Bitcoin’s price on March 22, 2024, exhibits a fascinating landscape of market dynamics, oscillating between gains and losses across various time frames. Amidst a backdrop of neutral oscillators and a mixed sentiment in moving averages, bitcoin traders are navigating through a volatile environment. Bitcoin Oscillators, quintessential for identifying market momentum and potential reversal points, present […]
Bitcoin News
Bitcoin: $22,600 Or $31,200? Odds Split For Next 90 Days
Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-,000 levels and has rebounded to the ,000 mark, registering a 3.5% gain over the past 24 hours.
This resurgence in Bitcoin’s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media post outlined the probabilities of Bitcoin dropping to ,600 or rallying to ,200 within the next 90 days.
Bitcoin Price Analysis, 8% Chance Of Drop To ,600
Peterson’s analysis indicates an 8% likelihood of Bitcoin experiencing a downward movement to ,600, while a 71% chance of the cryptocurrency surging to ,200.
According to the chart above, Bitcoin’s price will likely enter a macro consolidation phase over the next 90 days. During this period, the price may fluctuate within the range of its key Moving Averages (MAs).
However, the crucial factor for bullish investors is the low probability of a drop below ,000. This allows them to regain control of the 50-day and 200-day MAs in the short term, currently positioned at ,200 and ,000, respectively.
The recent recovery of Bitcoin to the ,000 level has alleviated concerns among market participants who were apprehensive about a potential downward spiral. The cryptocurrency’s ability to bounce back has instilled renewed confidence among investors.
Nevertheless, Bitcoin faces a series of resistance levels that could pose challenges. In the immediate term, resistance at ,454 has temporarily halted the cryptocurrency’s upward momentum.
As mentioned earlier, Bitcoin lost its key MAs in August, resulting in additional obstacles on its journey back to ,000. However, if these resistance levels are surpassed, there remains only one more hurdle before the cryptocurrency can surpass its annual high zone.
This final resistance stands at ,800, which has historically proven to be a formidable barrier whenever Bitcoin has aimed to achieve new highs.
Imminent Final Decline Expected?
As the market approaches the final weeks of Q3 and edges closer to the new year, QCP Capital, an analysis firm, has been closely monitoring the market using two critical blueprints: the supermoon cycle and the Elliot Wave count. According to their analysis, an imminent final decline is expected to close the quarter at its lows.
The chart above illustrates the projected decline, aligning with QCP Capital’s blueprints. The firm believes that the crypto and macro events calendar also supports this view, with a concentration of upcoming bearish events expected to transition to a neutral stance from mid-October onwards.
Notable future events include tomorrow’s likely higher-than-expected CPI (Consumer Price Index) data and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting next week.
Additionally, asset sales of FTX tokens and the conclusion of the Mt. Gox proceedings over the next month contribute to the bearish sentiment.
Although QCP Capital’s theory suggests a potential bottom soon after the supermoon early next month, they anticipate the true bottom to materialize in mid-late October when the negative news cycle has run its course. They expect the market to stabilize during this time and potentially reverse its downward trend.
Despite the short-term challenges, QCP Capital remains bullish on the overall outlook. They anticipate a positive trajectory from mid-late October, extending into year-end and Q1 of the following year.
BTC is currently trading at ,100, reflecting a 3.5% increase over the past 24 hours and a gain of over 1.5% in the past seven days.
Featured image from iStock, chart from TradingView.com
Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance
Following finder.com’s reports on bitcoin and ethereum predictions, the product comparison site polled 56 specialists in the fintech and cryptocurrency industry to gauge their thoughts on future regulation of crypto exchanges. The experts predict that virtual currency trading platforms will be regulated, but not until 2025 or 2030. When regulation does occur, 76% of Finder’s panelists expect the trading platforms to be treated similarly to traditional financial institutions.
87% of Finder’s Fintech and Crypto Experts Believe Exchanges Must Disclose Proof-of-Reserves Audits
A recently published report from finder.com, which polled 56 experts in the fintech and cryptocurrency industry, shows that 87% believe exchanges will need to disclose proof-of-reserves audits and liability records. The specialists reveal that standard regulations for crypto exchanges will not occur until 2025 or 2030.
While 76% of the panelists believe crypto trading platforms will be regulated similarly to traditional finance platforms, 17% expect this to happen by 2024. 22% predict regulation by 2025, and 35% expect it to take place in 2030.
“Any exchanges that remain need to get with the program, proof of reserves and liabilities should be prerequisites and non-negotiable for people selecting where they trade,” Swyftx’s head of strategy Tommy Honan said.
Honan believes, alongside 87% of the panelists, that exchanges need to provide a record of liabilities and proof-of-reserves. “Exchanges also need to continue to upskill their users on self-custody and lean into new and innovative products that support it,” Honan added.
Split Views on Crypto Regulation: 15% Buck Tradition, Half Believe Industry Will Weather the Storm
About 15% of Finder’s panel, including Cryptoconsultz CEO Nicole DeCicco, do not believe crypto exchanges should be regulated similarly to traditional financial institutions. However, DeCicco predicts that standard regulations will be enforced throughout the crypto industry by 2024.
“It’s imperative though we warn investors about the risks involved,” DeCicco said in a statement. “At Cryptoconsultz we teach our clients to think of cold storage and self-custody solutions as their bank account and centralized exchanges similar to the money one might pull out of an ATM and walk around with in their pocket,” the executive added.
Approximately 42% of Finder’s experts believe that the number of customers for crypto exchanges will continue to decline following several bankruptcies in the industry, including the FTX collapse. 84% of the panelists emphasized that the cryptocurrency industry will survive the FTX implosion that occurred in November 2022.
42.31% predict that more crypto trading platforms will go bankrupt due to customer losses, with more than 15% thinking this will happen in five years and 26.92% within a year. However, exactly half of Finder’s panelists believe that no such event will occur.
You can check out Finder’s crypto exchange regulation prediction report in its entirety here.
What do you think about the predictions of Finder’s experts on the future of crypto exchanges? Do you agree or disagree with their views on regulation and the potential impact on the industry? Share your thoughts in the comments below.
Why QuickSwap Will Split Token After Community Vote, QUICK Rises By 30%
The QuickSwap community has decided to split the platform’s native token, QUICK. Reacting to the upside in the last hour and past 7-days, QUICK could see more upside as the Polygon-based decentralized exchange moves to increase its level of adoption.
Related Reading | QuickSwap Asks The Community, To Split or Not to Split QUICK Token?
At the time of writing, QuickSwap (QUICK) trades at 5 with a 2.6% and 31% profit in 24-hours and one week, respectively. QUICK has seen its largest profits, on low timeframes on March 19 and 20, as the community inclined to split the token in 1:1000 proportion.
QUICK with bullish momentum on the daily chart. Source: QUICKUSDT Tradingview
Via their official Twitter handle, QuickSwap reported that the token split by 1:1000 was approved by 84% of the participants. Previously, the project asked the community if they wanted to split QUICK at all.
At that time, 93% of the users voted yes to the token split event. On their different social media platform, the team behind the project and several community members began a heated debate to determine the potential benefits and trade-offs for this token split.
QUICK’s total supply will growth from 1 million tokens to 1 billion tokens. Conversely, the price of the token will be reduced but token holders will preserve their investment value. They will hold more QUICK as a consequence of the process. The team behind the project said:
Increasing QUICK’s maximum supply will reduce the asset’s price per unit, making it more appealing to crypto enthusiasts who compare QUICK to other DEX tokens without considering supply.
This event is aimed at increasing QuickSwap’s levels of adoption as the token will become more accessible for retail investors. The team behind the project added:
We’ve submitted our conversion contract to external auditors. When they are finished auditing the code, we will provide more details about how to convert.
As the team members clarified, the token split will take time. QUICK holders, liquidity providers, stakers, and other participants were asked to continue with their usual activity “until further notice”.
Can QuickSwap Replicate Polkadot’s Success?
In the coming weeks, QUICK holders will receive instructions on how they will convert their tokens. The team added:
We believe this change to QUICK’s tokenomics will positively impact all QUICK and dQUICK holders in the long term. By increasing QUICK’s total supply from 1 million tokens to 1 billion tokens, we are bringing QUICK more inline with other DEX tokens whose mode maximum supply is 1 billion.
During their voting and debating process, as NewsBTC reported, some users compared the upcoming token split with Polkadot’s. This project went through a similar event back in 2020.
Related Reading | Polygon’s QuickSwap Considers Token Split, Why It Could Be Bullish For QUICK
After, DOT became of the top 10 cryptocurrencies by market cap, saw an increase in its trading volume, and active daily addresses. However, as the team behind QuickSwap said, there are no guarantees that QUICK will experience something similar.
DOT after completing token split, the increase in monthly circulating supply suggest an increase in the token’s adoption. Source: Token Terminal
NewsBTC
QuickSwap Asks The Community, To Split or Not to Split QUICK Token?
Decentralized exchange running on Polygon, QuickSwap has officially begun a voting process regarding QUICK. The platform’s native governance and utility token, QUICK holders will vote on rejecting or approving a process called “redenomination”.
Related Reading | Why Polygon Will Implement Ethereum’s EIP-1559 Update
If approved, the QUICK token will be “split” thus increasing its total supply from the current 1 million to 100 million or 1 billion. The latter will be decided in posterior voting if the community decides to approve the event at all.
In that sense, the current voting process began on March 12, with a snapshot, and will be closed on March 17. QUICK holders will only need to answer one question: Should QuickSwap do a token split to make QUICK more appealing?
The team behind the DEX has called this process one of the most, if not the most, important governance decisions to date. There is apparently a lot of support for the split, but a portion of QUICK holders have expressed their concerns.
4/ Those who are opposed to the token split have expressed their concerns & addressed them with the team, including co-founder @CryptoRocky who sure knows how to take a punch pic.twitter.com/pyHtSBMdj4
— QuickSwap (@QuickswapDEX) March 5, 2022
The proponents of this proposal believe QUICK is “undervalued” when compared to other decentralized exchange tokens. As seen below, the total market of UNI, 1INCH, CAKE, SUSHI, DYDX, and other similar platforms sometimes stands at billions. A much larger supply than QUICK’s.
Source: QuickSwap via Medium
As the chart also shows, tokens with greater supplies than QUICK have also seen an important positive performance. DYDX and JOE, the tokens for dYdX and TraderJoe, respectively, recorded a +400% and as much as +1,700% profits.
It is unclear if QuickSwap’s native token will enjoy similar gains. However, the team behind the platform believes it will be beneficial for all token holders in the long run as it could help attract new users, and boost adoption:
The QuickSwap team fervently supports this change because after conducting extensive market research, we believe this change will help facilitate further integrations and attract new buyers who are currently put off by QUICK’s high price per unit.
Why QuickSwap Wants To Split Its Token?
The main concern for detractors seems to be the possibility of QUICK losing its value as a result of a greater supply. It seems like a common idea in the crypto market that only assets with fixed supply can enjoy price appreciation.
The team behind QuickSwap has tried to set these concerns at ease. In an official post, they clarified that QUICK holders’ positions won’t be diluted, nor will they lose value:
Each token holder would retain the value they held at the time of the split and the percent of QUICK’s max supply. All a split would do is increase the total number of units, thereby decreasing the price per unit.
Only users holding their QUICK outside of centralized exchange platforms, such as Binance, will be eligible to vote. To participate users need to click on the following link and connect their MetaMask wallet or other wallets compatible with the Polygon network.
As NewsBTC reported, the token split could bring more users to the DEX. In the crypto market, there are a few cases where this has happened. Polkadot (DOT), the 10th crypto by market cap, went through a redenomination that some believe allowed it to increase its number of users and boost its value.
Related Reading | Polygon Token Price Analysis – New All-Time High This Week For MATIC?
At the time of writing, QUICK trades at 2 with an 8.8% profit in the last week. The price seems to be positive responding to the potential token split.
QUICK trends to the downside on the daily chart. Source: QUICKUSDT Tradingview
NewsBTC
Polygon’s QuickSwap Considers Token Split, Why It Could Be Bullish For QUICK
On a positive trajectory over the last 24 hours and moving along with the general sentiment in the market, Polygon decentralize exchange (DEX) QuickSwap could boost its fundamentals. According to a recent announcement, the project could split its native governance token QUICK.
Related Reading | Polygon Token Price Analysis – New All-Time High This Week For MATIC?
Dubbed the “most important governance discussion to date” on the platform’s official social media channel, a fierce debate has taken place between Polygon users. This process is critical, and could precede a voting on the token split, depending on its result.
The main argument behind the proposal is supported by the potential expansion of the Polygon token, QUICK, supply. The project is currently planning changes on its tokenomics. A change in QUICK’s supply stands as the first and one of the most important.
If approve, the community will vote on possibly splitting the Polygon token on a 1:100 or 1:1,000 relation. The team behind QuickSwap clarified the following:
This would mean that for every 1 QUICK you now hold, you would hold 100 QUICK or 1000 QUICK after the split. QUICK’s maximum supply would increase from 1 million to 100 million or 1 billion.
The split would attempt to “open up” QuickSwap to new users, particularly those with intention to invest but that consider QUICK “too expensive” or with “small chances” of future appreciation. The proposal has managed to secure support from a portion of QUICK holders, others remain skeptical.
5/ One concern is that the split could be deemed a taxable event
We know how much dragons value their treasure & wouldn't want you to part with yours
We aren't tax experts & can't give tax advice, but stock splits aren't taxable events & token splits shouldn't be either
— QuickSwap (@QuickswapDEX) March 5, 2022
QuickSwap’s Co-Founder Roc Zacharias commented the following on the potential implications of the token split on the DEX ecosystem, and its capacity to improve the platform’s components, such as its treasury:
If this split DOES work out like we think it might, it could strengthen the treasury (which is owned by all of you the community, it could increase reward value which can increase liquidity and indirectly volume etc, and most importantly, it can bring new users! Please think hard about this.
Polygon QuickSwap Token Split And The Polkadot Case
Many users, including the team behind the Polygon decentralize exchange platform, have compared this potential token split with the stock market. In the legacy financial system is “common” for companies to issue more stocks via a similar process addressing a concept called Unit Bias.
This idea indicates, as explained by the team behind QuickSwap, that an investors might be willing to own “more of a less scarce asset”. In the crypto industry, other projects have conducted token splits in the past often leading to price appreciation.
The team behind token swap mentioned Polkadot (DOT), as an example. Via their official Twitter handle, QuickSwap said:
(…) when Polkadot did a 1:100 redenomination, $DOT rose from a sub-100 market cap to the 7 position. More recently, Gains Network did a 1:1000 token split & migrated from GFARM2 to GNS. In dismal conditions, GNS did a 6x.
Remains to be seen if history will repeat itself with QUICK. However, Polygon, and second layer solution on Ethereum, seem to be attracting a lot of attention as they provide users with a cost efficient and more scalable gateway into the DeFi sector.
Today, https://t.co/Y7yxw3SzE7 published a piece analyzing $QUICK's price
Wallet Investor suggested that QUICK could be worth .95 at year end
That's eerily close to the .67 I calculated by averaging #DEX tokens
If QUICK did a 1:1000 token split & rose to .67, WWYD?
— NrdGrl007
(@nrdgrl007) March 7, 2022
Related Reading | TA: Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level
At the time of writing, Polygon (MATIC) trades at .43 with a 1.7% profit in the last day.
MATIC trends to the downside on the daily chart. Source: MATICUSDT Tradingview
NewsBTC
Traders Flock to LEND Ahead of Its 100:1 Split to AAVE: Price Up 20%
Demand for LEND has surged dramatically over the last week as the token undergoes a rebranding.
Aave, the non-custodial “DeFi” protocol, earlier launched its Aave Improvement Proposal (AIP1) to allow community consent over the migration from its governance token LEND to its rebranded avatar AAVE. In retrospect, the switchover attempted to take people’s opinions on the new changes proposed to Aave’s protocol existing economic model.
Aave Governance is officially on mainnet, giving the decisional power to the community! Now it’s time to vote on the very first Aave Improvement Proposal (AIP) for the token migration from $LEND to $AAVE.
Thread on how to vote⬇️
Blog post for details: https://t.co/Z09ajBmb2Y
— Aave (@AaveAave) September 25, 2020
The modification introduced new Safety Incentives that would enable users to earn income by staking AAVE tokens in a reserve via “Safety Module.” For that, users would need to give up their LEND holdings. They will receive AAVE tokens instead at an exchange rate of 100 LEND per AAVE.
![AAVE, LEND, DeFi, cryptocurrency](https://www.newsbtc.com/wp-content/uploads/2020/10/EjHsiiRWsAEEb0S.png)
Aave Safety Module flowchart
The proposal also promised an additional 400 AAVE in rewards every day when taking the 100 LEND > 1 AAVE swap into account.
“AAVE holders will be incentivized to backstop the protocol from shortfall by staking to the Safety Module,” explained Matt Kaye, the managing partner at Blockhead Capital in California. “The SM includes a builtin backstop mechanism to prevent the excess flow of AAVE into the open market as not to increase AAVE sell pressure.”
The AIP1 went through unharmed on Thursday with the majority “YAE.” The team announced that it would release more information about the migration on Friday.
The voting period for AIP1 to migrate from $LEND ➡️ $AAVE has ended, with an overwhelming 'YAE'
You can track the countdown to the migration start here: https://t.co/noc4D7wzmG
We will release instructions for migration and staking on Friday, and we are here to help you! https://t.co/xizn3JcPB6 pic.twitter.com/gwrsu3V6lX
— Aave (@AaveAave) October 1, 2020
LEND Surges
Meanwhile, the LEND/USD exchange rate jumped by 8.79 percent in the last 24 hours due to the migration hype. That brought the pair’s total rebound up by almost 20 percent, with a session high near .6.
![lend, bitcoin, aave, cryptocurrency, crypto, lendbtc, lendusd](https://www.newsbtc.com/wp-content/uploads/2020/10/9xDkUXVo-860x509.png)
LEND performance amid the protocol upgrade hype. Source: TradingView.com
The surge appeared to have come from traders’ inclination to hold AAVE. At first, it has to do with the rewards. At the same time, AIP1’s commitment to add adds a 3M token Aave Reserve to a community governed treasury further increased the appeal of LEND among serious stakers.
LEND could surge towards its 50-day moving average (red) as it keeps up with the token migration hype. A successful breakout, on the other hand, would confirm .65 as its next upside target.
“A consolidation phase,” said an analyst, “will produce several strong entry opportunities in the coming weeks, possibly months, before LEND gets going on its next leg up.”
He said the LEND/USD could surge another 20,000 again on Aave’s credibility as an emerging decentralized finance project.
As Lightnings Economy Takes Shape, Devs Are Split on Proposed Fee Hike
At the lightning network’s inaugural conference in Berlin, the future economics of the bitcoin payment technology took center stage.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: $6K or $4200
At the start of April, Bitcoin rallied over ,000 in the matter of an hour, giving crypto investors their first taste of bullish momentum since the start of 2019. The rally was enough to cause traders and analysts alike to call the bottom as “in” and claim that a new uptrend was confirmed.
However, breaking news last week that the New York Attorney General’s office is accusing Bitfinex of using Tether reserves to hid a loss of 0 million has caused much panic across the crypto space. The same traders that were once calling for Bitcoin to test resistance at ,000, are now also calling for a retest of resistance turned support at ,200, back where the early April rally began. And according to a new poll, crypto investors are now equally split as to where Bitcoin might head next: ,000 or ,200.
Poll Results Reveal That Bitcoin Traders Are Equally Split on Bitcoin Price Targets
Read any crypto community forum, group, or social channel and there is no shortage of crypto traders genuinely confused about the current price action, and which direction Bitcoin will go next.
After the longest bear market on record, recent Bitcoin and crypto investors have taken a beating, and have been conditioned to anticipate a fall in price following a rally. The market sentiment is normal following a bubble burst, and confirms the market is in what’s called the “disbelief” phase.
Related Reading | Bitcoin and Crypto Investors Are Torn Over Using Bitfinex After Accusation
The uncertainty surrounding Tether and Bitfinex, which could have have significant impact on the overall market integrity should the parent company of both becomes insolvent or is shut down the by New York AG’s office. The fears have stopped Bitcoin’s April rally in its tracks, and now crypto traders who were once bullish and calling for ,000 are now suggesting that Bitcoin will need to retest resistance turned support at ,200 before healthy upward movement can continue.
While most of the market was bullish, the market is now equally divided as to where Bitcoin price will go next. The sentiment can be visualized using a Twitter poll shared by crypto trader Bagsy, who asked the crypto Twitter community which of the two prices would come first: ,200 or ,000.
Which comes first for $BTC ?
— Bagsy (@imBagsy) April 28, 2019
Surprisingly, even with over 6,000 votes on the poll, respondents were equally split down the middle, with 50% voting on each option. With crypto traders so torn on price direction, one side of the argument is bound to be in for quite a shock when the price of the leading cryptocurrency goes counter to the direction of their choosing.
Related Reading | Next Big Move For Bitcoin Price: Will The Infamous Golden Cross Fakeout Strike Again?
The sentiment could also be viewed as positive, as prior to the recent Bitcoin rally, most bears were calling for sub-K prices as the Bitcoin bottom, but now even the most bearish of traders are warming up to the idea that the bear market has ended.
Featured image from Shutterstock
The post Crypto Traders Split 50/50 On Where Bitcoin Price Goes Next: K or 00 appeared first on NewsBTC.
Bitcoin (BTC) Analysts Split but Indicators Pointing at “Buy”
- Bitcoin prices stable above ,000
- Tyler Jenks of Lucid Investments thinks prices will drop towards ,200 and even ,000
Fundstrat’s Bitcoin Misery Index is at around three-year-highs meaning investors are loosening their money purses. Whether that will spur demand, driving Bitcoin (BTC) prices above ,000 will largely depend on how prices react at ,800 and ,500.
Bitcoin Price Analysis
Fundamentals
In a space brimming with FUD, scares, and hype, traders ought to be pragmatic and level-headed to avoid liquidating an undervalued asset at a discount. First, we should note that Bitcoin prices reached highs of ,500 a few hours after news of NDRC proposing of banning Bitcoin and crypto mining activities.
As absurd as it is, a section did fall for this scare, taking their profits minutes before the slide. Presently, what we have is a retest of ,000, and after two weeks of solid marching, Bitcoin buyers now face some headwinds, but this is normal considering the double-digit gains of the last few days.
Technically, a correction was in waiting and should we mesh that with Fundstrat’s Bitcoin Misery Index printing 89, last seen in June 2016, then it is clear that prices were ripe for a retracement as BTC is re-valued before the next leg up.
I have not commented on Bitcoin since we broke up through the ,000-4,200 resistance zone. I believe we are headed back down to that zone and it will not hold. New lows coming. Target of ,000 unchanged.
— Tyler Jenks (@LucidInvestment) April 11, 2019
All the same, Tyler Jenks believes that Bitcoin will add to their losses in days ahead:
“I have not commented on Bitcoin since we broke up through the ,000-4,200 resistance zone. I believe we are headed back down to that zone and it will not hold. New lows are coming. The target of ,000 unchanged.”
Candlestick Arrangements
Although Bitcoin (BTC) prices may be under pressure, buyers have the upper hand, and rejecting lower lows. At the time of press, Bitcoin was up 3.2 percent in the last week but stable in the previous day as bullish momentum picks up in the 1-and-4-HR charts.
In line with our last BTC/USD trade plan, every low–with prices trending above ,800, is technically another buying opportunity with first targets first at ,500 or Apr-10 highs and later ,000. Even though we have a three-bar bullish reversal pattern, we should also factor in the bullish breakout pattern above ,500 and the number of transactional volumes behind the propulsion.
Therefore, unless otherwise there is a strong wave of sell pressure driving prices below Apr-2 lows, then we are net-bullish expecting trend continuation towards ,000.
The post Bitcoin (BTC) Analysts Split but Indicators Pointing at “Buy” appeared first on NewsBTC.