As bitcoin continues to lead the cryptocurrency market, its notable climb beyond previous peaks has drawn the interest of investors and supporters alike. The dominant cryptocurrency’s latest performance suggests it might approach a triple top, potentially exceeding ,000. However, reaching the six-figure mark will be a significant psychological challenge, and it may fall short of […]
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Hedge Funds Adopt Net Short Positions on BTC and ETH Futures, Kaiko Analysis Reveals
In a recent analysis by Kaiko, it has been found that hedge funds are currently holding net short positions on bitcoin (BTC) and ether (ETH) futures. This strategic move reflects a cautious stance amid fluctuating market dynamics and speculative trading activities. Study Shows Hedge Funds’ Net Short Positions in Bitcoin and Ether Futures Amid Market […]
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Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach $10 Amid Short liquidations
Crypto trader and analyst Unipcs (Bonk Guy) has reiterated his bullish prediction for Dogwifhat (WIF). He made this statement while revealing the sums lost by short traders thanks to their bearish sentiment around the meme coin.
Dogwifhat Headed To
Unipcs mentioned in an X (formerly Twitter) post that Dogwifhat is “headed to ” and will never drop to as low as again. He added that the market is currently in a meme coin supercycle, which is why he believes the meme coin can attain such heights. The crypto trader also highlighted how WIF shorts were “getting squeezed hard” and said this is the “way it should be.”
Besides Dogwifhat, Unipcs generally has a bullish outlook towards meme coins. He earned a reputation for longing Bonk, another Solana-based meme coin, with ,000 in October 2023 and still holding as at the last time he shared an update on the trade. Based on his update, his unrealized profit has risen to as high as .7 million at some point.
Unipcs’s bullishness on meme coins is also not surprising, considering this category of crypto tokens is projected as one of the leading narratives in this bull run. It is also worth noting that meme coins Dogwifhat and Pepe (PEPE) are currently this year’s best-performing crypto assets among the top 50 coins by market cap, with year-to-date (YTD) gains of over 1,800% and 1,000%, respectively.
Unipcs isn’t the only one who believes that WIF could rise to . Another crypto trader known as ‘Free’ has also reaffirmed on different occasions that the meme coin will still rise to that price level. Meanwhile, crypto analyst Bluntz Capital is also ultra-bullish on Dogwifhat, as he once suggested that the meme coin will flip PEPE and Shiba Inu (SHIB) to become the second-largest meme coin by market cap, only behind Dogecoin (DOGE).
This Crypto Analyst Has Other Expectations
Crypto analyst CrediBULL Crypto recently revealed his bearish expectations for meme coins, including WIF. He foresees a “meme wipeout,” which could be worse than he initially thought. He added that this occurrence would “catch a ton of people off guard.” He claimed he would become a meme coin bull when the time is right, but now is not the right time.
In a recent video posted on his YouTube channel, CrediBULL Crypto also analyzed Dogwifhat. He noted that WIF had significantly moved to the upside, as he rightly predicted in an earlier market update. Back then, he mentioned that he was expecting the meme coin to rise to .8 before it dropped to as low as .6.
However, in his recent video, he revealed that he won’t be shorting Dogwifhat even when it reaches .8. Instead, he will wait for the meme coin to claim the untapped highs at the range to validate his bearish expectations.
At the time of writing, Dogwifhat is trading at around , up over 6% in the last 24 hours, according to data from CoinMarketCap.
Bitcoin’s Runes Protocol Hype Falls Short: Significant Drop in Activity and Fees
It has been 29 days since the halving and the launch of the Runes protocol, and since May 1, Runes activity has been underwhelming, falling short of the expectations set months prior. Similarly, the trend of Ordinals inscriptions has significantly declined over the past month. Runes Protocol’s Initial Excitement Dwindles Amid Decreased Activity Before the […]
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‘Big Short’ Investor Michael Burry Goes Hard on Gold, Invests $10 Million in Q1
Michael Burry, an investor famous for making a fortune by anticipating the 2007 subprime mortgage crisis, made a sizable bet on physical gold. According to regulatory filings, Burry’s Scion Asset Management purchased over 440,000 Sprott Physical Gold Trust units, a closed-end fund that invests and holds its assets in physical gold bullion. Big Short’s Investor […]
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Bitcoin Hits $67K, Leading to $45M in Short Position Liquidations
The price of bitcoin surpassed the ,000 mark on Friday, reaching a peak of ,482 per unit, the highest value since late April. This increase has resulted in the liquidation of nearly million in leveraged bitcoin short positions over the past day. 0M in Crypto Positions Liquidated as Bitcoin Climbs Above K Bitcoin short […]
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Can XRP Price Maintain Momentum? Key Levels to Watch in the Short Term
XRP price is attempting a recovery wave from the .4865 support. The price could gain bullish momentum if it clears the .5120 resistance.
- XRP remained stable and started a recovery wave above .500.
- The price is now trading above .5050 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance at .5025 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a decent increase if there is a close above the .5120 resistance.
XRP Price Reclaims .50
After a steady decline, XRP price found support near the .4865 zone. A low was formed at .4864 and the price is now attempting a recovery wave, like Bitcoin and Ethereum. There was a move above the .4950 and .50 resistance levels.
Besides, there was a break above a major bearish trend line with resistance at .5025 on the hourly chart of the XRP/USD pair. The pair even spiked above .5100. A high was formed at .5120 and the price is now consolidating gains.
There was a test of the 23.6% Fib retracement level of the upward move from the .4867 swing low to the .5120 high. The price is now trading above .5050 and the 100-hourly Simple Moving Average.
Immediate resistance is near the .5085 level. The first key resistance is near .5120. A close above the .5120 resistance zone could spark a strong increase. The next key resistance is near .5220. If the bulls remain in action above the .5220 resistance level, there could be a rally toward the .5350 resistance. Any more gains might send the price toward the .550 resistance.
Another Decline?
If XRP fails to clear the .5120 resistance zone, it could start another decline. Initial support on the downside is near the .5050 level and the 100-hourly Simple Moving Average.
The next major support is at .50 or the 50% Fib retracement level of the upward move from the .4867 swing low to the .5120 high. If there is a downside break and a close below the .50 level, the price might accelerate lower. In the stated case, the price could retest the .4865 support zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – .500 and .4865.
Major Resistance Levels – .5120 and .5220.
Bitcoin Short Term NUPL Value Turns Negative, What This Means For Price
Crypto analyst Onchained recently provided valuable insights into an important metric that can be used to gauge the future trajectory of Bitcoin. The analyst suggested there was no cause to worry at the moment but highlighted what to watch out for to know the right time to exit the market.
Bitcoin Short-Term Holders NUPL Turns Negative
In a blog post, the analyst noted that the NUPL (Net Unrealized Profit/Loss) for Bitcoin’s short-term holders recently turned negative. The analyst added that this signals fear among this category of investors, which is very much likely given Bitcoin’s current price action. The last time this trend occurred was shortly after the Spot Bitcoin ETFs were approved, with Bitcoin dropping from ,000 to ,000 following that occurrence.
Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts?
While the short-term holders’ NUPL turning red again suggests that a significant price decline may be on the horizon, the analyst remarked that this price level may simply represent a significant support line. The real cause for concern might be when the NUPL for mid-term holders also turns negative. “It could indicate widespread market fear and serve as a crucial risk management indicator for exiting the market,” the analyst claimed.
It is worth noting that the short-term holder’s NUPL being negative means they are currently seeing an unrealized loss in their investments. This could trigger a wave of sell-offs among these investors, mainly because of fear that Bitcoin’s price could further dip. However, based on the analyst’s analysis, this might not significantly lower Bitcoin’s price.
Instead, market speculators should be more worried about the PUNL of mid-term holders (those who have been holding Bitcoin for 3 to 6 months). The PUNL also turning negative will “suggest widespread pessimism or negative sentiment.” This could lead to massive selling pressure on Bitcoin’s price as this category of investors might also offload their holdings out of fear.
The Worst May Already Be Over
Crypto analyst Ali Martinez had previously shared a similar analysis to Onchained’s, noting that Bitcoin short-term holder’s (STH) realized price was at ,800. The analyst warned back then that Bitcoin dropping below this level could trigger “notable Bitcoin price corrections.” Following his prediction, Bitcoin fell below ,800, dropping to as low as ,000.
Related Reading: Crypto Analyst Says Ethereum Price Will Drop To ,500, Here’s Why
However, the flagship crypto has since then recovered nicely above ,000. Although Bitcoin is still showing signs of a bearish outlook, its quick recovery above ,000 suggests that the worst might be over, and all the crypto token needs right now is a catalyst to spark a continuation of its bull run.
Arthur Hayes, BitMEX’s co-founder and former CEO, also confirmed this belief, noting that Bitcoin has already found its local bottom. However, he predicted that Bitcoin will likely have a “range-bound price action between ,000 and ,000 until August.”
‘Big Short’ Investor Calls Crypto One of the ‘Great Themes of Our Time,’ But He’s Not a Believer
In a recent interview on Bloomberg Television, Steve Eisman of Neuberger Berman, who gained prominence from “The Big Short,” shared insights on the impending U.S. election and his investment strategies. Eisman identified three significant current themes, including cryptocurrency, about which he expressed skepticism. Steve Eisman’s Take: Trump’s Re-Election and the So-Called Crypto Conundrum Steve Eisman, […]
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Bitcoin’s Rally to $62,000 Triggers $26.65 Million Short Squeeze in 4 Hours
After reaching a low of ,500 on April 30, bitcoin climbed to a peak of ,109 by Friday, May 3, in response to the previous downturn. This uptick resulted in the liquidation of .65 million in bitcoin short positions within just four hours, and approximately 48,962 traders found their positions liquidated over the last day. […]
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