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Author: Scott Matherson

Bitcoins Rise To $52,000 Masks Potential Pitfalls Ahead, Analyst Warns

Crypto analyst Justin Bennett has laid out a bearish narrative for the flagship crypto token Bitcoin. Based on his analysis, Bitcoin will likely drop below the $50,000 level again before it moves further to the upside. Related Reading: Bitcoin Hits $52,000-Plus, Explodes Over 21% For 2024 Details Bitcoin Could Drop Back To As Low As $47,000 In an X (formerly Twitter) post, Bennett mentioned that the price range between $47,000 and $49,000 is the land in the sand for Bitcoin. This statement came from his belief that the crypto token will soon see a price retracement. He also reminded his followers of how Bitcoin carves significant tops. The crypto analyst suggested that $52,000 was a significant top and that a price correction could be imminent. Bennett added that his prediction could be invalidated if BTC saw a sustained break above $53,500. Meanwhile, he also compared Bitcoin and US stocks, stating that there was an ongoing correlation between them. Bennett also disagrees that Bitcoins rally could be longer this cycle, especially considering the demand that the Spot BTC ETFs are seeing. He stated his indifference about these funds and mocked how everyone predicted they would send Bitcoin to a potential all-time high (ATH). From a technical analysis perspective, the crypto analyst was more concerned about BTC’s price action and remarked that the chart will tell the story. BTC Fundamentals Are Getting Stronger While Bennett predicts that Bitcoin will drop soon enough, it is worth mentioning that the crypto tokens fundamentals are getting stronger, which could also dictate its price action. Citing data from Glassnode, crypto analyst Ali Martinez recently revealed that the amount of BTC held in known crypto exchange wallets has dropped to its lowest in six years. As highlighted by Martinez, this suggests that the market sentiment around the flagship crypto is changing, with most investors looking to hold for the long term. That is considered a positive development and bullish for Bitcoins price since the amount of BTC that can be acquired is further reduced, creating some form of scarcity. The crypto analyst had also recently mentioned how Bitcoin holders are currently in a phase of belief, which signals potential further gains ahead for BTC. Related Reading: Stacks (STX) Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes According to CoinMarketCap data, Bitcoin is trading at around $51,900 at the time of writing, up over 2% in the last 24 hours. Chart from Tradingview

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$52,000 And Climbing: Bitcoin Eyes New Highs This March, Predicts Top Firm

Author: Scott Matherson

United Kingdom

Source: NewsBTC

Feb 16, 2024 12:05

$52,000 And Climbing: Bitcoin Eyes New Highs This March, Predicts Top Firm

Bitcoin has been on an absolute tear, surpassing $52,000 for the first time since December 2021. The leading digital asset has already climbed over 23% in 2024, and a major driver of this meteoric rise has been the influx of institutional money entering the space through spot Bitcoin ETFs. Related Reading: Bitcoin Price Alert: X Accounts Analysis Suggests Sub-$10K Drop Heres The Reasoning Bitcoins mainstream credibility among traditional investors has been growing since the beginning of February, with ETFs registering between $400 million and $650 million in daily inflows in the past week. At the same time, BTC call options have seen a massive rise. This bullish sentiment has prompted investors to begin anticipating the moment when BTC would achieve a new all-time high. According to analysts at QCP Capital, a crypto asset trading firm, Bitcoin is set to reach a new all-time high before the end of March 2024. Top Firm Predicts Bitcoin Can Reach New All-Time High Before April Bitcoin’s current all-time high of $69,044 has looked like an insurmountable mountain for the past two years, especially during the prolonged bear market in 2022, which saw BTC trading below $17,000. However, things have changed since that time, and current metrics point to the price of Bitcoin blasting past this price point in the coming months. This change in sentiment can mainly be attributed to the attention around spot Bitcoin ETFs. Although Bitcoin seemed to struggle behind a sell-the-news event for weeks after these ETFs hit the market, the situation has since turned positive. According to data from BitMEX Research, Bitcoin ETFs have witnessed massive inflows led by BlackRock’s ETFs in the past week. At the same time, outflows from Grayscale’s GBTC have slowed down. Consequently, the ETFs have received a steady $400 million to $650 million in daily inflows, which works out to 8,000 to 12,000 BTC bought daily. Notably, trading hit historic highs on February 14th, with the top nine ETFs hitting $1.5 billion in trading volume. What’s Driving The BTC Price Rally? QCP Capital credits this increasing institutional investment in Bitcoin as a critical driver of future growth. Analysts expect this inflow to continue as BTC becomes increasingly popular among traditional investors and global liquidity rotates into the spot ETFs, allowing it to break past its all-time high before April. Related Reading: Bitcoin Price Rally To $75,000 Imminent Due To Massive Cup And Handle Pattern The analysts also looked at the massive purchases of BTC call options, noting how $10 million was spent in the past week on premiums for $60,000 to $80,000 strikes expiring from April to December. This price point is exciting, as it indicates many investors are already looking forward to Bitcoin breaking past $69,000 in the coming months. Predictions can be hit or miss, but Bitcoin seems poised to continue its meteoric rise in value. It’s also important to note that the next Bitcoin halving, slated for April 2024, is steadily approaching. Cover image from Dall-E, Chart from Tradingview

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These Developments Show That The Bitcoin Bullish Momentum Is Far From Over

Author: Scott Matherson

United Kingdom

Source: NewsBTC

Feb 15, 2024 12:05

These Developments Show That The Bitcoin Bullish Momentum Is Far From Over

Crypto analyst Ali Martinez has provided insights suggesting that the Bitcoin bullish momentum is just starting. Based on this, the flagship crypto token is still likely to keep hitting new highs before the peak of the imminent bull run. Related Reading: Inflationary Concerns Rise As US CPI Exceeds Predictions, Bitcoin Price Reacts Market Sentiment Suggests More Gains Ahead For Bitcoin In an X (formerly Twitter) post, Martinez revealed how long-term BTC holders go through a cycle of emotions during a bullish period. These investors usually start with capitulation before progressing through hope, optimism, and belief. This capitulation phase is when these BTC bulls succumb to the bears, with the Bitcoin bottom coming at some point. The crypto analyst also noted that these BTC holders experience a brief period of anxiety even after the belief phase, which leads to a price correction. However, the market again re-enters a phase of belief after then, which signals potential further gains ahead, Martinez added. The crypto analyst claims the market has just merged from a period of anxiety and has re-entered a new phase of belief. He further stated that this suggests the market will likely witness more momentum for Bitcoin before reaching the peak of euphoria that characterizes the end of the bullish cycle. Going by Martinezs analysis, there are still new highs for BTC. There is also every likelihood that Bitcoin will surpass its all-time high (ATH) of $68,000. The crypto token has consistently surpassed its previous ATH in every bull run. Interestingly, this always happens months after the Bitcoin Halving takes place. That is why it is no surprise that the BTC Halving is again predicted to be the event that will fully kickstart the next bull run. BTC Expected To See Influx Of New Investors In a subsequent X post, Ali Martinez highlighted how Bitcoin is far from obtaining peak popularity among the general populace. This is based on a Google Search Trends metric, which shows how popular a term like Bitcoin is. Currently, BTC is said to have a score of 18, meaning that it hasnt even reached mid-popularity. The silver lining in this data is that it shows how much more investors Bitcoin could see in the next bull run. Moreover, introducing the Spot Bitcoin ETFs is believed to be perfect timing as these funds could contribute to onboarding the next generation of Bitcoin holders into the crypto space. A search engine like Google could also have a role to play when these investors become interested in the flagship crypto token. Thankfully, the platform has already blessed the advertisement of crypto-related funds, meaning it will be easy for these users to invest when the time comes. Related Reading: Bitcoin Price Holds Support, BTC Uptrend To Continue Soon? At the time of writing, BTC trades at around $51,400, up over 2% in the last 24 hours, according to data from CoinMarketCap. Cover image from Dall-E, Chart from Tradingview

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Is This Bitcoins Last Big Drop? Expert Points To Key Indicator

Author: Jake Simmons

United Kingdom

Source: NewsBTC

Oct 04, 2024 12:05

Is This Bitcoins Last Big Drop? Expert Points To Key Indicator

In his latest video analysis titled BITCOIN’S One Indicator Signaling LAST Major Dip, Dan Gambardello, a noted crypto analyst with 370,000 subscribers on YouTube, delves into the latest price action of Bitcoin to forecast what could potentially be the final major dip. After dropping as low as $60,000 on Wednesday, the fear of another deeper price crash has grabbed the Bitcoin market. Why This Could Be The Final Leg Down For Bitcoin Gambardello emphasizes the significance of the daily and six-hour charts. On the daily chart, Bitcoin is currently testing the 50-day moving average, a level that often serves as a litmus test for short-term market sentiment. However, the analyst’s main focus is on the six-hour charts Relative Strength Index (RSI), a momentum oscillator used to measure the speed and change of price movements, which has hit oversold levels. According to Gambardello, the RSI reaching oversold territory is traditionally viewed as a bullish signal, potentially indicating an approaching end to the current price dip. Related Reading: Bitcoin Price Could Skyrocket To $118,000 By Year-End: Heres Why The bottom is actually, I think, close. There could be some type of capitulation in the very short term, but I think there could be a very strong bounce after that happens,” Gambardello noted, suggesting that despite the immediate market turmoil following the Israel-Iran conflict news, the fundamentals point towards an eventual robust recovery. Via X, Gambardello added, Nothing like a 6 hour oversold RSI at the beginning of bull season. Also great during bull season. This assertion is grounded in his analysis of past market behaviors during similar conditions, reinforcing the cyclical nature of Bitcoins market dynamics. Drawing parallels to historical data, Gambardello highlights the behavioral trends of Bitcoin in previous Octobers, noting a pattern of initial declines followed by strong recoveries by the end of the month. October will close green. It’s always [like this] with the dip. People are just freaking out. I guess that’s it, but this gives us a little time. We’re getting all these red candles going into October, give us another week, maybe even two and we could get a pump, a breakout to the upside to end October, Gambardello claims. Related Reading: Will Israel-Iran Conflict Push Bitcoin Further Down? Analysts Discuss Further deepening the analysis, Gambardello discusses the potential scenarios around Bitcoins lower trend line, a recurrent support level over the past six months. He speculates that if Bitcoin approaches this trend line again, it could effectively serve as a robust support level, potentially marking the last significant downturn before a sustained upward trend. Notably, one final touch of the trendline could bring down the BTC price as low as $50,000. However, Gambardello thinks that this is a less likely scenario as the 6-hour RSI has already hit oversold territory while BTC is currently bouncing off the 50-day moving average. Moreover, Gambardello refers to Bitcoins performance in past halving years, which are typically followed by bull markets, as seen in 2016 and 2020. Gambardello suggests that the current year could follow a similar trajectory. This is a Halving year. We’ve seen what’s happened in Halving years in 2020 and 2016 in October. Is it going to repeat? At press time, Bitcoin traded at $60,899. Featured image created with DALL.E, chart from TradingView.com

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