Bitcoin

Will Bitcoin Recover? Here’s Where Five Experts See the Price Heading Next – DL News

Published

7 months ago

5 July, 2024

Will Bitcoin Recover? Here’s Where Five Experts See the Price Heading Next – DL News

Bitcoin’s plunge has seen it fall below $55,000, below its 200-day simple moving average.

The slowdown comes as Mt. Gox has begun paying customers after a decade-long bankruptcy process that was expected to see the return of about 9 billion dollars in Bitcoin.

The new inflow comes as market watchers expect German government to sell their Bitcoin holdings, which will also weigh on the markets.

So how bad will the crisis be?

That’s what the experts say.

David Brickell of FRNT

David Brickell, FRNT’s head of international distribution, said DL News It’s hard to say how far Bitcoin will fall.

Still, he sees signs that the crisis could change.

Macro factors “are aligning positively, with the dollar falling and yields reversing lower on expectations of Fed rate cuts and improved liquidity as major central banks adopt an easier policy stance,” Brickell said.

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Several factors suggest a turnaround.

“This latest flush may be enough to attract dip buyers who have been left out but remain bullish for the long term and could very well kickstart the next leg of the bull market,” Brickell said. “Bulls will be watching.”

Rachel Lin of SynFutures

Rachel Lin, co-founder and CEO of decentralized cryptocurrency derivatives exchange SynFutures, said Bitcoin’s decline is due to market expectations that Mt. Gox users will dump their tokens,

But “we could see a recovery if sales are lower than expected,” she counted DL News.

Lin added that it is possible that the price of Bitcoin could fall further: “If there is enough selling to push the price lower, we could be looking at the $50,000 level soon.”

Brad Howell from Keyrock UK

Negativity about the potential impact of Mt. Gox’s $9 billion plunge on the market may just be sentimentality.

That’s according to Brad Howell, managing director of cryptocurrency market maker Keyrock UK.

“We have to put this into perspective,” Howell counted DL News earlier this year.

Bitcoin averaged $30 billion in daily trading volume in March, and the market processed $72 billion in volume when Bitcoin fell 8% on March 19, Howell said.

“That should give you an idea of the volume needed to move a market of that size,” he said.

Howell also said he did not expect Mt. Gox creditors to sell their assets as they are likely early adopters of the technology and are more likely to hold onto their Bitcoins.

“Don’t expect large volumes to be dumped on day one,” he said.

Adam Morgan McCarthy of Kaiko

Adam Morgan McCarthy, an analyst at digital financial data firm Kaiko, said Bitcoin’s liquidity over the summer will play a major role in its price action.

“Liquidity tends to dry up during the summer months. We can already to see this is happening,” he said DL News.

“This means there is less support when there is selling pressure and prices can move more sharply. I expect this to continue through July, August and September.”

Jacob Joseph of CCData

CCData research analyst Jacob Joseph said DL News there are reasons to be optimistic, “despite the current challenges”.

He cited growing cryptocurrency adoption among institutional players — for example, through spot Bitcoin exchange-traded funds — and the U.S. election “serving as positive catalysts” for a rally.

In the US, both President Joe Biden and possible Republican candidate Donald Trump have taken an interest in cryptocurrencies.

Joseph said he will be mindful of seasonal effects in the summer, which typically result in lower institutional trading activity.

He will also keep an eye on key macroeconomic factors, including the inflation rate and the Federal Open Market Committee meeting later this month, for further clues.

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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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