Fundstrat Exec Predicts Bitcoin Will Reach $150,000, Here’s When

Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, recently commented on the future trajectory of Bitcoin. He also mentioned when the flagship crypto token could hit this particular price level.  Bitcoin To Rise To $150,000 This Year Lee mentioned during an appearance on CNBC’s “Squawk Box” that Bitcoin could rise to as high as $150,000 this year. His belief that BTC could rise to this price level is due to the fact that demand is improving with the Spot Bitcoin ETFs. These funds are known to have achieved significant success since launching, something which has positively impacted Bitcoin’s price.  Related Reading: Bitcoin Millionaire Takes A Shot At Cardano For Being A ‘Wannabe Ethereum’ – Details Lee alluded to the Bitcoin Halving as another factor that could contribute to Bitcoin’s rise to $150,000. He specifically noted how the crypto token’s supply is going to shrink once the Halving event takes place. Interestingly, industry expert Anthony Pompliano recently highlighted how the demand for BTC was outpacing its supply.  This trend is expected to continue once the Halving takes place, as the amount of BTC mined daily will drastically reduce. Meanwhile, Spot Bitcoin ETFs and other institutional investors are expected to keep stacking up the crypto token without any hesitation. Lee also noted that a monetary easing, which is expected this year, would be favorable for a risk asset like Bitcoin. With inflation cooling off, the Federal Reserve is projected to cut down on interest. This will no doubt provide a bullish narrative for Bitcoin as investors are expected to double down on their investment in the crypto token once this happens.  BTC Still Headed For $500,000 Tom Lee had predicted during an appeearnce on Squawk Box in January this year that BTC would rise to $500,000 in the next five years. He once again reaffirmed this prediction during his most recent appearance on CNBC. According to him, “Bitcoin is sound money, and it is proving to be useful,” which makes this price level attainable.  Related Reading: Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2? Elaborating on how Bitcoin is useful, he stated that the crypto token has been a great store of value and also a good risk asset. He added that BTC is “incredibly secure” as there has been an issue of any fraudulent entry on the blockchain since its inception. The same cannot be said of banking institutions, which Lee noted have a lot of fraudulent transactions.  When quizzed about how Bitcoin is used for nefarious activities, he highlighted how the Dollar is used for a large percentage of crimes that take place, and no one questions its utility. At the time of writing, Bitcoin is trading at around $51,800, up in the last 24 hours, according to data from CoinMarketCap.  BTC price at $51,900 | Source: BTCUSD on Featured image from CoinMarketCap, chart from

Is Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34 Million Transaction

Ripple has always been subjected to claims of manipulating the price of XRP and its natural growth by selling coins. As the cryptocurrency’s largest holder, Ripple has faced constant criticism about the amount of XRP it holds, with detractors arguing it gives them too much control and influence over the price.  Particularly, there’s been some drama swirling around the altcoin lately and claims that Ripple has been manipulating the market and systematically dumping its large holdings. This has come in light of a large transfer of 60 million XRP tokens from Ripple to an unknown wallet address.  Ripple Accused Of Dumping XRP And Manipulating Market Whale transaction tracker Whale Alerts recently posted on social media a transfer of 60 million XRP worth $34 million from a Ripple-controlled wallet address into a private address. A further look shows that the private recipient wallet currently holds over 138 million XRP worth $75.5 million, with this same address receiving 80 million XRP from Ripple on February 11. Related Reading: Is Altcoin Season Upon Us? Here’s What Bitcoin’s Performance Shows 🚨 🚨 60,000,000 #XRP (34,088,291 USD) transferred from #Ripple to unknown wallet — Whale Alert (@whale_alert) February 20, 2024 At the time of writing, Ripple controls about 6% of the current circulating supply. Therefore, it is only natural that large transactions like this from Ripple would generate waves in the market and lead to speculations. Consequently, the large transfers have reignited claims of Ripple selling its holdings amidst ongoing consolidation in the price of XRP. In addition, debates regarding XRP’s programmatic sales have resurfaced, as history shows this isn’t new to Ripple. According to details shared by a social media user, Jim_Knox, Ripple allegedly delivered XRP to three market makers in 2017 for the purpose of market sales, which resulted in a price suppression of the cryptocurrency during that particular period. Furthermore, recent accusations have taken root of Ripple using what it called the 4t and 6t bots to execute programmatic sales to exchanges.   Ripple CTO Addresses Concerns Ripple CTO David Schwartz took to a social media thread to address the rumors of price manipulation. An XRP community member had shared a meme suggesting that Ripple’s 4t and 6t bots have always prevented the price of XRP from increasing, keeping it at the $0.50 level.  Related Reading: Bitcoin Holds Above $50,000 Despite Nasty Drop, Crypto Expert Says Local Top Not In However, Schwartz pointed out that Ripple has discontinued the programmatic sales of XRP, with the company only selling its holdings through ODL transactions. The ODL transaction method is Ripple’s unique payment solution that offers instantaneous cross-border transactions. On the other hand, concerns regarding the recent large transactions from Ripple to unknown wallets are yet to be addressed, and it all remains speculative at this point. XRP is trading at $0.5463 at the time of writing, down by 0.50% in the past 24 hours but still maintaining a meager 2% gain in a 30-day timeframe. Recent transaction alerts from Whale Alerts have shown large amounts of XRP leaving private wallets to crypto exchanges, hinting at potential selloffs.   Token price stalls at $0.54 | Source: XRPUSD on Featured image from U.Today, chart from

Billionaire Tim Draper Bullish On Bitcoin As It Will Surpass Traditional Currencies, Here’s Why

Tim Draper, founder of Draper Associates and Billionaire venture capitalist, recently shared his thoughts on Bitcoin and the flagship crypto token’s potential to revolutionize the global economy. Specifically, Draper highlighted how BTC could replace the Dollar and other fiat currencies soon enough. BTC To Replace The US Dollar Draper mentioned during an interview on Bloomberg that the time is coming when people “won’t want the Dollars” anymore. He believes this would happen as a result of everyone having a preference for the flagship crypto token. When that happens, the billionaire says that he will be able to his “food, clothing, and shelter all in Bitcoin.” Related Reading: Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2? Draper suggested that this revolution was going to occur from a massive bank run, similar to what occurred with the Confederate dollar after the US Civil War ended in 1864. He also likened Bitcoin potentially replacing the Dollar to what happened with the Greek Drachma and the run on the French Franc after France adopted the Euro.  Meanwhile, the billionaire alluded to how BTC already has an edge over some fiat currencies. He gave an example of how Argentines and Nigerians don’t trust the Peso and Naira, respectively and would rather prefer to do business in Bitcoin.  Bitcoinist previously reported how Bitcoin hit an all-time high in Argentina and Nigeria. The inflationary pressure that those countries are experiencing has caused their currencies to devalue, with locals seeing Bitcoin as the go-to alternative to hedge against this inflation. With the US also facing its economic crisis, Draper’s prediction of Bitcoin replacing the Dollar may not be far from happening.  BTC bulls aim for $52,000 | Source: BTCUSD on Why Bitcoin Didn’t Rise To $250,000 In 2022 During the interview, Tim Draper also explained why his Bitcoin prediction of $250,000 didn’t happen. The billionaire had in 2018 predicted that the crypto token was going to rise to that price level by 2022. Draper looked to have blamed the US government for this not happening, stating that he didn’t expect them to have been “paranoid” about Bitcoin.  Related Reading: Is Altcoin Season Upon Us? Here’s What Bitcoin’s Performance Shows This paranoia is probably why the government has its reservations about the flagship crypto token rather than accepting it and taxing profits made on it, just like Draper expected. However, this paranoia looks to be in the past as the billionaire claims that the US has realized that “Bitcoin is actually better for everyone.” Interestingly, Draper is not backing down on his $250,000 prediction, stating now that Bitcoin will hit this price level in 2025. His confidence might come from the fact that BTC looks to be more accepted by the US authorities, especially following the approval of the Spot Bitcoin ETFs, which are recoding huge demand.  Featured image from Brittanica, chart from

Bitcoin Holds Above $50,000 Despite Nasty Drop, Crypto Expert Says Local Top Not In

The cryptocurrency space has been subject to high volatility after Bitcoin finally surged to $53,000. After hitting this level, the cryptocurrency faced notable declines in its value. However, a crypto analyst has predicted that the price might continue to surge, highlighting the enduring strength of Bitcoin’s upward momentum.  BTC Price Needs To Hold Steady Despite the recent bearish trends seen in the last few days, a prominent crypto analyst, Michael van de Poppe, has maintained an optimistic outlook on Bitcoin’s price. Sharing a BTC price chart, the crypto analyst emphasized Bitcoin’s current position above $50,000, which shows strength.  Related Reading: Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2? However, he revealed that there is the potential for a more extensive price correction if Bitcoin fails to hold its current resistance area. Reassuring the crypto community, Poppe clarified that although price corrections can be sharp and “nasty,” they typically prove short-lived. The analyst also disclosed that despite the success of the Spot Bitcoin ETF market, relying solely on ETF inflows will not be enough to propel the price of Bitcoin to $100,000 within two months. He affirmed that Bitcoin’s price trend is still very bullish, noting that surges are more likely to unfold gradually over time, rather than in a single rapid moment. Analyst Projects Bitcoin Surge To $58,000 In his X posts, Poppe highlighted two potential scenarios for Bitcoin’s price movements. The analyst suggested a possible inclination towards a downward trend, emphasizing the critical zones to watch within the $48,000 to $49,500 price ranges.  Related Reading: XRP Refuses To Back Down As Crypto Analyst Identifies When Price Will Rally To $2 On the flip side, Poppe revealed that the price of Bitcoin could also experience a surge to new highs. He explained that if Bitcoin successfully breaches certain high levels, then the cryptocurrency could achieve a local top of $54,000 to $58,000.  Furthermore, the crypto analyst presented a Bitcoin price chart, which illustrated a substantial uptrend for Bitcoin. He anticipated a short-term correction for the cryptocurrency, followed by a potential price surge to levels close to $60,000.  “I’m expecting a short-term correction before a final push to $54-58K and then we’re likely done with this current pre-halving run,” Poppe stated.  BTC price recovers above $51,000 | Source: BTCUSD on Featured image from Bookings Institutional, chart from

Is Altcoin Season Upon Us? Here’s What Bitcoin’s Performance Shows

There is reason to believe that the altcoin season is imminent based on Bitcoin’s recent price action. Altcoin season is known to be a period when other crypto tokens begin to outperform the flagship crypto token.  Bitcoin To Cool Off For Altcoin Season Crypto analyst Rekt Capital stated in an X (formerly Twitter) post that Bitcoin has only one last Pre-Halving retrace before it goes on a parabolic move post-halving. Crypto analyst Sjuul also highlighted in an X post how the funding rate is “mildly high” for Bitcoin at the moment, something which hints that a correction was on the horizon.  Related Reading: XRP Refuses To Back Down As Crypto Analyst Identifies When Price Will Rally To $2 With Bitcoin likely to face a significant correction, this presents the perfect opportunity for altcoins to make a run of their own. Ethereum, the second-largest crypto token by market cap, looks set to lead the pack, hitting $3,000 for the first time in nearly two years. Meanwhile, some analysts have noted indicators that confirm that the Altcoin season is not far off.  Crypto analyst Crypto Prof noted that the Gaussian channel on the Altcoins chart has turned green after almost 4 years. Also, these altcoins are said to have broken through the previous resistance from the last weekly close. Crypto Prof further stated that the same thing happened in 2016 and 2020, the period in which the Altcoin bull run started.  Stockmonkey Lizards, another crypto analyst, also mentioned on his X platform that the altcoin is close. In the accompanying chart on his post, he highlighted how the altcoin market cap was going to run to $10 trillion from its current market cap of almost $900 billion.  Investors Increasing Their Risk Appetite  On-chain intelligence platform Glassnode noted in a recent report that their Altseason Momentum indicator has shown a “growing appetite from investors to move capital further out on the risk curve.” This suggests that crypto investors are more willing to deploy a significant amount of their capital to altcoins in anticipation of greater returns.  Related Reading: Crypto Analyst Predicts 10X Move For Filecoin (FIL) To $70, But Can It Reach ATH? Interestingly, this altcoin indicator is said to have signalled positive momentum since October 2023 before briefly cooling off during the sell-the-news event that occurred after the Spot Bitcoin ETFs approval. However, the indicator is once again signalling this positive momentum having been retriggered on February 4.  Glassnode further revealed that, while Bitcoin dominance remains significant, there are signs that capital is being rotated into other ecosystems like Ethereum, Solana, Polkadot, and Cosmos.  Data from Blockchain Center also shows that the market is gearing closer to an altcoin season. The altcoin season index currently stands at 61%, with a rise to 75% still needed before it can be said that the altcoin season is in full swing.  BTC dominance rises above 53% | Source: Market Cap BTC Dominance on Featured image from Bitcoinist, chart from

Bitcoin Millionaire Takes A Shot At Cardano For Being A ‘Wannabe Ethereum’ – Details

Cardano (ADA) is being caught in the crossfire once again as Bitcoin millionaire Arthur Hayes is taking shots at the network. Arthur, who is known for being a founder and former CEO of the BitMex crypto exchange, has been vocal about his dislike for the network, which he believes is trying to be like Ethereum. Cardano Is A Wannabe Ethereum In an interview with Coin Bureau, Arthur Hayes did not hold back while sharing his scathing review of the Cardano blockchain. The interview, which focused on the performance of Bitcoin and the crypto market so far, pivoted toward Cardano, which Hayes seems to believe is a low-quality copy of Ethereum. Related Reading: Crypto Analyst Predicts 10X Move For Filecoin (FIL) To $70, But Can It Reach ATH? The millionaire started out by warning investors to steer clear of altcoins, which seem to be all buzz and no substance. These projects which he believes should reflect on being “marketed too heavily” have had a track record of imploding and not surviving the market. Turning to Cardano, Hayes delivered a scathing comment when he called the network the “first wannabe Ethereum.” Furthermore, the founder also does not believe that the network is all that relevant to the crypto industry and explains that the Cardano network is currently at risk of being irrelevant unless it finds some way to set itself apart from the countless Ethereum competitors out there. Hayes also talked about the Spot Bitcoin ETFs, which were approved for trading in January. But contrary to the warm reception that these exchange-traded products have received, Hayes posits that it is not a win for crypto. Rather, it is a fee-generating vehicle for asset managers such as BlackRock, he explained. Still Not Convinced About ADA Hayes’s comments about Cardano have not been limited to the Coin Bureau interview alone as he also took to his X (formerly Twitter) page to bash the network once again. In the post, Hayes refers to the network as “dog sh*t”. He pointed out that the most active decentralized applications (DApps) on the network were not originally launched on Cardano, questioning if the network has any offering that is widely used by investors, Related Reading: Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000 Hayes takes the bashing a step forward by tagging Charles Hoskinson, founder of the Cardano network, and asking him to educate him about the network. However, instead of the usual clapbacks that Hoskinson is known for, he takes a more lighthearted tone, saying, “Arthur, why are you throwing shade at Cardano? I like you man.” Presently, Cardano continues to show strength after its Total Value Locked (TVL) rose 18% in the last month to cross $504 million. This makes it the 16th-largest network by TVL, in front of the likes of Coinbase’s Base and Aptos, according to data from DeFiLlama. ADA price reaches $0.59 | Source: ADAUSD On Featured image from Vivere Jesi, chart from

Bitcoin Dips Are For Buying: BTC Sees Record-Breaking Accumulation

Bitcoin is currently experiencing a retracement after rising to as high as $53,000 on February 20. This recent dip has, however, not deterred Bitcoin whales, with these investors rather seeing it as an opportunity to accumulate more of the flagship crypto token.  Inflows To Accumulation Addresses Hit All-Time High Ki Young Ju, the founder and CEO of the on-chain analytics platform Crypto Quant, revealed in an X (formerly Twitter) post that inflows into accumulation addresses have reached an all-time high (ATH) of 25,300 BTC. Young then highlighted the significance of this occurrence as he elaborated on what accumulation addresses are.  Related Reading: Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000 These accumulation addresses are said to have no outgoing transactions and have a balance that exceeds 10 BTC. Accounts belonging to centralized exchanges (CEXs) or miners are also excluded from this category of wallet addresses. Meanwhile, these addresses have received more than two incoming transactions, with the most recent occurring within the last 7 years.  Simply put, these addresses are the most bullish on Bitcoin and can be regarded as the ultimate ‘Bitcoin Diamond Hands.’ This development further highlights the growing accumulation trend as more investors continue to stack up their BTC holdings ahead of the next bull run, which is projected to begin after the Halving event.   Interestingly, inflows into accumulation addresses hitting an ATH coincides with Michael Saylor’s statement that he doesn’t plan on selling any of his company’s Bitcoin anytime soon. According to the tech executive, “Bitcoin is the exit strategy.” Saylor’s MicroStrategy is reported to hold 190,000 BTC BTC at the moment. Spot Bitcoin ETFs Also See Record-Breaking Day Bloomberg analyst Eric Balchunas noted in an X post that the newly listed Spot Bitcoin ETFs (referred to as ‘The Nine’) recorded their biggest volume day since Day one of launch. These funds are said to have seen about $2 billion in combined trading volume.  Related Reading: Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2? Balchunas further mentioned that this achievement was largely thanks to “big contributions” from VanEck ($HODL), WisdomTree ($BTCW), and Bitwise’s ($BITB) Bitcoin ETFs, which all broke their personal records. VanEck’s Bitcoin ETF, in particular, saw more than a 14x increase in its daily average.  Highlighting how explosive this was, Balchunas revealed that VanEck Bitcoin Trust ETF recorded 50,000 trades on February 20. Meanwhile, this same fund had only seen just 500 trades on February 16. Interestingly, the Bloomberg analyst noted that these trades were more likely from retail investors rather than a single “big investor.” At the time of writing, Bitcoin is trading at around $51,500, down in the last 24 hours, according to data from CoinMarketCap.  BTC price reaches $51,200 | Source: BTCUSD on Featured image from CNBC, chart from

Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2?

The Dogecoin price action in the past few days is showing signs of the crypto embarking on a bullish recovery. Particularly, DOGE has seen a strong uptick in trading volume in the last few days, fueled by an increase in activity from whale addresses.  At the time of writing, DOGE spiked by over 6% in the past 24 hours to break over $0.09 for a brief moment. This spike in DOGE came despite the price of Bitcoin showcasing a weakening of bullish momentum at $52,000 and most cryptocurrencies sparking corrections, indicating a lingering bullish momentum among DOGE traders. DOGE Recent Metrics Indicate Recovery Trend Dogecoin mostly went through a lackluster price action throughout January, with the cryptocurrency ending the month at $0.07973, a negative 13% from its open price on January 1. The $0.079 price level acted as a major support, as DOGE started to rebound in early February after the formation of a double bottom. Consequently, DOGE technicals, transaction count, and price action pointed to a change in momentum and sentiment amongst traders.   Related Reading: Crypto Analyst Reveals Why Shiba Inu Price Will Not Reach $1 According to metrics from the on-chain analytics platform IntoTheBlock, the Dogecoin ecosystem has witnessed a lot of activity in the past month, processing more than 1 million transactions every day since the 30th of January. This increase in activity seems to have been reflected in the price of Dogecoin, with the cryptocurrency up by 11% since the beginning of February. Source: IntoTheBlock At the time of writing, DOGE’s trading volume from Coinmarketcap is approximately $824 million, an increase of over 129% in the past 24 hours. The majority of the recent increase in activity can be attributed to whales of large investors.  According to Dogecoin whale data, whale transactions greater than $100,000 now stand at $2.53 billion in the past seven days. Notably, this transaction count from large investors reached 1,570 in the past 24 hours with a total volume of 15.88 billion DOGE. This huge surge of activity seems to be providing the cryptocurrency with a big boost, fueling an impressive recovery that could see it crossing the $0.1 threshold once more and possibly reaching the $0.2 price level. DOGE Price Action – Rally To $0.2? Dogecoin has started showing signs of life again, fueled in large part by whale activity. The crypto recently surged to $0.09115 in the past 24 hours. Although still up by 1% in the same timeframe, DOGE has since corrected by 4.5% and is currently trading at $0.08702.  Related Reading: Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion A minor support is at the $0.08693 price level, with metrics and general market sentiment pointing to continued bullish price action in the short time. The first price level would be the return to $0.09. If Dogecoin manages to maintain a stronghold above this key milestone, it is expected to create a more bullish momentum among traders which could see it breaking past above $0.1 for the first time in three months.  This breakthrough over $0.11 could mark an important milestone for Dogecoin’s price trajectory, as the next target would be $0.2.  DOGE price at $0.087 | Source: DOGEUSD on Featured image from CoinGape, chart from

Crypto Analyst Predicts 10X Move For Filecoin (FIL) To $70, But Can It Reach ATH?

Over the last day, Filecoin (FIL) has seemingly emerged from the shadows to stage a price recovery of over 10%. This notable move has brought more attention to the altcoin, which had previously failed to follow the general crypto market recovery. On the back of this, one crypto analyst predicts big things for the altcoin, expecting a 1,000% increase in its price. Filecoin Will See A 10X Rise To $70 In the analysis that was shared on X (formerly Twitter), crypto analyst “Tony The Bull” told his almost 20,000 followers that the Filecoin (FIL) price was gearing up for a massive recovery. The chart shared in the analysis tracks the movement of the coin over the last year, which saw it go from a low below $3 to over $.7, an almost 200% increase. Nevertheless, the crypto analyst believes there is more to come. Related Reading: Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price The prediction for the Filecoin price from the crypto analyst is that it will rally as high as $70. Now, given FIL’s current trading value, this would mean a 1,000% increase or a 10X increase from here. The analyst seems to believe that the altcoin is entering into a price discovery phase, saying, “I’m gonna find out.” $FIL to minimum $70 for a 10x Back to ATH is +20x Price discovery = ? I’m gonna find out — Tony “The Bull” (@tonythebullBTC) February 19, 2024 Tony is not the crypto analyst that forecasts a bullish future for the Filecoin price as analyst Ali Martinez also expects the altcoin to do well. Martinez revealed that FIL is currently trading in a “parallel channel on its 3-day chart” which is usually bullish for price. However, for the move to be confirmed, the crypto analyst explains that the altcoin must break the “resistance posed by the channel’s upper boundary, set at $8.50.” If this happens, then Martinez expects the price to rise as high as $25.5. #Filecoin is trading within a parallel channel on its 3-day chart. Watch out for the resistance posed by the channel’s upper boundary, set at $8.50. A successful break through this barrier could significantly bolster $FIL‘s price, potentially tripling its value to reach $25.5! — Ali (@ali_charts) February 19, 2024 Can FIL Reach A New All-Time High? In addition to his analysis, Tony The Bull also posits that Filecoin is only 20X away from its all-time high price of around $230, so it is possible that the altcoin could see a run-up to this level. However, this was not well-received by community members, who countered that it would be impossible for FIL to reach a new ATH due to its inflation over the last year. Related Reading: Finance Expert Predicts Bitcoin Will Touch $100,000 Soon, Here’s When FIL’s circulating supply has risen drastically over the years, putting it way higher than what it was when it hit its all-time high back in 2021. Due to this, expectations that the altcoin could get back to this level are very low. “With its MASSIVE inflation over the last bear market, FIL will not be making a new ATH,” one user said in response to the crypto analyst. Nevertheless, FIL continues to show strength in the daily chart. Its price is up 16% in the last 24 hours and 40% in the last seven days, according to data from Coinmarketcap. It is trading at $7.68 at the time of this writing. FIL price rises over 10% in 24 hours | Source: FILUSD on Featured image from Coincodex, chart from

XRP Refuses To Back Down As Crypto Analyst Identifies When Price Will Rally To $2

Several analysts continue to make bullish predictions for the XRP token despite its lacklustre price action. This time, crypto analyst Dark Defender has identified emerging patterns that suggest that XRP could rise to $2 soon.  The XRP Bull Run Is Here Dark Defender mentioned in an X (formerly Twitter) post that the RSI (Relative Strength Index) for the XRP/BTC pair in the weekly time frame “stands in the same place as it did before the 2017 and 2021 XRP bull runs.” Going by the RSI indicator, he affirmed that the 2024 bull run is already here.  Related Reading: Finance Expert Predicts Bitcoin Will Touch $100,000 Soon, Here’s When Source: X From the accompanying chart which he shared, XRP hitting $2 looks to be just the starting point as the crypto token could still rise to as high as $12. This is also a possibility, considering that bull runs are known to bring new all-time highs (ATH) for different crypto tokens. XRP’s ATH currently stands at $3.84, a milestone it hit at the peak of the 2017 bull run.  XRP’s failure to surpass its ATH in the last bull run is believed to have been due to the regulatory uncertainty which handicapped the crypto token. However, having achieved regulatory clarity, XRP is projected to make a significant run this time around.  Interestingly, analysts like CryptoInsightUK have hinted at the token replicating a similar price surge to the one which occurred in 2017, when it saw a price gain of 61,000%. That price surge in 2017 is also serving as the basis for crypto analyst Egrag Crypto’s prediction that XRP could rise to as high as $27 in the next bull run.  XRP’s Road To $27 Crypto analyst Egrag Crypto recently gave an update on XRP’s current price action and further revealed how the crypto token will rise to $27. Firstly, he noted that a bullish pattern had emerged, with XRP achieving multiple daily closes above FSRF (Fibonacci Speed Resistance Fan) 0.5, a level believed to represent significant support for the crypto token.  Related Reading: Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion With XRP holding above this level, the analyst hinted that it could rise to almost $2 soon. Once that happens, Egrag expects XRP to continue the upward trend and eventually breach the $2 resistance area. He predicts that FOMO (fear of missing out) will kick in once XRP rises above $2, something which Egrag believes will propel the crypto token towards the $27 price target.  At the time of writing, XRP is trading at around $0.56, up over 1% in the last 24 hours, according to data from CoinMarketCap.  Price recovers from dips | Source: XRPUSD on Featured image from CoinGape, chart from

Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000

Global asset management firm, Bernstein has expressed confidence, foreseeing a fairly strong chance of the United States Securities and Exchange Commission (SEC) approving an Ethereum Spot ETF.   SEC Ethereum Spot ETF Approval Imminent In a February 19 research report, Bernstein analysts Gautam Chhugani and Mahika Sapra disclosed that Ethereum, the world’s second-largest cryptocurrency, may be the only digital asset after Bitcoin, to win an ETF approval from the US SEC.  Related Reading: Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price Following the approval of Spot Bitcoin ETF, many crypto enthusiasts anticipated Ethereum as the next in line for an ETF. However, given the SEC’s current stance on cryptocurrencies and its previous reluctant acceptance of Spot Bitcoin ETFs, the prospects of an Ethereum ETF have become uncertain.  In the research report, Bernstein analysts predicted the approval timeline for an Ethereum Spot ETF. They emphasized that the presence of notable traditional financial firms, including Grayscale and Franklin Templeton, competing for a Spot Ethereum ETF, strengthens the outlook for its approval.  “We think there is a roughly 50% chance of spot Ethereum ETF approval by May, with an almost certain chance of approval within the next 12 months,” the Bernstein report read.   Ethereum’s Roadmap To $10,000 With the potential approval of Ethereum Spot ETFs, Ethereum may witness a significant price increase to levels as high as $10,000.  Prior to the SEC’s approval of Spot Bitcoin ETFs on January 10, the anticipation surrounding the ETF had sparked a massive price rally for the cryptocurrency. Following the approval and ETF launch, Bitcoin surged to over $45,000 before witnessing a subsequent price correction that pushed it back below $40,000.  Related Reading: Crypto Analyst Reveals Why Shiba Inu Price Will Not Reach $1 Despite the short correction, Bitcoin has been gaining back its momentum, and at the time of writing, the cryptocurrency is trading at $51,998, according to CoinMarketCap. This substantial price increase is largely attributed to the success of its ETF, providing investors with greater accessibility to Bitcoin, and contributing to the cryptocurrency’s increased adoption. A similar narrative could unfold for Ethereum following the approval of its ETF. With rising interest from institutional investors and the ETF driving global adoption, the cryptocurrency could potentially attain new all-time highs above $10,000.  In the research report, Bernstein analysts also confirmed Ethereum’s strong positioning for mainstream institutional adoption. The analysts emphasized the need for the cryptocurrency market to shift its attention to Ethereum, as the cryptocurrency is poised to witness gains following the approval and launch of its ETF. ETH price reclaims $2,900 | Source: ETHUSD on Featured image from Crypto Briefing, chart from

Finance Expert Predicts Bitcoin Will Touch $100,000 Soon, Here’s When

Renowned finance author Robert Kiyosaki has once again made a bullish price prediction for the flagship cryptocurrency, Bitcoin. This time, he predicts that Bitcoin will hit $100,000 and mentions when exactly this will happen.  When Bitcoin Will Hit $100,000 Kiyosaki mentioned in an X (formerly Twitter) post that Bitcoin will hit $100,000 by June 2024. However, he didn’t mention what will propel this massive price surge. The finance expert is known to be a huge advocate of the foremost crypto token and, at different times, given his opinion on its potential.  Related Reading: $400 XRP Price Point: Analyst Breaks Down The Future Surge Date Before now, Kiyosaki, who authored the best-selling book ‘Rich Dad, Poor Dad,’ said that Bitcoin was going to rise to $150,000 and singled out the Spot Bitcoin ETFs as what would drive this parabolic move. He had also once identified the Bitcoin Halving as being pivotal for BTC’s growth.  Interestingly, the author is believed to be a ‘crypto OG’ as he previously shared his excitement about investing in BTC “years ago.” He also continues to urge others to do the same, claiming that it is the way to avoid becoming poorer due to the actions of the government. Kiyosaki doesn’t shy away from criticizing the government and recently went as far as branding the Federal Reserve “a criminal organization.” According to him, the “Fed has destroyed the economy, made the poor and middle class poorer, and bailed out their rich banking friends.” Instead of trusting the Fed (possibly to fight inflation), Kiyosaki stated that he would rather put his trust in Bitcoin and other assets like Gold and Silver.  BTC price still above $52,000 | Source: BTCUSD on BTC Will Hit $100,000 But How Soon? There seems to be a consensus among several crypto analysts that Bitcoin will no doubt hit $100,000 in the next bull run. However, the ultimate question remains when exactly this will happen. Just like Kiyosaki, crypto analyst Kevin Svenson believes that this price level isn’t far off.  Related Reading: 4 Surprising Insights From Coinbase’s Earnings, COIN Sees Bullish Surge Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, also predicted that Bitcoin will hit $100,000 this year, although he didn’t give a more precise timeframe like Kiyosaki. While some predictions remain devoid of a specific timeframe, the belief is that this parabolic price surge will happen after Bitcoin Halving. The Halving event has been projected to be what kickstarts the next bull run. That isn’t surprising, considering that Bitcoin is known to claim a new all-time high (ATH) after miners’ rewards are cut in half. One of the most bullish post-halving price predictions is Anthony Scaramucci’s prediction that BTC will hit $170,000 in 2025.   At the time of writing, Bitcoin was trading at around $52,300, up over 1% in the last 24 hours, according to data from CoinMarketCap.  Featured image from InfoMoney, chart from

Crypto Analyst Reveals Why Shiba Inu Price Will Not Reach $1

Despite witnessing recent price increases and moving forward with ongoing developmental projects in its ecosystem, cryptocurrency analyst Zack Humphries has declared that SHIB, the native token of the Shiba Inu ecosystem, will not “reach $1 anytime soon.”  Why Shiba Inu Will Not Hit $1 In a recent YouTube video, Humphries provided a compelling reason for why he believes that the price of SHIB will not reach the $1 milestone in the near future. The crypto analyst’s controversial statement is rooted in the belief that SHIB hitting $1, would position it as the most valuable cryptocurrency asset and the largest company by market capitalization.  Related Reading: Bitcoin’s Rise To $52,000 Masks Potential Pitfalls Ahead, Analyst Warns Adding weight to his argument, Humphries pointed out the unparalleled value of Bitcoin in the digital asset market and the dominance of Apple Inc. as the world’s largest company by market capitalization. These formidable benchmarks make SHIB’s ascent to $1 an almost impossible task, as it would have to surpass not only Bitcoin in the cryptocurrency landscape but also compete with established tech giants like Apple. Humphries has labelled any predictions and expectations of SHIB surging to $1 in 2024 as “garbage.” At the time of writing, the cryptocurrency is trading at a price of $0.0000098, reflecting a 5.64% increase in the past seven days, according to CoinMarketCap.  The highest price Shiba Inu has been able to achieve since its inception is $0.000086 in October 2021. Following this all-time high, the cryptocurrency has struggled to achieve a significant price increase despite its rapidly developing ecosystem.  SHIB’s Recent Price Performance Lately, Shiba Inu has been witnessing steady gains, capturing the attention of major long-term holder investors. A massive shift in whale movements was recorded in the last few days, with over 2,500% surge in large holder inflows.  Additionally, in the past week, Shiba Inu has displayed strong signs of a bullish recovery, which could see the cryptocurrency rallying by a staggering 73% and achieving new price highs. On February 16, SHIB erased a zero from its price and began trading at 0.00001.  Related Reading: The Bitcoin Rally Is Far From Over: 2 Key Factors Behind The Momentum This uptick came as Bitcoin successfully crossed the $50,000 price mark on Monday, February 12. At the time of writing, the cryptocurrency is trading at $52,230, according to CoinMarketCap.   While the prospects of Shiba Inu reaching the $1 price mark may appear distant, the cryptocurrency is still gaining steady momentum as more SHIB burns take place and new innovative projects are introduced into the ecosystem.  In January alone, the Shiba Inu team recorded an impressive 9.35 billion SHIB burns. Moreover,  with the imminent launch of the automated SHIB burn mechanism, additional token burns are anticipated. This could present an effective strategy to diminish the token’s circulating supply and enhance its value through increased scarcity. SHIB price struggles to keep up with the market | Source: SHIBUSD on Featured image from CoinMarketCap, chart from

Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price

The Bitcoin open interest has been on the rise over the last few weeks as the price has climbed continuously. This sustained rise in the open interest is a reflection of the heightened interest in the cryptocurrency since the United States Securities and Exchange Commission (SEC) approved Spot Bitcoin ETFs for trading. The BTC open interest has now climbed to historical levels, reaching 2021 all-time high levels. Bitcoin Open Interest At 2021 Levels According to data from Coinglass, the Bitcoin open interest has risen to more than $24 billion. This growth represents around a 50% jump in the open interest since the year 2024 began. But more importantly, the open interest has risen to levels not seen since 2021. Related Reading: 4 Surprising Insights From Coinbase’s Earnings, COIN Sees Bullish Surge Looking at the open interest chart, the last time that the Bitcoin OI was this high was back in November 2021, when the cryptocurrency reached its all-time high price of $69,000. This rise in the OI has been consistent across crypto exchanges, with CME, Binance, and ByBit leading the charge and commanding more than 50% of the open interest. Source: Coinglass The continuous rise has also come with a rise in the greed levels among crypto investors. Currently, the Crypto Fear & Greed Index is sitting firmly in Greed, suggesting that crypto investors are in a place where they are willing to take more risks than usual. Implications For The BTC Price With the Bitcoin open interest this high, it could end up being negative for the BTC price. This is because past performances where the open interest has risen so rapidly have often ended in a market crash. The same was the case in 2021 when the Bitcoin OI had set its previous record. Related Reading: $400 XRP Price Point: Analyst Breaks Down The Future Surge Date In 2021, when the BTC price crossed $69,000 and the open interest crossed $22 billion, the euphoria was incredibly high as it is now. However, this would be short-lived, with a market crash happening shortly after. The BTC price would eventually go from $69,000 to $46,000 by December, dropping by almost 40% in the space of one month. If this same trend were to repeat itself in the current trend, then there could be a massive crash in the cards for Bitcoin. A similar decline would see Bitcoin fall back toward $41,000, which would wipe out the gains of the last few weeks. However, there are different factors at play in the current market, such as Spot Bitcoin ETF issuers seeing massive interest in their exchange-traded products. Just last week, inflows into Spot BTC ETFs reached a new record of $2.2 billion. So if these large institutions continue buying BTC to meet the demand of their customers, then the BTC price could continue to rally. BTC bulls push price above $52,300 | Source: BTCUSD on Featured image from Barron’s, chart from

Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion

Bitcoin spot exchange-traded funds have been online in the US for only two months, but their performance has far eclipsed any other asset class. These ETFs recently hit a new milestone, drawing over $2.2 billion in inflows last week alone, shattering the previous weekly record set on the first week of trading. This is a particularly noteworthy development because, as senior Bloomberg analyst Eric Balchunas pointed out, this inflow skyrocketed past the 3,400 plus ETFs available in the US, like the SPLG US and the SPY US.  Bitcoin ETF Inflows Surge Amid Competition Bitcoin ETFs have fully captured the interest of institutional investors, with trading volume indicating their appealing nature. Trading volume statistics reveal these 10 ETFS have been experiencing a great deal of activity since their launch, netting more than $2.3 billion last week alone to bring the total inflow to $4.926 billion since they went live. As pointed out by Eric Balchunas, the significant inflow last week puts the ETFs above more established ETFs in the United States. Related Reading: The Bitcoin Rally Is Far From Over: 2 Key Factors Behind The Momentum The 10 bitcoin ETFs netted +$2.3b last week. For context, that is more than any other ETF (out of 3,400) took in. $IBIT alone was #2. This brings total net to +$5b, which is more than BlackRock as a whole has taken in. Again, this is all net GBTC bleed. Throw that out and the… — Eric Balchunas (@EricBalchunas) February 17, 2024 Notably, most of this inflow went into BlackRock’s iShares Bitcoin Trust (IBIT), which has outperformed the nine other Bitcoin ETFs and ETFs of other asset classes. IBIT accumulated $1.673 billion in net inflows throughout the week, making it the third-largest inflow among any of the 3,500 plus exchange-traded funds.  At the close of last week’s trading session, BlackRock’s IBIT has received a $5.2 billion net inflow since its launch. Notably, this amounts to 50% of the investment company’s net inflow of $10.4 billion from its 417 ETFs since the beginning of the year.  It’s important to note that these staggering inflow numbers have come amidst an ongoing outflow from the Grayscale Bitcoin Trust ETF (GBTC). While outflows from the ETFs have slowed down compared to recent weeks, the GBTC witnessed $624 million in outflows during the week. “Again, this is all net GBTC bleed,” Balchunas noted. BTC Bullish Price Momentum Set To Continue Bitcoin’s price has skyrocketed over 33% in the past 30 days, recently topping $52,000 per coin for the first time since 2021. Current price action shows Bitcoin has somehow stabilized around this price point, with the crypto trading between $52,700 and $50,700 in the past five days. At the time of writing, Bitcoin is trading at $52,307. Related Reading: $400 XRP Price Point: Analyst Breaks Down The Future Surge Date However, the fear of missing out on further gains is driving many new investors to Bitcoin ETFs. According to an analyst, inflows into these ETFs are on track to reach $150 billion by the end of 2025. With a new all-time high now looking plausible, Bitcoin is set to continue on its price gain as spot ETF trading commences throughout the week. BTC price continues to rise | Source: BTCUSD on Featured image from Business Today, chart from

4 Surprising Insights From Coinbase’s Earnings, COIN Sees Bullish Surge

The foremost crypto exchange in the United States, Coinbase, released its earnings report on February 15th. As expected, there were major takeaways from the financial report, highlighting the crypto company’s performance in the fourth quarter of last year. Related Reading: Bitcoin To Receive Monumental $150 Billion Inflow: Expert Reveals Coinbase’s Trading Volume Exceeds Expectations Coinbase maximalist Coinbase Duck noted in an X (formerly Twitter) post how the crypto exchange defied expectations in the fourth quarter of 2023. Coinbase recorded $170.6 billion in spot trading volume, exceeding the estimated $168. Specifically, a considerable influx of retail investors accounted for 18% of the total spot trading volume against the estimated 16% that the crypto exchange was projected to record. The return of these retail investors is believed to have been partly due to the resurgence that Bitcoin and the broader crypto market experienced towards the end of the year.  Meanwhile, consumer transaction revenue ($492.5 million) was way below the estimate of $570.9 million. However, Coinbase Duck noted that this wasn’t necessarily bad, as some investors started using advanced trading. In a letter to its shareholders, the crypto exchange also revealed that some existing users traded significantly higher volumes, which could have necessitated the move to advanced trading.  Coinbase also recorded a total operating expense of $838 million, which happened to be below the projected estimate of $878 million. Specifically, the crypto exchange did a great job in its transaction expenses, recording an expense of $126 million compared to the estimate of $163 million.  However, the company’s sales and marketing expenses ($106 million) exceeded the estimate of $90 million. Coinbase revealed that this growth was “primarily driven by higher seasonal NBA spending, higher performance marketing spending due to strong market conditions, and increased USDC reward payouts due to growth in on-platform balances.” Coinbase Had A Profitable Fourth Quarter Coinbase recorded a net income of $273 million, beating the estimate of $104 million. Interestingly, going by figures from its Shareholder letter, the fourth quarter of 2023 was the only one in the year in which the crypto exchange didn’t record a loss for its net income. Meanwhile, the company also recorded its largest net revenue during that period. Coinbase suggested that the excitement around the Spot Bitcoin ETFs and the expectations of more favorable market conditions in 2024 had contributed to its success in Q4 of 2023. Coinbase is a primary custodian for most Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT). Related Reading: Ethereum Inches Closer To $3,000 – Will February Deliver A $4,000 Knockout? Meanwhile, the crypto exchange earned $1.13 per share, beating the forecast of $0.43. This is without the crypto exchange accounting for the FASB change, which Coinbase Duck revealed could bring its earnings per Share (EPS) to $2.1.  Chart from Tradingview

The Bitcoin Rally Is Far From Over: 2 Key Factors Behind The Momentum

Bitcoin has been the buzz of the town lately as it continues to push past key price levels, leaving many to wonder how high it can go. Current technicals and fundamentals indicate that the latest rally has solid foundations, and there are good reasons to think there’s more upside ahead for the leading cryptocurrency. Related Reading: Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating The latest rally has been fueled by different on-chain sentiments ranging from whale accumulation to the increase in Bitcoin whales. Two of the most important market factors fueling this rally are spot Bitcoin exchange-traded funds (ETFs) and the increase in CME margins, according to analysts at QCP Capital, a crypto asset trading firm. Strong Inflows Into Spot Bitcoin ETFs Driving Demand Most of Bitcoin’s price action since October 2023 has been centered around spot Bitcoin ETFs, giving investors an easy way to gain exposure to the leading cryptocurrency. Notably, the price of BTC has doubled since BlackRock’s first filing for a spot Bitcoin ETF. The first day of trading for these ETFs broke trading volume records, with $4.6 billion worth of shares being traded. Analysts at QCP Capital noted that the inflows started to flip positive towards the end of January after a week of major outflows from Grayscale’s Bitcoin Trust GBTC. Things seem to have settled, and the total inflows into these have now even eclipsed the once-dominant ProShares BTC futures ETF. Analysts at the trading firm also noted the current increase in CME margin requirement as a signal of continued BTC price growth. Notably, the increase in this CME margin across various exchanges resulted in widespread short covering Lunar New Year weekend. Consequently, the spot price for BTC and forward spreads surged. Spreads are now around 11-12%, indicating a strong bullish sentiment as traders are willing to pay higher premiums. Another market factor contributing to the surge was the sell-and-buy-the-dip that played out after the latest consumer price index (CPI) report came out higher than expected. Headline CPI was 3.1% actual compared to 2.9% expected, and Core CPI was 3.9% actual compared to 3.7% expected, leading to a minor sell-off of risky assets, which was short-lived. Bullish BTC Momentum Set To Continue The rally in Bitcoin is showing no signs of slowing down, and investors are starting to accumulate with a Fear Of Missing Out. Recent on-chain data shows that Bitcoin whales have purchased over 100,000 BTC worth $5 billion in the past five days. The number of whales holding more than 1,000 BTC now stands at 2,121, an increase of 74 new wallets in February. Related Reading: Bitcoin To Receive Monumental $150 Billion Inflow: Expert Reveals In a recent CNBC interview, Ric Edelman, founder of the Digital Assets Council of Financial Professionals, predicted this inflow into spot Bitcoin ETFs would continue over the next two years and reach $150 billion by the end of 2025. Interest in Bitcoin will increase as more institutional investors get on board, cementing Bitcoin as an asset class amongst traditional investors. Cover image from Dall-E, chart from Tradingview

$400 XRP Price Point: Analyst Breaks Down The Future Surge Date

Amid the XRP price unfavorable market sentiment, Changelly, a prominent global cryptocurrency exchange, has sparked new optimism by predicting a potential surge in the token’s price. The crypto exchange has projected new all-time highs for the cryptocurrency in the upcoming years. Related Reading: Dogecoin Price Prediction – DOGE Pump To $0.12 Seems Imminent XRP 2024 Price Prediction On Wednesday, February, Changelly released a research report projecting XRP’s monthly prices for 2024. The crypto exchange emphasized XRP’s historical challenges, recounting significant declines that caused the cryptocurrency to trade well below its 2018 all-time high of $3.84. Following an extensive analysis of XRP, Changelly has predicted a 23.71% increase in the price of XRP, surpassing current resistance levels at $0.5 and reaching $0.667 by February 16, 2024. The crypto exchange noted that current technical indicators signal a 28% bearish bullish market sentiment on the token, alongside a Fear and Greed index reflecting high Greed at 74. Changelly has also reported a positive seven-day upward trend for XRP, noting a $0.01 increase in the past 24 hours. The cryptocurrency platform foresees the average price of XRP reaching $0.617 by March, with a projected price range of $0.550 to $0.685. Changelly forecasts that XRP will trade above the $0.50 mark in April and May, reaching average price values of $0.562 and $0.573, respectively. From June to September, the cryptocurrency is expected to gradually approach the $0.60 mark, with the average price values of XRP ranging from $0.55 to $0.59 during these months. By November, the token is anticipated to break past resistance levels, maintaining an average price of $0.662, with a minimum and maximum value of $0.569 and $0.755, respectively. Meanwhile, Changelly has predicted a surge in the average XRP price to $0.695 for December, potentially reaching a peak value of $0.829.  Massive Price Surge In Upcoming Years In its research report, Changelly provided a forecast of the token from 2025 to 2050. The crypto exchange platform anticipates big gains for the cryptocurrency, expecting its price to exceed $500 in the coming decades. Specifically for 2025 and 2026, Changelly projects XRP to surpass the $1 mark and trade at an average price of $1.18 and $1.72, respectively. The cryptocurrency is expected to slowly increase over the years, surging past $2 mark in 2027 and surpassing its all-time high of 3.84 for the first time to reach an average price of $5.04 in 2028. In the decade from 2030 to 2040, Changelly has predicted that XRP would trade at an average price of $7.39 in 2030, rapidly gaining more momentum over the years to reach a maximum level of $480.23 and a minimum of $413.15 in 2040. Related Reading: Ethereum Bulls Keep Pushing, Why ETH Could Soon Test $3K By 2050, XRP is projected to surpass the $600 mark and trade at $625.74, with a maximum and minimum value of $690.55 and $595.36, respectively. Chart from Tradingview

Bitcoin’s Rise To $52,000 Masks Potential Pitfalls Ahead, Analyst Warns

Crypto analyst Justin Bennett has laid out a bearish narrative for the flagship crypto token Bitcoin. Based on his analysis, Bitcoin will likely drop below the $50,000 level again before it moves further to the upside.  Related Reading: Bitcoin Hits $52,000-Plus, Explodes Over 21% For 2024 – Details Bitcoin Could Drop Back To As Low As $47,000 In an X (formerly Twitter) post, Bennett mentioned that the price range between $47,000 and $49,000 “is the land in the sand” for Bitcoin. This statement came from his belief that the crypto token will soon see a price retracement. He also reminded his followers of how “Bitcoin carves significant tops.” The crypto analyst suggested that $52,000 was a ‘significant top’ and that a price correction could be imminent. Bennett added that his prediction could be invalidated if BTC saw a sustained break above $53,500. Meanwhile, he also compared Bitcoin and US stocks, stating that there was an ongoing correlation between them.   Bennett also disagrees that Bitcoin’s rally could be longer this cycle, especially considering the demand that the Spot BTC ETFs are seeing. He stated his indifference about these funds and mocked how everyone predicted they would send Bitcoin to a potential all-time high (ATH).  From a technical analysis perspective, the crypto analyst was more concerned about BTC’s price action and remarked that “the chart will tell the story.” BTC Fundamentals Are Getting Stronger While Bennett predicts that Bitcoin will drop soon enough, it is worth mentioning that the crypto token’s fundamentals are getting stronger, which could also dictate its price action. Citing data from Glassnode, crypto analyst Ali Martinez recently revealed that the amount of BTC held in known crypto exchange wallets has dropped to its lowest in six years. As highlighted by Martinez, this suggests that the market sentiment around the flagship crypto is changing, with most investors looking to hold for the long term. That is considered a positive development and bullish for Bitcoin’s price since the amount of BTC that can be acquired is further reduced, creating some form of scarcity.  The crypto analyst had also recently mentioned how Bitcoin holders are currently in a phase of belief, which signals potential further gains ahead for BTC.  Related Reading: Stacks (STX) Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes According to CoinMarketCap data, Bitcoin is trading at around $51,900 at the time of writing, up over 2% in the last 24 hours. Chart from Tradingview

$52,000 And Climbing: Bitcoin Eyes New Highs This March, Predicts Top Firm

Bitcoin has been on an absolute tear, surpassing $52,000 for the first time since December 2021. The leading digital asset has already climbed over 23% in 2024, and a major driver of this meteoric rise has been the influx of institutional money entering the space through spot Bitcoin ETFs.  Related Reading: Bitcoin Price Alert: X Account’s Analysis Suggests Sub-$10K Drop – Here’s The Reasoning Bitcoin’s mainstream credibility among traditional investors has been growing since the beginning of February, with ETFs registering between $400 million and $650 million in daily inflows in the past week. At the same time, BTC call options have seen a massive rise.  This bullish sentiment has prompted investors to begin anticipating the moment when BTC would achieve a new all-time high. According to analysts at QCP Capital, a crypto asset trading firm, Bitcoin is set to reach a new all-time high before the end of March 2024. Top Firm Predicts Bitcoin Can Reach New All-Time High Before April Bitcoin’s current all-time high of $69,044 has looked like an insurmountable mountain for the past two years, especially during the prolonged bear market in 2022, which saw BTC trading below $17,000. However, things have changed since that time, and current metrics point to the price of Bitcoin blasting past this price point in the coming months.  This change in sentiment can mainly be attributed to the attention around spot Bitcoin ETFs. Although Bitcoin seemed to struggle behind a sell-the-news event for weeks after these ETFs hit the market, the situation has since turned positive. According to data from BitMEX Research, Bitcoin ETFs have witnessed massive inflows led by BlackRock’s ETFs in the past week. At the same time, outflows from Grayscale’s GBTC have slowed down. Consequently, the ETFs have received a steady $400 million to $650 million in daily inflows, which works out to 8,000 to 12,000 BTC bought daily.  Notably, trading hit historic highs on February 14th, with the top nine ETFs hitting $1.5 billion in trading volume. What’s Driving The BTC Price Rally? QCP Capital credits this increasing institutional investment in Bitcoin as a critical driver of future growth. Analysts expect this inflow to continue as BTC becomes increasingly popular among traditional investors and global liquidity rotates into the spot ETFs, allowing it to break past its all-time high before April.  Related Reading: Bitcoin Price Rally To $75,000 Imminent Due To Massive Cup And Handle Pattern The analysts also looked at the massive purchases of BTC call options, noting how $10 million was spent in the past week on premiums for $60,000 to $80,000 strikes expiring from April to December. This price point is exciting, as it indicates many investors are already looking forward to Bitcoin breaking past $69,000 in the coming months.  Predictions can be hit or miss, but Bitcoin seems poised to continue its meteoric rise in value. It’s also important to note that the next Bitcoin halving, slated for April 2024, is steadily approaching.  Cover image from Dall-E, Chart from Tradingview

These Developments Show That The Bitcoin Bullish Momentum Is Far From Over

Crypto analyst Ali Martinez has provided insights suggesting that the Bitcoin bullish momentum is just starting. Based on this, the flagship crypto token is still likely to keep hitting new highs before the peak of the imminent bull run.  Related Reading: Inflationary Concerns Rise As US CPI Exceeds Predictions, Bitcoin Price Reacts Market Sentiment Suggests More Gains Ahead For Bitcoin In an X (formerly Twitter) post, Martinez revealed how long-term BTC holders go through a “cycle of emotions” during a bullish period. These investors usually start with capitulation before “progressing through hope, optimism, and belief.” This capitulation phase is when these BTC bulls succumb to the bears, with the Bitcoin bottom coming at some point.   The crypto analyst also noted that these BTC holders experience “a brief period of anxiety” even after the belief phase, which leads to a price correction. However, the market again re-enters a phase of belief after then, which signals potential further gains ahead, Martinez added.  The crypto analyst claims the market has “just merged from a period of anxiety and has re-entered a new phase of belief.” He further stated that this suggests the market will likely witness more momentum for Bitcoin before reaching the “peak of euphoria that characterizes the end of the bullish cycle.” Going by Martinez’s analysis, there are still new highs for BTC. There is also every likelihood that Bitcoin will surpass its all-time high (ATH) of $68,000. The crypto token has consistently surpassed its previous ATH in every bull run. Interestingly, this always happens months after the Bitcoin Halving takes place.  That is why it is no surprise that the BTC Halving is again predicted to be the event that will fully kickstart the next bull run.  BTC Expected To See Influx Of New Investors In a subsequent X post, Ali Martinez highlighted how Bitcoin is far from obtaining peak popularity among the general populace. This is based on a Google Search Trends metric, which shows how popular a term like ‘Bitcoin’ is. Currently, BTC is said to have a score of 18, meaning that it hasn’t even reached “mid-popularity.” The silver lining in this data is that it shows how much more investors Bitcoin could see in the next bull run. Moreover, introducing the Spot Bitcoin ETFs is believed to be perfect timing as these funds could contribute to onboarding the next generation of Bitcoin holders into the crypto space.  A search engine like Google could also have a role to play when these investors become interested in the flagship crypto token. Thankfully, the platform has already blessed the advertisement of crypto-related funds, meaning it will be easy for these users to invest when the time comes.   Related Reading: Bitcoin Price Holds Support, BTC Uptrend To Continue Soon? At the time of writing, BTC trades at around $51,400, up over 2% in the last 24 hours, according to data from CoinMarketCap.  Cover image from Dall-E, Chart from Tradingview

XRP Price Could Surge from New Acquisition, Amid Community Skepticism

Recently, Ripple announced the acquisition of Standard Custody & Trust Company, a digital asset custodian. The company aims to expand into different sectors beyond its core payments network business. Related Reading: Are We Headed For Another $69K? Bitcoin Price Surges As Greed Dominates Crypto Market This development may become the key catalyst in driving the price of XRP to new heights, addressing historical challenges of price declines and stagnant growth.  Ripple’s Acquisition Sets Stage For Potential XRP Price Surge On Tuesday, February 13, Ripple disclosed the formal agreement to acquire Standard Custody to continually expand its offerings and pursue smart acquisitions to capitalize on present and future market opportunities.  The acquisition of Standard Custody signals Ripple’s commitment to serving its customers and fostering growth and security in the Ripple ecosystem. By implementing a digital asset custodian, Ripple can provide secure storage and management of digital assets like XRP.  Additionally, a cryptocurrency custodian can potentially boost confidence in investors and financial institutions. This increased trust may attract substantial institutional investors into the XRP ecosystem, potentially driving up demand and triggering a price increase for XRP.  According to CoinMarketCap, XRP is priced at $0.5, reflecting a 0.95% decrease in the last 24 hours and an 8.87% drop over the past month. Despite bullish market trends, the cryptocurrency has lingered around the $0.5 price for months, leading to a shift in investor sentiment and confidence. Some members of the XRP community have also accused the cryptocurrency of being purposefully suppressed.  In light of this, Ripple’s strategic acquisition has the potential to act as a catalyst, boosting the price of XRP. The digital asset custodian could introduce an element of stability to the XRP ecosystem, addressing regulatory uncertainties plaguing the ecosystem. Consequently, this may positively influence the general perception of XRP, attracting favorable sentiments and institutional investors and potentially contributing to an upward price movement. XRP Community Divided As Doubts Emerge Despite Ripple’s latest announcement and the potential positive impacts the acquisition may have on the ecosystem, the XRP community has remained in doubt, continually voicing out concerns over the depressed state of the cryptocurrency.  Responding to Ripple Chief Executive Officer (CEO) Brad Garlinghouse’s statement about the company’s plans to acquire Standard Custody, an XRP supporter and investor, identified as “MackAttackXRP” on X (formerly Twitter), expressed skepticism, stating that Ripple’s recent developments were insufficient to generate a positive impact on XRP’s price.  Mack revealed that the price of XRP has been “structurally too low for the past five years.” He mentioned a notable shift in perspectives among XRP community members, with some opting to change their XRP for more promising cryptocurrencies or exit the market altogether.  Related Reading: XRP Price Prediction: A Fresh Rally Is Around The Corner? Another XRP community member expressed his frustration about the cryptocurrency’s price, disclosing that many dedicated supporters of XRP are starting to lose hope for the cryptocurrency and may consider leaving before witnessing any significant price increases for XRP.  Chart from Tradingview

Dogecoin Poised For Bullish Breakout, 30% Rally Predicted?

Dogecoin (DOGE) enthusiasts and holders have had a glimmer of optimism to hold on to, as the meme token is currently posting gains of about 4.35% in the past seven days amidst inflows into the crypto market. This recent price action prompted an analysis from crypto analyst Captain Faibik, who predicts a 30% surge for DOGE.  Related Reading: These Dogecoin Whale Transaction Stats Spell Trouble Despite Ongoing Crypto Rally According to the analyst, the price of DOGE is on the verge of breaking out of a symmetrical triangle, putting the crypto back on track to climbing above the $0.1 price level again. Technical Analysis Points To Impending DOGE Breakout Captain Faibik recently took to social media platform X to share a bullish prediction on DOGE. According to the 12-hour timeframe price chart shared by the analyst, the price of Dogecoin has been forming a downward-sloping triangle since it reached $0.1018 on December 12. Notably, price action illustrates a sequence of lower highs and higher lows between the trendlines, which shows that bears are gradually losing control of the market.  Lower highs and higher lows are generally considered bullish, as they typically indicate a consolidation phase before a potential trend reversal to the upside. Faibik’s technical analysis indicates a likely 30% bullish breakout above $0.08199. If this turns out to be correct, a prolonged breakout might result in Dogecoin revisiting its December high around the $0.106 level by March. $DOGE is on the Verge of Symmetrical Triangle Breakout..!! In Case of Upside Breakout, Expecting +30% Bullish Rally in the Short term. 📈#Crypto #DOGE #Dogecoin — Captain Faibik (@CryptoFaibik) February 13, 2024  Can DOGE Reenter The Top 10 Cryptocurrencies? Recent market dynamics have resulted in Dogecoin losing its place among the 10 biggest cryptocurrencies by market cap. Chainlink (LINK), the culprit, was able to displace Dogecoin from the 10th position after two weeks of intense price gain. During this period, Dogecoin also witnessed a crash in whale transactions, implying waning sentiment from these large holders. However, Chainlink’s rally seems to have slowed, with the crypto currently on a 4% correction from $20.82. Consequently, data from Coinmarketcap shows Chainlink is yet to gain a substantial distance ahead of Dogecoin in terms of market cap.  Chainlink is currently only ahead by $80.8 million, giving Dogecoin a chance to catch up. The 30% bullish breakout prediction above the current price level is enough to push Dogecoin back into the top 10 crypto assets. While another major DOGE rally isn’t guaranteed, technical factors are lining up. The first resistance is at $0.083, and a decisive breakout above this level could give traders an entry opportunity. However, failing to break above this resistance level would invalidate a bullish run, and DOGE could fall back to $0.078.  Related Reading: Dogecoin Plunges 5% After Elon Musk Gets Called Back For Twitter Probe At the time of writing, DOGE is trading at $0.0818, down by 0.61% in the past 24 hours. Chart from Tradingview

By The Numbers: Bitcoin Received $200 Million Investment From This Financial Giant

According to a Reuters report, Founders Fund, the venture capital (VC) firm founded by billionaire Peter Thiel, is once again betting big on the flagship cryptocurrency, Bitcoin. The VC firm is reported to have made significant profits on their last Bitcoin investment and would be hoping that this next market cycle also brings immense rewards.  Related Reading: Bitcoin Price Revisits $50K, Why BTC Could Start A Short-Term Correction Founders Fund Already Made A $200 Million Investment In Bitcoin And Ether From late summer to early fall last year, Peter Thiel’s Founders Fund reportedly invested $200 million in the two largest crypto tokens by market cap, Bitcoin and Ethereum. If so, the VC firm is likely already sitting on unrealized profits, considering these two cryptocurrencies were trading lower during that period.  Notably, the BTC price is known to have traded below $30,000 towards the end of summer last year and only rose above that level sometime in October. Meanwhile, although the average prices of Founders Fund’s Bitcoin purchases could not be ascertained, BTC has been trading at its highest level since 2021. Interestingly, Founders Fund is said to have made about $1.8 billion in returns on their previous investment in Bitcoin. The Financial Times reported how the VC firm began investing in the crypto token as far back as 2014 and went to liquidate most of its BTC holdings in March 2022, just before the crypto winter started in full force.  Peter Thiel’s Optimism On BTC Peter Thiel, the co-founder of PayPal and one of the earliest investors in Facebook, is known to be a long-time Bitcoin advocate. He once explained how the flagship crypto token could provide a safe haven for investors and described it as a “hedge” against the “world falling apart.” Thiel also belonged to the school that believed Bitcoin could eventually replace Gold.  When Bitcoin hit its all-time high at the height of the 2021 bull run, Thiel also admitted that he was underinvested in the crypto token. He said he should have bought more BTC rather than hesitating because he thought “everybody already knew the secret.” Related Reading: Shiba Inu Records 2,500% Spike In Whale Activity, SHIB Price About To Skyrocket? The billionaire has also described himself at some point as a “pro-crypto, pro-Bitcoin maximalist.” His affinity for Bitcoin and cryptocurrencies generally also stems from his political philosophy of libertarianism, as he sees these virtual currencies as a “force for decentralization.” Cover image from Dall-E, chart from Tradingview

These Dogecoin Whale Transaction Stats Spell Trouble Despite Ongoing Crypto Rally

Dogecoin’s current metrics point to a confused path as the broader crypto market rallies after Bitcoin crossed the $50,000 level. Dogecoin has been posting some gains along with the rest of the crypto market, but behind the scenes, the meme coin’s transaction volume and whale transaction count have been discouraging.  Related Reading: Dogecoin Stuck In Limbo: Will Valentine’s Day Bring Love (And Price Gains)? According to on-chain data first shared on social media platform X by crypto analyst Ali Martinez, Dogecoin has experienced a low transaction volume in the past few days, fueled by a drop in trading activity from large traders.  Dogecoin’s Transaction Volume And Whale Activity Drops According to the Santiment data shared by Ali Martinez, DOGE has been posting gains since February 6. Still, the whale transaction count and the total transaction volume have failed to rise. Notably, this gain has dwindled compared to the other major cryptocurrencies. As a result, Chainlink (LINK), which has been on a bullish run, was able to displace DOGE out of the top 10 in terms of market cap rankings. This decline in whale activity indicates the current sentiment among large traders. Similarly, data from IntoTheBlock has reiterated a decline from this cohort of traders, as the number of daily transactions greater than $100,000 has failed to rise above 200 in the past few days. For comparison, daily transactions above $100,000 steadied above 1,000 throughout January. When activity drops, but prices rise, it’s usually a sign that a rally isn’t sustainable. This decline in activity suggests that fewer people are using Dogecoin for payments and transfers. Instead, Dogecoin seems to be catching up in the hype of the crypto market rally.  What Does This Mean for The Dogecoin Price Outlook? Whales are known for their ability to move markets so that less activity could signal lower enthusiasm. As a result, Dogecoin’s decreasing transaction volume and whale activity could signal some trouble for the meme cryptocurrency’s value in the coming weeks, primarily as it relies heavily on hype and popularity to drive up its market price. At the time of writing, DOGE seems to be particularly facing resistance at the $0.083 price level. However, the decreased volume doesn’t necessarily mean Dogecoin is doomed, as the whale transaction count could pick back up shortly.  The Dogecoin Foundation recently announced an ambitious 2024 roadmap in a recent blog post outlining the vision for the meme coin’s future. The renewed dedication to improving Dogecoin’s underlying technology, increasing its utility and mainstream adoption gives a glimmer of optimism.  Related Reading: Chainlink Takes Over Dogecoin In Key Metric As Mysterious Whale Pushes LINK Upwards At the time of writing, DOGE is trading at $0.08235, up by 2.39% in the past 24 hours. Failure to break out of the resistance at $0.083 could mean a reversal to the $0.0816 level. Cover image from Dall-E, chart from Tradingview

Strategic Exploit: Crypto Traders Harvested $3 Billion From ‘Kimchi Premium’?

South Korea’s local media, Newsis, recently reported the case of certain crypto traders who had sent about $3 billion overseas in a bid to profit from the ‘Kimichi Premium.’ Interestingly, the court found 14 out of 16 of these traders not guilty despite their alleged actions.  Related Reading: Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving How This Group Of Crypto Traders Operated These crypto traders are said to have sent these sums of money through local banks under the guise of these transactions being foreign exchange remittances. However, this was allegedly not the case, as they would then use the funds to purchase virtual currencies abroad and send those crypto assets back to domestic exchanges, where they eventually offload them.  This was done to allegedly profit from the ‘Kimichi Premium.’ This phenomenon occurs when crypto assets are more expensive in South Korea than overseas due to the country’s particular regulations. This has created an arbitrage opportunity that crypto traders have sought to exploit. Meanwhile, the Korean government has tried to prevent traders from doing so.  That is why the prosecution charged 16 people, including someone referred to as Mr. A in the news report, with violating the Specific Financial Information Act. Mr. A and others were accused of illegally transferring foreign currency worth 4.3 trillion won ($3 billion) overseas between April 2021 and August 2022 to exploit the Kimichi premium allegedly.  The prosecution believes these crypto traders made a market profit of as much as 210 billion won ($158 million). In their defense, the defendants argued against any wrongdoing since they weren’t precisely the ones facilitating the foreign exchange business but the bank. The traders argued they were platform users, not virtual asset business operators. The bank involved also tried to absolve itself from the case as it claimed it carried out the transaction based on the “false evidence” the defendants submitted.  Court Finds The Defendants Not Guilty The court agreed with most defendants’ arguments, acquitting 14 (including Mr. A) out of the 16 persons charged. A local Judge who ruled over the case opined that their actions didn’t violate the objective of the Foreign Exchange Transactions Act and, therefore, could not be punished under that law.  The Judge added that there was “nothing to suggest that the defendants operated as virtual asset business operators.” If the reverse was the case, they could have been punished for not registering their business or making certain disclosures as required by the law.  Related Reading: Crypto Drama Unfolds: Ethereum Co-Founder’s 22,000 ETH Transfer Sparks Price Speculation Interestingly, Judge Park further distinguished the current case from a Supreme Court precedent as he noted that the highest court did not “explicitly judge the issues in this case.” The prosecution already submitted an appeal, dissatisfied with the court’s ruling.  Chart from Tradingview

ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month High

The new ERC-404 tokens have swiftly taken the spotlight, dominating the cryptocurrency market and consistently attracting interest from investors and traders. This surge in euphoria has led to a substantial increase in Ethereum gas fees, pushing costs to their highest levels in the past eight months.  Related Reading: Ethereum Price Signals Uptrend Exhaustion But Dips Could Be Attractive Ethereum Gas Fees Skyrocket Ethereum gas fees have surged to record highs, reaching unseen levels since March 2023, when the average gas price peaked at 101.26 Gwei. The sudden spike in Ethereum gas prices has been attributed to the recent hype surrounding ERC-404 tokens, an experimental token standard that enables native fractionalization of Non-fungible Tokens (NFTs).  Presently, reports from Etherscan, an Ethereum block explorer and analytics platform, reveal that on Friday, February 9, 2024, Ethereum gas fees reached an average gas price of 71.4 Gwei, with a maximum and minimum gas price of 59,956 Gwei and 34.4 Gwei respectively. This price is the highest Ethereum gas fees have reached since its explosive peak in May 2023, when the average gas price surged to 155.8 Gwei. The popularity of the ERC-404 can be attributed to the Pandora team heralding the unofficial token and taking advantage of its high liquidity. Additionally, various cryptocurrency traders have shown immense interest in the new token, aiming to capitalize on its potential and maximize its liquidity. One trader recently made $59,000 from the popular ERC-404 token. He revealed that his “secret to making money” was buying and selling the ERC 404 token, MINER, using the high gas fees as an advantage.  The co-founder of Gaslite GG, identified as ‘Pop Punk’ on X (formerly Twitter), has also predicted that introducing ERC-404 tokens will lead to a continuous daily rise in the average Ethereum gas price.  About The ERC-404 Token Standard Earlier Thursday, the market capitalization of ERC-404 tokens soared to $296 million, announcing their arrival in the crypto market. The token standard was launched on February 5 and has gained immense traction in crypto.  Although ERC-404 tokens remain unofficial due to the absence of a complete audit and endorsement by Ethereum developers, they have witnessed a significant surge in the days following their launch. One of the prominent ERC-404 tokens, Pandora, recently saw a rise of over 400%. Related Reading: Crypto Drama Unfolds: Ethereum Co-Founder’s 22,000 ETH Transfer Sparks Price Speculation The experimental tokens have gained widespread popularity due to their unique approach of bridging the gap between fungible and non-fungible tokens for better liquidity and fractionalization.  Chart from Tradingview

Chainlink Takes Over Dogecoin In Key Metric As Mysterious Whale Pushes LINK Upwards

Chainlink (LINK) is now experiencing three weeks of robust positive price activity, putting it well ahead of the overall cryptocurrency market. LINK’s price has skyrocketed over 48% since January 25, surpassing $20 on February 11 for the first time since February 2022. Related Reading: Chainlink Breeds New Whales As $49.9 Million Accumulation Spree Cause Prices To Surge Amidst this price surge, which saw the cryptocurrency moving closer to Dogecoin in market cap rankings, on-chain data has revealed a consistent whale accumulation. One whale, in particular, has accumulated $83.6 million worth of LINK in the past five days. Chainlink Overtakes Dogecoin In Market Cap Chainlink’s price movement this year has been surprising, and current price action shows no intention of slowing down anytime soon. LINK, the decentralized oracle network’s token, recently overtook Dogecoin to become the 10th largest cryptocurrency by market capitalization. At the time of writing, LINK’s market cap is $11.85 billion compared to DOGE’s $11.46 billion. The recent surge in LINK’s price and market cap seems driven by whales and investors accumulating the token. According to data from IntoTheBlock, LINK whale transactions greater than $100,000 totaled more than $1.29 billion in the past seven days. Notably, total exchange outflows in the same period have far outweighed inflows, indicating the current holding sentiment from LINK traders. IntoTheBlock’s exchange metric shows that $282.6 million worth of LINK was withdrawn from exchanges in the past seven days, compared to an inflow of $154.89 million.  One whale has been scooping up massive amounts of LINK from crypto exchange Binance in the past seven days. Blockchain data analysis platform Lookonchain has revealed that 4,556,684 LINK ($83.6 million) have been withdrawn from the exchange within the past five days and placed in 55 new wallets. Although the outflow has gone into multiple wallets, the pattern of withdrawals suggests that one entity is carrying out the accumulation.  What’s Next For LINK? At the time of writing, Chainlink is trading at $20.21. Although still up by 9% and 36.13% in the past seven and 30 days, respectively, the price surge seems to be slowing down, and the crypto has since corrected 2% from a yearly high of $20.63 in the past 24 hours. On the broader end, the crypto market seems to be catching up in gains, as most cryptocurrencies witnessed inflows led by Bitcoin last week. Dogecoin wasn’t excluded from this inflow, with its price spiking 7.3% from 0.0776 to 0.08327. Dogecoin is currently trading at $0.08046.  Related Reading: Chainlink Appetite: Whale Scoops Up $84 Million Worth Of LINK, And Counting – Details LINK’s market cap currently stands above DOGE by $390 million. An increase in LINK accumulation by traders could continue to widen the difference between the assets.  Chart from Tradingview

Bitcoin Price Nears $50,000 Milestone Again With 91% Of Addresses Now In Profit

Bitcoin is edging closer to the $50,000 mark after a week of extreme bullish price action, a level not seen since December 2021. Amidst this price surge, the number of Bitcoin addresses in profit has now crossed over 90%. According to data from IntoTheBlock, 91% of Bitcoin addresses are currently profitable. This means the vast majority of holders and investors have an incentive to continue holding, particularly as the next halving for Bitcoin miners approaches. Related Reading: BONK Stays Alive In Top 100 List With 25% Single-Day Rally – Details 91% Of Bitcoin Addresses Now In Profit As Price Nears $50,000 Bitcoin has had an eventful week in terms of price action. The world’s largest crypto recently grew by 14.4% to reach $48,500 on February 11, its highest point in 26 months. This price spike, although highly welcome, seemed to have taken most investors by surprise considering it was coming off four weeks of unimpressive action after the debut of spot Bitcoin ETFs in the US. Notably, IntoTheBlock’s “Global In/Out of the Money” profitability metric shows that the total number of addresses in profit is now at 46.87 million addresses, representing 90.53% of the total addresses. At the same time, 3.44 million addresses representing 6.64% are still posting losses, while 1.46 million addresses representing 2.83% of the total addresses are at the money or break-even point. Similarly, IntoTheBlock’s “In/Out of the Money Around Price” metric which follows addresses that bought between $40,919.92 and $55,413.77, shows that a majority (83.17%) of addresses are in profit. This is a hugely bullish signal and shows that the majority of Bitcoin holders are well in the money. As the price continues climbing as the crypto approaches the $50,000 mark, more and more addresses are likely to move into profit. Bitcoin Set To Keep Shining With over 90% of Bitcoin addresses now in profit and the price nearing $50,000, it’s clear this bull run still has room to run. The bullish action last week saw BTC closing over $44,000 on the weekly timeframe for the first time in the current market cycle.  BTCUSD currently trading at $48,354 on the daily chart: BitMEX Research recently reported that spot Bitcoin ETFs now have over $10 billion worth of BTC under management. There is a high probability that the price of the top coin continue to surge if the activity surrounding these exchange-traded funds (ETFs) continues at this pace. Bitcoin ETF Flow – 9th Feb All data out. Strong day at $541.5m of net inflow Invesco had an outflow, the first non-GBTC product to have an outflow day — BitMEX Research (@BitMEXResearch) February 10, 2024 Another catalyst for a sustained price increase is the upcoming halving. Historically, Bitcoin bull runs leading up to each halving have always trended up and gone parabolic after the halving event. A similar trend could see the crypto asset reaching $60,000 before the next halving in April and $100,000 before the end of the year. Related Reading: Bitcoin Back Above $48,000 – Is This Level The Springboard To $52,000? Featured image from Adobe Stock, chart from TradingView

Crypto Analyst Says Bitcoin At $100,000 Not Far Off, Here’s When

Kevin Svenson, a crypto analyst on YouTube, recently provided an analysis of the future price trajectory of Bitcoin, predicting a strong surge to $100,000 this year. According to the analyst, BTC is poised to go parabolic after its halving in April as the crypto is looking very bullish on the weekly chart. The halving cuts the block reward for Bitcoin miners in half, reducing the supply of new Bitcoins in circulation. With demand remaining steady or increasing, the reduced supply has been historically known to drive up the price of BTC. Bitcoin Parabolic Surge Not Far Off Bitcoin is currently leading a crypto market surge after four weeks of lackluster action following the launch of spot Bitcoin ETFs in the US. Bitcoin recently broke above $47,000 for the first time this year, pushing the narrative of the return of a strong crypto market bull run. Related Reading: Why Cardano (ADA) Is A Top Altcoin Pick In The Next Bull Run Svenson noted in his YouTube video that Bitcoin is yet to close above $44,000 on the weekly timeframe this year. However, recent price action indicates this is about to change, giving the highest weekly close so far in the current cycle. The analyst noted that if Bitcoin were to successfully clear trapped liquidity around the wicks, it could lead to the crypto reaching the first step of the $60,000 price level. On a larger timeline, Svenson looked at past Bitcoin halvings to note a recurring trend before and after each halving. History shows that the price of BTC has always trended up in the months leading to the halving and then going on a parabolic trend in the months after.  Of course, past performance does not necessarily guarantee future price action, but Svenson believes several factors are lining up that could send Bitcoin surging past its all-time high once again. “There’s no reason for me to not think that we’re just going to do what we’ve been doing in these past cycles,” he said. Now, looking forward, the analyst noted past halvings were set up by Satoshi to correlate with election years in the US, which have always led to a spike in the financial markets.  In addition, Svenson mentioned that the profitability of Bitcoin has always increased until 80 weeks following each halving, which marks the beginning of a new bear market. If history repeats itself, an 80-week timeline after the upcoming halving should be around October 2025, which is when a new bear market cycle is expected to begin. Related Reading: Crypto CEO Says Get Ready For Solana To ‘Rally Higher Again’ With New Target Institutional interest in Bitcoin is surging, contributing to a 9.57% surge in the past seven days. Bitcoin is trading at $47,211 at the time of writing.  ‼️JUST IN: #Bitcoin ETFs are the most successful ETFs 1 month after launch EVER! 🚀 (out of 5,535 total launches in 30 years) They hold the #1 ($IBIT), #2 ($FBTC), #20 ($ARKB), and #22 ($BITB) spots. And there is still 2 days left. — Swan Media (@Swan) February 9, 2024 BTC price recovers after brief dip | Source: BTCUSD on Featured image from Dall.E, chart from