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Bitcoin Supply In Profit Nears 95%: Top Signal?
13 days ago
Coinfomania
Coinfomania
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With the bull run still early, an analysis from Glassnode has shown that about 94.5% of the Bitcoin supply is now in profit. This notable development occurred as Bitcoin blew past $52,000 earlier in the week. The percentage represented the portion of the asset in circulation where its holder’s entry price was lower than the current market price. This means that out of the 19,631,306.25 BTCs in circulation, holders of about 18,55,584.17 BTCs are basking in profit. Holding on Despite Gains Bitcoin holders are not looking to sell soon despite the surging profit percentage. A report shows that the amount of Bitcoin on exchanges is reducing drastically as the asset approaches its all-time high of $69,000. Instead of a dump, products like spot Bitcoin exchange-traded funds (ETFs) have continued to purchase more bitcoins daily. Notably, ETFs now hold over 258,770 BTCs with just 27 trading days. Price Top? Historically, a price profit percentage of 95% usually signifies the asset has peaked. This was seen in the last bull run when Bitcoin hit $69,000. However, there are lots of events suggesting a bullish continuation for Bitcoin. The halving event, usually known for producing new highs, is still set for April. Also, the increasing inflow from ETF products means that demand is still on; hence, a consequent price uptrend is expected. The post Massive! 94.5% of Bitcoin Supply Now in Profit appeared first on Coinfomania.

7 days ago
AZCoinNews
AZCoinNews
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The recent surge in Bitcoin price has triggered a wave of exchange inflows from long-term holders who are looking to take profits or cut losses, according to data from CryptoQuant. On February 14, 2024, Bitcoin broke the $51,000 mark for the first time in 2024, reaching a high of $51,487. This was followed by an influx of 5,153 BTC from holders who had bought their coins between six and 12 months ago, as shown by the orange band in the chart below. These holders had accumulated Bitcoin during the recovery period of 2023, when the price ranged from $20,000 to $32,000, and were likely to sell at a profit. Another notable spike in exchange inflow came from the holders who had bought their coins between three and five years ago, as indicated by the black band in the chart. These holders had acquired their assets during the bull run from 2019 to 2021, and some of them may have exited the market at their break-even point, considering that the Bitcoin price was at $48,000 on February 14, 2021. The exchange inflow of long-term holders (LTH) can be seen as a sign of the transition from LTH to short-term holders (STH), who are more likely to sell or trade their coins in response to market fluctuations. This transition often leads to short-term price corrections, as the supply of Bitcoin increases and the demand decreases. However, compared to the LTH exchange inflow in previous cycles, this scale is relatively small, suggesting that most LTH are still confident in the long-term value of Bitcoin and are holding on to their coins. The LTH supply ratio, which measures the percentage of Bitcoin supply held by LTH, is still above 80%, indicating a strong conviction among LTH. Source: https://azcoinnews.com/bitcoin-holders-cash-in-as-price-reaches-new-highs.html

3 days ago
Web3 Plus 官方帳號
Web3 Plus 官方帳號
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Exchange CEO advises Apple to hold Bitcoin Bitcoin surged during the Lunar New Year, with the price once reaching US$52,000 and the market value of its circulating supply exceeding US$1 trillion. Not only are retail investors making huge profits, but companies such as MicroStrategy, an American business intelligence software company, that hold Bitcoin are also making considerable profits on their books. Take MicroStrategy, for example, which has increased its Bitcoin investment by $3.9 billion. Recently, Eric. Erik Voorhees also posted on X, suggesting that Apple, the much-anticipated technology giant, hold Bitcoin. Voorhees shared a post from the social account "Bitcoin Vanguard" in which he stated that it was unreasonable that Apple has been a technology leader for the past 30 years but does not hold any Bitcoin. Voorhees wrote in response to this, suggesting that Apple could first quietly purchase billions of dollars in Bitcoin, and then announce that Bitcoin will integrate the Apple Pay payment function. As a result, the company could immediately make billions of dollars in profit. Not only that, Chen Fang, chief operating officer of crypto custodian BitGo, also wrote that if Bitcoin integrates ApplePay and Apple’s latest head-mounted mixed reality device Vision Pro, Apple will be able to dominate the field of “metaverse payment”. In fact, as early as 2021

6 days ago
CryptoNewsLand
CryptoNewsLand
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Skepticism surrounds the likelihood of a significant Bitcoin correction pre-halving. Expectations set on Bitcoin’s price climbing further in the 60 days leading to the halving. Anticipated correction post-halving could pave the way for a robust climb to new ATHs. As Bitcoin inches closer to its much-anticipated halving event, set to occur in just 60 days, the crypto community is abuzz with speculation regarding the market’s direction. While some voices call for a significant correction, the prevailing sentiment suggests that the run-up to the halving will be characterized by further price appreciation rather than a downturn. People call for a big correction now?Its only 60 days before halving, you expect to see a big correction? Take your bets, my bet is we will see more upside now, and correction after halving in 60 daysAfter correction full speed up to ATH — Doctor Profit (@DrProfitCrypto) February 21, 2024 The logic behind the skepticism of a pre-halving correction is grounded in historical patterns and the unique market dynamics surrounding halving events. Bitcoin’s halving, which reduces the reward for mining new blocks by half, has traditionally been a catalyst for bullish market activity. This anticipation of reduced supply coupled with steady or increasing demand tends to push prices higher. Betting against a major correction in the lead-up to the halving, many in the community, including seasoned investors and analysts, foresee a period of sustained upward momentum. This optimism is not unfounded, as previous halvings have demonstrated similar trends, with the real corrective phases occurring only after the event itself, once the initial excitement has tapered off. Following the expected post-halving correction, the market is anticipated to shift gears and accelerate towards new all-time highs (ATHs). This projection is based on the premise that the halving will have instilled a renewed confidence in Bitcoin’s scarcity and value proposition, laying the foundation for robust long-term growth. In conclusion, the 60 days leading up to Bitcoin’s halving are viewed by many as a window of opportunity for significant gains, with the potential for a correction seen as more likely to occur after the halving event. This strategic perspective encourages a bullish outlook for Bitcoin in the near term, followed by a healthy market correction that could ultimately set the stage for an aggressive push to new ATHs. As always, investors are reminded to approach the market with caution and to consider the inherent volatility and risks associated with cryptocurrency investments. Recommended News : Bitcoin’s Predictable Dance: BMSB Dip and SPX Decline in Pre-Halving Year Bitcoin Hashrate Reaches New ATH, Resembles 2020 Pre-Halving Surge How To Spot the 5 Phases of the Bitcoin Halving Cycle Bitcoin Halving: Why Bitcoin Halving Matters Bitcoin Halving Nears: 94% Progress Made The post Pre-Halving Surge Expected: Betting on Bitcoin’s Rise appeared first on Crypto News Land.

4 days ago
Cointelegraph
Cointelegraph
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Bitcoin (BTC) experienced a sharp correction on Feb. 20, sinking as much as 4% from an intra-day high of $53,019 to a low of $50,812, threatening to wipe out the gains of the past seven days. This pull-back led traders to re-evaluate the general condition of the crypto market, initiating a debate on whether the altcoin season (altseason) is here. BTC/USD daily chart. Source: TradingView What’s behind the Bitcoin price pull-back? Traders and market analysts believe the ongoing price crash is a part of the 5 phases of the Bitcoin halving cycle and that BTC might be experiencing a pre-halving retrace before entering a widely expected post-halving parabolic uptrend. Crypto trader and analyst Rekt Capital shared the following chart in a Feb. 15 post on X saying that Bitcoin has “one last Pre-Halving Retrace left” before resuming the uptrend. #BTC There is only one last Pre-Halving Retrace left (dark blue circle) $BTC #Crypto #Bitcoin pic.twitter.com/Q6qF1ieEEL — Rekt Capital (@rektcapital) February 15, 2024 Independent market analyst Sjuul noted funding rates were high for BTC warning traders to “expect some correction across the board.” “In my opinion, it's the buy-the-dip opportunity we are all looking for.” Market intelligence firm Santiment pointed out significant moves in “mid-tier traders often work as excellent signals for” profit taking and “dip buys.” “In the past 2 weeks, #stablecoin holders with $10K to $100K: Added $44.3M in $USDT.” This is an indication that they could be getting ready to buy the dip in case of a pullback. USDC and USDT 10K-100K supply holdings. Source: Santiment Bitcoin versus altcoins Altcoins have displayed great performance over the last 12 months, posting double and triple-digit gains, with some outperforming Bitcoin. Some of them have demonstrated better performance on shorter timeframes. According to data from CoinMarketCap, Bitcoin has rallied 107% over the last 12 months, Solana (SOL) has gained 308%, Avalanche’s AVAX 80%, and Chainlink's (LINK) 136%. The latest data from on-chain analytics firm Glassnode shows that while “BTC and ETH are leading the pack, with year-to-dat gains of 17.6% and 18.2%, respectively,” Bitcoin’s year-to-date performance surpasses aggregate altcoin market cap. Glassnode analyst Alice Kohn said, "the aggregate Altcoin market cap has not experienced the same performance, with YTD growth being less than half of the two majors.” Bitcoin vs. Altcoin market cap YTD performance. Source: Glassnode Glassnode notes that although Ether (ETH) began to outperform BTC following the approval of the spot Bitcoin ETFs in January, its performance fell below Bitcoin’s on Feb. 8. According to Glassnode, the performance of digital assets can also be tracked by using Realized Cap for each sector, a metric that “aggregates the cost basis value of all coins transferred on-chain.” Glassnode notes that Bitcoin continues to display dominance seeing approximately “$20B in capital inflows per month at present.” As the chart below highlights, Bitcoin’s dominance has continued to grow with a 1000% surge in relative market cap since October 2023. Market realized value next capital change. Source: Glassnode “It is evident that capital moves down the risk curve into Altcoins at a slower pace compared to the rotation between the two major cryptocurrencies, a trend which appears to be in play once again,” notes the report. “Bitcoin continues to lead with over 52% market share of the total digital asset market cap.” Related: Bitcoin holdings on Coinbase reach lowest level since 2015 as whales withdraw $1B BTC How close is altseason? On Feb. 18, independent analyst Stockmoney Lizards told his followers on the X social media platform that he believes “many #Altcoins are about to skyrocket in the next #Altseason.” The analyst shared a chart showing that the altcoin market cap had scaled above a significant support area and entered into a bull run similar to the 10x returns experienced in 2021. “We are close.” Many #Altcoins are about to skyrocket in next #Altseason. We are close. pic.twitter.com/1uvRQdWqzU — Stockmoney Lizards (@StockmoneyL) February 18, 2024 Even though some signs are there, it may still be too early to confirm the altcoin season. Glassnode’s altseason indicator has shown positive momentum since October last year and turned positive on Feb. 4 after taking a pause during the sell-the-news event triggered by the Bitcoin ETFs approval in January. Altcoin season indicator. Source: Glassnode Interestingly, the indicator has remained positive since then, an indication that the market is now in a risk-on mode, showing the confidence that the investors have in the altcoins right now. Data from Blockchain Center shows that only 59% of the top 50 altcoins have outperformed BTC during the last 90-day period. Although this index has been increasing over the last few days, it is still not enough to declare an altcoin season. For an altseason to be declared, this percentage has to move above 75%. Altcoin season index. Source: Blockchain Center Glassnode concludes, “our Altcoin Indicator suggests a more mature and possibly sustained uptick in Altcoin markets, however, it remains relatively concentrated in higher market cap assets at this time.” This means that signs of an altcoin season as starting to merge, but it might be too early to make the call. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

5 days ago
CryptoPotato
CryptoPotato
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Meme coins have been a constant and exciting part of the cryptocurrency industry for a long while. It all started with Dogecoin (DOGE), but quickly escalated to an abundant ecosystem centered around memes, jokes, and community-building. Some meme coin projects have taken it to another level, creating usable blockchain solutions like layer-two networks, wallets, decentralized exchanges, and whatnot. Others have remained in the realm of jokes and memes and are predominantly centered around building communities. In the following, we take a look at the most exciting meme coins to watch in 2024, and we also seek an answer to the question of whether or not they can outperform Bitcoin. Dogecoin (DOGE) Think of Dogecoin as the godfather of meme coins. It was the first widely-recognized meme coin, created as a joke and nothing else. It’s been around since 2013, developed by Billy Marcus and Jackson Palmer. Dogecoin has one of the largest communities in the industry and has attracted popular figures like the billionaire owner of Tesla, SpaceX, and X (Twitter) – Elon Musk. Musk has stated, on multiple occasions, that he is a supporter of the cryptocurrency and that he will actively help with its development. DOGE has always been a precursor to volatility in the market. Whenever it starts moving, that’s when traders know to expect action. 2024 is believed by many to be the year when a large bull run will begin, as the Bitcoin halving will take place in April. If that turns out to be true, DOGE is likely to be one of the meme coins that will be worth watching. Will it reach the coveted goal of $1? Only time will tell. You can find a complete guide on Dogecoin here. Shiba Inu (SHIB) Dogecoin’s hegemony spawned the appearance of multiple meme coins that aimed to claim some (or all) of its dominance. The first one to do it successfully was Shiba Inu (SHIB). SHIB minted a lot of millionaires in the previous bull market, as it reached a total capitalization in the tens of billions. Small investments of a few hundred dollars were turned into hundreds of thousands if not millions, worth of profit. Unlike the majority of the other meme coins that come to prominence only to descend into quick oblivion, SHIB stuck around. After numerous changes of leadership and a lot of back-and-forth, the team behind it is currently building a complete ecosystem that consists of Shibarium – its layer-two blockchain solution, as well as a number of other applications. SHIB is just as unpredictable as any other meme coin, but with its built-in burning mechanism, a raging bull market might cause a lot of volatility in its price in 2024. You can find out more about Shibarium here: Dogwifhat (WIF) We are putting Dogwifhat (WIF) as the number three most exciting meme coin to watch in 2024 because it’s the newcomer on the block. WIF started out as most meme coins centered around a funny meme of a dog wearing a hat – hence, the name. The meme coin is built on Solana and is currently one of the largest on the network, fostering a community of tens of thousands of holders. WIF is known for its volatility, charting new highs and declines upwards of 30-40% every other week. This doesn’t discourage its community, which is constantly on the lookout for new members to put the hat on. Even Arthur Hayes – the former CEO and one of BitMEX’s co-founders – tweeted about it some time ago. Dogwifhat is a meme coin in the true spirit of the word – the developer has supposedly sold out all of his tokens, and the supply is currently in the hands of its fans. WIF doesn’t have anything else built around it but an abundance of memes and jokes. With the Solana ecosystem thriving in the past few months, meme coins built on it are certainly worth watching in 2024. Bonk Inu (BONK) Bonk Inu (BONK) is the O.G. meme coin on Solana. It took the world by storm in 2023, when it exploded to a market capitalization of close to $2 billion. The interesting fact about BONK is that it was found within Solana Saga phones released a while ago. Back then, the team included $10 worth of BONK in those phones as a playful gift to SAGA phone users and perhaps as a way in the ecosystem. Fast forward to 2023, that $10 gift was worth a few hundred dollars – more than the retail price of the phone itself. This caused an uptick in demand, driving the Saga phone’s price to $5000 on eBay. Whether or not BONK will regain its all-time highs of 2023 is something that remains to be seen, but the cryptocurrency has certainly proven that it’s one to watch in the conditions of a raging bull market. PEPE Coin (PEPE) If you’ve paid close attention to the previous four meme coins – you would have noticed that all of them share a common theme – they are dog-themed. Well, PEPE breaks the trend by introducing the first high-performing frog-themed meme coin. It was launched toward the middle of April in 2023 and soared to a market cap of more than $420 million less than three weeks after that. As you may have guessed, there’s a clear reference to Pepe the Frog Meme, although the official website clearly says that PEPE makes no claims about an association with Pepe the Frog. You can find detailed information about the meme coin in our video: Will These Outperform Bitcoin? Meme coins are incredibly volatile and their performance is unlike that of other cryptocurrencies like Bitcoin. We decided to check with ChatGPT on the matter and asked if the above will perform better than BTC in 2024. ChatGPT said that the meme coin market has a high degree of speculation and uncertainty, pinpointing five factors to watch in the coming year: Market sentiment and adoption Bitcoin’s position Utility and use cases Regulatory environment Market dynamics The chatbot concluded: While meme coins can experience sudden and dramatic price increases, they also carry significant risks and can be more susceptible to market sentiment swings. Bitcoin’s more established status might offer a different risk-reward profile. The post Top 5 Meme Coins to Watch in 2024: Will These Outperform Bitcoin? appeared first on CryptoPotato.

5 days ago
TopCryptoNews
TopCryptoNews
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The Bitcoin halving schedule for 2024 becomes crucial amid the aftermath of the 2022 crypto winter and the 2023 economic downturn. By curbing BTC creation, it gradually limits Bitcoin's supply, akin to the scarcity seen in gold. The total supply of Bitcoin is capped at 21 million, with slightly over 19 million already mined. This leaves just under 2 million Bitcoins left to be created. Here’s what to expect from the Bitcoin halving in April 2024. Winter's gone? Bitcoin experienced a significant rally in 2023, witnessing a remarkable surge of approximately 152% throughout the year. This surge came after a turbulent period in 2022, during which Bitcoin faced challenges such as the collapse of prominent projects, liquidity problems and several high-profile bankruptcies, following its record high in 2021. The recent rally in cryptocurrency prices has lifted businesses out of stagnation, prompting mining companies to accelerate profit-making efforts ahead of Bitcoin's halving event. As the next halving approaches, rewards for producing Bitcoins will be halved, prompting a rush among miners to secure profits. How does it work? Bitcoin mining involves the rewarding process of verifying and adding new transactions into blocks using computational work. Miners ensure the uniformity, currency and immutability of the blockchain ledger, receiving newly created coins in return. Bitcoin's inception in 2009 marked a reward of 50 Bitcoins per block for miners. This halved to 25 Bitcoins per block in November 2012, known as the second reward era. Bitcoin halvings occur every 210,000 blocks, reducing the reward offered to miners by half. These events are programmed to manage Bitcoin's supply and demand dynamics, aligning with its preprogrammed features. Reduced rewards pose financial challenges, especially for those heavily reliant on mining income. The fixed supply of Bitcoin exacerbates this issue, potentially leading to bankruptcy if rewards decrease without corresponding increases in transaction fees or Bitcoin value. Additionally, increasing competition for mining creates scarcity, driving up Bitcoin prices but making mining less profitable. Miners cashing in Bitcoin's hashrate, which measures the computational power required for mining, has surged to an all-time high. This indicates that miners are employing increasingly significant resources to solve complex mathematical puzzles and earn Bitcoins. Historical data on hashrate suggests that miners tend to ramp up their capital expenditure to maintain competitiveness ahead of the halving. This Bitcoin rush results in increased mining difficulty in the months preceding the event. Consequently, miners who cannot keep up with the higher production costs are forced out of the market. According to Grayscale, in Q4, 2023, there was a noticeable trend of miners selling their Bitcoin holdings on-chain, likely to build liquidity ahead of the reduction in block rewards. These measures suggest that Bitcoin miners are well-equipped to handle the upcoming challenges, at least in the short term. Even if some miners exit the market, the resulting decrease in hashrate could lead to adjustments in mining difficulty, potentially reducing the cost per coin for remaining miners and maintaining the network's stability. Historic price movements Historically, Bitcoin prices have surged following halving events. After the first halving in 2012, the price skyrocketed from $12 to $126 within six months. Similarly, following the second halving in 2016, Bitcoin's price surged from $654 to $1,000 within seven months. In 2020, after the third halving, the price surged from $8,570 to $18,040 in the same time period. While initial apprehension may prompt some investors to sell off their Bitcoin holdings, renewed interest in the currency is expected to follow. The law of supply and demand will likely stabilize the market, potentially leading to a rebound in Bitcoin prices after an initial drop. 2024 is different A recent study by Coinbase highlights the rising institutional interest in crypto assets, signaling a shift toward more mature market behavior. This trend is characterized by decreasing volatility and a rising inclination toward sophisticated investment strategies. This transition signifies a new era in crypto investment, with institutional players moving beyond mere speculation toward adopting strategic, long-term positions. As Grayscale points out, the upcoming Bitcoin halving in April 2024 is anticipated to differ significantly from previous events due to increased on-chain activity and positive market updates. Factors shaping this event include: Miners' proactive measures to raise funds, such as equity offerings and reserve sales, may help offset revenue challenges.Potential adjustments in mining difficulty, driven by changes in hashrate, could benefit remaining miners by reducing production costs.The rise of Inscriptions has boosted on-chain activity, with millions of token collectibles generating substantial transaction fees for miners.Inscription activity offers a new avenue to maintain network security through increased transaction fees as block rewards decrease.The ongoing adoption of Bitcoin ETFs may absorb selling pressure and positively impact Bitcoin's market structure by providing a stable demand source. The latter might be a significant factor. U.S. spot Bitcoin ETFs have quickly absorbed significant investment, with initial net flows totaling about $1.5 billion in the first 15 trading days. These inflows, equivalent to three months' worth of potential post-halving sell pressure, hint at the potential for mainstream adoption. Angel investor Anthony Pompliano suggested that the recent milestone of $50,000 for Bitcoin is not its ultimate peak because of Wall Street interest. He suggested that as Bitcoin continues to climb, individual holders will begin to sell their BTC, leading to increased demand from Wall Street funds eager to capitalize on the cryptocurrency's upward trajectory. $50,000. The price has to go higher to get bitcoiners to sell their bitcoin to Wall Street and satisfy the increased demand.— Pomp 🌪 (@APompliano) February 12, 2024 What to expect in 2024? The upcoming halving will reduce the rate of new BTC entering the market, dropping rewards from 6.25 to 3.125 BTC. This change may push miners to improve efficiency to sustain profitability. Consequently, we can expect advancements in mining hardware, aiming for rigs that are more energy-efficient and powerful to adapt to the reduced rewards. Crypto analyst Ali Martinez recently sparked optimism in the cryptocurrency community with a tweet suggesting that the forthcoming Bitcoin halving could fuel an extended period of bullish trends for the leading digital asset. #Bitcoin design around four-year cycles, driven by its #halving events, often mirrors its price action. Historically, this translates to 3 years of bullish trends followed by 1 year of bearish correction. As per this cycle, $BTC is in an upward phase, potentially extending… pic.twitter.com/7B4sIpiWH8— Ali (@ali_charts) December 29, 2023 According to a report by Coinbase, the next halving could potentially boost Bitcoin's performance, but it also emphasizes that the limited historical data makes outcomes somewhat speculative. With only three halving events historically, a clear pattern has yet to fully emerge, especially considering factors such as global liquidity measures that have influenced previous events. Global liquidity seems to have peaked in the near term, and with another 9-10 months until the next halving, it remains uncertain what the overall effect on Bitcoin's price behavior might be in the future. Cryptocurrency analyst Benjamin Cowen elaborated that the early halving-year pattern for Bitcoin typically sees it hitting the bull market support band (comprising the 20-week SMA and 21-week EMA) in January or February of the halving year. #Bitcoin early halving year pattern - Bitcoin has always gone to the bull market support band (20W SMA and 21W EMA) in Jan/Feb of the halving year. Will this time be different? pic.twitter.com/SgE2PjtCZ9— Benjamin Cowen (@intocryptoverse) January 17, 2024 Bitcoin has defied bearish market conditions, showcasing remarkable resilience and evolution over the past year. Despite challenges, it has surged in on-chain activity, strengthened its market structure and emphasized its scarcity, challenging outdated perceptions and emerging stronger than ever. $BTC #BTC #Write2Earn #TrendingTopic #Halving

7 days ago
CoinEdition
CoinEdition
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The analyst noted that a decrease in the supply in loss could trigger a rise to $150,000. Bitcoin might undergo a corrective phase if bulls fail to defend $49,850 A clear path to $60,000 might appear if the 50 EMA stays above the 200 EMA. Pseudonymous on-chain analyst and CryptoQuant author “OnChain Edge” has predicted that Bitcoin (BTC) would hit $150,000. According to OnChain Edge, he used two different methods to check the possibility and both of them gave the same result. $BTC has two Paths. Both Lead to $150k“I spent over 100 hours diving through on-chain data to find out. Here's what I found…” – By @onchain_edge Full post 👇https://t.co/MZZS2f0iQD pic.twitter.com/UZBXneAtIt — CryptoQuant.com (@cryptoquant_com) February 15, 2024 BTC to Plunge Before the Rally In both scenarios, the analyst considered the Net Unrealized Profit/Loss (NUPL). Values over zero of the NUPL suggest that most holders are in profit and there could be a motive to drive sell pressure. On the other hand, when the NUPL is less than zero, it implies that most participants are at a loss, indicating low sell pressure. OnChain Edge’s first scenario was that the supply in loss would increase to 16% within the next six months. If this happens, Bitcoin’s price might fall to $23,000. After this projected decrease, he noted that BTC would recover and the price might rally to $150,000. In his second hypothesis, the analyst noted that the supply in loss might drop to 3% within the same period before Bitcoin jumps to the aforementioned price. However, OnChain Edge mentioned in his post that the second scenario seemed more likely than the first. From a technical point of view, BTC might not nosedive as low as $23,000 this cycle. The Coin Is at Crossroads Heightened buying pressure pushed Bitcoin closer to $53,000 on February 15. But upon careful examination of the 4-hour chart, bears were trying to tug back the price. If Bitcoin fails to hold on to the $49,850 support, it could undergo a corrective phase. In this instance, the price might fall as low as $47,246. If bulls can defend BTC at $51,868, then a short-term consolidation could be next. For the long term, the Exponential Moving Average (EMA) indicated a bullish path for the coin. At press time, the 50 EMA (blue) had crossed over the 200 EMA (yellow), reinforcing the mid-term bullish trajectory.  BTC/USD 4-Hour Chart (Source: TradingView) If BTC breaks below $49,023, the price might fall further. But as long as Bitcoin’s value closes above $45,107, a clear path to a new high remains possible. In a highly bearish position, BTC might move between $46,000 and $49,000. However, if buying pressure increases, Bitcoin should be able to close in on $60,000. For the $150,000 prediction, macroeconomic factors and the halving theory might come into play. After the halving, Bitcoin’s supply would reduce. If demand for the coin increases exponentially afterward, then BTC might inch toward a six-figure value. The post Can Bitcoin Reach $150,000? Analyst Dives In appeared first on Coin Edition.

9 days ago
Coinpedia
Coinpedia
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The post Bitcoin Price Might Surge 30% in Coming Weeks If This Happens appeared first on Coinpedia Fintech News After a solid breakout above $50,000 earlier this week, Bitcoin’s (BTC) price has consolidated between $52,500 and $51,700 in the past two days. The flagship coin has enjoyed increased buying pressure from deep-pocketed investors since spot Bitcoin exchange-traded funds (ETFs) were approved in the United States.  According to on-chain data analysis provided by market intelligence platform Santiment, Bitcoin whales acquired more than 100,000 Bitcoins worth over $5 billion in the past ten days. Interestingly, the Bitcoin miners only produced a maximum of 9,000 Bitcoins during the same period, thus indicating a huge supply against demand shock. Bitcoin Price Expectations in the Coming Weeks If #Bitcoin closes this week above $50,000, there will be very little standing in the way of new all-time highs.A little over 30% to go. pic.twitter.com/NZrcraJCHo — Jelle (@CryptoJelleNL) February 16, 2024 Bitcoin’s price has surprised the bears in the past few weeks, and analysts believe the bullish momentum could be sustained soon. This week, a solid Bitcoin price above $50,000 will propel the flagship coin to the next psychological resistance level around $58,000. With the Bitcoin price against several global currencies already trading the 2021’s ATH, the US dollar is no exception. Furthermore, the recent CPI data suggested that the U.S. dollar inflation will stay for an extended period.  Precautionary Signs  With #Bitcoin breaking through the $52K region, the Short-Term Holder cohort responded by locking in a Net Realized Profit / Loss of +$647M, the largest since the 2021 ATH formation. pic.twitter.com/7wIu5IJojZ — glassnode (@glassnode) February 16, 2024 However, the heightened crowd enthusiasm on crypto bullish sentiment could result in a sudden market correction. Moreover, on-chain data provided by Glassnode shows that Short Term Holders (STH) have recorded their highest net realized profits since 2021. Historically, Bitcoin price has reacted with a sudden market correction as short-term holders reached the highest profit levels. In case of a sudden sell-off in the coming weeks, Bitcoin could find a solid support level of around $41k.

9 days ago
Crypto_Kathy
Crypto_Kathy
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🚀 Bitcoin (BTC) broke the $50,000 barrier on Feb. 12, but faced resistance and retraced 2% on Feb. 13. 📉 Blockchain analytics firm Glassnode suggests a transitional phase may be near, as long-term BTC holders have spent over 300,000 BTC since Nov. 2023. 🤔 - UTXO ratio reached 96.62%, signaling investors seeing more profit 💰 - Short-term holders reset, with average supply in profit at 57.5% 🔄 - Bitcoin ETF inflows soar, pushing Coinbase premium index into a premium 📈 What's next for Bitcoin? Share your thoughts in the comments! 🗣️

12 days ago
Crypto Daily™
Crypto Daily™
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In today's cryptocurrency market, Bitcoin rebounded past the significant mark of $52,200. Despite this surge, its trading volume interestingly dipped by 10%, resting at $19.78 billion, while maintaining a towering market cap of $1.03 trillion. Ethereum, a major player in the altcoin domain, isn't far behind, registering a 3% increase to above $2,900 and boasting a market valuation of $349.7 billion. Ethereum's trading activity also saw a notable hike, with its volume gaining 28%, almost touching $24.6 billion. In the midst of these market movements, Ripple (XRP) recovered past $0.56. Yet, like Bitcoin, it experienced a 10% fall in trading volume, down to $819 million. Despite this, XRP holders saw nearly 8% weekly gains, hinting at an underlying resilience. As the calendar flips closer to February 20th, Ripple (XRP) is girding itself for a pivotal chapter in its courtroom saga with the SEC – this next act promises to peel back layers of the case during discovery related to remedies and could very well be packed with surprises. Amidst this landscape, ScapesMania (MANIA), although having concluded its presale stage, is generating buzz as its coming DEX listing approaches. This next step for MANIA isn't just another update; it's set to throw open the doors to an even wider audience. Ride The Wave of Innovation with ScapesMania The ScapesMania public sale wrapped up, becoming the talk of the crypto community. The project managed to secure over $6,125,000 at an unprecedented rate and there’s a strong probability that the token's value might increase exponentially in the future. The spotlight has shifted to the Token Generation Event (TGE) coming up on February 25 – March 09. The pool of tokens is smaller than it was before, the conditions are better than the market average, so the chance to maximize your potential returns is quickly diminishing. Letting it slip now would be a huge waste, especially since your chance to join is only a click away. Your Last Chance to Boost Potential Returns Post Listing The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters while also ensuring a high level of community engagement. Through DAO governance, backers will be able to influence and benefit from a growing industry. Moreover, the token's utility is impressive. It's not another meme coin whose success relies heavily on trends and hype. ScapesMania ($MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. As a player in the multi-billion casual gaming industry, it leverages the market's growth potential. Post-debut, holders can anticipate greater liquidity and easier trading. A solid token management plan will further increase longer-term growth potential.  The community's excitement about the project is evident so far: the follower count has reached 60K+. Also, the growing interest from crypto whales with deposits of $20,000+ might expedite ScapesMania's transition from niche to mainstream. ScapesMania's smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the PancakeSwap listing is on the horizon, with CEX listings still in the works. ScapesMania is also notable for a great cliff vesting structure to prevent token dumping, making sure that supply and demand are well-matched for potential growth. Make sure you don't pass up the opportunity to leverage all discounts and potentially beat the market with the TGE fast approaching. Be quick if you want to be the first one in line for all the post-listing opportunities, which might be quite lucrative. >>> TGE ALERT – Keep Up With Latest News <<< Ripple (XRP) on the Edge: Lawsuit Outcome to Set Future Course The Ripple (XRP) market was abuzz with activity, especially in light of the recent developments in the SEC v. Ripple lawsuit. As the legal battle approached a critical juncture on February 20th, with the formal end of its remedies-related discovery phase, Ripple was granted an extension to compile post-complaint institutional sales data, which had a noticeable impact on XRP's market behavior. Source: TradingView Currently, Ripple (XRP) is trading between the key levels of support at $0.5209 and resistance at $0.5864. The market is closely watching these levels as they determine XRP's short-term price trajectory. Ripple (XRP) Technical Analysis From a technical perspective, Ripple's (XRP) Exponential Moving Averages (EMAs) - 10-day at $0.5587, 50-day at $0.5463, and 200-day at $0.5403 - suggest a cautiously optimistic trend, with the price hovering above all three EMAs. The Relative Strength Index (RSI) at 57.15 indicates a neither overbought nor oversold condition, providing room for movement in either direction. However, the Stochastic %K at 82.71 leans towards an overbought territory, hinting at potential price correction. The Average Directional Index (14) at 18.96 shows a lack of strong trend, and the MACD Level (12, 26) at 0.004 reinforces this indecisiveness. These technical indicators, combined with the uncertainty surrounding the lawsuit's outcome, make XRP's near-term price direction somewhat unpredictable. Ripple (XRP) Price Action – What’s Next? In the bullish scenario, Ripple's (XRP) resilience is underscored by the recent accumulation by large wallet holders, as reported by Santiment. Coupled with a decline in whale transactions and slowed profit-taking, this suggests a potentially bullish outlook. If buying pressure increases, bolstered by a favorable outcome in the legal proceedings or positive market sentiment, XRP could retest $0.5864 and possibly eye the next barriers at $0.6158 and even $0.6813. On the flip side, the bearish scenario takes into account the recent loss of momentum by the bulls over the weekend and the shedding of XRP holdings by small holders and retail investors. If bearish pressures persist and buying pressure fails to materialize, Ripple (XRP) could see a downturn, potentially retesting $0.5209 and even the lower support levels at $0.4847 and $0.4191, with the ongoing legal developments adding to the uncertainty. In both scenarios, the coming key date in the SEC lawsuit looms large, poised to significantly influence XRP's market trajectory. Bottomline The coming key date in the SEC lawsuit is set to be a decisive factor in shaping Ripple's (XRP) future market trajectory. Currently trading between pivotal support and resistance levels, XRP's price action reflects a cautiously optimistic trend, as indicated by its EMAs. However, the mixed signals from technical indicators such as the RSI and Stochastic, coupled with the uncertainty of the lawsuit's outcome, render Ripple's (XRP) near-term direction unpredictable. The market's response to the impending legal developments will determine whether XRP stays resilient or succumbs to bearish pressures. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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