According to the latest data, we are now less than 1,400 blocks away from the anticipated Bitcoin halving event, which will decrease the block reward from 6.25 bitcoin to 3.125 bitcoin. Bitcoin’s value soared to a new all-time high on March 14, reaching ,794 per bitcoin, but has since seen a 6.5% decline. Observers are […]
Bitcoin News
XRP ETF Premium Primed For Monumental Leap: Eyes Set On $500
XRP enthusiasts are in a frenzy after prominent community figure Chad Steingraber proposed a scenario where an XRP exchange-traded fund (ETF) could trade at a staggering 100x premium.
Steingraber, a seasoned game designer, laid out his thoughts in a recent post, igniting discussions about the potential trajectory of an XRP ETF, particularly in light of the ongoing push for institutional adoption of the altcoin.
Targeting A 0 XRP ETF Share Price
Steingraber’s speculation centers around the price at which an XRP ETF’s shares might trade. His hypothesis hinges on the crypto reaching an unprecedented price of per coin. In this scenario, he theorizes that the corresponding ETF could soar to equally unprecedented heights, potentially reaching a solid 0 per share.
The actual underlying asset price does NOT have to skyrocket. The fund can trade at MASSIVE Premiums.
Let’s say #XRP breaks ATH @ , its ETF fund could literally trade at 100x premium if the institutional demand kicks in.
Yes, that’s right, a 0 #XRP Institution Premium. https://t.co/bwN6cGmmZd pic.twitter.com/tHyy4fkbeK
— Chad Steingraber (@ChadSteingraber) March 27, 2024
This hefty premium, according to Steingraber, would be fueled by a surge in institutional interest in the ETF. He cites the Grayscale Litecoin Trust (LTCN) as a prime example.
Similar to his proposed XRP ETF, LTCN trades at a significant premium over Litecoin’s current market price. Despite Litecoin hovering around , investors in LTCN are currently paying a premium of over 0 per Litecoin equivalent within the trust.
Can Arbitrage Opportunities Emerge?
The prospect of such a high premium has sparked discussions about potential arbitrage opportunities. X user Zack, in response to Steingraber’s post, questioned whether individuals holding XRP could exploit this price disparity. Steingraber acknowledged the possibility, particularly if the issuing ETF allows for in-kind deposits, where investors can directly exchange their token for ETF shares.
However, he cautioned that in-kind deposits are still a rarity in the ETF market. While Steingraber expressed optimism about the future adoption of this practice, its absence presents a hurdle for immediate arbitrage opportunities.
The XRP community has long advocated for asset managers, especially industry giant BlackRock, to launch an XRP ETF. They believe such a product would significantly bolster the value of XRP by increasing its accessibility to institutional investors.
A Speculative Outlook With Underlying Uncertainties
It’s crucial to remember that Steingraber’s vision is entirely speculative. As of today, no asset manager has taken concrete steps towards applying for an XRP ETF. Furthermore, the justification for such a high premium rests heavily on the assumption of substantial institutional demand, a factor that remains uncertain.
The applicability of the Grayscale Litecoin Trust comparison also requires further scrutiny. The specific structure and features of an XRP ETF would significantly influence whether a similar premium dynamic would emerge.
A Reality Check For Investors
While Steingraber’s prediction has certainly captured the community’s imagination, investors are advised to approach it with a healthy dose of caution. The approval timeline for an XRP ETF hinges on the US Securities and Exchange Commission’s stance on cryptocurrency ETFs.
Additionally, competition from other potential ETFs could play a role in determining the premium, if any.
Featured image from Freepik, chart from TradingView
Analyst Predicts: Bitcoin On The Brink Of A Monumental Rally – Here’s Why
Willy Woo, a crypto analyst, has captured the crypto community’s attention with his latest view on Bitcoin (BTC), suggesting an impending significant surge for the asset.
This optimism follows the approval of spot Bitcoin ETFs, which Woo believes would channel more substantial capital into the market, potentially catalyzing a “monumental rally” in Bitcoin’s value.
Beyond Technical Analysis: Market Sentiments And Prediction
Willy Woo took to X to share his analysis, drawing on Bitcoin’s historical performance to shed light on its future trajectory. Woo reminisced about July 2010, when Bitcoin’s value was a mere 0.7 cents, and how it saw a tenfold increase in just five days, followed by a 1,000x growth over the next two years.
The analyst also attributed this growth to Bitcoin’s exposure to global liquidity, notably through its integration with the Mt. Gox exchange platform. Today, Woo sees a parallel scenario, albeit on a much grander scale, with Bitcoin gaining listings on global stock markets and overseeing around 0 trillion in capital.
According to Woo, the influx of interest and investment from these quarters could dwarf the technical analysis charts that currently signal overbought conditions. This would be reminiscent of the late 2020 cycle, when Bitcoin attracted significant spot purchases from high-net-worth individuals.
Jul 2010, BTC was 0.7 cents, it popped 10x in 5 days, then another 1000x 2 years following.
Why?
BTC was introduced to global liquidity with the advent of MtGox.#Bitcoin just got listed on the worlds stock markets which holds ~0T of capital, and they are piling in. pic.twitter.com/m7yxyUudK7
— Willy Woo (@woonomic) March 7, 2024
While Willy Woo points to the structural conditions setting the stage for Bitcoin’s rally, other market analysts and traders are making their predictions. Peter Brandt, a well-regarded figure in the trading community, has also shared his perspective on Bitcoin’s potential for growth.
Brandt’s analysis suggests that if the bull trend post-April 2024 mirrors the momentum observed since the November 2022 low, Bitcoin could reach as high as 0,000 by October 2025.
When Bitcoin has a sudden and sharp shake-out decline, the market is just winking at you $BTChttps://t.co/Qip2tQ5h44 pic.twitter.com/KSbGYvTFlW
— Peter Brandt (@PeterLBrandt) March 6, 2024
Bitcoin Contrasting Views And Market Indicators
Amid the bullish forecasts, contrasting views and indicators suggest a more cautious outlook. Crypto analyst and trader Ali has recently identified potential signs of an impending price retracement for Bitcoin.
Utilizing the Tom DeMark (TD) Sequential indicator, Ali noted a sell signal on Bitcoin’s daily chart. This development warrants close monitoring, given the indicator’s track record of accurately predicting Bitcoin trends since the start of the year.
Earlier instances saw a buy signal in January preceding a 34% price increase, while a 4% price drop followed a sell signal mid-last month. As the TD Sequential develops a sell signal, there’s speculation about a possible short-term correction for Bitcoin.
The TD Sequential indicator flashed a sell signal on the #Bitcoin daily chart, which warrants close attention!
Boasting a strong track record in predicting $BTC trends since the year’s start, this indicator previously signaled a buy in early January, preceding a 34% surge, and… pic.twitter.com/T7DIjiCxzv
— Ali (@ali_charts) March 5, 2024
Featured image from Unsplash, Chart from TradingView
Bitcoin To Receive Monumental $150 Billion Inflow: Expert Reveals
At the Exchange ETF conference in Miami Beach, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, and Ric Edelman, founder of the Digital Assets Council of Financial Professionals, engaged in a discussion with CNBC’s Bob Pisani on the future of spot Bitcoin ETFs and their integration within diversified portfolios.
0 Billion Ready To Enter The Bitcoin Rabbit Hole
Ric Edelman cast a bold prediction about the future inflows into spot Bitcoin ETFs, foreseeing an unprecedented 0 billion by the end of 2025, up from the current billion. He confidently stated, “I’m anticipating that by the time we get to the end of 2025, we’re talking two years, we’re gonna see total inflows of more than 0 billion. We’re only at billion right now.” This represents a significant leap, signaling a transformative phase in cryptocurrency investment.
The conversation then turned to the underlying factors expected to drive this surge. Edelman elaborated on the potential inflows from independent financial advisors, who currently manage about trillion in assets. With three-quarters indicating a readiness to allocate to Bitcoin ETFs, according to recent industry studies, Edelman explained the math: “Do the arithmetic. trillion, 77% and 2.5% is 0 billion worth of flows.”
Notably, this calculation only takes into account independent advisors, leaving out the substantial potential from wirehouses, regional broker-dealers, and institutional investors, as Edelman emphasized. On a bullish note, Matt Hougan highlighted the enduring nature of investments in Bitcoin ETFs by financial advisors, contrasting with the speculative short-term trading often associated with cryptocurrencies.
“The people who are buying Bitcoin ETFs now, the financial advisors, they make their allocations for the long term. Financial advisors are usually not short-term traders, they’re not speculating where Bitcoin will be next week. They make an allocation that they hold for 1 year, 3 or 5 years,” Hougan remarked.
Independent advisors control trillion in assets, and surveys show 77% of them want to add Bitcoin to their portfolios, aiming for an average allocation of 2-3%.
This means we'll likely see 0 billion flowing into Bitcoin ETFs from advisors alone.
H/T @RhinoBTCapp pic.twitter.com/jc0F98KBAL
— Thomas | heyapollo.com (@thomas_fahrer) February 14, 2024
BTC Price Could Reach 0,000
Delving into who is leading the charge in Bitcoin ETF investments, Hougan noted, “We are seeing a lot of flows from RIAs, we are seeing from family offices and we are seeing some people who rotate off from other products.” This trend points to a broadening acceptance and recognition of Bitcoin ETFs within the investment community.
Edelman further bolstered his 0 billion inflow projection with the anticipated impact on Bitcoin’s price, suggesting it could reach 0,000 within two years due to the fixed supply and increasing demand dynamics. “This number excludes inflows from wirehouses, regional broker-dealers, and institutional investors,” he added, highlighting the conservative nature of his estimate.
Hougan complemented the discussion by shedding light on the broader implications for the ETF and crypto markets, praising the regulated, efficient, and investor-friendly nature of Bitcoin ETFs. He pointed out, “ETFs are tracking prices well, investors have peace of mind with access to all the data and ETFs are simple and secure with low fees.”
Both experts concurred on the strategic value of including spot Bitcoin ETFs in investment portfolios for diversification. Hougan summarized this sentiment, saying, “They see Bitcoin as a non-correlated asset that when used for rebalancing and managed professionally will not lead to any volatility for the portfolio.”
Reflecting on the comparative success of Bitcoin ETFs against traditional gold ETFs, Hougan highlighted the competitive fee structure and the strong demand observed for the Bitwise Bitcoin ETF (NYSE:BITB). “With Bitwise charging 20 basis points, fees are half that of the largest gold ETF,” he noted, underscoring the financial efficiency and appeal of Bitcoin ETFs to a wide range of investors.
At press time, BTC traded at ,808.
PlanB’s Triple Bitcoin Forecast: A Pre-Halving Surge, Post-ETF Rally, And Monumental Peak Ahead
PlanB, the creator of the renowned Stock-2-Flow (S2F) model, has once again captured the community’s attention with three bullish Bitcoin (BTC) forecasts.
In a YouTube video recently uploaded, the S2F creator shared bold predictions. In the short term, PlanB sees Bitcoin soaring to above ,000 before the upcoming halving event scheduled for April. The S2F model creator noted in the YouTube video:
I think in the next four months towards the halving, we will start to see Bitcoin rise even further towards ,000 [to] ,000 region.
This prediction aligns with historical trends, where Bitcoin often experiences a surge in buying activity in anticipation of halving events, which cut the block reward by 50%.
PlanB’s Long-Term Vision: A Rally To 2,000
Looking further ahead, PlanB’s projections become even more ambitious. The S2F model creator foresees Bitcoin breaking past its all-time high to reach 0,000 later this year.
According to PlanB, this prediction gains credibility with the recent US Security and Exchange Commission (SEC) approval of spot Bitcoin ETFs, a milestone development for the crypto market.
By 2025, PlanB’s vision for Bitcoin will reach a monumental peak of 2,000. This long-term forecast, underpinned by the S2F model, suggests a future where Bitcoin cements its status as a digital store of value and profoundly disrupts traditional financial paradigms.
PlanB’s confidence in these targets is bolstered by his S2F models and the increasing institutional acceptance of Bitcoin.
I expect k bitcoin at halving, 0k in 2024, 2k in 2025:https://t.co/TSo7TpNfzb pic.twitter.com/mQaXM5Qabb
— PlanB (@100trillionUSD) January 10, 2024
Bitcoin Current Bull Run: Beyond ,000 And Rising
Amid PlanB’s predictions, BTC is riding a bullish wave following the landmark approval and trading of spot Bitcoin exchange-traded funds (ETFs) in the US. The asset has leaped from its 24-hour low below ,000 to over ,000, demonstrating a 5.7% increase in the last 24 hours.
This surge is accompanied by a dramatic spike in trading volume, indicating heightened investor interest and market activity. PlanB is not alone in forecasting a bright future for BTC. Finance guru Robert Kiyosaki recently projected a 0,000 target for BTC, largely influenced by the expected influx of institutional investment through spot ETFs.
BITCOIN ETF. Yay. Glad I bought years ago. Bitcoin to 0k soon. Gold to the moon as Central Banks buy , store, and never sell. Silver to crash as silver stackers sell to pay bills, caused by rising inflation. Great news for silver stackers. Time to buy more as silver crashes.…
— Robert Kiyosaki (@theRealKiyosaki) January 10, 2024
While the exact timing of this milestone remains uncertain, the consensus among experts points to a significant potential for Bitcoin’s price escalation shortly.
Adding to the bullish sentiment, BTC has seen a significant increase in high-value transactions, a trend not seen in nearly two years. Analyst Ali reported significant transactions exceeding 0,000 among Bitcoin whales.
Santiment’s data further corroborates the growing interest in Bitcoin, with a notable uptick in social dominance and spot ETF-related discussions. This heightened social interest since mid-October last year underscores the impact of investor sentiment and social dynamics on Bitcoin’s market trajectory.
Featured image from Unsplash, Chart from TradingView
Ethereum Poised For Breakout? Analyst Pinpoint Key Levels For Monumental Surge
So far, Ethereum appears to be showing signs of an impending bullish run, according to Crypto Tony, a renowned analyst in the crypto space. Crypto Tony suggests that Ethereum’s journey to bullish momentum could commence if it successfully maintains its position above the crucial level of ,130.
Fortunately, the asset trades above this price level and appears to be climbing further above it, with its current trading price of ,264 at the time of writing.
Key Levels For Major ETH Rally
The ,130 price mark, as disclosed by Crypto Tony, is seen as a pivotal point for Ethereum, as maintaining this level could signal “strength and stability,” setting the stage for further gains.
This optimism further escalates should Ethereum reclaim the range high at ,500, a price level Crypto Tony revealed that would reinforce the bullish sentiment in the Ethereum market. Notably, Crypto Tony’s bullish outlook aligns with the sentiments of other analysts in the crypto community.
The ETH range is simple. Remain above ,130 and we are bullish .. Reclaim the range high at ,500 and we are really bullish pic.twitter.com/YKOph2YbRY
— Crypto Tony (@CryptoTony__) January 8, 2024
For instance, Ali Chart, another notable crypto analyst, has identified ,830 and ,100 price levels as Ethereum’s following major targets based on the Market Value to Realized Value (MVRV) price bands.
For context, MVRV is a key on-chain metric or indicator that compares a cryptocurrency’s market value (market cap) to its realized value, offering an alternative approach to assess the network’s valuation by considering the price at which each unit last moved.
The MVRV ratio is a crucial indicator that can be utilized especially for gauging the relative valuation of a crypto asset like Ethereum. When the MVRV ratio is high, it often suggests that the cryptocurrency’s price may be overvalued, and when it’s low, the asset could be undervalued.
According to the #Ethereum MVRV Pricing Bands, the next key price targets for $ETH are ,830 and ,100! pic.twitter.com/cLo4crWkPF
— Ali (@ali_charts) January 1, 2024
According to a chart recently shared by Ali Chart on X, Ethereum is currently on an upward trajectory, with the next significant MVRV Pricing Bands at 2.4 and 3.2. These levels indicate that Ethereum may become overvalued, correlating to Ali’s price targets for Ethereum at around ,830 and ,100, respectively.
Ethereum Whale Movements Backs Bullish Sentiment
Adding to the bullish sentiments are recent whale movements. Spot On Chain has disclosed that an Ethereum whale, identified as ‘0x931’, made a significant purchase of 21,192 ETH, valued at approximately million, at an average price of ,265.
This accumulation of ETH is a strong indicator of confidence in Ethereum’s future performance, as the whale has now held roughly 79,500 ETH since January 2023, sitting on an unrealized profit of .84 million.
Moreover, last week’s on-chain data from Santiment revealed that Ethereum’s largest private wallets now hold a record 56.25 million ETH, representing 46.8% of the crypto’s total circulating supply. This concentration of ETH in large wallets could be interpreted as a sign of long-term holding strategies among major investors.
Amid these developments, Ethereum has been showing signs of recovery from its recent retracement. Despite a week of decline, the altcoin is beginning to exhibit an upward trajectory, with a near 2% increase in the past 24 hours, trading at around ,272.
This recovery is further evidenced by a surge in trading volume, which has surged from a low of billion last Monday to over billion, indicating a possible increasing buying activity.
Featured image from Unsplash, Chart from TradingView
Solana Tops $100 After Monumental 764% Growth This Year
On Saturday, the smart contract platform Solana’s token, solana (SOL), eclipsed the 0 threshold, achieving a weekly growth exceeding 36% against the U.S. dollar. Throughout the year, investor sentiment toward solana (SOL) has remained overwhelmingly positive, intensifying following the conviction of ex-FTX chief Sam Bankman-Fried on multiple charges on Nov. 2, 2023.
Solana’s Market Triumph
In the previous year, solana (SOL) has escalated an impressive 764% relative to the U.S. dollar, breaching the 0 milestone on Dec. 23, 2023. This price point for SOL has been unprecedented since April 2022, and the cryptocurrency has overtaken BNB to become the fourth largest by market capitalization. Currently priced at 2 per coin, SOL boasts a market value of approximately .58 billion. The coin’s daily trading fluctuation on Saturday ranged from to 4.
Over the last month, SOL has seen an increase exceeding 80%, with a near 38% rise in the past fortnight alone. SOL is up 6.6% in the past 24 hours, culminating in over 36% growth against the dollar over the week. With a .26 billion global trade volume in 24 hours, Solana holds the fifth-largest trade volume this weekend. Tether (USDT) leads as SOL’s top trading pair today, followed closely by USD, KRW, BTC, EUR, and the stablecoin FDUSD.
This weekend, the Korean won accounts for 6.69% of SOL’s 24-hour global trading volume. In South Korea, Solana experiences a ‘Kimchi premium,’ trading at 6.80 on Upbit and 6.95 on Bithumb, over 4% higher than the global average of 3. Despite the offloading of SOL tokens by FTX’s bankruptcy estate, the enthusiasm for SOL remains undiminished. Additionally, a portion of Solana tokens from FTX’s bankruptcy is vested or locked for an extended duration.
Following Sam Bankman-Fried’s conviction on Nov. 2, 2023, SOL’s value leaped from to .67 within a week. The Solana ecosystem itself is experiencing notable expansion. The total value locked (TVL) in Solana’s network, previously on a decline, has begun to recover, indicating a resurgence of interest and confidence in the platform. Sales of Solana-based non-fungible tokens (NFTs) have surged significantly, recently surpassing Ethereum and ranking second only to Bitcoin-centric NFT sales in the past week.
Despite the recent support, not everyone endorses solana (SOL). A critic with the handle “Defi Made Here” (DMH), and 36,600 followers, disclosed he has steered clear of SOL for reasons including being “connected to Sam/Alameda/FTX, all coins were basically Sam coins, you got instantly filled on FTX when buying Sam coins but never filled when selling, chain was switching off/on every week which we later came to know was due to Sam liquidating people, and unreliable bridges,” among other concerns.
The future of Solana remains to be seen, with the crypto community divided between bullish optimism and skeptical caution. Despite the uncertainty, hard market-driven data leans favorably, suggesting a bullish trend for SOL going forward. As the crypto world watches, the mix of hope, caution, and tangible metrics continues to shape the narrative of this dynamic digital asset. While it crossed 0 on Saturday, SOL is still 60% down from its 9 all-time high recorded on Nov. 6, 2021.
What do you think about solana jumping over 0 per coin on Saturday? Share your thoughts and opinions about this subject in the comments section below.
Renewed Hope For Crypto: 2023 Sets The Stage For A Monumental 2024
The crypto industry went through a period of evolution in 2023 to reiterate its position in the global market. This evolution was particularly spearheaded by Bitcoin’s dominance, with the crypto registering gains in the last quarter that were practically absent in the earlier parts of the year.
All the signs are there; interest is picking up, big money from institutions is sniffing around again, several important technical and on-chain pricing models this year have been confirmed, and the dust seems to have finally settled from the prolonged bear market in 2022.
The Crypto Winter Thaws: Signs of Life in 2023
2023 was majorly a year of correction for the extended bear market in 2022 which saw Bitcoin fall 76% from its all-time high to trade at a bottom of ,883. According to a report from Glassnode, major market structure shifts are now taking place within the crypto industry to reflect growing optimism.
Bitcoin, for one, is showing a strong interest from its long-term holders, as the industry awaits the launch of spot Bitcoin ETFs in the US. One particular feature of the year that indicated a strong bullish momentum was the shallow depth of market correction, indicating the industry is maturing into a more stable market in terms of price volatility.
Bitcoin’s deepest correction in 2023 closed just -20% below the local high, better than historical pullbacks of least -25% to -50%.
Ethereum also saw shallow corrections, with the deepest reaching -40% in early January.
From an on-chain perspective, the realized cap in the 2022 bear market for both assets showed a net capital outflow of -18% for BTC and -30% for ETH. The momentum kickstarted in October, as the news of various applications of spot Bitcoin ETFs turned the crypto market on its heels. As a result, Bitcoin finally broke above the ,000 level which it had traded below for the majority of the year.
This cascaded into the altcoin market, with Solana, Cardano, and Ethereum all seeing renewed interest and growth in prices and DeFi TVL. According to Glassnode, the total value locked into Ethereum’s layer-2 blockchains increased by 60%, with over billion now locked into bridges.
According to CoinShares, the bullish sentiment has also flowed into institutions. October’s rally sparked an 11-week run of inflows into digital asset investment funds. At the time of writing, the year-to-date inflows now sit at .86 billion.
The crypto industry, particularly Bitcoin, is primed for astounding growth in 2024, with various price catalysts like the SEC’s approval of spot Bitcoin and Ethereum ETFs in the US, and the next Bitcoin halving. The altcoin market should also follow, spearheaded by Ethereum.
At the time of writing, Bitcoin is up by 159% this year, outperforming other asset classes. On the other hand, Ethereum and Solana have dominated the altcoin market, up by 82% and 616% respectively.
Binance CEO Foresees Monumental Bitcoin Price Shift Following Halving
As the crypto community’s anticipation heightens for the upcoming Bitcoin halving, Changpeng Zhao (CZ), CEO of Binance, recently elucidated his observations around the historical patterns tied to this quadrennial event. Highlighting the evolving sentiments and speculations, CZ spotlighted the dominant themes before and after the halving events.
CZ observed that the preceding months to the halving are generally characterized by heightened discourse, diverse sentiments, and amplified expectations within the cryptocurrency sphere. “The few months leading up to the Bitcoin halving, there will be more and more chatter, news, anxiety, expectations, hype, hope, etc.,” he stated.
Addressing the commonly held belief that Bitcoin’s price will witness an immediate uptick post-halving, CZ dispelled such notions based on historical patterns. “The day after the halving, the Bitcoin price won’t double overnight. And people will be asking why it didn’t,” he remarked, addressing the immediate aftermath expectations.
While the short-term reactions post-halving may be tempered, CZ shed light on a longer-term trend where Bitcoin often reaches new all-time highs (ATHs) within the year that follows. In reference to the market’s ability to quickly transition from skepticism to marvel, he quipped, “People have short memories.”
However, CZ urged caution, emphasizing that historical patterns should not be construed as definitive indicators for future behaviors, noting, “Not saying there is proven causation. And history does NOT predict the future.”
A More In-Depth Analysis Of Bitcoin Halving
As Bitcoinist reported, renowned crypto analyst Rekt Capital recently published an in-depth analysis of the Bitcoin halving, offering a more granular view of the potential phases surrounding the event which is only 197 days and a few hours away according to Binance’s estimates.
Reflecting on historical patterns, the analyst suggested a possible deeper retrace for Bitcoin in the 140 days leading up to the halving. Drawing historical parallels, Rekt Capital emphasized, “You can debate whether 2023 is more like 2015 or more like 2019… Doesn’t change the fact that BTC retraced -24% in 2015 and -38% in 2019 at this same point in the cycle (i.e. ~200 days before the halving).”
Anticipating market dynamics as the halving nears, Rekt Capital postulated that roughly 60 days before the event, historically a pre-halving rally will likely emerge. This phase, marked by investor enthusiasm and elevated expectations as CZ puts it, is often characterized by buying into the halving anticipation.
But this enthusiastic phase doesn’t last. Around the halving event, the market often shows pullback behavior under the motto “buy the rumor, sell the news”. Highlighting this trend, the analyst cited the -38% dip witnessed in 2016 and the -20% decline in 2020, moments when the market re-evaluated the halving’s short-term implications.
Subsequent to this, Rekt Capital predicts a multi-month re-accumulation phase, often marked by investor fatigue due to stagnation. However, breaking out of this phase typically heralds Bitcoin’s entry into a parabolic uptrend, potentially culminating in new all-time highs.
At press time, BTC traded at ,904.
Bitcoin Stealth Rally: Expert Forecasts Monumental Surge, Ignoring $25,800 Standstill
Renowned crypto expert and market analyst, Doctor Profit, has made bold predictions around Bitcoin (BTC), asserting that the cryptocurrency is poised for a significant bullish rally in the coming months.
Despite recent market uncertainties, Doctor Profit remains confident in BTC’s long-term potential, emphasizing the importance of zooming out and considering broader market trends.
Bitcoin Surge To ,000?
Bitcoin is currently trading at ,800, displaying a stagnant pattern within a narrow range of ,700 to ,200. The cryptocurrency’s recent attempt to consolidate above ,000 and surpass its strongest resistance at ,000 proved unsuccessful.
Furthermore, the BTC market has exhibited signs of fear and outflows in recent weeks, characterized by low volatility and trading volume. As a result, Bitcoin has lost its previous bullish momentum, awaiting a catalyst that could reignite its upward trajectory.
On this matter, while acknowledging the possibility of further market manipulations, pump-and-dump schemes, and the dissemination of fear, uncertainty, and doubt (FUD), Doctor Profit advises investors to maintain resilience and navigate through these challenging conditions.
According to Doctor Profit, two crucial factors will drive Bitcoin’s surge to new heights. Firstly, the upcoming halving event, a phenomenon occurring every four years that historically triggers a bull cycle in BTC with remarkable accuracy.
Secondly, the anticipated approval of a BlackRock exchange-traded fund (ETF), which could attract institutional investors and fuel the BTC frenzy.
Doctor Profit points out an interesting correlation between the BlackRock ETF approval and the BTC halving. The deadline for the BlackRock ETF falls in March, just one month before the anticipated halving.
This synchronicity, in Doctor Profit’s view, sets the stage for the “ETF, Institution, BTC FOMO” bull market, potentially igniting a period of significant upward momentum.
Based on his analysis and historical trends, Doctor Profit forecasts a sudden BTC pump above ,000, with initial targets ranging from ,000 to ,000 in 2023. He further predicts a consolidation period followed by a surge in July or June 2024, projecting conservative targets of ,000 and optimistic targets exceeding 0,000.
BTC’s Price Set For Sideways Consolidation
In the short term, Doctor Profit anticipates a sideways consolidation in Bitcoin’s price until the following week. With lower trading volume and fewer data releases, the market is expected to remain calm.
He identifies two liquidity pools around the ,500 region, aligned with the daily MA50 and MA100, as critical levels to monitor. Additionally, he points out a liquidity pool at around ,200 that could be utilized for quick profit-taking through short-term long scalps.
Drawing upon historical data, Doctor Profit highlights September’s reputation as a challenging month for both stocks and Bitcoin. He warns against disregarding this historical trend, cautioning investors against assuming that the current market conditions are different.
The chart patterns, liquidity dynamics, psychological factors, and Bitcoin’s cycle all point towards a downward trajectory, suggesting the need for caution and preparedness.
Featured image from iStock, chart from TradingView.com