Bitcoin
5 Reasons Why Bitcoin Price Is About to Rise Soon
The world of Bitcoin (BTC) is no stranger to volatility and speculation. However, recent developments suggest a potential turning point for BTC following the German government’s sell-offs. So, here are five reasons why Bitcoin’s price could be poised for a significant rally soon.
1. Capitulation of the Miner
Miner capitulation usually signals a market bottom, and recent data indicates that Bitcoin Miners are experiencing significant stress. The Bitcoin True Hashrate Drawdown percentage has reached 7.6%, levels comparable to when Bitcoin was trading at $16,000 during the FTX collapse.
Bitcoin Miner Capitulation, Source: Quinten Francois | X
This level of capitulation implies that weaker miners are being forced to shut down their operations, which historically precedes a recovery in the price of Bitcoin. As these miners cease operations, the selling pressure they exert on the market diminishes. This paves the way for a potential price recovery.
2. German Bitcoin sell-off ends
The German government recently concluded its massive Bitcoin sell-off, which began on June 19. Over the past few weeks, the market has absorbed nearly $3.5 billion in Bitcoin liquidations. Despite this significant selling pressure, the price of Bitcoin has remained resilient around $58,000. This stability amid massive liquidations is a strong indicator of the underlying strength of the market.
Notable crypto analyst Michaël van de Poppe highlighted this resilience on social media platform X. He emphasized that the markets have effectively absorbed this immense selling pressure. With no further German government liquidations expected, the absence of this substantial downward pressure could allow the price of Bitcoin to rally. The trend has already begun with BTC Price exceeding US$60,000.
Read too: Samson Mow proposes 50,000 bitcoin buyback to German lawmaker
3. Bitcoin Whale Accumulation
Whale activity often plays a crucial role in cryptocurrency markets, and recent data suggests an upward trend. According to statistics from blockchain analytics platform IntoTheBlock, Bitcoin Whales acquired an additional 71,000 BTC in the past week. These whales took advantage of the dip caused by the German sell-off.
This substantial accumulation brings the total whale transaction volume on the BTC network to a staggering $41.32 billion. Despite an 8% drop in the 24-hour rate of change, the weekly increase in whale transactions remained robust. The continued accumulation by these large holders drains Bitcoin’s supply, often leading to a price surge.
4. Global inflows into Bitcoin ETFs
Bitcoin exchange-traded funds (ETFs) around the world have seen notable inflows. Bitcoin ETFs in Hong Kong have increased their holdings by 28.6% since the end of June, accumulating a total of 4,941 BTC as of July 13. In Australia, the Monochrome Bitcoin ETF (IBTC) has also attracted attention, approaching the 100 BTC mark since its launch.
Meanwhile, the United States witnessed net inflows into Bitcoin ETFs exceeding $1.1 billion in just one week. This marks the largest weekly inflow on record. This surge in ETF investments underscores the growing institutional appetite for Bitcoin. This could drive Bitcoin’s price higher as more capital flows into the market.
5. High probability of Fed rate cut
Economic indicators and signals from the Federal Reserve point to a high probability of an interest rate cut, which could significantly impact the price of Bitcoin. Bloomberg analyst Mike McGlone predicted that the Federal Reserve will cut interest rates following a reversal in US stocks.
Historical parallels suggest that, following the substantial rate hikes from 2004 to 2006, the first rate cut occurred in September 2007. Similarly, following recent rate hikes totaling 525 basis points since Q1 2022, a rate cut is expected in September.
Despite positive Producer Price Index (PPI) data for June, which indicate persistent inflation, the CME FedWatch The tool shows a 90.3% probability of a rate cut in September. Lower interest rates typically lead to a weaker US dollar and increased investor interest in alternative assets like BTC. Therefore, the price of Bitcoin could see significant growth.
Read too: MicroStrategy’s Bitcoin Effect: Mid-Sized Companies and Nonprofits Convert Treasuries to BTC
Photo: Andrew Harnik (Getty Images)
After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.
Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job
Let’s take a look at what awaits us:
Major companies will release their earnings reports
Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.
Monday
- Verizon will report earnings before the start of operations.
Tuesday
- Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
- Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
- Alphabet and Visa will report results after the market closes.
Wednesday
- AT&T will release its report before the market opens.
- Ford and Chipotle will report earnings after the market closes.
Thursday
- Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.
Trump to speak at Bitcoin conference
Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.
In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.
Ether ETFs are on the way
New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.
Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.
That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.
Bitcoin
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.
Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.
According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.
“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”
Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.
BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.
The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.
Source: Chris BurniskeX
Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).
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Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.
Technical analysis
Per NegotiationRage
The daily chart
As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.
The 4-hour chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.
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