Tag Archives: crypto

Franklin Templeton Eyes Altcoin-Focused Crypto Fund

$1.5 Trillion Asset Manager Franklin Templeton Explores New Crypto Fund For Solana, XRP, Shiba Inu

By Brenda Ngari – June 6, 2024

$1.64 trillion Wall Street asset manager Franklin Templeton is mulling the launch of a new private fund that would invest in tokens other than Bitcoin (BTC) and Ethereum (ETH).

Franklin Templeton Eyes Altcoin-Focused Crypto Fund

According to a June 6 report from The Information citing anonymous individuals with knowledge of the plans, the private fund will target institutional investors and will be dedicated to altcoins like Solana, XRP, Shiba Inu, Cardano, and the like.

Franklin Templeton is no stranger to the crypto ecosystem. The Wall Street titan forayed into the digital assets world in 2018. It introduced a spot Bitcoin exchange-traded fund (ETF) in mid-January and has also applied to offer a similar offering for the industry’s second-largest cryptocurrency, Ethereum. In fact, Franklin Templeton was recently the first issuer to announce its sponsor fees for its spot ETH ETF in its updated S-1 statement.

“We are excited about ETH and its ecosystem. Despite the midlife crisis it’s recently experienced, we see a bright future with many strong tailwinds to push the Ethereum ecosystem forward,” the company previously stated in an X post.

By venturing beyond the top two major crypto assets, the asset management firm is signaling comfort with the class of tokens that the SEC has long deemed unregistered securities.

While the report does not indicate which altcoins in particular would be included in the new crypto fund’s basket, Franklin Templeton has publicly hailed the growth of the Solana network in 2024, commending Anatoly Yakovenko’s vision of “a single atomic state machine as a powerful use case of decentralized blockchains.”

Staking Rewards And Global Expansion

Franklin’s Thursday announcement comes after the U.S. Securities and Exchange Commission’s shocking approval of key regulatory filings related to the spot Ether ETF applications in late May — despite the top financial cop having reportedly classed Ethereum internally as an unregistered security for more than a year.

Notably, staking rewards were not included in the proposed Ether funds when the SEC gave its regulatory blessing to the first stage of applications last month. However, Franklin Templeton is considering offering investors staking rewards with the new altcoin fund.

Although Franklin Templeton’s spot BTC ETF has not been as successful as the financial instruments offered by peers BlackRock and Fidelity, the report noted that the company is keen to grow its crypto assets business outside the US.

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 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

Altseason Earthquake

XRP, Solana, Ether, Cardano, Shiba Inu Poised For $1 Trillion Altseason Earthquake

By Olivia Brooke – May 29, 2024

Market participants are observing a turnaround in the cryptocurrency market. While Bitcoin has continued to sustain its bullish momentum, the apex cryptocurrency isn’t the star of the show; altcoins are. Per analysts’ sentiments, altcoins Ether , XRP , Solana , DOGE , Cardano , and Shiba Inu are gearing up for a massive price rally.

On many occasions, during a market cycle, altcoins have historically outperformed Bitcoin, and analysts are convinced that market indicators are now collectively validating a highly promising run referred to as altcoin season.

Pseudonymous analyst CryptoJelleNL was one the first key players to note that technical, analytical data has flashed a positive signal for altcoins.

Further strengthening this position, a crypto analytics platform CryptoQuant analyst asserts that the altcoin season could kick off much earlier than the market anticipates.

Should Ethereum’s price follow a particular trajectory, altcoins could easily flip Bitcoin’s run in the coming weeks.

“Ethereum is surpassing Bitcoin in the growth of open interest in the current period. Are we approaching altcoin season? If Ethereum’s price continues to consolidate in the current range, it’s very possible that the altcoin season will start sooner than expected.” the analyst wrote.

On-chain activities validate the market’s bullish outlook on altcoins

Meanwhile, a handful of altcoins seem to have met and surpassed market expectations. ETH being one such asset, has been on the run since the SEC gave its stamp to Ethereum ETF applications.

Last week, ETH soared by 22% as the hype of Ethereum-based ETFs soared. ETH’s futures market has also depicted remarkable activity. CryptoQuant notes that the preference for Ethereum has been spotlighted in “the increase in the ETH-BTC Open Interest ratio from 0.54 to 0.67.”

Even more importantly, permanent ETH holders are making purchases of more than 100,000 ETH, the highest daily level observed since 2023.

Similarly, DOGE, the most valued meme coin by market cap, is preparing to test new resistance levels.

As cryptocurrency analyst Ali Chart explained in a recent post shared with X:

“Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE. However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322.”

The on-chain movement also highlights crypto whales and sharks’ heightened accumulation of altcoins like ETH, XRP, SOL, ADA, and LINK.

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

Solana XRP ETFs Next?

Solana, XRP ETFs Next? Standard Chartered Sees Possibility After Ethereum Approval

By Brenda Ngari – May 24, 2024

Now that the Securities and Exchange Commission (SEC) has finally given the go-ahead to spot Ethereum exchange-traded funds (ETFs), the regulator might also greenlight other crypto ETFs.

According to British multi-national bank Standard Chartered, Ripple’s XRP and Solana (SOL) could emerge as the next crypto ETF frontiers after ether.

SOL, XRP ETFs “Likely A 2025 Story”

Standard Chartered thinks Solana or XRP could be the next contenders after the U.S. Securities and Exchange Commission approved key forms 19b-4 filed by prospective issuers. However, the British banking giant said they don’t believe these SOL and XRP products will happen in 2024.

“For other coins (eg. SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one,” Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered noted. “For now, bitcoin and ether dominance will rise, with selective “next in line” winners as well.”

The SEC yesterday gave the regulatory blessing to eight spot Ethereum ETFs. The move follows the approval of similar spot Bitcoin exchange-traded funds back in January. The shocking and historic move means that Ethereum is not categorized as a security by the SEC, thus indicating that other ether-like tokens, which were previously under the regulator’s scrutiny, may not be deemed securities, as per Kendrick.

“In several cases the core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position,” Kendrick posited. “The crypto industry now seems to have political backing on both sides of the aisle.”

The SEC chairman Gary Gensler has long maintained that all coins and tokens on the crypto market, besides Bitcoin, are securities, and are thus breaking the law by offering them to US investors. SOL and XRP have previously been named as unregistered securities in different SEC lawsuits.

Gensler had also hinted that Ether’s monumental shift to a proof-of-stake consensus model could transform the second-largest crypto into a security. In fact, one high-profile lawsuit against the SEC even alleged that the SEC was seriously considering designating Ethereum as a security, and not a commodity.

Standard Chartered described the Thursday approval as a “true watershed moment”, adding that the next question is not whether but when the crypto industry will witness more regulatory changes.

Lofty Price Targets

Standard Chartered reiterated its previous prediction of Ether hitting $8,000 per coin by the end of the year. Analyst Kendrick anticipates the trading of the spot ETH ETFs to start trading next month and sees such funds attracting $15-$45 billion within the first 12 months.

Notably, the ether ETFs will only start trading after the approval of S-1 registration statements — which have so far only been submitted by a few would-be issuers.

Standard Chartered previously said it sees a $150,000 Bitcoin price tag by year-end. The bank said today that this price was still possible with the continuing massive inflows for spot Bitcoin exchange-traded funds. “A portfolio containing both BTC and ETH ETFs is likely attractive and the industry has been further validated by the SEC’s decision on ETH,” the bank’s researcher summarized.

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 Predicts A Spot Solana ETF Approval After Ethereum

Pundit Predicts A Spot Solana ETF Approval After Ethereum

By Newton Gitonga – May 23, 2024

As the cryptocurrency community eagerly anticipates the potential approval of Spot Ethereum exchange-traded funds(ETFs), Matrixport co-founder Daniel Yang has ignited speculation about Solana (SOL) being the next in line for such investment products.

Yang’s remarks come amid heightened interest in cryptocurrency ETFs following recent regulatory developments.

On Tuesday, May 21, Yang highlighted the significant impact of reports suggesting that the Securities and Exchange Commission (SEC) has requested issuers to update Form 19b-4 in their product applications. Notably, following these reports, he pointed out the surge in the Ethereum to Bitcoin (ETH/BTC) pair, indicating market optimism surrounding ETF approvals and expressing hope of seeing a SOL ETF soon after Ether’s.

“What’s the trade, if ETH ETF really get approved in two days?…. A better trade I will argue for is: “BUY SOL/ETH.” This may sound absurd and definitely unpopular. Reasons are: 1) SOL will be the No.1 next in line if ETH ETF get approved.” Wrote Yang.

Elsewhere, analysts, including one identified as ‘Gumshoe,’ also view the approval of Ethereum-based instruments as potentially more advantageous for Solana than for Ethereum itself. Earlier this week, the pundit argued that a rejection could make Ethereum less appealing while enhancing Solana’s attractiveness as an investment option.

Nevertheless, the cryptocurrency community is concerned about the broader implications of ETF approval processes. Should any ETF applications be rejected, it could deliver a significant blow to the sector, prompting what one observer likened to a “nuclear strike” on market sentiment.

Industry experts have outlined bullish scenarios for Solana’s price trajectory. Ryan McMillin, investment director at Merkle Tree Capital, predicts a rise in Solana’s value to $400 by November 2024, citing a potential catalyst in meme coins related to the upcoming US election campaign.

Echoing this sentiment, Daniel Chung, co-founder of Syncracy Capital, anticipates Solana will revisit $200 by the end of May. These projections reflect a positive outlook on Solana’s fundamentals and positioning within the broader cryptocurrency landscape.

Moreover, Solana’s technological prowess has not gone unnoticed, with CoinGecko analysts recognizing its network as the fastest among major blockchains. Notably, on April 6, the Solana network achieved a record-high average daily transaction throughput of 1,504, further solidifying its status as a leading blockchain platform. Analysts from The Digital Asset Fund Manager Survey also highlighted how institutional demand for the crypto asset had soared in the same month, underscoring their bullish outlook.

That said, as anticipation builds around the potential approval of Ethereum ETFs, all eyes are now turning to Solana, poised to capitalize on the momentum generated by its predecessor. Whether Solana will follow in Ethereum’s footsteps remains to be seen, but market sentiment suggests that the cryptocurrency’s future is brimming with potential.

At press time, Solana was trading at $171, reflecting a 4.28% drop over the past 24 hours. However, the coin surged nearly 9% over the past week, with a market capitalization of $77 billion, according to CoinMarketCap data.

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

** 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

Trump Taps Into Crypto Craze

Trump Taps Into Crypto Craze By Accepting Bitcoin, Ether, Solana, Shiba Inu, Dogecoin Donations

By Newton Gitonga – May 22, 2024

Former U.S. President Donald Trump has announced that he will begin accepting donations in cryptocurrency for his presidential campaign, making him the first major party presidential nominee to do so.

On Tuesday, May 21, his campaign team launched a fundraising page that allows donors to contribute using various cryptocurrencies, including Bitcoin, Ether, Solana, SHIB, and DOGE.

The page, hosted on the Coinbase platform, allows donors to contribute using any cryptocurrency accepted by the exchange.

“Today, President Trump’s campaign has launched a fundraising page that provides any federally permissible donor the ability to give – through its joint fundraising committees – using any cryptocurrency accepted through the Coinbase Commerce product.” An announcement on Trump’s official campaign website read.

The decision to accept cryptocurrency donations is seen as a move to appeal to a younger demographic increasingly interested in digital assets. Interestingly, the campaign’s announcement quoted a representative from Coinbase, Julia Krieger, as saying, “Crypto is nonpartisan and moves money forward because it’s cheaper and faster.”

It is also seen as a way to promote the president’s message of reducing government control over financial decisions.

“As our President, Donald J. Trump has reduced regulations and championed innovation in financial technology, while Democrats, like Biden and his official surrogate Elizabeth Warren, continue to believe only government has the answers to how our nation leads the world.” The announcement further read.

That said, Trump’s decision to accept cryptocurrency donations for his campaign is not without controversy. Concerns about the anonymity of cryptocurrency transactions have been raised, which could pose challenges in verifying donors’ identities. Nevertheless, the campaign team assured compliance with Federal Election Commission regulations, committing to transparent disclosure of donation sources.

Notably, Trump’s campaign announcement resonates with a message of empowerment, rallying supporters under the banner of a “crypto army” poised to secure victory in the upcoming election. The decision to accept crypto comes just days after Trump poked fun at President Joe Biden for seemingly not understanding cryptocurrencies like himself.

In response to Trump’s initiative, Biden’s supporters allegedly swiftly issued a call for donations, highlighting concerns about being “outraised” by “crypto executives” backing Trump, as seen via a widely circulated screenshot.

That said, Trump is not alone in recognizing the allure of cryptocurrencies in the political arena. Rival candidate Robert F. Kennedy Jr. has embraced Bitcoin, citing its symbolic significance as a beacon of democracy and freedom. Additionally, candidates in smaller races, such as pro-Ripple lawyer John Deaton in Massachusetts, leverage cryptocurrency donations to challenge incumbent opponents like Senator Elizabeth Warren, who has espoused anti-crypto legislation.

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 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

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