According to the Wall Street Journal, the convicted FTX co-founder Sam Bankman-Fried (SBF) is being transferred from the Metropolitan Detention Center in Brooklyn to an undisclosed location. Sources speculate that SBF might be headed to the Federal Correctional Institution in Mendota, California (FCI Mendota). SBF’s Potential Transfer to FCI Mendota Speculated A Wall Street Journal […]
Bitcoin News
Decreasing Bitcoin Supply on Exchanges Indicating Possible Bullish Shift
Bitcoin’s supply on exchanges has significantly decreased, reaching new lows amid a bullish market trend, which analysts interpret as a shift towards long-term holding rather than short-term trading. A report by Bybit claimed that the diminishing supply could deplete within the next nine months, driven by factors such as the recent Bitcoin halving event and […]
Bitcoin News
Theta Network Breakout Imminent: Why A 100% Rise Is Possible From Here
While the focus has mainly been on Bitcoin and Ethereum through the downtrend, other smaller altcoins such as Theta Network with much more potential have been flying under the radar. However, crypto investors are no longer ignoring these altcoins and have begun to call out the opportunities in these cryptocurrencies.
Theta Network Is Looking At A Breakout
Crypto analyst CobraVanguard has called out an interesting formation in the THETA chart that suggests that a massive breakout might be on the horizon. In the analysis which was posted on the TradingView website, the analyst points out that a bull flag is currently being formed.
This bull flag pattern started with the most recent decline below the price level after a period of brief dips and recoveries. Interestingly, since this bull flag pattern is still only forming, it does not mean that the breakout will happen immediately.
CobraVanguard’s chart shows that there will be more uncertain movements in the THETA price, coupled with the possibility of the price actually falling below .9. At the same time, the crypto analyst points out that the price is currently bouncing from the middle line around .99.
However, once the formation is complete, then the breakout can happen. The upper end of the target presented by CobraVanguard shows that the THETA price can rise as high as .7. This would mean an almost 100% increase in price from its current level.
Holding Up Well Amid Uncertainty
2024 has been a rather eventful year for Theta Network. The network’s native token, THETA, had begun the year trending below . However, within the month of March alone, it saw an over 250% increase, going from .1 to over .7 before correcting back downward.
Since then, the THETA price has lost around 40% of its value. But this is only due to the negative headwinds that can be attributed to the decline in the Bitcoin price. The altcoin has moved upward in the market since then, rising over a billion market cap to become the 51st-largest cryptocurrency in the space.
Amid the broader market downturn, THETA is still seeing positive metrics, especially when it comes to its volume. According to data from CoinMarketCap, the daily trading volume of the altcoin has jumped 13% in the last day alone, suggesting that interest is returning to the cryptocurrency.
At the time of writing, the THETA price is seeing small daily gains of 1.47% to trade at .02. However, on the weekly and monthly timeframes, the altcoin has performed poorly, dropping 13.73% and 12.97%, respectively.
Ethereum Technical Analysis: ETH Bulls Press Forward Hinting at Possible Reversal
As of May 13, 2024, ethereum presents a complex landscape for traders, characterized by fluctuating prices and diverse market signals. Despite a slight 1% uptick over the past day, the broader perspective shows a week marked by a 6.1% decline, setting a cautious tone for ether traders. Ethereum The ETH/USD daily chart indicates a prevailing […]
Bitcoin News
Ethereum ETFs Face Uphill Battle With SEC: Analyst Foresees Possible Delay Until 2025
A senior Bloomberg ETF analyst predicts that spot ethereum exchange-traded funds (ETFs) in the U.S. are unlikely to emerge this year. Despite the Securities and Exchange Commission (SEC) approving spot bitcoin ETFs, the same is not expected for Ethereum due to different regulatory considerations. The forthcoming U.S. election could further impact this scenario, potentially altering […]
Bitcoin News
Analyst Points To Possible 30% Bitcoin Correction, Calls For Caution
Popular cryptocurrency expert Cold Blooded Shiller has made a grim prediction that Bitcoin may be on the verge of a significant correction and could crash as low as 30%, given the current heightened volatility in the market.
Bitcoin Could Be Poised For 30% Pullback
Cold Blooded Shiller believes it is important to note that Bitcoin is holding up and now showing much more strength, regardless of the different factors influencing the nascent sector, such as ETFs, fundamentals, and Halving.
Given that pullbacks of 30% are historically common for BTC, Shiller foresees the potential for this to repite this cycle. Should the trend manifest, the price of BTC could fall as low as ,000 in the upcoming months.
The post read:
With the historical tendency to produce -30% pullbacks, what happens to the landscape if BTC does head down for a -30% correction and into the ,000?
Cold Blooded Shiller drew attention to a previous post offering investors insights on taking advantage of this development when it happens. Shiller is confident that BTC might undergo the correction mentioned above, and the impact on altcoins would likely be around -50%.
The expert believes some investors are eager to profit in the bull cycle but neglect the risk involved in this period. “I keep referencing buy anywhere you want with risk management that supports -30% downside and ensure you can keep buying more,” he stated.
Thus, the analyst has stressed the need for investors to be well organized and understand what constitutes an opportunity-filled environment in a bull market. His post encourages investors to reassess their risk management and investing tactics to navigate the ever-changing crypto landscape successfully.
BTC Price Continues To Fall
The price of Bitcoin continues to move downward, falling to ,000 after a recovery witnessed on Monday. Over the last 24 hours, the crypto asset has dropped by 5%, causing a general collapse in the market.
At the time of writing, BTC was trading at ,854, indicating an over 10% decrease in the past week. On the last day, its trading volume increased by roughly 1%, while its market value fell by over 5%.
Given the current trajectory in the crypto market, BTC might suffer an even greater decrease in the next few days. Several analysts anticipate a further price decline before the Halving event in less than five days.
Crypto Experts Predict Massive Price Surge For XRP Price, Is $20 Possible?
Crypto experts continue to be bullish on the XRP price despite the poor performance that the altcoin has exhibited in recent times. Some of these experts see the cryptocurrency’s price rising higher from its current level, with one analyst expecting XRP to rise as high as in the coming bull market.
XRP Price On The Verge Of Breakout
One of the crypto experts that has shown incredibly bullish sentiment toward the XRP price is Matthew Dixon, the CEO of crypto rating platform, Evai. Dixon took to X (formerly Twitter) to share with the crypto community that the XRP trading volume had been seeing positive headwinds in recent times.
At the time, the Evai chart shared by the the crypto CEO showed that XRP had recorded an approximately 42% increase in its daily trading volume to cross .1 billion. Using this increase in trading volume, Dixon believes that it shows the rising interest in the altcoin.
Naturally, increased interest often translates to increased demand, which can be bullish for a cryptocurrency’s price. This was the thought shared by the Evai CEO who believed the surge in trading volume and interest meant that the XRP price was on the verge of a breakout.
However, this does not seem to be the case, at least in the short term, since the XRP price continues to trend around the same level since Dixon first made the post. It is hovering around .61 at the time of this writing, with a0.96% gain in the last 24 hours.
Can Price Get To ?
Predictions for the XRP price going into the next bull market have had a wide variety, from very conservative to very ambitious. For many, though, the expectation is that the XRP price will rise very quickly as regulatory clarity from the Ripple vs SEC case is fast approaching.
Crypto analyst Armando Patoja takes the ambitious route with his own prediction, forecasting an over 3,000% price increase for XRP. According to Patoja, the predictions that put XRP’s future price at severely underestimate the ability of the altcoin.
On his own, the crypto analyst believes that the XRP price has the potential to rise even further to reach between to . Patoja posits that saying XRP will reach just is like expecting Bitcoin to top out at ,000 in 2015.
There people saying #XRP will reach are significantly underestimating.
This is similar to predicting #Bitcoin would cap at ,000 in 2015. XRP is on a trajectory akin to Bitcoin’s in 2015, with a rapidly growing network effect.$XRP prediction: -. Thoughts?
— Armando Pantoja (@_TallGuyTycoon) April 6, 2024
Despite the growing XRP community, it is no doubt that Patoja’s prediction has been received with a grain of salt. One community member responded to the post saying XRP could not possibly rise that high because major projects who were building on the XRP Ledger have been abandoning it for other chains because it is a dead chain. Due to the lack of builders, they do not believe that XRP has the steam to run that high.
Bitcoin Below $70,000: Is $80K Still Possible, Or Is The Rally Over?
Bitcoin, the undisputed king of cryptocurrencies, is once again on a wild ride. After a surge over the weekend that brought it close to shattering its all-time high, the digital asset has dipped back below the crucial ,000 mark in the last 24 hours. This sudden correction has left investors wondering if the predicted surge to ,000 is still on the table.
Bitcoin Erases Weekend Gains
Just days ago, Bitcoin bulls were celebrating as the price climbed to near record highs exceeding ,000. This bullish momentum fueled optimism, with analysts like Markus Thielen predicting a swift climb towards ,000.
However, that optimism has been tempered by the recent price drop. Bitcoin has plummeted roughly 6% from its peak, effectively erasing the gains made earlier this week. While the price has recovered slightly to hover around ,200, it remains below the psychological barrier of ,000.
Is The ,000 Dream Dead?
The recent correction has undoubtedly dampened spirits, but some analysts are still confident that Bitcoin’s journey to ,000 is far from over. Proponents of this view point to a few key factors that continue to fuel their bullish sentiment.
Stablecoin Inflows: A Beacon Of Hope?
One factor cited by Thielen is the continued strength of stablecoin inflows. Stablecoins, cryptocurrencies pegged to traditional assets like the US dollar, are often used as an entry point for investors into the crypto market.
According to Thielen, these robust inflows suggest sustained investor interest despite the short-term price fluctuations. Additionally, he highlights a recent technical chart pattern breakout, specifically a symmetrical triangle, as another bullish indicator.
Technical analysts believe such breakouts often signal a continuation of the prior trend, which in this case would be positive for Bitcoin.
On-Chain Data Bolsters Bullish Case
Some analysts point to on-chain data from IntoTheBlock, which reveals significant buying support at current price levels.
This data suggests that a large number of addresses (essentially unique identifiers for cryptocurrency wallets) purchased Bitcoin within the range of ,200 and ,325.
This buying activity indicates potential resistance against further price dips, as these addresses would likely be hesitant to sell at a loss.
Bullish And Bearish Forces
The current situation presents a classic tug-of-war between Bitcoin bulls and bears. While the recent price correction has shaken some confidence, strong stablecoin inflows and on-chain buying activity suggest underlying bullish pressure.
However, they remain cautious, pointing to the slowdown in investments specifically targeted at spot Bitcoin ETFs (Exchange Traded Funds) as a potential concern. These ETFs allow investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency.
Meanwhile, a report by CoinShares, a digital asset manager, highlights a significant decrease in inflows to such ETFs in recent weeks, suggesting that some institutional investors might be adopting a wait-and-see approach.
The future trajectory of Bitcoin remains uncertain. The coming days and weeks will be crucial in determining whether the bulls can overcome the current resistance and propel the price towards ,000.
Featured image from Pexels, chart from TradingView
Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?
Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency’s price, suggesting that investors may be getting wary of waiting for a fix to come through.
Solana Open Interest Drops By 0 Million
Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around .22 billion to hit a new all-time high of .86 billion on April 1. This translates to an over 100% increase over this three-month period.
However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual, leading to a standstill in network activities.
Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history.
Since the network issues began, the SOL open interest has been falling as traders take a more cautionary approach. Coinglass data shows that the open interest is currently sitting at .39 billion on April 19, down 0 million from its all-time high, which is a 12.9% decline in around a week.
Open interest measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time.
SOL Network Ready To Bounce Back?
Developers are still working on getting the Solana network back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track.
CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix.
The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing.
Following Mumtaz’s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price as low as 5. However, the expectation is that SOL will come back with a vengeance once the network is operational again.
Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above 0. If this is correct, then the present predicament will be a short-lived roadblock in Solana’s rise.
Is Bitcoin Headed For A Crash? Analysts Cite Possible Downtrend
Investors in the cryptocurrency space are eagerly awaiting the halving of Bitcoin in order to fuel future market growth. However, top cryptocurrency expert and trader Benjamin Cowen cautions that if the price of BTC follows a previous pattern, there may be a correction.
Bitcoin Halving Could Impact Price Negatively
Cowen has highlighted a trend that could potentially lead to a significant decline in the crypto asset’s price when the Bitcoin halving event commences, which suggests that BTC could be poised for a decline in the coming days.
According to Cowen, should Bitcoin continue to follow the same trajectory as it entered the spot ETF during the halving, BTC may witness a trend toward the downside. The crypto expert advocates that these patterns typically do not repeat precisely. However, he believes putting the idea out there is crucial in case it happens again in a similar manner.
In response, a pseudonymous user commented on Cowen’s post and reminded the expert that he forgot the arrow backup. Responding to the user, Cowen stated that he believes the outcome of the next phase will depend on whether or not ALT/BTC pairs have collapsed by then.
Furthermore, he affirms there could be a move on the upside if they have not broken down. Meanwhile, in the event that they have broken down, the pattern can transit to something new.
It is worth noting that the Bitcoin halving event is forecasted to take place within the next 11 days. Given Bitcoin’s halving previous significant impact on price, BTC could be positioned for a notable price surge in the coming days. However, if Cowen’s recent prediction manifests, it could paint a different picture for the crypto asset during the halving event.
The expert’s prediction has sent quite a frenzy in the crypto community, with analysts like Peter Brandt supporting his insights. Peter Brandt acknowledged Cowen’s projections noting that previous Bitcoin bull markets have exhibited a similar fundamental trend.
What To Expect During The Halving Event
As the halving event approaches, the cryptocurrency data analytics platform Kaiko has laid out a perspective to watch out for. Kaiko’s perspective delves into the impact the halving has had on BTC’s price in the short term over the years.
According to the platform, in the past, the short-term price effect of Bitcoin halvings has been inconsistent. Nonetheless, historical data reveals that the coin tends to rise 9-12 months after halving, making it a generally bullish development.
At the time of writing, Bitcoin’s price was up by 8% in the past 7 days, valued at ,770. Its overall market cap is down by over 2%, however, while its trading volume is up by over 8% in the past day.