Tag: IntoTheBlock

Is Bitcoin Heading For A Bear Market? Analysts Weigh In On The Price Struggles

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Bitcoin market performance has been underwhelming since its peak above $73,000 in March 2024. Instead of building on this rally, the top crypto has faced continued consolidation coupled with a series of declines, frustrating many investors.

Currently, Bitcoin is down 22.7% from its March high, raising concerns over whether this signals the start of a deeper bear market. The decline has shaken confidence, with market analysts now questioning the near-term outlook for the digital asset.

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Bitcoin Price Continous To Struggle, Why?

Analysts from IntoTheBlock, a market intelligence platform, have recently shared insights on X, reflecting the changing sentiment. In a post uploaded earlier today, the analyst noted:

Bitcoin’s price remains under pressure, with no significant upward momentum. The market, once hopeful for a rally, now faces growing uncertainty as both retail and institutional interest appear to be dwindling.

The analysts asked, “is this just a quiet phase or the start of a prolonged bear market?”

To answer this question, IntoTheBlock first assessed Bitcoin price struggles and the factors contributing to the lackluster price movement.

Mentioning “macro landscape,” the market intelligence platform disclosed that the possibility of a global recession looms large, creating a cautious outlook for risk assets like Bitcoin.

They noted that although many expect rate cuts soon, these measures may take time to affect Bitcoin and other cryptocurrencies positively. Meanwhile, until that happens, the broader macro environment will likely continue to pressure market sentiment and investor confidence.

Furthermore, IntoTheBlock touched on the interest in cryptocurrencies, which has also been declining sharply in recent months.

According to the market intelligence platform, search trends related to Bitcoin and other digital assets have significantly decreased, reflecting a drop in public interest.

Search trend for cryptocurrency plummets on Google. | Source: 0xLoris on X

Even app rankings for major crypto exchanges like Coinbase have fallen, suggesting fewer users engage with the market. This trend has extended to on-chain metrics, where the number of new Bitcoin addresses remains low, indicating a slowdown in market participation.

Should You Panic?

While the current downturn has raised concerns, analysts from IntoTheBlock see potential parallels to Bitcoin’s price action in 2019. They noted:

Historical Bitcoin halving cycles suggest it could be a post-halving dip, something we’ve seen before. Parallels to 2019: Interestingly, many analysts point out the current phase mirrors 2019, where the market also slowed down after a (local) high. Back then, the market experienced a prolonged consolidation before turning bullish again. Could we be on the same path?

IntoTheBlock further highlighted that “other cycle data tells a different story.” The market intelligence platform noted that in recent weeks, the balances of long-term Bitcoin holders have hit new lows, echoing post-peak trends from previous market cycles.

Bitcoin long-term holders. | Source: IntoTheBock

According to IntoTheBlock, this could signal a “prolonged cooldown” phase for Bitcoin, potentially delaying any significant price recovery.

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The analysts noted that while the market faces uncertainties, there are no definitive answers. They concluded:

There are no clear-cut answers, but by considering past cycles and current data, we can stay open to possibilities Keep track of both on-chain data and macro factors—they will be critical in determining what comes next

BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme

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September 11, 2024
Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip – Details

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

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

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

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

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

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

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

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

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

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

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

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

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

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Semilore Faleti

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July 13, 2024
Dogecoin Rallies To 4-Month Highs, Can Bulls Take It Above $0.3?
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The growth of Dogecoin has lagged this year, but the meme coin recently went on a rally in the last week, hitting four-month highs. The question that still has to be answered is whether or not the cryptocurrency can maintain its momentum and continue to rocket forward.

DOGE started as a meme token but has grown to become an outlier among cryptocurrencies in the past few years. Despite posting a double-digit percent rise in price, the crypto saw itself lagging behind during the late October and early November gains when the majority of cryptocurrencies recovered from the long bearish market of the first half of the year.

Dogecoin Price Rallies To 4-Month Highs

After reaching its monthly low of $0.0565 in October, Doge experienced a gain of 21%, and then it experienced a gain of 22% in November, resulting in the formation of two consecutive monthly green candles for the first time since October 2022. The crypto has continued on this trajectory, and its price has increased by 9.1% in the past seven days, one of the best gains among top cryptocurrencies. This recent price gain saw DOGE reach $0.08715, its highest level since April 2023.

DOGE trading volume on various exchanges is up by 30.7% in the past 24 hours. At the same time, exchange data from IntoTheBlock’s Order Books metrics reveal an interesting current overview of the power struggle between bulls and bears. According to the trading books 14 crypto exchanges tracked by IntoTheBlock, the bulls look to have the upper edge at the moment.
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DOGE market cap currently at $12.07 billion on the daily chart: TradingView.com
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At the time of writing, buyers have placed buy orders of 901.7 million DOGE at an average price of $0.085112. Meanwhile, sellers have only put up 848.13 million DOGE for sale at an average price of $0.085137. This interesting dynamic indicates that there are considerably more buyers than sellers, which could create scarcity and continue to drive the price up.

Can Bulls Take DOGE Above $0.3?

In light of the price surge and some on-chain metrics, data suggests that the crypto might be on its way to a sustained price increase. DOGE immediately bounced off what seems like a resistance at the $0.08715 level and is currently trading at $0.08515. Although DOGE is up by 21% since the beginning of the year, it is 13% down from December 3, 2022.

DOGE went on a spectacular 525% run the last time it closed two consecutive monthly green candles. If history repeats itself, the crypto could shoot past $0.55 in the coming months. The first step would be to move back up and maintain a strong break above the resistance at $0.087 on the convergence of the 0.786 Fibonacci level and the 100-week and 200-week Moving Averages. Then, the next resistance to watch would be the yearly high of $0.096 in April.

Featured image from Shutterstock
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Scott Matherson

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December 3, 2023