Raoul Pal, a well-known financial sector figure, predicts a significant expansion of the cryptocurrency market, forecasting its market capitalization could reach 0 trillion due to global liquidity trends and technology adoption. His analysis is underpinned by observations of the global liquidity cycle, which has been influencing asset growth since 2008, along with the rapid adoption […]
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Analysts Foresee Altcoins ‘Explosive Rally’ Incoming, Is The Correction Phase Over?
Over the weekend, the crypto market started recovering from the largest retrace of this bull cycle. The strong correction caused Bitcoin and the altcoins market to drop to levels not seen since February.
While some sectors of the crypto community felt like the bull run was over or needed to “cool-off”, others seemed optimistic about the cycle’s future. Now that the market is back from the correction, analysts foresee that the altcoin season might come soon.
Is The Correction Phase Over?
Over the weekend, crypto analyst and trader MilkybullCrypto shared with his X followers that the Altcoins market capitalization was at “an RSI level that initiates an explosive rally.”
Per his chart, this level is a “reset for a healthy rally,” as seen in 2016 and 2020. During these two cycles, when the altcoins reached this level, a “huge rally” followed.
The analyst shared his latest forecast on Monday after seeing the market strengthen its recovery. To Milkybull, the altcoins market cap finished a “Heatly retest.”
The market displayed a similar correction during the 2020-2021 rally before skyrocketing to all-time high (ATH) levels. The chart seems to display the same performance, which could mean that altcoins are “in preparation for an explosive rally,” if history repeats itself.
Similarly, crypto trader and analyst Captain Fabik considers the “Healthy Correction is done.” In his X post, the analyst identified a bullish falling wedge pattern, which signals a “bullish rally incoming.”
Altcoins “Cool-Off” Or “Euphoria” Incoming?
According to analyst and trader Rekt Capital, the Altcoin market cap, excluding the top 10 cryptocurrencies, has “successfully retested the 0 billion level as a support level” over the last several weeks.
Per the trader, the altcoins are following the proposed path of his “Ultimate Altcoin Market Cap Game Plan For The Coming Months.” On this plan, Rekt Capital forecasted altcoins market cap would surge to the 5 billion level before retracing back to the 0 billion mark. This retrace would be followed by an explosive surge above the 0 billion market capitalization.
Altcoins have stayed above the 0 billion support zone despite the strong corrections, as seen in the chart below. To the analyst, this suggests the market is “now showing initial signs of trying to curl up from here.”
Renowned figures have expressed their “disappointment” in altcoins’ performance this cycle. Altcoin Sherpa considers that “many alts didn’t even run that hard over the last few months,” which could suggest that it’s time for a “cool-off.” At the time, the analyst deemed altcoins’ rally was “done” for the next 1-4 months.
However, others believe the “euphoria phase” for altcoins is coming. According to Crypto Yhodda, “The alts will rise again, and by the end of 2024, they will go crazy.” Moreover, the analyst believes that “Altcoins Cycle III” will give us some crazy pumps.
According to his chart, the altcoins’ cycle I and II displayed a symmetrical triangle pattern before the breakout. The surge was followed by a slowdown before the upward trajectory continued, called “Round 1” by the analyst.
Subsequently, the rally would repeat the pattern on a second round before reaching the cycle’s top. “Cycle III” appears to be in the middle of Round 1, which suggests to the analyst there is a long road ahead before it “hits the euphoria phase.”
Van Eck Analysts Foresee $1 Trillion Market Cap for Ethereum’s Layer Twos by 2030
Van Eck analysts predict that Ethereum’s Layer two (L2) scaling solutions will reach a trillion market cap within six years, fueled by the need to overcome Ethereum’s limitations in processing capacity, data storage, and computation. Despite acknowledging the potential for significant revenue generation on L2 networks over the base Ethereum network, the analysts express […]
Bitcoin News
Crypto Analysts Foresee Another FLOKI Expansion Despite Market Drop
FLOKI and the dog-themed cryptocurrencies have been the talk of the town recently. BONK and dogwifhat (WIF) reached new all-time highs (ATH) this month, while the Viking dog-based token climbed to levels not seen since the previous bull run.
During this rally, memecoins have soared alongside the rest of the cryptocurrencies. However, in the past 24 hours, the market went from flying to crashing as the prices of most cryptocurrencies followed the recent Bitcoin dip.
Is FLOKI Ready To Continue Its Expansion?
Last week, FLOKI, the fifth largest memecoin by market cap, soared by over 60% after announcing its listing in two major crypto exchanges in Asia and the Middle East. The news propelled the token’s price to .0002043.
Crypto Analyst Byzantine General shared on X (formerly Twitter) his view on the token’s recent performance. According to the post, FLOKI was one of the few tokens that “held up nicely.” Based on that, Byzantine General observed that the price was consolidating before another expansion.
One of the coins that held up nicely today is $FLOKI. Looks like it's just consolidating before another expansion. And lately it's basically been a higher beta $DOGE. pic.twitter.com/9MsrfInjvA
— Byzantine General (@ByzGeneral) March 14, 2024
FLOKI has shown a rising trajectory this month, increasing 337% since March 1st. The chart in the post highlights the past four days, displaying that the Solana-based memecoin has consolidated between the .00026-.0003 price range.
A broader look at the token’s price exhibits that it hovered between .000028-.000039 in the first two months of 2024 before breaking above the .000040 resistance level at the end of February. In the past 30 days, FLOKI has registered a stellar 9.4% growth.
Similarly, the renowned trader and market analyst MacroCRG shared on X that “$FLOKI holding up like a mf chad” amid the market dip. According to the trader, the token will continue as one of the leaders “as long as the memecoin supercycle bid remains.”
Market shits itself?
It's oke, $FLOKI holding up like a mf chad
New revamped roadmap coming soon + many product launches lined up for the rest of the year…
As long as the memecoin supercycle bid remains… IMO @RealFlokiInu gonna continue being one of the leaders pic.twitter.com/2gsIE04Dkv
— CRG (@MacroCRG) March 15, 2024
The analyst highlighted the project’s newly revamped roadmap as part of its “strengths.” Additionally, he pointed out that the web3 project has product launches lined up for the rest of the year.
FLOKI’s Price Action
The launch in the mainnet of the Valhalla Game, powered by FLOKI, is highly expected by the “Floki Vikings.” Undoubtedly, the community has shown massive support and confidence in the web3 project, as many expect it to skyrocket soon to a new ATH.
The token’s price has closely followed the jumps and dips of BTC during the past seven days, as seen in the chart below. It registered a drop of 13.5% in the last 24 hours.
Coupled with the price drop, the daily trading volume decreased 21.3% to 7.2 million. Moreover, WIF recently flipped it, which took fourth place as the largest memecoin by market cap. By this metric, FLOKI’s .47 billion takes 52nd place in the global crypto market ranking after a 6.6% decrease in the last day.
At writing time, FLOKI is trading at .000248. Despite the price decrease, the token still shows a remarkable 28.3% growth in the 7-day timeframe.
Long-Term Bitcoin Metrics Reversing – Experts Foresee ‘Explosive Phase’ For Top Crypto
Bitcoin (BTC) is currently experiencing a notable surge in its value, effectively propelling the entire cryptocurrency market upwards. The recent upswing has drawn the attention of various experts in the field, one of whom is the pseudonymous crypto strategist known as TechDev.
In a recent post on the popular social media platform X, TechDev emphasized that Bitcoin, often referred to as the king of cryptocurrencies, is poised to enter an “explosive” phase, citing the reversal of the king crypto’s long-term metrics as evidence.
According to TechDev, a specific signal occurs approximately every 3 to 3.5 years, indicating an impending period of several months during which the market capitalization of Bitcoin is expected to grow significantly.
Every 3 to 3.5 years, this signal says the next several months will be explosive for #Bitcoin. pic.twitter.com/OQkoCVgbwH
— TechDev (@TechDev_52) October 28, 2023
Analyzing TechDev’s Bitcoin Insights
Analyzing the intricate dynamics at play, TechDev’s chart highlights an intriguing correlation between China’s 10-year yield on its bond and the US dollar index, suggesting that as China’s bond yield decreases in relation to the US Dollar Index, Bitcoin’s price is predicted to rise.
10 degree $BTC/#NASDAQ breakouts are not ones to miss. pic.twitter.com/NmW7n5kiKe
— TechDev (@TechDev_52) November 1, 2023
Simplifying this, it implies that as the yield on China’s long-term bonds decreases in comparison to the strength of the US dollar, there is an increased likelihood of Bitcoin’s value escalating, possibly due to shifting investor sentiment and a growing appetite for alternative assets.
Furthermore, TechDev underlines Bitcoin’s historical breakouts against the NASDAQ over the years, emphasizing the significance of these breakthrough moments.
These instances serve as a strong indication for investors, signaling the importance of not overlooking Bitcoin’s potential to break out significantly against the renowned stock exchange.
Cathie Wood’s Vote Of Confidence
In addition to the optimistic sentiments surrounding Bitcoin, prominent financial figure Cathie Wood, the head of Ark Investment, has expressed unwavering confidence in Bitcoin as a hedge against the potential risks of deflation.
In a recent interview on Bloomberg’s Marin Talks Money podcast, Wood responded to a question regarding her preferred asset class to hold for a decade. Without hesitation, she unequivocally favored Bitcoin over gold or cash, highlighting its unique characteristics that make it an effective safeguard against both inflation and deflation.
Wood emphasized Bitcoin’s inherent resilience against counterparty risk, along with its decentralized nature, which tends to discourage excessive institutional interference. Describing Bitcoin as the “digital gold” of the contemporary financial realm, Wood’s endorsement adds further credibility to Bitcoin’s position as a resilient and promising investment option.
The current price of Bitcoin according to CoinGecko stands at ,557, with a slight 24-hour dip of 1.8% countered by a modest seven-day gain of 1.3%. These fluctuations further underscore the dynamic nature of the cryptocurrency market and the ongoing developments that continue to shape the trajectory of Bitcoin’s value.
Amidst these fluctuations, the overarching sentiment remains bullish, emphasizing the growing recognition of Bitcoin’s significance in the global financial landscape.
(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 Freepik
JPMorgan Economists Discard Prior Recession Prediction, Foresee US Economic Resilience
JPMorgan’s economists have jettisoned previous predictions of an impending U.S. recession. Their chief U.S. economist, Michael Feroli, is confident that the American economy will maintain a modest but steady growth trajectory throughout the remainder of the current year and well into 2024.
JPMorgan Foresees U.S. Economic Growth Amid ‘Ridiculous’ Fitch Downgrade and Recession Fears
Echoing Bank of America’s revision of its economic outlook, JPMorgan’s team of economists have likewise set aside their earlier recession projections. The top-ranking bank in the nation initially forecasted a downturn for 2023. However, their principal U.S. economist, Michael Feroli, now holds a more optimistic view that the U.S. can successfully dodge a full-scale recession.
“While a recession is no longer our modal scenario, risk of a downturn is still very elevated,” Feroli wrote on Friday. “One way this risk could materialize is if the Fed is not done hiking rates. Another way in which recession risks could materialize is if the normal lagged effects of the tightening already delivered kick in.”
Feroli, alongside his cohort of economists at JPMorgan, now foresees an economic resurgence in 2023, followed by a period of “modest, sub-par growth” in the subsequent year. This projection defies the widespread dissenting opinion that a recession, or even a depression, within the U.S., is inevitable. Danielle DiMartino Booth, the CEO and chief strategist at QI Research, argues that the repercussions of the Federal Reserve’s interest rate increments and quantitative tightening have yet to fully manifest in the U.S. banking industry.
Moreover, JPMorgan’s perspective comes on the heels of Fitch Ratings’ decision to lower the credit rating of the United States. Unfazed by Fitch’s downgrade, JPMorgan’s chief, Jamie Dimon, dismissed the move as “ridiculous” in an interview. Speaking to CNBC, Dimon downplayed the significance of the downgrade, saying “it doesn’t really matter that much,” and emphasized that the United States remains “the most prosperous nation on the planet, [and] the most secure nation on the planet.”
Dimon and his team at JPMorgan perceive a budding growth in the U.S. economy, prompting their economists to doubt their previous forecasts. “Given this growth, we doubt the economy will quickly lose enough momentum to slip into a mild contraction as early as next quarter, as we had previously projected,” Feroli concluded in his missive to investors last Friday.
What’s your take on JPMorgan’s about-face concerning its earlier recession projections for the United States? Share your thoughts and opinions about this subject in the comments section below.
Critical Bitcoin Weekly Close Approaches as Analysts Foresee Turbulence
Bitcoin has flashed some signs of weakness over the past few hours as it begins trending downwards.
This decline has led it to a key support level, which comes as its critical daily and weekly candle closes fast approach.
How it reacts to this level before these candles close could set the tone for which direction it trends in the weeks and even months ahead, as a firm breakdown from here could further confirm that the five-figure price region is simply insurmountable for buyers.
It is important to note that all hope is not lost for Bitcoin, even if it breaks below its support at ,400.
Analysts are now pointing to a few factors as reasons why the crypto’s mid-term outlook still remains bright.
Bitcoin Declines to ,400 as Weakness Mounts
Following Bitcoin’s recent rejection at ,400, the cryptocurrency has been showing some signs of strength due to buyers’ ability to guard against this sparking any type of downtrend.
It does appear that this strength is in jeopardy of being erased, however, as BTC is now approaching its key multi-week support level at ,400.
At the time of writing, Bitcoin is trading down roughly 2% at its current price of ,475. This marks a tempered decline from daily highs of roughly ,700.
The last time BTC dipped to this price region was on Thursday, but the movement proved to be short-lived as buyers quickly absorbed the selling pressure and boosted BTC higher.
If this level is broken below, the next key support levels to watch for sit around ,100 and ,800. A break below both of these would be grim for the benchmark cryptocurrency’s mid-term outlook.
Analysts are noting that they expect the cryptocurrency to see some turbulence today due to the looming weekly candle close.
One trader is noting that he still expects bulls to prevail over bears due to BTC’s ability to maintain above its cloud formation.
“Sunday, expecting turbulence. Looking at the cloud as long as daily continuously closes above the greater trend is bullish,” he said while pointing to the chart seen below.
Image Courtesy of Teddy
Here’s the Key Area Analysts Claim BTC Must Hold Above
There is a key horizontal support region that analysts also believe Bitcoin must hold above in order for it to see any further upwards momentum.
Another popular pseudonymous trader spoke about this region in a tweet, explaining that he is closely watching to see if BTC is able to hold above the ,100 to ,300 area.
He explains that its market structure remains bullish so long as it holds above this level.
“Bitcoin: Looking at something like this in which I find the ,100-9,300 area to be a substantial zone to hold. Beneath that and we could have further retracements, but, overall, structure is still upwards trending,” he explained.
Image Courtesy of Crypto Michael
Featured image from Shutterstock.
NewsBTC
Analysts Foresee Bitcoin Surging to $10,000 Without a Pullback as it Hits $8,947
The bitcoin price jumped on Monday, almost retesting the ,000-level for the first time since May 2018 in what seemed like a clear bull run.
The world’s leading cryptocurrency climbed as much as 13.5 percent, measured from levels on Sunday noon, and was trading at 47.88 as of 0100 UTC today on US-based Coinbase exchange. The jump brought bitcoin’s maximum year-to-date gains to 142.40 percent, attesting to the end of 2018’s infamous bearish phase that wiped more than 70 percent of bitcoin value from its all-time high at ,000.
Bulls now believe that the cryptocurrency would retest its historic peak once again, even though it remains about ,500 below the target at the time of this writing. The renewed buying sentiment finds its roots in a series of uplifting news from the broader financial industry, particularly from Fidelity Investments. The Boston firm, which was managing .3 trillion worth of assets as of March 2018, announced that it would start offering Bitcoin trading services to its institutional clients.
Nevertheless, there are also theories that say bitcoin is an overvalued asset. Analysts at JP Morgan Chase recently noted that the cryptocurrency’s rate has surged beyond its “intrinsic value,” – a prediction many in the cryptocurrency community rejected, stating that the banking behemoth earlier didn’t even accept that bitcoin had value.
Pullback Before Breakout
In the middle of bullish and bearish arguments are technical analysts that are predicting bitcoin at a six-figure rate – based on popular market indicators. But yet, a segment of those examiners are careful about a significant price pullback before anything big takes place.
Well recognized cryptocurrency trader and investor Josh Rager said bitcoin could possible correct by at least 30 percent on every top formation, citing the asset’s historical price behavior.
“The average gain after a 30%+ pullback was over 153% profit before the next strong pullback,” stated Rager.
$BTC: Reward of buying pullbacks
Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend
But we didn't discuss how buying these pullbacks can reap rewards
The average gain after a 30%+ pullback was over 153% profit before the next strong pullback pic.twitter.com/vy08Dx5XbU
— Josh Rager
(@Josh_Rager) May 23, 2019
Cred, another famous cryptocurrency analyst, also envisioned a potential pullback scenario in which the bitcoin price could fall as low as ,182 due to its overbought conditions. Nevertheless, the alias remained bullish from a long-term perspective.
“I have no reason to turn bearish yet – even if this range breaks down I’ll be a buyer at mid 6,000s (where we last wicked). A breakout would take us to roughly ,000,” wrote Crypto Cred ahead of Monday’s price rally.
$BTC High Time Frame Analysis
Broke through resistance with no pullback to the level.
00 area is technically support now. Losing that level would indicate a short-term top & almost certainly take us to the range low.
Overall bias: buying HTF dips unless below red level. pic.twitter.com/rOAHfs1HOv
— Cred (@CryptoCred) May 27, 2019
Fraud and Halving
There are, meanwhile, two extremely polar points of views that tend to explain the ongoing bitcoin price boom. The first narrative is of possible price manipulation, as discussed by Preston Byrne, one of the partners at New York-based Byrne & Storm. The lawyer theorized a disturbing correlation between BitFinex and Bitcoin, speculating that the Hong Kong crypto exchange artificially pumped the cryptocurrency rate with a fresh 0 million worth of supply of Tether’s stablecoin USDT.
“If the looming bubble should spin wildly out of control, here’s a timely and healthy reminder to investors to keep their wits about them, don’t propose that a new paradigm is upon us, and be mindful of gravity,” said Byrne.
Meanwhile, the second narrative is slightly optimistic. The bitcoin supply rate is scheduled to cut down by half in May 2020 in a protocol-oriented event called halvening. Analysts believe that a reduction in supply rate against a potential rise in demand would economically make bitcoin a more valuable asset.
"I've been expecting my massive pullback for weeks…But if this bull run continues closer to the halving hype then there may not be a significant pullback and the halving hype can drive Bitcoin into yet another bubble."-@ToneVays. Analysis with @Joe_Saz: https://t.co/15YUl4EUEf pic.twitter.com/jBqHo5j3jy
— BLOCKTV (@BLOCKTVnews) May 27, 2019
“I’ve been expecting my massive pullback for weeks,” derivative trader Tony Vays told BlockTV. “But if this bull run continues closer to the halving hype, then there may not be a significant pullback, and the halving hype can drive Bitcoin into yet another bubble.”
The post Analysts Foresee Bitcoin Surging to ,000 Without a Pullback as it Hits ,947 appeared first on NewsBTC.
Crypto Custodians Foresee Growth in Partnerships with Traditional Custodians
n Panel of crypto custodians say collaboration between traditional and crypto custodians benefits all sides and will continue to grown
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