After falling below ,000, bitcoin has stabilized above the ,000 mark. In contrast, South Korea has seen a notable rise in the premium for bitcoin. South Korea’s Bitcoin Premium Rebounds After Hitting Recent Low Recently, bitcoin (BTC) saw its infamous premium in South Korea drop below 1% after nearly hitting 10% in mid-April. Current data […]
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Bitcoin Déjà Vu: Analyst Identifies Trends Reflecting 2016 Cycle
Cryptocurrency analyst Rekt Capital has come up with an intriguing narrative pointing to several trends in the current price action of Bitcoin that are similar to the price trends seen in the 2016 bull cycle, even as market sentiments continue to dwindle.
Bitcoin Trends Reiterating 2016 Pattern
According to Rekt Capital, more than a month after the initial analysis, Bitcoin keeps demonstrating how much it closely resembles the cycle of 2016. Similar to 2016, Bitcoin has experienced further declines over the past three weeks following the Halving below the Range Low of its Re-Accumulation Range also known as the Post-Halving Danger Zone
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Over a month later Bitcoin continues to prove how it is more similar to the 2016 cycle. Just like in 2016, Bitcoin in this cycle is seeing additional downside below the Range Low of its Re-Accumulation Range in the three-week window after the Halving (i.e. Post-Halving “Danger Zone”).
Given that Rekt Capital already addressed the concept of the Post-Halving Danger Zone, the analyst is not shocked by this current price decrease. During the 2016 cycle, about 21 days after the Halving event, BTC saw a lengthy decline of 11% before transitioning toward an upward direction.
It is worth noting that Rekt Capital noted that if downside volatility around the Re-Accumulation Range Low is going to happen in this cycle, 2016 history indicates it may happen during the 15 days following the Halving. Since the recent event was concluded about 12 days ago, the expert’s prediction could be realized in the upcoming days.
Related Reading: Bitcoin Enters ‘Danger Zone’ Post-Halving, Analyst Warns Of Potential Downside
While the Post-Halving “Danger Zone” ends in 15 days, 2016 data suggests that there may be some negative volatility in the interim, possibly reaching the 600 Range Low.
Drawing attention to previous patterns, Rekt Capital highlighted a similar pattern between the 2016 and 2024 pre-Halving re-accumulation range. After a breakout from the re-accumulation range this year, BTC witnessed a Pre-Halving rally, as was observed in 2016.
Pre-Halving Retrace Movement
Just like in 2016, once the pre-Halving rally peaked, Bitcoin started its Pre-Halving retrace. Specifically, this occurred roughly 28 days prior to the Halving event in both 2016 and 2024.
A negative wick on the weekly candle indicates a significant reaction in the first week of the pre-Halving Retrace in 2016. However, this reaction was fleeting and came before an extended price decline.
This cycle likewise saw a strong early reaction from Bitcoin via a downward wick, but there are indications that this reaction might not have lasted long. Thus, to avoid a fate similar to that of 2016, Rekt Capital believes that BTC will need to maintain highs around ,000 and beyond.
Aptos TVL Soars To A Record $74 Million, Reflecting Growing Investor Confidence
Since the second week of October, there was a noticeable surge in demand for Aptos’ native cryptocurrency APT. This increased interest led to a robust phase of Total Value Locked (TVL) growth.
Ultimately, this surge in demand for APT resulted in Aptos achieving its highest-ever TVL value of million during the trading session on Thursday, October 26th.
This surge in TVL is a crucial metric for decentralized finance (DeFi) platforms, showcasing the total value of assets, tokens, or cryptocurrencies locked within the platform’s smart contracts.
Aptos TVL. Source: DefiLlama
Aptos Surges Amidst Rising Investor Confidence
The increase in demand for Aptos’ native cryptocurrency, APT, further demonstrates growing investor confidence and interest in the platform’s utility, potentially indicating an expanded user base or enhanced use case scenarios within the Aptos ecosystem.
At the time of writing, APT was trading at .69, up 4.5% in the last 24 hours, and etching a notable 31.5% increase in the last seven days, according to figures by crypto market tracker Coingecko.
This rally can be partially due to Aptos’ distinct position as a proof-of-stake blockchain that uses a cutting-edge smart contract programming language, to facilitate quicker and less expensive transactions on its network.
For this reason, a lot of cryptocurrency fans frequently associate Aptos with certain decentralized Web3 applications, with a focus on the domain of non-fungible tokens (NFTs).
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Aptos Community, we’re celebrating #AptosOne in style! Introducing Graffio: a unique canvas where YOUR art shapes a special commemorative NFT.
Dive in and be a part of Aptos history!
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— Aptos (@Aptos_Network) October 18, 2023
AptosOne recently launched Graffio, an NFT-based art display platform. This tool simplifies NFT art creation, with standout features including waived gas fees for social media logins and the creation of an exclusive Graffio wallet.
APT Price On Bullish Run With 24% Gain
The announcement led to a surge in Aptos (APT) price from .88 to .03 between October 20 and 23, a nearly 24% increase, prompting experts to predict a bullish trend continuing to .20 around end of next month.
Its current value of .69 reflects a notable climb of 36% since mid-October, demonstrating a robust upward trend. The increase in price underscores the promising prospects for the future of Aptos and its indigenous digital currency, APT.
As Aptos achieves its all-time high in Total Value Locked (TVL), the soaring trajectory of APT’s price and the platform’s advancements in NFT technology have sparked significant optimism.
The recent market surge and robust momentum hint at the potential for sustained growth and increased interest in APT. Despite concerns looming over a possible market retraction, the record-breaking TVL and the remarkable rise in APT’s value prompt a hopeful outlook, suggesting that Aptos and its native token may be well-positioned to weather potential market fluctuations and maintain their upward trajectory in the near future.
(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 Shutterstock
On-Chain Analyst: Bitcoin’s Price Not Accurately Reflecting Fundamental Strength
Bitcoin’s price action as of late has done little to offer investors with insight into its mid-term outlook. BTC has been trading squarely between the lower and upper boundaries of its long-held trading range between ,200 and ,200.
Its lack of momentum has struck a serious blow to investor sentiment, causing many investors and analysts to expect its consolidation to end in a sharp move lower.
Despite this perceived bearishness, one analyst explained that the cryptocurrency couldn’t be stronger from a fundamental perspective, adding that he believes its price is acting as a lagging indicator for its underlying strength.
He even goes so far as to note that on-chain metrics indicate that BTC is fully in “moon mode,” whiles its price remains mildly bearish.
As such, he believes that significantly further upside could be right around the corner and that the market will grow keenly aware of its strength in 2021.
Balance of Bitcoin on Exchanges Plummets; a “Very Macro Bullish” Sign
Bitcoin’s dwindling volatility may stem from a confluence of traders being less keen to use platforms like BitMEX following the CFTC’s crackdown on unregulated derivatives platforms, coupled with a lack of spot BTC existing on exchanges.
These factors have had a noticeable impact on the cryptocurrency’s volatility, which has declined greatly over the past few weeks.
Willy Woo – a prominent on-chain analyst – explained that the massive decline in the balance of BTC on exchanges is a “very macro bullish” sign that indicates that upside could be imminent.
“When coins on spot exchanges drop, it’s a sign that new buyers are coming in to scoop coins off the markets and moving them into cold storage HODL, we are seeing new HODLers right now. Very macro bullish.”
Image Courtesy of Willy Woo. Data via Woonomic.
2021 May be the Year BTC’s Price Catches Up with Its Fundamental Strength
Woo further went on to note in a separate tweet that now is one of the few times he has ever seen such a striking divergence between Bitcoin’s price and its fundamental strength.
“This is one of the few times in my Bitcoin career where the fundamentals (on-chain data and metrics from infrastructure players) are in moon mode, yet the market is not woke to it. They will be by 2021. This is an opportunity I’ve not seen since mid-2016.”
Based on the low balance of Bitcoin on exchanges and massive buying pressure from new market participants, this fundamental strength could send its price significantly higher.
Featured image from Unsplash.