Just before the upcoming block reward halving, with only 72 blocks left until reaching block height 840,000, bitcoin miners have significantly boosted their hashrate. As of 8:50 a.m. EDT on April 19, 2024, the hashrate soared to a record 653 exahash per second (EH/s). Bitcoin Hashrate Achieves New High as Halving Approaches Just hours ahead […]
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Miners Race to Discover Block 840,000 as Bitcoin Halving Nears
Many enthusiasts in the Bitcoin community were anticipating the next halving to coincide with Saturday, April 20, 2024, but the latest data suggest it will likely occur a day earlier, on April 19. Despite a recent uptick in mining difficulty, miners have managed to maintain a high hashrate, resulting in block times dropping below the […]
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Short Sellers Target Bitcoin Miners as Reward Halving Nears, $2 Billion at Stake
A recent report highlights that the collective short interest in stocks from 15 bitcoin mining companies has approached the billion mark. The performance of these mining stocks has declined compared to their stronger start earlier this year, coinciding with the proximity of just 663 blocks remaining until the next reward halving. Impending Bitcoin Halving […]
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Bitcoin Nears Two Important On-Chain Levels: What Happened Last Time
Data shows Bitcoin is currently nearing two notable on-chain price levels. Here’s what happened the last time BTC broke above them.
Bitcoin Is Approaching Vaulted Price & MVRV +1SD Currently
In a new post on X, Glassnode leads on-chain analyst Checkmate points out that BTC has been near two on-chain price levels recently. The first of these levels is the “MVRV +1SD.”
The Market Value to Realized Value (MVRV) ratio is a famous indicator for Bitcoin. In short, it compares the value that BTC holders are currently carrying (that is, the market cap) against the value they put into the cryptocurrency (the realized cap).
This metric is generally used to determine the scale of profit or loss that the market as a whole is carrying right now. Based on this, the fairness of the coin’s price may be judged.
In the context of the current discussion, the +1 standard deviation (SD) of the MVRV ratio from its mean is of relevance. More specifically, the price level at which the market would satisfy this MVRV ratio condition is of focus.
The other on-chain level of interest here is the “Vaulted Price.” This indicator is a product of the “Cointime Economics” framework that Checkmate came up with alongside David Puell from Ark Invest. In reference to this metric, the paper reads:
Vaulted Realized Price may be considered to be a pricing level that reflects the ‘potential energy’ stored in the system. Somewhat counter-intuitively, the more long-term coin accumulation that takes place, the larger the uncertainty becomes between the proportion of truly lost vs. HODLed supply. Vaulted Realized Price will trade lower in this instance, as more cointime accumulation takes place, and uncertainty regarding future distributive pressure builds (and vice-versa).
Now, here is a chart that shows the trend in these two indicators, as well as some other “original” on-chain levels, over the past few years:
As displayed in the above graph, the Bitcoin spot price earlier broke through the Vaulted Price and went to the MVRV +1SD (note that the labeling is flipped in the chart by mistake, as Checkmate has noted in reply to the post).
Since then, the price has come down a bit and is trading under both of these levels. Nonetheless, it currently stands quite near to them and far above the other on-chain price levels like the realized price.
As the chart highlights, the last time cryptocurrency was in this situation was December 2020. Obviously, what followed then was the bull run of 2021.
It remains to be seen how Bitcoin’s interactions with these levels will be this time around and whether a similar euphoric run will follow with a potential break above them.
BTC Price
Bitcoin had shot up above the ,000 mark earlier, but it has since slumped back again, and it’s now floating around ,000.
Bitcoin Cash Trading Escalates as Second Halving Event Nears
Bitcoin Cash (BCH) is experiencing a surge in trading activity and open interest ahead of its second halving event set for April 4, with open interest in futures perpetual contracts reaching a record high of 8 million, an increase from the previous peak in May 2021. The increase in open interest and trading activity is […]
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Robert Kiyosaki Predicts Bitcoin Hitting $100K by September — Plans to Buy BTC This Week as Halving Nears
Rich Dad Poor Dad author Robert Kiyosaki has updated his bitcoin price prediction. He now anticipates the cryptocurrency reaching 0K by September. The famous author also announced his intention to purchase more bitcoin this week, citing the approaching halving event. He encouraged investors to consider adding bitcoin to their portfolios if they haven’t already done […]
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Bitcoin ‘Real Pump’ Nears New All-Time Highs, Analyst Says
Bitcoin, the ever-enigmatic digital currency, has analysts locked in a heated debate about its 2024 price trajectory. Will it soar to new heights, fueled by institutional adoption and mainstream acceptance, or will it face a reality check and revisit recent lows?
Bullish Vs. Bearish Perspectives On Bitcoin
The optimists, led by the prominent crypto analyst Cryptoyoddha, paint a picture of a bullish future. They point to a meticulously tracked historical chart showcasing the cyclical price movements of Bitcoin.
Each cycle, Cryptoyoddha argues, follows a similar pattern: a period of accumulation followed by a parabolic surge. This analysis paves the way for the highly anticipated “Cycle IV,” which could propel Bitcoin beyond its current all-time high of ,750 and potentially reach a staggering 0,000 or even higher.
The real pump will start after the halving next month. pic.twitter.com/eV5FWkzkxX
— Yoddha (@CryptoYoddha) March 23, 2024
But what’s driving this bullish sentiment? Cryptoyoddha cites several factors: a surge in institutional investment, a shift towards clearer regulations for cryptocurrencies, and a growing public embrace of digital assets. These trends, coupled with the historical pattern of each cycle surpassing the previous one, paint a compelling picture for Bitcoin bulls.
However, not everyone is buying into the euphoria. Michaël van de Poppe, a renowned cryptocurrency trader, injects a dose of caution with his technical analysis. Studying charts that map Bitcoin’s price movements, van de Poppe detects a potentially bearish pattern following the recent price dip.
I wouldn’t be surprised if #Bitcoin eventually takes the liquidity below the lows.
Consolidation, low volatility. pic.twitter.com/CincO9DFjD
— Michaël van de Poppe (@CryptoMichNL) March 23, 2024
He interprets the ongoing period of consolidation – where the price fluctuates within a narrow range – as a potential precursor to a further price drop. This drop, he suggests, could see Bitcoin revisit and even break below its recent lows.
Van de Poppe’s analysis focuses on the presence of “support” and “resistance” levels on his charts. These levels represent price points where historical buying and selling activity has been concentrated. If Bitcoin falls below a key support level, it could trigger a wave of panic selling, pushing the price further down.
Volatility And Uncertainty
The contrasting viewpoints highlight the inherent volatility of the cryptocurrency market. Bitcoin’s price is constantly influenced by a complex web of factors, including unforeseen regulatory decisions, security breaches, and broader economic trends. While historical cycles can offer valuable insights, they are not crystal balls that guarantee future performance.
Investors also need to be wary of placing blind faith in technical analysis. The market is not a purely mechanical system, and unpredictable events can disrupt even the most meticulously drawn charts.
Despite the differing predictions, both analysts acknowledge the likelihood of significant price movement in the coming months. Cryptoyoddha’s bullish outlook hinges on a fundamental shift in the cryptocurrency landscape, while van de Poppe’s technical analysis suggests a potential short-term price correction.
Ultimately, the fate of Bitcoin’s price in 2024 remains a mystery. The upcoming Bitcoin halving in April – an event that cuts the number of new Bitcoins entering circulation and has historically coincided with price increases – adds another layer of intrigue.
Featured image from Pexels, chart from TradingView
Dogecoin and Shiba Inu Pumping Again as Dogecoin20 ICO Nears 2M
The original meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) are enjoying a rebound, with both cryptos rising over 10% since yesterday. This bullish price action has caught the interest of retail investors and suggests that the meme coin hype cycle is far from over. Meanwhile, the buzz around Dogecoin20’s (DOGE20) ICO is building rapidly […]
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BNB On The Rise: Analysts Predict Easy Path To New ATH As It Nears $600
Binance Coin (BNB) has been on a bullish run despite the regulatory scrutiny that Binance has faced over the last several months. The token registered an impressive 13.7% price surge after almost reaching 0, and analysts predict that a new all-time high (ATH) might be coming in the next couple of months.
Is The Cost Clear For A New ATH?
As the crypto market rallies, Bitcoin continues to hit ATH after ATH, and altcoins’ prices keep regaining the levels of the previous bullish run. BNB has not been the exception; it surged over 13.7% in the last 24 hours and is near a crucial support level that could propel the token even higher during this cycle.
The price increase could be attributed to market dynamics and BTC’s performance. However, the recent announcement of ether.fi (ETHFI)’s introduction to the Binance Launchpool also seems to fuel the price since it will allow users to farm ETHFI by staking their BNB.
$BNB: This one goes to ATH easily and this was kind of obvious IMO. Expecting some sort of small pullback before all time highs but I think it breaks it soundly in the next few months pic.twitter.com/Ipt66lWKOH
— Altcoin Sherpa (@AltcoinSherpa) March 13, 2024
Crypto analyst Altcoin Sherpa shared his forecast for the token as the price was nearing 0. The analyst considers that, given the current BNB’s performances, the path to the previous ATH level is clear: “This one goes to ATH easily, and this was kind of obvious IMO.”
In the post, the analyst shared a chart that displays BNB’s performance since its ATH of 6.3, which is currently only 13.51% away. The token has registered mostly green candles every week since 2024 and only weekly green candles since February.
In the past month, BNB’s price went from oscillating between the 0-0 price range to hovering between 0-0, representing an increase of over 80%.
Despite the sunny forecast, Altcoin Sherpa doesn’t rule out cloudy days. The analyst expects pullbacks along the way but foresees BNB breaking the ATH “soundly” in the next couple of months.
Similarly, pseudonym crypto trader and analyst Captain Faibik highlighted that the token has gained over 120% since his ATH timeline prediction at the end of 2023. In late December, the trader forecasted that BNB would reach a new ATH in the first half of 2024, and the current performance seemingly reaffirms this stance.
BNB Price Performance
Despite the recent legal scrutiny faced by Binance, BNB has been able to sustain its recovery path. According to the crypto hedge fund Split Capital, the token has added more than billion in market capitalization since the exchange settled with the Department of Justice (DOJ) for billion in November.
BNB’s market cap of .22 billion represents a 10% increase in the last 24 hours. By this metric, the token is the fourth largest cryptocurrency in the market. Similarly, its trading volume significantly increased by 50% on the last day.
Earlier today, the price reached 9.8, just cents away from hitting the 0 price range, according to CoinMarketCap data. At the time of writing, BNB has been trading at 5.6, a price surge of 38.6% in the last seven days.
Stablecoin Sector Sees $3.26 Billion Growth Spurt; Tether Nears $100B Milestone, USDE Supply Swells by 374%
The stablecoin sector experienced a .26 billion expansion within the last eight days, climbing from 0.82 billion to 4.08 billion by Sunday, March 3, 2024. During February, increases in supply were observed in four of the top five stablecoins by market cap, with FDUSD’s supply growth leading amongst the five. Stablecoin Economy Rises 2.31% in […]
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