Asset manager BlackRock and crypto investment firm Bitwise both filed amended S1 forms with the Securities and Exchange Commission (SEC) on Monday, answering further questions likely asked by the regulator in earlier conversations.
BTC price sets new 19-month high in 'choreographed' Bitcoin whale move
Bitcoin beats its previous record to near $42,500, but all may not be what it seems when it comes to BTC price strength.
Warning Signals Flash As Bitcoin Surges: Expert Spotlights Potential $25,000 Liquidity Sweep
Bitcoin (BTC), the world’s leading cryptocurrency, has recently witnessed a surge in price, reaching a new yearly high of $42,100 on Monday. However, this significant price increase has raised concerns among market participants about the possibility of a potential correction and a subsequent liquidation sweep, which could drive the price down to as low as $25,000.
Second Capitulation And Liquidity Sweep For Bitcoin?
Justin Bennett, a prominent technical analysis expert, acknowledges the remarkable performance of Bitcoin, stating, “It’s been a hell of a run from BTC, and it may very well continue without a significant correction in the short term.”
However, Bennett highlights that the previous two bear markets concluded with a second capitulation, suggesting the possibility of a similar scenario occurring this time. Bennet cautions against ruling out a liquidity sweep that could drive the price down to $25,000.
To provide further context, liquidity sweep refers to a sudden and drastic move in price that aims to clear out excess leverage and trigger liquidations of overleveraged positions.
Such a move could lead to a cascading effect, causing the price to drop further as more positions get forcefully closed. The occurrence of a liquidity sweep at the $25,000 level would not only test the resilience of Bitcoin but also serve as a crucial moment for market sentiment.
As seen in the 2-week chart above shared by Bennet, despite the potential correction in BTC, this could be the last difficulty that Bitcoin bulls experience before the continuation of the bull run; this will be further fueled by the potential approval of Bitcoin spot exchange-traded funds (ETFs) applications by the US Securities and Exchange Commission (SEC), which is expected to push prices even higher.
A boost from the halving of Bitcoin will further add to the bullish momentum and sentiment in the market, which could push the price of BTC to new all-time highs (ATH).
Additionally, historical trends indicate a promising outlook for Bitcoin. Analyst Ali Martinez points out that in the past, strong BTC performance during October and November has been followed by a bullish December. According to Martinez, market participants can anticipate a bullish December ahead if this pattern holds.
El Salvador’s BTC Investments Prove Profitable
El Salvador’s President Nayib Bukele recently announced that the nation’s investments in Bitcoin have yielded significant profits, refuting previous claims of losses made by critics.
President Bukele revealed that if El Salvador were to sell its Bitcoin holdings at the current market price, the country would not only fully recover its initial investment but also make a profit of $3,620,277.13.
Addressing the numerous articles and hit pieces that had ridiculed El Salvador’s Bitcoin investment strategy, President Bukele emphasized that these assessments were based on the cryptocurrency’s market price at the time of evaluation. With Bitcoin’s recent surge in value, the country’s investment has turned profitable.
While acknowledging that the price of Bitcoin will continue to fluctuate, President Bukele reaffirmed that El Salvador remains committed to its long-term strategy and has no intention of selling its Bitcoin holdings. President Bukele stated:
Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.
At the time of writing, BTC is trading at $41,200, reflecting a notable price increase of 3.8% over the past 24 hours and 12% over the past seven days.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin custodian Nostr Assets pauses deposits after reaching 'maximum capacity'
“Please refrain from deposits at the moment. Inbound at max capacity,” wrote one community manager.
First Mover Americas: BlackRock Received $100K Seed Funding for Its Spot BTC ETF
The latest price moves in bitcoin [BTC] and crypto markets in context for Dec. 5, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The Bulls Are Back: Crypto Institutional Inflows Balloon To 2021 Levels
Crypto investment products have experienced another week of inflows, bringing the run to 10 consecutive weeks. According to CoinShares’ latest report on digital asset investment funds, inflows into crypto products totaled $176 million last week, bringing the total inflow in 10 weeks to $1.76 billion. The timing is not a coincidence, as most cryptocurrencies turned green again last week in terms of price action.
Total Crypto Inflows Hit $1.76 Billion In 10 Weeks
After a lackluster action for most of the year and some weeks of net outflows, the most recent data shows smart money investors are betting big on crypto again. Investments in digital asset funds have been on the rise for the past two months, ignited by the crypto market bull run which started in the middle of October. As a result, the inflows have ballooned every week, breaking levels not seen since 2021’s crypto market bull run.
Digital asset investment funds ended November with an inflow of $176 million, although down from the $346 million registered in the week before. Most of the money last week went into Bitcoin, with the cryptocurrency seeing $133 million in inflows.
Bitcoin remains the most popular digital asset for institutions, and interest has really piqued with the applications of spot Bitcoin ETFs in the US waiting for approval from regulators. As a result, the crypto has strengthened since October, breaking various price levels and resistances, the latest being the $42,000 price level.
The sentiment has also flowed into the altcoin market. Ethereum saw inflows of $31 million last week, bringing its 5-week inflow run to a total of $134 million. Multi-asset investment products that provide exposure to a basket of crypto assets saw $2.3 million in new investment.
Solana and XRP saw inflows of $4.3 million and $0.5 million respectively. On the other hand, Litecoin saw outflows of $0.2 million, and Short Bitcoin products saw $3.6 million inflows after three consecutive weeks of outflows.
Most of the inflows came in from Canada, Germany, and the US, which saw inflows of $79 million, $57 million, and $54 million respectively. Australia and Sweden also saw outflows of $0.5 million and $0.2 million respectively. However, the overall trend shows institutions are still bullish on crypto in the long run.
It’s exciting to see such numbers again, as they are reminiscent of past bullish sentiment in the crypto industry. According to CoinShares, this run of inflows is now the largest since October 2021, which saw the launch of the futures-based ETF in the US.
Assets under management have also risen by 107% this year and are now at $46.2 billion, but still below the $86.6 billion seen in 2021. However, this record is ready to be overtaken in the coming year, as the latest data provides further evidence that institutional interest in the crypto market will continue for a while.
Bitcoin short-term holder sales near $5B as profit-taking mimics 2021
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Coinbase’s Rally Still Has Legs, Chart Analyst Says
Shares in the cryptocurrency exchange have rallied nearly 300% this year, and the latest chart pattern suggests further gains could still be in the offing.
Hedge Fund Predicts Stacks (STX) As Best Altcoin In Upcoming Months
North Rock Digital, a player in the digital assets hedge fund arena, recently made a bold prediction regarding the altcoin Stacks (STX). In a statement released on X, the fund highlighted its investment strategy and reasoning for STX being the best altcoin to long at the moment.
“When looking for long ideas, we target those with strong fundamentals, supportive tokenomics, and significant upcoming catalysts. STX stands out with the most compelling catalyst path over the next few months and the greatest chance to rerate,” the fund stated.
In-Depth Analysis Of Stacks’ Prospects
North Rock Digital’s full thesis, published on Medium, delves into the details underpinning their positive outlook on STX. The thesis asserts, “Key developments have brought our initial STX thesis into further focus […] demand for Bitcoin block-space has solidified, increasing the demand for the product STX is building.”
Significant is the Nakamoto upgrade, scheduled before the Bitcoin halving in April. This upgrade is seen as a pivotal moment for STX, promising dramatic improvements in speed and efficiency, including 5-second block times and support for sBTC, a secure version of wrapped Bitcoin. This development, according to North Rock Digital, positions STX closer to being a true Bitcoin L2.
The hedge fund also points out the broader context within the Bitcoin ecosystem that favors STX. The rising demand for Bitcoin’s block space, notably with a 50x spike in network average gas fees this year, alongside the development of Ordinals, indicates a growing interest in utilizing Bitcoin beyond just a store of value. These developments, coupled with the anticipated US spot Bitcoin ETF approval, are expected to boost the demand for STX’s offerings.
Furthermore, STX has been somewhat overlooked recently, providing what North Rock Digital sees as a unique investment opportunity. “Despite these positive developments, attention on STX has declined […] leaving us with a unique opportunity,” the thesis elaborates. Notably, the Stacks developer team’s progress towards the Nakamoto upgrade is on track, with the Mockamoto milestone already completed.
The fund also emphasizes Stacks’ international partnerships and upcoming initiatives. These include the launch of a marketing campaign in Asia and the roll-out of the second Nakamoto testnet by January. “Stacks is expanding their footprint globally… They will run a marketing campaign to raise awareness for Bitcoin L2s in the first quarter of ’24 with a focus in South Korea, Singapore, Hong Kong and Dubai,” the fund explains.
“Stacks is expanding their footprint globally… They will run a marketing campaign to raise awareness for Bitcoin L2s in the first quarter of ’24 with a focus in South Korea, Singapore, Hong Kong and Dubai,” the hedge fund explained. Moreover, the introduction of new Bitcoin L1 tools like BitVM is also seen as a significant step towards realizing a true Bitcoin L2 vision without needing changes to Bitcoin L1.
STX Valuation
In terms of valuation, STX is currently seen as undervalued, especially when compared to other L1/L2 ecosystems. With the Nakamoto upgrade and the proximity to the next BTC halving, STX is expected to narrow its valuation discount relative to other assets, North Rock Digital claims.
Post-Nakamoto, STX is anticipated to enable a range of applications, including a performant BTC-denominated NFT marketplace and traditional DeFi applications. The potential for these applications, combined with the strong BTC-centric community of STX, presents a compelling case for its future growth.
At press time, STX stood near its yearly high and was trading at $1.15.
BlackRock Received $100K Seed Funding for Spot Bitcoin ETF
The unknown seed investor agreed to purchase $100,000 shares on October 27, 2023, BlackRock’s latest filing reveals.
ORDI Rockets To Unprecedented Peaks Alongside Bitcoin’s $42,000 Breakthrough
The value of ORDI has increased significantly during the last week, more than tripling, following an astonishing climb. This noteworthy increase aligns with the upward trend of Bitcoin’s value, adding to the cryptocurrency’s recent surge in popularity.
A remarkable occurrence was the overnight rise of ORDI to an unprecedented all-time high, which injected excitement into its recent performance.
Based on the Ordinals protocol of Bitcoin, the token is by far the largest BRC-20 asset. It reached a new peak price of $49.05 today, according to CoinGecko data, after rising 16.3% over the previous day and an astounding 148% over the previous seven days. The fact that ORDI has increased by more than 500% during the past 30 days is similarly astounding.
ORDI Surges: Technicals Mirror Bitcoin’s Bull Market
The market value of ORDI has increased by more than 380% in the past year. These performance gains have demonstrated a significant relationship with the characteristics of the Bitcoin market, raising the prospect that ORDI may follow Bitcoin’s lead during the bull market.
Furthermore, one important technical indication is to support the optimistic viewpoint. The 4-hour chart’s Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) both show positive movements.
Interestingly, the RSI reached 90.24, indicating an overbought state that can indicate a possible decline in price. On the other hand, the MACD’s bullish momentum suggests that there is still buyer interest and that the price will probably continue to rise.
ORDI has had tremendous growth since its founding as a technical experiment on Bitcoin in early 2023. With a $903 million market capitalization, ORDI is the most valuable cryptocurrency by market valuation, ranking it 63rd overall and first within the BRC-20.
Regarding social dominance, Santiment data indicates that ORDI has had an upward trend.
ORDI Doubles In A Week Alongside Bitcoin’s 20-Month Highs
ORDI’s recent surge, fueled by adoption from major exchanges like Binance and OKX, saw its largest increase in the past week, doubling in price. This coincided with Bitcoin reaching its highest point in 20 months, exceeding $42,000.
Bitcoin’s 20% rise over the past month, currently at around $41,800, further emphasizes the synchronized momentum of both cryptocurrencies since ORDI’s launch.
Thanks in part to increased activity on the Ordinals protocol, market analysts continue to have a positive outlook for ORDI. With a varied content library and over $46 million in total inscriptions as of writing, ORDI’s popularity inside the Bitcoin network has increased in tandem with the rise in transaction fees. It is a crucial component of the network.
Meanwhile, Coincodex predicts a 104% increase to $55.74 during the course of the following year. ORDI would have reached a new all-time high following its most recent breakout, which coincided with price discovery.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Freepik
Bitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear
Bitcoin price extended its rally above the $42,000 resistance. BTC is now correcting gains and might test the $40,800 support zone.
- Bitcoin surged further above the $41,200 and $42,000 levels.
- The price is trading above $41,200 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower toward $40,800 before it starts a fresh increase.
Bitcoin Price Rises Over 10%
Bitcoin price started a strong increase above the $38,500 resistance zone. BTC gained over 10% in the past few sessions and broke many hurdles near $40,000.
It even cleared the $41,200 resistance and spiked above the $42,000 zone. A new multi-month high is formed near $42,415 and the price is now correcting gains. There was a move below the $42,000 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.
Bitcoin also trades above $41,200 and the 100 hourly Simple moving average. Besides, there is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.
On the upside, immediate resistance is near the $42,200 level. The first major resistance is forming near $42,500, above which the price might rise toward the $43,200 level.
Source: BTCUSD on TradingView.com
A close above the $43,200 resistance might send the price further higher. The next key resistance could be near $44,000, above which BTC could rise toward the $45,000 level.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $42,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $41,200 level.
The next major support is near $40,800 and the trend line. If there is a move below $40,800, there is a risk of more downsides. In the stated case, the price could drop toward the $40,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $41,200, followed by $40,800.
Major Resistance Levels – $42,200, $42,500, and $43,200.
Bloomberg Expects Bitcoin Price To Surpass $500,000 In Upcoming Crypto Super Cycle
In a recent Bloomberg report, it has been suggested that the rise of Bitcoin price to over $42,000 is just the beginning of a new crypto super cycle that will push the world’s largest cryptocurrency to over $500,000.
According to Bloomberg, proponents of this theory argue that Bitcoin represents a new monetary order that is captivating Wall Street and fueling a “palpable sense of euphoria” within the digital asset community.
Bitcoin Price Potential Soars
The remarkable performance of the Bitcoin price in recent months took many by surprise, as the cryptocurrency posted three consecutive monthly increases, including another 11 percent in December alone.
The enthusiasm surrounding Bitcoin’s price rally has led to optimistic predictions of further gains, often based on intuition or technical analysis.
The cryptocurrency has experienced a significant price revival in 2023, with its value surging over 150% thus far. Market observers attribute this surge to growing anticipation of a potential approval of a Bitcoin exchange-traded fund (ETF) for trading in the United States.
Per the report, the prospect of an ETF has led to jubilation within the industry. Coinbase CEO Brian Armstrong suggests that “Bitcoin may be the key to extending Western civilization.” Forecasts regarding the future price of Bitcoin have ranged from $50,000 in the immediate term to above $530,000.
Matt Maley, chief market strategist at Miller Tabak & Co., cautions about the rapidly changing sentiment in the asset class, highlighting the importance of the liquidity influx caused by the pandemic in driving Bitcoin’s strong rally in 2020 and 2021.
Maley suggests that without a similar liquidity injection, some of the optimistic predictions surrounding Bitcoin’s future value may be unrealistic.
The long-awaited launch of a Bitcoin-based ETF in the United States aims to facilitate easier access to the cryptocurrency for money managers, potentially attracting billions of dollars in new investments to the space.
BTC ETF Speculation Sparks Optimism
Researchers at Kaiko note a noticeable shift in the market sentiment since mid-October, driven by increasing institutional interest in the potential approval of a spot BTC ETF and a more favorable macroeconomic environment.
The researchers also highlight recent inflows into crypto investment products and a seven-month high in daily spot-trading volumes in November.
Nevertheless, while excitement about a broader crypto rally often spreads across social media platforms like X (formerly known as Twitter), it is important to acknowledge Bitcoin’s historical volatility.
According to Bloomberg, the cryptocurrency has experienced multiple hype cycles in recent years, with celebrated gains followed by significant downturns.
Despite Bitcoin’s recent gains and departure from a prolonged consolidation phase, Bloomberg suggests that a significant correction may still be on the horizon. At present, Bitcoin is trading at $41,800, displaying sustained bullish momentum as it strives to reclaim the $42,000 level.
The outcome remains uncertain whether the cryptocurrency will successfully consolidate above this critical level, positioning it favorably for continued upward movement throughout the month.
Alternatively, the current yearly high level could act as a formidable resistance barrier for the Bitcoin price, further supporting Bloomberg’s thesis of a potential correction.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Rally to $42K Fueled by ‘Panic Buying,’ Pushes Crypto Market Cap Over $1.5T
Bitcoin hit a fresh yearly high of $42,000, pushing the market capitalization of all cryptocurrencies over $1.5 trillion for the first since May 2022.
Boomers Interested In Bitcoin, Market Won’t Allow BlackRock To Buy BTC Below $60k
As institutional interest in Bitcoin grows, Fidelity and BlackRock’s proposed spot Bitcoin Exchange-Traded Fund (ETF) faces an unexpected hurdle: the crypto market’s unwillingness to let go of the coin at bargain prices.
Bitcoin To $60,000 In Progress?
According to Mike Alfred, who claims to be a value investor and a board director, the market will “unlikely” allow BlackRock to purchase BTC below $60,000. Taking to X on December 4, Alfred said BlackRock and other Wall Street players keen on issuing spot Bitcoin ETFs would have to “buy for Boomer’s 401k plans for at least $60,000.”
This preview stems from the rapidly growing demand among institutional investors, as seen by the number of Wall Street players willing to issue complex derivatives tailored for, among other investors, “baby boomers,” most of whom are “approaching retirement.” With their substantial retirement savings, baby boomers increasingly recognize BTC’s potential as a hedge against inflation and a store of value.
Following Federal Reserve intervention during the COVID-19 pandemic, inflation rose to multi-year levels in 2021. To preserve purchasing power, the central bank began hiking interest rates. Although inflation has fallen and the economy stabilized, it remains higher than the target of 2%. The Fed continues to track this metric and may further intervene by raising rates to lower inflation. This might impact Bitcoin prices, as seen in the past months.
Nonetheless, the potential influx of boomer money into Bitcoin via a Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approved derivatives product is a big boost for the coin. Though the SEC has yet to authorize multiple spot Bitcoin ETFs, the crypto and Bitcoin market expects the strict regulator to greenlight the first product in the next few weeks.
BlackRock And Company To Buy BTC At A Premium
Accordingly, ahead of this milestone development for the Bitcoin and crypto market, Alfred thinks BlackRock, Fidelity, and other players won’t secure Bitcoin at spot rates. Instead, the market anticipates that BlackRock, one of the world’s largest digital asset managers, will make their “bi-weekly purchases at prices above $60,000.”
The coin is trading at April 2022 levels, ripping above $40,000 over the weekend as bulls step up. Looking at the BTC candlestick arrangement on the daily chart, the first clear resistance is around $48,000.
The coin trades within a bullish breakout formation following gains above $32,000. As buyers step up and investors anticipate the SEC approving the first batch of spot Bitcoin ETFs, the coin will likely continue increasing toward all-time highs of around $70,000.
Price analysis 12/4: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK
Altcoins show compelling technical setups after Bitcoin price blew past $42,000 on December 4.
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Bitcoin Cycle Analysis And Macro Factors Reveal When Price Will Reach $125,000
Crypto financial services firm Matrixport has reaffirmed its bullish projection on the future trajectory of the Bitcoin price. While at it, the firm also mentioned when this is likely to happen based on past cycles and historical performance.
When Bitcoin Will Hit $125,000
In a report that dwelled on the sustainability of the bull market in 2024, Matrixport mentioned that Bitcoin will hit $125,000 by the end of 2024. Before then, they project that Bitcoin will hit $63,140 by April 2024. April 2024 is scheduled to be when the Bitcoin Halving will take place and this event is expected by many to kickstart the bull market.
The basis for their $125,000 projection stems from the fact that the years in which Bitcoin Halving took place are generally bullish. Historically, Bitcoin saw a 186%, %126, and 297% gain in 2012, 2016, and 2020 respectively. As such, they expect that something similar will happen in 2024.
Another point that they used to back up their projection is the fact that miners tend to hoard their Bitcoin rewards before each halving. There is usually a significant price increase after the event (about 200%). Therefore, they expect that this time won’t be different, with Bitcoin able to hit the $125,000 price level if that happens.
Meanwhile, the macro factors seem to be aligning for this parabolic rally in 2024. Based on Matrixport’s inflation model, there could be a decline in inflation, which could lead to a cool-off in the hike of interest rates. If that happens, it would undoubtedly be bullish for Bitcoin, considering that the Fed’s hawkish stance has been known to affect Bitcoin’s price.
The Bull Market Already Began
Contrary to public opinion, Matrixport believes that the bull market already began this year. They noted that, just as in past cycles, the bull market has always lasted for three years after every bear market. Based on this “simple cycle analysis,” they project that this bull market will also last for three years. Going by this assumption, the bull market will run until 2025.
The financial services firm had previously shared a report on how the fifth bull market will unfold. This cycle, which they assert began on June 22, 2023, has been said to be likely driven by expectations of institutional adoption. This is likely a reference to the Spot Bitcoin ETFs that could potentially launch soon.
Their projections so far seem to be on track. As part of how this bull market will unfold, they had affirmed that Bitcoin will hit $45,000 between November this year and April 2024. That could happen sooner than later, as the flagship cryptocurrency recently broke above $40,000.
Analyzing The Titans: How Bitcoin Whales Influenced The Surge To $40,000
Bitcoin and the crypto market continue to smash critical resistance levels and hit new yearly highs. The cryptocurrency stands closer to the $50,000 area as 2023 ends, and two major bullish catalyzers stand on the horizon.
As of this writing, Bitcoin (BTC) trades at $41,800 with a 6% profit in the last 24 hours. In the previous seven days, BTC recorded an impressive 13% rally as analysts and the crypto community celebrated the beginning of a new bull cycle.
Bitcoin Whales Behind $40,000 Rally, Are More Profits In Store?
Data provided by Ki Young Ju, CEO of crypto analysis firm CryptoQuant, indicates that Bitcoin whales have supported the current price action since August. At that time, the cryptocurrency re-took the higher area at $20,000 and stood below the critical resistance at $30,000.
As Bitcoin trended to the upside, whales took on “giga long positions” potentially in preparation for the current rally. This risk-on behavior began more discretely when BTC touched $16,000.
Young Ju tied the market activity to increased buying orders from US investors. On Coinbase, the price of Bitcoin “skyrocketed” in October 2023.
Investors in the country have been buying more of the cryptocurrency in preparation for the spot BTC Exchange Traded Fund (ETF) approval and the Halving event. The latter of this event is the reduction of the rewards for mining BTC.
Furthermore, the CryptoQuant CEO believes retail investors have yet to board the rally. As seen in the chart below, BTC’s Realized Cap stood below 0.1, indicating “low liquidity” from retail investors in the crypto market.
Game Is Not Over For BTC
Additional data provided by Material Indicators confirmed the increasing buying pressure from whales. Analyst Keith Alan claimed that this behavior occurs to attract liquidity to the market.
Once liquidity, mostly from retail investors, enters the market, whales can “distribute” their coins or “dump” on retail to take profit from their position. Via his X handle, the analyst stated the following regarding BTC’s potential to continue the uptrend:
(…) because we now have ~$86M in near range #BTC bid liquidity, I’m considering buying this pullback because it doesn’t appear the game is over yet.
Cover image from Unsplash,chart from Tradingview
Analyst Expects Bullish Trend For: Bitcoin, Ethereum, And Cardano
Dan Gambardello predicts a bullish trend for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) in the current cryptocurrency market.
Crypto Analyst On The Bitcoin Rally
Dan Gambardello took to his official X (formerly Twitter) handle to share his bullish about the three major cryptocurrencies. The analyst post was accompanied by a video where he explained why he is bullish on these three coins.
According to the analyst, positive setups have appeared on the charts of all three cryptocurrencies. At the beginning of the video, Gambardello stated that he believes Bitcoin has a short-term upside target of about $42,000.
But regardless of whether the market leader hits this threshold, he believes there might be a correction. His warning of a correction is due to the overbought territory the crypto asset has entered.
Additionally, he revealed that the impending correction of BTC would resemble past price movements. He further asserted that the asset would make this adjustment a “common move.”
The analyst also discussed the potential for Bitcoin to consolidate near the $42,000 resistance level. According to the analyst, it would signal the beginning of a new phase for the market when it takes place.
Gambardello also expressed his confidence about the next bull run, believing it to be imminent. He noted that the worst bearish trends for Bitcoin ended in January this year and have played out “quite well” ever since.
However, he asserted that crypto market consistency might not have played perfectly, but it has been pretty close to being “accurate” in terms of what the cycles have been doing. He stated:
In this macro piece of data I charted in 2018, BTC was like $3,500 or so. And this was my approach to the macrocycles of crypto. And has it played out perfectly? it has not been perfect, but it has been extremely close to on point, in terms of what these cycles are doing.
Dan Gambardello On Ethereum (ETH) And Cardano (ADA)
Gambardallo believes that the Ethereum trend appears to be different from that of BTC. He highlighted an ascending triangle for the crypto asset, which could see ETH reaching about the $4,000 price mark. He also highlighted a critical resistance level for ETH, around $2,270, on its chart.
So far, he believes ETH could surge to $3,000 if it can break above this level in the next few weeks. However, he further urges the cryptocurrency community to be prepared for a huge crash when this happens.
For ADA, the analyst has highlighted an ascending triangle for the asset with quite a few resistance levels. He projected that if ADA breaks out in the coming days, the cryptocurrency would surge to $0.45. Also, his longer-term price stance for ADA is between the $0.80 and $0.85 range.
