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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Survey: 77% Believe Presidential Candidates Should Be Informed on AI and Crypto
The Grayscale-Harris Poll survey, conducted in April-May 2024, reveals crucial insights into American likely voters’ views on cryptocurrency and its potential impact on the upcoming presidential election. The survey, involving over 2,000 adults, highlights key trends such as high interest in crypto among young, minority, male, and Democratic voters. Significant findings include 97% of likely […]
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Standard Chartered Analyst Says Bitcoin Is Set For A New ATH Above $73,700, You Won’t Believe The Timeline
Analysts from leading international cross-border bank, Standard Chartered have made a bold prediction that Bitcoin could witness a significant rise to new all-time highs above ,700. This projection, slightly higher than the cryptocurrency’s previous peak, comes with an unexpected and wholly ambitious timeline.
Bitcoin Poised To Reach New All-Time Highs
Geoff Kendrick, Head of EM FX Research, West and Crypto Research, Standard Chartered, has made a bullish prediction for Bitcoin, the world’s largest cryptocurrency. In an email to TheBlock, Kendrick stated that Bitcoin is poised to break out of its previous all-time high on March 14, 2024, to witness a massive surge to approximately ,798.
The analyst has projected a rather grandiose timeline for this bullish rally, expecting Bitcoin to hit the forecasted price target by the weekend. Kendrick attributed this potential price increase to the recent inflows into Spot Bitcoin ETFs.
Earlier on May 21, data from Farside investors indicated that Spot Bitcoin ETFs had recorded their best inflow week in the last two months. The digital asset saw over 5.7 million in inflows, with BlackRock’s Bitcoin Trust ETF (IBIT), amassing the largest inflows of 0 million.
Cumulatively, Spot Bitcoin ETFs have recorded inflows of more than billion from its launch on January 11 to the present. This increased demand and influx of capital which had been a major contributor to Bitcoin’s previous rise to a new all-time high in March, could propel fresh surges for the cryptocurrency.
Kendrick has also disclosed that the possible approval of Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) could have a significant impact on Bitcoin’s price dynamics. The analyst has doubled down on his previous price prediction which anticipates Bitcoin’s rise to 0,000 by the end of 2024 and a whopping 0,000 increase in 2025.
BTC Price Analysis
As of writing, the price of Bitcoin is trading at ,013, reflecting a slight decline of 1.39% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has been on a steady bullish momentum over the past week, experiencing consistent price surges, which have led to a sharp increase of 12.86%.
Popular crypto analyst, Michael van de Poppe has reported that Bitcoin is up more than 20% since its previous lows of ,000 earlier this year. The approval of an Ethereum Spot ETF could see the cryptocurrency’s price potentially rising more, following previous patterns when the SEC’s approval of Spot Bitcoin ETFs triggered a major price spike for the pioneer cryptocurrency.
This sentiment for a bullish breakout is shared by crypto analyst Ali Martinez, who has asserted that Bitcoin is currently showing a strong potential for further gains, underscoring the cryptocurrency’s robust price potential and strong fundamentals.
Is Bitcoin Getting Ready For An Explosive Breakout? These Analysts Believe So
The fluctuations in Bitcoin’s price have marked the tempo of the crypto market and the community’s sentiment. While some feel pessimistic about the rally slowdown, some analysts believe the flagship cryptocurrency is just getting ready to reach higher notes.
Next Stop: Bitcoin’s “Parabolic Upside”
Crypto analyst and trader Rekt Capital considers Bitcoin (BTC) is currently awaiting a period of consolidation. In an X post, the trader highlighted that, during the previous “Halvings,” BTC saw “Re-Accumulation Ranges.”
The analyst shared his chart for Bitcoin phases during the “Halving,” which he has previously used to explain BTC was at the “Last Pre-Halving Retrace” before April 19.
At the time, the analyst pointed out that the re-accumulation phase was next. Bitcoin went through one during the previous “Halving,” as seen in the chart.
The re-accumulation consisted of two consolidation periods followed by the “Post-Halving Parabolic Upside,” which saw BTC reach last cycle’s all-time high (ATH) of ,000.
Rekt Capital highlighted that, during this cycle, the flagship cryptocurrency has already experienced five re-accumulation ranges. Similarly to the last cycle, the latest re-accumulation phase seems to have started during the “Pre-Halving Rally” phase. Per the analyst, this will be followed by the “Parabolic Upside” if history repeats itself.
Analyst Mikybull seems to share a similar view to Rekt Capital’s, as he highlights that Bitcoin’s “parabolic rally is loading.” The re-accumulation breakout is set to be “explosive,” and “not many are prepared for this,” he added.
The analyst explained that “the RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top.” Based on this, he believes the current consolidation comes from institutions preparing “for a huge rally to cycle top.”
Analyst Sets Crucial Level For Bitcoin’s Breakout
A day before Bitcoin’s “Halving,” the cryptocurrency faced a correction that shredded 7% of its price in a few hours. BTC went from hovering between the ,000-,000 price range to trading below the ,000 support zone.
Since then, the largest cryptocurrency by market capitalization appears to have steadily recovered from the drop. Over the weekend, Bitcoin regained the ,000 support level before testing the ,000 one, which it reclaimed on Monday.
Over the last few days, BTC has hovered between ,000 and ,000. However, it has not been able to successfully test the resistance level set at the ,000 price range.
According to the crypto analyst Bluntz, Bitcoin’s most recent performance suggests that the price will continue to move sideways between the ,000 and the ,000 range.
However, he also considers that BTC is “gagging for a breakout soon,” as the chart displays a bullish pennant pattern forming. Per the analyst, “once we clear 67k,” the whole market will fly above the latest ATH.
As of this writing, Bitcoin is trading at ,665, a 7.5% increase from a week ago and a 66.22% in the last three months.
Bitcoin Accumulation: You Won’t Believe How Much BTC Holders Have Bought Since The Crash
Bitcoin holders have again reaffirmed their faith in the flagship crypto despite its recent price declines. This follows recent data showing that Bitcoin accumulation addresses recorded a new all-time high (ATH) amidst the current market downward trend.
Accumulation Addresses Record New All-Time High Of Bitcoin Inflows
Data from the on-chain analytics platform CryptoQuant shows that over 27,700 BTC was transferred into accumulation addresses between April 16 and 17. This is a new all-time high (ATH) for these addresses in terms of their daily Bitcoin inflows.
Before now, the highest amount of BTC sent to these addresses in a day stood at 25,500, recorded on March 23 earlier this year. Interestingly, the March 23 record came just about a month after Bitcoin inflows into accumulation addresses hit an all-time high (ATH) of 25,300 BTC on February 21.
Accumulation addresses are wallets with no outgoing transactions and have a balance of over 10 BTC. Accounts belonging to centralized exchanges and Bitcoin Miners are excluded from this category. Meanwhile, these addresses must have received two incoming transactions, with the most recent occurring within the last seven years.
These addresses can be considered the most bullish on Bitcoin, and the growing accumulation trend from these wallets shows how much faith these long-term holders have in the flagship crypto. Furthermore, they are also believed to be positioning themselves ahead of the bull run, as BTC may never drop to these price levels once it comes into full force.
Meanwhile, CryptoQuant’s CEO, Ki Young Ju, also highlighted the significance of this development, noting that on-chain accumulation has remained “very active” even as the demand for Spot Bitcoin ETFs has stagnated for four weeks. This suggests that Bitcoin bulls could help shore up the demand gap left open by these ETFs.
BTC Price Shows Strength
Bitcoin dropped below the ,000 support level following reports about Israel’s retaliatory attack on Iran. However, the flagship crypto showed strength as it quickly rebounded above the ,000 price mark. This is significant considering how much Bitcoin and the broader crypto market declined rapidly following Iran’s attack against Israel on April 13.
Furthermore, the quick price recovery also suggests that Bitcoin has established strong support around the ,000 price range and could be set for a parabolic move to the upside once this period of consolidation is over. Crypto analyst Crypto Rover also recently commented on Bitcoin’s future trajectory, stating that the crypto token will come out with a “banger” soon enough.
At the time of writing, Bitcoin is trading at around ,000, up in the last 24 hours according to data from CoinMarketCap.
SEC Chair Gary Gensler’s Social Media Post Led Some to Believe He Was Resigning
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s social media post expressing that “it’s been an honor to serve” as SEC chairman sparked speculation within the crypto community that he might be resigning from his position. Many people, including lawmakers, have criticized Gensler for taking an enforcement-centric approach to regulating the crypto industry. Gary […]
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Arkham Releases Top 5 Crypto Rich List – You Won’t Believe How Much Is Inaccessible
Arkham Intelligence, an industry leader in on-chain data tracking, has released a list of the richest people in crypto according to their wallet balances. This list has been making the rounds in the crypto community due to the top 5 alone being worth billions of dollars. But perhaps, what is more interesting is how much of this money has now been deemed inaccessible.
3 Of The Top 5 Crypto Rich List Lost Forever
Arkham took to X (formerly Twitter) to share the top 10 richest individuals in crypto ranked by the net worth of their wallet holdings. But the most interesting bits actually lay in the list of the top 5 richest individuals, which included the likes of Tron’s Justin Sun and Ethereum’s Vitalik Buterin.
According to the data shared by Arkham, Justin Sun emerged at the top of the list with a wallet balance of .1 billion, followed by Rain Lohmus, the Chairman of LHV Bank, whose wallet is worth 3 million. Next in line is Ethereum founder Vitalik Buterin, with a wallet balance of 2 million.
In fourth place is Stefan Thomas, a software engineer whose wallet holds a considerable 2 million. And then last but not least is James Fickel, with a total wallet net worth of 6 million. Altogether, these crypto millionaires and billionaire, hold a total of .5 billion. However, not all of this money is available to the owners.
As Arkham notes in its report, two out of these five individuals are no longer able to access their wallets anymore. The first of these two is Rain Lohmus who had invested ,000 during the Ethereum ICO. Lohmus’s allocation came out to 250,000 ETH, which has appreciated greatly over time. However, he can no longer access the coins.
According to Lohmus, he had lost access to his Ethereum wallet and was unable to find the key to the wallet. Given this, the coins are presumed to be lost forever, but Lohmus has offered a 50-50 split to anyone who can access the wallet and recover the funds.
Another individual whose coins are deemed lost is Stefan Thomas. Thomas is infamous in the crypto space for throwing out a flash drive that held the private keys to a wallet containing over 7,000 BTC over 10 years ago. Since then, Thomas has led efforts to excavate the landfill where he believes his trash was sent to, in an effort to recover the flash drive and recover the coins. However, he has run into various issues, such as the city not allowing him to excavate the dump site.
The other three on the list still have access to their wallets and are still involved in the crypto space to varying degrees.
Coinbase Reveals Texas Voters Believe Crypto Is a Relevant Topic for the Next Elections
Coinbase, a major U.S.-based crypto exchange, has found that Texas voters are interested in the crypto subject and presidential candidates’ postures on the issue. 21% of all Texan adults (4.7 million people) own crypto, with 74% of these owners likely to support candidates who recognize the significance of the national crypto industry. Coinbase Reveals Texas […]
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Ethereum Failed Transactions: You Won’t Believe How Much Users Have Lost
The Ethereum network has usually been criticized for the number of failed transactions that occur on it and how it leads to users losing their money as a result of this. This onslaught was recently renewed after a figure in the crypto community showed the staggering amount that has been lost from failed transactions.
ETH Users Lose Over 100,000 To Failed Transactions
In a post on his X (formerly Twitter) platform, the Marketing and Communications Director of Blockstream, Fernando Nikolić, shared a screenshot that showed that Ethereum users had lost over 0,000 due to failed transactions. Interestingly, the 0,000 value happened to be only for the top 10 transactions in the screenshot, with Nikolić noting that there were other ones.
From the screenshot, one can see how a particular user lost over ,000 in gas fees from a single transaction. The second user on the list lost over ,000 in gas fees, with others on the list also losing thousands of dollars in gas fees despite the fact that the transaction failed. Usually, gas fees paid on the Ethereum network are gone forever, irrespective of whether the transactions succeed or fail.
Noteworthily, eight out of the transactions from the screenshot occurred back in May during the period of the frenzy around the meme coin PEPE, which caused an unusual surge in traffic on the Ethereum network.
Failed transactions are known to occur rampantly during such periods because a surge in activity on the network leads to a significant increase in gas fees, with some users falling short of the required gas fee (at the point of executing their trade) needed to process a transaction, which causes it to fail.
Coordinated Attack On Ethereum?
In his post, Nikolić referred to the failed transactions on the Ethereum network as “hot garbage.” Although his post could just be about a concerned member of the crypto community calling out the network, it bears mentioning that he happens to be the second Bitcoin maximalist calling out the network in the space of a week.
Another Bitcoin maximalist, Bit Paine, had earlier suggested that the network was a scam. The crypto pundit hinted that the Ethereum network has helped facilitate the creation of several “digital penny” stocks, which he also referred to as unregistered securities.
However, both statements could be unrelated and simply two astute members of the Bitcoin community, showing why they believe Bitcoin remains supreme.
At the time of writing, Ethereum is trading above ,800, up in the last 24 hours, according to data from CoinMarketCap.
Shiba Inu Accumulation: You Won’t Believe How Much SHIB Whales Have Bought
Shiba Inu is up by 12.15% in a 7-day timeframe as investors continue to accumulate cryptocurrencies in the wider crypto market. However, on-chain data has shown that accumulation has been going on for a while, with SHIB whales now accumulating 0 million in the past three months.
Shiba Inu Whales Have Been Accumulating Large Amounts Of SHIB
On-chain data from IntoTheBlock has shown that SHIB whales, meaning large holders, have been accumulating huge amounts of SHIB over the last few months. Large holders in the Shiba Inu ecosystem are divided into 12 whales (those with more than 1% of circulating supply) and 47 investors (those with more than 0.1% of circulating supply). These top SHIB wallet addresses have added an increase of +33.17%, around 0 million worth of SHIB in just the last 90 days.
Data from the on-chain tracker Whale Alerts has shown various massive transfers during this time period. When investors accumulate large amounts, it often signals an incoming price rally.
4,544,030,677,374 #SHIB (32,142,200 USD) transferred from unknown wallet to unknown wallethttps://t.co/Y7jvL2qtJV
— Whale Alert (@whale_alert) October 21, 2023
These massive accumulations by large holders point to their bullish belief in SHIB, despite the crypto having a weak momentum before the ongoing spike in the crypto market.
This accumulation can, for the most part, be traced back to the introduction of Shibarium. The layer-2 solution developed by Shiba Inu, known as Shibarium, has had a good deal of success. At the time this article was written, the Shibarium blockchain had a total of 3,685,073 transactions and 1,257,858 wallet addresses.
SHIB Future Outlook
SHIB has had a price spike in relation to the ongoing inflow of funds into the crypto market currently being spearheaded by Bitcoin. At the time of writing, SHIB is trading at .00000784 after facing rejection at the .0000082 mark.
Bulls have defended the .0000061 support level and .0000077 levels very strongly to form support after the price tested the latter level multiple times. A sustained move above .0000082 could send SHIB skyrocketing to its August high of .00001137.
Large SHIB holders now hold 71% of the total circulating supply, and some of them can manipulate the price to their advantage. While whale accumulation is a positive sign, there are other things to consider regarding SHIB’s price outlook. On the other hand, the Shiba Inu developers and team leaders have pointed at upcoming projects in the ecosystem, one of which is a stablecoin based on Shibarium. If successful, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, leading to a strong SHIB price spike.