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Tag: bitcoin prediction

  • Bitcoin Traders Brace for Impact: QCP Capital Signals Incoming Price Drop—Here’s Why

    Bitcoin Traders Brace for Impact: QCP Capital Signals Incoming Price Drop—Here’s Why

    Recent analysis from QCP Capital indicates a marked shift in derivatives market sentiment, signaling that options traders are bracing for further declines in Bitcoin value.

    Dissecting the Bearish Sentiment

    The derivatives market has experienced a notable shift over the past day, with the implied volatility in Bitcoin options decreasing.

    This indicates that traders are worrying more about the possible downside risks. According to a note from analysts at QCP Capital, the spread between call and put options has tightened by three volatility points. QCP Capital noted:

    While spot prices remain muted, the options market is painting a different picture. 26 Jul vols made an impressive 8-vol rally with RR dipping by 3 vols signalling caution to the downside.

    This contraction reflects growing market caution as traders prepare for possible Bitcoin price declines amid increasing sell-pressure. Notably, the US government moving Bitcoin to exchanges like Coinbase and MtGox creditors beginning to receive their redistributed assets via Kraken, are contributing factors.

    These movements have injected substantial Bitcoin into the market, potentially suppressing prices further. QCP Capital’s analysts added:

    With the ETH Spot ETF potentially not impacting prices on the outset, coupled with potential selling pressure from the US Government and Mt Gox, prices may remain subdued until momentum builds up leading to the elections.

    The Positive Bitcoin Signal

    Amid the bearish sentiment from the derivative market shared by QCP Capital, some other Bitcoin metric suggest quite an opposite sentiment—Bullish.

    According to a CryptoQuant author on the QuickTake platform, there has been a significant increase in Bitcoin withdrawals from Kraken.

    This is particularly noteworthy as it comes at a time when Mt.Gox creditors are receiving their funds from the Kraken exchange. The analyst noted:

    This could be a positive signal, indicating that they are not selling and are preparing to hold their coins, moving them from the exchange to cold wallets. Although the volume is not high, over 5K $BTC (USD 329.192.018$) have been withdrawn in the last 24 hours.

    Meanwhile, regardless of the mixed signals from both QCP Capital and the CryptoQuant analyst, BTC itself is still maintaining a crucial mark price above $66,000.

    Although the asset briefly traded at $67,073 earlier today, Bitcoin has now retraced slightly, trading for $66,705 at the time of writing.

    According to prominent crypto analyst RektCapital, so far, not only has BTC successfully retested the old all-time high (ATH) major resistance area, but the asset now has a chance to “form a new Higher High for the first time in months.”

    Featured image created with DALL-E, Chart from TradingView

    Samuel Edyme

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  • Is Bitcoin Rally Over? New Insights from CryptoQuant Predict a Market Downturn

    Is Bitcoin Rally Over? New Insights from CryptoQuant Predict a Market Downturn

    According to the latest insight from a CryptoQuant analyst, Bitcoin might be poised for a notable price correction. This possibility of a price correction is based on major Bitcoin metrics such as the Adjusted Spent Output Profit Ratio (ASOPR), signaling a notable implication for Bitcoin’s trajectory.

    Understanding ASOPR’s Role In Predicting BTC Corrections

    The ASOPR, a key indicator in the crypto market, measures the profit ratio of spent outputs by comparing the value at which coins were bought to the value at which they were sold.

    Related Reading

    According to the CryptoQuant analyst, when this ratio exceeds 1, it suggests that coins are being sold at a profit, which often correlates with bullish market conditions.

    However, a critical threshold observed in historical data is when ASOPR approaches 1.08. At this point, the market tends to shift, signaling a potential onset of a correction phase.

    This pattern has been consistent over several market cycles, providing a valuable tool for investors to assess the market’s health. For instance, when ASOPR climbs steadily above 1 but nears the 1.08 mark, investors might consider this an opportune moment to evaluate their positions before potential downturns.

    The CryptoQuant analyst particularly noted:

    Considering past instances where similar patterns were observed, there is a possibility that the current situation might follow the same (down) trend.

    Another critical component the analyst mentioned in his BTC market analysis is the 200-day moving average (MA), widely regarded as a barometer for the long-term market trend.

    This indicator helps smooth out price data by creating a constantly updated average price, which can be pivotal in confirming the overall market direction. A rising 200-day MA suggests a long-term uptrend, while a decline might indicate a bearish market.

    According to the chart shared by the analyst, Bitcoin’s performance below this key moving average currently confirms the cautious stance suggested by the ASOPR.

    Bitcoin chart. | Source: CryptoQuant

    With the price hovering around $64,000, a 14% drop from its recent peak, the convergence of these indicators suggests that the market might still be in a phase of reassessment and potential adjustment.

    Bitcoin Continued Stagnancy

    The prediction from the metric above is quite evident, as Bitcoin’s value continues to fall despite significant positive developments within the industry.

    Earlier today, Standard Chartered Plc announced the launch of a new trading desk for Bitcoin and Ethereum, marking a significant move into spot cryptocurrency trading by one of the world’s major banks.

    Additionally, the Winklevoss twins, founders of the crypto company Gemini, have publicly supported Donald Trump’s presidential campaign, donating $1 million each BTC for being a “pro-Bitcoin” candidate.

    Related Reading

    Nevertheless, these developments have not spurred any significant upward movement in Bitcoin’s price, which has seen a 1.1% decline in the past 24 hours to $63,935.

    Bitcoin (BTC) price chart on TradingView
    BTC price is moving downwards on the 1-hour chart. Source: BTC/USDT on TradingView.com

    Analyst Ansem predicts that Bitcoin may not see a significant price increase until later this year, anticipating it will remain between $58,000 and $60,000 for some time.

    Featured image created with DALL-E, Chart from TradingView

    Samuel Edyme

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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

    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.

    Samuel Edyme

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  • Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

    Bitcoin Mining Difficulty Hits Record High In Anticipation Of Halving Event – Here’s Why It Matters

    The Bitcoin network mining difficulty has surged nearly 4% to hit an all-time high just a few days before the highly anticipated Halving event. This adjustment, recorded at 86.4 trillion, marks a crucial milestone in the cryptocurrency’s history.

    Decrypting Bitcoin’s Mining Complexity

    Notably, Bitcoin mining difficulty measures miners’ complexity in solving mathematical puzzles to validate transactions and add new blocks to the blockchain.

    This latest surge reflects the increasing computational power dedicated to securing the network as miners brace themselves for the impending Halving event scheduled for April 20.

    As the mining difficulty continues to soar, miners ramp up their hash rate, representing the total computational power contributed to the network.

    This surge in hash rate underscores the growing interest and investment in Bitcoin mining infrastructure, highlighting miners’ commitment to secure the network and reap rewards amidst the evolving landscape of crypto mining.

    Bitcoin Hashrate and Difficulty Level. | Source: mempool

    Bitcoin Bullish Sentiment Amid Rising Mining Difficulty 

    The surge in mining difficulty and hash rate comes amidst a bullish sentiment surrounding Bitcoin’s price and its potential for further growth.

    The impending Halving event will see block subsidy rewards reduced from 6.25 BTC to 3.125 BTC, potentially impacting miner revenues and the overall network dynamics.

    Despite these uncertainties, as the halving event draws nearer, Bitcoin has demonstrated resilience, maintaining its upward trajectory. Over the past week, the cryptocurrency has surged approximately 2.5%, with a 1.5% increase in the last 24 hours alone.

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

    As of this writing, Bitcoin trades at $69,921, reflecting its bullish momentum. Amidst these slight positive price movements and the impending Halving, Bitcoin enthusiasts and analysts have continued to express optimism, instilling confidence in investors and traders awaiting a potential BTC price spike.

    Notably, prominent figures like Robert Kiyosaki, author of “Rich Dad, Poor Dad,” have recently echoed bullish sentiments, endorsing the price predictions put forth by Ark Invest founder Cathie Wood.

    Wood forecasted that Bitcoin’s price could skyrocket to $2.3 million, emphasizing the cryptocurrency’s potential amidst a global investment base valued at roughly $250 trillion. Kiyosaki expressed his confidence in Wood’s prediction, highlighting her intelligence and expertise.

    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.

    Samuel Edyme

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  • Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why

    Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why

    As the crypto space eagerly awaits the highly anticipated Bitcoin halving event, top crypto analyst Willy Woo has emerged with a bullish prediction that has stirred considerable excitement among enthusiasts.

    Woo particularly underscored the potential for Bitcoin’s price to surge dramatically, using the term “ballistic” to describe the expected trajectory post-Halving.

    Notably, Bitcoin’s Halving is an integral component of its protocol. It occurs approximately every four years and reduces miners’ reward for validating transactions on the blockchain.

    This event also effectively reduces the rate at which new BTC enters circulation, increasing the asset’s scarcity and potentially impacting its price dynamics.

    Bitcoin Would Go ‘Ballistic’ Based On This

    Woo’s analysis delves into the profound implications of the impending Halving, particularly regarding Bitcoin’s supply dynamics. The cryptocurrency experiences an annual supply growth rate of 1.7%, which will be halved to 0.85% following the upcoming event.

    This reduction favors Bitcoin’s supply growth rate compared to traditional assets like gold, which boasts an annual supply growth rate of approximately 1.6%.

    Moreover, Woo juxtaposes Bitcoin’s supply growth against the US dollar, characterized by a negative growth rate attributed to inflation.

    As the USD supply growth trends back to a standard range of 5% to 10%, Woo anticipates a momentous surge in Bitcoin’s price, driven by its inherent scarcity and growing recognition as a hedge against inflationary pressures.

    Diverging Perspectives On BTC Trajectory

    While Woo’s bullish forecast sets an optimistic tone for Bitcoin’s future, recent insights from a consumer survey conducted by Deutsche Bank present a more nuanced perspective.

    The survey findings reveal a palpable division among respondents regarding Bitcoin’s trajectory, with approximately one-third expressing negativity about its price prospects.

    These individuals anticipate Bitcoin’s value to plummet below $20,000 by year-end, representing a stark deviation from the prevailing bullish sentiment.

    Adding to the discourse, Authur Hayes, co-founder of BitMEX, offers a dissenting view characterized by a bearish outlook on Bitcoin’s post-halving performance. In a comprehensive analysis shared via a blog post, Hayes outlines his concerns regarding the potential for a significant price decline after the halving.

    While many analysts anticipate a bullish rally during the halving period, Hayes posits a scenario in which Bitcoin experiences a more subdued trajectory, emphasizing the need for careful consideration amid heightened market volatility.

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

    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.

    Samuel Edyme

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  • Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

    Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

    Global investor Dan Tapiero recently shared his optimistic outlook for Bitcoin (BTC), suggesting that the leading cryptocurrency soars above the $200,000 mark might be on the horizon.

    Tapiero, known for his investment insights and co-founding roles in Gold Bullion International and 10T Holdings, took to X to express this bullish sentiment.

    Catalyst That Could Drive Bitcoin To $200,000

    According to Tapiero, a significant macroeconomic factor is expected to drive Bitcoin’s price to new heights, offering investors an opportunity for substantial gains. Tapiero’s bullish stance on Bitcoin’s future price trajectory revolves around a unique correlation he observed in the market.

    Particularly, the expert highlighted concerns about “monetary debasement” driven by a notable 60% increase in the Treasury market over the past five years.

    This factor leads Tapiero to anticipate a surge beyond $200,000 for the digital gold, Bitcoin. While acknowledging the potential for gold to perform well in such a scenario, Tapiero remains particularly bullish on Bitcoin’s prospects.

    Bitcoin’s Recent Performance And Analyst Insights

    In the past 24 hours, Bitcoin has exhibited bullish momentum, surpassing and reclaiming the $71,000 price level. With a 2.6% increase over the week and a 3.1% surge in the last 24 hours, Bitcoin’s upward trajectory continues to attract attention from investors and analysts alike.

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

    Notably, the current price performance of the asset coincides with a notable event: over 600 BTC of $100,000 strike call options have recently been traded in a Block trade. This significant development, as illuminated by Greek Live, carries a notional value of up to $45 million, with $8.5 million worth of premiums alone.

    Greeks Live further reported that this occurrence has propelled the entire market into a prolonged bullish momentum. In addition, with the halving event on the horizon, the prospect of reaching new all-time highs, including the milestone of $100,000, appears to be within reach.

    Echoing Tapiero’s optimism, analyst Michael Van De Poppe has also recently emphasized Bitcoin’s potential for unprecedented growth.

    According to Van De Poppe, despite encountering resistance, Bitcoin’s ability to break through key levels could pave the way for a surge towards new all-time highs, with projections reaching as high as $300,000 in the current bull run.

    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.

    Samuel Edyme

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  • Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation

    Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation

    Renowned crypto analyst Jelle has caught the attention of the Bitcoin (BTC) community with his bold prediction of a target price of $82,000.

    Notably, despite recent challenges in breaking above the $66,000 mark, Bitcoin currently hovers around $67,780, showing resilience in the face of a short-term pullback.

    BTC To $82,000 Soon?

    In an X post uploaded earlier today, crypto analyst Jelle shared his latest view on Bitcoin. According to the analyst, the Bitcoin target “remains the same: $82,000”.

    It is worth noting that Jelle’s forecast is based on his observation of a “bullish pennant” formation, a technical pattern that suggests a potential surge in the price of BTC. According to the analyst, the asset might experience some volatility this month.

    Jelle emphasized that a bullish pattern is forming, coinciding with the upcoming BTC halving in a few weeks. This adds credibility to the emerged bullish pennant formation and the possibility of Bitcoin reaching $82,000 shortly.

    Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years or after every 210,000 blocks are mined to reduce the reward for mining new Bitcoin blocks, ultimately decreasing the supply of new coins.

    Historically, the event has triggered bullish price movements, as reduced supply often leads to increased demand and speculative buying. The Bitcoin halving is currently less than 20 days away.

    Bitcoin Latest Price Action

    While BTC has faced challenges in its upward trajectory over the past week, recent movements suggest a shift in momentum. Within the last 24 hours alone, the asset has shown a promising 2.7% increase, rising from a low of $65,135 to its current trading price of $67,628.

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

    Despite this positive movement, BTC still reflects a decline of approximately 6.4% over the past 7 days. However, amid this fluctuation, analysts such as Captain Faibik foresee the potential for a significant rebound in Bitcoin’s value before April concludes.

    Captain Faibik’s analysis, mirroring the sentiments of fellow analyst Jelle, focuses on Bitcoin’s bullish pennant formation observed on the 12-hour timeframe chart. This formation suggests an imminent breakout towards the upside.

    If this breakout materializes successfully, BTC could soar to unprecedented levels, with projected price targets ranging from $88,000 to $90,000 by month’s end, according to Captain Faibik.

    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.

    Samuel Edyme

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  • Bitcoin Whales Steer Clear Of Significant Short Positions, Show Confidence In Price Surge

    Bitcoin Whales Steer Clear Of Significant Short Positions, Show Confidence In Price Surge

    Bitcoin traders are exhibiting cautious optimism as they refrain from “substantial short positions,” expecting continued price surges, according to analysts from Bitfinex this week’s Alpha report.

    Despite Bitcoin’s notable surge that brought the asset to trade as high as above $52,000 for the first time since 2021, analysts note a decrease in the short-squeeze ratio compared to previous years. The reason behind this declining short-squeeze ratio is revealed in the report.

    BTC Short Squeeze Ratio vs price. | Source: Bitfinex Alpha report

    Whales Shun Short Positions Amid Bullish Sentiment

    Analysts at Bitfinex Alpha report that large whale investors are refraining from “substantial short positions” due to their belief that prices will only continue to increase further.

    The current market conditions are characterized by “tightening supply and increasing demand,” further supporting the bullish sentiment among traders.

    According to the Bitfinex Alpha report, the behavior of Bitcoin holders suggests the emergence of early bull-market conditions. This is evidenced by a reduction in the volume of long-term holder supply experiencing losses, a trend that correlates with the ongoing rise in the asset’s price.

    This observation suggests a positive outlook for Bitcoin’s price trajectory in the near term. The report noted:

    Currently, less than 6% of the aggregate long-term holder supply by individual entities are held at a loss. Historically, similar instances where the long-term holder cohort held a comparable volume of Bitcoin in loss have been indicative of early bull market conditions.

    Bitcoin Trajectory And Investor Sentiment

    In the past 24 hours, Bitcoin has experienced a slight retracement of nearly 2%, following a week-long uptrend that propelled its price to trade above $52,000 for the first time since 2021. Despite this retrace, investors remain optimistic, with ongoing asset accumulation amid bullish predictions from analysts and experts.

    Renowned financial guru Robert Kiyosaki recently made headlines with his bold prediction that Bitcoin will reach $100,000 by June 2024, further fueling optimism in the crypto community.

    Moreover, recent whale activity in the Bitcoin market has caught the attention of analysts and investors alike. Crypto analyst Ali Martinez recently revealed that a specific class of Bitcoin investors, holding between 1,000 and 10,000 BTC, has accumulated the digital asset in recent weeks.

    Data from on-chain analytics firm Santiment shows that whales in this category have added over 140,000 coins to their holdings in the last three weeks, equivalent to a substantial $6.16 billion.

    This accumulation trend among whales reflects confidence in Bitcoin’s long-term potential and is a positive indicator for its future price trajectory.

    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.

    Samuel Edyme

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  • Bitcoin Big Breakout: This Bullish Pattern Signals An Imminent Price Surge

    Bitcoin Big Breakout: This Bullish Pattern Signals An Imminent Price Surge


    Market analysts have recently observed a notable pattern in Bitcoin price chart, potentially signaling a shift in the market trend. Jake Wujastyk, a prominent market analyst, has particularly pointed out the emergence of an inverse head and shoulders pattern on Bitcoin’s daily candle chart.

    This pattern, coupled with Bitcoin’s closing price above a significant “volume shelf” signals an imminent upward trajectory for Bitcoin.

    Bitcoin Surge On The Horizon

    In technical analysis, an inverse head and shoulders pattern is traditionally interpreted as a bullish signal. It is characterized by two lower peaks (shoulders) on either side of a far-down valley (head). The completion of this pattern occurs when the price breaks above the resistance level, known as the “neckline.”

    In Bitcoin’s case, this neckline also aligns with a ‘volume shelf,’ as Wujastyk indicates, a price level where many contracts have previously been traded, indicating strong support or resistance.

    As Bitcoin’s price currently sits above the critical level of $43,000 up by 4.7% in the past week, it suggests a growing momentum among buyers, hinting at a potential uptrend. At the time of writing, Bitcoin has seen a 2.1% increase in its price over the past 24 hours, reaching $43,144.

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

    This price movement occurs against a backdrop of fluctuating daily trading volumes, which have decreased from over $25 billion to below $20 billion in a day.

    Notably, this pattern’s emergence is particularly noteworthy as Bitcoin options are set to expire, with 22,000 BTC options nearing their expiry date. These options have a Put Call Ratio of 0.66, a Maxpain point of $42,000, and a notional value of $960 million, as per data from Greekslive.

    For context, the Put Call Ratio is a key indicator in options trading, representing the number of put options relative to call options. A lower ratio suggests a bullish sentiment, as it indicates more call options (bets on the price rising) are being traded compared to put options (bets on the price falling).

    Market Trends And BTC Halving Anticipation

    The broader crypto market, including Ethereum (ETH) options, is also approaching expiration. 230,000 ETH options are set to expire, with a Put Call Ratio of 0.33, a Maxpain point of $2,300, and a notional value of $530 million. These figures suggest a more bullish outlook for Ethereum compared to Bitcoin.

    Furthermore, according to GreekLive, the market has seen subdued activity recently, with both realized volatility (RV) and implied volatility (IV) trending lower for major cryptocurrencies.

    However, introducing Bitcoin spot exchange-traded funds (ETFs) is beginning to attract incremental capital to the crypto market, compensating for the slowdown in grayscale sell-off. Meanwhile, the anticipation around Bitcoin’s halving event, scheduled for April 2024, is creating a buzz in the market.

    A recent survey by Bitget indicates a bullish sentiment among investors regarding the upcoming Bitcoin halving. 84% of respondents globally believe that Bitcoin will exceed its all-time high of $69,000 in the next bull run.

    Predictions for Bitcoin’s price during the halving are varied, with over half expecting it to be between $30,000 and $60,000, while about 30% foresee it is surpassing $60,000.

    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.





    Samuel Edyme

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  • Bitcoin Buzz: Accumulation Trend Peaks At A 3-Year High – What’s Driving The Surge?

    Bitcoin Buzz: Accumulation Trend Peaks At A 3-Year High – What’s Driving The Surge?


    According to data shared by renowned crypto analyst Ali, Bitcoin has recently witnessed a significant development in its investment dynamics, marking a notable shift in the crypto market.

    In a post on X published earlier today, Ali disclosed that Bitcoin is experiencing a substantial accumulation streak, which has not been seen in nearly three years.

    According to the analyst, this surge in the Accumulation Trend Score indicates the growing confidence among larger entities in the cryptocurrency market.

    Ali’s shared data further reveals that the Accumulation Trend Score for Bitcoin has consistently hovered near the peak level of 1 over the past four months. This sustained high score signals an active and ongoing accumulation by big investors.

    A Surge In Large-Scale BTC Holdings

    Further complimenting this near 3-year accumulation trend streak, Ali’s recent data revealed that the Bitcoin market has welcomed approximately 67 new “whales.” These entities, each holding over 1,000 BTC, represent a 4.50% increase in this category of investors within two weeks.

    This increase in whale activity coincided with a period where Bitcoin experienced a notable dip, falling below the critical $39,000 threshold. Ali noted: “While some shivered with fear during the recent price correction, Bitcoin whales were accumulating more BTC.”

    This downturn was primarily attributed to a significant outflow from Grayscale, amounting to over $5 billion since the Bitcoin Spot ETF was approved by the US Securities and Exchange Commission (SEC).

    However, as this outflow has cooled off, Bitcoin has shown signs of recovery, trading above the $42,500 mark and registering a 6.1% increase in the past week.

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

    Bitcoin Poised For 40% Surge?

    Shifting the focus to the broader financial landscape, Arthur Hayes, founder of BitMEX, has offered an analysis of current economic conditions and their potential impact on Bitcoin. His commentary is particularly relevant in light of recent challenges faced by New York Community Bancorp (NYCB) and the banking sector.

    The bank’s significant stock decline, driven by unexpected losses and a substantial increase in loan loss reserves, has raised concerns about the stability and exposure of US regional banks, especially in the real estate sector.

    Hayes’s remarks point to a possible near-future scenario where the Federal Reserve might have to intervene by reinstating the Bank Term Funding Program (BTFP) or similar measures to stabilize the banking sector.

    He parallels the current situation and the March 2023 banking crisis, suggesting that similar market turbulence could lead to a brief dip in Bitcoin’s value, followed by a significant rally.

    Hayes postulates that such developments could see Bitcoin, often regarded as a digital gold or safe-haven asset, experience a surge in value similar to the 40% increase witnessed during the previous banking crisis.

    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.





    Samuel Edyme

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  • Bitcoin To $5 Million? S2F Model Predicts When This Will Happen

    Bitcoin To $5 Million? S2F Model Predicts When This Will Happen


    Using historical and future Bitcoin halving events, the Bitcoin Stock to Flow (S2F) live data chart model has pointed toward a BTC surge to unprecedented highs during the 2028 to 2032 halvings. 

    Bitcoin To Hit $5 Million After 2028 Halving

    Crypto analyst Bit Harington recently shared insights in a post on X (formerly Twitter) about the potential surges in the price of Bitcoin during the next halving stages. Using data from the Bitcoin S2F chart, Harington predicted the price of Bitcoin would reach $500,000 by the fourth halving, which is taking place in April. 

    His predictions were based on the distinctive trend observed in BTC’s price, where the first to third halving phases exhibited a consistent 10x price increase for each successive halving. 

    Responding to the post, the creator of the S2F model, Plan B, made a bold prediction, suggesting that the average price of Bitcoin during the 2028 and 2032 halving events could potentially reach an impressive $5 million. 

    The cryptocurrency has consistently experienced bullish rallies following each halving event, from the first Bitcoin halving in November 2012 to the third in May 2020. Due to this, many investors and crypto analysts foresee a similar surge in BTC’s price during 2024 halving. 

    These expectations could be attributed to the events that typically occur during a Bitcoin halving event. In each halving phase, BTC mining rewards are cut in half, and the supply of the token is reduced, thereby inducing scarcity and increasing the token’s value. 

    While these price projections about Bitcoin are made to keep investors alert, it’s important to note that they remain speculations, and models like S2F can be subject to wide margins of error. 

    BTC price struggles to hold $42,000 | Source: BTCUSD on Tradingview.com

    Analyst Reveals Key Factors To Consider In 2024 Halving

    Another crypto analyst, Ali Martinez, has disclosed four crucial factors to keep in mind as the 2024 April Bitcoin halving approaches. Martinez highlighted the significance of the post-halving price corrections in the 2016 and 2020 Bitcoin halving, emphasizing that BTC declined by 30% to 70% within a month after the halving phases. 

    He also mentioned BTC’s post-halving rallies, where the cryptocurrency experienced significant surges to 700%, 2,850%, and 11,000%, respectively, during the 2012, 2016, and 2020 halving events. The crypto analyst delved into bull market durations after each halving, which lasted about a year or more.

    He concluded his analysis by predicting that the next Bitcoin market top would occur around April or October 2025. At the time of writing, the price of BTC was $42,110, according to CoinMarketCap. 

    Featured image from Dall.E, 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.



    Best Owie

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  • Expert Reveals Key Macro Indicators For Bitcoin: A Roadmap To Next Rally?

    Expert Reveals Key Macro Indicators For Bitcoin: A Roadmap To Next Rally?


    Bitcoin advocate and CEO of Jan3, Samson Mow, has pinpointed a range of macroeconomic indicators that could signal an impending rally for Bitcoin. Mow focuses on exchange-traded inflows (ETF), Bitcoin’s Hashrate, and whale activity on prominent exchanges like Bitfinex.

    The Jan3 CEO also mentioned the 200-week moving average (WMA) in forecasting Bitcoin’s trajectory. The recent data shared by Cypherpunk on X highlighting significant whale accumulation on Bitfinex further supports Mow’s Bitfinex whale indicator, suggesting an increased interest from large-scale investors in the flagship crypto.

    Broader Economic Indicators

    Mow also looks beyond the crypto-specific data, considering global economic factors like Tether’s USDT Assets Under Management, government debt payments, and Debt-to-GDP ratios. The Bitcoin advocate believes these factors, along with nation-state adoption of Bitcoin, real inflation rates, and M3 money supply, could profoundly impact Bitcoin’s performance.

    Notably, Samson Mow has remained steadfast in his ambitious prediction for BTC, maintaining a $1 million price target for the crypto. Mow recently cautioned about the potential ‘max pain‘ accompanying a rapid ascent of Bitcoin to this monumental valuation.

    Furthermore, Mow has recently suggested that this significant price milestone could materialize relatively quickly, possibly within days or weeks. However, according to the Jan3 CEO, the starting point for this potential surge is “TBD” (to be disclosed).

    Bitcoin Latest Trajectory And Prediction

    Despite a recent dip below $39,000 last week, BTC has shown a slight increase, with an uptick bringing its price above $42,000. This recovery, though slight, aligns with the optimistic predictions of various analysts and experts, including Samson Mow.

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

    SkyBridge Capital’s founder, Anthony Scaramucci, has also joined the chorus with an optimistic prediction for Bitcoin. Scaramucci’s analysis suggests a potential 300% increase in Bitcoin’s value post-halving, with a long-term price target of $400,000.

    His estimates, based on historical data and market trends, indicate that the peak bullish period for BTC could be about 18 months after the halving event. These predictions are further supported by the recent developments in Bitcoin ETFs, including the filing of the first-ever Bitcoin spot ETF in Hong Kong, indicating a growing institutional interest in BTC.

    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.





    Samuel Edyme

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  • Could Bitcoin Ever Skyrocket To $10 Million? Possible, But Based On This Condition

    Could Bitcoin Ever Skyrocket To $10 Million? Possible, But Based On This Condition

    Peter Schiff, a well-known critic of Bitcoin, recently engaged in a thought-provoking discussion about Bitcoin’s value relative to gold. Despite his longstanding skepticism, Schiff has presented a scenario where Bitcoin could reach roughly $10 million by 2031.

    However, the Bitcoin critic responded that this could happen under particular economic conditions.

    Schiff’s Extreme Hypothesis On Bitcoin’s Ascent To $10 Million

    This bold statement arises from the Economist’s comparison of Bitcoin’s potential growth trajectory to gold, highlighting the volatility of crypto assets and the spirited optimism of their proponents.

    Commenting under this post, an X user asked, “What if Bitcoin goes to $10,000,00 by 2031?” Schiff then replied with a “hypothetical” scenario that pivots on the dramatic collapse of the US dollar, akin to the fate of the German Papiermark post-World War I. During that period, Germany experienced rampant hyperinflation, devastating the value of its currency.

    Schiff suggests that only if a similar downfall of the US dollar happens does the BTC price catapult to $10 million. However, it’s important to note that this scenario is highly “hypothetical,” and the crypto critic is trying to convey that Bitcoin can only reach $10 million in an “extreme” case of economic turmoil.

    Community Reactions To Schiff’s Post

    Notably, Schiff remains a staunch critic of Bitcoin. He recently expressed concerns about potential regulatory changes under the Securities and Exchange Commission (SEC) Chair Gary Gensler. He predicted increased regulations could raise Bitcoin’s transaction costs and adversely affect its market value.

    The crypto community, however, often counters Schiff’s bearish outlook with a mix of criticism and humor. Influential figures like Samson Mow and Mike Alfred have directly responded to Schiff’s comparisons between Bitcoin and gold, often highlighting Bitcoin’s resilience and growth over the years.

    Mow, in particular, has pointed out that once Bitcoin surpasses gold’s market cap, gold could be relegated to its “industrial utility cost.”

    These responses from the crypto community showcase the strong belief in Bitcoin’s potential and its role in shaping the future of global finance.

    Meanwhile, in the current market, BTC has shown signs of recovery. At the time of writing, Bitcoin is trading above $40,000, a notable increase from its earlier values of below $39,000 earlier this week.

    BTC price is moving sideways on the 1-hour chart. Source: BTC/USDT on TradingView.com

    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.

    Samuel Edyme

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  • Anticipation Peaks As Bitcoin Halving Countdown Drops Below 100 Days: Will Prices Skyrocket?

    Anticipation Peaks As Bitcoin Halving Countdown Drops Below 100 Days: Will Prices Skyrocket?

    With the Bitcoin halving event drawing near, Data from crypto industry research and analytics platform, CryptoRank.io, has recently revealed that a significant majority of its users – 79% – are bullish about the upcoming halving, while 21% have bearish skepticism.

    This sentiment echoes the historical trend where previous halvings have catalyzed bullish rallies in Bitcoin’s price.

    Bitcoin Halving Countdown And Price Trajectory

    The Bitcoin halving, less than 100 days away, is a pivotal event in the crypto world. This process happens approximately every four years, and the reward for mining Bitcoin blocks will be halved.

    This reduction in supply has historically led to price increases, with the previous halving in 2020 resulting in a 401.1% rise in Bitcoin’s price, according to CryptoRank.io. The anticipation of a similar price boom is palpable as the crypto community closely watches the countdown to this significant event.

    Despite the optimistic sentiment towards the halving, Bitcoin’s recent price action tells a different story. Following the initial excitement around the launch of spot Bitcoin ETFs, Bitcoin has been experiencing bearish price action.

    In the past week alone, the cryptocurrency has seen a nearly 10% decline, eroding its gains after spot ETF approvals. This price behavior suggests a cooling off of the spot ETF hype and a period of consolidation in the absence of significant news or developments.

    However, Bitcoin is currently hovering above the $43,000 mark, showing a minor recovery in the last 24 hours with a 1.8% increase.

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

    BTC Price Prediction

    This current price movement has not dampened the long-term bullish outlook of many analysts. Figures like Ash Crypto, a notable voice in the crypto trading community, advise a long-term perspective.

    Ash Crypto’s has recently shared an analysis drawing parallels between Bitcoin and gold, suggesting that if Bitcoin emulates gold’s post-ETF market cap surge, it could potentially reach or even surpass half of gold’s market cap. Such a scenario could propel Bitcoin’s price to an estimated $500,000 in the coming years.

    Moreover, Ash Crypto highlights Bitcoin’s potential impact on traditional financial markets, pointing out the immense global stock and bond market caps.

    As BTC continues to gain legitimacy as a financial asset, it could capture a substantial share of these traditional market caps. This shift aligns with a new generation of investors who view Bitcoin as a novel investment opportunity.

    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.

    Samuel Edyme

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  • Bitcoin Road To Record Heights: Analysts Forecast Post-Halving Surge

    Bitcoin Road To Record Heights: Analysts Forecast Post-Halving Surge

    Analysts have recently focused on Bitcoin’s potential trajectory after its anticipated halving event. Adrian Zduńczyk, a prominent crypto trader, has shared a bullish outlook, suggesting that Bitcoin could soar to new all-time highs post-halving.

    Zduńczyk’s projections shared on X, hinge on favorable market conditions and pivotal financial events.

    Bitcoin’s Bright Outlook

    The beginning of 2024 has already seen a positive trend for Bitcoin, reflecting a growing confidence among investors. Zduńczyk links this optimism to a parallel movement in traditional markets, particularly the S&P 500, expected to deliver a 12.8% return in January.

    This positive trend in the stock market is seen as a potential catalyst by analysts for increased capital inflows into Bitcoin, reinforcing the correlation between the cryptocurrency and US stock markets.

    The upcoming halving event in April, a significant occurrence in the Bitcoin ecosystem, is another factor fueling Zduńczyk’s bullish predictions. This event, which halves the reward for Bitcoin mining, historically triggers a surge in Bitcoin’s price by limiting the new supply entering circulation.

    Analysts like Zduńczyk view this as a key moment that could propel Bitcoin to unprecedented heights. Adding to this optimistic scenario is the mounting speculation surrounding the approval of a spot Bitcoin ETF in the United States.

    According to Zduńczyk, this approval could channel trillions of dollars into the crypto market, marking a significant milestone in institutional adoption.

    Experts anticipate that the US Securities and Exchange Commission (SEC) may greenlight such an ETF soon, which could have profound implications for Bitcoin’s valuation and market dynamics.

    Bitcoin 2024 Trajectory: Analysts Project Sky-High Valuations

    Forecasts for Bitcoin’s price in the wake of the upcoming halving and spot Bitcoin ETF approval in the US vary, with some analysts setting ambitious targets. James Butterfill of CoinShares predicts a potential increase to $80,000, while Antoni Trenchev of Nexo foresees a rise to $100,000.

    Venture capital firm CoinFund, through managing partner Seth Ginns, sets an even loftier expectation, projecting Bitcoin’s value to range between $250,000 and $500,000 in 2024.

    Ginns attributes this to a combination of factors, including the anticipated spot ETF approval in the US and a diminishing correlation with traditional economic indicators like the dollar and real yields.

    Bitcoin is experiencing a bullish trend, surpassing a significant threshold by trading above $45,000 for the first time since April 2022. The asset has seen a 6% increase in the past 24 hours and a 6.1% rise over the past week.

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

    Notably, BTC trading volume has witnessed a substantial spike, escalating from $13 billion on Monday to over $33 billion today.

    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.

    Samuel Edyme

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  • Bitcoin 2024 Forecast: From $60,000 To $500,000, Top Experts Share Bold Predictions

    Bitcoin 2024 Forecast: From $60,000 To $500,000, Top Experts Share Bold Predictions

    As the crypto market marches into 2024, various industry experts and financial analysts have recently cast their respective Bitcoin (BTC) predictions for the year.

    Among the voices offering insights, Mark Mobius of Mobius Capital Partners LLP stands out for his historically accurate predictions.

    Having correctly forecasted Bitcoin’s fall to $20,000, Mobius now envisions a climb to $60,000 by the year’s end. This optimism is further mirrored by Youwei Yang, chief economist at crypto mining firm Bit Mining, who projects a high of $75,000 for Bitcoin in 2024.

    Yang’s predictions hinge on a combination of the upcoming Bitcoin “halving” event, which is expected to constrain supply, and the potential inflow of institutional investments following a spot ETF approval in the US.

    The Catalysts Behind The Predictions

    The notion of a spot Bitcoin ETF approval in the US is a central theme in these bullish forecasts. The expectation of such an event has stirred excitement within the crypto community, drawing parallels to similar financial instruments and their impact on associated markets.

    James Butterfill, head of research at CoinShares, believes that a spot ETF approval in the US would mark a “significant change” in the digital asset landscape, potentially integrating cryptocurrencies more closely with traditional financial markets. As for the prediction, Butterfill noted:

    Estimations suggest that a 20% investment increase from current assets under management (around US$3 billion) could potentially propel Bitcoin prices to US$80,000.

    Butterfill additionally pointed out that potential interest rate reductions by central banks might significantly contribute to an increase in Bitcoin’s value.

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

    2024 Bitcoin Predictions above $100,000

    Raising the prediction bar, Antoni Trenchev, co-founder of the cryptocurrency exchange Nexo and a well-known Bitcoin advocate, maintains his prediction that Bitcoin could soar to $100,000 in 2024. Despite initially projecting this target for 2022, Bitcoin’s price took a downturn instead of hitting the anticipated high.

    Reaffirming his stance, Trenchev attributes his renewed $100,000 forecast for 2024 to the upcoming Bitcoin halving and the possible green light for several spot Bitcoin ETFs in the US. Trenchev anticipates that these two factors will act as a dual catalyst, driving Bitcoin’s value to the $100,000 mark, with prospects of even higher peaks in 2025.

    Trenchev, however, cautions about the volatile journey towards this target, predicting fluctuations and significant dips along the way.

    In addition to Trenchev’s projections, Standard Chartered and University of Sussex finance professor Carol Alexander also envisions Bitcoin potentially hitting $100,000 in 2024. Alexander suggests this is contingent on the capacity of market maker algorithms from major financial institutions like Blackrock and Fidelity to moderate market volatility.

    Echoing these sentiments, Matrixport, a firm specializing in crypto financial services, projects that Bitcoin will hit $125,000 by the end of the year. The firm noted:

    Based on our inflation model, the macro environment is expected to remain a robust tailwind for crypto. Another decline in inflation is anticipated, prompting the Federal Reserve to likely initiate interest rate cuts. Combined with geopolitical crosscurrents, this healthy dose of monetary support should push Bitcoin to new highs in 2024.

    Venture capital firm CoinFund offers one of the most ambitious predictions, with managing partner Seth Ginns forecasting Bitcoin’s value to range between $250,000 and $500,000 in 2024.

    Ginns attributes this potential surge to factors like the declining correlation with the dollar and real yields, the anticipated impact of newly launched BTC spot ETFs in the US, and the excitement over possible ETH spot ETFs.

    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.

    Samuel Edyme

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  • Analyst Sets $47,000 Target For Bitcoin If This Happens

    Analyst Sets $47,000 Target For Bitcoin If This Happens

    An analyst has explained how $47,360 could be the next target for Bitcoin if the cryptocurrency can clear the $38,500 resistance wall.

    Bitcoin URPD Suggests $47,360 Holds Next Major Resistance After $38,500

    In a new post on X, analyst Ali talked about what the levels ahead of BTC are looking like right now in terms of the on-chain resistance. The indicator of interest here is the “UTXO Realized Price Distribution” (URPD), which tells us about the amount of coins (or more precisely, the UTXOs) that were last acquired at the various levels that the cryptocurrency has visited in its history.

    Generally, the levels that host the cost basis of a significant number of investors can be important levels for Bitcoin, due to how investor psychology tends to work.

    To any holder, their acquisition price is naturally a level that’s important, so whenever the price retests that point, they may become more prone to make some sort of move. How they may react to the retest may depend on what their profitability status was prior to the retest.

    An investor who was in profits before might want to take a further gamble and buy more, as they may think that the price would go up again in the near term. On the other hand, a holder who was in losses might just want to exit at their acquisition price, just so they can at least avoid going into losses again in the future.

    Such buying or selling that arises out of these retests can provide support or resistance to the asset’s price. As mentioned before, though, only levels with a large number of investors are really of any relevance to BTC, as just a few users making these buy or sell moves won’t tick the price meaningfully.

    The below chart shows the data for the Bitcoin URPD, to see where the major centers of holder cost basis lie.

    Looks like the the level just ahead hosts the cost basis of a significant amount of UTXOs | Source: @ali_charts on X

    As displayed in the above graph, the $37,000 level holds the cost basis of a large number of UTXOs, suggesting that the mark should prove to be a strong support wall for the cryptocurrency.

    This is certainly an optimistic sign for the rally, as it means that BTC might be able to hold itself above this level without too much effort and work at building an upward move.

    The next level that might pose any major resistance could be $38,500, but if Bitcoin can successfully clear this wall, the levels ahead are relatively thin with investors.

    From the chart, it’s visible that above $47,000 is where the next resistance boundary lies. So Ali thinks that if a break above $38,500 happens, BTC could advance toward this level.

    BTC Price

    Bitcoin has slumped back toward the $37,000 level, but if the on-chain data explained earlier is anything to refer to, the asset should find support here.

    Bitcoin Price Chart

    BTC had broken above $38,000 recently | Source: BTCUSD on TradingView

    Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com

    Keshav Verma

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  • Bitcoin Price Dual Outlook: Experts Eye $87,000 In 2025

    Bitcoin Price Dual Outlook: Experts Eye $87,000 In 2025

    The current stability of Bitcoin price around the pivotal $34,000 mark suggests the potential for a continued bullish trend, but analysts remain uncertain whether indicators strongly support an upward trajectory or if a regression to $27,000 is imminent.

    Presently valued at $34,150, Bitcoin has shown lateral movement in the past day. With a notable 15% gain in the prior week, Bitcoin retains its position as a leading cryptocurrency based on market capitalization, showcasing its resilience amidst market fluctuations.

    The current climb of Bitcoin, which has reached the significant milestone of $35,000, has elicited a positive and surprising reaction among the market as a whole. Despite its initial surge, the cryptocurrency underwent a modest correction and subsequently retreated to a value of $34,000.

    Bitcoin Price: No Way But Up

    The latest report from finder.com illuminates the insights and predictions provided by industry experts regarding the future trajectory of Bitcoin’s price. This comprehensive forecast delves into the potential developments and shifts anticipated in the value of this cryptocurrency, offering a detailed analysis based on expert opinions and market trends.

    The report serves as a valuable resource, providing a glimpse into the prospective pathways and factors that might influence Bitcoin’s value in the coming period, offering a nuanced understanding of the digital currency’s potential directions.

    According to the consensus of 31 experts in cryptocurrency and fintech assembled by Finder, the average prediction anticipates Bitcoin (BTC) to conclude this year at approximately $30,000 and then surge to $87,000 by the culmination of 2025.

    BTCUSD trading at $34,097 on the weekend chart: TradingView.com

    Futurist Joseph Raczynski presents a slightly lower estimate, suggesting Bitcoin price will finish 2023 at a value of $29,000 but forecasts an increase to $80,000 by the conclusion of 2025. Raczynski emphasizes the pivotal role of the US Securities and Exchange Commission Bitcoin ETF approval, indicating that the potential approval of a spot ETF could potentially lead to a doubling of Bitcoin’s value.

    Mitesh Shah, the CEO of Omnia Markets, said that it is anticipated Bitcoin will reach a closing value of $35,000 before the end of the current year. Furthermore, Shah projects that the value of the top cryptocurrency will experience a significant increase, reaching $105,000 by the year 2025.

    “The approval of any BTC ETF would open the floodgates for institutional investment, and the announcement of such approval would likely result in an immediate spike in Bitcoin price,” he said.

    On Halvings, ETFs And Investor Confidence

    Shah is representative of the subset comprising 20% of the questioned population who have the expectation that approval for ETFs will be granted within the present calendar year. He made an observation regarding the increasing agreement among experts that the SEC will ultimately grant approval for a Bitcoin ETF, with Blackrock’s proposal being considered the most probable contender.

    According to Manraj Chandok, a trader at Wirex, it is his belief that there will be limited fluctuations in the price of Bitcoin until the occurrence of the halving event. The halving event refers to the reduction of the block subsidy reward, which denotes the quantity of Bitcoin granted to miners, by fifty percent. The anticipated timeframe for this event is April 2024.

    Image: Shutterstock

    For his part, Damian Chmiel, a senior analyst and editor at Finance Magnates, said it is anticipated that Bitcoin will experience a stabilization phase at a value of $30,000 within the current year. Furthermore, Chmiel predicts that the value of BTC can potentially reach $50,000 by the year 2025.

    “Next year’s halving could be a game-changing event for Bitcoin. I still believe that the crypto will eventually reach new all-time highs and achieve a six-figure valuation,” he said.

    The recent surge of Bitcoin’s value to $35,000 has engendered a sense of assurance among investors, leading them to exhibit a greater inclination towards venturing into more speculative prospects within the cryptocurrency market.

    Meanwhile, Santiment has reported a notable rise in forthcoming and active positions for Bitcoin, accompanied by a significant gain of $922 million in open interest over the course of the previous week. This development signifies an increasing level of trust in the potential of Bitcoin.

    Featured image from Shutterstock

    Christian Encila

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