Bitcoin Settles Into $62,000 As Traders Set Their Sights On $100,000, Backed By Bullish Fundamentals

By Aliyu Pokima – May 8, 2024

After a torrid week, Bitcoin’s (BTC) price settled at around $62,000, with traders bracing for a continuous rally that could send asset prices to $100,000.

Only last week, prices dipped below $60K for the first time in two months, fuelling grim speculation for a sustained selloff that could drive prices even lower. However, things began to look promising for the largest cryptocurrency as May rolled on, with BTC climbing as high as $64K before settling at $63,000.

Right out of the bat, BTC’s upswing can be traced to a wave of positives, including a disappointing macroeconomic outlook in the US. According to reports, the US added only 175,000 jobs in April – a far cry from the 315,000 reached in March, fuelling a hawkish stance by the Feds.

Following the FOMC meeting at the start of April, pundits observed a reluctance by policymakers to cut interest rates while hinting toward quantitative tightening.

“We believe that the FOMC’s more dovish-than-expected statement has signaled the peak in the USD’s upward momentum against both foreign currencies and crypto pairs,” wrote one analyst.

Despite the promising outlook, the ex-CEO of BitMEX Arthur Hayes warned investors to brace for a dip in the near future before an uphill climb to higher prices. However, Hayes remained cautious in his prediction, eyeing prices to hover around $60K and $70K before breaking the resistance to post higher figures.

Traders are already rippling with enthusiasm for higher prices as evidenced by rising numbers of active bitcoin call contracts, placing the asset on the path to the least resistance. According to QCP Capital, the buildup of call options has seen investors anticipating prices as high as $100K before the end of the year.

“We are seeing some bullish follow-through in volatility and rates following the reversal bounce from Friday and into the weekend,” read a note from QCP Capital. “BTC risk reversals have gone positive (calls more expensive than puts), and there has been a renewed demand for BTC Sep expiring $75,000 and $100,000 calls.”

Other factors in favor of a BTC rally include the US election cycle and a weaker dollar index, which has fallen by 1.2% since the last FOMC meeting. For Ledn CIO John Glover, BTC’s price could climb as high as $92,000, but first investors should brace for a pullback as low as $52K.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aliyu Pokima and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

Historic Milestone: The Bitcoin Network Has Now Processed Over 1 Billion Transactions

By Brenda Ngari – May 6, 2024

The Bitcoin network recently reached a huge milestone with its one billionth recorded transaction.

According to Clark Moody’s Bitcoin dashboard, transaction 1,000,000,000 was processed in block 842,241 at 9:34 pm UTC on May 5. This comes 15 years, four months, and four days after the mythical creator of Bitcoin (BTC), Satoshi Nakamoto, mined the Genesis block on Jan. 3, 2009.

The very first BTC transaction happened on Jan. 12, 2009, between Satoshi and the late American software developer and early Bitcoin pioneer Hal Finney. Satoshi sent Finney 10 coins as a test. Moments later, Finney had an email correspondence with the pseudonymous Bitcoin inventor to report some bugs.

Finney later walked away from Bitcoin and was surprised to find out the flagship crypto indeed had monetary value after he came back in late 2010. The BTC network reached one million transactions in July 2011. At the time, the OG crypto was trading for approximately $15.

In its 5,603 days of existence, the Bitcoin network has processed roughly 178,475 daily transactions. However, this figure doesn’t include transactions conducted on the Layer-2 Lightning Network.

Data from the Bitcoin-focused exchange River reveals that the Lightning Network processed at least 6.5 million transactions in August 2023, indicating that hundreds of millions of transactions have been done on Lightning since it went live in early 2018.

Ethereum Hit The $1 Billion Transaction Milestone First

Bitcoin’s daily transactions surged during the once-every-four-years rewards halving event on April 20. A historic high of 925,000 transactions was processed on April 23. Most of this demand stemmed from the fast uptake of Casey Rodarmor’s new Runes protocol. However, the initial fee bonanza has waned, with BTC’s daily transaction count falling to 660,260 as of May 4.

Despite being the oldest, Bitcoin is not the first blockchain network to process billion-dollar transactions. Ethereum, the second-largest crypto by market capitalization, has processed more than two billion transactions since it debuted in July 2015, as per data pulled from Etherscan.

At press time, Bitcoin was at $63,489, down a paltry 0.6% on the day.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

Bitcoin Primed For November 2020-Esque Meteoric Price Growth Amid Extreme Compression: Pundit

By Brenda Ngari – April 28, 2024

Bitcoin’s movements have been unremarkable in the past week, weakly wobbling seven days after its much-awaited halving event. At press time, the Bitcoin price hovers at $63,774 after barely budging over the week. The lackluster price action came alongside a rush of money from the newly approved U.S. spot Bitcoin exchange-traded funds (ETFs).

However, a well-known crypto strategist sees an epic bull plot ahead for Bitcoin.

Why BTC Could Repeat Nov 2020 Price Eruption

Anonymous analyst TechDev took to the X micro-blogging platform to note that BTC’s two-month chart conditions indicate that the crypto market leader is about to go turbo-parabolic.

TechDev forecasts that Bitcoin will surge by more than 110%. This would mark a repeat of the November 2020 price move, when BTC rocketed from roughly $13,000 to around $29,000 within two months.

An accompanying chart highlights Bitcoin’s meteoric rallies in 2013, 2016, and 2020. During these three instances, BTC’s momentum indicator — the relative strength index (RSI) — had a bullish reading of 70.

TechDev further notes that Bitcoin’s volatility indicator, as indicated by Bollinger Band Width (BBW), bottomed out during the three times. It’s worth noting that an extended period of low volatility usually ushers in a strong directional bias, meaning BTC was gearing up for a big move.

The Only Way For Bitcoin Is Up?

TechDev further suggested that Bitcoin is unlikely to undergo a price collapse.

“Please also point out the ‘pullbacks/crashes/dumps’ many have freaked about over the last eight months.”

While TechDev remains highly optimistic about the possibility of another ballistic Bitcoin rally, fellow cryptocurrency strategist DonAlt is rather cautious.

DonAlt warns that support at the $60,000 level looks weak after getting tested several times.

“Back to the same old level. The more often it’s tested the more likely it is to break. I think even bulls would want to get a washout below it at this point. Complacency until proven otherwise (as in until $68,000 is reclaimed or range is lost and then reclaimed again),” the analyst posited.

For crypto expert Michaël van de Poppe, Bitcoin will likely remain stuck in a range for the next 3-6 months. He, however, expects altcoins to diverge greatly to deliver much-awaited gains for holders.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin slacks ahead of halving, but analysts want you to pay attention to this historical data

By Olivia Brooke – April 19, 2024

The first quarter saw Bitcoin shake off losses from the previous year while increasing its price value significantly. Bitcoin’s price has taken a nosedive in the past weeks, resulting in a retest of previous daily lows.

While sentiments are mixed now, market players point to bullish data unfolding on the technical chart.

According to the pseudonymous cryptocurrency analyst CryptoJelleNL, the technical indicators display a bullish pattern spotted on the daily chart. The signal highlights Bitcoin’s current position, hinting that the asset could increase its price value by more than $14,000 of its current value.

“Bitcoin has locked in a hidden bullish divergence on the daily chart! This divergence often shows up during pullbacks, during a strong bullish trend – signalling the next leg higher.

Bring on $82,000.” The analyst wrote.

Market players maintain a bullish outlook ahead of April’s Bitcoin halving

As the market prepares for the upcoming Bitcoin halving scheduled to take place this April, onlookers are not putting off the possibility of Bitcoin experiencing volatility despite the upsides accompanying the Bitcoin halving.

Analyst CryptoJelleNL maintains a positive outlook regarding the halving. He cites historical data, explaining that halving events has typically benefited Bitcoin’s price.

“Historically, the Bitcoin halving event leads to a massive rally — but not before a period of choppy price action, designed to shake people out. Don’t fall for it. The best is yet to come.” He asserted.

Similarly, research analysts from Kaiko wrote the following in a note: “While the short-term price impact of the halving has been mixed in the past, BTC tends to increase in the nine to 12 months post-halving”.

At the time of this report, Bitcoin was trading at $64,521. Despite its reversal below its all-time high of $73,750, Bitcoin’s performance this year has largely been commendable. With YTD gains going up to 60%, Bitcoin has not only successfully set a new all-time high this year, but analysts are convinced that Bitcoin could hit $100,000 for the first time since its launch.

On the flip side, the altcoin market is trading in the red zone, as altcoins collectively trade at a loss. Altcoins have shed off around 20% to 35% of weekly gains against BTC and USD. The current data strengthens bearish sentiments, signalling that a bearish storm might be brewing.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

“We Sold Everything,” Research Firm Reveals Amid Fears Of An Impending Massive Crypto Market Dip

By Newton Gitonga – April 16, 2024

Popular crypto research firm 10X Research has liquidated all its crypto holdings, fearing a deep price correction amid ongoing market volatility.

This development was brought to light by the firm’s founder, Markus Thielen, in a Monday blog post raising concerns over fears of an imminent market downturn driven by inflationary pressures and rising Treasury yields.

“We sold everything last night,” Thielen wrote, adding, “Our growing concern is that risk assets (stocks and crypto) are teetering on the edge of a significant price correction.”

Thielen outlined the rationale behind the decision, citing the bond market’s projection of fewer than three rate cuts and the 10-year Treasury yields surging past 4.50% as key indicators signalling a potential price correction for risk assets.

The analyst further noted that much of the crypto rally in 2023 and 2024 has been driven by expectations of a US rate cut, but that scenario is now “seriously questioned.” He also pointed out that miners’ slowdown in Bitcoin ETF inflows and the potential sale of $5 billion worth of Bitcoin could negatively affect the market for several months.

The pundit’s disclosure has elicited mixed reactions, with some in the crypto community calling out the firm for its seemingly contradictory statements. Notably, just last week, the firm noted that Bitcoin could soon rally to new record highs of $80,000 after breaking out of a triangular consolidation.

“You change your mind every two seconds. In the last eight days you’ve called for BTC 80,000, said it will be choppy for months, and now sold everything. that’s retail style day trading.” One critic stated.

Thielen clarified its stance in response, asserting a consistently cautious approach since March 8. As per the analyst, when the triangular breakout faltered, they implemented a stop-loss strategy at $68,300, aligning with their risk-reward trading ethos distinct from venture capital methodologies.

“This is simply risk-reward trading. We are traders, and not VC guys… different approach…,” he added.

Thielen’s disclosure comes amidst growing market uncertainty, especially with the Bitcoin halving on the horizon. Notably, Bitcoin has been experiencing a downward trend for the past two weeks, shedding just over 10% in the last seven days alone. And while the price remains above a critical support range between $61,000 and $62,000, some experts suggest the possibility of further correction, potentially dipping below $60,000 before a post-halving rebound.

Crypto analyst Ali Martinez highlighted $61,000 as the pivotal support level and $72,400 as the critical resistance level for Bitcoin. Martinez further suggested that Bitcoin could retreat to $56,200 or $51,600 if it breaches support. Conversely, breaking past resistance could lead to price targets of $79,000 and $86,000.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Pundit Declares Bitcoin’s Trillion-Dollar Crown Is Here To Stay Amid Deepening Market Rout

By Brenda Ngari – April 16, 2024

The price of Bitcoin tumbled below $63,000 during Tuesday’s market bloodbath as momentum slowed in the run-up to the network’s much-awaited miners’ rewards halving event.

With the halving now only three days away, BTC plummeted to a low of $61,714 today amid geopolitical instability in the Middle East. The flagship crypto endured a 3.9% decline over the last 24 hours to trade for $62,851 at press time. Bitcoin’s market cap stood at $1.2 trillion at publication.

All of the top 20 crypto assets by market value, excluding stablecoins, have also taken a nosedive, with the likes of Solana (SOL), Telegram-linked Toncoin (TON), and Avalanche (AVAX) slipping by double digits in the past day.

CoinGlass data shows that over the past 24 hours, some $253 million of long positions—traders who bet that prices would rise—were wiped out across the entire crypto market. Of this total, Bitcoin accounts for roughly $81.70 million in longs liquidated during that period.

Willy Woo’s Perspective On Bitcoin’s Future

Statistician Willy Woo suggested that BTC’s latest drawdown towards the $60,000 mark flushed out leveraged longs.

Woo told his 1.1 million followers on the X platform that he doesn’t expect Bitcoin to slump in a straight line as he’s convinced BTC bulls will defend the “formidable” short-term holder (STH) at $59,000. In the expert’s opinion, there is a high chance that the crypto will rebound strongly and liquidate traders who shorted at around $70K-$75K.

The Bitcoin analyst also pointed out that the ongoing consolidation around the current record highs will strengthen the support level for the alpha crypto. Woo indicates that the accumulation between the $60,000 and $70,000 range is forming a base of buyers that will secure BTC’s status as a trillion-dollar asset.

“Remember: the longer BTC consolidates around ATH, the more coins that change hands between investors cementing its price discovery. This creates formidable long-term support once we break it. Bitcoin as a trillion-dollar asset class is here to stay. This is a good thing.”

Bitcoin To $650,000?

Many industry watchers say the outlook is still bright, thanks to the imminent halving — a pre-programmed event that reduces miner rewards by half every four years — and the possibility of interest-rate reductions.

Woo further posited that the shiny new spot BTC ETFs bring Bitcoin price targets of $91,000 at the bear market bottom and $650,000 at the bull market top. This could materialize once ETF investors have exhaustively deployed capital as per asset manager recommendations. According to Woo, these are actually conservative figures as he believes Bitcoin will undoubtedly surpass gold’s capitalization by the time the ETFs finish their role.

Although excitement persists for such lofty price predictions, Woo warned that these targets are not feasible this cycle because capital deployments take quite some time to complete.

Bitcoin is now 15.8% away from its record high of $73,737 set on March 14.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin Primed For Multi-Billion-Dollar Boost With Hong Kong Greenlighting Spot BTC ETFs Next Week

By Brenda Ngari – April 10, 2024

According to people familiar with the matter, regulators in Hong Kong are set to give the nod to a roster of applications for spot Bitcoin exchange-traded funds (ETF) as early as next week. This means the ETFs investing directly in Bitcoin could begin trading in April.

The expected approval of Hong Kong-based spot Bitcoin ETFs would take place approximately three months after the Securities and Exchange Commission approved the first cluster in the US.

As traditional institutional and retail investors in Hong Kong gain access to Bitcoin, the investment landscape stands on the cusp of a substantial shift.

Hong Kong Expedites Bitcoin ETF Approvals

Hong Kong is all set to become Asia’s first city to offer Bitcoin ETFs.

Sources familiar with the matter have told Reuters that Hong Kong’s Securities and Futures Commission (SFC) could greenlight its first set of spot Bitcoin (BTC) exchange-traded fund applications by April 15.

Harvest Hong Kong, Hong Kong units of China Asset Management, Harvest Fund Management, and Bosera Asset Management have already submitted applications for spot Bitcoin ETFs with the SFC.

As reported earlier by ZyCrypto, as many as 10 financial institutions have planned to apply to list BTC ETFs in Hong Kong. Reuters revealed that Hong Kong regulators have fast-tracked the approval process, making it likely for the funds to start trading this month.

Notably, Hong Kong regulators have been attempting to loosen their approach to crypto in recent months in an attempt to become a global hub for the sector.

A Game-Changer

Meanwhile, spot Bitcoin ETFs from Wall Street titans like BlackRock and Fidelity began trading on US exchanges in mid-January. They have accumulated roughly $58 billion in assets since then, despite constant outflows from Grayscale’s GBTC. The demand for these products propelled the largest cryptocurrency by market cap to a historic $73,737 last month.

The Asian crypto market is arguably much larger than the U.S. crypto market in terms of volume. This means that launching ETFs in Hong Kong could attract a significant amount of money into the funds.

The greenlighting process in Hong Kong is expected to follow a trend similar to that of the U.S., where the SEC approved multiple BTC ETFs simultaneously.

That being said, spot Bitcoin ETF approvals in Hong Kong are likely to encourage more investors and financial institutions to consider the benchmark crypto as a viable investment option.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Pre-Halving Miracle? Crypto Analyst Envisions Bitcoin Hitting A Dizzying $220,000 Before Halving

By Brenda Ngari – April 9, 2024

Crypto strategist Gert van Lagen has put forward a daring prognosis that Bitcoin could rocket to a staggering $220,000 before the network’s impending halving event, which is to happen in roughly 11 days.

Amid a sea of traders and industry experts, Bitcoin is currently valued at $70,391, a notch up by 2.7%.

Major Spike Before Halving?

The forthcoming Bitcoin halving is eagerly awaited as a potential trigger for the next monumental bull market. However, analyst Gert van Lagen is predicting a seismic $220K price tag even before this pivotal event.

The chart attached to van Lagen’s forecast shows a classic Elliott Wave pattern, which suggests that markets move in predictable, repetitive cycles influenced by investor psychology. These cycles entail a five-wave phase followed by a three-wave corrective trend.

The pundit thinks the flagship crypto is currently in the third phase. Going forward, BTC could encounter a pullback before entering its fourth and fifth price eruption phases. But in his opinion, the current third phase might turn out to be the most bullish, with a vertical rally in this blow-off phase.

Notably, Elliott Wave Theory should be taken with a healthy grain of salt. The theory is mainly slammed for its subjectivity as different traders can interpret the patterns differently — which can result in varying predictions that may be inaccurate.

Bitcoin Has “Room To Run”

Bitcoin is currently flirting with the $72,000 level after experiencing a lull last week. It’s now 2.7% off its all-time high of $73,737, according to data from CoinGecko. It hit that milestone in March.

Meanwhile, SkyBridge Capital boss Anthony Scaramucci recently told CNBC that Bitcoin could climb to as high as $170K during the cycle and could ultimately change hands at around half the value of the global gold market.

“I’m simply saying it could trade to half the valuation of gold, which is around six to eight to 10 times move from here.”

Scaramucci, however, warned that “it’s not going to happen overnight” and there will be high volatility along the way.

Bitcoin currently boasts a market capitalization of $1.4 trillion, while gold commands a total value of nearly $16 trillion. If BTC were to trade at half the market cap of gold, its value would need to increase at least six times from current levels, which would translate to a price of roughly $400,000 per coin.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Analyst Addresses Concerns over Long-Term Holders Dumping Bitcoins into Exchanges

By Olivia Brooke – April 3, 2024

Last week, the cryptocurrency market dipped as liquidations soared. Around the same period, altcoins attempted to recover while Bitcoin struggled to sustain momentum above the $70,000 price.

Following the new development, market players have raised major concerns about the downsides of certain market activities from Bitcoin investors.

Notably, onlookers have raised concerns over the possibility of Bitcoin from long-term holders going into exchanges.

In a recent analysis shared with CryptoQuant, a market analyst explained the current market pattern while citing the difference between previous and current market patterns.

“Bitcoin bull market is correlated with a sharp decline in long-term holders. I won’t mention this separately as it has been explained frequently. And the supply of long-term holders is being deposited into exchanges for profit-taking, but that’s not the case for the 24-year bullish cycle. One significant reason for this is that BlackRock, which has been buying the most Bitcoin since the ETF approval, is active over-the-counter (OTC).” The analyst asserted.

As a result of the current trend, the analyst explained that despite a sharp decline in Bitcoin holdings by long-term holders after the ETF approval, Bitcoins are not being deposited into exchanges. On the flip side, if the pattern continues, the market might be on the verge of experiencing a colossal price dip. BlackRock and Bitcoin deposit patterns can also affect the market pattern.

As the analyst added,

“However, if it persists, there is a possibility that long-term holders may start depositing Bitcoin into exchanges in the same way as before. If that happens, the likelihood of price dumping increases. It’s important to pay attention to both BlackRock’s net inflow movements and the movements of Bitcoin deposits into exchanges.” He added.

Meanwhile, the new week is kicking off with Bitcoin attempting to make a comeback. After falling below the $70,000 price point, the asset hit a low of $65,423, further strengthening bearish sentiments.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley