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 […]
Bitcoin News
Cardano Dips: Is Now The Perfect Time To Buy ADA Before The Next Mega Rally? – Analyst Answers
Following a sharp decline in Cardano (ADA) value, which occurred in tandem with Bitcoin’s withdrawal from its latest all-time high (ATH) of ,328, Dan Gambardello, a crypto analyst, has recently weighed in on the implications of this pullback for the broader bull market.
Particularly Gambardello views this development positively, suggesting it mirrors historical patterns that could signal a strengthening market for ADA.
Cardano’s Price Action And Bull Market Indicators
Dan Gambardello, a prominent figure in crypto analysis, elaborated on ADA’s recent price action, comparing it to the altcoin’s behavior in previous bull cycles.
He pointed out that similar pullbacks have historically preceded significant rallies for ADA, indicating potential for growth ahead.
This analysis comes after Bitcoin recently breached its all-time high (ATH). Gambardello labeled this breakthrough as the opening of “bull market doors,” a term used to describe a market condition that facilitates “parabolic spikes” in cryptocurrency values.
According to Gambardello, ADA’s current market phase, characterized by a “break of structure,” aligns with typical bull market patterns. Despite lagging behind Bitcoin in surpassing previous ATHs, ADA’s market behavior is consistent with a healthy bull market trajectory.
CARDANO Price MELTDOWN! (INSANELY Bullish ADA DATA!)https://t.co/GFefOxsJxq
— Dan Gambardello (@cryptorecruitr) March 6, 2024
ADA’s Potential For Growth and Analyst Predictions
Dan Gambardello has also recently expanded on comparing ADA’s potential for growth and Ethereum’s historical performance, the second-largest crypto by market cap.
He suggests that ADA is poised for a “significant breakout,” just as Ethereum is, citing the development of decentralized finance (DeFi) projects on both platforms as catalysts for innovation and growth.
CARDANO Bull Indicator Almost ACTIVATED! (Truth Behind ADA Price!)
Intro 00:00
Cardano price concern 00:50
Is Cardano price lagging this cycle? 1:30
Ethereum offers helpful context 2:30
Cardano is within a normal move 8:00
Cardano bull indicator almost triggered! 9:25 pic.twitter.com/8tRlwEj8AO— Dan Gambardello (@cryptorecruitr) March 1, 2024
Adding to the optimism, recent forecasts from crypto exchange Changelly present a bullish long-term outlook for ADA. The exchange predicts that ADA could surpass the mark by 2030, with expectations of continued growth leading to ADA eventually trading over 5 by 2040 and ending the year around 0.
Meanwhile, the asset is currently trading for .70, experiencing an 8.7% dip in the past 24 hours, yet it is still up roughly 15% over the past week. This recent increase has elevated the asset’s market capitalization to .7 billion today, with a trading volume exceeding billion in the past 24 hours.
Featured image from Unsplash, Chart from TradingView
Mega Whale Resurfaces: 1,000 Vintage Bitcoins From 2010 Moved as BTC Peaked at $69,210
On March 1, 2024, an infamous and vast bitcoin mega whale moved 2,000 vintage bitcoins from 2010 and now, four days later, on March 5—the day bitcoin hit its peak value of ,210 per coin—the same entity transferred another 1,000 bitcoins from 2010. 2010 Bitcoin Whale Moves Millions as Prices Peak This prominent whale, known […]
Bitcoin News
Satoshi Era Mega Whale Stirs, Shifts a String of 2,000 Vintage Bitcoins in a Single Block Worth $123M
Around 88 days ago, on Dec. 4, 2023, a mysterious mega whale, closely watched by onchain analysts at Bitcoin.com News, made waves again by transferring 2,000 ancient bitcoins from 2010 that was confirmed in a single block. Since March 2020, this entity has relocated a whopping 16,000 bitcoins that had been dormant since the day […]
Bitcoin News
Ethereum Price Tops $3,100: Mega Wedge Breakout Imminent
After a prolonged period of weakness for a year and a half against the Bitcoin price, the Ethereum price is currently showing strength again and could be set for an explosive move, according to several renowned analysts.
Ethereum/BTC Chart Is A ‘Stunner’
In an analysis of the ETH/BTC trading pair, renowned financial expert Raoul Pal has brought to light a compelling dual-chart pattern. The formation of both a “mega wedge” and an inner descending channel is setting the stage for what might be a significant breakout for Ethereum when priced in Bitcoin. Pal stated:
The ETH/BTC chart is an absolute stunner…and ready for the next big move, the break of the mega wedge…let’s see how it pans out….
The “mega wedge” pattern, discernible on the weekly ETH/BTC chart, showcases a contraction of price movement between two converging trend lines over an extended time frame. The upper trend line, acting as a dynamic resistance, has repeatedly pushed back ascending price attempts. Conversely, the lower trend line has provided a sturdy support base.
Within the boundaries of this one and a half year wedge, a more immediate descending channel has taken shape. This channel, characterized by a downward trajectory with price action making lower highs and lower lows, indicates a bearish sentiment within the overarching consolidation phase of the mega wedge.
However, Ethereum’s current positioning, slightly above the upper boundary of this descending channel, implies that a breakout could be on the cards (if confirmed). As of press time, Ethereum was trading at an equivalent value of over ,059, which translates to roughly 0.06037 BTC.
The intersection of these two patterns, particularly if the breakout from the descending channel is confirmed, could be a harbinger of increased volatility and a potential trend reversal for ETH against BTC. A potential retest of the channel could catalyze a rally towards the mega wedge’s upper trend line, challenging the longer-term resistance. A successful breakout from the mega wedge could then ensue, signaling a massive bullish phase for Ethereum against Bitcoin.
More Bullish Voices On ETH
Remarkably, Raoul Pal is not the only seasoned analyst observing this major trend. Christopher Inks, founder of Texas West Capital stated via X:
The monthly ETH/ BTC chart looks crazy bullish off the lows. Bullish SFP, volume expansion at the lows, rally into descending resistance. An impulsive break out above that descending resistance will have me looking for price to target the top of the range and, likely, new ATHs.
Renowned analyst Will Clemente has also weighed in on the unfolding situation with his expert commentary, echoing the significance of the patterns observed by Raoul Pal. Clemente accentuates the breaking of a multi-year downtrend on the weekly chart, a technical milestone that carries substantial weight for market sentiment.
Clemente’s analysis further deepens the plot by highlighting several key factors currently at play in the Ethereum ecosystem. First, Ethereum’s price action has revisited and swept the lows of May 2022, a move often associated with shaking out weak hands before a potential trend reversal.
Second, the recent talk of “Ethereum obituaries” on social media timelines suggests a sentiment extreme, often seen at major turning points. Moreover, there is currently a new narrative for ETH shaping, the emergence of “restaking”.
Probably the strongest catalyst for the ETH price in the coming months could be the potential approval of an spot Ethereum ETF in the United States. Similar to the Bitcoin ETF euphoria, Clemente speculates that the approval has not yet been priced in.
Lastly, Uniswap’s governance proposal to switch on fees could redirect significant value to token holders, potentially adding further bullish momentum to ETH’s valuation. Clemente caps his commentary with a forecast that resonates with the sentiments of many observers: “ETH & ETH shitcoin rotation is probably upon us.”
At press time, ETH traded at ,059.
Ticking Time Bomb: Bitcoin Mega Squeeze Predicted In The Next 10 Days
Bitcoin has been moving sideways since mid-January, when the price broke out of a parallel upward channel to the downside. The BTC price is currently around the same price as on January 13. However, the time of dullness could soon be over, as the Bollinger Band Width (BBW) indicator signals.
The BBW is derived from the Bollinger Bands themselves, which consist of a middle line (typically a simple moving average) surrounded by an upper and lower band. These bands expand and contract based on the standard deviation of the price from the mean, which is a measure of volatility. The BBW quantifies the degree of these bands’ divergence or convergence by calculating the ratio of the difference between the upper and lower bands to the middle band.
Bitcoin Mega Squeeze Incoming
In an analysis on X (formerly Twitter), crypto analyst HornHairs has drawn attention to the BBW which currently shows a reading close to 0.11. This number is significant because it suggests that the bands are very close together, indicating a period of low volatility or a ‘squeeze.’ He remarked:
BTC MEGA VOL SQUEEZE: We probably have 10 days MAX before a huge move on BTC. Now’s the time to get your plan ready for either direction, don’t want to be stuck in a frozen panic with no plan if things launch upwards or nuke lower. It’s coming very soon.
Historically, such a squeeze is often followed by a period of high volatility, as the market moves to find a new price equilibrium. The key takeaway from the BBW’s current low reading is that the market should prepare for a sharp increase in volatility, leading to a strong upward or downward movement in Bitcoin’s price.
The term “Mega Squeeze” used by HornHairs points to the unusually tight convergence of the Bollinger Bands, implying that the subsequent market move could be more pronounced than what is typically observed following a BBW contraction. The last few times the BBW approached such low levels, Bitcoin experienced significant price swings shortly thereafter. These historical precedents serve as a guide to what might occur in the days ahead.
The last instance of the BBW reaching its current low was observed on October 13 last year. Subsequent to this indicator, BTC experienced a significant rally, ascending over 30% in a mere 10 days. In a contrasting scenario, mid-August 2023 saw the BTC value decline by 15% in just 8 days. Additionally, at the outset of January 2023, Bitcoin showcased a remarkable surge, escalating by 40% within a span of 17 days.
As of press time, Bitcoin was hovering around ,900, with a recent peak at ,000 and a local low at ,600. These price points will be crucial to watch as the market navigates through this period of constricted volatility. The BBW suggests that the breakout, whether bullish or bearish, will likely drive the price towards or even beyond these levels, marking a new phase of market activity.
Renowned crypto analyst CrediBULL commented on the emergence of the indicator: “Volatility soon. Big move coming. My bet is UP and the start of our next impulsive leg that we have been anticipating. Place your bets and pack your bags frens.”
The next key resistance on the 1-day chart of BTC/USD is at ,340 (0.236 Fibonacci retracement level), while the region at ,800 (0.386 Fibonacci level) provides key support.
Global Mega Bank Standard Chartered Releases Bullish Forecast For Spot Bitcoin ETFs
Standard Chartered Bank is the latest to give its predictions on the impact Spot Bitcoin ETFs could have on Bitcoin’s price in the long term. The bank took a bullish stance as they predicted that BTC could rise to unprecedented heights by the end of 2025.
Bitcoin Could Hit 0,000 By End Of 2024
According to a report by Standard Chartered shared on the X (formerly Twitter) platform, BTC’s price could reach 0,000 by end-2025. There is the potential for Bitcoin to hit this price level with to 0 billion flowing into the Spot Bitcoin ETFs, says the bank’s Head of Digital Assets Research Geoff Kendrick and Precious Metal Analyst Suki Cooper.
Their projections stem from the fact that an approval of these Spot Bitcoin ETFs could happen as soon as this week. If that happens, Kendrick and Cooper state that will be a key driver of Bitcoin’s price to the upside, something similar to what happened with Gold ETPs. Interestingly, Standard Chartered predicts that BTC could hit 0,000 before this year runs out.
Elaborating on BTC enjoying similar gains to Gold (when Gold ETPs were approved), the bank expects that such gains will materialize over a shorter period for the flagship crypto token. This is based on their view that the Spot BTC ETF market will develop quicker than the Gold ETPs did.
The amount of inflows that these Spot Bitcoin ETFs could witness has continued to be up for debate. Crypto research firm Galaxy Digital took a more conservative stance as they project that only about billion will flow into these funds in the first year. Meanwhile, VanEck’s advisor, Gabor Gurbacs, is only choosing to look at the long term.
“Trillions, Not Billions” In The Long Term
Commenting on Standard Chartered’s report, Gurbacs mentioned that he prefers to look at how much could flow into these funds in the longer term rather than now. With that in mind, he projects that trillions of dollars will flow into Spot Bitcoin ETFs in the long term. Specifically, he makes a case for .5 trillion flowing into these BTC assets.
He explained that this could easily happen, considering that there are roughly 0 trillion in assets globally. As such, .5 trillion, representing just 0.5% of the global allocation, flowing into the Bitcoin ecosystem shouldn’t be a problem. He also bases his projection on the fact that Bitcoin won’t stop rising in value as fiat currencies continue to weaken. BTC has no top because fiat has no bottom, he says.
Gurbacs also expects that Bitcoin will enjoy more acceptance once these Spot Bitcoin ETFs are approved. He says that banks, financial service firms, and regulators will turn from “enemies of Bitcoin to allies of Bitcoin.” This is “immeasurably valuable” as BTC adoption can level, he remarked.
Ethereum Mega Whales Continue To Buy: Do They Know Something You Don’t?
On-chain data shows the largest of the Ethereum whales have continued to buy more recently as their supply sets another new all-time high.
Largest Ethereum Wallets Have Been Rapidly Accumulating
According to data from the on-chain analytics firm Santiment, the largest non-exchange Ethereum wallets have continued to show some rapid accumulation recently.
The relevant indicator here is the “supply held by top non-exchange addresses,” which keeps track of the total amount of Ethereum that the 150 largest self-custodial wallets are carrying in their combined balance right now.
Naturally, the 150 largest non-exchange wallets would belong to the top whale entities of the network. As such, the trend in the metric can provide hints about the sentiment around the cryptocurrency among these humongous holders.
When the indicator goes up, it means that these whales are expanding their holdings currently. Such a trend naturally suggests that they are bullish on the asset at the moment.
On the other hand, the metric registering a decline can be bad news for the cryptocurrency’s price, as it implies that these large investors have decided to participate in some selling.
Now, here is a chart that shows the trend in the supply held by the top non-exchange Ethereum addresses over the past couple of years:
As displayed in the above graph, the supply held by these top 150 whales has been rapidly going up since April 2023. This would suggest that the rally in the early months of the year caught the attention of these large entities, leading them to accumulate.
Interestingly, the slump between August and October was also not enough to dissuade these holders, as they only continued to buy more. Likewise, these whales have continued to push through the latest plunge in the cryptocurrency’s price as well.
After the most recent buying spree, the supply of these top non-exchange Ethereum wallets has reached 56.25 million ETH, which is a new all-time high for the indicator.
In the same chart, the analytics firm has also attached the data for the supply held by the top exchange addresses. This metric naturally measures the total number of coins that wallets attached to centralized platforms are carrying currently.
While the self-custodial whales have ramped up their supply, the top 150 exchange-bound wallets have moved flat in the same period. At present, this indicator has a value of 9.46 million ETH right now, which is nearly the lowest level observed since June 2018.
Generally, one of the main reasons why investors deposit their coins to exchanges is for selling purposes. So the supply of these exchange whales remaining low is a positive sign.
The rapid accumulation that the self-custodial whale entities are showing, combined with the fact that the top exchange wallets are at low levels, could mean the long-term outlook may be optimistic for Ethereum.
ETH Price
While Bitcoin has already made some recovery from its crash, Ethereum has only been able to rebound a bit so far, as its price is trading around the ,250 level.
Is A Mega Bull Run Incoming? Whale Transfers Over $780 Million Of Stablecoin To Binance
Data Nerd Data on December 13 shows that over the past 24 hours, the wallet “0xea8” moved 200 million BUSD from Binance, the world’s leading cryptocurrency exchange by client count.
The whale transfer caught the attention of keen crypto users, who also noted that the transfer was soon followed by a deposit of 99.95 million FDUSD, a stablecoin supported by the exchange.
Whale Address Accumulating FUSD Stablecoin On Binance
That the address is shuffling and accumulating large amounts of stablecoins is noteworthy. Data Nerd Data shows that the address has transferred over 781 million FDUSD to Binance in the last four months.
During this period, from around September, the crypto market has been recovering, edging higher on the back of improving fundamental factors.
The accumulation of over 1 million of stablecoin by the wallet controlled by an unknown individual or entity is overly bullish for crypto and Bitcoin prices.
It could suggest that a large institutional investor or group of investors is amassing stablecoins, potentially preparing for a significant market move.
Historically, large movements of stablecoins into centralized exchanges have often preceded major bull runs.
Stablecoins are vital for crypto, ensuring there is enough liquidity. Since most are pegged to the USD and can be backed by fiat, these tokens, mostly minted on Ethereum or Tron, are often used as a gateway to crypto. Therefore, their accumulation can signal increased institutional interest and potential buying pressure.
Is A Mega Bitcoin And Crypto Rally In The Making?
That the wallet address is fortifying its FDUSD base reinforces the notion that institutional investors, ahead of the possible approval of the first batch of Bitcoin ETFs in the United States, could be increasingly warming up and preparing for leading coins like Bitcoin and Ethereum to extend gains in 2024.
When writing on December 13, Bitcoin and top altcoin prices are relatively stable. To illustrate, Bitcoin is trending higher, stable above the ,000 level after pulling back from 2023 highs of around ,000. Crypto participants are bullish and expect Bitcoin prices to float even higher in 2024 before halving.
Binance will stop supporting BUSD in 2024. The exchange has also delisted USDC. Accordingly, USDT and FUSD are popular on Binance. However, the exchange continues to be on the Securities and Exchange Commission’s (SEC) crosshairs.
In late November, the Department of Justice (DOJ) issued a .3 billion penalty on Binance as settlement with the SEC, Commodity Futures Trading Commission (CFTC), and other aggrieved agencies in the United States. The deal also saw Changpeng Zhao, the founder of Binance, step down from the CEO role.
2 Reasons Why An Ethereum Mega Bull Run Is Inevitable
While the recent Bitcoin and crypto momentum is cooling off, Ethereum (ETH) rejects lower lows, especially against Bitcoin (BTC). Taking to X on December 8, decentralized finance (DeFi) researcher DefiIgnas shared insights that suggest ETH could be on the verge of a rally that would potentially see the second most valuable coin usurp BTC’s current position as the best-performing asset.
Reasons That Might Drive Ethereum Bulls
The researcher observed that ETH is down 24% versus BTC in 2023. However, multiple fundamental indicators show that this is about to change. First, DefiIgnas noted that crypto investors are increasingly drawn to discounted Grayscale Ethereum Trust (GETH), which has been rallying over the past few months, outperforming Ethereum spot prices.
GETH surged by 298% in the past few months, while ETH only rose by around 100% in the same period. As GETH share prices increased, its discount with spot ETH decreased. This means more capital indirectly flowed into ETH, leading to higher demand.
Besides GETH rising, the researcher remains bullish on Ethereum because of the recent developments surrounding the approval of the first spot Bitcoin ETF. The crypto community expects the Securities and Exchange Commission (SEC) to authorize multiple products, including those proposed by Fidelity and BlackRock.
In DefiIgnas’ assessment, once the spot Bitcoin ETF goes live, likely in early 2024, all “attention, narrative, and speculation” will shift toward the agency approving the first spot Ethereum ETF. BlackRock, the world’s largest asset manager, has already applied with the SEC to issue the first spot Ethereum ETF.
The expected activation of the Cancun upgrade in H1 2024 will also likely support Ethereum prices. Over the years, Ethereum has integrated multiple upgrades. This includes shifting to proof-of-stake (PoS) from proof-of-work (PoW) and overhauling their fee auction mechanism, introducing ETH burning.
However, with Cancun, the goal is to directly enhance the main net’s capabilities by activating several proposals, including EIP-4844 proto-dank sharding, which aims to reduce gas fees associated with rollups. This update will further cement Ethereum’s quest to significantly increase on-chain scalability and reduce gas fees over the years.
ETH Looks Firm, Resistance At November Highs
At spot rates, ETH is firm versus BTC, looking at the candlestick arrangement in the daily chart. How prices react in the days ahead remains to be seen.
Even so, if there is confirmation of the December 7 gains, ETH might extend gains. In that case, it can break above the current consolidation as bulls aim to break above November 2023 highs of around 0.058 BTC.