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Author: Best Owie

Did Top Three Bitcoin Addresses Just Call Another Local Bottom?

The buying pattern of bitcoin whales has long been an indicator for coming market movement. While it may not happen everything, the fact remains that these top addresses control enough of the supply between them to have significant impacts on the price. This is evident in past movements coinciding with major price shifts and once again, these whales have gone on another accumulation trend that could be the start of another bull rally. Bitcoin Addresses With 100K Accumulated The bitcoin addresses that hold more than 100K on their balances are followed by investors and their activities are closely monitored. Usually, depending on if these wallets are buying or selling, the amounts can be large enough to move the needle more than a few inches. This time around, the wallets have been accumulating and their collective balances have reached a critical point. Related Reading | Bitcoin Dominance Drops To 42% As Price Declines Below $43,000 On-chain analysis firm Santiment recently reported that three bitcoin wallets holding more than 100K BTC have been increasing their holdings for the past year. These wallets which had a collective balance of 260K coins by February last year have more than doubled their holdings. In the space of a year, they have added a collective total of 404K BTC, bringing their balance to 664K. ?? #Bitcoin's top addresses with 100k+ coins currently hold 664k $BTC after sitting at just 260k $BTC in Feb, 2021. There are currently 3 addresses of at least this size. They held an #AllTimeHigh of 693k $BTC in late June, just prior to prices surging. https://t.co/VRMD1itWCL pic.twitter.com/V9bqIOrB6j — Santiment (@santimentfeed) February 16, 2022 This is not a new record but is close to the previous all-time high balances of these three wallets. In June last year, the three wallets hit an all-time high of 693K on their balances, still unbroken to date. Why Is This Important? Well, one thing about these three wallets is the kind of pull they have in the market. The last time the wallets accumulated this much bitcoin was at the bottom of the downtrend in mid-2021. At the tie that these whale wallets hit their all-time high bitcoin holdings, the digital asset marked a local bottom. This was promptly followed by a tremendous bull rally that sent bitcoin and other cryptocurrencies towards new all-time highs. BTC loses footing at $40K | Source: BTCUSD on TradingView.com Now, the wallets have accumulated close to the same position once again. With less than 30K BTC left to reach its previous high, bitcoin looks to be marking another local bottom. If this is the case, then bitcoin could be gearing up for another rally towards a new all-time high. Related Reading | Monero (XMR) Price Slides As Canada Includes Crypto In Emergencies Act While this may be quite bullish for the digital asset, other indicators point towards more bearish tendencies. Bitcoin is only trading above its 20-day SMA and even that is barely holding. It shows that fewer investors are willing to purchase the asset for prices they have in recent weeks causing a decline in value. If this continues, then bitcoin could very well be struggling to hold its next support level at $39,190 in no time. Featured image from MARCA, chart from TradingView.com

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The September Curse And How It’s Preparing Bitcoin For Another Rally

Author: Best Owie

United Kingdom

Source: NewsBTC

Sep 10, 2021 12:09

The September Curse And How It’s Preparing Bitcoin For Another Rally

Bitcoin has suffered heavy losses along with most of the crypto market following the flash crash that happened on El Salvador’s “Bitcoin Day”. The digital asset has been trying to recover from this loss since it occurred two days ago on September 7th. Part of the cause of the crash has been attributed to a “buy the rumor, sell the news” event triggered by the adoption of bitcoin by El Salvador. But the charts show another factor that led to the crash. Related Reading | Standard Chartered Takes Bullish Stand On Ethereum, Puts Price At $35,000 If anything, the official implementation of bitcoin as a legal tender in El Salvador had bad timing for the market. Historically, September has not been the best of months when it comes to cryptocurrencies. Countless analyses had pointed to an impending crash after the market had rallied in August. The month of September has always been one of low momentum and it looks like even news as big as bitcoin being accepted as a legal currency by a sovereign nation would not be enough to change this. The Curse Of September September has always shown very similar, almost identical, movements in bitcoin price. A look at bitcoin charts shows that the month has usually started out with a crash in price. Thus leading to the “September curse.” The crashes have always led to at least a 17% loss in value. Marking the start of a low momentum month as the price struggles to regain its footing in the market. There usually is a surge leading up to this crash. Ergo, the surge that happens in August. Then movement to exchanges shows a sell pressure, leading to a significant drop in price due to investors taking gains from the market. Related Reading | As Crypto Market Goes Into “Extreme Greed,” Is Bitcoin Set For New All-Time High? A look through 2017, 2018, 2019, and 2020 shows the same trends that are happening now. The crashes happen in the same September time frame. The flash crashes drag the price of bitcoin into a stretch of struggling price movement. While also acting as a setup for the next rally. Charts show similar trends in September | Twitter Crucial One-Week For Bitcoin The next seven days will prove to be the most crucial for the value of BTC following the flash crash. Previous iterations of the crash show a steady climb that leads to the development of a new line of support. This is evident in the upward corrections experienced by bitcoin for the past two days. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Bitcoin will then form support above $47K, which would lead to a retest of its highs before the crash. Putting the next retest at $53K. Movement over the next seven days will determine if the market is at the start of the next bull or the beginning of a stretched-out bear market. Although history puts it that the market is poised for another bull rally following this crash. Ending in December with a slow down that will kick start the next bear market. Currently, the price of bitcoin is trading above $45K after dropping below $43K in the crash. Trading volume is down 32.24% in the past 24 hours, with a 2.36% drop in price. BTC recovers following flash crash | Source: BTCUSD on TradingView.com Featured image from BTC Nigeria, charts from TradingView.com

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Why Breaking $49K Is Important For Bitcoin To See Another All-Time High

Author: Best Owie

United Kingdom

Source: NewsBTC

Aug 27, 2021 10:14

Why Breaking $49K Is Important For Bitcoin To See Another All-Time High

Bitcoin has once again dipped back down below its $47K resistance point. This time, the price of the digital asset looks to have turned its attention downwards. While this downward correction continues, it is important to know where this correction might lead. Price dips are not a novel concept in bull markets. In fact, price dips are often expected following a rally in the price of any digital asset. Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish This drop in price is usually the market taking a bit of a step backward. Not necessarily pulling out of the asset. Bitcoin had only recently broken $50K and did not rest at this position for long. So a small downward stretch will most likely lead to a bounce-back that will push the price higher back above $50K. With a consolidation point putting the digital asset at a reasonable position above $50K. Bitcoin Setup For New All-Time High For bitcoin to hit a new all-time high as the market expects, some factors would play into this. Simply speaking, certain signals would need to be triggered for this price jump. Bulls still have majority standing currently, but it is no secret that the bears are determined to drag down the price of the asset. BTC price set to hit new ATH if bounce-back leads past $49K | Source: Twitter This has seen the price of bitcoin forming its first weekly bear after the run-up. As expected, bears are trying to straighten their hold on the market. Dragging BTC price down to test the $40K to $45K range again in the coming days. Current trends for the past 24 hours could very well put the market on track for this breakout level. Unless BTC sees a U-turn. Related Reading | Puell Multiple: The Bitcoin Metric That Says BTC Miners Aren’t Ready To Sell While below $45K is more than likely, BTC price charging back up past $49K will very well see a break away from current bear trends. Not only will this totally weaken bears’ hold but will also trigger a run-up towards $60K. Time To Buy? Despite the recent dip, market sentiments have not moved much. The Fear & Greed Index shows that the market has now moved out of “extreme greed.” But generally has remained in greed, with a current score of 75. Bitcoin’s current price is mostly a buying opportunity for investors in it for the long run. Also known as diamond hands. Losing over $3,000 in the space of 24 hours will usually see a price rebound. The weekend will most likely usher in an uptick in trading volumes that will see BTC recover above its crash point. BTC price falls below $47K | Source: BTCUSD on TradingView.com At this time of writing, BTC is trending around $46,600, with an overall market cap of $881 billion. The beginning of the week saw the price break out past $50K. Current trending patterns show the asset will usher in the weekend below $50K. Featured image from The Independent, charts from Twitter and TradingView.com

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ARK Invest CEO: Bitcoin In “Capitulation Phase,” Still Set For $500k

Author: Best Owie

United Kingdom

Source: NewsBTC

Aug 27, 2021 12:00

ARK Invest CEO: Bitcoin In “Capitulation Phase,” Still Set For $500k

Bitcoin is still up in price despite the recent dips and the predictions have not slowed down. If anything, they have become even more prominent. Famed CEO of ARK Invest Cathie Wood has always been bullish on Bitcoin. The CEO earlier in the year had given what some would call an optimistic prediction for the asset. But to Wood, this is not too optimistic. When asked about her prediction, Wood explained that she and her firm still stand by the prediction. Cathie Wood’s earlier prediction had seen the CEO putting a future forecast for the asset’s price at $500,000. Pointing to market indicators, Wood pointed that they “are all suggesting that we are in a capitulation phase, which is a really great time to buy. No matter what the asset is.” This shows that regardless of Bitcoin’s current price tag, the CEO still sees it as a buying opportunity. Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish Doubling Down On The Prediction Wood told Bloomberg in an interview that the firm continues to stand by its conviction for the future of the digital asset. The high future price prediction does not seem to phase the CEO, neither does the current price. While bitcoin levels are currently on the high side, it is no secret that the digital asset price is still a long way from reaching $500,000. Nonetheless, Cathie Wood still stands by this prediction. When asked about the prediction, the CEO said, “Yes, our conviction is as high.” In reference to the work done by her firm’s crypto analyst, Wood said of the forecast, “We do. I do,” when asked if she and her firm still stands by the forecast. BTC price trailing along $47K | Source: BTCUSD on TradingView.com Wood also took time out to comment on the environmental impact of bitcoin mining. “The one thing that has changed here, however, is the environmental concerns around bitcoin, in particular, have caused people like Elon Musk to pull away and say, ‘Woah, let me make sure I understand this.’” This is in reference to Musk’s company Tesla removing the option to pay with bitcoin, after only implementing it about a month prior, citing environmental impacts of the mining as the major reason. ARK Invest Bitcoin Investment. Wood’s firm ARK Invest has vested interest in the infamous Grayscale Bitcoin Trust. At the time of this writing, the firm currently owns more than 7 million shares in the trust. The firm has slowly increased its stake in the trust over time. A month ago, ARK Invest bought 2.14 million shares again in the trust, putting in another $10.8 million into Grayscale. Related Reading | Puell Multiple: The Bitcoin Metric That Says BTC Miners Aren’t Ready To Sell CEO Cathie Wood is well-known for taking risky bets with investing, which usually have worked out in the favor of her clients. So it is no surprise that Wood has turned her attention to an asset considered a risky bet. But for all intents and purposes, Wood is not investing in Bitcoin for the short term. Rather, the firm is in it for the long term, as Wood sees the asset going up as high as $500,000 in coming years. Featured image from Verdict, chart from TradingView.com

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Why An 18% Drop In Bitcoin Could Still Be Bullish

Author: Best Owie

United Kingdom

Source: NewsBTC

Aug 26, 2021 05:20

Why An 18% Drop In Bitcoin Could Still Be Bullish

Bitcoin is currently experiencing a downward correction after the price moved past $50K on Monday. While corrections down are to be expected with such a rally, indicators point to this being a bearish scenario for bitcoin. The price looks set to drop further after this correction. This would most likely see bitcoin lost a good percentage of the gains it had made last week. Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys Even though bearish scenarios look negative for the market at large, this scenario is most likely going to play into the favor of bitcoin. Bullish indicators are much easier to spot as indicating an upward trend. But bearish indicators can do as well a job when it comes to speculating on the movement of the digital asset. This current bearish scenario puts BTC in a position to experience a significant downward drop from here on out. Bitcoin Set To Lose 18% Current trends, when compared to that of the previous bull markets, show that a bearish situation is most likely the next setup for the digital asset. This scenario would see the price of bitcoin drop 18% in the coming weeks. Leading to a price drop that would put the floor of the downtrend at $41. This meaning bitcoin would end up losing over $9K from its recent high of $50K. BTC set to witness an 18% drop | Source: Twitter While an 18% price drop is significant, this is needed to complete a setup that would most likely send bitcoin barreling up to $100K. These indicators are behind the recent ambitious price predictions of analysts across the crypto space putting the price of BTC by the end of the year at $100K. The price drop will provide an opportunity for investors to buy into the asset while the market gathers momentum. A bullish signal that would drive the price of bitcoin up 250% got triggered last week. Bitcoin hash ribbons have shown significant buy pressure in the market. The only catch is a dip is required to complete this trigger. An 18% dip would be the perfect setup for this signal. Completely the bullish setup that saw the price of BTC move up 250% last time a setup like this was completed. Bullish setup requires dip to complete | Source: Twitter Some Bullish Indicators In The Market Other things are most likely going to play into the rebound of bitcoin after the dip. Significant buy pressure in the market will see the value of the digital asset go up. While a dip will further encourage this buying pressure by providing an opportunity for investors to buy in at a slightly lower price in wait for the next run-up. BTC price drops back down to $47K | Source: BTCUSD on TradingView.com Data also shows that holders of BTC are holding for the long term now. This is evident in the number of short-term holders hitting an all-time low. Long-term holding bitcoin addresses have increased. Diamond hands are becoming the more popular way to invest in cryptocurrencies. Hence introducing scarcity into the market as investors consolidate their coins to long-term holding addresses. Related Reading | Here’s What Bitcoin Exchange Inventory Levels Means For The Bull Rally Last but not least is market sentiment. For most of the months following the all-time high, market sentiment had gone into extreme fear. With the recent resumption of the rally, market sentiment has risen out of extreme fear and overall market sentiment has now moved into extreme greed. This plays further into the buying pressure that is currently being experienced in the market because investors, old and new alike, want a share of what bitcoin has to offer. Featured image from CNBC.ca, charts from Twitter and TradingView.com

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