Bitcoin

Is Bitcoin bottoming? Here’s what the experts say

Published

7 months ago

25 June, 2024

Is Bitcoin bottoming? Here's what the experts say

In the rollercoaster ride that is the price of Bitcoin, cryptocurrency market participants may be wondering whether the latest drop was stomach-churning enough as the asset climbs back towards $62,000.

Bitcoin got some relief on Tuesday after a especially hasty day. But the asset fell mainly during the month of June. Coming down from $71,000 amid a flash crash weeks ago, the asset’s price has plummeted as much as 16% since approaching all-time highs.

The drop became noticeable as investors digested the Federal Reserve’s aggressive tones, said Dessislava Aubert, an analyst at Kaiko. Decrypt in a statement. By reducing rate cut projections to one this year after the June policy meeting, the Fed’s move weighed on risk assets, she wrote.

But that doesn’t capture the full picture, with crypto-specific factors. Grayscale Managing Director of Research Zach Pandl said Decrypt in an interview that Bitcoin’s fundamentals have not changed in recent days, and the pressure can be explained by three main factors.

Outflows from spot Bitcoin ETFs, combined with the sale of Bitcoin seized by the German governmentIt is expected sale of Mt. Gox creditors created an “overhang,” he said.

“We don’t know exactly how long this will last and we don’t know how many sales there will be of Mt Gox-related assets,” Pandl said. “But since the fundamentals haven’t really changed, I think we can anticipate that valuations will eventually recover once this passes.”

The dynamics that influence the price of Bitcoin can be compared to “locked boxes”, according to Bitwise CIO Matt Hougan. On a publish on Twitter (aka X), he explained that several crypto bankruptcies or seizures have historically driven Bitcoin off the market and reduced supply. But this is changing.

The latest Bitcoin unlock event is the Monte refund. Gox customers, who lost 740,000 Bitcoin when the exchange was hacked in 2014. Although Mt. Gox has recently moved around $9.6 billion in recovered Bitcoin, some analysts believe that much less will hit the market soon.

Galaxy Digital head of research Alex Thorne estimated that 6,500 Bitcoin could be “dumped onto the market” if the majority of investors who receive Bitcoin back from Mt. It’s likely he he wrotewhereas Mt. Gox customers are early adopters and would have to pay capital gains.

Kaiko’s Aubert noted that there has been “increased selling pressure from large Bitcoin holders such as miners,” which does not bode well for the summer. Asset volume has been historically low and these two factors could exacerbate market volatility, she wrote.

For crypto, there are still price catalysts on the horizon, said Grayscale’s Pandl. When spot Ethereum ETFs eventually go approved for negotiation this summerhe suggested this could create a rising tide for the overall crypto market.

“The potential for Ethereum ETF approvals is a huge positive catalyst, potentially coming in the coming weeks,” he said. “So my outlook would remain constructive on the asset class and I think these are reasonably attractive entry points for investors who have a longer time horizon.”

In addition to the crypto market, Wall Street’s AI darling has also faced recent headwinds. After becoming the world’s most valuable company, Nvidia shares fell 7% last week to trade at around $121.33, while the tech-heavy Nasdaq also retreated slightly.

Edited by Ryan Ozawa.

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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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