Posted on

Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst

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.

Bitcoin (BTC) price chart on TradingView

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

Posted on

Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst

Over the past week, Bitcoin (BTC) has struggled to move significantly to the upside as the leading cryptocurrency has entered a consolidation phase below the $69,000 mark.

This subdued volatility departs from Bitcoin’s usual fluctuations, raising speculation about a potential stagnation phase in its market trajectory.

Anticipation Builds For Bitcoin’s Next Rally

The cryptocurrency community has closely monitored Bitcoin’s movements, especially as it approaches crucial resistance levels. Insights from prominent crypto analyst Captain Faibik shed light on Bitcoin’s current outlook.

Captain Faibik suggests that Bitcoin could be on the brink of a significant breakout, contingent upon surpassing the $70,000 resistance threshold. According to the crypto analyst, the BTC “Bulls must Clear the $70,000 Resistance area to Confirm the upside Breakout.”

Another crypto analyst, Jelle, Echoes similar sentiments and emphasizes the importance of patience among investors, particularly with the impending Bitcoin halving event on the horizon.

Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years within the Bitcoin network to reduce the reward for mining new BTC blocks.

Despite Bitcoin’s recent consolidation, anticipation for a potential rally above the $70,000 mark continues to build within the crypto community, especially as the halving is now less than 20 days away. This is because the halving ultimately decreases the supply of new BTC, and reduced supply often leads to increased demand and speculative buying.

 Hope For Bitcoin Bull Run

Jelle’s analysis underscores the historical precedent of Bitcoin’s price movements, noting that previous all-time highs were often preceded by periods of consolidation and uncertainty.

Drawing attention to bullish indicators such as the pennant formation and strong support levels, Jelle predicts a breakout in the coming weeks, providing hope for investors seeking upward momentum in Bitcoin’s price trajectory.

Meanwhile, current market data indicates a favorable environment for retail traders, with Glassnode reporting increased Bitcoin accumulation by short-term holders since December 2023.

Bitcoin short term holders metric.

This trend suggests growing confidence among retail investors in Bitcoin’s long-term potential, further fuelling expectations for a potential rally beyond $70,000.

Featured image from Unsplash, Chart from TradingView

Posted on

Bitcoin Insider Tip: Expert Signals Key Catalyst That Could Revive BTC’s Rally

Renowned venture capitalist and Bitcoin advocate Anthony Pompliano has recently sparked discussions with his post on X addressing the predictions of Bank of America.

According to Pompliano’s post, the US government may face a $1.6 trillion annual interest payment by December, should the Federal Reserve persist with its current monetary policies.

This projection has ignited speculation among market observers, with suggestions pointing to a scenario that heralded inflation in the US economy.

Notably, Bitcoin is emerging as a focal point in discussions, touted by some as a potential hedge against inflation and a contender for the future standard of currency if the US dollar falters.

Insights And Bitcoin’s Varied Perceptions

Meanwhile, during a recent feature on CNBC’s Squawk Box, Anthony Pompliano delved into the multifaceted nature of Bitcoin’s role in the financial landscape. He highlighted the varied perceptions of Bitcoin among different market participants, ranging from a “speculative asset” to a “hedge against inflation and store of value.”

Pompliano underscored the distinction between investors seeking short-term gains through spot Bitcoin exchange-traded funds (ETFs) and those adopting Bitcoin as a long-term hedge against inflation.

Drawing on global examples, Pompliano elucidated how individuals in different regions, such as Nigeria and Argentina, are leveraging on buying BTC and stablecoins, respectively, reflecting diverse strategies in response to economic circumstances.

Pompliano noted:

You don’t have to go to emerging market to find out why people want to buy this. If you look at the United States Dollar it has lost 20% of its purchasing power since 2020, Bitcoin is up 800% during that same time period.

Bitcoin Recent Performance

It is worth noting that despite recent market volatility, characterized by Bitcoin’s notable decline over the past week, Pompliano’s remarks shed light on Bitcoin’s resilience and potential for future growth.

Notably, Bitcoin has experienced a significant pullback, losing nearly 10% of its value over the week and further declining by 6% in the past 24 hours alone. Its current market price hovers around $65,234.

Bitcoin (BTC) price chart on TradingView

Market analysts attribute this downturn to diminishing expectations of Federal Reserve interventions and waning demand for spot Bitcoin ETFs, as highlighted in a Bloomberg report.

Stefan von Haenisch, who serves as the Head of Trading at OSL SG Pte., remarked on the prevailing pessimism regarding potential rate cuts, stating that it has significantly impacted the crypto space. He noted a sell-off occurring as the week commenced, affecting various sectors, particularly those with better performance than Bitcoin over the last six months, such as meme-based cryptocurrencies.

Featured image from Unsplash, Chart from TradingView

Posted on

Bitcoin Next Stop $80,000? Crypto Analyst Sees BTC Soaring Ahead Of 2024 Halving

As the crypto market braces for the upcoming Bitcoin (BTC) halving in April 2024, the discussion surrounding Bitcoin’s price trajectory has continued to gain momentum. Particularly, Michaël van de Poppe, a well-regarded figure in the crypto analysis domain, has shared his latest analysis on Bitcoin.

Next Stop $80,000?

In a post shared on X, Van de Poppe suggests that Bitcoin is on the cusp of a notable rise, eyeing a target range between $75,000 to $80,000 in the lead-up to the halving event.

This prediction is based on the current consolidation phase of Bitcoin, indicating a buildup toward testing its all-time high with the potential for a subsequent correction.

Notably, Bitcoin halving plays a crucial role in this scenario, serving as a pivotal event that historically influences Bitcoin’s market dynamics.

The halving, scheduled to occur in April 2024, will see the reward for mining new blocks halved, thereby reducing the rate at which new BTC are created and entering the market.

This event, occurring approximately every four years, is anticipated to create scarcity, pushing the demand and possibly the price higher than past patterns have suggested.

Bullish On Bitcoin

In addition to Van de Poppe’s predictions, other analysts have shared their optimistic outlooks regarding Bitcoin’s potential price movement. Jelle, another esteemed crypto analyst, posits that Bitcoin is poised for a significant leap, potentially breaching the $100,000 mark sooner than expected.

This bullish sentiment is also echoed by Doctor Profit, who highlights the importance of understanding Bitcoin’s current market behavior, including its recent sideways movement. He identifies this movement as an accumulation phase poised to catalyze a surge past the $80,000 mark, aiming for $100,000.

The significance of accumulation in this context cannot be overstated. As recently reported by NewsBTC, there is an increase in the number of addresses holding at least 1,000 BTC, suggesting that institutions and large-scale investors are gearing up for what may come post-halving.

However, despite this accumulation, Bitcoin over the past 24 hours has declined by nearly 2%, with a current market price below $70,000.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from Tradingview

Posted on

Hold Your Horses: ‘Buying The Crypto Dip Is Still Too Early’ Warns Top Analyst — Here’s Why

Amid a recent downturn in the broader crypto market, the concept of “buying the dip” has once again surfaced, tempting traders and investors with the prospect of snagging assets at lower prices. However, caution is the watchword from Markus Thielen, CEO of 10x Research, a top analyst in the crypto space.

Thielen’s latest advisories suggest that the current market conditions may not yet be ripe for the optimistic strategy of dip purchasing.

The Basis Of Bearish Sentiment

Thielen’s recent analysis, released earlier today, underscores a bearish outlook on flagship cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), advising that it may be premature to buy the dip.

This guidance is rooted in a comprehensive approach to market analysis, combining analog models, data-driven predictive models, and objective analysis.

Bitcoin Analog Model.

At the heart of Thielen’s cautionary stance is a detailed report outlining the factors contributing to the firm, 10x Research’ bearish outlook on Bitcoin and Ethereum.

Despite a seemingly attractive price point for these cryptocurrencies, Thielen believes the market has not yet bottomed out, suggesting further declines before any significant rally.

The report pinpoints $63,000 and $60,000 as critical support levels for Bitcoin. A breach below $60,000, Thielen warns, could precipitate a fall into the $52,000-$54,000 range.

Yet, despite these short-term bearish indicators, Thielen remains optimistic about Bitcoin’s potential, envisioning a climb to heights of over $100,000 within the year. Thielen noted:

Buying this dip is still too early. Technically, we still expect Bitcoin to trade below 60,000 before a more meaningful rally attempt is started. Based on the previous new high signals, we could paint a rosy picture of 83,000 and 102,000 upside targets, but for the time being, we are more focused on managing the downside.

The Crypto Market’s Critical Juncture

The current state of the crypto market reflects a tense anticipation of the upcoming central bank announcements from the US Federal Reserve.

This decision is expected to significantly influence monetary policy and, by extension, the cryptocurrency market. Particularly, insights from crypto futures exchange Blofin suggest that the outcome of this announcement could sway market sentiment substantially.

Bitcoin (BTC) price chart on TradingView amid crypto news

Meanwhile, the market reacts in real-time, with Bitcoin slightly increasing 2.4% in the past 24 hours but still showing a notable decline over the past week. Adding to the complexity of the market dynamics are observations from Alex Krüger, a respected figure in macroeconomics and cryptoanalysis.

Krüger attributes the recent price collapse to several factors, including market over-leverage, the negative sentiment ripple from Ethereum, and speculative fervor around certain altcoins. These elements combine to paint a picture of a market at a crossroads, with significant volatility and uncertainty ahead.

Featured image from Unsplash, Chart from TradingView

 

Posted on

CryptoQuant Sound Alarm: Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here’s Why

A recent report from CryptoQuant has sparked discussions, suggesting that a Bitcoin spot exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) could lead to a significant market event.

This possibility arises amid the Bitcoin (BTC) price stabilizing above $40,000, leaving many market participants sitting on substantial unrealized profits.

The report by CryptoQuant particularly posits that this scenario could trigger a “sell the news” event, historically linked to market corrections.

Bitcoin Possible Drop To $32,000

CryptoQuant’s analysis points to the current state of Bitcoin holders as a reason for the possible drop in BTC price when the approval of spot Bitcoin ETF happens.

Particularly the short-term ones, experiencing unrealized profit margins of around 30%. According to CryptoQuant, such high-profit levels have often preceded price drops.

Additionally, the report notes an uptick in selling activity from Bitcoin miners, adding to the potential sell pressure on BTC. This, combined with the market’s anticipation of a spot Bitcoin ETF approval, could create a volatile environment, as highlighted by CryptoQuant.

Analyzing Bitcoin Miner Profitability: A Year in Review.

Based on CryptoQuant’s analysis, during downturns within bullish markets, Bitcoin’s value often falls back to the level where short-term investors have historically realized their prices.

Considering this, the report suggests that in a scenario where “sell the news” occurs, Bitcoin’s value might see a downturn, with a possible dip to around “$32,000.”

Contrasting Views And Support Levels Amid ETF Speculations

The conversation around a Bitcoin spot ETF’s potential approval is not one-sided. Several analysts predict a positive outcome, with firms like Matrixport and prominent analysts like Michael van de Poppe suggesting that the approval could catapult Bitcoin’s price to new highs.

Matrixport anticipates that the approval of Bitcoin spot ETFs by the US SEC could drive BTC’s value to around $50,000 in early 2024. Van de Poppe echoes this sentiment, foreseeing a potential rise to the $47,000-$50,000 range.

Additionally, while CryptoQuant predicts a possible drop to $32,000, other analysts’ prediction of BTC bottom doesn’t go that low. Analyst Ali, for instance, has highlighted a robust support zone between $37,150 and $38,360.

This range is reinforced by the activities of approximately 1.52 million addresses holding about 534,000 BTC. Notably, such a strong foundation of support might mitigate the risks of a drastic price fall even if a “sell the news” event were to occur following the spot ETF approval.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView

Posted on

Bitcoin’s Unshakable Bottom: Analyst Reveals The Price BTC Won’t Drop Below

The crypto market, especially Bitcoin (BTC), has recently declined. Amid these fluctuations, the flagship cryptocurrency has been intensely scrutinized.

Despite its decline from the recent peak of $44,000, a crypto analyst urged the community not to “succumb to panic.” The current market situation reflects a typical correction phase rather than a long-term bearish trend.

According to Ali Charts, a prominent crypto analyst, Bitcoin has established a “robust” support zone between $37,150 and $38,360. This critical range is bolstered by the activity of approximately 1.52 million addresses that collectively purchased roughly 534,000 BTC at that price point, as indicated by Ali.

The analyst suggests that the significant accumulation forms a “strong” foundation, potentially preventing further declines in Bitcoin’s value.

Bitcoin’s Resistance And The Road Ahead

Despite the recent market downturn, Bitcoin’s potential for recovery and continued growth remains a subject of interest. Ali has also identified two key resistance levels at $43,850 and $46,400 that could challenge Bitcoin’s upward momentum.

These points represent significant thresholds where selling pressure may intensify, potentially hindering Bitcoin’s ability to reclaim its recent highs.

Meanwhile, the past 24 hours have seen Bitcoin’s price dip by 0.3% with a price below $42,000, continuing its retreat from the $44,000 mark. This reduction in value is mirrored in the crypto’s trading volume, which has fallen from $37 billion to $21 billion. This decline indicates a decreased trading activity, suggesting a cooling-off period following the recent market rally.

Bitcoin (BTC) price chart on TradingView

The Positive Side Of The Bitcoin Pullback

Amid concerns over Bitcoin’s price fluctuations, experts like William Clemente, co-founder of Reflexivity Research, offer a different perspective. Clemente emphasizes that the current pullback, potentially bringing Bitcoin’s price to around $40,000, is not necessarily a negative development.

Clemente argues that this correction is essential for “shaking out weak hands” and reducing leverage in the market, ultimately laying a more solid foundation for future growth.

The Co-founder of Reflexivity Research further noted that “Bitcoin’s volatility is a feature, not a bug.”

Featured image from iStock, Chart from TradingView

Posted on

Bitcoin’s Unbreakable Floor? Analyst Predicts BTC Won’t Fall Below $35,000 Ever Again

Controversial Stock-to-Flow (S2F) model creator PlanB has recently made a bold prediction about Bitcoin (BTC) that’s captured the crypto community’s attention.

Via his social media handle X, PlanB stated that Bitcoin’s price would never plummet below the $35,000 threshold again. PlanB supported his claim with a chart illustrating Bitcoin’s valuation trend about its intrinsic hash rate. According to PlanB, this relationship is a critical indicator of the digital currency’s enduring value.

Despite acknowledging potential black swan events or short-term market volatility, PlanB insists that based on the current fundamentals, particularly the cost of electricity ($/kWh) used in mining Bitcoin, the asset’s market value is “unlikely” to retract below the mentioned support level – $35,000.

Mining And Market Arbitrage: A Key Factor

The crux of PlanB’s argument lies in the unique arbitrage opportunity that exists between Bitcoin miners and everyday users. Miners, who invest heavily in electricity to mine the digital asset, and users, who typically purchase Bitcoin with fiat currency on exchanges, create a dynamic market environment.

According to PlanB, this arbitrage might become even more pronounced with the advent of a potential launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the US.

PlanB suggests that miners, equipped with specialized knowledge about the market and the actual cost of producing Bitcoin, might begin to demand a premium when selling the cryptocurrency. This shift could fundamentally alter the way Bitcoin is traded and its perceived value.

The introduction of BTC spot ETFs, in particular, is expected to bring a new level of mainstream acceptance and investment into Bitcoin, potentially solidifying its price floor as predicted by PlanB.

Bitcoin Hash Rate And Market Dynamics

Delving deeper into the concept of Bitcoin’s hash rate, it’s essential to understand its role in securing the network and validating transactions. The hash rate basically measures the computational power being used to mine and process transactions on the blockchain.

A higher hash rate indicates more robust security and efficiency in the network, often correlating with increased investor confidence and, consequently, a higher asset valuation.

PlanB’s analysis posits that Bitcoin’s valuation will follow suit as the hash rate continues to rise, driven by technological advancements and increased mining activities. This relationship forms the basis of his prediction that Bitcoin will maintain a strong market position, unlikely to fall below the $35,000 mark.

Bitcoin (BTC) price chart on TradingView

Currently, BTC is trading above $37,000, marking an increase of over $2,000 from the support level PlanB mentioned. Specifically, at the time of writing, Bitcoin’s price stands at $37,605, reflecting a 2% rise in the last 24 hours.

Featured image from Unsplash, Chart from TradingView

Posted on

Bitcoin Path To $70,000? Analyst Shows What This ‘Head And Shoulders’ Pattern Reveals

Bitcoin, the leading digital asset in terms of market cap and adoption, recent activity on its price chart has led to speculation and predictions about its future trajectory. 

Acclaimed cryptocurrency trader, known as Mags on the X (formerly known as Twitter) platform, recently shared his analysis on Bitcoin, suggesting a significant price surge for Bitcoin soon.

The Bitcoin ‘Head And Shoulders’ Insight

According to Mags, Bitcoin’s journey to a $70,000 price tag is foreseeable. His deduction stems from observing an inverted ‘Head and Shoulders’ pattern on Bitcoin’s price chart. Notably, this is a predictive tool in technical analysis that indicates potential price reversals based on prior movements.

Mags highlighted that Bitcoin’s price is currently at the so-called ‘neckline’ of this pattern. If the pattern holds and Bitcoin breaks out from this neckline, it could be a bullish indicator for the flagship cryptocurrency.

Mixed Reactions In The Community

Sergey Stolyarov, a user on X, expressed skepticism over the said pattern’s significance. In Stolyarov’s view, the construction and structural reasons don’t qualify the observed pattern as a ‘Head and Shoulders.’

Stolyarov added that such formations could be discerned at any time and any part of the Bitcoin chart, implying the ubiquitous nature of pattern formation in volatile markets.

Another user criticized Mag’s interpretation of Bitcoin’s price chart, emphasizing that a genuine “Head and Shoulders” pattern exists on the regular chart that predicts a price decline to 20,000. The user noted:

nope – bitcoin actually formed a picture head and shoulders on the NOT inverted chart but you were so biased that you have to hunt for head and shoulders that it’s a shitty one on inverted bitcoin chart so you don’t have to look at the head and shoulders. It is also very large and points to a target of 20,000 short term.

However, while some users sided with Mags, others took a more critical approach. Resham Singh, another member of the X platform, voiced appreciation for Mags’ analytical approach, deeming it “impressive.” Singh seemed to align with Mags’ projection, hinting that such a price movement would mark a milestone for Bitcoin.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView

Posted on

Bitcoin Price Could Flip Bullish In November As It Mirrors Previous Cycles, Analyst

Bitcoin analysts eagerly scrutinize the charts as November approaches, hoping to gain insights from past cycles. Historically, November has always been significant for the cryptocurrency market, as BTC usually gains value, affecting other coins. 

According to crypto analyst Miles Deutscher, November promises to be a pivotal month for Bitcoin enthusiasts and investors.

Bitcoin’s Ongoing Sideways Trend Hints At Potential Bullish Shift In November

Market experts suggest that Bitcoin’s stagnant price movement might transition to a bullish trend in November. According to them, this could occur if it behaves similarly to past cycles before a halving event. 

For instance, on October 10, cryptocurrency analyst Miles Deutscher referenced a chart from CryptoCon. In the X post, Miles highlighted the parallels between Bitcoin’s recent patterns and those observed in earlier cycles.

He added that around November 21, the price of Bitcoin usually starts going up a lot, getting ready for the next halving event. This date holds significance as a turning point in Bitcoin’s price trajectory.

For instance, in 2015, when Bitcoin’s price was ranging for about six months, it began to go up in November. Similarly, in 2019, the price of Bitcoin didn’t change much for most of the year, but then it started to increase towards the end of the year.

BTCUSD price chart

Other Crypto Analyst Predicts Similar Price Projections

Another prominent crypto trader and analyst, Mags, noticed something interesting in Bitcoin’s chart. According to the analyst, Bitcoin’s price is about 60% lower than the highest price it ever reached. This happened around 200 days before its previous halving, just like in 2015 and 2019.

The analyst wrote:

In 2016, BTC was -65% below its ATH. In 2019, BTC was -60% below its ATH. In 2023, BTC is currently -60% below its ATH. So, even if it seems like Bitcoin’s price isn’t moving much, it’s following a similar pattern to previous cycles.

Another crypto analyst, Galaxy Trading, posited a similar prediction for Bitcoin’s price move. The analyst drew attention to 2018-2019 when Bitcoin’s price hit a significant bottom. He noted that Bitcoin could dump or bottom around Nov 10-15 this year if we see a similar price move.

Additionally, lead researcher at Matrixport, Markus Thielen, said that Bitcoin’s price might go up massively by the end of 2024. However, he thinks it will happen for different reasons than what we’re seeing now.

He drew attention to some critical areas in August 2012, December 2015, May 2019, and August 2020. According to him, the bullish market commenced within 12 to 18 months in each case.

However, the Bitcoin halving is around six months away and might occur in late April or May, depending on your countdown timer.

The analysis from different observers is signaling a positive outlook for the price of Bitcoin before the next BTC halving. Meanwhile, today, October 10, BTC trades at $27,568, indicating a slight gain in 24 hours with a volume of $12,189,678,605.

Posted on

Bitcoin Forecast: Analyst Who Predicted 2022 Bottom Unveils New Long Positions For BTC

In a recent YouTube interview with TechnicalRoundup, crypto Analyst DonAlt revealed he had purchased Bitcoin after the asset fell below the $25,000 level. According to the analyst also predicted the crypto market bottom in 2022, he had two choices before opening the new BTC position

DonAlt Shares Insights On Bitcoin’s Next Price Moves

Explaining the reasoning behind his decision to purchase Bitcoin, DonAlt told TechnicalRoundup:

We’re at the point where you could make an argument for buying here [around $26,000]. And if you’re wrong, you get stopped out, and you get to buy at $19,000. The problem with kind of not doing anything, and the reason why I took a trade – I bought like a little bit, not too much, but a little bit of Bitcoin – is, basically, because I’m just guessing that I will not get an entry otherwise.

Furthermore, DonAlt stated that if his prediction is correct, he will exit the trade after attaining a profit level of double-digit percentage points. According to him, his profit target is $30,000, but with a neutral sentiment on the trade. 

“I’m not too bullish. I’m not too bearish. The reason why I kind of think this is an interesting trade in general is, basically, because I think if this fails… if you break down here [below $24,900]. I think we’re going to start capitulating. And then we’re going to start capitulating proper. And we’re going to go to $20,000. So, you basically have an invalidation around $25,000 right now,” he added.

Meanwhile, bitcoin trades at $26,638 today, September 15, above the $24,900 capitulation zone. And according to another crypto analyst, Ali Charts, the TD sequential indicator has displayed a buy signal for BTC on the weekly chart.

However, he believes that for this sentiment to be confirmed, BTC must close this week above $25,600. If this happens, BTC could rally to $28,350 or up to $31,800. 

Crypto analyst Titan of Crypto, with over 44,000 Twitter followers, also chimed in on the asset, saying that past performance does not guarantee future results. However, he believes comparing the present price action to previous ones is important.

He said that if BTC follows its past price action and there is no negative event before its halving, it can attain $37,500 before a pullback. 

BTCUSD price chart

Will Bitcoin Hit The $30,000 Mark?

Bitcoin has entered an accumulation phase after breaking above the 38.2% Fibonacci Level ($26,406). The buyers control the market, as evidenced by the four consecutive green candles on the daily chart. 

However, it faces resistance at the 50% Fib level ($26,738). If the buyers continue to mount pressure, BTC will rise to the 61.8% Fib level ($27,069). 

Also, the Relative Strength Index (RSI) indicator displays a value of 52.11 and is rising from the neutral zone into the buy zone as more traders enter long positions. Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal liner and displays a strong buy signal. 

The green Histogram bars confirm that BTC is in a positive price trend. BTC will likely continue its rally in the coming weeks if the buyers sustain their pressure and break above the $26,738 resistance level. Although if traders begin to take profit, then a brief retracement will likely occur before a continuation of the uptrend. 

Posted on

Bitcoin Futures Frenzy Fizzles Out As Price Plunges Below $26,000

The crypto market has lost its sparkle lately, with bitcoin futures trading volume drying up as the flagship cryptocurrency struggles to stay afloat. 

Bitcoin futures open interest, which measures the buzz around upcoming contracts, has dropped to a 5-month low of $11.3 billion, according to data from Glassnode. This suggests traders are closing out positions and reducing exposure to volatile crypto assets. 

Bitcoin’s Struggles Below $26K: Is The Crypto Craze Losing Steam?

The disinterest comes as bitcoin prices dropped below $26,000 for the first time since August, dampening spirits across the crypto sphere. 

“It seems the market is running out of steam,” said Lee Reiners, professor of cryptocurrency law at Duke University. “Investors are realizing these assets don’t just go up forever.”

Analysts said that the drop in open interest appears related to the expiration of monthly and quarterly futures contracts, which drained trading activity and liquidity.

But the decline also signals fading confidence in Bitcoin’s upside potential amid mounting regulatory scrutiny, environmental backlash, and competition from alternative cryptos like ether.  

“The promise of quick riches that lured many retail investors now seems a distant dream,” said Jamie Dimon, CEO at JP Morgan. “The crypto craze appears to be losing momentum fast.”

Bitcoin has struggled to regain traction since its record high of nearly $69,000 in November 2021. Though some crypto bulls remain hopeful, continued lackluster performance could stall wider adoption.

BTCUSD

Exploring The Factors Behind Bitcoin’s Declining Fortunes

One significant factor is the regulatory scrutiny that has intensified worldwide. Governments and financial authorities are increasingly concerned about the potential risks associated with cryptocurrencies, including money laundering and tax evasion. This regulatory uncertainty has made some investors wary and hesitant to enter or remain in the market.

Bitcoin has faced backlash due to its environmental impact. Critics argue that the energy-intensive process of mining Bitcoin is unsustainable and contributes to carbon emissions. As environmental concerns take center stage, some investors and institutions may reevaluate their support for Bitcoin in favor of more environmentally friendly cryptocurrencies.

While Bitcoin pioneered, newer cryptocurrencies like Ethereum have gained traction, offering innovative features such as smart contracts and decentralized applications. These alternatives have attracted both developers and investors, diverting attention away from Bitcoin.

Bitcoin’s Future: Crossroads For The Original Crypto

For diehard believers, bitcoin’s funk may present a buying opportunity if prices continue drifting lower. But others argue that “digital gold” has lost its luster for good.

“It’s yet to be seen whether Bitcoin can reclaim its role as the crypto market’s flagship,” said Chen Alicia, a student of blockchain studies at NYU.

With futures interest shrinking, bitcoin is at a crossroads. Does the original crypto still have a bright future, or will up-and-comers displace it?

Posted on

Crypto Analyst’s September Warning: Bitcoin Faces A Red Month

In a recent video by renowned cryptocurrency analyst Benjamin Cowen, ominous predictions for Bitcoin performance in September have emerged. Cowen, known for his data-driven approach to cryptocurrency analysis, shared his insights regarding Bitcoin’s historical performance in September and its potential trajectory for the current year.

Cowen acknowledged that September has traditionally been a challenging month for BTC, often characterized by negative price movements. He emphasized that while historical trends suggest a red month for Bitcoin in September, there are no guarantees, and occasional green September does occur.

The analyst highlighted that Bitcoin had experienced six consecutive red September from 2017 to 2022. The average return for Bitcoin in September has historically been around -6.6%, with a standard deviation that adds to the unpredictability of the cryptocurrency’s performance.

Examining Potential Price Declines

Cowen then delved into the potential price decline for Bitcoin in September. Given Bitcoin’s opening price of just below $26,000 for the month, a 7% decrease would bring its value to approximately $24,000. He further pointed out that in the pre-halving year of 2019, Bitcoin witnessed a 14% drop in September, potentially pushing its price down to $22,000.

To bolster his argument, Cowen referred to a recent tweet in which he speculated a substantial chance of Bitcoin reaching $23,000 in September. Although he stressed that this prediction is far from a guarantee, he underscored the seasonal pattern, the downward momentum, and the recent monthly close below certain support levels as factors that make a dip to $23,000 plausible.

Moreover, Cowen discussed the average returns in all pre-halving years for the month, revealing a drop of approximately 17.7%, which could result in Bitcoin trading at around $21,500 if history repeats itself.

On August’s performance, Cowen noted that Bitcoin had already experienced a 10% drop. While August’s long-term average is approximately 21%, averaging only the last two pre-halving years (2015 and 2019) suggests a more modest -11% to -12% average drop. This highlights that Bitcoin may follow a similar pattern in September, potentially softening the blow to around $24,000.

The current price of Bitcoin (BTC) is  $25,813, with a 24-hour price change of -0.99%. As the leading cryptocurrency, Bitcoin commands a significant market cap of $502,654,681,515, securing its position as the number one cryptocurrency by market capitalization. In the past 24 hours, Bitcoin has experienced a trading volume of $17,603,174,408, making it the second most actively traded cryptocurrency by volume. This high trading volume indicates strong interest and activity within the Bitcoin market, contributing to its liquidity.

BTCUSD chart

Navigating Bitcoin’s Cyclical Nature

Cowen emphasized that despite the uncertainty, the seasonality of Bitcoin and the existing downward momentum make a test of the $23,000 level highly likely in the near future, possibly in September or October.

Cowen reflected on the cyclical nature of Bitcoin’s price movements in a broader context, stating that it often alternates between bullish and bearish phases. He stressed that during pre-halving years, Bitcoin tends to rise significantly during the first half and experience declines in the latter half. According to Cowen, this pattern is designed to “wreck” both bulls and bears before entering a period of sustained growth.

He also pointed out that while BTC may face challenges in the short term, once quantitative easing (QE) returns and the cryptocurrency market sentiment improves, altcoins could regain momentum.

In conclusion, Cowen cautioned his audience to remain vigilant in September, historically a month of red returns for Bitcoin. He urged caution, citing past data and market dynamics as indicators of a potentially challenging month ahead. While the future remains uncertain, Cowen’s data-driven analysis serves as a valuable resource for those navigating the turbulent waters of the cryptocurrency market. Investors and enthusiasts will undoubtedly watch closely to see if Bitcoin’s performance aligns with his predictions in the coming weeks and months.