The International Monetary Fund (IMF) has stated that Zimbabwe’s recently introduced gold-backed fiat currency represents a significant policy step. This is the IMF’s first substantial comment on the currency since its inception. The global lender has reportedly announced plans to send a team in June to evaluate the performance of the new currency. Contrasting IMF […]
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Steven Nerayoff Calls out Joseph Lubin for Damaging Crypto Market
Steven Nerayoff, a former adviser to the Ethereum network, has publicly denounced Joseph Lubin, co-founder of the Ethereum Project and the founder of Consensys, and other “bad actors” for their detrimental actions in the cryptocurrency market. In a tweet, Nerayoff clarifies that his dispute is not with Ethereum as a whole, but specifically with Lubin […]
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Historian Yuval Noah Harari Expresses Skepticism About Bitcoin, Calls It ‘A Currency of Distrust’
Last week at the BIS Innovation Summit 2024, Israeli historian, philosopher, and bestselling author Yuval Noah Harari shared his views on bitcoin and electronic currency. During his presentation, Harari emphasized his disapproval of bitcoin, stating it is its money “built on distrust.” Yuval Harari Voices Concerns Over Bitcoin Yuval Noah Harari has openly stated his […]
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SEC Chair Gary Gensler Calls Crypto ‘Outsized Piece of Scams, Frauds, and Problems in Our Markets’
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reiterated his view that crypto is a field full of noncompliance. While noting that crypto is a small piece of the overall U.S. financial market that his agency oversees, the SEC chair emphasized that it is “an outsized piece of the scams […]
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‘Big Short’ Investor Calls Crypto One of the ‘Great Themes of Our Time,’ But He’s Not a Believer
In a recent interview on Bloomberg Television, Steve Eisman of Neuberger Berman, who gained prominence from “The Big Short,” shared insights on the impending U.S. election and his investment strategies. Eisman identified three significant current themes, including cryptocurrency, about which he expressed skepticism. Steve Eisman’s Take: Trump’s Re-Election and the So-Called Crypto Conundrum Steve Eisman, […]
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PEPE Chart Heats Up: Crypto Analyst Calls It One Of The Most Attractive
Cold Blooded Shiller (@ColdBloodShill), a well-known figure in the crypto analysis community, recently shared a technical analysis of the PEPE/USDT pair on Binance, marking it as one of the most promising charts in the current market landscape. With his analysis, posted to his 272,000 followers on X, he describes the potential movements of PEPE, both bullish and bearish, as it approaches a critical juncture on its trading chart.
Why PEPE Is One Of The Most Attractive Crypto’s Right Now
The chart, set on a four-hour time frame, details PEPE’s price action and its interaction with significant technical levels. A key focal point of Shiller’s analysis is the resistance-turned-support zone between approximately .0000063 and .0000062. This level, highlighted in green, previously acted as a strong resistance zone, and its conversion to support suggests a foundational shift in market sentiment towards PEPE.
Moreover, PEPE is currently approaching a crucial resistance marked by a descending trend line in red, indicating a potential breakout point. However, Shiller cautiously notes that while the asset is on the verge of breaking this downtrend, there’s a risk of what he terms a “fakeout.” This scenario could see the price initially breaking above the trend line only to retract back below it, potentially leading to a decline of about 13% towards the established support zone at .0047423.
Should this support hold against market volatility—a common challenge in the crypto trading sphere—it may serve as a springboard for PEPE. Shiller speculates a possible rally that could result in a 47.47% increase from the support level, targeting an upper price level of .000011. Such a movement would not only confirm the strength of the current support but also signify a strong bullish market phase for PEPE.
The analysis also pays close attention to the Relative Strength Index (RSI) hovering near the 50 mark, a neutral territory that indicates the asset is neither overbought nor oversold. This positioning suggests the potential for significant price movement in either direction, emphasizing the importance of the upcoming potential breakout or fakeout scenario.
Cold Blooded Shiller’s analysis concludes with a nod towards taking a chance on PEPE if it begins to show signs of a firm breakout. His detailed observation and the technical markers he highlights suggest that, despite potential risks, the reward could indeed be substantial should favorable conditions prevail.
“PEPE [is] one of the sexiest looking charts out there right now. Consolidating above it’s former significant level. Does it have the chance for lower and some fuckery with a fakeout? Yes. Is it worth the opportunity shot if it starts to breakout? Absolutely yes,” he stated.
At press time, PEPE was trading at .000006976. Thus, the meme coin is approaching the 200-EMA at .000006677. If this support does not hold, a retest of the red support zone seems plausible.
Bitcoin Sees Rise in Sell Calls Amid Expectations of Asian Institutional Boost
Over the past week, bitcoin has exhibited a downward trend, with its price stabilizing at around ,950 to ,125 per unit as of April 27. Despite this dip, the Crypto Fear and Greed Index remains firmly in the “greed” sector. According to Google Trends, interest in the term “bitcoin” has diminished, while the market intelligence […]
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Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000
A bull flag recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to as high as 0,000 when it makes that move.
Bitcoin’s Bull Flag Suggests More Upside
Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin’s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is “shaping up nicely” and that Bitcoin could potentially shoot up towards 0,000 once the declining volume picks up.
However, Baca further suggested that Bitcoin could drop below ,000 before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to ,000, he claimed.
Baca opined that such price dips could be “healthy” for Bitcoin before it experiences a reversal. He elaborated that these dips “offer solid buying opportunities,” which could help spark Bitcoin’s move to record highs.
Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin’s bull run and that a bearish reversal was unlikely.
#Bitcoin on a daily chart forming a bull continuation pattern.
According to Wyckoff’s law of cause and effect “the longer the consolidation, the more explosive the markup will be” pic.twitter.com/ArH0lNnyc2
— Mikybull Crypto (@MikybullCrypto) April 26, 2024
He also hinted that the next leg up could be massive as he alluded to Wyckoff’s law of cause and effect, which states that “the longer the consolidation, the more explosive the markup will be.”
Bitcoin Needs A Catalyst To Spark This Upward Trend
Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any potential price rise for Bitcoin is unlikely to be realized without a catalyst. He noted that the flagship crypto token has managed to build resilient support at ,000, but without any catalyst, it will merely continue to trade around the ,000 range.
It is worth noting that the Spot Bitcoin ETFs, which previously served as a major catalyst to Bitcoin’s price surges, have recently suffered from declining demand. They have also experienced significant net outflows this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions.
Despite this, Stoychev is positive that Bitcoin won’t drop below ,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if high interest rates are maintained longer than expected, as this can affect sentiment toward crypto assets.
At the time of writing, Bitcoin is trading at around ,900, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from TradingView
Bitcoin Sell Calls Going Through The Roof: But Is It Really Time To Sell?
The story has not been any much different for Bitcoin, with its price still stuck in a consolidation range in the past week. The sluggishness of the premier cryptocurrency – and the general market – has continued despite the completion of the halving event over a week ago.
The halving event, which saw mining rewards take a significant cut, was expected to usher in another round of bullishness for the Bitcoin price. On the contrary, investors appear to be getting frustrated with the slow activity of the market, with many calling for the dump of BTC.
Bitcoin Sell Calls At Increased Rate: Blockchain Firm
According to a recent report by on-chain analytics firm Santiment, investors are increasingly calling for the sale of Bitcoin across social media following its latest drop toward ,000. The relevant metric here is the “social volume” indicator, which tracks the number of unique posts and messages on different social platforms that mention a specific topic.
Santiment aggregated data of “buy or bullish”, “sell or bearish,” or related mentions for the premier cryptocurrency over the past week. The on-chain analytics then highlighted a shift in the trend, with the bearish calls looking to drown out the bullish noise on social media.
According to Santiment, Bitcoin’s recent fall to ,000 resulted in the lowest level of buy and bullish calls since April 21st (just before BTC recovered back above ,000). As shown in the chart above, the social volume for terms related to “sell” shot up after the price decline.
Typically, the increased bearish mentions of Bitcoin suggest a rising level of FUD (fear, uncertainty, and doubt) amongst investors. However, when traders seemingly become frustrated and impatient, there is usually a higher probability of a market rebound.
Almost 90% Of Circulating BTC In Profit – Impact On Price
According to recent on-chain data, about 90% of Bitcoin in supply is in profit. On the surface, this basically implies that the most current holders of the premier cryptocurrency bought at a lower price compared to the current price.
However, this level of profitability can also be an overbought signal, especially after bullish periods like the one that occurred between October 2023 and March 2024. Ultimately, this suggests investors could see Bitcoin shed more of its price gains over the next coming weeks.
As of this writing, Bitcoin is valued at ,077, reflecting a 2% price decline in the past 24 hours.
Analyst Points To Possible 30% Bitcoin Correction, Calls For Caution
Popular cryptocurrency expert Cold Blooded Shiller has made a grim prediction that Bitcoin may be on the verge of a significant correction and could crash as low as 30%, given the current heightened volatility in the market.
Bitcoin Could Be Poised For 30% Pullback
Cold Blooded Shiller believes it is important to note that Bitcoin is holding up and now showing much more strength, regardless of the different factors influencing the nascent sector, such as ETFs, fundamentals, and Halving.
Given that pullbacks of 30% are historically common for BTC, Shiller foresees the potential for this to repite this cycle. Should the trend manifest, the price of BTC could fall as low as ,000 in the upcoming months.
The post read:
With the historical tendency to produce -30% pullbacks, what happens to the landscape if BTC does head down for a -30% correction and into the ,000?
Cold Blooded Shiller drew attention to a previous post offering investors insights on taking advantage of this development when it happens. Shiller is confident that BTC might undergo the correction mentioned above, and the impact on altcoins would likely be around -50%.
The expert believes some investors are eager to profit in the bull cycle but neglect the risk involved in this period. “I keep referencing buy anywhere you want with risk management that supports -30% downside and ensure you can keep buying more,” he stated.
Thus, the analyst has stressed the need for investors to be well organized and understand what constitutes an opportunity-filled environment in a bull market. His post encourages investors to reassess their risk management and investing tactics to navigate the ever-changing crypto landscape successfully.
BTC Price Continues To Fall
The price of Bitcoin continues to move downward, falling to ,000 after a recovery witnessed on Monday. Over the last 24 hours, the crypto asset has dropped by 5%, causing a general collapse in the market.
At the time of writing, BTC was trading at ,854, indicating an over 10% decrease in the past week. On the last day, its trading volume increased by roughly 1%, while its market value fell by over 5%.
Given the current trajectory in the crypto market, BTC might suffer an even greater decrease in the next few days. Several analysts anticipate a further price decline before the Halving event in less than five days.