Bitcoin

Bitcoin is down 20% from March, but Glassnode analysts are very optimistic: here’s why

Published

11 months ago

11 May, 2024

Bitcoin may have recorded the deepest correction since the FTX crash in November 2022, falling more than 20% from its all-time high of around $74,000. However, Glassnode analysts, in sharing their preview at X, they remain cautiously optimistic.

BTC Corrections | Source: Glassnode via X BTC Corrections | Source: Glassnode via X

Bitcoin drops 20% from March high, but Glassnode is optimistic

Glassnode notes that Bitcoin’s “macro uptrend still appears to be one of the most resilient in history” and that while corrections have been made, they are relatively superficial. With this position, the blockchain analytics platform confirms that the coin has improved with increased liquidity, reducing volatility.

After correcting from the March 2023 highs, Bitcoin has struggled to maintain the uptrend. So far, BTC has support around $60,000, but a key reaction level to watch is $56,500 on the lower side. On the other hand, if prices recover, exceeding US$66,000, BTC could rise, even surpassing US$72,000 and later US$74,000.

Sideways Bitcoin Price Trend on Daily Chart | Source: BTCUSDT on Binance, TradingView

However, for bulls to find support and prices to rise, the triggers would be fundamental factors. While price action structure can provide support, price catalysts are, as history shows, related to market events.

As Glassnode notes, the robust, bullish macrotrend for Bitcoin has decreased volatility, helping to maintain the uptrend. The increasingly superficial corrections, as the blockchain analysis platform notes, point to a more mature market, supported by more institutions.

Whales Accumulate as Institutions Watch BTC

Confidence remains high. Data on chain reveals that a whale took advantage of relatively low prices and the correction to pile up coins.

In the last week, the whale purchased more than 100 BTC, bringing the amount of coins purchased this month to more than 7,257 BTC. This aggressive accumulation suggests that even at the current multi-year high, Bitcoin may be undervalued.

BTC whale accumulating | Source: X Analyst BTC whale accumulating | Source: X Analyst

There could be more Bitcoin tailwinds coming. For example, this week former United States President Donald Trump began accepting crypto donations in his ongoing campaign. This change in stance has been bullish since Trump previously rejected Bitcoin.

While this is happening, European regulators appear open to approving Bitcoin as an investable asset in Undertakings for Collective Investment in Transferable Securities (UCITS) funds. If this happens, it could unlock billions more in Bitcoin from European institutions.

This move is huge considering banking giants like Morgan Stanley and BNP Paribas are already exploring ways for their customers to invest in BTC.

From a macro level, the increase in M2 money supply in the United States, amid concerns from the United States Federal Reserve that inflation is high, could further boost demand for Bitcoin. BTC, like gold, is considered a safe haven, a hedge against inflation, since its supply is designed to be deflationary.

DALLE Featured Image, Chart from TradingView

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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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