Bitcoin

Bitcoin Price Action Sends Warning Signal of Stock Market Selloff Soon

Published

12 months ago

20 June, 2024

SatoshiTimes Staff

Bitcoin Price Action Sends Warning Signal of Stock Market Selloff Soon

Bitcoin’s 10% sell-off since June 7 signals a wake-up call for the broader stock market.
Stifel strategist Barry Bannister highlighted a strong correlation between bitcoin and the Nasdaq 100.
Bannister said he expects a summer correction in stocks, influenced by higher interest rates for longer.

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Bitcoins The 10% sell-off since June 7 is sending a warning signal to the broader stock market, according to Stifel strategist Barry Bannister.

In a note on Wednesday, Bannister highlighted the strong correlation between bitcoin and the Nasdaq 100 since 2020, as cryptocurrency shares characteristics of a risky speculative asset, it more than behaves like “digital gold”.

But while bitcoin traded lower in June to around $65,000, the broader stock market continues to hit new records, driven by gains in mega-cap technology stocks such as Nvidia It is Litter.

Bitcoin’s inability to reach new records suggests that the stock market will likely try to recover as it is poised to fall in line with the cryptocurrency, according to the note.

“Recently, the weakening of bitcoin signals an imminent S&P 500 summer correction and consolidation phase,” Bannister said.

Bannister isn’t the only analyst on Wall Street taking stock market cues from bitcoin.

Fairlead Strategies founder Katie Stockton told CNBC on Monday that she is also watching the growing divergence between U.S. technology stocks and bitcoin.

“When we see bitcoin pulling back in this picture and the Nasdaq 100 just rising, that concerns us to some extent, just in the short term,” Stockton said. “We feel like this divergence is something that’s probably going to catch up with the Nasdaq 100 once people say ‘well, wait a second, Nvidia is maybe a little overextended here.’

Adding to Bannister’s conviction of an imminent stock market sell-off is the Federal Reserve, which could keep interest rates higher for longer to combat still-high inflation.

“The correction we expect in risk assets is reinforced by our view that the Fed moves away from its current cautious moderation as inflation remains elevated (‘last mile’ issues), thus exposing the overvalued S&P 500 vis-à-vis -vis the financial condition index and other measures,” Bannister said.

In a summer correction scenario, Bannister sees shares of big tech companies like Nvidia being hit the hardest as analysts’ future earnings estimates show signs of peaking.

“As NVDA follows past cycles, the rising leader could lead the downward 3Q24 correction,” Bannister said.

But Bannister admitted he may be ahead of schedule in his call for a market correction, as bubbles often march to the beat of their own drum.

It’s possible the stock could continue to rise before suffering an even more painful decline of about 20%.

“Previous bubbles since the 19th century indicate that the S&P 500 could very well rise to ~6,000 by year-end 2024 and then back and forth to near where 2024 began five quarters later in ~1Q26 (S&P 500~ 4,800),” Bannister said.

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Bitcoin

What to watch for in the markets

Published

11 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

11 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

11 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

11 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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