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Tag: BTC

  • 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 Rebounds After Nearing Cost Basis Of Short-Term Whales

    Bitcoin Rebounds After Nearing Cost Basis Of Short-Term Whales

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    Bitcoin has found a rebound back above the $66,000 mark following a drop towards the on-chain cost basis of the short-term holder whales.

    Bitcoin Drawdown Had Nearly Put Short-Term Whales Under Pressure

    As pointed out by an analyst in a CryptoQuant Quicktake post, BTC’s price had neared the Realized Price of the short-term holder whales during the recent drop, but had still managed to remain above the level.

    The “Realized Price” here refers to an on-chain indicator that, in short, keeps track of the cost basis (that is, the acquisition price) of the average investor in the Bitcoin market.

    When the spot price of the cryptocurrency is trading above this level, it means that the investors as a whole are in a state of unrealized profits right now. On the other hand, it being under implies the overall market is carrying losses.

    In the context of the current discussion, the Realized Price of the entire Bitcoin market isn’t of interest, but that of only a part of it: the short-term holder (STH) whales.

    The STHs refer to the BTC investors who bought their coins within the past 155 days, while the whales are categorized as entities holding greater than 1,000 BTC. As such, the STH whales would refer to the large investors who bought during the last five months.

    Naturally, the Realized Price of this group would indicate the average whale buying price over the past five months (and this price would obviously have to be one the cryptocurrency had traded at on some occasion inside this timeframe).

    Now, here is a chart that shows the trend in the Bitcoin Realized Price for the STH whales over the last decade:

    The value of the metric appears to have shot up in recent months | Source: CryptoQuant

    From the graph, it’s visible that the Realized Price of the STH whales has rapidly climbed alongside the sharp rally Bitcoin has gone through this year. This makes sense, as the STHs represent the new hands coming into the market, who would have to buy at higher prices as the asset’s surge would continue.

    Not only that, but the STHs who age past the 155 days mark (that is, those who bought at the relatively low prices) exit out of the cohort, thus raising the average even further.

    The group that these matured investors advance to is known as the long-term holder (LTH) cohort. In the same chart, the quant has also attached the data for the Realized Price of the LTH whales as well.

    It would appear that these veteran whales have their cost basis at just $21,500, meaning that these investors would be getting some big rewards for their patience. In contrast, the STH whales have their Realized Price at $60,700.

    During Bitcoin’s recent drawdown, the asset had come close to retesting this mark. Such retests have historically lead to reactions in the market and during bull runs, this reaction has often appeared in the form of buying. This may be why the cryptocurrency found its rebound near the $60,700 level.

    BTC Price

    With its latest rebound, Bitcoin has so far managed to recover back towards the $66,500 level.

    Bitcoin Price Chart

    Looks like the price of the coin has made some recovery from its recent drop | Source: BTCUSD on TradingView

    Featured image from Thomas Kelley on Unsplash.com, CryptoQuant.com, 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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    Keshav Verma

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  • Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

    Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

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    There’s no denying the launch of Spot Bitcoin ETFs has done wonders for the price of Bitcoin and other cryptocurrencies in general. These ETFs have now unlocked institutional demand into the world’s largest crypto asset to change the dynamics ahead of the next halving. On the other hand, recent tensions between Iran and Israel have seen Bitcoin falling to as low as $61,000 in the past 24 hours to undo weeks of price increases. 

    Bitcoin ETF Wallets Now Whale Addresses

    The institutional demand for Bitcoin has been ramping up since the beginning of the year from the issuers of the various Spot Bitcoin ETFs. These fund providers have been scooping up Bitcoin left and right, now holding 4.27% of the total BTC supply, as noted by on-chain analytics platform IntoTheBlock.

    These whale wallets have now joined an extensive list of whales on the Bitcoin network who collectively own 11% of the total circulating supply.

    It is noteworthy to mention that BlackRock’s IBIT and Fidelity’s FBTC ETFs have positioned themselves as the lead of the pack. According to data from BitMEX Research, these two spot ETFs now hold 405,749 BTC at the close of the trading session on April 12. 

    This surge of institutional money has fueled Bitcoin’s meteoric rise to a new all-time high of $73,737 and underscored its potential as a mainstream asset class. However, a brewing conflict between Iran and Israel seems to be undoing months of this price increase. Particularly, Bitcoin has seen a noteworthy drop to $61,000 from $67,800 in the past 24 hours. 

    Fundamentals, however, point to this price drop being temporary and the crypto is already reversing the majority of this loss. At the time of writing, Bitcoin is trading below the $65,000 price mark.

    Bitcoin is now trading at $64.330. Chart: TradingView

    Changing Halving Dynamics

    One of such fundamentals pointing to a steady Bitcoin price increase in the coming months is the approaching Bitcoin halving. Investors are steadily approaching the outcome of this halving, with the Bitcoin blockchain now less than 1,000 blocks to the next event.

    Past halvings on their own have led to a price increase for Bitcoin in the days post-halving. Bitcoin went on a surge of over 7,000% in the months after the first halving in 2012. The halving in July 2016 led to a 3,000% price surge in the months after. The most recent halving in May 2020 led to a surge of almost 1,000% in the months after.

    As noted by IntoTheBlock, the approaching halving is different from previous ones. Unlike the last three halvings, there’s “a new source of demand coming from the institutional sector” through Spot Bitcoin ETFs. A repeat of past halving outcomes could see Bitcoin easily surging above the $100,000 price level.

    Featured image from Pixabay, 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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    Scott Matherson

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  • Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

    Nervos Network CKB Token: The Market Disruptor With 75% Uptrend, Outshining Top 100 Cryptos

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    Amid a widespread price correction affecting the majority of the top 100 cryptocurrencies, one digital asset has defied the trend, surging to impressive heights. Nervos Network, along with its native token CKB, has not only recorded significant gains but has also climbed to the 79th rank in the market, raising questions about the factors behind its surge.

    Nervos Network Decoded

    Nervos Network is a proof-of-work (PoW) Layer 1 (L1) blockchain designed to optimize application-specific Layer 2 chains. The network aims to establish its native asset, CKB, as a more sustainable store of value (SoV) compared to Bitcoin (BTC) while providing a more secure smart contract platform than Ethereum (ETH).

    Bitcoin’s capped supply and decreasing block rewards raise concerns about long-term economic incentives for miners. 

    Notably, the Nervos Network tackles this issue by introducing a fixed annual secondary issuance of CKBs and the base supply, providing long-term incentives for miners.

    Nervos Network also addresses the potential security risk associated with Ethereum. In Ethereum, the value of its native asset, ETH, is not directly linked to the value of Layer 2 apps built on top of it. 

    Nervos Network aims to mitigate this risk by ensuring that CKB is used for transaction fees and storage, creating a stronger economic relationship between the native asset and the overall network.

    How Secondary Issuance And State Rent Drive Sustainability

    Nervos utilizes a perpetual secondary issuance model to increase CKB’s SoV properties. This model incentivizes users to continuously lock up CKB in proportion to the size of their applications. 

    Furthermore, locked CKBs are subject to “state rent” through inflation, which automates state rent payments and ensures a sustainable economic model.

    Nervos Network introduces a secondary market for chain space, enabling apps to unlock and sell CKBs without requiring relevant storage. 

    Investors can offset inflation by purchasing CKBs and depositing them into NervosDAO, a mechanism that receives a portion of the secondary issuance to counterbalance inflation. Interestingly, this resembles “treasury bonds” and offers potential investment opportunities.

    Approaching ATH Amidst Bitcoin Integration Announcement

    Having delved into the fundamentals, CKB has recently experienced a significant surge in value, breaking out of a long consolidation phase that lasted almost two years. 

    After trading in a range of $0.0024 to $0.0035, the cryptocurrency has broken through this price level since January 30th and has seen significant gains over the past few months.

    Currently trading at $0.032, CKB is close to its all-time high (ATH) of $0.043, which was reached in March 2021. The token has seen notable price increases of 47%, 69%, 75%, and 14% over the past fourteen days, seven days, and 24 hours, respectively.

    According to CoinGecko data, CKB has also seen a significant increase in trading volume, reaching $207 million in the last 24 hours, 9.7% from the previous day’s trading. 

    In addition, CKB’s market capitalization has increased significantly, nearly doubling from $740 million on April 2 to approximately $1.35 billion in just over a week.

    The price spike can be attributed to the announcement that Nervos Network’s CKB token will join the Bitcoin network. The token’s introduction of smart contract functionality, along with its interoperability and modularity features scheduled for 2024, has created excitement among investors.

    As Bitcoin approaches the Halving that has historically increased its value, Nervos Network is well-positioned to benefit from its strong ties to the largest cryptocurrency in the market. 

    With its continued bullish momentum and the predicted increase in BTC’s price, CKB may be poised to reach new all-time highs soon.

    The daily chart shows CKB’s price trending upwards. Source: CKBUSD 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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    Ronaldo Marquez

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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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  • 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

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    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.

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    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

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    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.

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    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

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    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.

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    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

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    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.

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    Samuel Edyme

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  • Bitcoin Price Stuck Below $66,000: Are ETF Outflows An Issue?

    Bitcoin Price Stuck Below $66,000: Are ETF Outflows An Issue?

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    On Tuesday, the crypto market was off guard when Cathie Wood’s ARK 21Shares spot Bitcoin ETF (ARKB) experienced a significant outflow. This marked the first time since the introduction of spot Bitcoin ETFs in the United States that one of the “Newborn Nine” surpassed the outflows of Grayscale’s Bitcoin Trust (GBTC). On April 2, ARKB saw outflows of $87.5 million, approximately 1,300 BTC, as reported by Farside Investors, while Grayscale recorded a daily outflow of $81.9 million.

    This event marked a notable shift in the Bitcoin market dynamics, raising concerns and debates among investors and analysts alike. The core question that arises is whether such outflows indicate a bearish signal for Bitcoin’s price or if they are a natural part of the market’s ebb and flow.

    Are ETF Outflows Beyond Grayscale Concerning?

    Bloomberg’s ETF analyst, Eric Balchunas, offered an analytical perspective on the event, advocating for a broader view of ETF dynamics. In a series of comments on social media platform X, Balchunas downplayed the severity of the outflows.

    “Seeing some of CT up in arms over ARKB having an outflow day, which really shows the greedy and short-sighted nature of some of the folks in this space tbh,” he remarked, suggesting that even the most reputable ETFs, like those offered by Vanguard, periodically experience outflows as part of their operational cycle.

    Balchunas further elaborated on the significance of ARKB’s performance, stating, “ARKB has $2.8b in under 3 months on the market. And it’s only the 3rd biggest. I would have guessed 3rd place would be $500m at this point. The inflows have been that epic, and without the ETFs, btc is probably at like $30k.”

    This comment highlights the instrumental role of ETFs in bolstering Bitcoin’s market price, suggesting that the recent outflows, while notable, represent a minor setback in the grand scheme.

    The analyst also addressed the collective behavior of ETF investors, emphasizing that the recent downturn in Bitcoin’s price should not solely be attributed to ETF outflows. “The ‘ten’ are a team, and yesterday they saw net inflows as a team, yet btc went down like 6% = the selling (as usual) is coming from your fellow supposed hodlers,” he pointed out, hinting at the broader market dynamics and investor behaviors influencing price movements.

    Renowned crypto expert Scott Melker weighed in on the debate, suggesting a possible rationale behind the ARKB outflows. “Probably just a large investor allocating to a different ETF,” Melker commented, indicating the strategic reallocation of assets within the crypto ETF space.

    Responding to inquiries about the transparency of ETF transactions, Balchunas highlighted the inherent anonymity of ETF trading, stating, “No way to know, could be someone spooked by volatility, […] could have been ARK itself taking profits […] Not even the issuer knows who is going in and out of their ETFs. That anonymity is an underrated feature of ETFs,” thereby shedding light on the privacy aspects that differentiate ETFs from other investment vehicles.

    Bitcoin Inflows Are Positive Again

    Despite the concerns raised by the recent outflows, the ETF market demonstrated resilience yet again with positive flows of $113.5 million yesterday. Fidelity led the pack with $116.7 million in inflows, followed by Blackrock with $42 million and Bitwise with $23 million. ARKB had zero activity. GBTC did $75 million of outflows.

    Renowned analyst WhalePanda commented, “Not much more to say now, price is going sideways. The big outflows on GBTC are over. Just consolidation and accumulation. 16 days until halving. Currently we [need] $60 million per day to buy up the daily mined supply. In 2.5 weeks that’s only $30 million at these prices.”

    At press time, BTC traded at $66,217.

    BTC price, 4-hour chart | Source: BTCUSD on TradingView.com

    Featured image created with 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.

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    Jake Simmons

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  • Bitcoin Supply In Loss Hits 10% After Crash: What Happened Last Time

    Bitcoin Supply In Loss Hits 10% After Crash: What Happened Last Time

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    On-chain data shows the Bitcoin supply in profit has plunged following the latest crash in the asset’s price towards the $65,000 level.

    Bitcoin Supply In Profit Is Now Down To Around 90%

    As analyst James Van Straten pointed out in a post on X, around 10% of the BTC supply is now in a state of loss. The on-chain indicator of interest here is the “Percent Supply in Profit,” which tracks the percentage of the total circulating Bitcoin supply holding an unrealized gain.

    This metric works by going through the blockchain history of each coin in circulation to see the price at which it was last transferred. Assuming that this previous transaction involved a change of hands, the price at its moment would serve as the cost basis for the coin.

    The coins with a cost basis that is less than the current spot price of the cryptocurrency would naturally be considered to be holding a profit, and as such, they would be counted under the supply in profit.

    The Percent Supply in Profit adds up all such coins and calculates what part of the total supply they make up for. The opposite metric, the Percent Supply in Loss, adds up the coins not satisfying this condition.

    Since the total circulating supply must add up to 100%, the Percent Supply in Loss can be deduced from the Percent Supply in Profit by subtracting its value from 100.

    Now, here is a chart that shows the trend in the Percent Supply in Profit for Bitcoin over the last few months:

    Looks like the value of the metric has taken a plunge in recent days | Source: @jvs_btc on X

    As displayed in the above graph, the Bitcoin Percent Supply in Profit has seen a sharp drop recently as the cryptocurrency price has gone through a significant drawdown.

    The indicator’s value has dropped to around the 90% mark, which means that about 10% of the supply is currently carrying a loss. The chart shows that the last time the metric touched these levels was back on 22 March. Interestingly, the asset also found its bottom around then.

    Earlier, the Percent Supply In Profit had pushed towards the 100% mark, which was a natural consequence of the price setting a new all-time high (ATH), since at fresh highs, all of the supply must be out of the red.

    Generally, the investors in profit are more likely to sell their coins, so if many come into gains, the possibility of a mass selloff rises. Due to this reason, high levels of the Percent Supply In Profit have often led to tops.

    Similarly, bottoms become more likely when investor profitability levels drop relatively low. The current value of 90% is still quite high, but this isn’t unusual during bull runs, as there is strong demand and ATHs are being explored.

    The fact that the profitability has cooled off compared to earlier levels may be constructive for the rally’s chances to see a continuation, just like it did last month.

    BTC Price

    At the time of writing, Bitcoin has been trading at around the $65,700 level, down more than 5% over the past week.

    Bitcoin Price Chart

     

    The price of the asset seems to have been tumbling down over the past couple of days | Source: BTCUSD on TradingView

    Featured image from Shutterstock.com, Glassnode.com, 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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    Keshav Verma

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  • What’s A Simple Strategy For Buying & Selling Bitcoin? This Analyst Answers

    What’s A Simple Strategy For Buying & Selling Bitcoin? This Analyst Answers

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    An analyst has revealed a simple strategy for buying and selling Bitcoin using the historical pattern followed by two BTC on-chain indicators.

    These Bitcoin On-Chain Indicators Have Followed A Specific Pattern Historically

    In a post on X, CryptoQuant author Axel Adler Jr. discussed a simple strategy for timing buying and selling moves for Bitcoin. The strategy is based on the trend witnessed historically in two BTC on-chain metrics: the Net Unrealized Loss (NUL) and Net Unrealized Profit (NUP).

    As their names suggest, these indicators keep track of the total amount of unrealized loss and unrealized profit that the investors are currently carrying.

    These metrics work by going through the transaction history of each coin in circulation to see what price it was last transacted at. Assuming that the last transfer of each coin was the last time it changed hands, the price at its instant would act as its current cost basis.

    If the previous price for any coin was less than the current spot price of the cryptocurrency, then that coin is currently carrying a profit. The NUP subtracts the two to calculate the exact unrealized gain for the coin.

    Similarly, the NUL does the same for coins that have their cost basis above the latest value of the asset. These indicators then sum up this value for the entire supply and divide the sum by the current market cap.

    Now, first, here is a chart shared by the analyst for the NUL that reveals a pattern that the metric has been following throughout the history of Bitcoin:

    The value of the metric seems to have been heading down in recent days | Source: @AxelAdlerJr on X

    The Bitcoin NUL appears to have historically broken above the 0.5 level when the asset’s price has traded around bear market lows. According to Axel, the indicator in this territory would be the moment to buy more.

    Recently, the metric has been floating around the zero mark, meaning that there has been any unrealized loss being held by the investors. This makes sense, as the cryptocurrency has set new all-time highs (ATHs). Naturally, 100% of the supply goes into profit when an ATH is set.

    Similar to the pattern in the NUL, the NUP has been above the 0.7 level during major tops in the past, suggesting that it may be a good opportunity to sell when the indicator is in this zone.

    Bitcoin NUP

    Looks like the value of the indicator has been climbing up recently | Source: @AxelAdlerJr on X

    As is visible in the chart, the NUP has been marching up with the recent rally in Bitcoin. Still, so far, the indicator hasn’t broken above the seemingly important 0.7 level, implying that the market may not yet be in an overheated place where selling would be ideal, at least according to this strategy.

    The graphs of the two indicators, though, show that neither of them flagged the exact tops or bottoms in the asset. It’s especially prominent in the data of the NUP, where the metric signaled “sell” during tops that were merely halfway through the bull run.

    That said, buying during the points flagged by the NUL and then selling at the overheated NUP values would have historically been profitable. In that sense, this would indeed be a “simple” strategy for the asset.

    It remains to be seen, though, whether these patterns will continue to hold in the current Bitcoin cycle as well.

    BTC Price

    At the time of writing, Bitcoin is trading at around $69,400, down 2% over the past 24 hours.

    Bitcoin Price Chart

    The price of the asset appears to have been moving sideways recently | Source: BTCUSD on TradingView

    Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, 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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    Keshav Verma

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  • Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO

    Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO

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    Following a week of net outflows, the spot Bitcoin ETF market has rebounded with impressive net inflows this week, highlighting a growing investor confidence in Bitcoin and its associated financial products. This week’s market activities have shown a remarkable reversal from the previous 5-day net outflow streak, with Tuesday witnessing a substantial net inflow of $480 million, followed by $243.5 million on Wednesday.

    Yesterday’s resurgence in investor interest was notably boosted by Blackrock’s massive inflow of $323.8 million, effectively offsetting Grayscale GBTC’s $299.8 million outflows. Moreover, Ark Invest’s ARKB reported its best day yet, with $200 million in inflows, despite Fidelity experiencing its worst day with a mere $1.5 million in outflows. Nevertheless, Fidelity managed to bounce back with significant inflows of $261 million and $279 million on Monday and Tuesday, respectively.

    1% Down, 99% To Go For Bitcoin ETFs

    However, according to Bitwise Chief Investment Officer (CIO) Matt Hougan, this is just the mere beginning of what is to come in the upcoming months. Hougan’s commentary, part of his weekly memo to investment professionals, sheds light on the current market dynamics and the colossal potential that lies ahead. “1% Down; 99% to Go,” Hougan wrote, highlighting the nascent yet promising journey of Bitcoin ETFs.

    Lately, the market has been characterized by its volatility, with Bitcoin’s price oscillating between $60,000 and $70,000. Hougan advises a calm and long-term perspective amidst this fluctuation, especially as the sector anticipates the upcoming Bitcoin halving around April 20, the approval of Bitcoin ETFs on national account platforms, and the soon-to-come completion of due diligence by various investment committees.

    Despite the current sideways movement of Bitcoin’s price, Hougan remains bullish about its long-term trajectory. “Bitcoin is in a raging bull market,” he asserts, noting a nearly 300% increase over the past 15 months. The launch of spot Bitcoin ETFs in January has marked a significant milestone, opening up the Bitcoin market to investment professionals on an unprecedented scale.

    Hougan’s analysis points to a profound shift as global wealth managers, who collectively control over $100 trillion, begin to explore investments in the “digital gold.” He suggests that even a conservative allocation of 1% of their portfolios to Bitcoin could result in approximately $1 trillion of inflows into the space.

    This perspective is backed by historical data showing that even a 2.5% allocation to Bitcoin has enhanced the risk-adjusted returns of traditional 60/40 portfolios in every three-year period of Bitcoin’s history.

    The recent inflows into Bitcoin ETFs, though impressive, are seen by Hougan as merely the beginning of a much larger movement. “We are all excited about the $12 billion that has flowed into ETFs since January. And it is exciting: Collectively, the most successful ETF launch of all time..But imagine global wealth managers allocate just 1% of their portfolios to bitcoin on average,” Hougan elaborates, emphasizing the scale of potential growth awaiting the cryptocurrency market. He concludes:

    Think about the implications. […] A 1% allocation across the board would mean ~$1 trillion of inflows into the space. Against this, $12 billion is barely a down payment. 1% down, 99% to go.

    At press time, BTC traded at $70,644.

    BTC price, 4.-hour chart | Source: BTCUSD on TradingView.com

    Featured image created with 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.

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    Jake Simmons

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  • Will Bitcoin Break $74,000 Driven By TradFi FOMO?

    Will Bitcoin Break $74,000 Driven By TradFi FOMO?

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    Willy Woo, an on-chain analyst, believes the Bitcoin upswing is far from over. Citing the development in the Bitcoin Macro Oscillator and the possibility of traditional finance jumping on the bandwagon (FOMO), the odds of BTC rallying in at least two strong legs up in the coming session could not be discounted. 

    On-Chain Data Signals More Upside For Bitcoin

    In a post on X, Woo remains confident about what lies ahead for the world’s most valuable cryptocurrency. Based on on-chain development, there are indicators that the coin may firmly push higher, breaking above the current lull.

    Bitcoin remains mostly range-bound when writing, trading within a tight zone capped by $73,800 on the upper end and $69,000 as immediate support. Even with analysts being confident of what lies ahead, the coin has failed to overcome strong selling momentum from sellers to breach all-time highs in a buy-trend continuation.

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

    From how the coin is set up, the current sideways movement may be accumulation or distribution, depending on the breakout direction. For instance, any upswing above $72,400 might spur demand, lifting the coin towards $73,800. Conversely, losses below $69,000 and the middle BB might see BTC slump to March 5 lows or even lower.

    Will TradFi FOMO And Short Squeeze Lift BTC?

    Even with the slowdown in upside momentum, Woo says there is strong potential for “another solid leg up.” The analyst also added that there could be two surges if TradFi investors “FOMO” into Bitcoin. In the 2017 bull run, the rally to $20,000 was primarily due to retailers jumping in and FOMOing on the coin. 

    With spot Bitcoin exchange-traded funds (ETFs) available in the United States, speculation is that more institutions and high-net-worth individuals are buying the coin. If BTC rips higher, breaking $74,000, more inflow will likely be into the multiple spot Bitcoin ETFs, fueling demand.

    This bullish outlook comes when other analysts expect Bitcoin to surge in the sessions ahead. In a post on X, one analyst says the incoming short squeeze will likely propel the coin above March highs. Whenever a short squeeze happens, prices rise, forcing sellers to buy back at higher prices, accelerating the uptrend.

    The assessment is behind a record-breaking gap between institutional investors betting on price increases and hedge funds selling the coin. 

    Feature image from DALLE, 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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    Dalmas Ngetich

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  • Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over?

    Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over?

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    The positive Bitcoin Coinbase Premium that drove the latest rally above $70,000 has dissipated, suggesting buying has already slowed down.

    Bitcoin Coinbase Premium Gap Has Returned To Neutral Levels

    CryptoQuant Netherlands community manager Maartunn explained in a post on X that the Bitcoin Coinbase Premium Gap has declined back toward the neutral line.

    The “Coinbase Premium Gap” here refers to a metric that keeps track of the difference between the BTC prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).

    When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend implies that the buying pressure on the former is higher than that on the latter platform (or alternatively, the selling pressure on there is just lower).

    On the other hand, a negative value can imply the selling pressure on Coinbase is higher than on Binance as the price of the cryptocurrency listed there is lower.

    Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the past few days:

    The value of the metric appears to have been close to the neutral line recently | Source: @JA_Maartun on X

    The chart shows that the Bitcoin Coinbase Premium Gap had taken to notably positive values as the latest upward push in the asset’s price had occurred. Since then, though, the metric has fallen, with its value approaching zero.

    It would seem that the buying pressure on the platform contributed to the surge. The fact that the rally has slowed since the metric returned to neutral levels may add further evidence.

    This isn’t unnatural for this year, however, as the Bitcoin price and Coinbase Premium Gap have shown a pretty tight relationship since the start of 2024.

    Coinbase is popularly known as the preferred platform of American institutional investors, while Binance hosts more global traffic. As such, the premium’s value provides insight into how the behavior of the US-based large holders differs from that of world users.

    Since the Coinbase Premium Gap has been the driver of the recent price surges, buying from these institutional entities could potentially have provided the fuel.

    As the indicator’s value has now neared the neutral mark, it would imply that these whales have lifted their foot off the gas. Given the close relationship the metric and BTC price have held recently, it may be worth keeping an eye on how things develop in the coming days.

    BTC may register some decline if the premium flips into the red from here. Naturally, a continuation of positive values would be a bullish sign instead.

    BTC Price

    At the time of writing, Bitcoin is trading around the $70,100 level, up more than 11% over the past week.

    Bitcoin Price Chart

    Looks like the value of the asset has been going up over the last few days | Source: BTCUSD on TradingView

    Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, 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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    Keshav Verma

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  • Bitcoin ETFs Bleed – Can Price Recover To $73,000?

    Bitcoin ETFs Bleed – Can Price Recover To $73,000?

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    Last week was rough for Spot Bitcoin ETFs as they failed to attract strong inflows day after day. As a result, these Spot Bitcoin ETFs witnessed consecutive daily outflows every day last week, indicating the bullish sentiment among institutional traders might actually be waning. This seems to have been reflected in the price of Bitcoin, as the cryptocurrency fell to as low as $61,370 during the week. 

    Bitcoin ETFs See Sustained Outflows

    Investor interest in Spot bitcoin ETFs skyrocketed throughout February and early March amid Bitcoin’s bull run, pushing its price to an all-time high of $73,737.

    This maximum investor interest saw the ETFs setting new trading records for exchange-traded funds in the US. However, these ETFs have now set a negative record of five consecutive days of outflows to beat a four-day outflow streak set in January.

    According to data from BitMEX Research, these ETFs witnessed five days of consecutive outflows of $154.4 million, $326.2 million, $261.6 million, $93.1 million, and $51.6 million. At the same time, Grayscale’s GBTC set a new record for the most daily outflow.

    BitMEX also reveals that the world’s largest crypto asset manager saw redemptions of 9,539.7 BTC worth over $642.5 million on Monday, the largest single-day outflow in GBTC’s history.

    Grayscale’s outflow wasn’t particularly surprising, considering that the fund has witnessed consistent daily outflow since its launch. The surprise came from very weak inflow into other Spot ETFs like BlackRock (IBIT) and Fidelity (FBTC), whose huge inflows have always offset outflows from GBTC. 

    Particularly noteworthy is the fact that Blackrock (IBIT), which has consistently been the target of the majority of inflow, established a new inflow low of $18.9 million on Friday, March 22. Fidelity, on the other hand, also saw its inflow fall to as low as $5.9 million on Monday, March 18.

    Bitcoin is now trading at $65.122. Chart: TradingView

    Can Bitcoin Price Recover?

    The big question now is whether Bitcoin can stage a strong recovery and reclaim its recent all-time high above $73,000. A continuation of outflows from Spot Bitcoin ETFs could further weigh on Bitcoin price. 

    Interestingly, the weak inflow hasn’t really related to low trading activity, as trading volume remained significant throughout the week. Data shows that the cumulative trading volume of the 10 ETFs is now at $164 billion after witnessing $22.71 billion in trading volume last week.

    After a week of deep outflows, the coming days will be crucial in determining the next major move in the price of Bitcoin. Despite the rough week, Bitcoin still has a chance to rebound back to $73,000 or higher, especially with the approach of the next Bitcoin halving event. 

    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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    Scott Matherson

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  • Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern

    Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern

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    The on-chain analytics firm Glassnode has explained that Bitcoin tends to reach a potential top when the long-term holders show this pattern.

    Bitcoin Long-Term Holders Have Been Ramping Up Distribution

    In a new report, Glassnode discussed the influence that the BTC long-term holders have on the cryptocurrency’s supply dynamics. The “long-term holders” (LTHs) here refer to the Bitcoin investors who have been holding onto their coins for more than 155 days.

    The LTHs comprise one of the two main divisions of the BTC user base based on holding time, with the other cohort known as the “short-term holders” (STHs).

    Historically, the LTHs have proven themselves to be the persistent hands of the market. They don’t quickly sell their coins regardless of what is happening in the broader sector. The STHs, on the other hand, often react to FUD and FOMO events.

    As such, it’s not unusual to see the STHs participating in selling. However, the LTHs showing sustained distribution can be something to note, as selling from these HODLers, who usually sit tight, may have implications for the market.

    There are many different ways of tracking the behavior of the LTHs, but in the context of the current discussion, Glassnode has used the “LTH Market Inflation Rate” metric.

    As the report explains:

    It shows the annualized rate of Bitcoin accumulation or distribution by LTHs relative to daily miner issuance. This rate helps identify periods of net accumulation, where LTHs are effectively removing Bitcoin from the market, and periods of net distribution, where LTHs add to the market’s sell-side pressure.

    Now, here is a chart that shows the trend in the BTC LTH Market Inflation Rate over the past several years:

    The value of the metric seems to have been on the rise in recent days | Source: Glassnode

    In the chart, the analytics firm has also attached the data for the asset’s Inflation Rate, which is basically the amount that the miners are introducing into the circulating supply by solving blocks and receiving rewards for them.

    When the LTH Market Inflation Rate equals 0%, these HODLers are accumulating amounts exactly equal to what the miners are issuing.

    This implies that the indicator below the 0% mark suggests the LTHs are pulling coins out of the supply, while it being above is a sign that they are either distributing or just not buying enough to absorb what the miners are producing.

    The graph shows that historically, the cryptocurrency’s price has tended to reach a state of equilibrium and potentially even a top when the LTH distribution has peaked.

    The LTH Market Inflation Rate has been increasing recently, but it’s yet to reach any significant levels. As for what this could mean for the market, Glassnode says:

    Currently, the trend in the LTH market inflation rate indicates we are in an early phase of a distribution cycle, with about 30% completed. This suggests significant activity ahead within the current cycle until we achieve a market equilibrium point from the supply and demand perspective and potential price tops.

    BTC Price

    Bitcoin has retraced most of its recovery from the past few days, as its price has now declined to $63,800.

    Bitcoin Price Chart

    Looks like the price of the asset has witnessed a drawdown again | Source: BTCUSD on TradingView

    Featured image from Kanchanara on Unsplash.com, Glassnode.com, 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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    Keshav Verma

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  • Bitcoin Troubles Far From Over As More Carnage Looms, JPMorgan Analysts

    Bitcoin Troubles Far From Over As More Carnage Looms, JPMorgan Analysts

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    Despite optimism about Bitcoin’s future trajectory heading into the Bitcoin Halving, analysts at JPMorgan have raised concerns that things may not go according to everyone’s expectations. They believe that a storm still lies ahead for the flagship crypto token before any massive move to the upside. 

    Further Bitcoin Pullbacks Are To Be Expected

    According to a Bloomberg report, JPMorgan strategists have warned that Bitcoin could still experience further pullbacks following its recent decline. They alluded to the recent net outflows recorded by the Spot Bitcoin ETFs, which underscored the current bearish sentiment in the Bitcoin ecosystem. 

    These strategists, led by Nikolaos Nikolaos Panigirtzoglou, also highlighted the sustained open interest in CME Bitcoin futures as another bearish signal for Bitcoin’s price. They further argue that Bitcoin “still looks overbought” and expect further price dips leading up to the Halving event in mid-April. 

    Meanwhile, these JPMorgan analysts emphasized the decline in net inflows into Spot ETFs, noting that this proves that a sustained one-way net inflow is not possible. Therefore, they expect investors in these funds to keep taking profits heading into the Bitcoin Halving. This wave of profit-taking is also more likely, considering that Bitcoin “still looks overbought despite the past week’s correction.” they claimed. 

    This recent research note by JPMorgan further reaffirms their bearish sentiment towards Bitcoin’s price despite the flagship crypto exceeding expectations. Last month, the bank predicted that Bitcoin could drop to as low as $42,000 after April as “Bitcoin-halving-induced euphoria subsides.”

    Naeem Aslam, chief investment officer at Zaye Capital Markets, also echoed JPMoragn’s sentiments when he suggested that Bitcoin’s recent rally didn’t show enough strength. Aslam believes Bitcoin could fall below $50,000 if the Halving event “fails to really keep the momentum going.”

    What Could Happen After The Halving Event

    Crypto trader and analyst Rekt Capital recently provided insights into what could happen after the Havling event while elaborating on the four phases of Bitcoin Halving. According to him, there is usually a re-accumulation period after the Halving, which could last for up to five months. 

    During this period, he noted that many investors get “shaken out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving.” Rekt Capital added that this time could be different since it is the first time this re-accumulation could develop around the new all-time high (ATH) area. 

    Therefore, he believes this “Re-Accumulation Range may simply take the shape of a regular sideways range and may not last very long before additional uptrend continuation.”

    BTC price struggles to establish support | Source: BTCUSD on Tradingview.com

    Featured image from Crypto News, 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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  • Beyond Bitcoin ETFs: ‘There Are Other Players Controlling This Market’ – Says Analyst

    Beyond Bitcoin ETFs: ‘There Are Other Players Controlling This Market’ – Says Analyst

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    Recent observations by Eric Balchunas, a senior ETF analyst at Bloomberg, suggest that the movements in Bitcoin’s price are influenced by factors beyond just the flows of spot Bitcoin Exchange Traded Funds (ETFs).

    According to Balchunas, who shared his insights on X, “bigger forces at work” shape the largest cryptocurrency’s valuation. This indicates that the correlation between spot ETF flows and Bitcoin’s price action is less direct than some assume.

    The ETF Influence And Market Movements

    This analysis emerges amid a period of significant financial activity for Grayscale, which has seen substantial outflows, described by Balchunas as experiencing a “second wind” of departures.

    Yesterday, Grayscale reported outflows of $281.57 million, marking a notable decrease in its Bitcoin holdings by more than 40% since the inception of spot Bitcoin ETFs on January 11.

    This scenario highlights a broader narrative within the cryptocurrency investment sphere, where the relationship between ETF activities and Bitcoin’s market performance is complex and multifaceted.

    Despite the record outflows from Grayscale’s GBTC, Bitcoin’s market behavior has shown resilience. The cryptocurrency recently exceeded the $67,000 mark before experiencing a slight retracement, currently trading at a price of $66,106.

    BTC price is moving sideways on the 30-minute chart. Source: BTC/USD on TradingView.com

    This movement coincides with comments from Federal Reserve Chair Jerome Powell, which seemingly spurred a rally across various risk assets, including cryptocurrencies.

    Powell’s reassurances regarding the outlook on rate cuts prompted a slight recovery in Bitcoin’s price, demonstrating how external economic factors and sentiments can impact cryptocurrency markets. It is worth noting that Bitcoin traded below $65,000 before the announcement.

    On-Chain Insights And Bitcoin Future Prospects

    Further deepening the analysis, Charles Edwards, a crypto analyst, recently suggested that pullbacks are common in Bitcoin’s bull runs, with corrections of around 30% within the realm of possibility.

    In related news, data from the on-chain analysis platform CryptoQuant has recently indicated a nearly 40% reduction in Bitcoin’s supply on exchanges over the past four years.

    This trend points towards a bullish sentiment within the Bitcoin ecosystem, suggesting that investors are inclined to hold onto their assets in anticipation of future value increases.

    Moreover, CryptoQuant’s data reveals that Bitcoin’s demand has consistently outstripped its supply since 2020, a trend that supports the asset’s value on the premise that scarcity enhances perceived value.

    This dynamic is expected to intensify following the upcoming Bitcoin halving event, which will reduce the miners’ supply by half, potentially leading to further increases in Bitcoin’s price.

    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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