Top Altcoins to Invest Before the Beginning of the 2023 Bull Run
After hitting highs above $1.19 trillion, the global crypto market cap has now consolidated to $1.15 trillion as the markets are consolidating since the early trading hours. The Bitcoin price earlier had raised beyond $28,500, but the bulls who appear to have drained their strength failed to hold these levels.
As a result, the bearish influence is slowly outspreading among the other altcoins. However, despite the mounting bearish influence, some of the altcoins display huge potential to go long before the beginning of a strong bull run.
Solana price has been trading within a bearish trend for quite a long time but is still believed to continue plunging until it reaches the edge of the consolidation. The price may undergo a rejection from the upper resistance and head toward the lower support. The RSI and the ADX both are bearish which may drag the price lower in the coming days. However, after marking the bottom, the price may rebound and rise high to reclaim the lost positions.
Litecoin underwent a parabolic recovery and reached the neckline post to which the price slipped down to accomplish the cup and handle pattern. The price has sparked a rebound and may rise high to hit $100 initially. Further, a significant upswing has been recorded which could reverse the trend in the coming days.
The Chainlink price is trading within a parallel channel, within predetermined resistance and support levels. The price has been trading within the average levels and recently made a notable upward price action.
The V-shape recovery is believed to induce the required momentum which may further lift the price close to the resistance of the channel. However, a bullish breakout may be mandatory as the volatility of the token is less when the strength required for a bullish breakout is accumulating as ADX is trying for a bullish divergence.
Here are the Top Catalyst to Trigger the ‘Crypto Bull Rally 2023’
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The US bank crisis seems to be an eye-opener as the results appear to be more drastic compared to that of the 2008 crisis. Meanwhile, the risk markets like cryptos and stocks gained significant exposure and also benefitted equally. However, the current recovery of the markets has raised the speculations of the impending upswing and the rise in the accumulation of the stablecoins may be the prime factor.
As coinpedia reported earlier that the SEC may target stablecoins next as their use cases of them have swelled over time. Moreover, the fall of the banking system may make the authorities more vigilant, but it does not appear to be easy to crack upon stablecoins as they did on the other cryptos.
The stablecoin markets are spread out across the world and are worth more than $134 billion, while a small share may be circulating within the US. In recent times, the majority of the stablecoins had lost their peg from $1, however, most of them recovered fueled by the major stablecoins, USDT & USDC.
Tether minted 2 billion USDT and flooded into the market while, Binance, one of the largest exchanges converted $1 billion of its SAFU funds into TUSD and USDT. Hence indicating that the stablecoins are safe in the current volatile condition.
On the other hand, the USDT and TUSD whales have been constantly accumulating. The addresses holding 100K to 10 million USDT witnessed a massive spike from 13% to 15% in the past few days, while the addresses holding between 1 million and 10 million USDT increased from 20% to 22%.
In the case of TUSD, whales holding between 100K to 1 million witnessed a jump from 44 million to 50 million. Although, Bitcoin witnessed a spike of over $27,000, yet investors appear to be extremely cautious due to the shaky economic conditions.
If in case the US banks crisis countries, the bullish scenario may be invalidated. Alongside, the FED who are increasing the interest rate to control inflation may take stringent steps which may in turn impact the crypto space.
Arthur Hayes Predicts Crypto Bull Run as Fed Hints at $4.4 Trillion QE
Arthur Hayes, the co-founder of BitMEX, has hinted that a cryptocurrency bull run may be on the horizon. In a recent blog post, Hayes discussed the implications of the Federal Reserve’s (Fed) new Bank Term Funding Program (BTFP), which he says stands for “Buy The Fucking Pivot.” Hayes argues that the BTFP program is simply Yield Curve Control (YCC) repackaged in a new, shiny, and more palatable format.
Hayes predicts that the Fed’s $4.4 trillion quantitative easing (QE) program, coupled with its low-interest rates, will create a significant inflationary environment. This, in turn, will likely drive more investors to allocate their capital to cryptocurrencies, which are seen as a hedge against inflation. Hayes suggests that the ongoing COVID-19 pandemic, coupled with the Fed’s economic policies, will continue to drive interest in cryptocurrencies.
The US Federal Government’s decision to increase its fiscal deficit in response to the pandemic has already been highly inflationary, as the government has dropped money directly into people’s bank accounts. The cost of funds for asset speculators has dropped to zero, encouraging risk-taking, and the Bull Market has played a significant role in the financial boom that followed.
Fed’s Tightening Cycle and Cryptocurrencies
Banks have been contributing to the spread of interest rates by depositing money with the Fed and earning interest on excess reserves. This has led to an increase in interest risk, meaning that the highest-rated credit one can invest in is the debt of the US government.
Many banks have taken measures to increase their earnings by taking on some level of credit and/or duration risk. However, this can lead to a decrease in the price of bonds due to the increased risk of companies not paying their bills.
Hayes believes that the Fed’s tightening cycle could cause a significant financial disturbance, followed by a resumption of money printing. He predicts that the Fed will continue to hike until they break something, and some analysts have maintained that a disruption in some part of the US financial system in 2023 will force the Fed to reverse the tightening cycle. Hayes argues that this could be the catalyst for a crypto bull run.
Inflation and Cryptocurrencies
Hayes suggests that the ongoing COVID-19 pandemic, coupled with the Fed’s economic policies, will continue to drive interest in cryptocurrencies. The Fed’s $4.4 trillion quantitative easing program, coupled with its low-interest rates, will create a significant inflationary environment. This, in turn, will likely drive more investors to allocate their capital to cryptocurrencies, which are seen as a hedge against inflation.
Altcoins To Thrive in the Upcoming Bull Market- Do You Hold Any?
The crypto market appears to have gained significant strength as the majority of the tokens have been witnessing a significant upswing in the past few days. However, altcoins like Cardano and Solana who are tough competitors within the DeFi and NFT space, are expected to recover from their losses soon.
Cardano and Solana are among the popular chains that are more focused on DeFi and NFT space. Although Cardano has recorded a couple of milestones, Solana is able to catch up with the pace of competing with the giant Ethereum. At its peak, Solana’s Total Value locked (TVL) crossed $10 billion compared to that of ADA which is around $326 million. Solana is also the among the largest platform for NFTs.
However, Solana suffered dreadful days due to its close association with the FTX exchange. The platform was negatively impacted causing the TVL and NFT training volume to get slaughtered very hard.
In terms of price, Solana had experienced a massive price crash amid the FTX fiasco but soon recovered and sparked a fine upswing since the beginning of 2023. Besides, Cardano’s price remained more stable than Solana’s and is displaying a calculated approach. However, the recent descending trend dragged both tokens toward their yearly lows. While Cardano managed to rebound and rise by 37.32%, SOL price soared by more than 98%.
If we consider the historical data, then Solana has been a better performer than Cardano. But Cardano chain has never halted or faced a downtime like Solana which has registered its first halt after experiencing nearly 8 times in the previous year.
Therefore, both altcoins are expected to thrive once the crypto space flips from bearish captivity.
Is Crypto Bull Run at Stake? Here’s What Traders Can Expect from the Market
As Bitcoin’s price made a new 2023-high above $26K price level following the release of CPI data, it has sparked signs of an upcoming bull run in the crypto market by Q1’s end. However, the BTC price has met a sharp rejection near $26.4K, which develops fear among investors of an upcoming bearish rally. As a result, investors are now wondering if Bitcoin’s massive surge is a sign of a crypto bull run or if a bearish rally is waiting on the way.
Crypto Bull Run May Not Happen Soon
Bitcoin has surged to a nine-month high above $26,000 despite the banking crisis in the United States and the latest inflation data. However, the founder of Paxful, Ray Youssef, remains skeptical of the uptrend. In a tweet on March 15, he expressed doubts about the recent surge, describing it as “weak.”
Although Bitcoin’s value has increased, Youssef believes the upside momentum is weak due to the low trading volumes accompanying the recent price surge. Trading volume is an essential indicator of participation and interest among traders, and its low levels may indicate a lack of enthusiasm for Bitcoin’s recent gains. He stated:
“This btc pump has low volume, even the ordinals pump had more volume. I would beware and take a bit of profit. The empire shall continue striking back hard. Buy back later and keep a 2-year time frame always.”
Hence, a downward projection is anticipated in the crypto market, extending the waiting period for a bull run.
Crypto Market Reacts to BTC’s Price Trend
In the last 24 hours, Bitcoin’s value has dropped below $25,000, coinciding with an increase in on-chain activity from large cryptocurrency holders known as “whales.”
Santiment, an on-chain analytics company, has reported a significant surge in whale activity, reaching its highest point in four months. The “whale transaction count” indicator, which tracks transfers worth at least $1 million on the Bitcoin blockchain, shows a significant increase in such transactions.
Although the current situation is not certain, the accompanying price trend may provide some insight into the recent increase in whale activity. For instance, during a previous price drop about a week ago, whales carried out a significant number of transfers. Following this surge in activity, the asset hit a local low before rising sharply, indicating that these transactions were likely made to accumulate Bitcoin at low prices.
However, in the current situation, the asset’s value has declined since the spike in whale transactions, with Bitcoin’s price dropping below the $25,000 level. This suggests that a considerable portion of these recent transactions may have been made for selling purposes. Hence, a further uptick in whale activity may halt the potential crypto bull run.
Bitcoin (BTC) Price To Hit $100k in Upcoming Bull Run – Predicts Founder of Capriole Investments
The cryptocurrency market has been a rollercoaster ride for investors, with Bitcoin’s recent price movements causing a stir in the community. After a significant breakthrough above the psychological resistance level of $25k, hopes were high for a new bull run.
However, as the daily bar closed with a bearish outlook, that optimism quickly evaporated, leaving many traders scrambling to reassess their positions. As the market continues to fluctuate, the future of Bitcoin remains uncertain, with many investors eagerly anticipating the next big move.
According to the latest crypto market data, Bitcoin price rallied to as high as $26.5k after the release of CPI data, which matched expectations. However, the top digital asset by market capitalization declined to trade at around $24.6k on Wednesday.
Banking Crisis Causes Investors To Flock To Crypto
Confidence in Bitcoin has significantly increased following the collapse of three regional banks in the United States. Additionally, the largest shareholder of Credit Suisse, a bank with over $578 billion in assets, has indicated financial constraints to offer further support. As such, Credit Suisse’s shares, a bank that has existed for over 100 years, have declined over 96 percent from the ATH.
With more banks expected to announce financial bottlenecks in the near future, cash inflows to the top digital assets, including Bitcoin and Ethereum, are expected to rise exponentially.
Bitcoin’s $100k Roadmap
According to Charles Edwards, founder of Capriole Investments, Bitcoin price is en route to trade above $100k. Without stipulating the timeline for when Bitcoin will reach $100k, Edwards spotted a bullish pattern dubbed Bump And Run Reversal (BARR) on the weekly chart. With Bitcoin price bouncing off the weekly logarithmic downtrend, Edwards forecasts it is only a matter of time before the next exponential rally kicks in.
Notably, the analyst compared Bitcoin’s price with a chart pattern developed by Thomas Bulkowski, also included in his book “Encyclopedia of Chart Patterns”. The analyst cautioned traders as the chart pattern could fail as other macro fundamentals also influence Bitcoin price.
Bitcoin Bull Trap or Actual Rally? What’s Next For BTC Price
Bitcoin’s (BTC) price has pumped over 22 percent in the past five days to trade around $24,513 on Tuesday. By now, it is safe to assume that the recent pump is a result of the Fed pivot on Signature Bank and Silicon Valley Bank.
Moreover, the Fed has eased its fight against inflation by bolstering systemic bank failures over the past weekend. The Biden administration has blamed the Trump administration for unwinding banking regulations that prevented the 2008 financial crisis.
Nonetheless, the recent bank rescue by the Biden administration has been viewed as a free advertisement on Bitcoin and other top digital assets. Moreover, self-custody through Bitcoin was not compromised during the recent banking crisis. As such, cryptocurrency exchange Binance announced the conversion of its $1 billion Industry Recovery Initiative funds from BUSD to Bitcoin, Ethereum, and BNB.
Bitcoin Price Analysis
According to Jason Pizzino, a veteran cryptocurrency and stock market macro trader, the recent 20 percent pump on Bitcoin is a positive outlook for the bulls. Pizzino told over 282k YouTube subscribers that Bitcoin’s logarithmic downtrend could be invalidated soon if Bitcoin price breaks above $25k.
The analyst indicated that the upcoming CPI data and next week’s FOMC statement on interest rates from the Fed would significantly impact the next Bitcoin outlook.
Having bounced from the logarithmic downtrend, Pizzino indicated that Bitcoin price is well bolstered to rally further due to increased short squeeze and crypto market liquidations.
However, the analyst warned that the recent pump could be a bear trap similar to the 2014 logarithmic downtrend when the Bitcoin price falsely broke out only to be trapped in a 365 days bear market.
Moreover, Bitcoin greed has been on the rise in recent weeks which could spark a fresh capitulation of the crypto market.
Solana (SOL) and Avalanche (AVAX) prepare for a bull run
The crypto industry is currently experiencing a shift in its market. 2022 came with various challenges and falls for the industry, regarded as the “winter season,” but 2023 seems better. The year began with solutions to problems and a change of season.
Cryptocurrencies are entering a new season and getting ready to double their previous performance. Avalanche (AVAX) and Solana (SOL) are two cryptos ready for a bull run as prices rise. HedgeUp (HDUP) is also not left out in this, as it is about to see a rise in its market cap to about $10 billion.
This article will explore why HedgeUp has its eye on a $10 billion market cap while Solana and Avalanche are on a bull run.
HedgeUp (HDUP) has increased in popularity, preparing its market cap for multiplication.
HedgeUp (HDUP) is a cryptocurrency platform that offers users diversity and the opportunity to pursue alternative investment plans. It is the first cryptocurrency-based alternative investment platform for investors, and HDUP makes crypto investment more entertaining and your portfolio more diversified.
HDUP is becoming a widespread cryptocurrency because of its diversified nature. Crypto investors now have the opportunity to invest in physical assets like gold, diamonds, fine art, luxury jewellery, etc. These rare assets can be acquired by investors and delivered to them. This has opened up the crypto industry to a world of big possibilities.
HedgeUp (HDUP) bridges the long-existing gap between cryptocurrency investors and traditional investors. It has opened a channel for traditional investors to leverage openings available in the crypto space.
Even though HedgeUp is still in its early stages, it has drawn interest from multiple investors. With its growing popularity, it is set to reach a market cap of $10 billion. HDUP is a crypto project that can improve and increase the number of investors in the crypto industry.
Solana (SOL) blockchain network upgrade makes it faster than Ethereum (ETH)
Solana (SOL) is a decentralized blockchain technology built to accommodate the existence of other platforms. With SOL, various platforms like decentralized applications (dApp) and DeFi are built on the blockchain network, giving room for blockchain interoperability.
The SOL blockchain network upgrades other blockchains like Ethereum (ETH), Bitcoin (BTC), etc. Yakovenko, one of the co-founders of SOL, initiated its use of proof of history to increase its speed and functionality. It was beneficial to the network since it became faster and more popular. Currently, Solana is regarded as the “Ethereum killer” because of its performance.
The Solana (SOL) network can handle more transactions than Bitcoin and Ethereum, which handle less than 50 transactions per second. SOL is capable of about 50,000 TPS, which makes Solana ready for a bull run in the crypto market.
Avalanche (AVAX) proposes to increase crypto’s interoperability.
Avalanche (AVAX) is an open-source blockchain technology that supports smart contracts in its ecosystem. AVAX allows users and developers to view, improve, and scale up its network. This makes it easy for various individuals to contribute to the platform’s success.
Avalanche (AVAX) intends to make blockchain more accessible and affordable to crypto users. Smart contracts built on the platform enjoy a secure and instant transaction operation. The fast and reliable nature of the Avalanche network makes it possible for users to run their transactions with ease.
The AVAX ecosystem creates a system of interoperability among several blockchains in its space. Its use of Solidarity Language makes it possible to integrate multiple blockchains simultaneously. Avalanche is ready to take off on its bull run with a platform that is fast, cheap, and reliable for users.
Avalanche (AVAX) and Solana (SOL) are cryptos that have improved blockchain usability and user effectiveness. These cryptocurrencies will witness a bull run due to their choice of opportunity and community structure. However, new cryptos like HedgeUp (HDUP) invade the market with better opportunities. Users see HDUP as a better choice considering its alternative investment opportunity. HedgeUp has hit the market hard and will experience an increased market cap.
For more information on HedgeUP click the links below:
Presale Sign Up: https://app.hedgeup.io/sign-up
Official Website: https://hedgeup.io
Community Links: https://linktr.ee/hedgeupofficial
Breaking Barriers: The Top 3 Crypto Set to Disrupt their Respective Industries in the Next Bull Market: Flux, Harmony, And HedgeUp
Cryptocurrencies have been gaining popularity in recent years as a legitimate form of digital currency that allows for peer-to-peer transactions without the need for a central authority. With the advent of blockchain technology, crypto has the potential to disrupt a variety of industries, from finance to supply chain management. In this article, we will take a closer look at three cryptocurrencies that have the potential to break barriers and disrupt their respective industries in the next bull market: Flux ($FLUX), Harmony ($ONE), and HedgeUp ($HDUP).
HedgeUp: Revolutionizing the Alternative Investment Market using DeFi
HedgeUp is a unique platform that aims to become the first alternative investment platform within the cryptocurrency sphere. Its goal is to make it easy for people to invest in high-value assets that were previously beyond their reach. By bridging the gap between traditional and cryptocurrency investors, HedgeUp hopes to open up opportunities in the alternative investment market.
The platform will offer a wide range of alternative products, such as wine, diamonds, gold, private jets, and luxury watches. HedgeUp aims to make it easy for people to generate annual returns between 28% and 36% by partnering with high-end startups and negotiating deals with third-party vendors to provide access to a wide array of alternative investment products. It has assembled a team of professional experts with over 30 years of experience in alternative investment products to teach people how to invest in these assets.
In addition, HedgeUp will enable fractional NFT purchases, making it easier for people to own a piece of an NFT, depending on the amount they wish to invest. The native cryptocurrency $HDUP acts as a medium of exchange for buying and selling alternatives. Currently, the platform has launched its presale event where potential buyers can invest.
Flux Labs Partners with the Secret Garden of Kadena project to create a multi-game ecosystem
Flux is a cryptocurrency that powers the Flux ecosystem. It is focused on empowering individuals to develop, deploy, and use the decentralized internet of the future, known as Web3. The Flux project was founded by Daniel Keller, Tadeas Kmenta, and Parker Honeyman. The ecosystem includes a native Proof-of-Work (PoW) cryptocurrency, a powerful decentralized computational network (FluxNodes), and parallel assets to provide interoperability with other blockchains. Flux’s decentralized network is the largest in the world, with around 15,000 nodes distributed globally.
The project is unique in that it is truly decentralized, with no single point of failure and 100% uptime. According to reports, Flux Labs has entered into a partnership with a gaming project, Secret Garden of Kadena. The partnership aims to run its games on the Flux decentralized Web3 infrastructure. This collaboration aims to leverage the benefits of the decentralized Web3 infrastructure provided by Flux to enhance the gaming experience.
Harmony Foundation completes wallet rotation for $ONE token
Harmony is an open-source, decentralized blockchain platform that aims to provide fast, secure, and scalable infrastructure for decentralized applications and services. The project was founded by Stephen Tse and Nick White. The Harmony blockchain utilizes a unique consensus mechanism called “Fast Byzantine Fault Tolerance” (FBFT) that enables high transaction speeds and scalability. The platform also utilizes sharding to divide the network into smaller groups of nodes, known as “shards,” which work together to process transactions and maintain the integrity of the network.
The distribution of the coins is primarily through mining and staking, with a small percentage also reserved for the team, advisors, and community development. The native cryptocurrency of the network is known as $ONE. According to reports, a planned rotation of wallets has been completed by the Harmony Foundation. The $ONE tokens that were previously held in a single wallet have been transferred and are now securely stored in multiple multi-signature wallets. This process aims to ensure the security and safety of the $ONE tokens and the foundation’s assets.
Flux ($FLUX), Harmony ($ONE), and HedgeUp ($HDUP) are the top three cryptos that are set to disrupt their respective industries in the next bull market. Each of them offers unique solutions and use cases that have the potential to revolutionize their industries. Flux offers a decentralized platform for creating and trading virtual items in a wide range of games and apps while Harmony offers a high-performance blockchain platform that utilizes sharding to increase transaction speed and scalability. However, it is HedgeUp that is emerging as the hot favorite of crypto analysts as it offers a decentralized platform that allows investors to create and trade custom-tailored assets in a trustless and transparent environment.
For more information on HedgeUP click the links below:
Presale Sign Up: https://app.hedgeup.io/sign-up
Official Website: https://hedgeup.io
Community Links: https://linktr.ee/hedgeupofficial
Massive Stablecoins Flew into the Exchanges, Is the Market Preparing for A Fresh Bull Run?
The stablecoin dominance has increased drastically in recent times which has also impacted circulation. Recently, the supply of stablecoins on the exchanges has marked new highs, meaning, the traders are constantly transferring their stablecoins onto the exchanges. While, some may believe it is a bearish factor for Bitcoin and the other altcoin price, the crypto markets, in fact, may rebound from the bearish trend and rise high.
The stablecoin netflow has crossed $1 billion based on some popular on-chain platforms. The On the other hand, the BTC inflow to the exchanges remained relatively low, indicating the traders accumulating and holding BTC for a longer time.
The rise in the exchange balance reserve indicates that the traders are preparing to accumulate Bitcoin and other altcoins that may have a massive impact on the values of the major cryptos. This also indicates the surging buying power of and the demand for cryptos, which may drive the prices higher soon. At the same time, Bitcoin inflow to the exchanges has reminded relatively low.
Also, the whales have been accumulating USDT as the address holding large volumes of USDT has surged. Collectively, the rise in the stablecoin’s dominance has elevated its reserve within the exchange. All the signals are pointing towards a decent upswing which may get intensified if the bulls play a major role.
Bitcoin (BTC) Bull Run Under Threat: Analytics Firm Raises Red Flags
The Bitcoin price has experienced strong resistance around the $24k level despite rallying towards $25k in the last three weeks. The new year crypto rally is still valid, with Bitcoin forming higher highs and higher lows on the daily time frame, a characteristic of a rising trend.
According to analysts at Eight Global, the Bitcoin chart shows that we have a set of equal highs at the top of around $25,200. A similar bullish sentiment was shared by Kitco senior technical analyst Jim Wyckoff who indicated that bulls still have the overall near-term technical advantage as a price uptrend is in place on the daily chart.
“If they want to stay in control, Bitcoin bulls need to show more power soon to keep the uptrend alive and their technical edge,” Wyckoff noted.
Bearish Trends Prevail
The Bitcoin uptrend thesis is, however, at stake as on-chain analytic firm Santiment identified a significant decline in Bitcoin whales.
“The amount of existing whale Bitcoin addresses are continuing to sink, with 2,011 existing compared to 2,266 that existed one year ago today. 2,489 was the AllTimeHigh set on February 8th, where prices jumped +70% in the following 10 weeks,” Santiment noted.
Reportedly, the Bitcoin whales’ addresses have hit the lowest since 2019, thus indicating a possible price reversal.
Bitcoin’s daily RSI indicator shares a similar bearish sentiment. Notably, Bitcoin price on the daily time frame could be forming a possible head and shoulder pattern with the RSI indicating a falling divergence. A price reversal usually follows the combination of these two aspects.
As such, the possibility of Bitcoin prices falling below $21k cannot be entirely ruled out in the near term. Analysts are closely monitoring the $23k support level to identify possible breakouts.
Analyst Warns: MATIC May Struggle in Bull Market – Here’s Why
Polygon (MATIC) has emerged as a leading Ethereum scaling solution, enabling over 3.5 billion transactions and saving around $140 million every day in Ethereum gas prices. Institutional investors in Web3 enterprises, like Reddit, have come to trust it.
Despite this success, the United States financial regulatory agencies, including the SEC, are scrutinizing the PoS-secured blockchain. SEC Chair Gary Gensler has argued that all digital assets, except Bitcoin, are unregistered securities, causing concerns for Polygon’s regulatory compliance.
In order to improve its platform, Polygon (MATIC) is also concentrating on creating scaling solutions like Polygon zkEVM, Polygon Miden, and Polygon Zero.
Polygon (MATIC) Market Outlook
According to information from defillama, Polygon (MATIC) now has a total value locked (TVL) of about $1.16 billion. Some of the top projects on the network are AAVE, Quickswap, Balancer V2, and Uniswap V3.
However, the network is up against fierce competition from other Ethereum-based scaling solutions like Arbitrum, which as of February 23 has over 2.9 million members and $440 million in ETH saved, and a TVL of about $3.36 billion.
The Polygon network, according to InvestAnswers, an anonymous host with 441,000 YouTube followers, faces stiff competition from other layer-2 solutions and might not fare well in the upcoming bull market. Although Polygon performed well in the bear market, the analyst observes that assets that perform well in the bear market may not do so in the bull market.
Dogecoin to the Moon: Tesla’s Investor Day Could Hold The Key To A Fresh Bull Run
In the world of cryptocurrencies, Dogecoin has once again captured the spotlight as it prepares for another potential bull run. With Tesla’s Investor Day right around the corner, many experts believe that the meme coin has the potential to surpass Cardano (ADA) in terms of market cap.
Could Tesla’s Investor Day Trigger A Bull Run?
Right before Tesla’s Investor Day, Dogecoin managed to flip Polygon and Binance USD in terms of market cap. This has sparked excitement among Dogecoin investors as they believe that Tesla’s Investor Day could push the meme coin towards another bull run.
With the Doge community rebounding on social media platforms like Twitter, Reddit, and TikTok, its social sentiment has increased the adoption rate of this crypto to new highs over the years, making it one of the most sought-after cryptos in the market today.
A Slow Start for Dogecoin in 2023
The year 2023 has been a slow start for Dogecoin and the rest of the crypto market. Its social sentiment has been on an uneven path for the past few months, with the last significant surge seen back in October 2022 when Tesla’s CEO Elon Musk completed his takeover of Twitter. Despite this slow start, Dogecoin is slowly regaining its status, and experts believe that the price could see another bull rally soon.
Dogecoin’s Rise to Popularity
Since its inception, Dogecoin has proven to be a worthy investment option for investors. It is a decentralized, open-source crypto designed to facilitate the transfer of value quickly, efficiently, and securely. Its popularity surged across social media platforms thanks to its fun logo of a Shiba Inu dog, high celebrity endorsements, and support from a dedicated Dogecoin community.
The increased hype and popularity of Dogecoin made it a viable payment alternative with low transaction fees for merchants across the globe. Over 1900 merchants accept DOGE as payment, including established names like Tesla and the Dallas Mavericks. Crypto is also used for tipping services, allowing Reddit and Twitter users to send quick gifts to other users.
Whale Transfers Spark Interest
One of the biggest Dogecoin whales transferred nearly 191 million Dogecoins worth $15.5 million from a decentralized platform to the leading cryptocurrency exchange Binance during the early hours of Feb. 26th.
The transfer was initiated in a single transaction, and the whale is among the top 20 biggest holders of Dogecoin in existence. This transfer comes a day after another whale moved 359 million Dogecoins in three different transactions on Feb. 24th.
At press time, DOGE is worth $0.081 and is the ninth-largest cryptocurrency by market capitalization.
Crypto Markets Live: Is a Bullish February Close an Indication of the Start of a Bull Run?
The crypto market is approaching yet another monthly close, which is largely expected to be bullish. The month of February has been bullish, recording huge gains regardless of the trend of the previous month. By registering two consecutive bullish monthly closes, it can be derived that the crypto markets may have risen beyond the bearish captivity.
But how long will the bullish trend continue? What if history repeats itself? Will the crypto markets again fall into a deep bear market?
The historical price action of the crypto space suggests that February has been a bullish month, recording an average gain of 187.83% since 2011 with an average of 12.52% per year. Excluding the 2018 bear market, where-in their action was witnessed in the first few weeks of 2018, the crypto markets recorded magnificent gains for the rest of the year.
Woefully, the markets have surged just 2.12% compared to the previous 39.83%, and hence the fear of a bearish close still haunts the token.
Referring to the above chart, it can be assumed that after February, April may incur equivalent or higher gains, as March may remain consolidated or bearish. Moreover, in the acute bearish case, the entire Q2 has been heavily bearish in the past couple of years. Therefore, it is very much important for the crypto space to remain bullish until the monthly close as a fine upswing could be ignited ahead.
Collectively, Bitcoin prices are becoming unpredictable day by day and the historic profit and loss chart above substantiates this claim. 2021 was marked as one of the bullish years but still, Q2 registered a massive price slash. Besides, March has been bearish for ages and a bearish close for February may fuel the bearish market sentiments.
Here’s When Actual Bitcoin Bull Run Might Start: Analyst Predicts Timeline
With the price of Bitcoin and other cryptocurrencies falling, the cryptocurrency market is being shaken up. At the time of writing, the price of bitcoin has slightly traded above the $23,000 mark and has lost close to 2% of its value over the past day. Also, the daily chart shows that the bearish action may extend below the $23,000 support level.
Recently released macroeconomic data that indicates a faltering economy may have been the root cause of this. Quarter-over-quarter GDP growth fell from 3.2% to 2.7%
A popular cryptocurrency analyst has predicted that Bitcoin (BTC) will likely experience a big midterm increase. According to Altcoin Sherpa, Bitcoin is expected to drop before experiencing an upside breakout.
He said that as for BTC, his area of interest is $21,500. The analyst said that BTC is getting closer to the HVN (high volume node) area and the 200-day EMA [exponential moving average]. In these circumstances, the price can still move higher overall even after a 15% retracement. However, he still thinks BTC will finally reach $30,000 in the midterm.
HVNs are price zones where there was a high volume of activity, indicating periods of
consolidation that serve as support or resistance. If Bitcoin follows Altcoin Sherpa’s forecast, the market leader might first fall to a price of $21,500 before rising to a price of $30,000, indicating an upside potential for BTC of around 40%.
Another analyst is concerned that many traders are currently losing money in the cryptocurrency markets. Altcoin Psycho claimed that January was a profitable month, but February came without warning.
“After almost a full month, BTC is still at the same level as February. Monthly Open. Late bears and bulls alike have been punished by a chop.”
Crypto Expert Forecasts Bitcoin Bull Run: BTC Price To $40,000 By Mid-2023
Positive market sentiment can be seen in 2023 as Bitcoin’s price has increased from $16,500 to $24,500 since the beginning of the year.
The present market has prompted one prominent cryptocurrency trader and analyst to share his bullish outlook on Bitcoin (BTC) as the flagship cryptocurrency attempts to break above its resistance level of $25,000.
The crypto analyst who goes by the alias Kaleo told his followers on Twitter that the price of bitcoin is getting closer and closer to the $40,000 mark.
Here’s his stance on the BTC movement before halving.
At the time of writing, Bitcoin was trading for $23,888.01 with a 2.16% daily drop. However, according to Kaleo, a rally above $40,000 could be in store “over the next several months.”
Kaleo’s chart projections suggest that the crypto asset could hit the high $30,000s and low $40,000s between April and July of 2023. Following this rally, Bitcoin would likely retrace to the mid $20,000 range heading into 2024 before beginning a bull run that culminates in a new all-time high by late 2024 or early 2025.
In light of this, Kaleo offers a roadmap through the next halving, with new all-time highs on the horizon. Though it may feel far off and challenging, it will all happen in the blink of an eye.
$26K or $30K: Where it will leg up?
Kaleo elaborated on his short-term forecast, stating,
Bitcoin may compress back to $26,000 to retest the upper barrier on a long-term basis, according to the pseudonymous crypto analyst and trader. A breakthrough from this pennant pattern is projected to be followed by a retrace to the high $24,000s and choppy activity in the upper range before a leg up to $30,000.
The analyst will only consider altcoins once Bitcoin dominance is above 50%. According to his analysis, he will consider BTC once its Dominance is predicted to rise with Bitcoin’s strength, and a return to above 50% dominance is needed before considering most altcoins again.
Analyst Warns Investors as Bitcoin Might Be Setting up a Huge ‘Bull Trap’
Investors are waiting to see if Bitcoin (BTC), the flagship digital asset, can break through the barrier at this level and trade above $25,000. In the previous few days, Bitcoin briefly reached $24,900, the flagship asset’s highest price in six months.
The market appears to be gathering up momentum, and individuals are ignoring any bearish news, which are signals that many in the sector believe the worst is over, suggesting that the market bottomed in November and has now turned positive.
An analyst is warning cryptocurrency investors against loading up on Bitcoin right away when the table seems to have turned. Crypto expert Nicholas Merten explained in a new strategy session that Bitcoin’s price is expected to decline, creating a bull trap for traders who recently went long on BTC’s recent positive price action.
In order to show that a liquidity trap is building at the current levels, he warned that Bitcoin has not yet traded and held support above the 200-week moving average.
The analyst said that investors are already chasing the price rather than simply waiting for it to stay above the 200-week and find support there. He then highlighted that Bitcoin is in the same supply zone or resistance range that it was in August, perhaps just a little bit higher to pique interest and generate excitement, breaking above the price action in August and a couple of times breaking slightly above that 200-week moving average without being able to form support.
“And that’s the big mistake that everyone’s making because that is a liquidity trap, Classic 101 example of how to market investors or more specifically institutional investors can trick retail traders and take advantage of that output side pressure in order to serve as exit liquidity for positions.”
Top Reasons Why Bitcoin May Start a New Bull Run Very Soon
Throughout the entire year of 2022, Bitcoin struggled. However, recent on-chain market statistics indicate that the top cryptocurrency by market capitalization has begun to show signs of improvement. The whole digital asset sector has suffered greatly during the bear market of 2022, with prices for both BTC and ETH falling by more than 75% from their all-time highs. Here are certain specific on-chain data, which may justify Bitcoin’s bull run theory, as highlighted by Cryptoquant.
Bitcoin Has Hit Rock Bottom in Current Cycle – On Chain Metrics
Bitcoin has gained around 12% since last week and is already challenging the $25,000 mark. The price of BTC has not been this high since mid-June 2022. Midway through January, the MVRV ratio for Bitcoin began to surge over 1, a sign that the price has already bottomed and begun a bull market cycle. At 1.22, the ratio is still low enough for investors to take advantage of the opportunity.
The percentage of the BTC supply held by long-term holders (LTHs), despite the active negative trend, is currently close to all-time highs. LTH supply only decreased by 1.3% after the FTX fall, indicating that HODLer’s belief is still very strong. 82.2% of the supply is now owned by LTHs, with 34.87% of that being held at an unrealized loss.
The net unrealized profit and loss (NUPL) display the overall profit and loss in all Bitcoin currently in use. Investors are in the black when the value is more than zero, and more investors are starting to be profitable when the value is trending upward. The value is currently 0.18.
The Puell Multiple, which showed a bottom formation in January, is currently 1.07, indicating a positive trend. It is the ratio of daily issuance to daily issuance moving average and verifies whether the price of Bitcoin is excessively high or excessively low in comparison to previous rates. Readings below 0.5 signify the formation of a bottom.
Shiba Inu Price On The Next Bull Run If It Stays Above This Level
Like every other cryptocurrency, Shiba Inu too started the year 2023 on a recovery cycle. The second largest meme currency even managed to hit a high of $0.0000155. However, since then Shiba Inu’s SHIB has been on a bearish momentum.
Currently, Shiba Inu is selling at $0.0000124 after a drop of 0.65% over the last 24hrs. This $0.0000120 support is a crucial area as this price level has been support and a resistance in the last six months. Hence, if Shiba Inu falls below $0.0000120, the price could further drop at $0.0000102 and if it moves north SHIB could once again trade above $0.0000155.
Shiba Inu Price Towards Its Next Bull Run ?
The short-term six-hour time frame indicates that the currency had completed its five-wave upwards trend which pushed the price above $0.000055 on Feb 4. Hence, if Shiba Inu successfully claims above $0.000055 area, it suggests that the correction is completed and SHIB will soon move towards its next bull rally of $0.0000180.
On the other hand, what needs to be looked at is the reason for Shiba Inu’s current bearish pull back. As per the data one of the main reasons for the currency’s negative price trend is the decreased excitement around Shibarium launch. Even though Shiba Inu lead developer Shytoshi Kusama recently claimed that the Shibarium might be launched by May, the traders and investors still speculate the claim.
Even though the lead developer has asked the community to stop worrying about the launch, as per the reports the Shibarium launch is one of the most looked forwards projects. While the SHIB community gets impatient with the launch, there is no exact date revealed by the team.
Now, if the launch happens by May as per the claim Shiba Inu price might soo see its next bull run
XRP Bull Run Triggered, Price to Form New ATH Above $10 Soon
XRP price has maintained acute strength throughout the crypto market’s turmoils, displaying immense strength.
The upper hand gained in the lawsuit against the SEC could have been the catalyst for the XRP price growth in the coming days
Since the XRP price has been confident in resuming the bullish trend, the bulls have kept the price above the support levels. The sentiments turned extremely bullish after the SEC’s arguments against LBRY were scrapped labeling the token as ‘not secure’. Since then the XRPArmy has hopes for a similar outcome in the case of the Ripple vs SEC case – which has fueled the price to a large extent.
The price after a couple of bearish daily closes found a base to trigger a rebound. The XRP price is currently testing one of the important levels at a 50-day MA and attempting a rebound. However, the crypto is flashing an extremely bullish indicator, observed by a well-known analyst anonymous called Dark Defender who predicts XRP price to trade between $13 to $22 soon.
“ XRP is following our path in smaller time frames like 4-hour, which we called C Wave towards $0.3762 (done) & $0.3602.
Wave Trend indication in the monthly time frame is close to the same area where the XRP bullrun started in Jan-2017 & Jun-2020.
Road to $13-$22!”
The analyst here points out the monthly MACD wave which is turning bullish. Previously, when the MACD turned bullish in October 2020, the token underwent a bull run and spiked by more than 900% to mark highs close to $2. Moreover, the price is trading along the lower ascending trend line based on which the impending 10x to 15x rally may land the XRP price beyond a double-digit figure in the near future.
Bitcoin Price To Regain Its Bull Run Above This Level
Today the Crypto market has turned into a bloodbath after most of the cryptocurrencies have extended their loss. After Bitcoin price started the year on a much positive note, it gave traders a hope for a major bull run. However, with its current trade action the market participants are once again doubting the crypto market stability.
This crypto market clash was followed by SEC’s crackdown on Kraken for its unregistered sale of crypto staking. At the moment, Bitcoin is priced at $21,800 after a decrease of 4.23% over the last 24hrs.
Bitcoin Juggles Between Bears And Bulls
Meanwhile, a renowned crypto analyst and trader known as Rekt Capital warns his followers over Twitter that Bitcoin might soon lose its major support area. As per the analyst Bitcoin needs to maintain its price action above $22,692 to keep the bulls active.
However, on the brighter side the trader still shows hope as he claims that the flagship currency still has a chance to regain its lost bull ride. Hence, he believes that the above said is the major level to watchout for.
Next, the analyst makes an effort to make his followers understand about crypto trading psychology. As per Rekt Capital, once a trader experiences a positive trade, the wish to get more of such trade increases. But the analyst urges to go against it and let go of that desire. This is because he believes that the next trade will be a more logical one rather than emotional.
On the other hand, the trader also warns not to get carried away by Fear of Missing Out (FOMO).
Hence, the next few days are very critical for Bitcoin price which will decide the future price action.
Get The Most Out Of The Next Crypto Bull Run With PrimeXBT Margin Trading
After massive rallies in January 2023 across Bitcoin and altcoins of all kinds, investors are increasingly considering the possibility that the bull run in crypto is back.
If bulls are back in control, the PrimeXBT margin trading platform is the best place to get the most out of the next uptrend while providing the flexibility necessary in case crypto winter continues.
Crypto In 2023: By The Numbers So Far
All across the crypto market, assets have posted enormous rallies in a single month. Extremely oversold conditions and low volume left bears exposed to a potential bullish reversal. But bulls must continue the trend from here.
It’s a little too early to tell for sure, but tokens like Solana and Decentraland closed the month with roughly 150% ROI. It can take some stocks or commodities several years to see similar performance. However, such numbers are commonplace in a raging crypto bull market.
It wasn’t just altcoins –– top coins by market cap like Bitcoin and Ethereum each closed the month up nearly 40% from local lows. Daily readings on the Relative Strength Index reached the most overbought levels since the last bull market. The aggressive buying could be a sign to go long, but still, traders are hesitant, and rightfully so.
Is The Bull Run Back, Or Is This A Bear Market Bounce?
Despite the recent upside and more dovish tone from the Federal Reserve, traders are skeptical of a new bull market with so much recession risk and inflation still a factor. Tensions are also increasing between the US and China, and US corporate earnings have begun to slide.
If January’s performance were merely a bear market rally or dead cat bounce, traders would want to short cryptocurrencies instead. February’s close and the following month in March will provide more clarity on if the market is bullish or bearish.
Whatever the outcome, innovative PrimeXBT trading solutions give users the flexibility to trade in both directions, profiting from each major price swing. Traders can be ready and long for when the bull trend begins or short cryptocurrencies down to new lows.
Buy Pullbacks And Get Prepared For The Bull Market
If you don’t have any crypto, you can buy the dip with the PrimeXBT app. If you do, don’t sell your crypto right before a bull market breaks out or at current lows –– use them as collateral instead to trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and more using leverage.
Deposits are made to a secure crypto wallet in BTC, ETH, USDT, USDC, and other popular cryptocurrencies. Funds are protected by cold storage and bank-grade security protocols. Withdrawals require a four-digit PIN and a whitelisted address for added safety. There is also 24/7 customer service and a comprehensive help center.
The user interface is highly customizable and includes built-in charting software with drawing tools and access to technical indicators like the Parabolic SAR, Bollinger Bands, and many others. It’s also possible to create a personalized watchlist.
Additional Innovative Cryptocurrency-Based Services
PrimeXBT is the only crypto trading platform that also supports traditional trading instruments like stock indices, commodities, precious metals, and forex currencies. Users can build a portfolio that includes Bitcoin, gold, oil, the S&P 500, and more, all under the same roof.
A peer-to-peer copy trading community is also a primary feature. Followers can automatically copy the trades of top-ranked strategy managers who show strong performance in the fully transparent leaderboards. Each successful trade earns both the follower and the strategy manager a portion of a profit share model.
Risk-free weekly trading competitions are available at PrimeXBT Contests, offering an opportunity for users to win crypto-based prizes. Because traders are given no-risk virtual funds, they can also use the service to practice trading strategies or backtest performance.
The award-winning PrimeXBT has more features under the hood, such as a four-level referral program, an exchange tool for swapping one cryptocurrency for another, and an educational website called the PrimeXBT Trading Academy. Primary tools like long and short positions on leverage, copy trading, and built-in technical analysis software provides traders with the competitive edge they’ve been looking for.
If the crypto winter is over and a new uptrend is beginning, there is no better place to get the most out of the next crypto bull run than with the powerful PrimeXBT margin trading platform. Try PrimeXBT today –– recognized as the Most Trusted Crypto Asset Trading Platform of 2022 by Crypto Expo Dubai.
The Bull Run May Continue Despite the Negative Mood Surrounding Bitcoin, Here’s Why
Bitcoin is off to a good start this year, presumably shaking off whatever bad sentiments it may have picked up last year and on the cusp of its longest winning streak in almost ten years. The likelihood that the 2023 bull run will continue is rising, according to a top analytics company, as negative sentiment against Bitcoin (BTC) and the crypto markets as a whole is generally increasing
Santiment reported, “Trader skepticism IMPROVES the probability of prices RISING further. Prices generally will move in the direction the crowd deems most unlikely.”
The fundamentals of Bitcoin are strong and according to Santiment, BTC’s current supply has been transitioning towards self-custody. This indicates that traders are still withdrawing good sums of Bitcoin from exchanges and choosing to hold the cryptocurrency privately rather than using exchanges to store it.
“There is now $416.5 billion in BTC sitting away from exchanges, and $29.2 billion in BTC on exchanges. So there is 14.26x the coins off exchanges vs. on.”
Best and worst coin sentiments
The coins with the best and worst sentiment over a three-month period have been identified by new data from SmartBettingGuide.com (Oct 2022-Jan 2023). The analysis identified the coins with the most and least positive online dialogues after analyzing over 840,000 editorial and social media posts.
The coin with the most favorable cryptocurrency sentiment is Uniswap, which leads the list. Uniswap has been created to be easy to use and is fully compatible with all ERC-20 tokens. It also features a user-friendly design that is simple to use. Ethereum is ranked second in the top ten rankings of public support.
Polkadot has the highest negative sentiment and is at the top of the leaderboard. Solana is divisive and ranks second with 8% on both our lists of the top ten positive and negative assets.
Crypto Whale Activity On The Rise: An Indicator Of A Bull Or Bear Market?
The cryptocurrency market has recorded heightened volatility in the past 24 hours with over $220 million liquidated. According to the latest crypto price oracles, the global digital asset market capitalization stands at approximately $1.06 trillion, after a 3.6 percent decline.
As fear of the United States Security and Exchange Commission (SEC) waging war on crypto staking programs increases, as predicted by Coinbase CEO Brian Armstrong, the liquid staking projects have recorded a sharp uptick in demand.
Notably, the SEC charged the Kraken cryptocurrency exchange for engaging in sales of unregistered securities through its staking-as-a-service program.
As a result, the liquid staking governance tokens market cap today is $4.78 Billion, up over 10 per cent in the past 24 hours. The spike in liquid staking tokens, however, comes at a time other digital assets like Bitcoin, Ethereum, and BNB have corrected nearly 6 percent in the same period.
Increased Whale Activity: A Warning Call?
According to on-chain analysis data provided by blockchain tracker platform Whale Alert, Circle’s USDC stablecoins have seen an uptick in minting in the past 24 hours. Notably, several transactions worth over $170 million have either been minted, burned, or transferred Circle to Coinbase.
An increase in stablecoins activity is largely related to either an upcoming bull or bear market, as they are mostly used in profit-taking. In the past 24 hours, a whale address account has been over $23 million worth of Polygon (MATIC). Meanwhile, Cardano (ADA) has been named the top most traded crypto asset by the top 100 BSC chain whales. Notably, Binance is the leading cryptocurrency exchange by daily traded volume, thus making its whale the most fierce in the industry.
BabyDoge Is The Next Fav Coin To Buy For The Next Bull Run
The crypto market is currently hovering between bulls and bears. A few crypto like Bitcoin, Ethereum, BNB, Solana have slightly gained while a few others like XRP, Cardano, Dogecoin, Shiba Inu have dropped in the last 24hrs. When looking at dog-themed altcoins, Baby Doge Coin created by Doge meme lovers has outperformed Shib Inu and Dogecoin.
Currently, Baby Doge Coin is trading at $0.000000003202 with a surge of 10.34% over the last 24hrs.
BabyDoge Outperforms SHIB And DOGE
As of Feb 5, the Baby Doge Coin was among the top gainers in terms of dog-themed cryptocurrencies after its price spiked nearly 60%. In the last seven days the Baby Doge Coin has gained 102% outcasting its competitors Shiba Inu and Dogecoin.
Meanwhile, a recent Twitter poll has claimed that Baby Doge Coin is the next dog coin to buy, leaving behind Shiba Inu and Floki. As per the poll that concluded on Feb 4, had nearly 35,000 votes, and BabyDoge was the winner with 44% votes. SHIB, FLOKI and Dogecoin gained 25%, 20% and 12% respectively.
The same result was also shared by the BabyDoge team showing gratitude to the crypto community and Cointelegraph.
However, these poll results are not the final one as the votes keep varying. For example, in the previous poll conducted by the same news portal, Floki Inu had ranked 1st with 34% of the votes.
On the other hand, the BabyDoge has already burnt 202 quadrillion tokens from a total supply of 420 quadrillion. Also recently, Baby Doge Coin’s decentralized exchange, Baby Doge Swap was successfully integrated into OKX exchange.
Nevertheless, it’s always important to do your own research before investing in any of the cryptocurrencies.
The Crypto Bull Run May Not Prevail this Month as in January- Will the Bears Take Back the Control?
The post The Crypto Bull Run May Not Prevail this Month as in January- Will the Bears Take Back the Control? appeared first on Coinpedia Fintech News
It is pretty difficult to predict the short-term behaviour of the crypto prices within an uncertain environment. Just last month, the market was extremely bullish as the prices jumped steadily. However, the trend may not remain the same this month as the bears or the forces driving the prices lower may regain dominance and reverse the upward trend. However, the small and the mid-cap altcoins have displayed notable strength which suggests the flow of liquidity within the markets.
Data from Santiment suggests the trader’s sentiments have flipped slightly from being extremely bullish to slightly bearish. The flipped sentiments may have restricted the crypto markets to testing the next higher targets. Hence the price of the top cryptos is believed to remain consolidated while the small to mid-cap altcoins may swell their market capitalization in the coming days.
“February hasn’t seen a repeat of excitement for Bitcoin or Ethereum like we saw in January. But altcoins like HEX(+64%), TMG(+7-%), and GRT(+66%) have had other plans this past week. Be cautious, though, when money is cycling into mid-small caps without top cap rising,”
The crypto markets have become highly volatile being practically not possible to predict its upcoming trend. Some of the altcoins such as Litecoin, Aptos, Shiba INU, and XRP are receiving more attention at the moment. Therefore, a notable rally may kick in if the BTC price continues to maintain about $22,800 until the day close.
BTC Price Forecast: Analyst Maps Potential High Levels For Bitcoin This Bull Market
The cryptocurrency market is experiencing an upturn in fortunes as Bitcoin continues to experience a positive increase overall. In 2022, Bitcoin saw an extended downward trend that led to a 60% reduction in its price, and the collapse of FTX in November significantly lowered market sentiments, and there were massive withdrawals.
However, Bitcoin is now showing strength and is fighting back with its charged bulls. With positive sentiments making waves on the internet, analysts and experts have started to predict the future of the largest cryptocurrency by market cap. Popular trader Crypto Tony wrote on Twitter,
“Seeing $50,000 calls already on Bitcoin and we have yet to complete a higher high and higher low market structure change.”
Credible Crypto highlighted how there can be another impulse just around the corner. He said, “Price action has developed beautifully off our lows, mimicking the bottom formation that preceded our last impulse from 10k-60k+. Current consolidation (circled in green) also looks identical to PA from that impulse.”
Analyst Ash WSB said, “#Bitcoin jumping from anger zone Do you agree or do you think we are in a disbelief area and going to $30k?”
Macro investor David Brady said, “After such a long and deep sell-off, do we think the DXY is already done on the upside? I don’t. Lotta shorts to squeeze yet.”Michael Van De Poppe also had good news for crypto enthusiasts.
In 2023, the market mood for bitcoin underwent a big trend change. Since breaking out of its consolidation, Bitcoin’s momentum has changed to the upside, moving from a bear market to perhaps the very beginning of a new bull market. At the time of writing, Bitcoin is trading above the $23k mark and is currently in the green zone.
Morgan Creek CEO Predicts Early Start To Bitcoin’s Bull Run; Here’s Why
The year 2023 has started off relatively well for the cryptocurrency industry. The market appears to be recovering from the unprecedented FTX collapse, with major token prices beginning to rise. BTC, one of the major tokens, is now worth $23,335; significantly higher than $16,547, which was its price at the end of 2022.
The community is optimistic and anticipates further gains in the crypto industry across various tokens. Here’s what Yusko has to say about it.
What is Bitcoin halving and when is the next one?
The Bitcoin halving occurs when the reward for Bitcoin mining is cut in half. Every four years, the amount is halved. The halving policy was incorporated into Bitcoin’s mining algorithm to combat inflation by preserving scarcity. In theory, a slower rate of Bitcoin issuance means that the price will rise if demand remains constant.
Given that new Bitcoins are mined every 10 minutes, the next halving is expected in early 2024, when a miner’s payout will be reduced to 3.125 BTC.
Mark Yusko’s prediction for BTC
According to Mark Yusko, founder, and CEO of Morgan Creek Capital Management, Bitcoin’s bull market will likely begin sooner than expected due to anticipation of the BTC halving and favorable macroeconomic conditions.
Yusko believes that the next crypto bull run, or “crypto summer,” could begin as early as the second quarter of this year due to a combination of dovish central bank policies and the anticipation of Bitcoin halving.
While the Federal Reserve of the United States is unlikely to cut interest rates anytime soon, markets, according to Yusko, tend to anticipate the Fed’s decisions. That means that even a slowing or halt in interest rate hikes would be interpreted as a sign of an impending pivot. This would create a positive dynamic for all risk assets, including cryptocurrency.
What’s Elon Musk’s POV?
Elon Musk, in a separate Twitter post, stated that if the Fed raises interest rates, the chances of a recession intensify. According to the post, “if the Fed raises rates again next week, the recession will be greatly amplified.” Elon Musk predicted that the recession would last until the spring of 2024.
Evidently, this is in stark contrast to Yusko’s opinion.
In general, Bitcoin halving is regarded as a good economic model because it exerts disinflationary pressure on the digital currency, allowing it to appreciate in value over time. Yusko predicts that halving can be beneficial for the prices of cryptocurrency and help the market.
It’s exciting to see differing perspectives and potential outcomes for the crypto market. We would love to hear your thoughts and opinions on the matter.
Bitcoin To Enter A New Bull Market If BTC Trades Above This Level
The crypto market seemed unaffected even after the Federal Reserve raised the interest rate by 25 bps on Feb 1, 2023. However, today the overall crypto market experienced a slight sell off where the lead cryptocurrency, Bitcoin price, has dropped more than 1.5% over the last 24hrs. This impacted Ethereum, Solana, Cardano, XRP among other large cap altcoins.
Currently, Bitcoin is trying to hold on to its $23,000 trade level as the currency has dropped 1.86% in the past day and is now selling at $23,424.
Bitcoin Bulls On The Move
However, one a broader note, Bitcoin bulls are still holding their control and this began in January 2023. Similar is the thought process of Charles Edwards, a Bitcoin trader and Capriole Fund founder. The trader believes that amidst the volatility, Bitcoin has begun its new cyclical bull market. He displays a chart and claims that Bitcoin addresses profit making has spiked from 50% to 70% indicating a turning point ahead.
Meanwhile, when looking at Bitcoin’s Fear and Greed index, the indicator is pointing towards Greed. This suggests that the current Bitcoin price is too high and it’s a good time to sell. If that happens Bitcoin might further face a pull back.
However, another well-known crypto trader and analyst, Scott Melker also known as Wolf of All Streets believes that $25,212 is a key level for Bitcoin. As per the analyst, if Bitcoin moves beyond the said level, this would be the first of its high trade since $69,000.
Hence, it’s very much important for Bitcoin price to hold its trade above the $23,000 area and pass its next crucial resistance of $24,000 mark.
This is When Cardano (ADA) Price May Ignite a Bull Run and Rise Beyond $1!
The post This is When Cardano (ADA) Price May Ignite a Bull Run and Rise Beyond $1! appeared first on Coinpedia Fintech News
Cardano is enjoying a bull ride as the market sentiments flip significantly soon after the launch of its algorithmic stablecoin Djed in collaboration with COTI. Soon after the launch, the reserves swelled to over 28 million in ADA with a reserve ratio of 636%. Moreover, the fresh FOMC interest rates ignited a significant rally beyond $0.4 for the first time since November 2022.
The ADA price began to break out from the bearish trendline ahead of the release of the fresh interest rates and on the announcement soared high slicing through the crucial resistance at $0.39 that it was stuck for the past few days. However, the bullish sentiments appear to have out shadowed the bearish clouds but, the ADA price is required to surge another 15% to trigger a significant bull run.
In the higher time frame, the ADA price has broken out of the crucial zones that were mandatory to cease the prevailing bearish pressure. The upswing enabled the price to rise beyond the descending broadening wedge with an impulsive rebound. The MACD turned bullish by forming a golden cross indicating higher possibilities of an upside swing toward the upper target area.
Moreover, the other technical and fundamental upgrades that drive ADA price higher could be a bearish outlook with the U.S. dollar and a lowered interest rate hike in the coming days. Nevertheless, the recent breakout has flashed possibilities of ranging beyond $0.42 which may further test the trend reversal zone around $0.46. If the bulls maintain their strength around these levels, then a notable upswing may spark driving the price beyond $1 before the end of Q2 2023.