Bitcoin

The Bitcoin blues could last until July, but the outlook for the second half is optimistic

Published

7 months ago

29 June, 2024

The Bitcoin blues could last until July, but the outlook for the second half is optimistic

The Bitcoin blues may persist through July, but investors are still optimistic about the cryptocurrency in the second half of the year. The cryptocurrency has yet to break out of the narrow range it has been stuck in – between $60,000 and $70,000 – since March. This week, it fell to the lower end of that range and is now on track to end June down 10%, according to Coin Metrics. That would make it its worst month since April and the second month of decline in three. July is typically a strong month for bitcoin, which has finished highest for the month in seven of the last 11 years, according to CoinGlass. At $61,000, bitcoin has key support at the $67,000 level, chart analysts say, although a breach below that could be “damaging.” Investors are worried about the cryptocurrency falling again due to oversupply in July. “The Bitcoin halving was a known positive supply event for the market this year – we have fewer bitcoins being produced,” said Zach Pandl, managing director of research at Grayscale Investments. “There are always other known potential sources of government bitcoin supply, for example, but it’s always uncertain when that hits the market. To some extent, the supply being liquidated by things like government agencies is partially negating the positive effects in the short Bitcoin deadline.” This week, the cryptocurrency market was surprised when the US and German governments sent large amounts of previously seized bitcoins to exchanges, according to CryptoQuant. Additionally, the administrator of the defunct exchange Mt. Gox announced that it will begin refunds to creditors – 142,000 bitcoins worth $9 billion in today’s prices – from July. Some investors are concerned that creditors could sell some of that bitcoin in July after waiting more than 10 years for a resolution with the exchange. “This fear is justified given the recent behavior of Gemini’s creditors, who have reportedly liquidated some of the crypto assets received in recent weeks; in particular, nearly $2 billion in crypto assets returned to 232,000 retail customers by failed crypto lender Genesis and exchange crypto Gemini platform,” JPMorgan’s Nikolaos Panigirtzoglou said in a note this week. “A similar downside risk looms in July with Mt. Gox creditors,” he added. “Assuming that the majority of settlements by [them] If the market gets another low CPI impression, a Federal Reserve rate cut from the central bank’s September meeting would become the base case for many macro investors, he said. Bitcoin, along with other risk assets, tends to rally on expectations of rate cuts. The next CPI analysis is scheduled for July 11. Messages about the U.S. dollar — which moves inversely to bitcoin — could also catalyze the next leg higher, Pandl said. “We don’t know what candidate Trump’s views are on the U.S. dollar,” Pandl said. “He would like to see smaller U.S. trade deficits, but so far, he has focused mostly on the need for tariffs.” “It’s possible that during the election campaign, Trump will introduce the idea that we need a weaker dollar,” she added. “Those two things combined would be positive for bitcoin: Fed rate cuts and one of the two presidential candidates talking about the dollar’s weakness.” Marion Laboure, a senior strategist at Deutsche Bank Research, said the growing demand for crypto ETFs will help keep bitcoin’s price “elevated” in the coming months. Initial filings known as 19b-4s for ether ETFs were approved in May, and the funds themselves are in the process of getting S-1 registration approvals — which are expected to be approved in the coming weeks. This week, VanEck and ARK 21Shares also filed for what would be the first Solana ETFs in sight. “There’s a lot of uncertainty in the market, but I’m quite optimistic,” she said. “I wouldn’t be surprised if we also see more ETFs approved. If we have a clearer institutional framework, we’ll have more ETFs… We’re moving towards more democratization, more institutionalization of ETFs.” —CNBC’s Michael Bloom contributed reporting.

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We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

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.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

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.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

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

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

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.

Source: TradingView

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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