The price of bitcoin experienced a challenging May, dipping below ,000 to reach a low of ,500 per unit on May 1, 2024. Currently valued at ,900 per unit, bitcoin’s price is showing improvement as June approaches. The founder of the onchain and market data platform Cryptoquant has noted that the bull run is at […]
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Economist Jim Rickards Predicts Gold Price Exceeding $27,000 — Says: ‘It’s Not a Guess. It’s Rigorous Analysis’
Economist Jim Rickards forecasts that gold prices could surpass ,000, emphasizing that this projection is not made for attention or shock value. “It’s the result of rigorous analysis,” he clarified. This represents a significant increase from his previous estimate of ,000 by 2026. Jim Rickards’ K Gold Prediction Explained Economist Jim Rickards shared his prediction […]
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Crypto Expert Willy Woo Predicts Bitcoin Has Room To Run – Here Are The Drivers
Crypto expert Willy Woo has predicted that Bitcoin will still make significant moves to the upside. He made this claim based on an indicator that suggests crypto investors are still willing to buy the flagship crypto at higher prices.
Bitcoin Still Has “A Lot Of Room To Run”
Woo mentioned in an X (formerly Twitter) post that Bitcoin still has a lot of room to run before the flagship crypto experiences a reversal or consolidation. To support his bullish sentiment, he shared a chart highlighting Bitcoin VWAP (Volume-Weighted Average Price). The crypto analyst further suggested that bulls were firmly in control, stating that he would hate to be a “trapped Bitcoin bear right now.”
The VWAP measures the average price of Bitcoin over a specific period and factors in the volume at each price level to determine the current sentiment in the market. The chart Woo shared showed that Bitcoin’s VWAP was currently on an upward trajectory. In a subsequent X post, Woo highlighted Bitcoin’s risk signal to further reinforce his bullish sentiment.
He noted that Bitcoin is still in the early stages in its liquidity cycle and is still doing “warm-up exercises.” He added that Bitcoin’s long-term frame risk signal is relatively low as it is still consolidating under all-time highs. He claimed that this risk “only starts climbing after the floodgates open,” meaning that the best is yet to come for Bitcoin.
Meanwhile, the wave of profit-taking by Bitcoin investors (since the crypto hit a new all-time high in March) looks to be done, which indicates that Bitcoin may be ready for its next leg up.
Woo confirmed that profit-taking has been completed as he provided an update on Bitcoin’s Spent Output Profit Ratio (SOPR). He noted that Bitcoin is undergoing a “very healthy reset, against a backdrop of capital flows into the network climbing again.”
Other Bullish Indicators For Bitcoin
Crypto analyst Crypto Jebb recently highlighted an inverse heads and shoulders pattern that had formed on Bitcoin’s chart. The analyst claimed this bullish pattern could send Bitcoin’s price to 0,000. The analyst also noted several other indicators currently signaling a bullish outlook for Bitcoin.
One is the Moving Average Convergence/Divergence (MACD), which he claimed had turned very bullish on the daily chart and indicated that the bulls were regaining control. He also highlighted a ‘green red green’ formation on the daily chart, which, according to Crypto Jebb, shows that Bitcoin is “doing very well.”
Meanwhile, crypto analyst Mikybull Crypto highlighted a striking similarity between Bitcoin’s 2020 post-halving price action and its price action after this halving. From the chart he shared, Bitcoin looks to be at the point of takeoff if it continues to mirror the price action from 2020.
Featured image from Pexels, chart from TradingView
Crypto Alert: VeChain Bull Run Imminent, Expert Predicts 500% Rally
VeChain (VET), a blockchain platform focused on supply chain management, is stirring excitement in the crypto’s fan base. After a period of consolidation, VET is experiencing a surge in investor confidence, buoyed by a recent price increase and positive technical indicators.
However, analysts remain cautious, highlighting the inherent volatility of the crypto market and the need for a measured approach.
Resurgence And Resistance
Since the top altcoin has been trading sideways for more than a month, investors are turning to other potentially profitable cryptocurrencies. But, the last 24 hours have offered a different perspective that could potentially change the narrative in favor of VeChain.
In the last day, VET has defied the broader market malaise with a commendable 3% price increase. This resilience comes after encountering a crucial support level, indicating a potential reversal of its recent downtrend.
Currently, VET faces a critical test at the .04 resistance level. A successful breakout above this barrier could propel the price further upwards, while a rejection could lead to a pause or even a downturn.
Technicals Whisper Bullish, Analysts Take Cautious Note
The recent price action has triggered bullish signals from technical analysts. The breakout from a “Falling Wedge” pattern, a technical indicator suggesting a trend reversal, has instilled optimism.
Popular crypto analyst World of Charts has set a lofty target price increase of 500% in the coming weeks.
Bouncing From Solid Support (Accumulation Zone Area) Successful Retest Can Lead Massive Bullish Wave In Coming Weeks Expecting 400-500% Bullish Wave#Crypto #Vet #Vechain pic.twitter.com/r2eryHNEDL
— World Of Charts (@WorldOfCharts1) May 16, 2024
However, seasoned investors know that technical analysis is just one piece of the puzzle. The overall market sentiment and unforeseen events can significantly impact VET’s price trajectory.
VET’s Long-Term Potential
While the short-term price predictions paint a rosy picture, the true value of VET lies in its underlying technology. VeChain’s focus on supply chain solutions has attracted partnerships with major corporations like Walmart China and DNV GL.
These collaborations demonstrate the real-world applications of VeChain’s blockchain platform and its potential to disrupt traditional supply chain management practices. Increased adoption of VeChain’s technology by businesses could translate to long-term growth for the VET token, regardless of short-term price fluctuations.
A Calculated Approach Is Key
For VeChain, the coming weeks will be a test of its technical strength and market confidence. A successful breakout above the .04 resistance level could usher in a period of sustained growth.
But regardless of the short-term price action, VeChain’s long-term potential hinges on its ability to deliver real-world value through its innovative blockchain solutions.
Featured image from PBR, chart from TradingView
Crypto Analyst Predicts XRP Price Explosion To Over $18
In a recent analysis provided by the crypto analyst Dark Defender, a compelling case has been made for the potential significant rise in the price of XRP. Through a detailed examination of the XRP/USD chart on a monthly time frame, as sourced from Binance, Dark Defender highlights a large bullish formation, which he describes as a “bull flag” across multiple longer-term time frames including monthly, three-month, and six-month charts.
XRP Price Gears Up For Explosive Move
The analysis shows a substantial initial upsurge in price marked by a green arrow, suggesting a strong bullish momentum that started around early 2017 and peaked later that year. The price action following this peak is what Dark Defender identifies as a bull flag pattern. This pattern is characterized by a period of consolidation following a sharp movement in price, resembling a flag on a pole.
The consolidation, traced with a red descending trend line and a blue ascending trend line, forms a converging pattern known as a triangle, which typically suggests that the period of consolidation is nearing an end as the lines converge. According to Dark Defender, this suggests a breakout is imminent.
“I have read some posts that XRP had a bull flag in the daily time frame, etc. If those are correction bull flags, this is a bull flag, too. But a bullish one. It is in the monthly, three-month, and six-month time frames. If you know a bull flag, you can enjoy your coffee today. Cheers,” he stated.
In his forecast, Dark Defender uses the flag pole and Fibonacci extension levels to predict future price points. After the expected breakout above the red resistance line, the first target is situated at the 161.80% Fibonacci level, which would bring XRP to approximately .88. A further ambitious target is set at the 261.80% Fibonacci level, priced at about .86.
The most optimistic target lies at the 361.80% Fibonacci level, forecasting the price to soar as high as approximately .23. Notably, Dark Defender’s blue line, analogous in length to the flagpole, shows that the XRP price could rise well above .
Different Analysis, Similar Price Targets
This analysis was further commented on by another renowned XRP community analyst, EGRAG CRYPTO, who brought attention to the fact that the flag portion of the pattern extends beyond half the length of the initial pole, a structural detail that might typically invalidate the bull flag designation.
“I’ve dabbled in this analysis before, but lately, I’ve become increasingly intrigued by the potential of a symmetrical triangle breakout. What caught my eye is that the Flag is extending beyond half the length of the Pole which invalidates the structure. Regardless of who’s right or wrong, hope to meet in the near future and being multimillionaires. Keep up the fantastic work,” Egrag noted.
Despite this technical caveat, EGRAG CRYPTO remains positive about the potential of a symmetrical triangle breakout. In a recent analysis of the weekly chart, EGRAG elaborated that XRP will at least explode towards .5 if price breaks out to the upside of the triangle. On a broader triangle pattern, EGRAG expects a move to .89.
“XRP Army, STAY STEADY! There’s a mini pump to .5 and a major pump to .89 in the cards, with the MACRO pump potentially soaring above 2 digits,” he stated. Despite their different approaches, the two analysts are therefore very close in their analyses.
At press time, XRP traded at .5189.
Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise
Well-known cryptocurrency expert and enthusiast Dami Defi has offered his insights on the price action of Shiba Inu, predicting a surge in the crypto asset as the Meme coin market sees a fresh wave of demand.
Given the optimism around meme coins lately, Dami Defi is confident that Shiba Inu could rise by over 50% shortly.
Shiba Inu Price Could Rise By 20%
Shiba Inu (SHIB) has become one of the leading meme coins, attracting positive outlooks from several analysts in the crypto space today. Even though Shiba Inu began the week on a negative note, Dami Defi believes the meme coin can potentially surge in the short term.
Related Reading: Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target
According to Dami Defi, the digital asset’s price has formed a descending wedge pattern in the 1-day timeframe. Should SHIB break out of this falling wedge pattern, Dami Defi anticipates an over 50% surge in Shiba Inu’s price. This 50% increase will take the crypto asset from its present price to the .000035 level.
The analyst predictions align with Ali Martinez’s forecast, highlighting that the digital asset’s price is moving in a descending parallel channel.
While Dami Defi anticipates an over 50% price surge for Shiba Inu, Martinez expects the crypto asset to rise by over 20% in the short term. Martinez’s anticipated 20% increase will take the crypto asset from the .00002444 price to the .00002954 level.
Martinez appears bullish on Shiba Inu, as he had predicted the asset to reach .000072323. He highlighted that SHIB on the daily chart seems to be forming a bull flag, indicating an impending movement on the upside. Due to this, the expert opened trade at around .000018343 in hopes of a strong breakout that will take Shiba Inu to .000072323.
Martinez’s prognosis, fueled by March’s rally, indicates that SHIB’s value may rise even further, providing investors in this thriving and active sector of the cryptocurrency market with a positive outlook for the meme coin.
SHIB Predicted To Repeat 2021 Price Trend Or Even Better
Shiba Inu’s marketing head, Lucie, delved into the memecoin’s price action. Lucie claims that during October 2021, SHIB, with no burns and no significant adoption at the time, witnessed a surge from .000007 to .000088 in just a matter of days, indicating an over 1,100% rise.
With the massive burns and widespread seen today within the SHIB ecosystem, Lucie might be suggesting the potential for the asset to reiterate this move or even further in this bull cycle. If this trend repeats, SHIB’s price might reach .00025 in this bull cycle.
Lucie also underscored the consistent support by SHIB’s robust community and strong Shibarium ecosystem since 2021, which might also catalyze Shiba Inu’s growth.
At the time of writing, SHIB was trading at .00002366, demonstrating an increase of over 4% in the past week. Despite the price rise, its market cap has been down by 2.59%, while its trading volume has been up by 1.79% in the past day. Given the momentum in the meme coin market, SHIB may be able to see more gains in the coming months.
$291 Billion Asset Manager Founder Predicts Bitcoin Will Hit $420,000
In an interview with Yahoo Finance’s “Wealth,” Ric Edelman, founder of the Digital Assets Council of Financial Professionals and 1 billion asset manager Edelman Financial Services, provided a striking forecast for the Bitcoin price. Edelman argued that Bitcoin’s price could surge to 0,000, attributing this potential rise to a modest global asset allocation towards Bitcoin.
Why Bitcoin Price Will Reach 0,000
During the interview, Edelman delved into the advantages of investing in Spot Bitcoin ETFs. He noted that these instruments make Bitcoin accessible in the same way as traditional ETFs, which are commonplace and familiar to investors using ordinary brokerage accounts.
“They’re incredibly inexpensive, 20-25 basis points cheaper than going to say Coinbase or other crypto exchange and being in a brokerage account, you can rebalance, you can dollar cost average, you can tax loss harvest,” Edelman highlighted. This setup simplifies the investment process, making it akin to managing any other asset class, thus broadening its appeal to a wider audience.
However, Edelman was also candid about the challenges and risks associated with Bitcoin. Despite the advantages offered by ETFs, the inherent nature of Bitcoin as a volatile and risky investment persists. “It’s still Bitcoin, which means it’s still very volatile, it’s still very risky. You could still lose everything,” he cautioned.
Edelman pointed to ongoing regulatory uncertainty, potential lawsuits, and prevalent fraud as significant risks that investors need to manage cautiously. He also criticized the trend of investing due to fear of missing out (FOMO), labeling it as a poor investment rationale.
Looking ahead, Edelman discussed the regulatory landscape, particularly concerning other cryptocurrencies like Ethereum. He noted that there are several applications pending for Ethereum ETFs, and while he anticipates initial rejections, approvals could follow by year’s end.
“After you have the Bitcoin ETFs and the Ethereum ETFs, I’m not sure how quickly you’ll see anything else after that, but these two will kind of open the doors long term. Five years from now, there will be dozens, perhaps even hundreds of crypto ETFs,” Edelman speculated. This perspective underscores a significant shift towards mainstream acceptance and integration of cryptocurrencies into traditional financial products.
Edelman’s prediction of Bitcoin reaching 0,000 is based on an assumption of global asset diversification. By his calculations, if all global asset holders allocated just 1% of their assets to Bitcoin, this would translate to a market cap of .4 trillion for Bitcoin alone.
“It’s remarkably simple. If you take a look at the world’s global assets, the value of the stock market, globally, the bond market, the real estate market, the gold market, you just look at all the assets everybody in the world owns, it’s about 0 trillion,” he explained. Such an allocation would dramatically increase Bitcoin’s market cap, driving its price up significantly.
Moreover, Edelman highlighted a shift in the perception of Bitcoin from a transactional currency to a store of value, similar to gold. “The use case of Bitcoin, although it’s strong for transmittal, is not the strongest argument. It’s now like gold, a store of value,” he stated. This perception shift has attracted more institutional investors, who view Bitcoin as a hedge or an alternative asset class, akin to other non-traditional investments like artwork or collectibles.
At press time, BTC traded at ,909.
Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next Market Movements
Mike Novogratz, the CEO and founder of Galaxy Digital, shared his insights on the current state of the cryptocurrency market. According to Bloomberg, Novogratz predicts that Bitcoin (BTC) will likely remain within a relatively narrow trading range for the current quarter as the adoption of cryptocurrencies in traditional finance continues to evolve.
Stagnant Crypto Market
Per the report, Novogratz described the current phase in the crypto market as a consolidation period. He emphasized that Bitcoin, Ethereum (ETH), and other cryptocurrencies, including Solana (SOL), are expected to consolidate.
This consolidation phase suggests that the Bitcoin price will likely trade within a range of approximately ,000 to ,000 until significant market events drive prices higher.
The crypto market has experienced a period of stagnation following the historic bull run witnessed in the past two quarters. This surge was fueled by the launch of spot US Bitcoin exchange-traded funds (ETFs) and the Bitcoin Halving, which reduced the supply of new BTC.
However, Bitcoin’s price trend reversed due to diminishing optimism surrounding interest rate cuts by the Federal Reserve (Fed), amid consistently strong economic indicators.
According to Novogratz’s analysis, if his predictions hold, Solana could continue to consolidate within its current trading range of 0 to 0. This consolidation has been observed over the past month, indicating a period of stability for the cryptocurrency.
Similarly, Ethereum’s price has closely mirrored Bitcoin’s movements and has traded between the ,870 and ,200 levels.
Ethereum recently failed to consolidate above the significant ,000 mark reached in mid-March. As a result, Ethereum has experienced a period of price consolidation within the range above.
Bitcoin Volatility Persists
Novogratz acknowledged the tailwinds that propelled the market during the fourth quarter of 2023 and the first quarter of 2024.
Galaxy’s CEO believes that these tailwinds will likely persist throughout the current quarter and possibly the next unless there are significant developments, such as the Fed initiating rate cuts due to an economic slowdown or until the regulatory landscape becomes clearer after the upcoming election.
Moreover, Novogratz noted a significant shift in counterparties’ willingness to lend crypto for extended periods without collateral, a trend that was not prevalent just six months ago. He emphasized that engagement in the crypto space has reached a new level, with growing interest from individuals and institutions alike.
On Tuesday, Bitcoin experienced a 2.7% decline, trading at ,400. Since achieving a record high of ,700 on March 14, the largest cryptocurrency in the market has undergone a 16% decline. Despite this, Galaxy Digital reported notable first-quarter results, with net income more than tripling to 1.7 million.
Featured image from Shutterstock, chart from TradingView.com
Macro Investor Dan Tapiero Predicts ‘Scary Bullish’ BTC Prospects; Foresees Crypto Asset Surpassing $90K
Macro investor Dan Tapiero has described bitcoin’s prospects as extremely bullish. He predicts that if bitcoin breaks the ,000 mark, it could likely rise to ,000 and beyond. Although he acknowledges that the specific catalyst for bitcoin’s imminent breakout is unclear yet, Tapiero asserts that this detail is irrelevant at this stage. Tapiero Says Sideways […]
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Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors lately. After dipping below ,820, it surged to over ,200, only to retrace some of those gains. However, analysts remain optimistic, citing technical indicators and a key regulatory decision on the horizon as potential catalysts for a near-term price increase.
Ethereum Price Poised For A Breakout?
Technical analysts are pointing to bullish signals suggesting a potential bounce back for Ethereum. Analyst Titan Of Crypto believes a successful “Bullish Cypher Pattern” has played out, with all projected targets met. Currently, Ethereum sits at a pivotal support level, the 38.2% Fibonacci retracement, often seen as a springboard for upward momentum in bull markets.
#Altcoins #Ethereum Bounce incoming.
The Bullish Cypher Pattern played out perfectly and all the targets got reached .#ETH is currently at the 38.2% Fibonacci retrace level also called “1st stop”. In a bull market this level holds.
I expect a bounce from this level. pic.twitter.com/o9e6VLEREz
— Titan of Crypto (@Washigorira) May 12, 2024
This level has historically acted as a crucial support zone, says Titan. An optimistic outlook anticipates a price rebound from here.
Adding to the bullish sentiment, analyst JACKIS emphasizes the significance of Ethereum’s recent surge above ,000 in March. This, according to JACKIS, represents a significant shift in the market structure towards a long-term uptrend.
THE GIGANTIC CRASH for #ETH isn’t coming
Here is a reality check:
We are in a big HTF range for #Ethereum and with the push to 4K in March we have broken market structure to the upsideAlso, the local Weekly MS leading into it remains bullish, marked on the chart with HL… pic.twitter.com/QisXiDUXxr
— JACKIS (@i_am_jackis) May 13, 2024
The SEC Decision: A Potential Game Changer
The price of Ethereum could receive a significant boost from an upcoming decision by the U.S. Securities and Exchange Commission (SEC). By May 25th, the SEC is expected to rule on three applications for Ethereum-based Exchange-Traded Funds (ETFs).
A green light from the SEC for these ETFs would open the door for institutional investment into Ethereum, potentially leading to a surge in demand and price. Conversely, a rejection could dampen investor sentiment and trigger a pullback.
Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz
Local Market Structure Hints At Underlying Bullishness
A closer look at Ethereum’s weekly chart reveals a bullish undercurrent despite the recent price dip. The presence of higher lows and higher Highs throughout the past few weeks indicates a healthy uptrend, with the current pullback seen as a natural consolidation phase.
Featured image from defense.gov, chart from TradingView