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Tag: Crypto asset

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

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

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

    Market Sentiments And EMA Trends

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

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

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

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

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

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

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

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

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

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

    Bitcoin Bullish Projections And Market Dynamics

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

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

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

    Featured image from Unsplash, Chart from TradingView

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

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    Samuel Edyme

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  • 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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  • 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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  • Here Are Four Crypto Assets Poised For A Major Price Explosion – Analyst

    Here Are Four Crypto Assets Poised For A Major Price Explosion – Analyst

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    The general crypto market has recorded a slight boost in the last week as market leader Bitcoin surged by 4.44% to trade above the $39,000 price mark. As bullish sentiments continue to rise, popular crypto analyst Austin Arnold has now highlighted four tokens that offer investors a high potential for profitability in the coming weeks.

    Top Crypto Tokens Set For A Massive Price Rally – Austin Arnold

    Speaking in a recently published video on his YouTube channel Altcoin Daily, Arnold stated that certain tokens are “set to rip through the crypto markets.”

    The first cryptocurrency he highlights is Injective (INJ), a layer 1 blockchain and decentralized protocol backed by Binance, Pantera, and renowned tech billionaire Mark Cuban. Arnold states that Injective’s potential for a massive price surge is tied to multiple factors, including its impressive tokenomics facilitated by its buyback and burn auction system. 

    This is a process in which Injective utilizes 60% of all fees collected across its multiple native dApps to buy back INJ from the market. The bought INJ is then burned, allowing the token to maintain a controlled supply and increase market value. 

    Furthermore, Injective currently possesses one of the lowest network fees in the market, which is considered an attractive feature for most users and developers. In addition, the Cosmos-SDK built protocol is also set to undergo its largest mainnet upgrade – Volan Upgrade – in the next few weeks.

    Joining Injective on Arnold’s list is Chainlink (LINK), an Ethereum-based decentralized blockchain oracle network. The crypto analyst notes that Chainlink recently celebrated a milestone of 2,000 integrations and projects, which only underlines the network’s appeal to developers and the wider crypto community. 

    Furthermore, Arnold lauds Chainlink for its multiple strategic partnerships with major traditional institutions, including the SWIFT banking system and the Depository Trust and Clearing Corporation (DTCC), which could drive institutional adoption of the crypto project. 

    In addition, Chainlink recently launched an upgraded staking mechanism, which introduces greater flexibility, better security guarantees for oracle services, and a modular architecture, all of which Arnold believes’ contributes to the cryptocurrency’s potential for massive price gain soon.

    Bitcoin And Ethereum Await Spot ETF Boost

    The final cryptocurrencies on Austen Arnold’s list are, unsurprisingly, the two biggest assets in the market, namely Bitcoin and Ethereum.

    For Bitcoin, The crypto analyst notes that crypto whales have been stocking up their supply of the premier cryptocurrency, citing an example of Michael Saylor’s Microstrategy. In addition, he also references an impending rise in BTC’s institutional demand, which hinges on the approval of a spot exchange-traded fund (ETF).

    In addition, Arnold pinpoints there is also a rising interest in Ethereum as more asset managers continue to approach the US Securities and Exchange Commission with applications to launch an Ether Spot ETF.  This development was revealed by American investor Ric Edelman, who personally claims to be more excited about Ethereum than Bitcoin, as it offers more technological capability and commercial applications. 

    BTC trading at $39,491 on the daily chart | Source: BTCUSD chart on Tradingview.com

    Featured image from iStock, chart from Tradingview

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    Semilore Faleti

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