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Bitcoin Price At 100000 Still Possible in this Cycle

Bitcoin Price At $100,000 Still Possible in this Cycle, On-Chain Analysis Reveals

By Olivia Brooke – June 4, 2024

The apex cryptocurrency remains in view, with analysts and investors fixating on price movements. Interestingly, Bitcoin at $100,000 is a hot conversation among market participants.

An analyst published under CryptoQuant has made an incredibly bullish analysis, validating the bullish outlook shared by proponents. Per his observation, Bitcoin is still on track to tap new highs this cycle, and $100,000 is still very much attainable.

Citing market indicators and historical data, the analyst outlines the multiple bullish possibilities for Bitcoin in the near term.

With a keen focus on the MVRV (Market Value to Realized Value) indicator, which signals Bitcoin price tops and bottoms, the analyst explains that an MVRV value under 2 indicates an ongoing accumulation zone, further revealing that prices do not reflect actual value.

On the other hand, an MVRV value above 2 is a sign that the market is well on its way to hitting a new price peak.

Citing previous cycle patterns, the analyst observed that a value above 3.5 or higher indicated a peak in price. Notably, market players typically begin a slow exit around this time.

However, with the current MVRV value sitting at 2.3, the price of Bitcoin is still poised to soar significantly until it hits a fair value, the analyst asserted.

“Even if the price drops, it’s a new opportunity to reinforce. Exiting should only start when the indicator approaches a value of 3. This means we are still somewhat far from the peak, and the price will achieve a new high in this cycle, which could be above $100k.” He added.

Bitcoin is attracting new investors, increasing the accumulation

Fundamental factors also seem to strengthen technical indicators. As Bitcoin and Ethereum have experienced price stability these past few days, more investors have shown interest in both assets, and the number of new participating accumulation addresses has reportedly soared over the past month.

At report time, Bitcoin trades for $68,959. Although market players had received Bitcoin’s stagnancy around the $69,000 price level positively, the asset retreated as losses piled up over the last 24 hours.

While leading altcoins like ETH outperform Bitcoin’s daily performance, a handful of altcoins remain in the red zone. The week ahead remains crucial for Bitcoin and the broader cryptocurrency market.

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

Historical Cycle Data Suggests Bitcoin Is Out Of The Danger Zone

Historical Cycle Data Suggests Bitcoin Is Out Of The Danger Zone — Is Return To $73,000 Imminent?

By Brenda Ngari – May 25, 2024

Bitcoin has officially left the post-halving “danger zone” where there is a possibility of a drop below its range low, and is now headed for reaccumulation, according to a popular crypto strategist citing historical data.

The Bitcoin price recently experienced a retracement and currently hovers around $69,000 despite the U.S. Securities and Exchange Commission’s (SEC) eventual approval of several spot Ethereum exchange-traded funds (ETFs). With Bitcoin escaping the danger zone, will the preeminent crypto resume its upward movement soon, or is a deeper correction still likely?

Bitcoin’s Sideways Trading To Continue For Several More Weeks: Analyst

On May 24, crypto trader and analyst Rekt Capital posted an update on X, noting that the classic Bitcoin “danger zone” when the asset corrects after the quadrennial halving event is now behind us.

The post-halving danger zone has happened in prior market cycles when the asset corrects after a block subsidy halving, as per Rekt Capital. After the danger zone is over, Bitcoin historically enters a reaccumulation phase when it moves sideways within a tight range. This suggests that further pullbacks during the period of sideways chop that often follows the halving could still be on the cards.

“Since the Bitcoin post-halving ‘danger zone’ ended, Bitcoin broke out to $71,500. However, ~$71,500 is where the range high resistance of the macro re-accumulation range is and this is where Bitcoin rejected from,” Rekt Capital wrote. “The consolidation continues and history suggests it will continue for several more weeks between $60,000 and $70,000.”

Rekt Capital further observed that based on historical behavior, Bitcoin is likely to remain range-bound below $70,000 until September.

“Historically, Bitcoin has always rejected from the range high on the first attempt at a breakout after the halving. Moreover, history suggests this re-accumulation should last much longer. Bitcoin tends to break out from these re-accumulation ranges only up to 160 days after the halving. That would translate to a Bitcoin breakout from the re-accumulation range only in September 2024.”

Bitcoin Price At A Glance

In this cycle, Bitcoin dipped by over 20% from its $73,737 all-time high in mid-March to around $56,780 on May 1, marking the potential bottom of the post-halving danger zone period.

On May 21, Bitcoin’s price briefly topped the psychologically important $70K mark; however, it swiftly dropped to around $67,000. BTC has now recovered and is trading back to $69,176 at press time, bolstering the return to the reaccumulation zone analysis.

Although the flagship crypto appears stuck in sideways price action, industry pundits remain uber-bullish. For instance, veteran crypto market commentator Tom Lee said his base case for Bitcoin by the end of the year is $150,000.

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

Top Trader Exits Bitcoin

Altseason: Top Trader Exits Bitcoin, Predicts Insane Ether, XRP, Solana, Cardano, Shiba Inu Price Explosions

By Arnold Kirimi – May 17, 2024

Popular cryptocurrency analyst and trader Michaël van de Poppe has liquidated his Bitcoin holdings. Van de Poppe, a prominent figure at the Amsterdam Stock Exchange known for his sharp market insights, announced this strategic move to his 718,100 followers on social media platform X on May 16.

Despite Bitcoin’s strong performance and institutional support, Van de Poppe clarified that his decision to liquidate was not due to losing confidence in Bitcoin’s future. Instead, he aims to strategically reallocate his investments into altcoins, where he anticipates greater potential returns later in the year. As such, this move is part of a broader strategy to capitalize on market dynamics and emerging opportunities for Van De Poppe.

Institutional Influx and Evolving Bitcoin Dynamics

Van de Poppe highlighted the increasing involvement of major institutional investors in the Bitcoin market, citing the recent approval of the Spot Bitcoin ETF as a significant milestone.

Institutions such as pension funds, insurance companies, and hedge funds are now heavily investing in Bitcoin, further legitimizing its role as a mature financial asset. Additionally, the potential introduction of spot Bitcoin trading by CME Group has reinforced Bitcoin’s standing in the financial ecosystem.

However, Van de Poppe pointed out that Bitcoin’s traditional four-year cycle, heavily influenced by halving events, is becoming less predictable. He explained, “That automatically means that the simplicity of the four-year cycle is going to diminish over time and that the halving will have a reduction in impact over the cycles, as institutions care more about risk appetite in their portfolio combined with macroeconomic events taking place.”

Van De Poppe Turns to Altcoins, Eyes Big Gains

Van de Poppe is confident that altcoins like Ether, XRP, Solana, Cardano, and Shiba Inu have the potential to higher returns than Bitcoin in the present market environment. Traditionally, there’s a market shift from Bitcoin to altcoins around the halving cycle. However, given Bitcoin’s persistent strength during this cycle, he expects an upcoming transition that could greatly benefit altcoins.

He also discussed the possible impacts of a spot Ethereum ETF getting the green light despite the existing regulatory challenges. Van de Poppe suggests that the market might be undervaluing the chances and timeline of this approval, which could trigger a significant market shift if it comes to fruition.

High Risks for Potential High Rewards

Acknowledging the high risks associated with his strategy, Van de Poppe expressed confidence in achieving substantial returns, ranging from 300-900% in Bitcoin value within the next 6-12 months. Additionally, he projected overall potential returns of 900-4500% over the next 12-24 months, provided Bitcoin stabilizes.

Additionally, Van de Poppe argued that altcoins have faced undue downward pressure recently, making their potential upside significant and undeniable. He emphasized that Decentralized Physical Infrastructure Networks (DePIN) and Real-World Assets (RWA) are poised for substantial growth. As more traditional companies transition into the Web 3.0 ecosystem.

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 Arnold Kirimi and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get 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’s Ascent In Coming Months

Bitcoin’s Ascent In Coming Months ‘Will Be One For The Record Books’ — BTC Price Analysis

By Brenda Ngari – May 16, 2024

On May 15, Bitcoin (BTC) recorded its largest single-day gain in nearly two months as weaker U.S. economic data raised the likelihood that the U.S. Federal Reserve will ease monetary policy with interest rate cuts in the coming months.

The price of the benchmark cryptocurrency soared to an intraday high of $66,567.91 during the last 24 hours. And according to prominent Bitcoin analyst Willy Woo, the bull cycle is only starting.

Woo Expects Bullish BTC Price Breakout Before October

Willy Woo, a popular on-chain Bitcoin strategist and managing partner at CMCC Crest, told his 1.1 million followers on the X platform that he envisions a Bitcoin price breakout before October 2024. Woo believes the subsequent Bitcoin rally in 2025 will be “one for the record books”.

The crypto guru says increased global liquidity, which normally bodes well with risk assets like Bitcoin, will spur the stratospheric BTC rally:

“Global liquidity forming a bullish ascending triangle.”

An ascending triangle is typically a bullish indicator that forms when an area of horizontal resistance is continuously tested while higher lows are successively created.

Woo Forecasts When Bitcoin Mining Pressure Will Ease

In a related post, Willy Woo noted that the Bitcoin price advances parabolically roughly two to five months post-halving. Bitcoin underwent its fourth halving event on April 19th.

In Woo’s view, inefficient miners are eliminated from the ecosystem after the halving. According to the analyst, they prefer to dump their Bitcoin holdings before dying. This leaves only the fittest miners to survive, operating “on fatter margins so don’t need to sell.” This dynamic is expected to push miner sell pressure out.

Fellow Bitcoin analyst PlanB agrees with Woo, stating that Bitcoin miner revenue “historically recovers 2-5 months after a halving, and after that bitcoin price goes vertical.”

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 Price Taps 65K

Bitcoin Price Taps $65K As Analyst Who Nailed Pre-Halving All-Time High Says $95,000 Is ‘Quite Obvious’

By Brenda Ngari – May 15, 2024

The price of Bitcoin (BTC) today soared past the $65,000 mark for the first time since May 6. The climb came after U.S. data showed that the monthly pace of inflation was softer than expected in April. This development could spur the Fed’s willingness to begin rate cuts.

Meanwhile, BitQuant, who correctly called the Bitcoin lifetime high before the April halving event, sees Bitcoin hitting $95,000 “in just one move.”

Bitcoin Price Leaps Over $65K

Bitcoin rebounded strongly immediately after the U.S. Bureau of Labor Statistics released its new Consumer Price Index (CPI). The CPI report comes after a slew of higher-than-expected inflation readings, dampening traders’ hopes about when rate cuts might commence this year.

The BTC price now hovers at $66,034, CoinGecko data shows. That’s a 7.29% increase over the last 24-hour trading period. And Ether (ETH), the industry’s second-biggest crypto asset by market cap, was changing hands for $3,007.94 — a 3.9% gain compared to yesterday’s. Over the same period, Solana (SOL) jumped 7.6% to around $154.91.

Bitcoin set a new all-time high in March, nearing breaching the $74,000 level. This was a widely celebrated Bitcoin bull rally that some said showed unique strength despite coming before the long-awaited April halving. But the premier crypto soon fluttered downward, a trend attributed to headwinds ranging from depressing U.S. economic metrics to growing political unrest in the Middle East.

Was the halving priced in, or is a new all-time high for this cycle on the horizon? Analyst BitQuant believes a new peak is imminent.

Bitcoin’s Looming Explosive Price Move To $95,000

Bitcoin is gearing up to continue upward and should advance to an eye-popping $95,000. As per BitQuant, such sky-high BTC price heights are a matter of time.

“$95K will be achieved in just one move, and that is quite obvious,” he postulated on X. “Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows.”

BitQuant was reacting to commentary from fellow crypto analyst Mikybull Crypto, who noted a “cup and handle” formation on Bitcoin’s weekly chart.

The setup comprises a consolidation phase following a run-up, a correction, and an ensuing move higher. In Mikybull Crypto’s view, this results in an astronomical flight to new highs. “The breakout will be explosive and will send it to a cycle top,” he observed in an X post.

Meanwhile, the nearly a dozen new U.S. spot Bitcoin ETFs have seen billions of dollars in inflows so far, which has not only helped re-legitimize crypto given the involvement of trustworthy Wall Street titans such as BlackRock, Fidelity, and JPMorgan but also put considerable buying pressure on Bitcoin.

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 On-Chain Activity Hits Historic Lows: Is the Bottom In?

Bitcoin On-Chain Activity Hits Historic Lows: Is the Bottom In?

By Newton Gitonga – May 12, 2024

In a week marred by continued volatility, Bitcoin, the leading cryptocurrency, has struggled to regain its footing, prompting questions among investors about the possibility of a market bottom. Despite a bullish rejection around $56,900 last week, optimism was short-lived as Bitcoin’s on-chain activity plunged to historic lows.

On Saturday, crypto analytics firm Santiment highlighted this development, emphasizing how Bitcoin’s on-chain activity has dwindled significantly in the two months since its all-time high, signaling widespread fear and indecision among traders.

“Bitcoin’s onchain activity is approaching historic lows as traders have dramatically slowed transactions… This isn’t necessarily a sign of more BTC dips, but rather a signal of crowd fear and indecision,” the firm wrote.

Further insights from a YouTube analysis by the firm’s analysts underscored concerns about the funding rate and a shortage of significant short positions, indicative of a prevailing fear in the market.

“Traders really don’t know what to do, they’re kind of sitting on their hands and waiting for a big move in one direction at this point,” remarked analysts, reflecting the widespread indecision gripping the cryptocurrency market.

Additionally, attention was drawn to the number of holders, which has flattened out historically. According to the analysts, while non-empty wallets are being created daily, this metric’s lack of significant growth during market flatness is seen as a sign of fear and indecision. They noted that they are closely monitoring this trend, particularly if the number of holders starts to decline, which could signal panic selling among traders and potentially foreshadow price rebounds.

Technically, popular markets analyst Maximillian noted that while Bitcoin experienced significant fluctuations, it is now approaching the $61,000 support level, which could either provide momentum for further declines or mark a potential turnaround point. In the short term, he emphasized the importance of overcoming the resistance level of $62,000 for sustained upward movement.

On Saturday, analyst Gareth Soloway pointed out that Bitcoin is consolidating within a parallel channel, a common occurrence following substantial price surges. Soloway highlighted two potential scenarios: a bear case and a bull case, depending on Bitcoin’s behavior within this channel.

In his bear case, Soloway cautioned that a downturn could be imminent if Bitcoin breaches the $57,500 support level and fails to recover swiftly. This could lead to a decline from $52,000 to $49,000, mainly if there’s a broader selloff in the stock market.

Conversely, in the bull case, Soloway emphasized the importance of Bitcoin maintaining its position within the parallel channel to sustain bullish momentum. He characterized the current consolidation phase as “bullish consolidation,” suggesting it sets a positive foundation for future price movements. If Bitcoin breaks above the upper boundary of the parallel channel, it could signal a continuation of the uptrend, potentially surpassing previous all-time highs.

Bitcoin was trading at $60,994 at press time, reflecting a 0.14% surge over the past 24 hours. According to CoinMarketCap data, the price has dropped by 3.50% over the past week.

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 Newton Gitonga 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 To The Moon Jack Dorsey Says BTC Price Poised To Hit 1 Million By 2030

Bitcoin To The Moon! Jack Dorsey Says BTC Price Poised To Hit $1 Million By 2030

By Brenda Ngari – May 10, 2024

Twitter co-founder Jack Dorsey believes that Bitcoin (BTC), the industry’s largest and oldest cryptocurrency, is on track to hit a massive $1 million within six years. Dorsey believes the BTC price will explode to seven figures and beyond by 2030.

Dorsey: $1 Million BTC Price Tag By 2030

Bitcoin’s recent recovery from sub-$57K lows comes amidst renewed belief in higher price levels to come in the long term.

Speaking during a May 9 interview with journalist Mike Solana on Pirate Wires, Jack Dorsey said he sees Bitcoin gaining over 100x from its current price. When asked whether the Bitcoin price would reach $1 million in 2030, Dorsey chuckled, “I don’t know. Over… at least a million.” He added, “I do think it hits that number and goes beyond.”

Bullish BTC price arguments focus on the cathartic effect of both April’s miner rewards halving and the successful spot Bitcoin exchange-traded funds (ETFs). While the halving lowers the emission of new BTC, the ETFs are already putting more pressure on the available supply.

For Dorsey, however, the collaborative nature of the ecosystem and the way it incentivizes collaborative efforts to improve the network is impressive. He called Bitcoin “a fascinating ecosystem and movement,” adding that “the most amazing thing about Bitcoin, apart from the founding story, is anyone who works on it, or gets paid in it, or buys it for themselves — everyone who puts any effort in to make it better — is making the entire ecosystem better, which makes the price go up.”

Dorsey, now the head of the financial services firm Block, is well known for his years-long contributions to the Bitcoin sphere, with his payments firm Block making a substantial investment in the flagship cryptocurrency and creating products including Bitcoin wallets and a global BTC mining system. Having purchased Bitcoin in October 2020 and early 2021, Block now holds 8,027 BTC — worth roughly $4.9 billion at today’s prices.

Dorsey’s Block Doubles Down on Bitcoin Amid Federal Probe

In a letter to shareholders on May 2, Dorsey revealed that his fintech conglomerate Block will flip 10% of its monthly Bitcoin-related gross profit into buying more BTC, with plans to do this each month for the remainder of 2024.

However, Block has found itself in the crosshairs of U.S. prosecutors. A May 1 NBC News report claims that federal prosecutors are probing the firm after a whistleblower submitted documents alleging “widespread and years long compliance lapses” at the company’s payment arms, Square and Cash App.

The documents presented to prosecutors from the Southern District of New York by the ex-Block employee reportedly show that Square and Cash App processed thousands of transactions for customers in sanctioned countries like Russia, Cuba, and Venezuela.

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

** Get 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 Settles Into 62000 As Traders Set Their Sights On 100000 Backed By Bullish Fundamentals

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

** 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

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

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

** 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 November 2020-Esque Meteoric Price Growth Amid Extreme Compression: Pundit

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