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Bitcoin Bulls On The Charge: Crypto Platform Forecasts $63K Surge By March

Prominent digital asset financial services platform Matrixport has recently issued a bullish projection indicating a potential surge in Bitcoin’s (BTC) value. According to their analysis, Bitcoin may surpass its previously established two-year peak and climb to $63,000 by next month.

This bold prediction stems from a confluence of factors poised to exert significant influence on the trajectory of Bitcoin’s price in the coming weeks and months.

Rationale Behind Matrixport’s Optimistic Projection

The primary driver behind Matrixport’s optimistic outlook is the live trading of Bitcoin spot Exchange-Traded Funds (ETFs). According to the report, these spot ETFs have opened the doors for more investors to engage in crypto trading through conventional financial channels.

Additionally, with the increasing demand for these spot ETFs and the daily trading volumes reaching noteworthy levels, signaling growing investor interest in Bitcoin as an asset class, this could help propel the flagship crypto to trade above $60,000 by next month, according to the report.

Furthermore, the impending Bitcoin halving event, scheduled for April 2024, is anticipated to catalyze further upward momentum in BTC prices. Bitcoin halvings result in a reduction in the rate of new BTC generation, and historically, this leads to a decrease in supply, typically driving up Bitcoin’s value.

Matrixport’s report also mentions the influence of macroeconomic factors on BTC’s price. The expectations of interest rate adjustments following the Federal Reserve’s Federal Open Market Committee (FOMC) gatherings are anticipated to have a significant impact.

Furthermore, the forthcoming uncertainty surrounding the US presidential elections may instigate market fluctuations, leading investors to turn to alternative assets such as Bitcoin to safeguard against potential shifts in economic policies.

Bitcoin Price Action And Expert Sentiments

Meanwhile, despite Bitcoin experiencing a nearly 10% surge over the past 14 days, the asset has witnessed quite a retracement in the previous week, declining by 2.2%. It’s worth noting that despite this setback, the cryptocurrency’s market capitalization remains above the $1 trillion mark.

An analyst known as Mags has expressed an overwhelmingly bullish sentiment toward Bitcoin, noting that the asset has “never been this bullish.” Mags city’s historical patterns and bullish technical signals reveal that BTC has recently closed a weekly candle above the 0.618 Fibonacci level, a rare occurrence in the cryptocurrency’s four-year cycle.

However, Mike Novogratz, CEO of Galaxy Digital, has cautioned against potential downside risks, speculating on the possibility of a regulatory setback or market sentiment shift that could lower BTC prices to the $45,000-$42,000 range.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView

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Bitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible

As the Bitcoin Halving draws nearer, there is so much optimism about what could happen to Bitcoin’s price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoin’s demand far outpaces its supply, which could see the flagship crypto token rise to as high as $237,000. 

Bitcoin Demand Significantly Outpacing Its Demand

Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving is fast approaching. 

This is when Bitcoin Miners’ rewards are cut in half, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent. 

Industry expert Anthony Pompliano also highlighted this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues. 

This institutional demand for BTC is mainly driven by the Spot Bitcoin ETFs, which were approved in January. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the BTC supply on a daily. Interestingly, these Bitcoin ETFs were reported to hold 3.3% of Bitcoin’s circulating supply earlier in the month. 

Bitcoin’s Road To $237,000

In response to Willy Woo’s post, crypto analyst MacronautBTC made a “conservative” calculation of how Bitcoin’s price could rise to $237,000. Using a multiplier of 3x the Dollar currently flowing into the Bitcoin ecosystem, the analyst mentioned that Bitcoin could see an added market cap of 4.38 trillion. 

He then added the 4.38 trillion to Bitcoin’s current market cap of 1 trillion, which sums up to a 5.38 trillion market cap. This potentially puts Bitcoin’s price at $273,000 (a year from now, going by MacronautBTC’s calculation. 

The analyst also highlighted how this price level coincides with predictions made by notable Bitcoin bulls. One of them is Tim Draper, who recently stated that BTC will hit $250,000 in 2025. 

At the time of writing, Bitcoin is trading at around $50,900, down almost 2%% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

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Bitcoin Bullish Outlook: Analyst Predicts Near-Term Surge To $61,000

The price of Bitcoin (BTC) seems to be losing momentum after its bullish breakout to the $52,000 price mark, but some patterns indicate further optimistic activity may be ahead.

Bitcoin Price To Reach $61,000

On Thursday, Titan of Crypto, a well-known cryptocurrency analyst shared an interesting prediction for Bitcoin in the near future on the social media platform X (formerly Twitter) sparking hope within the community.

Titan of Crypto pointed out in the post that Bitcoin is about to form a trend that he called a “Bull Flag formation.” As a result of this latest action, he has placed a near-term price target for BTC at the $61,000 threshold.

However, the expert noted that the crypto asset is presently experiencing a retest of the Tenkan indicator. According to Titan of Crypto, the price of Bitcoin encounters a pullback every time it reaches the $50,700 level.

Furthermore, the analyst asserted that there is a good chance that bull flag formation will materialize as long as the Tenkan retest remains steady. However, he anticipates a potential drop to $47,300 at the Kijun level, if a breakout toward the downside occurs.

The post read:

Bitcoin Bull flag formation: target at $61,000. BTC is retesting Tenkan at the moment. Each time it hits the $50,700 level it’s bought back. Look at the candle wicks. As long as Tenkan holds the potential bull flag formation is likely to play out. If it were to break to the downside, next support would be Kijun at currently approximately $47,300.

Titan of Crypto has identified another exciting piece of information regarding Bitcoin’s current stance in the market. In another X post, he claims that BTC has entered the “second phase of the bull run.”

The crypto expert stated that BTC’s “Monthly Williams %R” is approaching the “top dotted line.” He mentioned that when the development took place in the last cycle, Bitcoin was about to enter its second bull market phase.

Bitcoin, as of the time of writing, was trading at $50,986, indicating a 1.55% decline in the past 24 hours. Data from CoinMarketCap shows its market cap and trading volume are both down by 1.56% and 20.48%, respectively.

BTC Network Sees Significant Investment Inflow From Investors

With the recent rally, BTC appears to have garnered investors’ interest as the asset has experienced a rise in investment inflow. Willy Woo, a crypto analyst, reported that every day, the network receives around an average of $607 million in new investor demand.

Meanwhile, the overall number of new Bitcoins created daily by mining is just approximately $46 million. In the post, Woo also highlights the importance of the upcoming BTC supply halving, which is just 60 days away.

As it is widely known, Bitcoin halving is when the introduction of new BTCs into circulation is cut by half, which happens every four years after miners solve 210,000 blocks.

Bitcoin

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Crypto CEO Drops Bombshell Discovery Why Bitcoin Price Is Muted Post-ETFs

Despite the landmark launch of spot Bitcoin Exchange-Traded Funds (ETFs) spearheaded by industry behemoths BlackRock and Fidelity—ranking among the top five ETF launches in their initial month of all time—BTC’s price response has been notably subdued. Prior to the launch of these EFTs, BTC soared to a peak of $49,040 on January 11.

Fast forward to today and BTC is currently settling at $51,000, marking a modest appreciation of 4.3%. This tepid performance has puzzled market observers, particularly in light of massive net inflows of $5.278 billion into all Bitcoin ETFs within a mere six-week span. These could have been even significantly higher if there would have been $7.398 billion in outflows from Grayscale’s GBTC.

The Bombshell Discovery

Yet, CryptoQuant CEO Ki Young Ju may now have found the “real” reason that has had an even bigger impact on Bitcoin’s price action in recent weeks. Ju’s analysis highlights the transfer of over 700,000 BTC to Over-The-Counter (OTC) desks predominantly utilized by miners in the weeks succeeding the spot Bitcoin ETF approvals—an equivalent of approximately $35.6 billion at current prices.

He shared the below chart and stated: “700K BTC has moved to OTC desks used by miners over the past three weeks following spot Bitcoin ETF approval.” This revelation has sparked a reevaluation of the impact of such substantial transfers on the market dynamics of Bitcoin.

BTC OTC transactions

Ju later corrected his statement slightly and explained, “Got some questions about the data accuracy. These OTC addresses are not only used by miners. It could be used by other whales. We’ll let you know what addresses caused this spike,”acknowledging the complexity and multifaceted nature of these transactions.

The Bitcoin OTC Mechanism Explained

OTC desks facilitate direct transactions between two parties, unlike open exchanges where orders are matched among various participants. This method of trading can handle large volumes of Bitcoin without immediately affecting the market price.

When substantial amounts of BTC are bought or sold on public exchanges, the sudden increase in supply or demand can lead to significant price volatility. By opting for OTC transactions, large buyers, such as ETF issuers, can accumulate Bitcoin in vast quantities without triggering a steep price increase that would inevitably follow if these purchases were made on spot markets.

Thus, Ju theorizes that the issuers behind the newly launched Bitcoin ETFs are strategically purchasing Bitcoin via OTC desks. This approach serves a dual purpose: it allows these entities to fulfill the demand from ETF investors by securing enough Bitcoin to back the ETF shares while simultaneously mitigating the immediate price impact that such large-scale purchases would have if conducted on open exchanges.

The essence of Ju’s claim is that if the 700,000 BTC had been bought on the spot market instead of through OTC channels, the influx of demand would have likely propelled Bitcoin’s price significantly higher than the observed 4.3% increase. This subdued price action, therefore, could be attributed to the strategic use of OTC transactions by ETF issuers and other large-scale buyers.

However, there is also a silver lining. What will happen if the miners can only sell half of the current supply following the upcoming BTC halving in April, but the demand remains? Moreover, this constraint isn’t limited to miners alone.

Given that the OTC supply is finite and likely depleting rapidly, it appears inevitable that a supply shock could impact the market once the OTC reserves are fully tapped. When entities like BlackRock and others are compelled to purchase Bitcoin on the open market to back up their ETFs, the BTC price could react swiftly.

At press time, BTC traded at $51,030.

Bitcoin price

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Bitcoin Wallets Bleed: 730K Investors Exit Despite Record $7 Billion ETF Inflows

The long-awaited arrival of spot Bitcoin ETFs has ignited a gold rush in the crypto world, attracting both newcomers and seasoned investors. While these new investment vehicles offer a convenient and accessible way to gain exposure to Bitcoin, their impact on the cryptocurrency’s core principles and long-term stability remains a complex question.

Bitcoin ETF: Initial Surge, But Ownership Shift A Concern

The data paints a fascinating picture. Following the SEC’s approval of 11 ETFs, the number of non-zero Bitcoin wallets initially soared, reaching a peak of nearly 53 million in January. This surge was likely fueled by the accessibility and security offered by ETFs, attracting individuals previously hesitant to directly engage with the intricacies of crypto wallets and exchanges.

However, according to data provided by Santiment, a concerning trend emerged 30 days later: nearly 730,000 fewer wallets held any Bitcoin, suggesting a potential shift towards holding through ETFs instead of directly owning the tokens. This raises questions about the long-term impact on Bitcoin’s decentralized nature and the potential for decreased on-chain activity.

ETF Boom, But Supply/Demand Dynamics Unchanged

While the ETF market is thriving, its impact on Bitcoin’s core principles is less clear. The recent record volume and inflows exceeding $7 billion across the top 7 ETFs highlight strong market interest and the potential for mainstream adoption.

However, it’s crucial to remember that these ETFs can hold both actual Bitcoin and futures contracts. This means investors gain exposure without directly impacting the underlying supply or demand of the cryptocurrency itself. This raises questions about whether ETFs are truly driving adoption or simply creating a derivative-based market with its own set of risks and dynamics.

Speculation Surges, Raising Red Flags

Perhaps the most concerning trend is the surge in speculative trading using derivatives. Open interest on centralized exchanges, particularly for Bitcoin, has reached unprecedented levels, exceeding $10 billion for the first time since July 2022.

This indicates investors are taking on more risk by leveraging derivatives, potentially fueled by the “crowd euphoria” surrounding Bitcoin and the allure of potentially quick gains. This echoes the speculative frenzy seen in 2017, raising concerns about potential market volatility and potential crashes. Ethereum, Solana, and Chainlink also exhibit significant open interest, suggesting broader market-wide trends beyond just Bitcoin.

The Verdict: A Double-Edged Sword

The arrival of spot Bitcoin ETFs has undoubtedly opened doors for new investors, but it’s important to acknowledge the potential downsides. While accessibility has increased, direct ownership might be decreasing, and the rise of speculative trading using derivatives raises concerns about future market stability.

Moving forward, it will be crucial to monitor how these trends evolve and their long-term impact on the overall health of the crypto ecosystem. Additionally, ongoing regulatory developments surrounding ETFs and derivatives could further shape the landscape.

Featured image from Nicola Barts/Pexels, chart from TradingView

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Bitcoin Price Accumulation – Risk of Pullback Escalates Below $52K

Bitcoin price is struggling to rise above the $52,000 resistance. BTC is now at risk of a downside break below the $50,500 support zone.

  • Bitcoin price is struggling to clear the $52,000 resistance zone.
  • The price is trading below $51,800 and the 100 hourly Simple moving average.
  • There is a bearish flag forming with support at $51,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a major pullback if there is a move below the $50,500 support.

Bitcoin Price Struggles Below $52K

Bitcoin price remained in a short-term negative zone below the $52,200 resistance zone. BTC settled below $51,800 and slowly moved lower. There was a drop below the $51,200 level before there was a minor recovery.

The price recovered a few points above the $51,500 level. There was a move above the 50% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low. However, the bears were active near the $52,000 resistance zone.

Bitcoin is now trading below $51,800 and the 100 hourly Simple moving average. There is also a bearish flag forming with support at $51,120 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $51,800 level. The next key resistance could be $52,000, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $54,200 level.

Downside Break In BTC?

If Bitcoin fails to rise above the $51,800 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,100 level and the channel trend line.

The first major support is $50,550. If there is a close below $50,550, the price could start a decent pullback. In the stated case, the price could decline toward the $49,500 support zone, below which the price might even test $49,200.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $51,100, followed by $50,550.

Major Resistance Levels – $51,800, $52,000, and $52,500.

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Analyst: Bitcoin Has Never Been This Bullish, What’s Next?

While Bitcoin treads water around $50,000, with some predicting a slump, one analyst on X is swimming against the current, claiming the coin has “never been this bullish.” The coin is bullish despite cooling off from 2024 highs above $54,000.

Analyst: Bitcoin Is Bullish, Here’s Why

The analyst Mags argues that Bitcoin is, at spot rates, defying historical patterns and showing bullish signals, especially looking at the candlestick arrangements. Specifically, Bitcoin recently closed a weekly candle above the 0.618 Fibonacci level before the next halving event. Mags said this is the first time in the four-year cycle. 

Bitcoin price breaking structure: Source: Mags on X

Therefore, though Bitcoin prices have been moving horizontally in the past few trading days, with fears of price slumps, the development in the weekly chart is overly bullish. Further bolstering their optimism, Mags points to the increasing demand for Bitcoin from institutional investors following the launch of spot Bitcoin exchange-traded funds (ETFs). 

Wall Street heavyweights, including Fidelity, issue some of these products. BitMEX Research data shows that spot ETFs continue to siphon more and more coins from circulating supply, sending them to custodians, like Coinbase Custody, for safekeeping. These coins will likely be released in the coming years, not months.

Besides institutional interest, optimism for more price gains also stems from the absence of retail interest at spot rates. Data from Coinbase shows that unlike the spike in interest that drove Bitcoin to $70,000, mainly at the back of retailers, BTC prices are up, but the dynamics are changing. 

Will Retailers Take BTC To New Levels?

Solid data reveals that retailers are mostly not interested in the coin at spot rates, looking at the amount retailers have been spending on the coin. By Q4 2021, retailers acquiring Bitcoin via Coinbase spent roughly $177 billion. However, this figure sharply fell throughout 2022 during the bear market, finding support in H2 2023.

Then, according to exchange data shared by Will Clemente on X, retailers began loading the coin from Q3 2023. The figure has risen to around $39 billion in Q1 2024–less than 25% of Q4 2021 volumes.

Coinbase retail trading volume | Source: Will Clemente on X

How retailers will impact the price of Bitcoin in the future is yet to be seen. In the past, retail fear of missing out (FOMO) has been a critical price driver. Presently, CoinStats sentiment tracker, Fear & Greed indicator, stands at 74, at “greed” territory, down from “extreme greed” on February 22.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

This reduction could be possible because of the fake breakout that lifted Bitcoin above $53,000. The coin has support at $50,500 but generally remains in a bullish pattern.

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Elliot Wave Theory Predicts Bitcoin Bottom And Top, Here Are The Targets

Bitcoin looks to be stuck in a consolidation zone between $50,000 and $52,000, with neither the bulls nor the bears succeeding in completely taking control of the trend. This performance has sparked a number of speculations on whether the BTC price has finally found a local top. One of those who have speculated on the price direction is crypto analyst Alan Santana, who has used the Elliot Wave Theory to predict where the price of the cryptocurrency might be headed next.

Elliot Wave Points To Correction To $31,800

In the analysis shared by Alan Santana on TradingView, the Elliot Wave theory could point out the direction that the Bitcoin price could be headed next. The theory, which consists of five waves, has so far completed three waves, with the fourth wave expected to happen soon.

Given that the third wave is very bullish and the price has risen so fast, the fourth wave is expected to be more bearish. As Santana explains, this fourth wave points toward an upcoming correction. They also reveal that their analysis included Elliot’s Law of Alternation, and applying it to this scenario, the fourth wave is bearish, but would not go as low as the second wave.

Bitcoin price chart from Tradingview.com

Once this fourth wave moves into action, the Bitcoin price is expected to see a sharp correction. At the low end of this correction, though, is the $31,800 level, the analyst believes. So, in this scenario, there will be a return to the $20,000s before Bitcoin resumes its next leg up.

“This wave four of a higher degree cannot enter the territory of wave two, which puts the lowest price possible for the upcoming correction at $31,805 based on Elliot Wave Theory,” Santana said. He further added that: “Just as wave three would lead to a correction (wave four), wave four invariable leads to another impulse; the final and fifth wave of the higher degree.”

Bitcoin Top At $138,000

Not only does the Elliot Wave theory points toward a possible bottom, it also gives an idea for where the Bitcoin top might lie in the fifth wave. The crypto analyst uses one of the two Wave Principle methods to forecast this price, which takes into account the peak of the third wave and then uses that to give the peak of the fifth wave.

So far, the local top of this third wave looks to be $52,985, where Bitcoin peaked earlier this week. Since the Wave Principle says that the peak of Wave 5 would be three times higher than that of Wave 3, the analyst multiples $59,985 by 3, which gives a cycle top of $138,714.

As for when this peak will roll around, Santana explains that the whole thing could play out by 2025, which is when the peak would take place. “So the potential for the final impulse or fifth wave based on the Elliot Wave Theory system, amounts to $138,714. This can happen sometime in 2025,” the analyst stated.

Bitcoin price chart from Tradingview.com

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Fundstrat Exec Predicts Bitcoin Will Reach $150,000, Here’s When

Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, recently commented on the future trajectory of Bitcoin. He also mentioned when the flagship crypto token could hit this particular price level. 

Bitcoin To Rise To $150,000 This Year

Lee mentioned during an appearance on CNBC’s “Squawk Box” that Bitcoin could rise to as high as $150,000 this year. His belief that BTC could rise to this price level is due to the fact that demand is improving with the Spot Bitcoin ETFs. These funds are known to have achieved significant success since launching, something which has positively impacted Bitcoin’s price. 

Lee alluded to the Bitcoin Halving as another factor that could contribute to Bitcoin’s rise to $150,000. He specifically noted how the crypto token’s supply is going to shrink once the Halving event takes place. Interestingly, industry expert Anthony Pompliano recently highlighted how the demand for BTC was outpacing its supply. 

This trend is expected to continue once the Halving takes place, as the amount of BTC mined daily will drastically reduce. Meanwhile, Spot Bitcoin ETFs and other institutional investors are expected to keep stacking up the crypto token without any hesitation.

Lee also noted that a monetary easing, which is expected this year, would be favorable for a risk asset like Bitcoin. With inflation cooling off, the Federal Reserve is projected to cut down on interest. This will no doubt provide a bullish narrative for Bitcoin as investors are expected to double down on their investment in the crypto token once this happens. 

BTC Still Headed For $500,000

Tom Lee had predicted during an appeearnce on Squawk Box in January this year that BTC would rise to $500,000 in the next five years. He once again reaffirmed this prediction during his most recent appearance on CNBC. According to him, “Bitcoin is sound money, and it is proving to be useful,” which makes this price level attainable. 

Elaborating on how Bitcoin is useful, he stated that the crypto token has been a great store of value and also a good risk asset. He added that BTC is “incredibly secure” as there has been an issue of any fraudulent entry on the blockchain since its inception. The same cannot be said of banking institutions, which Lee noted have a lot of fraudulent transactions. 

When quizzed about how Bitcoin is used for nefarious activities, he highlighted how the Dollar is used for a large percentage of crimes that take place, and no one questions its utility.

At the time of writing, Bitcoin is trading at around $51,800, up in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

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Bitcoin Long-Term Call: Analyst Predicts Price To Soar To $500,000

As Bitcoin makes its way through the erratic waves of the cryptocurrency market, crypto analysts are still bullish about the asset, predicting BTC to reach unprecedented heights in the long run. 

Bitcoin To Reach $500,000 In The Long-Term

Bitcoin is currently in the spotlight as crypto expert Michael Van De Poppe has shared a bold prediction regarding BTC’s future with the community on the social media platform X (formerly Twitter). 

According to Poppe, Bitcoin is presently experiencing an “overly bullish sentiment” from market participants within the cryptocurrency space. Due to this, he claims that there is “a likelihood” for the crypto asset to reach $500,000 in the long term.

Poppe also warned investors about upcoming severe corrections prior to the surge. However, he has urged them to take the dip as a “giant buying opportunity” to position themselves for future gains.

The post read:

The overly bullish sentiment is great for Bitcoin. Long-term, the likelihood of Bitcoin reaching $500,000 is definitely there. However, corrections will happen and they will be rough. If Bitcoin corrects by 20% or more, use those as a giant buying opportunity. That’s it.

The analyst’s prediction has sent quite a frenzy in the crypto community, with several enthusiasts expressing their belief in the forecast. A pseudonymous X user stated that he agrees with the projections while noting that “BTC has the potential to grow in the long-term.”

Poppe has also shed light on his “game plan” for the upcoming period for the digital asset. He pointed out two distinct aspects of the plan in light of Bitcoin’s corrections.

“Survive a potential Bitcoin correction, as Bitcoin is at the end of this run and probably consolidating,” he stated. In addition, he has encouraged investors to navigate their investment toward Ethereum during the time of the retracement. He added that investors should hold their ETH for about “1 to 2 months and wait in cash until the correction is over.” 

BTC Is The Ultimate Safe Haven

Michael Van De Poppe is not the only analyst who believes Bitcoin has the potential to achieve the $500,000 mark. Max Keiser, a financial journalist, has also predicted that BTC will reach the aforementioned price target.

Keiser appears to be anticipating a significant crash in the stock market drawing a similar scenario to the 1987 crash. Consequently, he believes Bitcoin to be a safe haven during this period, as he expects the token to “soar past $500,000.”

The expert also noted that BTC ETFs and domestic miners will be confiscated by the US government within this period. However, despite this action, Keiser reckoned that BTC would still see more inflows than Gold in the market.

Bitcoin

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Green Bitcoin: Sustainable Energy Usage Surges To Record 55% High

Bitcoin, the enigmatic cryptocurrency known for its volatile price swings and digital gold status, is making a surprising play for a new title: sustainability champion.

A recent analysis by Bitcoin environmental impact expert Daniel Batten reveals a remarkable surge in renewable energy use for mining, reaching a staggering 55%. This marks a significant shift from just four years ago, when the figure languished below 40%, and paints a picture of an industry undergoing a green metamorphosis.

From Carbon Culprit To Clean Crusader?

Bitcoin’s mining process, essential for creating new coins, has historically been a lightning rod for environmental criticism. The sheer computing power required gulps up massive amounts of electricity, often sourced from fossil fuels. This led to accusations of Bitcoin being a climate villain, spewing greenhouse gases and contributing to global warming.

However, the narrative is evolving. Companies like Luxor Technology are harnessing Ethiopia’s hydroelectric bounty, while Argentina’s Unblock Global repurposes wasted natural gas from oil reserves.

Even domestic players like CleanSpark are upping their game with low-carbon solutions. These efforts, coupled with an overall decline in mining emissions intensity, suggest a genuine commitment to going green.

The Green Rush: Challenges And Cautions

Despite the positive strides, the sustainability of Bitcoin is far from over. The ever-growing network demands more energy, and ensuring enough renewable sources to keep pace is critical.

Furthermore, the environmental impact extends beyond energy consumption. The mountains of discarded mining hardware raise concerns about e-waste, another hurdle on the path to true sustainability.

The Future: Doubling Down On Green

The success of Bitcoin’s green gamble hinges on several factors. Continued investment in renewable energy infrastructure is paramount, and regulatory frameworks that incentivize sustainable practices could play a vital role.

Ultimately, the industry needs to demonstrate a long-term commitment to environmental responsibility, moving beyond individual success stories to ensure widespread adoption of green solutions.

While the jury is still out on whether Bitcoin can truly shed its carbon-intensive past, the recent surge in renewable energy use is a promising sign. This green gamble, if played with transparency, scalability, and a holistic approach to sustainability, could pave the way for a future where Bitcoin and the environment coexist in harmony.

The question remains: will Bitcoin’s green hand win the game, or will it fold under the weight of its own growth and environmental concerns? Only time, and the industry’s commitment, will tell.

Featured image from Karolina Grabowska/Pexels, chart from TradingView