Economist and gold advocate Peter Schiff warns of a continued bitcoin decline, stating that “this bear market is a long way from over.” He predicts significant price falls for both bitcoin and ethereum, suggesting a potential crash if critical support levels fail. “It’s a long way down,” he said. Regarding ether, Schiff predicted: “I think […]
Bitcoin News
Bear Market Bites: Chainlink Loses 10%, Further Downturn To $6.80 Feared
The cryptocurrency market continues its summer swoon, with major coins like Bitcoin tumbling to four-month lows. Chainlink (LINK), a key player in the decentralized oracle network space, has been especially hard-hit, dropping 25% since the beginning of June. But is this a buying opportunity, or the precipice of a steeper decline?
This Chart Pattern Looms Large
Technical analysts are scrutinizing Chainlink’s chart, with a particular focus on the dreaded “Head and Shoulders” pattern. This formation, characterized by a central peak flanked by two smaller ones, often signals a trend reversal from bullish to bearish. Analyst Ali Martinez believes a breach of the neckline, the support level currently hovering around .70, could trigger a significant downturn.
#Chainlink $LINK faces a potential 45% price correction if it falls below .70! pic.twitter.com/8NGwMzEIhR
— Ali (@ali_charts) July 4, 2024
If LINK falls below .70, we could see a cascading sell-off, warns Martinez. This could push the price down to .80, a staggering 45% drop. Fibonacci retracement levels, a technical tool used to identify potential support and resistance zones, further bolster this bearish outlook. The 0.786 Fibonacci level aligns perfectly with Martinez’s target of .80, lending credence to his prediction.
Bearish Sentiment Grips The Market
Adding fuel to the fire is the overall bearish sentiment gripping the crypto market. The Fear and Greed Index, a measure of investor sentiment, currently sits at a chilling 26, firmly in “Fear” territory. This fear is reflected in LINK’s trading activity. The price is struggling to stay above the critical .70 mark, and any decisive break below could accelerate the sell-off.
A Glimmer Of Hope: Oversold Territory And Price Prediction
However, a glimmer of hope remains. The Relative Strength Index (RSI), another technical indicator, suggests LINK might be oversold. The RSI is currently at 28, dipping into “oversold” territory. This could signal a potential short-term bounce, as oversold assets often experience temporary price corrections.
Interestingly, some analysts contradict the prevailing bearish sentiment. Price for LINK is seen increasing 52.73% by August 5th, pushing the price to a healthy .97. While technical analysis paints a bleak picture, this prediction offers a counterpoint, highlighting the inherent uncertainty within the crypto market.
The Road Ahead For LINK
Ultimately, the future of Chainlink remains shrouded in uncertainty. Technical indicators scream caution, while some analysts maintain a bullish outlook. The coming weeks will be crucial for Chainlink. Will it defy the bearish whispers and stage a comeback, or succumb to the gravitational pull of a deeper correction?
Featured image from Coldkeepers, chart from TradingView
Peter Schiff Predicts Further Bitcoin Plunge Ahead of Mt Gox Payouts — Declares BTC in Official Bear Market
Economist and gold advocate Peter Schiff has highlighted bitcoin’s recent decline, declaring the cryptocurrency “back in official bear market territory.” He predicts further bitcoin price decline before Mt. Gox creditors begin receiving their crypto payouts next month. Bitcoin Back in ‘Official Bear Market Territory’ Economist and gold bug Peter Schiff, known for his skepticism towards […]
Bitcoin News
XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit
XRP, the native token of Ripple, finds itself caught in a tug-of-war between surging social media interest and a price that refuses to ignite. While online chatter paints a picture of a vibrant community, the token’s value treads water, leaving investors to question whether the buzz translates to bullish momentum.
Social Media Frenzy Fuels XRP Discussions
A recent tweet by Santiment, a crypto market intelligence platform, highlighted a surge in XRP-related discussions. This increased chatter could be linked to the US Securities and Exchange Commission’s (SEC) recent stance on Ripple Labs’ upcoming stablecoin, which the SEC considers an “unregistered crypto asset.”
#Monero is being discussed at an abnormally high rate due to the announcement that #LocalMonero is sunsetting as governments continue cracking down on $XMR and other privacy focused assets.
#XRPLedger is also seeing a high rate of discussion due to $XRP price volatility,… pic.twitter.com/gaV3ywP2up
— Santiment (@santimentfeed) May 9, 2024
While the regulatory heat may have sparked conversation, it hasn’t translated to a price surge. In fact, XRP’s value dipped slightly in the past 24 hours.
Investors Accumulate Despite Price Stagnation
Interestingly, despite the lackluster price action, data from Santiment suggests investors might be accumulating XRP. The platform’s “Exchange Outflow” metric remains high, indicating a movement of XRP away from exchanges, possibly towards private wallets. This suggests a potential long-term bullish sentiment among some investors.
Technical Indicators Cast A Shadow
However, not all signs are positive. Popular crypto analyst Cryptoes noted on Twitter that XRP’s price is precariously perched right below its 21-day moving average, a technical indicator often interpreted as a bearish signal.
Support Levels And The Downward Spiral
If the bearish signals hold true, XRP could plummet to its support level near .50. A break below this crucial point might trigger a further cascade, dragging the price down to .47. This potential decline aligns with another concerning trend – XRP’s Network Growth.
According to Santiment, the number of new addresses created for XRP transfers has been declining over the past month. This could indicate a shrinking user base, raising questions about XRP’s long-term adoption.
The Road Ahead
The current situation surrounding XRP is an enigma. On the one hand, the social media buzz and investor accumulation paint a picture of a project with dedicated followers. On the other hand, the technical indicators and declining network growth raise concerns about the token’s immediate future.
Featured image from Peapix, chart from TradingView
Peter Schiff Declares Bitcoin in Bear Market Amid US Economy’s Stagflation Reality
Economist and gold advocate Peter Schiff has declared bitcoin to be in a bear market, despite the recent surge in interest in spot bitcoin exchange-traded funds (ETFs). Additionally, he cautioned that economic data provides conclusive evidence that stagflation is not merely a future prospect for the U.S. economy, “but already a current reality.” Peter Schiff […]
Bitcoin News
Ethereum’s Dive To 3-Year Low Against Bitcoin, Is This A Bear Trap? Trading Guru Weighs In
Trading Guru Peter Brandt has recently commented on the Ethereum vs. Bitcoin chart, offering intriguing insights into market developments.
Brandt’s remark comes after his prior critiques of Ethereum, denigrating it as a “junk coin” and its proponents as “Etheridiots.” However, amidst Ethereum’s recent descent to its lowest position against Bitcoin in nearly three years, Brandt’s stance seems to have transformed.
Ethereum Plunges Against Bitcoin: A Bear Trap?
Upon analyzing the Ethereum-to-BTC chart, Brandt suggested the presence of a “bear trap,” indicating that the ongoing decline in Ethereum’s value compared to Bitcoin might entice sellers into additional short positions.
However, this could lead to an unexpected reversal, turning the apparent breakdown in support into a false signal.
Bear trap? That is always a possibility when price hits a new 35-month low. pic.twitter.com/aKQg9k7TcD
— Peter Brandt (@PeterLBrandt) April 8, 2024
Brandt’s observation of a potential bear trap highlights the complexities within the cryptocurrency market and the importance of considering multiple factors when analyzing price movements.
While Ethereum may be experiencing a period of relative weakness against Bitcoin, Brandt’s cautious optimism suggests that there may be opportunities for a reversal shortly.
Bullish Signals Amid ETH/BTC Downturn
Despite Ethereum’s recent challenges, bullish signals have emerged, hinting at a potential turnaround. The options market, in particular, has shown optimism, with a significant portion of Ethereum options open interest expiring by the end of April being bullish bets on price.
Deribit data reveals that about .3 billion worth of notional ether options are scheduled to expire, with approximately two-thirds of this sum allocated to calls. Moreover, the Ethereum put-call ratio for the April expiration stands at 0.45, signaling a slightly more bullish stance than Bitcoin options.
Notably, a put-call options ratio below one suggests bullish sentiment, with traders favoring call options over put options. Moreover, the emergence of two new Ethereum whales, according to the crypto tracking platform Spot On Chain, identified as 0x666 and 0x435, adds to Ethereum’s bullish sentiment.
These entities collectively withdrew a substantial amount of ETH from a major exchange, suggesting growing confidence in Ethereum’s prospects despite its recent downtrend.
While Ethereum faces downward pressure against Bitcoin, Bitcoin’s resilience in the market is evident. Crypto analyst Ali has highlighted that Bitcoin appears to be breaking out, with a potential upside target of ,000 if it can hold above ,800.
#Bitcoin appears to be breaking out! If $BTC can hold above ,800, the next target becomes ,000! pic.twitter.com/JPLf18KZvt
— Ali (@ali_charts) April 8, 2024
When writing, Bitcoin trades above this critical level with a current market price of ,621, indicating a possible climb towards ,000 shortly.
Featured image from Unsplash, Chart from TradingView
Crypto Attorney Jake Chervinsky Explains the Bear Case for a Spot Ether ETF Approval in May
Jake Chervinsky, CLO of Variant, a crypto-focused venture capital firm, explained that he was pessimistic about U.S. regulators approving a spot ether ETF this May. Chervinsky stated that the SEC’s combative attitude, willingness to go to court to fight this kind of approval, and lack of details on the initiative, signaled a bad outcome for […]
Bitcoin News
Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion
The Cardano network continues to defy expectations and prove its doubters wrong. This time, the network has hit a new milestone, which suggests that users are indeed taking advantage of its smart contract functionality.
Cardano Sees Significant Increase In Smart Contract Usage
Data from Cardano Blockchain Insights has revealed an increase in the usage of Cardano’s Plutus V1 and V2 scripts. As of January 22, 24,050 smart contracts had been executed using these Plutus scripts. This is impressive, considering that this figure stood at 14,379 at the beginning of this year.
This recent increase can be traced back to January 9, when smart contract usage on the network really began to pick up. Specifically, the number of smart contracts executed on Cardano using the Plutus V2 scripts rose from 8,270 to 12,890 on that day. Since then, that figure has skyrocketed to 17,718.
As expected, the Plutus v2 script is more widely used than its V1 counterpart, considering that the former is a newer generation of Cardano’s smart contract scripting language. Cardano introduced Plutus V2 to reduce user costs and enhance script throughput effectively. Meanwhile, this development no doubt further proves naysayers wrong.
A recent report by crypto research firm K33 boldly asserted that there was no “proof of Cardano being used for anything.” K33 further suggested that a “group of bagholders” were the ones simply fabricating a majority of transactions on the network, and nothing meaningful was going on Cardano.
Cardano’s Utility Good For ADA’s Price
Dan Gambardello, the founder of Crypto Capital Venture, once highlighted how the Cardano network had improved since the last bull run. The network’s smart contract functionality was among the features he alluded to as undergoing a significant upgrade since then. Notably, these improvements form part of why he believes that ADA could rise to in the next bull run.
These improvements have indeed contributed to the ecosystem’s resurgence. Last year, the network saw a significant rise in its DeFi activity, and although there has been a decline recently, things are expected to pick back up soon enough. The network’s development activity also looks to be paying off, as Gambardello recently revealed that there is now Social Finance (SocialFI) on Cardano.
Members of the Cardano community will hope that a fiat-backed stablecoin can finally be introduced on the network. The introduction of a stablecoin is believed to be another factor that could help increase Cardano’s utility. This could also cause an inflow of new money into the ecosystem, something which could positively impact ADA’s price.
Peter Schiff Says All Spot Bitcoin ETFs Are Now in Bear Markets — Warns of Deeper Losses
Gold bug and economist Peter Schiff has warned of deeper losses for spot bitcoin exchange-traded funds (ETFs), emphasizing that they are “now in bear markets.” Referencing the Proshares Bitcoin Strategy ETF which is down more than 50% in over two years, Schiff predicted that those who bought the newly approved spot bitcoin ETFs “will experience even worse results.”
Peter Schiff’s Spot Bitcoin ETF Outlook
Gold bug and crypto skeptic Peter Schiff expects deeper losses for the newly launched spot bitcoin exchange-traded funds (ETFs). He shared his outlook in several posts on social media platform X this week.
The price of bitcoin rose above K in anticipation of the spot bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). However, BTC embarked on a downward trajectory following the approval, dropping below K on Monday and K on Tuesday. Schiff described on Monday:
All the spot bitcoin ETFs are now in bear markets, defined as a drop of 20% or more from the peak.
He added, “The biggest loser is FBTC [Fidelity Wise Origin Bitcoin Fund], down 32%.” In a follow-up post, he wrote: “The Proshares Bitcoin Strategy ETF, which tracks bitcoin futures, launched in Oct. 2021. BITO began trading at .88. So far today’s low was , down more than 50% in over two years. I think those who bought any of the 11 spot bitcoin ETFs will experience even worse results.” At the time of writing, BITO is trading at .04, down nearly 52% since inception.
After the price of bitcoin dropped below K on Tuesday, Schiff detailed on X: “The new bitcoin ETFs aren’t creating additional demand, but merely shifting demand. Investors who might have bought actual bitcoin, bitcoin-related equities like MSTR [Microstrategy stock], or GBTC [Grayscale’s bitcoin trust] are simply buying the new ETFs instead. Rearranging the deck chairs won’t stop the ship from sinking.”
Schiff added: “One of the biggest losers from the new bitcoin ETFs is COIN [Coinbase stock]. Even though Coinbase custodies bitcoin held in these ETFs, speculators who once traded bitcoin through Coinbase are now trading the ETFs instead. Also, many who bought COIN as a bitcoin proxy are now buying the ETFs.” On Monday, JPMorgan also downgraded Coinbase stock from Neutral to Underweight, with a price target of . At the time of writing, COIN is trading at 4.19.
Earlier this month, the economist warned that spot bitcoin ETFs will bring speculator selloff and minimal institutional demand. He also expects the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to introduce onerous crypto regulations that would sink the price of bitcoin.
What do you think about Peter Schiff’s spot bitcoin ETF warning? Let us know in the comments section below.
Crypto Analyst Identifies XRP Bear Flag To Trigger A Massive Crash To $0.07
XRP, like the rest of the crypto market, is seeing an active retrace that has sent prices back toward levels not seen since last year. As anticipation around a potential Bitcoin Spot ETF approval builds up for this week, expectations are that this retrace will be short-lived. However, not everyone is bullish on a potential recovery as one crypto analyst expects the price of the altcoin to see a massive crash going forward.
XRP Massive Bear Flag Appears
Crypto analyst Bitgolder took to TradingView to share an extremely bearish analysis of the XRP price. This analysis identifies the presence of a bear flag, one of the worst ones seen in the altcoin’s chart in recent times.
As Bitgolder explains, the XRP price chart looks very bad, leading to the obvious bear flag. Some of the reasons for the formation of this bear flag are the fact that there has been a volume drop over the last week, as well as a decline in interest from investors as the altcoin has failed to live up to expectations following Judge Analisa Torres’s ruling that programmatic XRP sales do not qualify as securities.
The crypto analyst explained that the recent price bounce that the coin’s price saw over the last few weeks was in fact not bullish. Rather, it “was just an extended bounce for wave B of this correction from XRP top.” The analyst is also convinced of the weakness being exhibited by XRP, especially given the fact that the altcoin has failed to make a new all-time high in the last bull market while other coins were rallying.
Bitgolder warns investors of a slow bleed that is coming for the XRP price despite how bullish the community seems to be. “It’s going to take a while to bleed out because of how many bag holders there are and how much silly YouTubers keep pumping this thing,” Bitgolder warned. “It’s unfortunate that many are going to lose their shirts on this thing.”
Price Crash To ‘Single Digit Pennies’
Following the slow bleed-out predicted by Bitgolder, the analyst also expects a further dump that will take the price even lower, even down into the single-digit pennies. The chart shared in the analysis shows an initial decline to .39. But then a further dump puts the XRP price as low as .07.
The reason behind this dump, according to the analyst, will be the fact that the United States Securities and Exchange Commission (SEC) will eventually win out over Ripple in court. Bitgolder believes that XRP will eventually be considered an unregistered security. Either that or the US SEC will file another lawsuit against the crypto firm, which will lead to investors eventually losing faith and dumping their coins.
I used to think that maybe XRP could do some amazing things but after doing more research and looking into on chain metrics I am now convinced this was the biggest pump and dump in history.
However, the analyst also points out that it may not be a straight dump as XRP could still shoot back up to the .7 territory once more, which is the top of the bear flag. But Bitgolder refers to this surge as a takeout that would see the rug pulled from under investors once more. “It is hitting some really strong resistance right now so I’m not sure if it can actually break through this,” the analyst concluded.