Bitcoin

4 Catalysts That Could Fuel the Next Crypto Rally

Published

11 months ago

25 May, 2024

SatoshiTimes Staff

4 Catalysts That Could Fuel the Next Crypto Rally

Bitcoin is up over 60% in 2024, driven by January crash spot ETF approval and the recent halving event.
Developers have been working to add functionality to the Bitcoin network, which could increase prices.
The red-hot crypto could also get a boost from interest rate cuts, looser regulation and the November elections.

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Bitcoin achieved records this year thanks to two catalysts: the spot ETF approvaland the recent halving event. The red-hot crypto is up more than 60% year-to-date on Friday, trading about 6% below all-time highs reached in March.

Although both drivers are expected to maintain pushing the price of bitcoin up, they are now in the rearview mirror and investors are wondering where to look for more upside. According to analysts, there are many ways in which the price of bitcoin could continue to rise.

Four future catalysts are detailed below:

1. Interest rate cuts

Investors are focused on the Federal Reserve’s outlook for rate cuts, anticipating that stocks could rise as a result. The same dynamic applies to bitcoin, which has traded as a speculative asset that appreciates when borrowing costs are lower.

In fact, 2021’s ultra-low interest rates are largely what pushed bitcoin to a record that year. The recovery then reversed when the Fed began its monetary tightening campaign.

“In the first quarter, we had the halving coming up, but mainly we had a huge adoption of ETFs. So as that gets priced in, now you’re looking at what the Fed can do,” said Galaxy CEO Mike Novogratz. told Bloomberg earlier this month.

Until short-term interest rates ease, bitcoin will likely remain in the $55,000 to $73,000 range, he said.

2. Changing regulations

At this point, the crypto community is also seeking coherence on the regulatory front, which has proven to be a frequent obstacle for bitcoin. For example, the eventual approval of spot ETFs by the Security and Exchange Commission was preceded by a judicial loss.

But legal sentiment around crypto appears to be adjusting. A future bitcoin catalyst could be the future stable currency note, Oppenheimer CEO Owen Lau told CNBC in early May. It could happen later this year.

Meanwhile, the US House of Representatives has just passed a broad regulatory framework for the crypto industry, which is being hailed as a victory for the sector. While its fate is unclear in the Senate, it would offer clearer rules to the cryptosphere.

3. November elections

But real regulatory clarity will come after the presidential election, Novogratz said. He noted that Republican nominee Donald Trump has been a growing voice of support for the industry, in contrast to President Biden’s policies.

In a May note, Standard Chartered’s Geoff Kendrick also said a Trump victory would be broadly positive for bitcoin.

He added that increased concern surrounding the US deficit and debt trends It will also likely boost bitcoin as investors begin to look for alternative investments. That could happen with both candidates, as neither has offered a plan on how to handle government spending, Kendrick said.

4. Expanded use

While perspectives on bitcoin are changing, the cryptocurrency itself is undergoing something of a makeover.

According to Bloomberg, developers have been working hard to add functionality to the bitcoin network. These efforts seek to make crypto more than just a speculative asset to hold, and with projects quickly coming online, could offer another catalyst.

For example, the recently launched Ordinals protocol allows users to store more than just bitcoin on the BTC blockchain, but start trading assets like non-fungible tokens. The Ordinals market has already seen daily trading volume reach $3.42 million in mid-May, said Bitget managing director Gracy Chen. wrote on X.

“The advent of Ordinals in Bitcoin in 2023, the later created BRC-20 token standard, and now the Runes token standard have helped drive interest in thinking about Bitcoin as a platform network, not just a monetary network.” Galaxy wrote in a note. And now, those projects are attracting considerable attention from venture capitalists, he said.

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SatoshiTimes Staff

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

9 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

9 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

9 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

9 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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