As the U.S. stock market scales new heights, a growing chorus of analysts warns that a severe crash could be on the horizon, reminiscent of the devastating 1929 collapse. Concerns center around the meteoric rise of Nvidia and the burgeoning artificial intelligence (AI) sector, feared to be the latest bubble in a pattern echoing past […]
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Crypto’s Stagnant Summer: Analysts Say ‘Boring’ Markets May Set Stage for Eventual Price Surge
In the past week and a half, the crypto markets have shown a bearish trend, suggesting that the summer slowdown is underway. Many anticipate that bitcoin and the broader crypto economy might face a few uneventful weeks ahead. Onchain analyst Willy Woo believes there could be another one to four weeks of cooling down “before […]
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Bitcoin Spot ETFs Effect: Bernstein Analysts Revise BTC Target To $200,000, Here’s When
Analysts at global asset management firm Bernstein have revised their former Bitcoin target to 0,000, foreseeing the influx of Spot Bitcoin ETFs inflows catalyzing this massive price surge.
Bernstein Analysts Raise Bitcoin Target To 0,000
In a note to clients, Bernstein analysts, Gautam Chhugani and Mahika Sapra predicted that Bitcoin could reach 0,000 by the end of 2025. This new price target comes after analysts foresaw BTC hitting 0,000 earlier in May. At the time, the analysts disclosed that they anticipated about billion in inflows from Spot Bitcoin ETFs between 2024 and 2025.
Presently, the analysts have solidified their predictions, reiterating that Spot Bitcoin ETFs would be the trigger driving Bitcoin’s price to 0,000 next year. Analysts have estimated that Spot BTC ETFs could grow in demand to represent about 7% of the total BTC in circulation.
They disclosed their expectations for Spot Bitcoin ETFs to grow significantly in adoption, highlighting possibilities of approvals from major wirehouses and large private banking platforms in Q3 and Q4. The analysts also disclosed that almost 80% of Spot Bitcoin ETF inflows are generated by self-directed retail investors who invest through brokerage platforms.
They believe that institutional investors’ demand for Spot BTC ETFs is still in its early stages. However, as the market continues evolving institutional investors’ interest could rise, adding massively to the current inflows in Spot Bitcoin ETFs.
Bernstein analysts wrote in their notes to clients that currently around billion of net new flows have been brought in by ETFs combined. The cumulative inflows in Spot Bitcoin ETFs according to Farside data, have reached .66 billion since its launch on January 11.
Due to the high demand and massive capital pouring into this asset class, analysts expect Spot Bitcoin ETFs to be equivalent to 7% of BTC’s circulating supply by 2025 and 15% by 2033. They also anticipate Spot Bitcoin ETF’s total Assets Under Management (AuM) to reach 0 billion by ‘the 25E market peak and a whopping trillion by 2033.
This bullish prediction underscores the analyst’s confidence in Spot BTC ETFs, despite it being a newly discovered asset class. In less than six months, the total assets under management for Spot Bitcoin ETFs have grown to .19 billion, with an average expense ratio of 1.07%. This massive growth has been spearheaded by leading asset management companies like BlackRock, Fidelity and others.
BTC Price Enters Fresh Bull Cycle
In their note, Bernstein analysts also declared that BTC has officially entered a new bull market cycle. The analysts disclosed that this bull cycle is currently driven by the recent Bitcoin halving event, which took place on April 20.
They anticipate the rise of new catalysts that could trigger an increase in demand for BTC, propelling its price to new levels. In contrast, crypto analyst, Michael van de Poppe has predicted that BTC has likely reached its bottom between the price range of ,000 and ,000.
As of writing, the cryptocurrency is trading at ,865, reflecting a weekly decline of 4.76%. Poppe has suggested a potential reversal on the horizon, predicting that Bitcoin could find itself in upward momentum soon.
IntoTheBlock Reveals Fact About Current Bitcoin Situation Analysts Are Puzzled By
The market intelligence platform IntoTheBlock has discussed the bearish situation Bitcoin has been facing that has got many puzzled.
Bitcoin Adoption Has Slowed Down To Multi-Year Lows Recently
Bitcoin had a great first quarter in 2024, fueled by demand from the spot exchange-traded funds (ETFs) and institutional entities. During this run, the asset surpassed the all-time high (ATH) set back in the previous bull run, breaking a pattern in other cycles where ATHs were only reached after the Halving.
With the huge demand, things looked to be just getting started for the asset, but in the months since the ATH, the cryptocurrency has only been consolidating sideways.
In a new post on X, IntoTheBlock talks about the current situation with Bitcoin, which many have been wondering about. The analytics firm has pointed out that the transfer activity on the BTC network has been high recently, as the Number of Transactions metric has set a new record.
The most recent spike in the Number of Transactions on the Bitcoin blockchain has resulted from the emergence of the new Runes protocol, which allows users to mint fungible tokens on the network efficiently.
“Institutional whales are present, and activity on the Bitcoin network is high,” says the analytics firm. “So, where’s the confusion?” The answer to that question lies in the trend of the New Addresses indicator.
As its name suggests, this metric keeps track of the total number of new addresses that are popping up on the network daily. This indicator tells us about the rate of adoption the cryptocurrency is observing.
Below is a chart showing how this Bitcoin metric’s value has changed over the past decade.
The graph shows that the Bitcoin New Addresses has declined while the price has risen to its new high. As IntoTheBlock notes:
The data reveals that this surge in usage and whale activity does not involve a significant influx of new participants. In fact, the number of new Bitcoin users has plummeted to a multi-year low, even falling below the levels seen during the 2018 bear market.
Historically, bull markets have accompanied sharp asset adoption as new investors get attracted by all the hype. In return, this influx of holders has helped fuel the rally.
It would appear that despite the asset reaching a new ATH, the network has failed to attract new users. This is what has got many puzzled. The slowdown could, at least in part, be why Bitcoin has failed to continue its bullish momentum. It now remains to be seen whether this will change for the coin soon or not.
BTC Price
At the time of writing, Bitcoin is trading at around ,000, down 7% in the past week.
Analyst’s Bullish Call: Bitcoin Primed For Massive Jump To $127,000
Bitcoin, the undisputed king of cryptocurrencies, finds itself in a tug-of-war between bullish whispers and bearish roars. While some analysts point to technical indicators hinting at a price surge, others warn of potential pitfalls lurking beneath the surface.
Bulls See Bullish Flags And Futures
Technical analysts are a curious breed. They speak in a language of charts, patterns, and indicators, deciphering the cryptic movements of the market. One such indicator, the bullish flag pattern, has some analysts, like Gert van Lagen, cautiously optimistic.
$BTC [2D] – The handle of the 3Y+ Cup with Handle itself qualifies as a bullflag targeting 7k.
Price clearly has broken out of and successfully retested the flag for support.#BTC is ready for the next leg up
Invalidation setup: close belowk pic.twitter.com/5fDkeubpvT
— Gert van Lagen (@GertvanLagen) June 16, 2024
This pattern suggests a potential price increase based on recent price movement, with Bitcoin consolidating within a specific range before a potential breakout.
Lagen added that BTC had tested the support with success. If that’s accurate, then Bitcoin might start a bull run shortly and reach 7,000 in the upcoming weeks or months.
Adding fuel to the bullish fire is the apparent dominance of buying sentiment among futures investors. Futures contracts allow investors to speculate on the future price of an asset, and in this case, it seems many are betting on Bitcoin’s rise. This could create a self-fulfilling prophecy, as increased buying drives the price up, attracting even more buyers.
A Worrying Trend?
Meanwhile, on-chain data, which tracks the movement of Bitcoin on the blockchain, reveals a concerning trend. There’s been a surge in deposits to exchanges, indicating investors are moving their Bitcoin to platforms where they can be easily sold. This suggests a potential selling spree on the horizon, which could put downward pressure on the price.
Bitcoin Short-Term Outlook
The immediate future of Bitcoin appears precariously balanced on a tightrope. Technical indicators like RSI, CMF, and MACD, which measure momentum and investor strength, are currently bearish, suggesting a continued price decline.
This aligns with the prediction of some analysts who see Bitcoin potentially dipping as low as ,000 in the coming days if the bearish trend continues.
However, there’s a silver lining for the bulls. If Bitcoin can defy the bearish signals and turn bullish, analysts predict an initial climb to ,650. This short-term price movement will likely hinge on a delicate balance between buying pressure and any potential selling sprees.
Featured image from YouTube, chart from TradingView
TON Blockchain’s TVL Skyrockets 100% In Record Time, Analysts Bullish On Next Price Targets
Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently experienced notable price appreciation and rapid growth in its ecosystem. After a period of consolidation between and since 2022, TON’s price has surged to reach a record high of .25 on June 15.
This achievement is accompanied by a significant increase in the TON blockchain’s Total Value Locked (TVL), doubling from 0 million.
TON Blockchain’s TVL Hits 0 Million
According to technical analyst Kyle Doops, the TON blockchain’s TVL has experienced an unprecedented surge, reaching 8.65 million and doubling its value within three weeks.
For Doops, this increase can be attributed to TON’s integration with Telegram, leveraging its broad consumer base of over 900 million users. Furthermore, protocols such as DeDust, bemo, and Stakee have seen significant increases in their TVL, contributing to the growth of the TON ecosystem.
As reported by NewsBTC, Telegram introduced a new advertising feature allowing users to promote their channels through ad placements. To facilitate fast and secure ad payments and withdrawals, Telegram CEO Pavel Durov has exclusively chosen the TON blockchain.
Pavel explained that users can now purchase ad space with Toncoins, and revenue generated from ads will be shared with channel owners in Toncoin. According to the social media platform’s CEO, this approach creates a “virtuous cycle,” allowing content creators to reinvest revenue into channel promotion and upgrades.
In addition, daily active wallets on the TON network have reached over 388,000, with monthly active wallets surpassing 5.5 million. Crypto researcher Leon Waidmann notes that TON’s increase in active wallets surpasses even Coinbase’s Layer 2 (L2) BASE, setting a new standard for growth and adoption in the crypto industry.
Analyst Forecasts 40% Potential Breakout For Toncoin
Although TON has experienced a slight decline of 1.2% over the past 24 hours, trading volume has increased by 22%, indicating strong investor interest in the token, according to CoinGecko data.
Despite short-term corrections, TON has shown significant gains over various time frames, with increases of 11%, 18%, and 22% over the past seven, fourteen, and thirty days, respectively.
In a bullish projection for the Toncoin price, crypto analyst Ali Martinez suggests that TON may be gearing up for a potential 40% breakout, targeting a price of .
Nevertheless, the analyst added that the TD Sequential indicator suggests a potential dip to .2 to gather liquidity before an upside move. In the near term, key support levels include .78, which has prevented a deeper retracement for the token and the .17 resistance.
Featured image from DALL-E, chart from TradingView.com
Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus
Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy. These analysts also outlined factors that they believe could contribute to BTC’s exponential price surge.
Bitcoin To Hit 0,000 And Then Million
Chhugani and Sapra predicted in the report that BTC will rise to a cycle high of 0,000 by 2025 and that the flagship crypto will reach million by 2033. Bernstein had previously predicted that Bitcoin would reach 0,000 by 2025. However, these analysts have now revised their targets and alluded to the institutional demand for BTC as one of the reasons they believe the flagship crypto can reach such heights.
The research firm predicts that the Spot Bitcoin ETFs will continue to record impressive demand and that the Bitcoin under management could reach 0 billion by 2025, a significant increase from the billion in BTC that funds issuers already have under management.
In other words, these analysts expect BTC’s price to succumb to the supply and demand dynamics, considering that the Bitcoin in circulation is bound to drastically reduce as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs. Moreover, two Bitcoin halvings are set to occur before 2033, further reducing miners’ supply and thereby supporting their base case of BTC hitting million.
MicroStrategy To Benefit From BTC’s Growth
These Berstein analysts also initiated coverage on MicroStrategy with an outperform rating. They predict that the software company’s stock can rise to ,890 thanks to its BTC exposure. A rise to ,890 represents about a 95% increase for MicroStrategy’s stock, which is currently valued at around ,500.
The research firm noted that MicroStrategy has committed itself to “building the world’s largest Bitcoin company.” This has already paid off so far, with Chhugani and Sapra stating that the software company has transformed from a “small software company to the largest BTC holding company” since August 2020 (when it started accumulating BTC).
MicroStrategy already owns 1.1% of Bitcoin’s total supply, with holdings worth around .5 billion. The company’s BTC holdings are expected to increase soon enough, as they recently announced plans to offer 0 million of Convertible Senior Notes. Some of the proceeds from the proposed sale will be used to buy additional BTC.
Berstein highlighted how the company’s co-founder Michael Saylor has become synonymous with the Bitcoin brand and that the company’s position as the leading Bitcoin company has helped attract “at scale capital (both debt and equity) for an active Bitcoin acquisition strategy.” In dollar terms, Bernstein noted that MicroStrategy’s Bitcoin net asset value (NAV) per share “has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price.”
“We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet.” Chhugani and Sapra added.
Analysts Predict BTC Hitting $200,000 Next Year and $1 Million by 2033 — ‘We Believe Bitcoin Is in a New Bull Cycle’
Global asset management firm Alliance Bernstein’s analysts predict that the price of bitcoin could soar to 0,000 by 2025, 0,000 by 2029, and an astounding million by 2033. “We believe bitcoin is in a new bull cycle,” they said. Bullish Bitcoin Price Prediction Bernstein analysts Gautam Chhugani and Mahika Sapra shared their bitcoin price […]
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Bitcoin Price Prediction: Major Analysts Say BTC Is Headed For 6-Digit ATH
Major crypto analysts have weighed in on the Bitcoin future trajectory, especially as the flagship crypto has maintained a tepid price action and has continued to consolidate since the halving took place. These analysts predict that Bitcoin will soon rise and climb to a six-digit all-time high (ATH).
Bitcoin To Rise To 0,000
Crypto analyst CrediBULL Crypto predicted in an X (formerly Twitter) post that Bitcoin would rise to 0,000 on its next leg up. He claimed that this upward trend would begin in the next seven to ten days, stating that BTC will “absolutely giga send” when that time comes. The analyst made these remarks while suggesting that the worst was over for Bitcoin.
He alluded to the “brutal” price correction that Bitcoin underwent shortly before and after the halving, with the flagship crypto experiencing a 20% price drop. As such, he believes that BTC is unlikely to decline that much again from its current price level.
Instead, CrediBULL Crypto claimed that the downside is now limited to ,000 and that, realistically, Bitcoin can’t drop below ,000 and ,000. Whatever happens, he expects the Bitcoin pump to begin in the next ten days, which would send it to 0,000.
In another X post, CrediBULL Crypto stated that things were looking good for Bitcoin. He suggested that the bears would get shaken out of their positions once Bitcoin clears the asks that are above its current price level. He also noted that Bitcoin’s open interest is dropping a bit because the short positions are already starting to cover, and the spot premium is returning for the first time since May 20th.
Interestingly, CrediBULL had earlier predicted that Bitcoin would experience a price decline to ,000. He had made this prediction as part of a bigger picture, which would send BTC’s price rallying above ,000 following the price correction. Seeing as the drop to ,000 has occurred, CrediBULL suggested that it was time for the upward trend to begin.
BitcBTCoin Still Headed For 3,000
Crypto analyst Egrag Crypto has given a more bullish price for prediction, stating that the next target for the flagship crypto is 3,000. He made this assertion while noting that Bitcoin’s current price action is currently mirroring its price action in the 2017 market cycle, consolidating around Fib 1.0 just like it did back then.
He highlighted that Bitcoin had four monthly candles followed by an “explosive fifth one” back in 2017. According to Egrag, the same thing is happening again, with Bitcoin already showing four monthly candles while consolidating around its previous ATH. As such, he believes the explosive fifth candle will come in July, just like in 2017.
New BRC-20 Token 99Bitcoins Raises $2M in Presale as Analysts Forecast 10x Gains
The 99Bitcoins Token (99BTC) is shaking up crypto education – and gaining traction in its presale phase. With over million raised and analysts predicting 10x gains once it launches, this “Learn-to-Earn” token has investors buzzing. 99Bitcoins Token Gamifies Crypto Education with Learn-to-Earn Model 99Bitcoins Token turns crypto education into an addictive game. Instead of […]
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