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 […]
Bitcoin News
Bitcoin: This Indicator Flashes Green For The First Time Since January 2024
According to the candlestick arrangement in the daily chart, Bitcoin is moving inside a range. BTC is also down roughly 20% from the all-time high at spot rates. Though the series of lower lows posted in the past few trading days is bearish, one analyst is upbeat, expecting an encouraging recovery in the sessions ahead.
This Indicator Flashes Green: Time For Bitcoin To Rally?
Taking to X, the analyst notes that the 50-day Williams %R oscillator is turning from oversold territory, signaling that the bear run could end. Historically, the indicator has accurately signaled buying opportunities whenever it turns from oversold territory.
The Williams %R oscillator is a crucial technical indicator chartists use to assess momentum and identify potential oversold or overbought conditions. When the indicator falls below -80, it suggests the asset being analyzed is oversold, potentially indicating a buying opportunity. Conversely, when it rises above +20, it may mean that the asset is overbought, prompting the trader to adjust their strategy accordingly.
Since the beginning of 2023, the analyst observes that the 50-day Williams %R oscillator mapping Bitcoin prices has dipped into oversold territory on four occasions. Notably, each time the oscillator reversed from this zone, BTC prices rose in tandem.
Now, with the Williams %R oscillator returning from the oversold territory roughly ten days ago, the analyst is optimistic. It returned from the oversold territory in January 2024, preceding the bull run in Q1 2024.
If past performance is anything to go by, BTC is likely ready for a leg up. Considering the extended sideways movement and lower lows since prices peaked in mid-March 2024, this development will be a massive boost for the coin.
Does BTC Stand A Chance After Extended Consolidation?
The asset has become more dynamic since the approval of spot Bitcoin exchange-traded funds (ETFs). Broader market conditions, such as regulatory changes, macroeconomic trends, and investor sentiment increasingly influence it.
Subsequently, this dynamism can impact the accuracy of technical indicators like the Williams % R oscillator. This tool lags and doesn’t factor in events in real time. Therefore, while the oscillator has been reliable in the past, it may not necessarily accurately predict the future cycle.
For this reason, the coming days and weeks will be crucial for Bitcoin. If the price breaks out of its current range upwards, it could lend credence to the bullish interpretation.
Currently, BTC is in a narrow range. According to the daily chart, support is at ,500, and resistance is at ,000.
Shiba Inu Volume Flips Dogecoin, Will SHIB Price Flip DOGE If This Analyst’s Prediction Comes True?
Shiba Inu is up by 7% in the past 24 hours amidst an uptick in the meme coin market, coming ahead of Dogecoin at this time. The meme coin niche has witnessed a strong resurgence in the past day, with the entire niche up by 7.82%. Shiba Inu has particularly done well and witnessed a strong volume of interest amidst this uptick. Interestingly, this uptick in volume for SHIB has surpassed DOGE, with on-chain data suggesting SHIB could do better in the short term. At the same time, crypto analyst Ali Martinez has revealed a phenomenon that could lead to a 20% upswing for SHIB.
Shiba Inu Volume Flips Dogecoin
Data from Coinmarketcap shows that Shiba Inu has witnessed a trading volume increase of 320% in the past 24 hours. The metric, on Dogecoin’s side, was an increase of 160%. The crypto, which has been trading inside a descending channel for a while, is now appearing to make a push above.
Related Reading: Analyst Who Predicted Solana’s 1,100% Move Reveals Where The Altcoin Is Headed Next
Although current data from analytics platform IntoTheBlock (ITB) suggests DOGE is still holding on for a longer-term overperformance over SHIB, SHIB is starting to position itself to outperform DOGE in the short term on a cost basis. According to ITB’s holding by time metric, DOGE has seen a 1.86% increase in the number of holders in the past 30 days, compared to a 0.43% increase for SHIB. ITB terms holders as passive investors that have held the asset for more than one year.
However, the number of cruisers (investors holding between 1 to 12 months) flips the short-term interest in the favor of SHIB. As of this writing, SHIB’s cruisers have increased by +5.69% in a 30-day timeframe. The metric, on DOGE’s side, shows a 2.44% decrease.
SHIB To Breakout Of Parallel Channel
The recent increase in volume and short-term activity suggests that SHIB is ready to break out of a descending parallel channel of lower highs. As pointed out on social media by crypto analyst Ali Martinez, SHIB has been trading in a descending parallel channel since the last week of April. Current price action shows SHIB is now at the upper end of the descending and is at a critical junction for a breakout or reversal.
Related Reading: Analyst Points Out Level To Beat If Bitcoin Is To Reach ,000
According to the analyst, a breakout from this channel at .00002444 could lead to another 20% upswing to .00002954. The price target serves as the highest point of the descending channel under consideration. A further surge could see SHIB returning back to the .00003 price territory.
If #ShibaInu breaks the upper boundary of this descending parallel channel at .00002444, $SHIB could witness a 20% upswing to .00002954! pic.twitter.com/z5qBKiiyNy
— Ali (@ali_charts) May 13, 2024
At the time of writing, SHIB is trading at .0000236. Failure to break above .00002444 could send the cryptocurrency back down as far as .0000211.
El Salvador Launches Treasury Holdings Site, Confirms Daily Bitcoin Purchases
The Bitcoin Office of El Salvador (ONBTC) has launched a site that allows anyone to confirm the treasury holdings of the country, offering a large degree of transparency in its finances. The site, composed as a custom instance of mempool space, a popular block explorer, confirms that the country has been purchasing one bitcoin per […]
Bitcoin News
‘The Dog Days Are Over’: Cat Memecoins Soar 16.1% After Roaring Kitty’s Return
On Monday, popular internet figure and trader “Roaring Kitty” made a surprise comeback to social media that sent the crypto market into shock and excitement.
His return post was followed by a series of cryptic videos, including catsm, which seemingly fueled a price increase for cat-themed memecoins in the past 24 hours.
Memecoin Frenzy And Market Reaction
Keith Gill, known as “The Roaring Kitty,” returned to social media after a three-year hiatus by posting the popular “leaning forward in the chair” meme.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
His comeback propelled GameStop’s meme stock (GME) price to rise 201% in the past day, as he was a major player during the 2021 meme stock frenzy.
Alongside the image, the trader shared a series of video edits that also fueled the memecoin market. As reported by News BTC, Wolverine-inspired memecoins soared after featuring the Marvel character in one of his edits.
Other big players in the sector saw green numbers in the following hours, like Pepe (PEPE) and many of the top market cap dog-themed memecoins.
As part of the ripple effect, the largest frog-themed memecoin has flipped Solana (SOL) in its daily trading volume, registering a 238% increase in volume in the past day.
Moreover, smart traders benefited from the surge after buying large token amounts. According to Lookonchain, one whale bought 195 billion PEPE, worth .98 million, and had already made 6,000 in unrealized profit a few hours later.
Dog Days Are Over, Cat-Themed Memecoins Gain 16%
The impact of Roaring Kitty’s return didn’t stop at the dog-themed memecoins. Several images and references to cats were part of the trader’s edits, fueling a 16% surge in the cat-themed sector.
Feline-inspired memecoins have been gaining popularity during this cycle, with tokens like cat in dog word (MEW) and Popcat (POPCAT) joining the top-ten memecoins list in the past month.
One of Roaring Kitty’s edits included a fragment of Florence + The Machine’s song “Dog Days Are Over.” Alongside the video, the trader emphasized the lyrics, “The dog days are over, the dog days are done.”
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Additionally, he added cat images, seemingly insinuating that a future memecoin rally could be led by cat-themed memecoins instead of the usual dog-themed ones.
Whales Hear The ROAR
Lookonchain reported that, alongside GME, the memecoin Roaring Kitty (KITTY) skyrocketed 13,000%. Other feline-themed tokens, including POPCAT, MichiCoin (MICHI), and Roaring Kitty (ROAR), also saw a significant surge.
Popcat has registered a 24.4% and 276% increase in the one-day and monthly timeframes, while MichiCoin surged 38.9% in the past day and 333.5% since its launch on April 26. Both tokens also saw an 80% increase in the daily trading volume.
Among the top gainers were the tokens inspired by the trader. The Ethereum-based SOAR skyrocketed over 1162% in hours, going from .00024830 to .0031338. This surge also represented a massive 3216.8% increase in the weekly timeframe, with a similar daily trading volume increase of 826%.
Per the report, whales took advantage of the momentum and loaded their bags with these tokens. One whale withdrew SOL from Binance and bought 490,400 POPCAT, worth around 5,472.
Another big player, who had previously made 2,170 SOL, about 0,000, on POPCAT, spent another 4,000 SOL, approximately 2,000, to buy POPCAT and MICHI tokens. The whale acquired 587,3830 POPCAT for 2,000 SOL and 626,616 MICHI for the same amount.
Is Ethereum Set For A Major Rally? Options Traders Bet Big On $3,600+ Targets For June
Ethereum (ETH) options for June show a marked interest in higher strike prices, focusing on levels exceeding ,600.
Data from Deribit reveals a concentrated bet among traders on calls surpassing this price, indicating a bullish sentiment toward Ethereum’s near-term trajectory. The most favored strike price among these optimistic bets is an ambitious ,500.
Options Market Bullish On Ethereum
Notably, options are contracts that give traders the right, but not the obligation, to buy (in the case of calls) or sell (in the case of puts) the underlying asset at a specified strike price by the expiry date.
A call option is typically purchased by traders who believe the asset will increase in price, allowing them to buy at a lower rate and potentially sell at a higher market price. Conversely, put options are favored by those anticipating a decline in the asset’s price, aiming to sell at the current rate and repurchase at a lower value.
Currently, the Ethereum options market is tilting heavily towards calls, with the aggregate open interest—representing the total number of outstanding contract options—showing a preference for higher strike prices.
This concentration of calls, primarily above the ,600 mark, suggests that a significant market segment is positioning for Ethereum to ascend to higher levels by the end of June.
According to Deribit data, roughly 622,636 Ethereum call contracts are set to expire by June’s end, encapsulating a notional value above .8 billion. Such substantial positioning underscores the market’s confidence in Ethereum’s potential uplift.
Data further shows that the most substantial open interest is clustered around the ,500 strike price, with a notional value of 3 million.
This concentration reflects trader optimism and supports Ethereum’s market price, especially if these options are exercised as the asset price approaches or surpasses these strike levels.
Despite the optimism embedded in these options, Ethereum is currently navigating a slight downturn. It has dropped 5.4% over the past week and 2.2% in the last 24 hours, positioning it below ,900. This decline places even more focus on upcoming market catalysts that could significantly sway ETH’s price.
Regulatory Decisions And Technical Indicators: A Dual Influence on ETH’s Path
One significant upcoming event is the US Securities and Exchange Commission’s (SEC) decision on several applications for Ethereum-based Exchange-Traded Funds (ETFs), which is due by May 25th.
This decision is pivotal as approval could usher in a wave of institutional investments into Ethereum, potentially catapulting its price. Conversely, rejection could dampen the bullish sentiment and lead to further pullbacks.
From a technical analysis standpoint, signs are pointing to a possible rebound. The “Bullish Cypher Pattern,” identified by the analyst Titan Of Crypto, suggests that Ethereum could be at a turning point. Currently, Ethereum is at the 38.2% Fibonacci retracement level, a key support zone in many bull markets.
This level has historically acted as a launchpad for upward price movements, hinting that Ethereum could be gearing up for a significant rise.
#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
Featured image from Unsplash, Chart from TradingView
Bitcoin Miner Bitfarms Enhances Paraguay Facility With New 100 MW Hydropower Deal
On Tuesday, bitcoin mining company Bitfarms, listed on the Nasdaq and Toronto Stock Exchange (TSX), announced it has secured an additional 100 megawatts (MW) of power from Paraguay’s state-owned utility firm, ANDE. The 100 MW is anticipated to double the capacity of the hydro-powered Yguazu site and should be fully operational by 2025. Bitfarms to […]
Bitcoin News
This Crypto Expert Called The Bitcoin Top in 2021, Now He’s Calling The Bottom In 2024
As the Bitcoin price continues to fluctuate wildly, the question in every investor’s mouth right now is when the digital asset will find its bottom. For some, the bottom has already been met, while for others, there are still more price crashes to come. However, one analyst’s prediction in particular stands out and this is due to his track record of accurately calling the top of the market back in the 2021 bull market.
Crypto Expert Says Bitcoin Bottom Is In
Crypto expert Dave the Wave first came into prominence back in 2021 when he had accurately predicted the Bitcoin top. Given this, Dave’s analysis holds weight in the crypto market, so it is no surprise that his most recent prediction calling the Bitcoin bottom is making the rounds.
Related Reading: Gaming The System: Pundit Reveals Why XRP Price Will Reach
In the analysis which was posted on X (formerly Twitter), the crypto analyst points to a number of indicators that show that the Bitcoin bottom has already been reached. One of these is the MACD which the analyst reveals is still far off from the levels from the last bull market.
In addition to the MACD still trending below this level, the crypto expert points out that the crypto market is more mature than it was. Given this maturing market, Dave the Wave stated: “It wouldn’t at all surprise me to see something different develop, pattern-wise, over the longer time frame.”
The analyst suggests that the Bitcoin low is actually in, and given that the price had fallen to ,000 a couple of weeks ago, Dave’s analysis suggests that that is as low as the price will go. If this holds, then it is possible that the Bitcoin price will not fall below ,000 before it resumes its bull rally.
BTC Price Expectations Still Bullish
Despite the slow momentum that has plagued the Bitcoin price, investors continue to be bullish on the cryptocurrency. This is evidenced by the Bitcoin Fear & Greed Index maintaining a firm grip on the Greed territory, showing that investors are still willing to buy into the market.
Related Reading: Theta Network Breakout Imminent: Why A 100% Rise Is Possible From Here
Furthermore, predictions from crypto analysts such as Rekt Capital have shown expectations for further price increases. Rekt Capital predicts that the BTC price will still cross 0,000 as long as the price is able to break above ,000 and hold this level.
However, elsewhere in social media, there is a change in tide for the BTC price as social sentiment begins to fall to bearish headwinds. Santiment, an on-chain data aggregation platform, revealed that the Bitcoin social sentiment has seen a 14% drop in the last week.
Roaring Kitty Return Continues to Fuel Meme Stock and Crypto Frenzy: GME, AMC, and Meme Coins Soar
On Tuesday, shares of Gamestock and AMC Entertainment Holdings continued to soar, fueled by retail investors following the reappearance of Keith Gill’s online persona, ‘Roaring Kitty.’ This upward momentum also spilled over into the cryptocurrency market, with meme coins like roaring kitty (ROAR) jumping 175% and the wall street bets token rising 1,121% against the […]
Bitcoin News
Analyst Pinpoints $61,500 As Critical Bitcoin Price Level To Monitor
Amidst the recent decline in Bitcoin’s price and the general cryptocurrency market, popular cryptocurrency analyst and enthusiast Titan of Crypto has highlighted the ,500 price level as a crucial threshold to watch for the largest cryptocurrency.
Titan of Crypto analysis examines the aforementioned level as a pivotal point for Bitcoin that could determine the coin’s next price trajectory.
,500, A Level To Watch For Bitcoin
Today, May 14, BTC witnessed a sharp decline to nearly ,500, demonstrating little momentum for a price recovery. While many would see this as a worrying development, Titan of Crypto considers it a noteworthy development. He sees this level as significant and is one to watch out for for Bitcoin.
The crypto expert further warns of an impending volatility in the market around Federal Reserve Chair Jerome Powell‘s speech later today. Thus, Titan of Crypto has urged the community to remember that it’s better to hold off on making decisions until after the BTC daily candle closes and until the next one confirms the previous one.
The post read:
Bitcoin ,500 is the level to watch. Expect volatility in the markets around today’s Powell speech. In any case, remember it’s wiser to wait for the BTC daily candle close and confirmation with the following one before jumping to a conclusion.
Although the expert anticipates volatility for Bitcoin, he is confident that the crypto asset’s bull run is far from over, suggesting a movement on the upside is still possible.
According to Titan of Crypto, Bitcoin’s Risk-Adjusted Return Oscillator (RAR) indicator has recently moved into the overbought area. However, the analyst asserts that this does not call for alarm, given that Bitcoin took over eight months to peak following the development based on previous bull cycles.
Looking at Bitcoin’s price action from the daily timeframe, the expert confirms that the digital asset is “looking good.” As a result, BTC is following the bullish target to unprecedented heights, specifically around 2,185. “This game is a zero-sum game where impatient people give their money to the patient,” he added.
Possible Retracement To ,000
While Titan of Crypto anticipates a rally, Ali Martinez, another crypto, has predicted an early price retracement. The expert has highlighted the possibility for BTC to decline to ,000 in the short term.
According to the analyst, the 4-hour chart’s 200 Exponential Moving Average (EMA) appears to be rejecting Bitcoin, whereas the TD Sequential indicator suggests a sell signal. Should the development be confirmed, Martinez expects BTC to drop to ,000.
However, for BTC to witness an upward movement, it needs to maintain a 4-hour candlestick close above the ,000 threshold. Thus, with the coin trading below the ,000 level, Martinez’s prediction appears to have already manifested.
At the time of writing, the coin was trading at ,512, indicating about 1.98% in the past day. Its trading volume was up by 9.67%, while its market cap was down by 2.65% in the last 24 hours.