In a comprehensive new report, Crystal Intelligence, a blockchain analytics firm, details a significant billion in losses due to cryptocurrency crimes over the past thirteen years. The study covers a timeline from June 19, 2011, to March 6, 2024, and delves into the various types of criminal activities within the digital currency space. Study […]
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Crystal Ball Or Crazy Talk? Analyst Predicts Bitcoin To Hit $156,000 By May 2025
The enigmatic world of Bitcoin continues to captivate investors with its price fluctuations. However, a recent analysis by Cryptorphic, a prominent crypto analyst, suggests the future might be brighter than recent dips might indicate.
Their prediction? Bitcoin hitting a staggering 6,000 by May 27th, 2025.
The Halving Effect: A Historical Catalyst
Cryptorphic’s prediction hinges on a historical phenomenon known as the halving. Every four years, the number of Bitcoins rewarded for mining new blocks is cut in half. This, in theory, reduces the supply of new coins entering the market, potentially driving up the price of existing ones.
His analysis examines past halvings, showcasing a fascinating trend. Following the first halving in 2012, Bitcoin’s price skyrocketed a mind-blowing 8,300%. The second halving in 2016 saw a more modest but still impressive increase of 288%. The most recent halving in 2020 sparked a 540% surge within a year.
#Bitcoin could hit 6,000 by May 27 2025!
These green boxes represent the price action after #BTC halvings. We’ve never seen a red year after a halving.
Bitcoin halvings are significant events, here are the percentages of Bitcoin’s price increase one year after each halving… pic.twitter.com/QEmNN8OuP2— Cryptorphic (@Cryptorphic1) May 27, 2024
A Golden Ticket Or Fool’s Gold?
Following the fourth halving last April, Cryptorphic predicts a potential price surge of nearly 130% by the following year. This translates to a price tag of anywhere between 5,000 and 6,000.
Despite the bullish outlook, the analysis acknowledges the current short-term volatility. Bitcoin is currently trading below its peak, reflecting a recent 5% dip. However, Cryptorphic identifies a technical indicator, the “inverse head and shoulders” pattern, suggesting a potential breakout for the price.
A Broader Market View
The analyst’s perspective doesn’t shy away from presenting contrasting viewpoints. Others take a more nuanced approach, expressing cautious optimism for the short-term trajectory. They acknowledge the diminishing bearish scenarios and believe the market might be in an earlier bullish phase compared to Cryptorphic’s prediction.
This suggests the potential for further gains even before 2025, although both analysts emphasize the importance of a measured approach to risk management.
Related Reading: Floki Floats 22% On Marketing Blitz, Aims For ‘World’s Most Used Crypto’ Title
Over the past year, Bitcoin has surged by 144%, demonstrating significant upward momentum. This impressive performance has allowed it to outperform 58% of the top 100 crypto assets, as well as surpass Ethereum in gains. Such a robust increase underscores the asset’s strong market position and investor confidence.
Currently, the asset is trading above its 200-day simple moving average, indicating a sustained bullish trend. Additionally, its high liquidity, supported by a substantial market cap, further enhances its attractiveness to investors.
Featured image from Revolutionized, chart from TradingView
Analyst’s Crystal Ball: Bitcoin Price Targets $600,000 After ETF Approval
Bullish tremors shook the cryptocurrency world today as Bitcoin, fueled by the historic approval of spot ETFs and a bold prediction by analyst Michaël van de Poppe, appears poised for a potential moonshot.
Van de Poppe, whose pronouncements carry weight in the digital realm, envisions an ascent of the world’s leading cryptocurrency to staggering heights – a price range of 0-0K within the current cycle.
Related Reading: Bitcoin ETF: Navigating The Promise And Pitfalls Of Mainstream Adoption
ETF Excitement Sparks Bitcoin Trading Surge
This electrifying forecast sent a ripple of excitement through the crypto community, reflected in the top coin’s vibrant trading volume. Up a whopping 35%, the .7 billion figure paints a vivid picture of investor interest piqued by the ETF developments.
Range is defined.
K has been reached, perhaps we’ll go there again with the dealflow on the ETF approval today for #Bitcoin.Dips at -40K are amazing to get.
Perhaps we’ll go to 0-600K this cycle. pic.twitter.com/C0SSroiYGa
— Michaël van de Poppe (@CryptoMichNL) January 11, 2024
Traders were quick to capitalize on the bullish sentiment, driving substantial price movements and creating a dynamic market atmosphere. The surge in trading activity not only underscores the immediate impact of the ETF forecast but also highlights the growing influence of institutional and retail investors alike.
While Bitcoin’s current price of ,286 shows a modest daily gain, its 9.72% monthly surge hints at an underlying anticipation.
The catalyst for this optimism lies in the January 10th SEC decision to greenlight several spot Bitcoin ETFs.
This long-awaited move removes a barrier for many mainstream investors, allowing them to participate in the Bitcoin story without directly holding the digital asset. It’s akin to opening a new door, inviting a fresh wave of potential capital into the crypto ecosystem.
However, amidst the celebratory mood, a note of caution resonates from SEC Chair Gary Gensler. While acknowledging the ETF approval, he reminds investors of the crypto’s inherent risks and the need for careful consideration before diving into the volatile cryptocurrency waters.
2⃣ Investments in crypto assets also can be exceptionally risky & are often volatile. A number of major platforms & crypto assets have become insolvent and/or lost value. Investments in crypto assets continue to be subject to significant risk.
— Gary Gensler (@GaryGensler) January 8, 2024
ETF Milestone: Bitcoin’s Symbolic Validation Unfolds
This serves as a crucial reminder for all, seasoned veterans and newcomers alike, to approach their investments with prudent risk management.
The ETF launch isn’t just about new access. It’s a symbolic validation, with industry giants like Grayscale BTC Trust, Hashdex BTC ETF, and Bitwise ETF receiving the SEC’s nod. This marks a significant milestone, solidifying cryptocurrency’s place in the wider financial landscape.
Featured image from iStock
Nansen’s Crypto Crystal Ball: AI Integration And A Potential Plot Twist In 2024?
As 2024 approaches, crypto analytics firm Nansen offers insightful predictions for the crypto sector, anticipating significant developments and shifts. Despite cautious optimism, they acknowledge a 10-20% chance of inflation resurgence after the US Federal Reserve (Fed) pivot, potentially impacting crypto prices.
Related Reading: Ethereum Price Close Below ,120 Could Spark Larger Degree Decline
As of this writing, the total crypto market capitalization is .5 trillion on the daily chart and seems poised for further upside in the long run.
AI As Primary Use Case: The New Hot Thing In 2024?
According to the firm, a key high-conviction bet for 2024 is the emergence of Artificial Intelligence (AI) agents as primary blockchain users. Integrating AI and blockchain is expected to “advance rapidly, enhancing blockchain performance and broadening use cases.”
This development signifies a crucial step in the blockchain world, potentially transforming how transactions and interactions are processed on the network.
Another focus area is the intent-centric applications that address user experience (UX) challenges in the crypto space. These applications are designed to simplify user interactions with networks, removing complexities and making the technology more accessible to a broader audience.
As seen in the chart below, the integration between AI and crypto is already paying off for early investors. Despite the persistent downside pressure recorded across the board, the AI tokens sector has been among the best-performing in the nascent industry.
2024 is also projected to be a pivotal year for decentralized exchanges (DEXs). Nansen forecasts that DEXs will gain significant market share from centralized exchanges (CEXs), driven by monetary incentives and innovative features.
This shift could mark a fundamental change in the crypto trading landscape, emphasizing the growing importance of decentralized financial systems. Since 2020 and 2021, DEX has been gaining ground over CEX, and the trend might favor the former in 2024.
Finally, Nansen believes that the largest and most trusted cryptocurrency, Bitcoin, is expected to secure a broader range of use cases beyond simple transactions. This expansion could open new avenues for Bitcoin and highlight its versatility and robustness as a digital asset.
Use cases such as non-fungible tokens (NFTs) already gained popularity in 2023, and this trend might continue. However, some Bitcoin community members are fighting the change, which could hinder its adoption and implementation.
Nansen: Market Scenario Analysis For 2024
The potential scenarios for the crypto market in 2024 depend a lot on the macroeconomic situation. In a “soft landing” situation, where inflation slows without drastically increasing unemployment, crypto prices are expected to grow steadily.
However, there’s also the possibility of a re-acceleration of inflation or a recession, which would pose challenges for crypto prices and change the bullish narrative. Nansen’s analysis also acknowledges structural drivers likely to influence the crypto market, such as the statistical boost around Bitcoin’s halving.
These structural drivers also include the adoption of blockchain by major traditional players and regulatory clarity, particularly around a BTC spot Exchange Traded Fund (ETF) in the US. However, unknowns like geopolitical events and macroeconomic shifts could significantly impact the market.
In conclusion, Nansen’s research presents a nuanced view of the crypto market in 2024, highlighting potential growth areas like AI integration and DEXs while remaining aware of the challenges ahead. The year promises to be crucial for the crypto sector, with significant developments expected in technology integration, market structures, and regulatory landscapes.
Cover image from Unsplash, chart from Tradingview
Analyst’s Crystal Ball: XRP Bulls Eyeing $40 Price Target, Despite Doubts
Renowned cryptocurrency analyst Dark Defender, with a substantial following of nearly 100,000 individuals on platform X, has drawn attention to the emergence of a “cup and handle pattern” in the daily time frame of the cryptocurrency XRP.
Based on his analysis, provided that the token maintains a closing price above the support level of .604, XRP has potential for a positive upswing towards the price goals of .05 and .88.
Although Dark Defender’s projection has all the bullish elements to give XRP some badly needed boost in price, another analyst’s estimation also provides a great deal of importance.
Hi all. $XRP formed a cup & handle pattern in the daily time frame.
We set targets for .05 & .88 with the Elliott Waves, and now the Cup-Handle pattern is also blinking XRP to reach the targets.
Can the handle be extended towards .5286 Support?
We still need to close… pic.twitter.com/SvVokOYTs8
— Dark Defender (@DefendDark) November 21, 2023
XRP Upward Trend And Institutional Investments
In a world where predictions are often uncertain, the assurance made by prominent cryptocurrency analyst EGRAG provides another straightforward perspective, suggesting that the journey to a XRP might be less complicated than skeptics think.
The price of XRP remained over the .60 threshold during the early hours of Tuesday. The alternative cryptocurrency is currently seeing an upward trend, accompanied by an increase in the amount of capital being invested by institutional investors into XRP funds.
#XRP – Once you spot it, you’re hooked!
The FOMO’s about to hit hard at !
My bank account? It’s #XRP all the way! Every gain feeds back into #XRP.
#XRPArmy STAY STEADY, The #XRP TA indicate to an incredibly bullish long-term outlook.
pic.twitter.com/z3PuhvwCmn
— EGRAG CRYPTO (@egragcrypto) November 22, 2023
In recent weeks, there has been a notable trend of significant wallet investors divesting their XRP token holdings, while retail traders have concurrently demonstrated an inclination towards acquiring the altcoin. This phenomenon has contributed to the development of a positive outlook for XRP.
The price of XRP is currently .6105, 1.8% less than it was a day ago. Despite the continued downturn, interest in the asset is increasing; transaction volume has increased by 25% in the past day to around .2 billion.
Implications Of The Ascending Triangle For XRP’s Future
One of his most recent updates on XRP, where he drew attention to the asset’s moves on the weekly chart, demonstrates his ongoing bullishness. XRP is presently trading inside an ascending triangle that has been there since 2018, according to EGRAG’s chart.
An ascending triangle is a bullish pattern in technical analysis, formed by a horizontal resistance line and a rising support trendline. It indicates a market where buyers are consistently pushing the price higher against a specific resistance level.
Traders anticipate a potential upward breakout at the triangle’s apex, signaling a continuation of the existing uptrend. This pattern is often seen as a sign of increasing buying pressure.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pexels
Crystal Ball For Solana: Envisioning A Staggering 2030 Valuation
A recently released report explores the future potential of blockchain technology, particularly focusing on the revival and growing influence of Solana (SOL) in the crypto market.
Asset and mutual fund manager VanEck disclosed one key driver of Solana’s influence is its advancements in Smart Contract Platforms (SCPs), defined as systems that execute contracts on a blockchain without requiring third-party involvement.
Although other SCP-compatible blockchains exist, such as BNB Chain and Ethereum (ETH), Solana has notably dominated this sector. VanEck’s analysis suggests that this sector, particularly SCPs, is poised for significant adoption in the future, positioning Solana as a prominent player in the blockchain industry.
Solana’s Dominance In Smart Contract Platforms
Solana’s emergence as a dominant force in the SCP realm is reinforced by its high throughput and scalability, surpassing many existing blockchain networks. Its ability to process a high volume of transactions quickly and at a lower cost compared to some competitors has been a pivotal factor driving its influence and potential for widespread adoption.
Additionally, Solana’s ecosystem has seen a surge in decentralized applications (dApps) and projects leveraging its infrastructure, further solidifying its position as an attractive and viable platform for developers and users alike. This growing adoption and technical superiority hint at a promising trajectory for Solana, suggesting it may remain a key player in the expanding landscape of blockchain technology.
The VanEck report underscored the undeniable dominance of Solana in the SCP sector. But despite these existing alternatives, none have managed to rival Solana’s current supremacy within the field. VanEck further highlighted the sector’s imminent surge in adoption, foreseeing a promising growth trajectory.
However, the report also emphasized the necessity of a groundbreaking application for exponential expansion. According to VanEck, among the contenders, Solana stands as the most fitting platform with the potential to fill this pivotal role, positioning itself as the likely candidate to lead the sector’s transformative growth.
VanEck observed that the blockchain hosting the groundbreaking application could experience substantial benefits from the app’s generated activity. The analysis presents a scenario where Solana becomes the pioneering blockchain to support a single application that brings on board over 100 million users.
Over the past week L1s have started to see a shift in sentiment.$SOL activity for the month has translated to sharp increased in DEX volume activity as TVL and users have seen an uptick.
Is this the start of a new trend? pic.twitter.com/wfFyYlvBVS
— Artemis (@artemis__xyz) October 26, 2023
Artemis’s Analysis: Solana’s Resurgence and Growth
Meanwhile, Artemis, an institutional digital asset data platform, recently highlighted Solana’s remarkable resurgence, underscoring the project’s growth. In an October 26 post on X (formerly Twitter), Artemis expressed being impressed by Solana’s performance, citing key metrics such as Total Value Locked (TVL), decentralized exchange (DEX) volume, active addresses, and transactions.
Notably, Artemis emphasized its expectations for the network’s future improvement, especially with its 100% uptime since March 2023. The collective positive sentiments from both Artemis and the asset management firm shed light on Solana’s recovery and significant potential, as detailed in their respective analyses.
At the time of writing, Solana (SOL) was trading at .83, up 3.5% in the last 24 hours and registered a decent 7.8% increase in the last seven days, according to figures by Coingecko.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from TechSAA
Crystal Blockchain Study Reveals $16.7 Billion in Crypto Assets Stolen Since 2011
Crystal Blockchain, a company that provides blockchain data and analytics, published a study covering security breaches, fraud, and scams related to cryptocurrency and decentralized finance (defi). According to the study, approximately .7 billion in crypto assets have been stolen since 2011. Last year, Crystal’s intelligence team documented 199 incidents resulting in the theft of .17 billion in crypto assets. So far this year, there have been 19 different incidents resulting in the theft of 6 million.
Top Countries Targeted by Crypto-Related Incidents: United States Leads in Frequency, China Tops in Value
On Tuesday, Crystal Blockchain released a report providing a comprehensive analysis of fraudulent activities and security vulnerability attacks since 2011. The report reveals that during the past 12 years, there were 461 incidents that took place in 45 countries, resulting in .7 billion in stolen crypto assets.
According to Crystal’s intelligence report, 231 defi hacks, 135 security attacks, and 95 fraudulent schemes were reported during this period. Defi hacks ranked second in terms of value, with .81 billion stolen, while scams resulted in more than .5 billion in stolen crypto assets.
According to the study, the United States has the highest number of incidents against crypto companies and bad actors. However, in terms of overall value, China ranks highest due to the Plus Token Ponzi scam in 2019 and the Wotoken Ponzi in 2020.
Crystal researchers state that until 2021, the most popular attacks were against crypto-exchange security systems, but since then, attackers have shifted to decentralized finance hacks. Currently, Crystal reports that centralized exchange (cex) hacks cause the least amount of financial damage. “In 2022, the ratio of cex versus [decentralized exchange (dex)] hacks was as high as 1:13,” note Crystal’s researchers.
The largest defi hack to date was the Ronin network bridge hack in March 2022, resulting in the loss of over 0 million. The majority of the funds stolen in the Ronin hack were transferred to Tornado Cash, a cryptocurrency mixing service.
Crystal researchers note that “Tornado Cash remains the most popular service for laundering funds on the Ethereum Blockchain.” The report states that last year, stolen crypto assets from the top 10 defi exploits exceeded .61 billion. Additionally, non-fungible token (NFT) rug pulls became popular in 2022, with Crystal counting “48 successful scams” during the year.
Crystal Blockchain’s report in its entirety can be read here.
What do you think should be done to improve security measures in the cryptocurrency and decentralized finance (defi) space? Share your thoughts and ideas in the comments section below.
Bitcoin Price Crystal Ball – What Happens To BTC After Christmas 2022?
Bitcoin and the broader crypto market rapidly reversed course in response to the U.S. Federal Reserve’s announcement of a 50-basis-point increase in interest rates, erasing any gains made before the disclosure.
The Federal Reserve has been steadily raising interest rates in an effort to ease the economy and rein in inflation, which has driven prices of basic commodities to record highs.
Yesterday, Bitcoin’s price reached a one-month high and had a brief recovery of positive momentum, but a conservative report from the Federal Open Market Committee (FOMC) and remarks from Fed chair Jerome Powell drove BTC to an intraday low of ,659.
A Whipsaw For Bitcoin After Fed Disclosure
According to TradingView data, the BTC price saw a bit of a whipsaw in response to the central bank announcement, rising to an intraday high of ,377 before falling to a low of ,663 in a few of hours before bulls pushed it back up above the ,800 support.
Prior to Powell’s announcement, the key indexes were in the green zone; however, they plunged into the red zone afterwards. At the close of trading, the Dow Jones, Nasdaq, and S&P were all in painted in crimson.
Powell told members of the press on Wednesday afternoon that “we have more work to do” and that “inflation risks are on the upside.”
Coingecko statistics indicates at the time of writing that Bitcoin (BTC) and Ethereum (ETH) values have fallen by more than 2.7% in the last hour and are presently trading at ,717 and ,292 apiece.
In the past 24 hours, the market capitalization of all cryptocurrencies declined 1.42 percent to 7.98 billion, representing a decline of .72 billion. The overall crypto market volume during this timeframe has decreased by 14.40%, reaching .67 billion, based on latest data.
The Experts’ Crystal Ball: BTC Price For 2023
In its Crypto Outlook For 2023 report by Forbes Advisor, it predicts that Bitcoin’s price could decline to ,560 in 2023, given that the crypto’s reputation has been severely damaged by the problems and scandals of 2022 and that broader markets are suffering.
Jim Wyckoff, a senior technical analyst at Kitco, has a different take: he said that Bitcoin’s surge to ,377 indicates a five-week high, which actually signals optimism in the crypto’s price trajectory.
The markets fell from K to .6K due to the FTX collapse.
We’re currently trading at K, slightly higher than the low in June.
I understand the bearish thesis, but this is honestly a sign of strength for #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) December 14, 2022
According to Wyckoff, this week’s price action has created a bullish “upside breakout” from a “choppy and sideways trading range” on the daily chart, indicating the emergence of a price upswing.
For his part, renowned analyst like Michael van de Poppe says that the market has already reached its bottom and that a Bitcoin relief bounce is in the offing.
Meanwhile, the question that arises now is whether the current market turmoil will persist into the new year, and if so — when the crypto winter’s frozen edges might begin to thaw.
Bitcoin Price Crystal Ball – What Happens To BTC After Christmas 2022?
Bitcoin and the broader crypto market rapidly reversed course in response to the U.S. Federal Reserve’s announcement of a 50-basis-point increase in interest rates, erasing any gains made before the disclosure.
The Federal Reserve has been steadily raising interest rates in an effort to ease the economy and rein in inflation, which has driven prices to record highs.
Yesterday, the Bitcoin price reached a one-month high and had a brief recovery of positive momentum, but a conservative report from the Federal Open Market Committee (FOMC) and remarks from Fed chair Jerome Powell drove BTC to an intraday low of ,659.
A Whipsaw For Bitcoin After Fed Disclosure
According to TradingView data, the BTC price saw a bit of a whipsaw in response to the central bank announcement, rising to an intraday high of ,377 before falling to a low of ,663 in a few of hours before bulls pushed it back up above the ,800 support.
Prior to Powell’s announcement, the key indexes were in the green zone; however, they plunged into the red zone after his announcement. At the close of trading, the Dow Jones, Nasdaq, and S&P were all in the red.
Powell told members of the press on Wednesday afternoon that “we have more work to do” and that “inflation risks are on the upside.”
Coingecko statistics indicates at the time of writing that Bitcoin (BTC) and Ethereum (ETH) values have fallen by more than 2.7% in the last hour and are presently trading at ,717 and ,292 apiece.
In the past 24 hours, the market capitalization of all cryptocurrencies declined 1.42 percent to 7.98 billion, representing a decline of .72 billion. The overall crypto market volume during the past 24 hours has decreased by 14.40%, reaching .67 billion, based on latest data.
What The Experts Predict For BTC Price
In its Crypto Outlook For 2023 report by Forbes Advisor, it predicts that Bitcoin’s price could decline to ,560 in 2023, given that crypto’s reputation has been severely damaged by the problems and scandals of 2022 and that broader markets are suffering.
Jim Wyckoff, a senior technical analyst at Kitco, has a different take: he said that Bitcoin’s surge to ,377 was a five-week high, which actually signals optimism in the crypto’s price trajectory.
The markets fell from K to .6K due to the FTX collapse.
We’re currently trading at K, slightly higher than the low in June.
I understand the bearish thesis, but this is honestly a sign of strength for #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) December 14, 2022
According to Wyckoff, this week’s price action has created a bullish “upside breakout” from a “choppy and sideways trading range” on the daily chart, indicating the emergence of a price upswing.
Other renowned analysts say that the market has already reached its bottom and that a Bitcoin relief bounce is in the offing.
The question that arises now is whether the current market turmoil will persist into the new year, and if so — when the crypto winter’s frozen edges might begin to thaw.
Arthur Hayes’ Crystal Ball Predicts: Bitcoin And Ethereum To See Carnage In June
Former BitMEX CEO Arthur Hayes posted another prediction for Bitcoin and Ethereum. At the same time, the top cryptocurrencies by market cap continue moving in a tight range with today’s U.S. Consumer Price Index (CPI) increasing volatility across the board.
Related Reading | TA: Bitcoin Resumes Decline, Why BTC Could Revisit K
At the time of writing, Bitcoin trades at ,500 with a 1% loss in the last 24-hours and a 13% loss in the last week. Ethereum trades at ,000 with similar performance over this period.
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview
As NewsBTC has been reporting, Hayes believes the current financial system supported by the “Petrodollar” has ended. This opened the door for a new system where independent currencies, such as Bitcoin and Ethereum, will see more demand.
Ethereum stands to benefit the most in the short term as it will transition to a Proof-of-Stake (PoS) consensus algorithm. Thus, it’ll see a 99% decline in its energy consumption with a staking system that will yield rewards to network validators.
Institutions will take shelter from inflation using this system, Hayes argued. However, the top cryptocurrencies will undergo an increase in selling pressure in the short to medium term as the U.S. Federal Reserve attempts to tame inflation.
This will lead to a bloody financial market coming May when the FED will begin its tightening program. At the time, the former BitMEX executive claims Bitcoin and Ethereum show high levels of correlation with traditional markets, specifically the Nasdaq 100 Index (NDX).
In other words, crypto is trading as a big tech company. Hayes believes this correlation needs to trend to the downside before Bitcoin and Ethereum can begin their ascend to new all-time highs.
Before that happens, the NDX and the traditional market will be pushed into the red with potential drawdowns of 30% to 50%. This could take BTC and ETH to re-test their critical support zones at around ,000 and ,000, respectively.
Proof Of The Ethereum and Bitcoin Carnage
As evidence of this upcoming bloodbath, Hayes claims the NDX on its one-year chart demonstrates potential weakness. The Index failed to break above the 61.8% Fibonacci Retracement with a prolongation of the downtrend, this suggests further losses. Hayes said:
The chart tells me the NDX will continue lower, test its local low, and break decidedly below it. I believe the next stop after that is to test 10,000 (…). the crypto capital markets are the only free markets left globally. As such, they will lead equities lower as we head into the downturn, and lead equities higher as we work our way out of it. Bitcoin and Ether will bottom well before the Fed acts and U-turns its policy from tight to loose.
Source: Arthur Hayes
Related Reading | Bitcoin Price Plummets Below ,000 As Crypto Market Tallies 0 Million In Liquidations
In the long run, Bitcoin will hit million per coin and Ethereum over ,000, Hayes previously stated. A lot depends on the FED which seems trapped in its current situation, and in the Ukraine-Russia conflict and its resolution.