000 and even $74,000 printed in March 2024. In that event, bulls could have more headroom to march on as the “post-Halving” advance begins.

    BTC price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

    Looking at past cycles, Halving events are always seen as bullish. Prices rallied in the next few months when the network halved its miner rewards in 216 and 2020. Then, Bitcoin rallied to $20,000 in 2017 and $70,000 in 2021.

    After the April 20 Halving, traders have been looking forward to this phenomenon continuing. Nearly six months later, the recovery of prices amid the rising hash rate could trigger another wave of demand, pushing Bitcoin to new territory.

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    Dalmas Ngetich

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  • Bitcoin Set For Biggest September Gains In A Decade: Here’s Why

    Bitcoin Set For Biggest September Gains In A Decade: Here’s Why

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    Este artículo también está disponible en español.

    Bitcoin (BTC) looks poised to record its best September in a decade, surging past $65,000. This uncharacteristic price appreciation could be attributed to several key factors.

    Reasons Behind Bitcoin’s Impressive September Gains

    Historically, September has consistently been the worst month for BTC in terms of price performance. However, the apex cryptocurrency is now on track to post its best September in at least a decade, driven by several macroeconomic developments.

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    On September 18, the US Federal Reserve (Fed) initiated its interest rate cut cycle for the first time in four years, slashing rates by 50 basis points (bps) in response to slowing inflation and rising unemployment. 

    The rate cut immediately impacted risk-on assets, including BTC, which has appreciated by over 10% since the cut. In comparison, Bitcoin’s average price decline in September over the past decade has been 3.45%, according to the chart below from CoinGlass.

    September has typically been the worst month for BTC price | Source: CoinGlass.com

    According to the Fed’s decision, the European Central Bank (ECB) and the People’s Bank of China (PBoC) lowered borrowing costs to stimulate their respective economies. This further propelled BTC’s price towards its previous highs.

    Bitcoin halving is another key factor that could now be starting to show its effect on the digital asset’s price action. Bitcoin underwent its halving earlier this year in April, reducing block confirmation rewards for miners from 6.25 BTC to 3.125 BTC.

    Past data indicates that halving has typically been a bullish trigger for Bitcoin due to the resulting supply scarcity. For instance, in May 2020, BTC price rose from roughly $8,900 before the halving to more than $64,000 by April 2021 – an 8x price surge in less than a year.

    Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue to witness rising interest from retail and institutional investors alike, as they recorded $365.57 million in total net daily inflows on September 26, the largest since late July. Since their launch, the cumulative net inflow for Bitcoin ETFs now totals $18.31 billion.

    Cautious Optimism Key To Riding The BTC Wave

    While BTC appears to have shaken off its typical September slump, it’s worth highlighting that the leading digital asset still needs to overcome certain important price levels before hitting a new all-time-high (ATH).

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    As previously reported, Bitcoin’s relative strength index (RSI) fell below 80 on the monthly chart, signaling that the cryptocurrency’s bullish momentum might fade after an enthusiastic buying spree.

    In addition, a recent report by crypto exchange Bitfinex noted that despite Bitcoin’s recent upward movement, it must decisively overcome a strong resistance level of $65,200 to continue its positive momentum. The good news for bulls is that BTC is holding steady at $65,674, up 2% in the last 24 hours.

    bitcoin
    Bitcoin trades at $65,674 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, Charts from CoinGlass.com and Tradingview.com

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    Ash Tiwari

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  • Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying

    Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying

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    Bitcoin flash crashed on July 4 and 5, extending losses from all-time highs to about 30%. Though there was a relief bounce over the weekend, forcing the world’s most valuable coin up by nearly 11%, BTC remains within a bearish formation.

    Bitcoin Correction Not Over: Will Bears Break $50,000?

    One analyst who took to X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. With BTC not out of the woods, at least from technical formation, the analyst predicted not only will the coin sink below last week’s lows, but it will likely break the psychological $50,000 mark.

    BTC retracing | Source: @bitcoinmunger via X

    Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time high.

    When this happens, and following the price action seen in 2017, when the coin also crashed by 40% after local peaks, the coin will resume the uptrend.

    Even so, looking at the analyst’s assessment, the swing high and low anchoring of the Fibonacci retracement tool is subjective. For now, if September 2023 to March 2024 range acts as swing and lows, a 40% drop from local highs places Bitcoin $10,000 lower at around $37,000.

    Bitcoin price trending downward on the weekly chart | Source: BTCUSDT via Binance, TradingView
    Bitcoin price trending downward on the weekly chart | Source: BTCUSDT via Binance, TradingView

    Cracks are beginning to form on the weekly chart. After last week’s losses, the coin firmly closed below the 20-period moving average, placing sellers in control. Confirmation of last week’s losses could set the ball rolling, sparking more losses in the short term, pushing the world’s most valuable coin to $50,000 or even $40,000.

    How High Will BTC Jump After The Correction?

    However, after the cool-off and the depth doesn’t matter, another analyst predicts the coin will bounce off strongly. If BTC finds support at around the $47,000 to $50,000 level, the probability of it floating to at least $102,000 is high.

    This is the first level of the Fibonacci extension. At its high, the coin could soar to as high as $242,000 in the sessions to come.  

    The confidence that BTC will bounce back after the current sell-off, sparked most by Mt. Gox liquidation fears and the constant dump by the German government, is based on history. After the Halving, Bitcoin prices tend to recover steadily.

    BTC rally post Halving | Source: @QuintenFrancois via X
    BTC rally post Halving | Source: @QuintenFrancois via X

    If anything, one analyst said holders shouldn’t panic sell within the first 79 days after the Halving event. Marking the beginning of the fifth epoch, the network reduced its miner rewards on April 20, roughly three months ago.

    Feature image from DALLE, chart from TradingView

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    Dalmas Ngetich

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  • Bullish Reversal For Bitcoin? Retail Investors Flood Back As New Addresses Reach 4-Month Peak

    Bullish Reversal For Bitcoin? Retail Investors Flood Back As New Addresses Reach 4-Month Peak

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    Recently, the price of Bitcoin (BTC) has entered a consolidation phase, fluctuating between $61,000 and $62,000 after a brief drop to $58,000 on June 24. While retail investors have shown renewed interest alongside institutional counterparts, the market faces a mix of bullish signs and potential headwinds.

    Retail Investors Return To Bitcoin 

    In a recent social media post, crypto analyst Ali Martinez highlights the resurgence of retail investors, as evidenced by a four-month high in new BTC addresses reaching 432,026, adding to the sentiment that investors are betting on a significant price increase for BTC in the coming months, despite recent price volatility. 

    BTC number of new addresses. Source: Ali Martinez on X

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    In a separate post analyzing BTC’s recent price action, Martinez also suggested that the largest cryptocurrency on the market is currently confined within a parallel channel, with a potential rebound to $63,200 or $63,800 if the lower bound at $62,500 holds. 

    In particular, Martinez cites the critical resistance areas of $65,795 and $78,700 as key targets if BTC breaks above them.

    However, not all news is positive for the Bitcoin market. In the past 72 hours, BTC miners have sold over 2,300 BTC worth approximately $145 million. This selling pressure adds to the US and German governments’ ongoing sell-off of confiscated BTC.

    Mining Industry Under Pressure 

    The mining industry faces challenges due to lower network fees and reduced block rewards resulting from the Halving event in April. 

    Kaiko Research notes that average network fees have decreased from $3 to $5, a significant drop from around $45 in January. The halving saw block rewards reduce from 6.25 BTC to 3.125 BTC, impacting miner revenue.

    This revenue squeeze has put pressure on miners, eroding profitability while fixed expenses such as energy, wages, and rent remain constant. The decline in network fees has further contributed to the reduction in revenue. 

    Historically, Bitcoin price rallies following Halving events have helped miners compensate for the drop in rewards. However, the price of Bitcoin has remained relatively unchanged since the April 19 software update.

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    In April, fees briefly surged to nearly $150 due to the increased minting of non-fungible tokens (NFTs) on the BTC blockchain. Although this temporarily relieved miners, fees have since returned to average levels. 

    According to Bloomberg, Marathon Digital, one of the largest Bitcoin miners, sold 390 BTC in May and plans to sell more tokens to manage its finances.

    Kaiko Research warns that the risk of forced selling by miners may persist in the coming months. As a result, the industry is expected to witness consolidation as miners seek to “consolidate assets” and “increase efficiency.” 

    Notable examples include miner Riot Blockchain’s “hostile takeover attempt” of Bitfarms Ltd. and CleanSpark Inc.’s recent agreement to acquire Griid Infrastructure Inc. for $155 million in an all-stock transaction.

    Bitcoin
    The 1-D chart shows BTC’s price consolidation. Source: BTCUSD on TradingView.com

    At the time of writing, BTC is still consolidating within its range at $61,880, down 2% in the 24-hour time frame, wiping out all gains in the past 30 days, as losses in this time frame amount to 9%. 

    Featured image from DALL-E, chart from TradingView.com  

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    Ronaldo Marquez

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  • Bitcoin: Will Prices Easily “Explode” Past $74,000 Or Dump Due To Miner Capitulation?

    Bitcoin: Will Prices Easily “Explode” Past $74,000 Or Dump Due To Miner Capitulation?

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    Bitcoin prices have been trending lower in the past couple of weeks and generally remain within a bearish formation. Although momentum appears to be picking up, bulls are not out of the woods just yet.

    Analysts are not losing hope and remain overly upbeat, expecting a surge that would take the world’s most valuable coin to new levels.

    Bitcoin Forms A “Cup And Handle” Formation In The Weekly Chart

    In a post on X, one of them, MikybullCrypto, said Bitcoin has formed a “cup and handle” reversal pattern, suggesting an imminent surge towards new all-time highs. This formation is a glimmer of hope for optimistic traders, especially now that prices have been moving lower and sideways, erasing gains posted in March.

    BTC forms a cup and handle pattern | Source: @MikybullCrypto via X

    The “cup and handle” formation is a technical pattern chartists use to identify potential reversals and confirm trend continuations. In the current setup, as identified by the trader on the weekly chart, the “handle” was formed after the recent price drop from all-time highs. The “cup” follows the price decline in 2022 and the subsequent recovery in 2023.

    Related Reading

    Historically, if there is a breakout above the handle and the rim of the cup, prices tend to rally to new levels. For this reason, the analyst says that if buyers press on from spot rates, the breakout above the current range and all-time highs of $73,800 will be “explosive.”  

    Bitcoin prices trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
    Bitcoin prices trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

    For now, prices remain in a descending channel with clear resistance levels marked out in the immediate term at around $66,000 and $72,000. A breakout, reading from the candlestick formation in the daily chart, above these liquidation levels could spark demand, lifting the coin to new levels. 

    Will Miners Dump BTC And Force Prices Lower?

    However, lurking beneath the optimistic outlook is a potential storm cloud: declining on-chain activity. After the brief spike in on-chain activity on Halving Day due to the launch of the Runes protocol, transaction fees have been declining.

    Bitcoin transaction fees | Source: YCharts

    According to YCharts, it is currently at $3.206, down from over $128 on April 20. This contraction means miners are getting less revenue, heaping more pressure now that there is more pressure on margins post-Halving.

    Related Reading

    Now that miners are feeling the pinch of slashed block rewards and declining transaction fees, it is likely that they might liquidate some of their BTC to stay afloat. Their participation, especially in the secondary market, would heap more pressure on BTC, forcing prices lower. 

    Feature image from Shutterstock, chart from TradingView

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    Dalmas Ngetich

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  • Negative Nirvana? Decoding The First Bitcoin Funding Rate Dip Of 2024

    Negative Nirvana? Decoding The First Bitcoin Funding Rate Dip Of 2024

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    The recent Bitcoin halving event, which cut the block reward for miners in half on April 20, 2024, has sparked a wave of optimism in the cryptocurrency market. While a brief dip in a key futures metric hinted at potential short-term bearishness, overall market indicators suggest a bullish trend taking hold.

    Analysts at Kaiko, a market data provider specializing in crypto derivatives and futures, reported a shift in Bitcoin’s funding rate leading up to the halving. The funding rate is a fee paid between long and short position holders in futures contracts.

    A negative rate signifies that short positions are compensating long positions, potentially indicating a bearish outlook. Notably, Bitcoin’s funding rate dipped into negative territory for the first time this year on April 18th, just two days before the halving.

    Bitcoin Bounces Back With Renewed Bullishness

    However, this short-lived bearishness seems to have been overshadowed by a broader sense of optimism. Following the halving, Bitcoin’s funding rate swiftly recovered and currently sits at a positive 0.0051. This suggests a return to the status quo where long positions are incentivized, reflecting a more bullish market sentiment.

    Further bolstering this positive outlook is the uptick in Bitcoin’s Open Interest (OI), a metric that represents the total amount of outstanding futures contracts. Despite a dip last week, OI has since rebounded to over $17 billion, indicating continued investor engagement in the Bitcoin market.

    Bitcoin is now trading at 64.250. Chart: TradingView

    Halving Impact Exceeds Historical Trends

    Perhaps the most intriguing finding from Kaiko’s analysis is the suggestion that this halving event might be having a more positive impact on Bitcoin’s price compared to previous halvings.

    At the time of the report, Bitcoin was up 2.8% since the halving, exceeding the price increases observed immediately after the 2012, 2016, and 2020 halving events. Despite a slight price correction in the following days, Bitcoin remains nearly 3% up since the halving.

    However, analysts caution against drawing definitive conclusions from this initial data. The cryptocurrency market is inherently volatile, and short-term fluctuations are to be expected.

    Some experts point to historical trends where price increases following a halving event were often followed by periods of consolidation or correction. The true impact of the halving on Bitcoin’s long-term price trajectory might not be fully evident for several months.

    Bullish Sentiment Fueled By Macroeconomic Factors

    Beyond technical indicators, some analysts believe that broader macroeconomic factors are also contributing to the current bullish sentiment surrounding Bitcoin.

    The ongoing global inflationary pressures and geopolitical uncertainties have driven investors towards assets perceived as hedges against inflation. Bitcoin, with its finite supply due to the halving mechanism, fits this profile for some investors.

    Additionally, the increasing institutional adoption of cryptocurrency is seen as a positive sign for Bitcoin’s long-term prospects. Major financial institutions are actively exploring ways to offer Bitcoin exposure to their clients, suggesting a growing level of confidence in the asset class.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Analysts Identify Key Scenario For Bitcoin Hitting $100,000

    Analysts Identify Key Scenario For Bitcoin Hitting $100,000

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    Prior to the Bitcoin Halving event, BTC’s price saw considerable instability, but it has since rebounded, reaching the $66,000 level, triggering bullish predictions from top crypto analysts regarding the coin’s future path.

    Captain Faibik, a crytocurrency analyst and trader, has emerged with an intriguing prediction, underscoring a narrative that could potentially propel the price of Bitcoin to the coveted $100,000 mark in the upcoming months.

    Bitcoin Poised For A Notable Rally To $100,000 

    According to Captain Faibik, Bitcoin has managed to hold the $60,000 support level in the wake of bullish investors in the market. As a result, the largest crypto asset by market cap is currently making a strong comeback.

    These bullish investors, according to Faibik must reclaim the crucial $72,000 resistance level in order to see a major rally to the $100,000 price level. This scenario acts as a ray of hope for the cryptocurrency community, igniting speculations and influencing projections about Bitcoin’s potential for future growth. Given the anticipated impact of the Bitcoin Halving and bulls, the $72,000 level could be realized in the short term.

    Possible rally to $100,000 | Captain Faibik on X

    The expert previously highlighted that the Bitcoin weekly candle closed above the Exponential Moving Average (EMA) 10, demonstrating that the bulls are still very much in charge of the market. Following the Descending Channel break out in October last year, BTC Bulls has firmly secured the weekly EMA10, prompting the crypto analyst to put his next price target for the digital asset at $100,000.

    Faibik also noted that the daily Relative Strength Index (RSI) for Bitcoin has emerged from a falling wedge pattern. This breakout suggests that a 15% to 20% bullish rally in Bitcoin’s value is on the horizon.

    Meanwhile, in the daily timeframe, a bullish flag formation is underway, and in the event of an upward breakout from the bullish flag, Faibik anticipates a new all-time high for Bitcoin by May.

    Is A $1.5 million Price Level Possible For BTC?

    One of the most bullish predictions for Bitcoin this year came from Ark Invest Chief Executive Officer (CEO) Cathie Wood. The CEO foresees the digital asset to rise by over 2,000% reaching a whopping $1.5 million by 2030.

    During an interview in Hong Kong, Wood reiterated her projections for BTC, which were supported by a thorough investigation that included institution surveys and evaluations of market volatility.

    She stated:

    I have been asked this question from different angles, and our analysis from multiple perspectives indicates that by 2030, Bitcoin could rise to $1.5 million. This price prediction is based on a survey of institutions, using a discount rate and volatility analysis.

    Initially, Wood’s forecast for Bitcoin was estimated at $600,000 in the next six years. However, considering the effect of the Bitcoin Spot Exchange-Traded Funds (ETFs), she now believes the coin has the potential to hit $1.5 million.

    Bitcoin
    BTC trading at $66,567 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer

    Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer

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    Recent insights from Glassnode’s cofounders, shared under their X (formerly Twitter) account ‘Negentrophic’ have sparked interest in Bitcoin market dynamics, leading to a promising stabilization and possible price surge.

    Market Sentiments And EMA Trends

    With Bitcoin’s value recently wavering below the $70,000 mark, a detailed analysis from the cofounders suggests that a strong support level around the $62,000 50-day Exponential Moving Average (EMA) could set the stage for a significant rebound.

    This crucial support level indicates a strong buying sentiment, indicating the market’s confidence in the cryptocurrency’s value and a potential resistance against further declines.

    Using the strategic placement of the 50-day EMA as a support point, the analysis suggests that investors might see the current price levels as a solid base, preventing significant downward movements.

    This perspective is reinforced by recent price movements, where despite a pre-halving general dip, Bitcoin has experienced a 7.1% increase in value over the past week, and the same uptick continued in the last 24 hours.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Further analysis by the Glassnode cofounders delves into the behavior of EMAs over different durations. Short-term EMAs indicate a growing inclination among investors to buy, while longer-term EMAs lean towards selling.

    This contrasting behavior between short and long-term EMAs sheds light on the current phase of the market, which seems to be in a period of consolidation after the notable 92% increase in Bitcoin’s price over six weeks earlier in the year.

    Such insights are vital as they offer a deeper understanding of the underlying market forces and investor behavior during volatile periods.

    Meanwhile, Glassnode’s team’s analytical approach extends beyond simple price movements. Yesterday, they compared the current market conditions to the early 2021 “strong correction,” which they term “wave 4” of the ongoing market cycle.

    This historical perspective provides a lens through which current trends can be evaluated, suggesting a cyclic return to bullish conditions reminiscent of past market behaviors.

    Bitcoin Bullish Projections And Market Dynamics

    Bitfinex analysts have highlighted significant activities around Bitcoin withdrawals, supporting the optimistic outlook on Bitcoin. The current levels, echo those of January 2023, suggest that investors are increasingly moving their Bitcoin to cold storage—a sign that many anticipate further price increases.

    Veering back to Glassnode’s projections yesterday based on their indexes and Fibonacci levels, the cofounders were boldly optimistic, anticipating a potential 350% increase from current market levels.

    Notably, this forecast highlights the expected financial trajectory and underscores a growing confidence among experts and market analysts in Bitcoin’s market performance and its foundational economic principles.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Bitcoin Market Dynamics Still Positive Post-Halving – Bitfinex Analysis

    Bitcoin Market Dynamics Still Positive Post-Halving – Bitfinex Analysis

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    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.

    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.

    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.

    BTC trading at $66,002 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers

    Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers

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    Ethereum Spot Exchange-Traded Funds (ETFs) approval odds continue to witness notable pessimism as the cryptocurrency space awaits the United States Securities and Exchange Commission’s (SEC) decision on the products scheduled for May.

    The expectation surrounding the SEC’s decision highlights how important ETF approval is in terms of giving conventional investors more convenient access to Ethereum’s spot market. Presently, data from Polymarket, the world’s largest prediction market, shows that ETH ETF approval odds have fallen to a mere 11%.

    Pessimism Deepens As Ethereum ETFs Remain Uncertain

    As the May deadline draws near, doubt and skepticism loom large on the horizon, casting a dark shadow for the products. One of the most recent figures to voice doubts about the SEC’s willingness to approve the exchange-traded products this May is Nate Geraci, the president of ETF Store.

    According to Geraci, the regulatory watchdog is eerily silent on Ethereum spot ETFs. He further suggested that the products might not be approved due to the SEC’s significantly lower level of engagement with ETF issuers than in previous interactions.

    “Logic says that is correct, but also wonder if SEC learned a lesson from clown show with spot Bitcoin ETFs,” he added. Thus, he has pointed out two possible options for the products, which are either an approval or lawsuit from the Commission.

    Commenting on the president’s insights, a pseudonymous X user questioned if there is a possibility that activities are taking place behind closed doors in order to avoid disrupting the pre-launch market. Geraci responded, saying he believes that could be possible, drawing attention to Van Eck CEO Jan Van Eck’s review, which might prove otherwise.

    It is worth noting that Van Eck is one of the earliest firms to submit its application for an Ethereum exchange product. Even though the company was the first to file for an application, Jan Van Eck is pessimistic about the approval of the ETPs, saying they will probably be rejected in May.

    He stated:

    The way the legal process goes is the regulators will give you comments on your application, and that happened for weeks and weeks before the Bitcoin ETFs. And right now, pins are dropping as far as Ethereum is concerned.

    In light of this, investors prepare for an unpredictable result while managing market swings and modifying their investment plans in the face of changing regulations.

    ETH Price Sees Positive Movement

    While Ethereum ETFs might be experiencing negative sentiment, ETH, on the other hand, has witnessed a positive uptick lately. ETH has revisited the $3,000 level again after falling as low as $2,888 during the weekend.

    Today, ETH price rose by over 4%, reaching around $3,234, indicating potential for further price recovery. At the time of writing, Ethereum was trading at $3,215, demonstrating an increase of 1.40% in the past day.

    Also, the asset’s market cap and trading volume are up by 1.40% and 5.96% in the last 24 hours. Given the anticipated impact of the recently concluded Bitcoin Halving on cryptocurrencies, ETH could be poised for noteworthy moves in the coming months.

    ETH trading at $3,204 on the 1D chart | Source: ETHUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000

    Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000

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    With Bitcoin finally completing its fourth-year halving cycle, many users are aggressively competing for halving blocks, paying exorbitant amounts of fees to mine a single block. 

    Bitcoin Mining Pool Pays Over $2.4 Million In Block Fees

    Earlier today, the 840,000th block was added to the Bitcoin blockchain, triggering the onslaught of the highly anticipated halving event. While the price of BTC did not witness a dramatic change following the halving, transaction fees spiked to unprecedented highs. 

    Amidst the massive competition, a mining pool identified as ViaBTC had successfully mined the 840,000th Bitcoin block. Cumulatively, BTC users had spent a staggering $37.7 BTC in mining fees, equivalent to $2.4 million, recording the highest fee ever paid for a Bitcoin block. 

    According to reports from mempool, after ViaBTC had produced the 840,000th block, the protocol had initiated an automated reduction of miners’ reward by half, from 6.25 BTC to 3.125 BTC per block. In addition to the fees, ViaBTC had received a total payout of 40.7 BTC, valued at approximately $2.6 million, for mining the historic block.  

    While it may seem that Bitcoin miners had thrown caution to the wind by spending over $2.4 million on a single block, the 840,000th block had a major significance within the cryptocurrency space. The historic Bitcoin block is said to hold the first Satoshis, ‘sats,’ the smallest units of BTC following the halving. 

    There are several of these “epic sats,” that appear after the halving event, coveted as a rare collector’s item among cryptocurrency enthusiasts. Some even speculate that these Bitcoin fragments could be potentially worth millions of dollars. 

    Including the hype surrounding these fragmented BTC, much of the competition for the Bitcoin blocks, following the halving has been attributed to the new Runes Protocol which launched at the same time as the Bitcoin halving. 

    Degens Rush To Secure Infamous Rune Tokens

    The Runes Protocol, created by Casey Rodamor, a Bitcoin developer, has sent shockwaves through the cryptocurrency community, as degens are avidly competing to etch and mint tokens directly on the Bitcoin network. 

    While mining pools were mining new Bitcoin blocks, degens had paid over 78.6 BTC valued at $4.95 million to mint the rarest Runes. This exponential surge in fees has been an unprecedented event, highlighting the increased adoption and participation of the Bitcoin network.

    According to reports from Ord.io, a Rune labeled as ‘Decentralized’ was acquired for a fee of 7.99 BTC, equivalent to $510,760. While another titled ‘Dog-Go-To-The-Moon’ was obtained for a fee of 6.73 BTC, worth approximately $429,831.

    Leonidas, protocol developer and host of the groundbreaking Ordinals, a system for numbering “epic sats,” has declared the Runes Protocol a remarkable success as degens have “single-handedly offset the drop in miner rewards from the halving.” He concluded that Runes have significantly impacted Bitcoin’s security budget, potentially playing a major role in ensuring the network’s sustainability.

    BTC price sitting at $63,700 after halving | Source: BTCUSD on Tradingview.com

    Featured image from Watcher Guru, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Google Searches For ‘Bitcoin Halving’ Reach Highest Level Ever

    Google Searches For ‘Bitcoin Halving’ Reach Highest Level Ever

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    Public interest in the ‘Bitcoin halving’ is gaining steam as Google searches for the term have now risen to their highest level in history.

    According to Google Trends data, interest in the term began steadily ramping up at the start of 2024. Beginning with a score of 9 in January, interest in the “bitcoin halving’ keyphrase is now at 100, meaning it has never been higher.

    The Bitcoin Halving Approaches

    The last time the Bitcoin halving became a popular search term was at the last Bitcoin halving in May 2020, at which point search interest was roughly one-third as high as today’s. Now, four years later, the next halving dwells just around the corner, estimated for April 20 according to nicehash.com.

    The Bitcoin halving is a mechanism within the Bitcoin network that’s triggered every 210,000 blocks – roughly once every four years – that cuts the supply inflation rate of BTC in half. As of right now, roughly 900 BTC are mined every day, and that figure will fall to 450 BTC after the halving.

    Many consider the halving to be a bullish event for Bitcoin’s price, given that it reduces the rate at which previously mined BTC is being debased. This particular halving will reduce Bitcoin’s annual inflation rate to be lower than that of gold, to which many compare the asset as a store of value and inflation hedge.

    “What if an investor with unlimited capital announced a program to acquire 450 BTC daily at the market price for the next four years and hold the asset forever?” wrote Michael Saylor, executive chairman of MicroStrategy, to Twitter on Thursday regarding the halving.

    “What if they increased their purchases to 675 BTC daily in 2028, and to 787.5 BTC daily in 2032?” he continued.

    Advertising the Halving

    Many institutions are using the Bitcoin halving as a selling point to entice customers to buy BTC through their platforms. Earlier this month, TD Bank released a commercial explaining the halving as an event that crunches Bitcoin’s supply irrespective of new demand that arrives for the asset.

    Coinbase also released a commercial earlier this week explaining how much the purchasing power of Bitcoin has grown between each halving event in terms of pizza.

    At present, search traffic for other bitcoin-related terms like ‘buy bitcoin’ remains relatively low compared to 2017 and 2021. The term ‘Bitcoin ETF’ has also fallen substantially in traffic since January.

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    Andrew Throuvalas

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  • Bitcoin (BTC) Bulls Await Halving: Accumulation Phase Signals Investor Confidence

    Bitcoin (BTC) Bulls Await Halving: Accumulation Phase Signals Investor Confidence

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    The cryptocurrency market endured massive volatility this week. Amidst geopolitical instability, this price action triggered billions in liquidation and left many wondering if Bitcoin could be used as a hedge against chaos. However, certain cohorts of Bitcoin holders remained unfazed.

    This is evident by the fact that Bitcoin appears to be entering an accumulation phase as withdrawals from exchanges surged to levels not seen since January 2023.

    Bitcoin Investors Prepare for Surge

    The ongoing accumulation of BTC suggested a significant uptick in investor activity, coinciding with a recent cooldown in the market following a 10% price drop last week. The emergence of such a trend also points to the possibility of price hikes in the near future.

    With the highly anticipated halving scheduled for April 20, CryptoQuant analysts speculate that the increased withdrawals may be indicative of preemptive steps taken by investors seeking to capitalize on potential gains.

    In the meantime, a decrease in open interest on derivatives exchanges signified a shift away from leveraged trading, potentially fostering market stabilization.

    Another analysis of the Short-Term Holder Spent Output Profit Ratio (STH SOPR) support zone highlighted a promising buying opportunity, as historically, such conditions precede upward price movements, indicating the potential for Bitcoin’s value to surge soon.

    Markets Defy Crowd Expectations After Panic Selling

    Santiment’s analysis reveals a prevailing negative sentiment among traders following Bitcoin’s descent to $61.5K and Ethereum’s drop to $2,890 over the weekend. The ratio of bullish to bearish comments regarding both cryptocurrencies reflects this downturn, indicating a surge in fear, uncertainty, and doubt (FUD) among investors.

    Interestingly, despite initial panic selling, markets are now rebounding in a direction contrary to the crowd’s expectations.

    The crypto analytic firm also suggests that this trend of market sentiment going against the crowd’s anticipation may continue until the fervor and hype surrounding the upcoming halving event start to dominate social media conversations once again, similar to the buzz observed one to two weeks prior.

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    Chayanika Deka

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  • The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?

    The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?

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    The cryptocurrency market has undergone a substantial downturn, with many of the top 100 cryptocurrencies experiencing sharp price drops. Bitcoin, the leading digital asset, hit a low of $61,600 on Tuesday. 

    However, industry experts suggest a potential rebound to higher highs may be on the horizon as the highly anticipated Halving event draws near. 

    Adrian Zduńczyk, a crypto trader and technical analyst, provides valuable insights into the market dynamics, highlighting key factors such as bull market indicators, ETFs, and the imminent Halving event.

    Mixed Signals For BTC

    According to Zduńczyk’s analysis, the market exhibits bullish signs, with the 200-week and 50-week moving averages (MAs) at $33,700  and $39,900, respectively. 

    The Net Unrealized Profit/Loss (NUPL) ratio is 0.55, indicating a favorable trading environment. Additionally, the 7-week correlation with the S&P 500 (SPX) remains firm at 0.71. 

    In terms of daily trends, Zduńczyk notes that Bitcoin is currently in a choppy range between $59,000 and $74,000, with the 200-day Simple Moving Average (SMA) rising at $46,600 and the 200-day Bitcoin Production Cost (BPRO) rising at $57,700. 

    However, the analyst notes that the medium-term momentum is declining, and the 50-day Average True Range (ATR) volatility has increased to $3270. This suggests that Bitcoin’s overall price trend is losing strength or momentum in the medium-term timeframe.

    Bitcoin Aims For $86,500

    Zduńczyk highlights the market sentiment. The Fear & Greed Index is at 65, indicating a state of greed among market participants. The analyst notes that the current phase of the market cycle is characterized by belief. 

    Moreover, miners are still profitable at prices above $41,800, and as mining difficulty rises post-Halving, a price spike is expected. 

    Notably, previous Halving events have triggered substantial price rallies, with Bitcoin experiencing significant gains of 90X, 30X, and 7X. Importantly, Bitcoin has never returned to Halving prices after these rallies.

    Examining seasonality trends, the monthly opening price for April stands at $71,000, suggesting a positive outlook for the month. The average gain for April is estimated at 21.95%, implying an end-of-month target of $86,500, according to Zduńczyk. 

    Moreover, the period from April 16 to 30 has historically seen average gains of 14.69%, further reinforcing positive expectations and further price gains for BTC during the upcoming weeks. According to Zduńczyk, this timeframe could attract investors seeking to buy the dip. 

    The 1-D chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

    Despite the overall positive outlook, BTC is trading at $62,600, reflecting a consistent decline over the past month. In the last 30 days, BTC has experienced a 9% drop from its mid-March all-time high of $73,700.

    Moreover, in its quest for new highs and surpassing the $80,000 threshold, BTC has encountered a significant obstacle at the $70,000 level. Despite surpassing its all-time high, BTC has struggled to consolidate above this level for over a week.

    Nonetheless, as emphasized by Zduńczyk, the potential synergy between the success of the ETF market in the United States and the upcoming Halving event may hold the key to revitalizing BTC’s price trajectory. 

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Lost Treasure Found? Bitcoin Miner Transfers Over $3 Million BTC After 14-Year Dormancy

    Lost Treasure Found? Bitcoin Miner Transfers Over $3 Million BTC After 14-Year Dormancy

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    According to the on-chain analysis platform Lookonchian, a long-dormant Bitcoin (BTC) wallet dating back to April 2010, recently transferred 50 BTC, equivalent to $3.328 million.

    Unraveling The Transaction: An Exploration of Potential Motives

    As reported by Lookonchian, 50 BTC mined over 14 years ago, when each block reward was 50 BTC, was divided into two transactions: 17 BTC ($1.1 million) for one wallet and 33 BTC ($2.2 million) for another.

    The recipient wallet receiving 17 BTC has shown patterns of frequent transactions, possibly indicating its association with a cryptocurrency exchange, particularly Coinbase.

    The analysis further reveals that the Bitcoin sent to this wallet was subsequently merged with funds from other wallets associated with Coinbase, suggesting a possible deposit into the exchange.

    On the other hand, the remaining 33 BTC were transferred to a new wallet. This could indicate that this Bitcoin may have effectively remained within the miner’s control but under a new address, a common practice to enhance transaction privacy.

    Bitcoin Recovery Amid Impending Halving

    This recent activity coincides with Bitcoin’s rebound following a sharp decline that saw its price plummet from over $70,000 to $62,000 over the weekend. However, at the time of writing, Bitcoin is trading at $64,109, marking a 0.5% increase in value over the past 24 hours.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    This surge in price comes amidst anticipation of the upcoming Bitcoin Halving scheduled to take place in the next 5 days on April 20.

    Notably, the Bitcoin Halving is a programmed event that occurs approximately every four years or after every 210,000 blocks are mined. Bitcoin miners’ reward for validating transactions and securing the network is cut in half during this event.

    When Bitcoin was launched in 2009, the reward was initially set at 50 BTC per block. However, the reward has been halved, reducing the rate at which new BTC is created. This adjustment is designed to control the supply of Bitcoin, making it more scarce over time and ultimately contributing to its deflationary nature.

    Furthermore, recent reports indicate that BTC miners could face losses exceeding $10 billion due to the upcoming Halving event. As Bloomberg reported, this loss could result from several factors, including miners facing intensified competition from AI companies.

    Core Scientific CEO Adam Sullivan noted the tightening availability of power in the US, driven partly by tech giants like Amazon investing heavily in data centers. This competition for resources presents further obstacles for miners seeking affordable power contracts.

    Featured image from Unsplash, Chart from TradinView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Bitcoin Halving RoadMap: Analyst Outlines 3 Phases For Market Dynamics

    Bitcoin Halving RoadMap: Analyst Outlines 3 Phases For Market Dynamics

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    Bitcoin is now hovering around the $70,000 threshold after a notable recovery it witnessed a few days ago. Due to the recent momentum, crypto enthusiasts are becoming less pessimistic about the digital asset’s growth prior to the halving event. With the fast approaching much-anticipated Bitcoin Halving, Rekt Capital, a well-recognized cryptocurrency analyst and aficionado, has offered his market insights mapping out three distinct stages of the event for investors.

    3 Distinct Aspects Of The Bitcoin Halving

    Rekt Capital’s analysis delves into Bitcoin‘s movement before and after the halving takes place, which is expected to happen this month. In the seven days leading up to the occurrence, the crypto analyst underscored three stages to observe for a successful outcome.

    These three phases include the final pre-halving retrace, the re-accumulation phase, and the parabolic uptrend phase. Emphasizing on the first aspect, Rekt Capital noted that the pre-halving retrace is documented in the books and has already manifested.

    Different phases of BTC Halving | Source: Rekt Capital on X

    During this period, Bitcoin experienced an 18% pullback compared to 2016 and 2020’s retracement of 38% and 19%, respectively. The expert believes that the concluded pre-halving Retrace was the last chance to purchase a deal during the pre-halving phase.

    Following the conclusion of the retrace, Rekt Capital has confirmed the development has laid the groundwork for the Re-accumulation range. It is important to note that the aforementioned range occurs a few weeks ahead of the halving, and it ends with a breakout from it a few weeks later.

    Specifically, the period could last for several weeks and up to 150 days or five months. Given the manifestation of the range, sideways movement through the halving and beyond is the major purpose of BTC.

    Thus, the analyst has stressed the need to be patient around this phase, as many investors get frustrated, bored, and disappointed here because their Bitcoin investments lack significant returns. As a result, they lose confidence and get shaken out of the market before the event.

    BTC’s Post-Halving Rally Might Mirror Previous Trend

    As for the parabolic uptrend, Rekt Capital claims the phase will begin when Bitcoin breaks out from the re-accumulation range. He further stated that the price of BTC tends to grow more quickly and enters a parabolic upsurge during this stage.

    According to the expert, this area has typically lasted about a year or a little more, particularly around 385 days in the past. However, with the possible accelerated cycle that is currently in development, the period could be halved within this bull market cycle.

    Rekt Capital’s key perspectives came amidst Bitcoin demonstrating strength to revisit its current all-time high of $73,000. BTC has managed to amass gains of more than 6% in the past few days.

    It recovered to the $70,000 level after plunging as low as $67,000 on Wednesday and is getting close to $71,000. At the time of writing, BTC was trading at $70,854, indicating over 6% increase in the past week.

    Its market capitalization is up by 1% and its trading volume has plummeted by more than 21% over the past day. Given the current trend in the coin market, BTC could be in a position to see even bigger gains in the months to come.

    Bitcoin
    BTC trading at $70,789 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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