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Cryptopolitan
Cryptopolitan
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Bitcoin (BTC) continues to hover around the $51,500 mark, showing signs of consolidation after recent gains. Market analysts anticipate a potential pullback in line with previous bull market patterns, particularly ahead of the upcoming block subsidy halving in April.  Despite the narrow trading corridor and resistance at $52,000, seasoned observers remain optimistic about BTC’s long-term prospects. Rekt capital’s insights and market sentiment In his recent YouTube video on February 20th, well-known trader Rekt Capital highlighted similarities between BTC’s current price action and previous bull runs in 2016 and 2020. He pointed out key phases common to both periods, emphasizing the significance of a macro downtrend break preceding upside movements before halving events.  However, Rekt Capital also noted a missing element in the current cycle: the pre-halving retrace phase, where BTC typically retests resistance before moving higher. Despite a clear pre-halving retrace, analysts like Caleb Franzen of Cubic Analytics remain unfazed by BTC’s recent rangebound movements. Franzen highlighted BTC’s stability over the past week, with prices fluctuating between $50.6k and $53k.  He dismissed panic and bearish sentiments, emphasizing the absence of significant downward movements. Echoing Franzen’s sentiment, analyst Matthew Hyland emphasized the importance of the 0.618 Fibonacci retracement level from all-time highs, which sits just above $48,000. Hyland noted that while a breach below $49k could alter the market outlook, consolidation within an uptrend typically signals a continuation of bullish momentum. Future outlook and key considerations As Bitcoin approaches its next block subsidy halving, market participants remain attentive to potential price movements. While historical patterns suggest a period of consolidation and retrace before significant upward momentum, the current market cycle presents some deviations.  The absence of a clear pre-halving retrace phase raises questions about BTC’s immediate trajectory, but overall sentiment remains cautiously optimistic.

3 days ago
CaptainAltcoin
CaptainAltcoin
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Ethereum (ETH) appears primed for a major bullish breakout, with the price approaching key levels not seen since the last market cycle’s peak. According to analysis from crypto trader Rekt Capital, Ethereum looks ready to close its monthly candle above $3,000 for the first time since 2021. Monthly Close Above $3,000 Would Be Historically Bullish Currently trading between $2,950 and $3,000, Ethereum’s chart remains in a decisive uptrend. As Rekt Capital points out, Ethereum has broken out of its macro trading range between $2,200 and $2,800. Now the price looks strong as it approaches the $3,200 level, which it has only closed around during historic bull runs. “A monthly close above the $3,000 at the end of the month also represent new labels not seen since 2022,” explains Rekt Capital. He notes Ethereum has only ever monthly closed at these elevated levels during a bull market, which last occurred in 2021. Analysts See Continued Upside for Ethereum Other analysts agree Ethereum’s technicals and on-chain activity point to further upside. CryptoJelle notes that while Ethereum likely won’t make new all-time highs in one move, it remains a strong long-term hold for 2024. Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger! The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices! Show more +Show less – “There we go, ETH is showing the market what it’s made of. This won’t go to new highs in one go, but ETH should be a good asset to hold for the rest of the year. Send it higher,” he tweeted. Conclusion In summary, Ethereum looks poised for continued bullish momentum as it approaches key resistance levels not seen since the last cycle’s peak. Breaking above $3,000 with a monthly close could confirm a historic bullish breakout. Analysts remain optimistic about Ethereum’s upside potential through the rest of 2024. The coming weeks will determine whether Ethereum can sustain this bullish momentum and make a run toward reclaiming its all-time highs. You may also be interested in: Prom Token Hits the Bulls: Here’s Why This NFT Gaming Token Could Surge Even More Fetch.ai Soars Amid Major Exchange Announcement; Top Analyst Says FET is ‘Trying to Print New ATHs’ – Here’s His Outlook SpaceX Accepts $DOGE for Payments — Will This Popular Memecoin Be Next? Check NuggetRush ($NUGX) Sponsored: Invest Responsibly, Do Your Own Research. Buy NUGX Today Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices A unique play-to-earn gaming platform in the memecoin market The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience Fosters a strong community by encouraging physical meetups among members NFT Integration with Prominent Characters The post Ethereum (ETH) Has Only Closed Above This Price in a Bull Run, and It’s About to Do It Again appeared first on CaptainAltcoin.

3 days ago
Cointelegraph
Cointelegraph
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Bitcoin (BTC) is due a “pullback” around its next block subsidy halving, but the timing remains unclear. In his latest YouTube video on Feb. 20, popular trader and analyst Rekt Capital predicted BTC price action copying the 2016 and 2020 bull runs. Bitcoin analyst mulls timing of 2024 "pre-halving retrace" Bitcoin has ranged within a narrow corridor for over a week, with $52,000 acting as a resistance zone. While this has taken its toll on sentiment — as well as altcoin price performance — seasoned market observers remain optimistic. Analyzing previous runs to all-time highs, Rekt Capital identified key phases common to both bull market setups. “In the past, a macro downtrend break always precedes upside going into the halving,” he explained. “Then we have a pre-halving retrace and then a post-halving reaccumulation period and then parabolic price action toward new all-time highs.” An accompanying chart showed BTC/USD breaking its initial downward-sloping trend line, only to get caught in a resistance zone previously formed by it. Breaking through and then retesting as support — the “pre-halving retrace” phase — is what is missing in 2024 so far. “We’re going to have the same thing in this cycle as well,” Rekt Capital continued. The zone of interest when it comes to the pre-halving pullback lies at around $45,000, data from Cointelegraph Markets Pro and TradingView confirms. BTC/USD 1-month chart with Rekt Capital's retracement zone. Source: TradingView “The question is, ‘Are we going to retest this resistance this month in the pre-halving period?’ because notice how we are never able to do that in the pre-halving period across time,” he queried. Earlier, Rekt Capital concluded that BTC/USD had fully entered its pre-halving run-up, now adding that key price events were coming quicker this cycle than before. Sub-$50,000 BTC price levels come into focus Commenting on current price action, meanwhile, others saw little reason to flip bearish on the market amid the rangebound moves. Related: Why is Bitcoin price down today? “Bitcoin is trading at the exact same price as it was 7 days ago,” Caleb Franzen, founder of research platform Cubic Analytics, told subscribers on X (formerly Twitter) on Feb. 22. “Fluctuating between $50.6k & $53k for the past 7 days, but the lowest daily close has been $51.6k (which is also right where it's trading right now). I really don't understand the panic or the bear victory laps.” Responding, analyst Matthew Hyland broadly agreed, noting the significance of the 0.618 Fibonacci retracement level from all-time highs just above $48,000. “If $49k folds then the picture changes but consolidation in an uptrend favors a continuation of the uptrend,” he nonetheless cautioned. 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.

4 days ago
深潮 TechFlow
深潮 TechFlow
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Written by: Mary Liu, BitpushNews Bitcoin retreated again on Tuesday, falling as much as 4% from an intraday high of $53,019 to a low of $50,812, with the price having since recovered to trade at $52,330 at press time, down 0.15% in the past 24 hours. Over the past week, the price of Bitcoin has roughly ranged between $51,000 and $52,500. Ethereum, the second-largest crypto asset by market capitalization, followed a similar trend, falling to $2,900 after surpassing $3,000 for the first time since April 2022. What's behind the Bitcoin price correction? Cryptocurrency trader and analyst Rekt Capital shared the chart below in an X post, saying Bitcoin has “one last pre-halving retracement” left before resuming its uptrend. Independent market analyst Sjuul noted that Bitcoin's funding rates are high, warning traders to "expect a full correction. In my opinion, this is the bargain-hunting opportunity we are all looking for." Market intelligence firm Santiment noted that "big moves by mid-sized traders are often excellent signals" for taking profits and "buying the dip." “Stablecoin holders with $10,000 to $100,000 added $44.3 million in USDT over the past 2 weeks,” suggesting they may

5 days ago
金十数据APP
金十数据APP
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Bitcoin’s dominance remains strong, accounting for 52% of the market capitalization, but on-chain and technical data indicate that the spring of altcoins may be coming. Bitcoin experienced a sharp correction on February 20, falling from an intraday high of $53,019 to a minimum of $50,812, a drop of up to 4%, nearly erasing the gains of the past seven days. This pullback caused traders to reassess the overall state of the cryptocurrency market, sparking debate over whether altseason has arrived. What is the reason for the Bitcoin price correction? Traders and market analysts believe that the market during the Bitcoin halving cycle is divided into five stages. Before the halving, it will experience a sustained price plunge and correction, and then enter a parabolic upward trend after the widely expected halving. Cryptocurrency trader and analyst Rekt Capital said on February 15 that Bitcoin has “one last pre-halving retracement” left before resuming its upward trend. Independent market analyst Sjuul pointed out that Bitcoin's financing rates are high and warned traders to "expect a comprehensive adjustment." However, he also pointed out that "In my opinion, this is the bargain-hunting opportunity we're all looking for." Over the past two weeks, stablecoin holders with between $10,000 and $100,000 have accumulated $44.3 million in USDT. This suggests they may be preparing to buy the dip on a pullback. Market intelligence firm Santiment believes that big moves by mid-sized traders are often excellent signals to take profits and buy on dips. altcoin

4 days ago
MarsBit News
MarsBit News
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Original author: Mary Liu Original source: BitpushNews Bitcoin retreated again on Tuesday, falling as much as 4% from an intraday high of $53,019 to a low of $50,812, with the price having since recovered to trade at $52,330 at press time, down 0.15% in the past 24 hours. Over the past week, the price of Bitcoin has roughly ranged between $51,000 and $52,500. Ethereum, the second-largest crypto asset by market capitalization, followed a similar trend, falling to $2,900 after surpassing $3,000 for the first time since April 2022. What's behind the Bitcoin price correction? Cryptocurrency trader and analyst Rekt Capital shared the chart below in an X post, saying Bitcoin has “one last pre-halving retracement” left before resuming its uptrend. Independent market analyst Sjuul noted that Bitcoin's funding rates are high, warning traders to "expect a full correction. In my opinion, this is the bargain-hunting opportunity we are all looking for." Market intelligence firm Santiment notes that “big moves by mid-cap traders are often excellent signals” for profit-taking and “buying the dip.” “Stablecoin holders with $10,000 to $100,000: Added $44.3M in USDT in the past 2 weeks,” this shows.

5 days ago
The Daily Hodl
The Daily Hodl
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
Crypto PM
Crypto PM
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#BTC 6 Phases of The Bitcoin Macro Diagonal 1. Pre-Halving Rally Approximately two months before the Halving, Bitcoin tends to breakout into a Pre-Halving Rally (light blue) In previous cycles, Bitcoin would reject from the Macro Diagonal at the end of its Pre-Halving Rally However in this cycle, Bitcoin is currently pressing beyond the Macro Diagonal A Monthly Candle Close beyond this Macro Diagonal later this month would confirm a historic technical feat... That Bitcoin has gone against the grain of history to break the Macro Diagonal in the Pre-Halving period. 2. Pre-Halving Retrace Historically, Bitcoin experiences its Pre-Halving Retrace a few weeks before the Halving And this Pre-Halving Retrace would get prompted by a rejection from the Macro Diagonal This was the case in 2016 and 2020 However if Bitcoin Monthly Candle Closes above the Macro Diagonal later this month... The Pre-Halving Retrace could figure as a retest of the Macro Diagonal in an effort to turn it from old resistance into new support. 3. Macro Diagonal Rejection Bitcoin tends to reject from the Macro Diagonal Resistance in the Pre-Halving period In 2016, this Macro Diagonal prompted the Pre-Halving Retrace Whereas throughout 2019 and 2020, Bitcoin rejected from its Macro Diagonal on three occasions before the Halving However, this Macro Diagonal weakens over time In the Post-Halving period, this Macro Diagonal offers the last but weakest rejection before getting broken. 4. Post-Halving Re-Accumulation During this period, Bitcoin tends to consolidate following from its Pre-Halving Retrace This consolidation figures as Re-Accumulation in preparation for the next breakout move In the context of the Macro Diagonal, historically this Re-Accumulation phase has taken place below the Macro Diagonal However should Bitcoin Monthly Close above the Macro Diagonal at the end of this month.... It's possible that in this cycle, the Re-Accumulation range would develop on top of the Macro Diagonal As a result, the Re-Accumulation phase could facilitate the Macro Diagonal Retest (black circle). 5. Macro Diagonal Retest Historically, this Retest tends to occur in the Post-Halving period And it is this Retest of the Macro Diagonal as new support that enables Bitcoin to breakout to new All Time Highs and transition into the Parabolic Upside phase of the cycle Breaking to new All Time Highs has historically occurred ~215 days after the Halving. 6. Post-Halving Parabolic Upside Once the Macro Diagonal Retest is successful, a Bitcoin confirms uptrend continuation that enables a breakout from the Re-Accumulation phase Bitcoin then transitions into its most parabolic phase of the cycle It is during this phase Bitcoin experiences accelerated growth on its way to Price Discovery and new All Time Highs. #Crypto #Bitcoin SOURCE: REKT CAPITAL ON X

5 days ago
Crypto PM
Crypto PM
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#BTC‬ The Bitcoin Halving Game Plan HODL in light blue Re-Accumulate during the dark blue circle Re-Accumulate in red Enjoy green Source : Rekt Capital On X #Crypto #Bitcoin

8 days ago
ZyCrypto
ZyCrypto
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As the crypto market continues to enjoy notable bullish momentum, altcoins are riding on this wave thanks to heightened whale transactions. Taking on X (formerly Twitter), leading on-chain metrics provider Santiment acknowledged, “While Bitcoin profits are being distributed to various altcoins, several are showing signs of drawing whale interest.” Therefore, Injective (INJ) and Basic Attention Token (BAT) have led the altcoin race as whales show soaring interest on the foundation of factors like their notable use cases. For instance, INJ is revolutionizing the decentralized finance (DeFi) sector by enabling Web3 members to stake for rewards and approve proposals for protocol upgrades, among others. Are Altcoins Eyeing Hype Cycles? With Bitcoin recently breaching the $52,000 level, altcoins are eyeing this bullish run after several weeks of retracement. Leading crypto analyst Rekt Capital acknowledged, “With the Bitcoin rally in progress, it’s a matter of time before that money flows into Altcoins. Altcoins are getting ready.” Source: RektCapital Therefore, this analysis suggests that altcoins might be gearing up for hype cycles that could increase prices. Some top altcoins, such as Ethereum (ETH), have been leading the altcoin rally, given that the second-largest cryptocurrency based on market value is edging closer to the psychological price of $3,000. ETH was up by 12.5% in the past week to hit $2,935 at the time of writing, according to CoinGecko data. Therefore, altcoin bulls are not relenting on their quest to scale heights, with Solana (SOL), XRP, Shiba Inu (SHIB) and Cardano (ADA) recently recording massive gains after making a major U-turn.

6 days ago
CoinQuest
CoinQuest
followers

Whales Buying Bitcoin (BTC) and Ethereum (ETH) Dump: The Beginning of a Bull Run? In the world of cryptocurrency, every move can send ripples through the market. Recently, Josh highlighted intriguing developments regarding Bitcoin (BTC) and Ethereum (ETH), suggesting a significant shift may be underway. 🐋 Whales Activity and Market Dynamics Josh pointed out that Bitcoin and Ethereum are teetering on the edge of confirming a major breakout on larger time frames. However, a new warning signal has emerged on smaller time frames for Bitcoin, hinting at a potential shift in price patterns. 💡 Technical Analysis Insights Bitcoin's weekly chart suggests a breakout above $50,000, historically leading to new all-time highs post-halving. Despite short-term indicators signaling a slight loss in bullish momentum, the overall sentiment remains bullish. On the Ethereum front, a breakout above $2,700 is anticipated on the weekly timeframe. 🔄 Bitcoin Halving Predictions Analyst Rekt Capital discussed potential scenarios surrounding Bitcoin's price movement leading up to the halving event. Stressing historical patterns observed around previous halvings, they noted a tendency for retracements to occur around the event itself. Historically, macro downtrend breaks often signal the onset of a new uptrend leading up to the halving event. Rekt Capital emphasized the importance of understanding historical resistance levels to anticipate potential price tops in the current cycle. 📈 Conclusion As Bitcoin and Ethereum navigate through pivotal moments, the market awaits confirmation of a bullish breakout. With whale activity, technical indicators, and historical patterns in focus, investors brace themselves for potential shifts that could mark the beginning of an exciting bull run in the cryptocurrency realm. $BTC $ETH #Write2Earn #TrendingTopic #BTC #AmanSaiCommUNITY #Ethereum(ETH)

7 days ago
Crypto PM
Crypto PM
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#BTC 4 Phases of The Bitcoin Halving 1. Pre-Halving Rally Approximately 63 days remain until the Bitcoin Halving in April 2024 And ~60 days before the Halving, a Pre-Halving rally tends to occur (light blue) History has repeated in this respect In anticipation of the Halving, investors "Buy the Hype" in an effort to "Sell the News" Short-term traders and speculators "Buy The Hype" several weeks before the Halving in anticipation of making a profit from this hype-fuelled rally Then these speculators "Sell The News" to realise that profit, contributing to a Pre-Halving retrace which occurs only a handful of weeks before the Halving event itself 2. Final Pre-Halving Retrace After the Pre-Halving Rally has concluded... A Pre-Halving retrace tends to occur a couple of weeks before the Halving event itself (dark blue circle) In 2016, this Pre-Halving retrace was -38% deep In 2020, this Pre-Halving retrace was -20% deep This Pre-Halving retrace can last multiple weeks, making investors question whether the Halving was a bullish catalyst on price after all 3. Post-Halving Re-Accumulation The Pre-Halving retrace is followed by multi-month re-accumulation (red) This period can last up to 150 days (i.e 5 months) Many investors get shaken-out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving 4. Post-Halving Parabolic Uptrend Once Bitcoin breaks out from the re-accumulation area breakout into the parabolic uptrend (green) It is during this phase Bitcoin experiences accelerated growth on its way to new All Time Highs $BTC Source: REKT CAPITAL ON X #Crypto #Bitcoin‬

6 days ago
Cointelegraph
Cointelegraph
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Bitcoin (BTC) starts the last full week of February above $52,000 — a fresh two-year record for the weekly close. BTC price strength shows little sign of reversing downward as bulls propel the market ever closer to all-time highs. What does the road ahead have in store? Traders and market observers are as conflicted as ever over the timing, but consensus increasingly calls for further upside. Bitcoin has successfully navigated turbulence from the year’s major events to date, and with the block subsidy halving now just two months away, bets are on for a rally in classic fashion. The picture farther out looks less predictable — BTC/USD may top later in 2024 before beginning a “secular” bear market, analysis warns this week, while the overall potency of the halving when it comes to price action is also under the microscope. Add to that the turbulent macroeconomic and geopolitical status quo in the United States and beyond and it is all the more clear that crypto volatility catalysts are waiting at every turn. Cointelegraph takes a refreshed look at the major issues impacting BTC price action and how they might play out in the coming days into the February monthly close. Weekly close sends Bitcoin back to November 2021 Bitcoin put in a decidedly triumphant weekly close on Feb. 18 — its highest since November 2021 at around $52,100, per data from Cointelegraph Markets Pro and TradingView. BTC/USD 1-week chart. Source: TradingView This takes the market symbolically near the peak of what was then euphoria — a blow-off top at $69,000. Predictions for how the week would end had varied, with various support levels on the radar should the market reverse at the last minute. In the event, however, little volatility came, leading to $52,000 holding into the Asia trading session. “Bitcoin consolidating at $52,000 with the total market capitalization at $1.9T,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, wrote in a summary on X (formerly Twitter). Van de Poppe expressed what is currently a popular theory when it comes to short-term BTC price performance — another leg higher before returning to test the mettle of recent gains. “The upside looks relatively capped for Bitcoin,” he continued. “My overall thesis is a continuation to $54-58K and then consolidation & broader correction. After that, rotation towards Altcoins.” Change has nonetheless evaded spot markets for most of the past week, with $52,000 and its associated resistance liquidity forming a “sticky” focal point. Joining in the near-term forecasting, Venturefounder, a contributor to on-chain analytics platform CryptoQuant, agreed with the $58,000 target. His basis, however, revolves around relative strength index (RSI) behavior. “If all follows, then the last BTC RSI peak signals breakout of downward channel, will push price higher (~$58k), then followed by a correction and this level will be made into strong support going forward (~$50k),” he concluded. #Bitcoin cycles are never the same, but it often rhymes: 1) Weekly RSI completing a bottoming movement, from lower highs, lower lows to higher highs and higher lows 2) Following the cycle top, The first three RSI peaks > 50 will have a strong reaction at resistance (either… pic.twitter.com/OW59mXPjdL — venturefoundΞr (@venturefounder) February 19, 2024 Over the weekend, Venturefounder, whose BTC price takes tend to err on the side of caution in the current environment, acknowledged the strong performance despite the spot Bitcoin exchange-traded funds (ETFs) making no purchases. As Cointelegraph continues to report, these form a major change to market dynamics, which has been in place for barely a month. “Honestly Bitcoin is holding up pretty well considered there is no daily 9-figure spot #BTC ETF buys on the weekend,” he summarized. “I think a degree of that is non-ETF buyers expecting continuation of the strong ETF net inflow and therefore buying the dip, essentially trying to front run the price next week.” Halving cycles spark contention The debate around the halving and its impact on price is getting ever more vocal with less than two months to go. For some, price performance in recent months — especially amid the emergence of institutional access via the U.S. spot ETFs — calls for a reevaluation of standard Bitcoin market cycles. The four-year circle revolving around halving events, they suggest, is seeing a challenge thanks to shifts in price coming at unusual times. #Bitcoin has made historyFor the first time ever, BTC has closed a weekly candle above the .618 FIB retrace from cycle high to cycle low prior to the halving: https://t.co/URAGEtuWKJ pic.twitter.com/MuhXMdrHF9 — Matthew Hyland (@MatthewHyland_) February 19, 2024 As Cointelegraph reported, others see the current cycles as “business as usual” — a cycle top should come months after the halving or even later. In some of his latest X engagement, popular trader and analyst Credible Crypto continued that narrative. “Is this time REALLY different? OR is it possible that this time is the SAME as all the prior times except people think it’s different because they have erroneously been using the halving as the single point of reference for our cycles?” he queried. Credible Crypto linked to a previous post from late last year in which he imagined a top in late 2024, followed by what he called the “first major secular Bitcoin bear market.” “In the coming months I expect further continuation upwards, at a more aggressive pace than we have seen thus far, as we build up to what will be a blow-off top for the books to conclude this multi-year cycle,” part of the post read. Before April’s halving, however, there remains plenty of opportunity for gains, as envisioned by fellow trader and analyst Rekt Capital, who notes that previous cycles saw a “pre-halving rally” beginning two months in advance. “BTC has one final Pre Halving Retrace left,” he added last week. “Historically, it tends to occur only a few weeks before the Halving.” Bitcoin price comparison. Source: Rekt Capital/X Global liquidity conditions favor crypto Caution marks the mood among macro analysts this week after recent U.S. inflation data gave the Federal Reserve a major headache. Prices, as shown by the Consumer Price Index (CPI) and Producer Price Index (PPI), advanced more than expected in January. Markets, which were previously confident that the Fed would U-turn on interest rate policy and reduce quantitative tightening (QT) as soon as March, quickly reevaluated the odds. This in turn dampens the tone for risk assets, which appreciate increasing liquidity as a basis for investor interest. That said, with the S&P 500 hitting all-time highs this month, a certain divergence between market performance and macro reality continues to play out. As Philip Swift, creator of Bitcoin statistics platform Look Into Bitcoin, noted, global liquidity conditions are conversely better than ever — a possible crypto catalyst in itself. “We are getting closer to Global Liquidity making a new all-time high,” he showed on X earlier in February alongside a chart of M2 money supply. “Arguably THE most important factor for a bull market. That's when the party really starts for bitcoin.” Global M2 money supply s. BTC/USD chart. Source: Philip Swift/X In the U.S., however, there remains plenty to unnerve markets and induce a more hawkish stance at the Fed prior to its next interest rates decision at the end of March. This week will see jobless claims and the minutes of the Fed’s January meeting, alongside the S&P Purchasing Managers’ Index (PMI) leading the pack, alongside various speaking appearances from Fed officials. Key Events This Week:1. Presidents Day, Markets Closed - Monday2. Fed Meeting Minutes - Wednesday3. S&P Global Services PMI data - Thursday4. Existing Home Sales data - Thursday5. Total of 5 Fed speaker events this week6. ~15% of S&P 500 companies report earnings… — The Kobeissi Letter (@KobeissiLetter) February 18, 2024 “We're watching the Fed minutes for color on rate cut timing,” trading resource The Kobeissi Letter announced in part of its weekly diary post on X. “Rate cuts are now being pushed out to June.” Bitcoin open interest matches 26-month record Recent days have seen a new all-time high in open interest (OI) for CME Group’s flagship Bitcoin futures. At $6.8 billion, OI saw a pronounced spike this month as ETF inflows surged and BTC price action delivered a return above key resistance levels. Now, a similar phenomenon is playing out elsewhere. According to the latest data from CoinGlass, total exchange OI hit $22.8 billion on Feb. 19, marking the highest levels since Bitcoin’s $69,000 all-time high. Bitcoin futures open interest (screenshot). Source: CoinGlass OI spikes have preceded periods of BTC price upside throughout recent months, but as analysts note, the volatility can run both ways. “Bitcoin is at a point where fresh positioning is very risky. The open interest on all coins reaches levels equal to the 2021 highs,” CryptoQuant contributor J.A. Maartunn warned last week. “Yes, the price can run higher, but the risk-reward ratio is NOT favorable.” #Bitcoin Open Interest is up only since February.It increased by +$3.3 Billion or +32%.Spot premium & Funding rates still neutral so that's good. pic.twitter.com/dSa0YmZEn2 — Daan Crypto Trades (@DaanCrypto) February 12, 2024 Countering the risk of a snap downside move are funding rates and leverage, both of which remain at comparatively manageable levels and suggest an overall lack of “irrational exuberance” among traders. Crypto sentiment drifts into "extreme greed" When it comes to cross-crypto sentiment, there are increasing signs that the average investor is reaching a state of euphoria. Related: Bitcoin price unlikely to hit all-time high before the halving — Here’s why The latest readings from the Crypto Fear & Greed Index show the highest levels of “greed” since the 2021 Bitcoin all-time high. Last week, the Index produced a score of 79/100, corresponding to “extreme greed” and briefly beating those 2021 levels. At the time of writing, Fear & Greed, itself a lagging indicator, stood at 75/100. Crypto Fear & Greed Index (screenshot). Source: Alternative.me “Absolute bullishness begets corrections. In 2021, after almost everyone is convinced there’s more upside after seeing $69k ATH, BTC rug pulled,” Venturefounder commented on market psychology over the weekend. “In Oct 2023, almost everyone is convinced $BTC will break below $25k again. Bitcoin doubled in few months without a major correction.” Fear & Greed historically flags an inbound long-term market correction when it reaches 90 or higher — something which has not occurred since Q1 2021. 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.

7 days ago
CaptainAltcoin
CaptainAltcoin
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According to analyst Rekt Capital’s newsletter, the Bitcoin “Pre-Halving Rally” phase began earlier than expected. Rekt Capital noted that Bitcoin had broken away from its Pre-Halving Downside period and entered a new Pre-Halving Rally phase. “The Pre-Halving Rally phase has begun, a little ahead of schedule,” noted Rekt Capital. This Bitcoin breakout has major implications for the wider altcoin market. Rekt Capital explained that it is “kickstarting a new Money Flow Cycle.” Altcoins have started to react to Bitcoin’s new pre-halving rally stage. Besides, Rekt Capital analyzed that altcoin market capitalization broke out from its bullish pennant formation over the past few weeks, representing a historic breakout from this structure. Breaking Out: Altcoins Follow Bitcoin’s Lead As Rekt Capital pointed out, “After extended consolidation at highs, Altcoin Market Cap is ready for a new uptrend. Historically, yellow-circled retests have preceded uptrends to revisit the blue level at $250bn, which would set up another retest (blue-circled retest). Altcoins are going to increase in valuations over the coming several weeks.” Hence, with the altcoin market cap breakout, valuations of individual altcoins like Ethereum are anticipated to rise. Rekt Capital discussed Ethereum’s price movement in detail . As predicted, Ethereum has rallied 15% from its range low and is moving towards its range high of $2791. “Generally, the fact that Altcoin Market Cap and Ethereum have broken out, shows that Ethereum is following Bitcoin and with time – Altcoins will too,” noted Rekt Capital. Altcoins Bottoming Out for a Bullish Cycle Moreover, this timing is beneficial as altcoins are currently in their lowest hype period for Q1 after experiencing significant retracements from late 2023 highs, according to Rekt Capital’s analysis. “Now, Altcoins should be bottoming in preparation for their next wave up,” commented Rekt Capital. Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger! The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices! Show more +Show less – As per highly-regarded analyst Rekt Capital, the Bitcoin halving pre-rally has started alongside bullish breakouts in the altcoin market cap and Ethereum price. Individual altcoins are anticipated to follow the upward trajectory of Bitcoin and Ethereum over the coming weeks as they bottom out of their low hype cycle. You may also be interested in: Dogecoin On Chain Activity Raises Questions But Expert Predicts ‘Upward Rally’ for DOGE Why is QuickSwap (QUICK) Price Pumping? DeeStream (DST), Binance Coin (BNB), and Solana (SOL) make gains but why is new streaming presale stealing the headlines? Check NuggetRush ($NUGX) Sponsored: Invest Responsibly, Do Your Own Research. Buy NUGX Today Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices A unique play-to-earn gaming platform in the memecoin market The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience Fosters a strong community by encouraging physical meetups among members NFT Integration with Prominent Characters The post Bitcoin Pre-Halving Rally ‘Has Begun,’ but Ethereum and Altcoins Will Follow BTC – Here’s Why appeared first on CaptainAltcoin.

12 days ago
koinmilyoner
koinmilyoner
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Bitcoin (BTC), the most widely used cryptocurrency in the world, has advanced to a level that has not been seen in the last 26 months. It has reached $52,000, which has reignited speculation that it may exceed its previous all-time high (ATH) of $69,000. In recent times, the market has seen a revival of optimistic views, which has been further driven by the recent adoption of exchange-traded funds (ETFs) that are based on Bitcoin spot prices. After receiving permission from the Securities and Exchange Commission (SEC) of the United States, they have already sparked significant growth within only one month. Is Bitcoin on the Verge of Making a Major Breakout? Timothy Peterson, an investment manager and market specialist, recently made a striking assertion on social media site X (which was previously known as Twitter), which lends credence to the increased excitement around Bitcoin. In addition, Peterson's examination of historical data indicates that the average return for the subsequent 180 days after such a gain was similarly roughly one hundred percent across that time period.Peterson claims that there is a fifty percent possibility that Bitcoin will achieve the historically important milestone of one hundred thousand dollars by the month of August, based on this historical trend. rather, despite this potential, there is a chance that another correction will occur as the halving event draws near. This correction may not put the bull run in peril; rather, it may cause huge liquidation rates to occur as the euphoria around the present upswing continues to grow. The approaching halving event that is slated to take place in April, in conjunction with historical trends, implies that Bitcoin may undergo one more decline before the bull run restarts. This presents an important time for investors. An examination of prior halvings reveals that the magnitude of such retracements has varied from 38 percent in 2016 to 20 percent in 2020. In light of these patterns, it is probable that the present market condition may result in a pullback of around 27 percent. If a retracement of this scale were to take place, it would put the price of Bitcoin at about $37,900, as seen in the pre-halving retrace chart that was provided by Rekt Capital. In order for investors to acquire the cryptocurrency before the next phase of the halving event and the predicted bull run rally, this level indicates an essential milestone that they must reach. The Most Important Obstacles for Bitcoin's Track The price of Bitcoin has reached a key crossroads as a result of its ongoing ascent, with the current trading level of $52,100 attracting the attention of the creators of the blockchain data and intelligence platform Glassnode. They found that the $52,000 level has been a tough resistance point on the weekly chart, which makes it an important barrier for Bitcoin's trajectory. This was discovered via their examination of historical data, which demonstrates that the level has had this effect. It has been suggested by the creators of the platform that a successful breach of this threshold might result in an increase in the amount of purchasing pressure, which could possibly lead to a Fear of Missing Out (FOMO) situation among prospective investors. Therefore, investors are left wondering if the present uptrend will be maintained or whether a probable pre-halving retreat will occur before the price resumes its upward trajectory to exceed its previous all-time high and reach the desired $100,000 mark. In general, the future direction of the Bitcoin price remains unpredictable. #BTC #TrendingTopic

10 days ago

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