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Bitcoin News
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Bitcoin News
Bitcoin’s Runes Protocol Hype Falls Short: Significant Drop in Activity and Fees
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Bitcoin News
Is Bitcoin’s Rally Over? Top Analysts Predict Imminent Price Corrections
As Bitcoin navigates through significant price changes, varying analyses from crypto analysts have painted a diverse picture of its short-term trajectory.
A prominent crypto analyst, Ali, identified a sell signal on Bitcoin’s short-term charts using the TD Sequential indicator.
According to Ali’s analysis, the TD Sequential indicator suggested that Bitcoin’s current uptrend might be losing momentum. This could potentially lead to a correction over the next one to four candlesticks, particularly noticeable on the four-hour chart.
The TD Sequential presents a sell signal on the #Bitcoin 4-hour chart, anticipating a one to four candlesticks correction for $BTC. pic.twitter.com/OC9Clv0Tat
— Ali (@ali_charts) May 16, 2024
Diverging Bitcoin Views From Top Crypto Analysts
Contrasting this perspective, another prominent analyst, Rekt Capital, recently provided a more optimistic view. According to Rekt Capital, Bitcoin ended its downtrend in mid-April, breaking into an uptrend with its price surpassing previous resistance levels.
This change has been marked by Bitcoin forming its first higher high since its drop to ,000, as highlighted by Rekt Capital. This indicates a possible continuation of the bull market despite periodic market attempts to unsettle investors.
The TD Sequential indicator’s sell signal comes as Bitcoin has shown a 7.6% increase over the past seven days, reaching a 24-hour high of ,567 before retracing slightly to ,592.
Rekt Capital noted the significance of the ,000 support level, suggesting that maintaining this level is crucial for further positive momentum. He remarked that the recent breakout to ,000 is a testament to how quickly market sentiment can shift toward a bullish trend.
The analyst disclosed:
The Bitcoin Bull Market is not over. But time and time again, the market will try to shake you out of your positions before you are able to profit significantly from them.
Insights From Galaxy CEO On BTC’s Future Trends
Meanwhile, Mike Novogratz of Galaxy Digital commented on the broader market trends, noting that the crypto sector is at a critical juncture where narratives are evolving, and the market landscape could change rapidly, especially with impending regulatory developments in the US.
Mike Novogratz further expanded on the macro view, suggesting that the next few months could be pivotal for the crypto market as it responds to new narratives and regulatory developments.
It’s been a fascinating week in crypto. Narratives are forming and odds are shifting. It’ll be interesting to watch the next few months play out, and even more interesting to watch the jump shift that’ll occur as soon as there’s regulatory clarity around crypto in the U.S.… pic.twitter.com/t0g5rTIKjP
— Mike Novogratz (@novogratz) May 16, 2024
He also recently predicted that Bitcoin’s price will oscillate between ,000 and ,000 for some time, indicating a phase of consolidation before any major moves.
Featured image from Unsplash, Chart from TradingView
Ethereum Price Recovery Trails Behind Bitcoin’s Surge in Crypto Rebound
Ethereum price recovered above the ,920 resistance. ETH is trailing Bitcoin and might struggle to continue higher above the ,050 resistance.
- Ethereum started a recovery wave and even climbed above ,000.
- The price is trading above ,950 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at ,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could now struggle to clear the ,040 and ,050 resistance levels.
Ethereum Price Recovers Nearly 5%
Ethereum price remained stable above the ,860 support zone and started a fresh increase. ETH gained nearly 5% but less than Bitcoin. There was a break above a key bearish trend line with resistance at ,900 on the hourly chart of ETH/USD.
The bulls pumped the price above the ,950 and ,000 levels. A new weekly high was formed at ,039 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the recent wave from the ,860 swing low to the ,039 high.
Ethereum is still well above ,950 and the 100-hourly Simple Moving Average. Immediate resistance is near the ,040 level. The first major resistance is near the ,050 level.
An upside break above the ,050 resistance might send the price higher. The next key resistance sits at ,150, above which the price might gain traction and rise toward the ,220 level. If there is a clear move above the ,220 level, the price might rise and test the ,350 resistance. Any more gains could send Ether toward the ,500 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the ,050 resistance, it could start a downside correction. Initial support on the downside is near the ,000 level. The first major support is near the ,950 zone or the 50% Fib retracement level of the recent wave from the ,860 swing low to the ,039 high.
The next support is near the ,930 level. A clear move below the ,930 support might push the price toward ,900. Any more losses might send the price toward the ,860 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,950
Major Resistance Level – ,050
Market Expert Who Predicted Bitcoin’s Rise above $69,000 Unveils New Target
The Bitcoin rise above ,000 before the fourth halving to reach a new all-time high of ,000 in 2024 took many by surprise. However, crypto analyst BitQuant was not one of those people. In 2023, the analyst had correctly predicted that the BTC price would reach a new all-time high before the halving was completed. After the successful completion of his prediction, the crypto analyst has once again predicted where the Bitcoin price is headed, and how high it will go.
Crypto Analyst Says Bitcoin Price Will Reach ,000
BitQuant has unveiled his latest prediction for the Bitcoin price, and the target being displayed will please many who continue to be bullish. Amid the choppy headwinds that have dominated the market, the analyst believes that the Bitcoin price will surge and reach ,000.
Interestingly, the analyst does not expect the campaign to ,000 to be a long, drawn-out move. Rather, BitQuant explains that the Bitcoin price can complete this target in a single move. Such a move would mean a 50% increase in price from its current level of around ,000 and will no doubt trigger a ripple effect that will be evident in the market.
The post read:
K will be achieved in just one move, and that is quite obvious. Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows. If you can’t relax now and wait for #Bitcoin to perform as expected, then it’s better to leave the market to avoid the torture. Because in the coming months, there will be a lot of pain for those with weak nerves.
BitQuant’s prediction was in response to another crypto analyst, Mikybull, who identified the formation of a ‘cup and handle’ pattern on the Bitcoin crash. The analyst believes that this formation will precede a massive breakout that will send it to a “cycle top.”
Is 0,000 Still In Play?
Back in 2023, when BitQuant made the initial prediction that Bitcoin would reach a new all-time high before the halving, he had set out a price target for the cryptocurrency. As the crypto analyst explained at the time, reaching a new all-time high before the halving, although it has never happened before, does not mean that it will peak by then.
Rather, the analyst expects the bull rally to continue well after the halving, which is when the price will peak. BitQuant’s target at the time was the price peaking at 0,000 at the top of the cycle. However, this target has not made an appearance in his analyses in recent times.
The most recent predictions circle around the ,000 target and the analyst expects it to hit this price in May. In a prediction from April, BitQuant expects that the price will first go to ,000, before recovering to ,000, and then surge to ,000.
First K,
Then K,
Now K.
What’s next will be revealed after we hit K and take a little break in the tent. #Bitcoin https://t.co/yvKyHZZWQw— BitQuant (@BitQua) April 25, 2024
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Bitcoin News
Are We Out Of The Woods? Analyst Bullish On Bitcoin’s 6-Figure Future
Bitcoin (BTC) began the month with the deepest retrace of the cycle, falling to the ,000 support level. The retrace raised alarms for some crypto investors and market watchers, who feared the bull run had ended.
Since then, the largest cryptocurrency by market capitalization has recovered crucial levels, and analysts have identified bullish patterns on BTC’s chart, suggesting that it might finally be out of the woods.
Is Bitcoin Out Of Danger?
As the May 1st retrace developed, crypto analyst Rekt Capital highlighted the similarities between Bitcoin’s 2016 and 2024 post-halving performances. He suggested that the flagship cryptocurrency’s price development came “as no surprise,” as it was mirroring the “post-Halving Bitcoin Danger Zone” of 2016.
Per the analyst, the “Danger Zone” is officially over, which BTC is “celebrating with a good bounce from the Re-Accumulation Range Low support.” He stated that May could be an “unremarkable” month for the largest cryptocurrency, potentially continuing next month. However, Bitcoin is “running out of unremarkable months” before the beginning of this cycle’s “Parabolic Phase.”
Additionally, Rekt Capital considers that BTC’s sell-side momentum is starting to show signs of slowing down, “slowly developing a curl against the ,000 support.” Per the post, Bitcoin must continue to hold this support zone for the curl to “progress and eventually lift up.”
Similarly, analyst Bluntz identified a bullish engulfing pattern on Thursday, considering there would be “a solid engulfing on the daily close.” To the analyst, it appeared that the “next push-up into ATH has started.”
This morning, Bluntz confirmed the pattern formation and announced to his followers that this cycle’s Round 2 began, which would lead to a “fresh ATH.”
BTC’s Strength Could Lead The Price To 6-Figures
Following the bullish analysis, CryptoJelle stated that BTC “is looking good.” Per his post, the cryptocurrency “has nearly completed a full reset,” as it’s back to the 100-day Exponential Moving Average (EMA).
Additionally, the chart displays a “bullish MACD cross” below the zero line and the “first higher low in a long time,” suggesting a positive divergence.
Jelle highlights that BTC’s price is again pushing into the trendline that “has pushed prices lower over the past weeks.” Despite the higher low, he points out the necessity of reclaiming the ,000 support zone before new highs come.
For these new highs, he set an ,000 target for BTC’s price, suggesting that a 6-figure price for the flagship cryptocurrency is possible during this cycle.
#Bitcoin is pushing into the trendline that has pushed prices lower over the past weeks — once again.
Looks like a higher low has been put in, but we still need to break ,000 convincingly.
Chop city until that happens.
Stick to the plan. pic.twitter.com/ClTuv8QmhO
— Jelle (@CryptoJelleNL) May 13, 2024
The analyst emphasizes Bitcoin’s performance this cycle, stating that the community has under-appreciated its strength during this bull run. He considers that the run is not over, as the “Halving” event occurred just a few weeks ago, and BTC’s price has been consolidating around the previous cycle’s all-time high for a long period.
On Monday, Bitcoin surged to ,000 after hovering between ,000 and ,000 for the past few days. Despite its recent performance showing short-term red numbers, BTC’s price still registered a 25.7% and 76.5% increase in the three-month and six-month periods, respectively.
At the time of writing, BTC is trading at ,752, a 3% increase in the past 24 hours.
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Bitcoin News
Why Bitcoin’s Post-Halving Rally Is Certain, Analyst Explains
Bitcoin experienced a price decline of 3.06% on Friday, falling as low as ,372.36 based on data from CoinMarketCap. With the crypto market leader now in a consolidation phase, a trading analyst with X username Titan of Crypto has expressed resilient faith in Bitcoin’s ability to produce a post-halving price rally.
Bitcoin Rise Inevitable, Analyst Pinpoints 0,000 Price Target
In a series of X posts on Friday, Titan of Crypto shared some interesting bullish predictions on the Bitcoin market. Firstly, the analyst noted that amidst BTC’s price decline, the token’s price pattern on the daily timeframe had formed a bullish signal.
Titan of Crypto referred to this signal as the bullish engulfing candle which occurs when a larger bullish candle completely emerges from the previous smaller bearish candle, thus indicating a potential reversal from a downtrend to an uptrend.
Following these observations, the analyst also predicted Bitcoin to soon experience a massive post-halving price gain. Titan of Crypto described this forecast as “inevitable” citing data from Bitcoin’s price history.
The crypto analyst said:
To understand the present you have to search in the past. And what the past is telling us is there is no occurrence of #BTC not having a rally after the halving.
Titan of Crypto also acknowledged that short-term price movements may be “confusing” however he expects BTC to maintain an upward trajectory in the long room. Based on previous post-halving rallies, Titan of Crypto predicts Bitcoin to trade at 0,000 in 2025.
BTC Close To Bottom Price As Dip Buy Interest Drops
In other news, blockchain analytics website Santiment also predicts the recent downturn in Bitcoin’s price could soon end stating the token is near a “bottom” i.e. the lowest point in a market fall at which price stops falling and starts rising exponentially.
Interestingly, this prediction by Santiment is based on a decline in the dip-buying activity of Bitcoin investors. The analytics platform reports that the trading interest in Bitcoin following its most recent decline on Friday is far below levels associated with previous price falls.
At the time of writing, Bitcoin continues to trade around ,968, with an overall price loss of 3.26% in the last week. On the monthly chart, the digital coin also remains in the red zone, reflecting a decline of .64%. However, Bitcoin’s daily trading volume remains positive by 9.73% and .88 billion.