Scott Melker, also known as the “Wolf of All Streets,” has revealed his theory on the potential resurgence of mainstream fear of missing out (FOMO) in the crypto market. He asserted that people seem to forget that the mainstream fervor in the last bull market came through dog coins, like dogecoin, and non-fungible tokens (NFTs). […]
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Tim Draper Expects Bitcoin to Transform El Salvador Into One of the Richest Countries in the World
Tim Draper, a venture capitalist famous for his bitcoin price predictions, has praised El Salvador’s vision of embracing this new technology and talked about the benefits of this decision for its people. According to Draper, bitcoin will make El Salvador one of the richest countries in the world in the next 30 or 40 years. […]
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Bitcoin Mega Whale Resurfaces, JPMorgan Expects BTC Price to Drop, Bitcoin Cash Soars 40%, and More — Week in Review
A significant bitcoin “mega whale” moved 3,000 vintage bitcoins from 2010 as BTC peaked at ,210. JPMorgan predicted a post-halving drop in bitcoin’s price to ,000, citing current euphoria levels. Meanwhile, bitcoin cash experienced a 40% surge in anticipation of its halving event and a major 2024 upgrade. Additionally, rumors circulated about a Qatari billionaire’s […]
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Bitwise CIO Predicts Bitcoin Bull Market Won’t End Early — Expects an ‘Everything Season’
The chief investment officer at Bitwise Asset Management has explained why the current bitcoin bull market differs from prior bull markets. He doesn’t expect the bull market or the alts season to “end early,” emphasizing that he expects to see “more of an ‘everything season,’” rather than a classic alts season. Bitwise’s CIO Predicts an […]
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Deribit Exchange Expects Bitcoin To Rise 20% In The Next 30 Days, Targeting $80,000
In a significant milestone for the cryptocurrency market, Bitcoin (BTC), the largest digital asset, shattered its previous records, surging past the ,000 mark to establish a new all-time high (ATH) of ,300 on Tuesday.
The achievement marked a historic moment for BTC, which hadn’t reached such levels in over two years. However, the crypto’s upward trajectory shows no signs of slowing down, with experts predicting further price gains.
Bitcoin Price And ETFs In Perfect Harmony
According to data from Deribit, an options and futures crypto exchange and analytics firm GenesisVol, BTC is anticipated to experience a potential increase of up to 20.8% within the next 30 days.
These projections suggest that, under ideal circumstances, Bitcoin’s price could break through the ,000 barrier. Even conservative traders are optimistic, expecting BTC to easily surpass ,000 and reach around ,000.
In addition, the recent approval of spot Bitcoin exchange-traded funds (ETFs) has played a pivotal role in Bitcoin’s success, suggesting that the upward trend in BTC prices, coupled with bullish sentiment among options traders and institutional and retail investors, is far from over.
Bloomberg ETF expert Eric Balchunas emphasized the significance of this development, stating that it represents a crucial moment for both Bitcoin and ETFs. Balchunas believes the surge from ,000 to ,000 was largely driven by hopes of ETF approval and subsequent flows.
The expert claimed that the synergy between ETFs and Bitcoin has proven mutually beneficial, as ETFs have enhanced liquidity, affordability, convenience, and standardization for investors.
Notably, the ten-spot Bitcoin ETFs have amassed over billion in assets, with a staggering billion generated from flows and the rest attributed to the rising value of Bitcoin.
However, as Bitcoin reached its new peak, increased market volatility led to a liquidation surge. Journalist Colin Wu reported a sharp 5% drop in Bitcoin’s price within an hour, with Binance recording below ,000. During this hour, liquidations amounted to a staggering 2 million.
BTC Sell Signal
Although bullish investors are currently on cloud nine, renowned crypto analyst Ali Martinez has sounded the alarm as the TD Sequential indicator recently flashed a sell signal on the daily chart of Bitcoin.
The TD Sequential indicator, developed by market expert Tom DeMark, utilizes price patterns and sequences to identify potential trend reversals in various financial markets, including cryptocurrencies.
Martinez emphasized the indicator’s notable track record in predicting Bitcoin’s price movements since the beginning of the year. The TD Sequential indicator issued a buy signal in early January, just before Bitcoin’s price surged 34%.
Conversely, a sell signal was given in mid-February, followed by a 4.44% drop in the value of BTC. So, considering the previous sell signals, a potential drop towards the ,000 price level could be in the making for the largest cryptocurrency on the market, still holding the ,000 support, which will be key for BTC’s prospects.
Featured image from Shutterstock, chart from TradingView.com
JPMorgan Expects Bitcoin Price to Drop to $42K After Halving
JPMorgan has cautioned investors that the price of bitcoin could fall to ,000 after the halving event in April. The global investment bank’s analysts explained that K is the level they “envisage bitcoin prices drifting towards once bitcoin-halving-induced euphoria subsides after April.” The bank also recently stated that the bitcoin halving and the next major […]
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Peter Schiff Predicts Bitcoin ETF Bubble — Expects BTC to Crash When Gold Breaks Out
Gold advocate and vocal bitcoin critic Peter Schiff has warned of a bubble in bitcoin exchange-traded funds (ETFs) that will burst when gold rallies. Schiff argues that gold will “inevitably” break out, and the price of bitcoin will crash as investors withdraw from bitcoin ETFs. “Bitcoin has basically become a bet against gold,” he stressed. […]
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Mad Money Host Jim Cramer Expects Spot Ethereum ETF to ‘Bloom’ Soon
Jim Cramer, the host of CNBC’s Mad Money show, believes that a spot ethereum exchange-traded fund (ETF) “will soon bloom.” He cited the immense success of spot bitcoin ETFs, which set several records this week, as the reason behind his statement. Jim Cramer on Spot Ethereum ETFs Mad Money host Jim Cramer weighed in on […]
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Blackrock Holds 110K BTC, Kiyosaki Expects $100K BTC Soon, AI Crypto Assets Skyrocket, and More — Week in Review
Blackrock has significantly expanded its presence in the digital currency space, accumulating nearly 110,000 bitcoins for its Ishares Bitcoin Trust (IBIT) ETF. Robert Kiyosaki predicts bitcoin will reach 0,000 by June this year. The AI cryptocurrency sector has seen a remarkable surge, with over billion added to its market value in just 17 days. […]
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Microstrategy Chairman Says Bitcoin Is Superior to Other Asset Classes — Expects Capital to Keep Flowing Into BTC
Microstrategy’s executive chairman, Michael Saylor, sees bitcoin as “the strongest asset.” He believes that capital is going to keep flowing from other asset classes, such as gold and real estate, into bitcoin because the cryptocurrency is “technically superior to those asset classes.” He emphasized that bitcoin is an exit strategy and Microstrategy has no plan […]
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