Altcoins
Lekker Capital CIO Spotlights Prime Opportunity
Published
6 days agoon
By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/BTCUSD_2024-06-27_09-59-24.png)
Quinn Thompson, Chief Investment Officer (CIO) at Lekker Capital, articulated a strong buy signal for cryptocurrencies amidst a landscape fraught with bearish sentiment. In a statement released through the social media platform X, Thompson described the present market conditions as “one of the most obvious and attractive crypto buying opportunities of recent memory.”
Lekker Capital, which has carved a niche in trading cryptocurrencies based on macroeconomic cues, provides an analysis that contrasts sharply with the prevailing market mood. Thompson’s commentary comes at a time when the broader crypto community appears enmeshed in pessimism. He expressed concern over the current trend where it’s become fashionable among crypto investors to adopt a bearish stance. “In all of my 5 years in crypto, I have never seen it be so ‘cool’ amongst crypto native investors as it is right now to be bearish,” Thompson noted, reflecting on the cyclical nature of market sentiments.
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Thompson pointed to the reactive nature of the market, particularly surrounding major events like ETF launches. He revisited the aftermath of the US spot Bitcoin ETF launch, which contrary to the bullish anticipation, saw Bitcoin’s price plunge from $49,000 to $38,000, marking a steep 22% decline in just 12 days. This event, he argued, should serve as a cautionary tale about the market’s tendency to move against consensus expectations.
Addressing the most recent market dynamics, Thompson highlighted the significant impact of the sell-off that dampened the spirits of market participants, discouraging the usual strategies of buying the dip with leveraged positions. “It’s clear this most recent selloff has finally stung market participants given the lack of leveraged long dip buying,” he observed.
This scenario, according to him, sets the stage for a market correction that typically follows a pattern of initial slow recovery, stabilization, and then a rapid upward movement once a catalytic event occurs. He recalled the BTC ETF leak in October as a “buy the news” event that realigned market sentiment.
Furthermore, Thompson discussed the forward-looking nature of financial markets, emphasizing that the crypto market is no exception. He believes that the market has already adjusted to past events such as the Mt. Gox saga and Bitcoin sell-offs from the US and German governments. “The key thing to remember here is markets are forward looking. Citing the Mt. Gox or US and German government supply overhangs is old news – the market has priced this in. Fear and capitulation invokes an irrational near-sightedness,” the Lekker Capital CIO remarked.
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Looking ahead, he underscored several macro and microeconomic developments poised to influence the market. “On the macro front, these include a November election and additional Fed liquidity. On the micro front, they are the ETH ETF, Circle IPO, and improved BTC miner profitability thanks to AI,” he explained. These factors are expected to reduce selling pressure (e.g. Bitcoin miners) and invigorate market sentiment.
Delving deeper into market technicals, Thompson pointed out that several key indicators are at cycle lows, which historically precede upward movements. He noted, “BTC and ETH CME basis, alt open interest as a percentage of total, and macro relative value all sit at cycle lows while stablecoin supply is finally growing again.” This combination of factors, according to Thompson, signals a potential market bottom forming.
In a bold closing prediction, Thompson projected significant rallies for major cryptocurrencies in the near future. “Personally, I think ETH will reach $7,000 and BTC will make its first attempt at $100,000 by the election in November,” he stated confidently.
At press time, BTC traded at $60,766.
![Bitcoin price](https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-27_09-59-24.png?resize=3628%2C1675)
Featured image from Shutterstock, chart from TradingView.com
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Altcoins
Top Trader Unveils Massive Price Target for Memecoin dogwifhat (WIF), Updates Bitcoin (BTC) Forecast
Published
19 hours agoon
July 2, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Target-for-Memecoin-Dogwifhat.jpg)
A top analyst known for making well-timed crypto calls is unveiling a huge price target for the Solana (SOL)-based memecoin dogwifhat (WIF).
Pseudonymous analyst Bluntz tells his 264,200 followers on the social media platform X that WIF appears to be in the early stages of a fresh five-wave rally.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to go through a five-wave upside move. The trader shares a chart suggesting that WIF could skyrocket to as high as $11 by November of this year before concluding its five-wave surge.
“Don’t be afraid to dream a little bigger.
WIF.”
At time of writing, WIF is trading for $2.26, indicating an upside potential of over 386% if the memecoin hits the analyst’s target.
The trader is also keeping a close watch on Bitcoin (BTC). Bluntz says he continues to be bullish on the crypto king after its most recent quarterly candle flipped resistance at around $60,000 into support.
“Imagine thinking this BTC quarterly chart looks bearish, couldn’t be me.”
Looking at Bitcoin’s weekly time frame, Bluntz shares a chart suggesting that BTC is consolidating within a triangle pattern. According to the chart, BTC looks poised for a rally above $68,000 (D wave) before a last leg down to $62,000 (E wave).
“Cracking BTC weekly shaping up now.”
The chart also appears to suggest that BTC will break out and rally above $80,000 after the E-wave correction.
At time of writing, Bitcoin is trading for $62,842.
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Altcoins
CurveDAO (CRV) Nears All-Time Low Following Whale Deposit to Binance: On-Chain Data
Published
2 days agoon
July 1, 2024By
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CRV, the native token of stablecoin lending platform CurveDAO, is close to all-time lows again as the ecosystem attempts a recovery from a large liquidation event this month.
Blockchain tracking firm Lookonchain reports that a whale deposited over $6 million worth of CRV to Binance, presumably to sell at a loss.
“The 22 million CRV was bought after the CRV liquidation, with a buying price of ~$0.33.
Selling now will result in a loss of ~$1 million.”
On June 13th, Curve founder Michael Egorov announced that all of his loans, reportedly worth roughly $156 million, were liquidated. He also said that he sold millions of CRV tokens in an organized transaction to one of the partners of crypto asset investment firm NextGen Digital Venture.
“The amount of CRV liquidations was very large for the market to handle in half an hour (1/3 of circulating supply or so), so to prevent any bad debt, I sold 30 million of my not yet vested CRV to @Christianeth on June 13th . Those 30 million CRV are being received by him in chunks by mid-August.
If you see CRV transactions from my wallet to christian2022.eth, they are related to that deal…”
On the same day of Egorov’s liquidation, CRV dropped to an all-time low of $0.239. Currently, CRV is trading at $0.28 and is now 98.3% down from its all-time high of $15.37.
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Altcoins
Massive Altseason on the Horizon As Altcoins Gear Up for 2017-Style Expansion, According to Analyst
Published
3 days agoon
June 30, 2024By
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An analyst who continues to build a following with timely crypto market calls believes that the stage is set for altcoins to witness a big burst to the upside.
Pseudonymous analyst TechDev tells his 461,900 followers on the social media platform X that he’s looking at the two-week chart of OTHERS, which tracks the market capitalization of all crypto excluding the 10 largest digital assets and stablecoins.
According to the analyst, OTHERS appears to be mirroring its setup in 2017 just before the altcoin market witnessed a parabolic surge.
“Accumulation –>Markup –> Expansion…
Not one bearish idea I’ve seen passes a start-of-2017 backtest. Every idea is a guess. I suggest not stating them as fact without backtesting a quick scroll to the left.”
Looking at the trader’s chart, he seems to suggest that OTHERS is gearing up for an expansion phase similar to what happened about seven years ago after respecting the 0.382 Fibonacci level. The chart also suggests that the relative strength index (RSI) momentum indicator is about to print a bullish higher low at its diagonal support.
To support his bullish stance on altcoins, TechDev looks at the Bitcoin dominance (BTC.D) index, which tracks how much of the total crypto market cap belongs to BTC. The analyst shares a chart suggesting that BTC.D is about to go on a downtrend as it flashes a bearish divergence, indicating that Bitcoin is losing momentum against altcoins.
A bearish BTC.D implies that altcoins are about to outperform Bitcoin.
Says TechDev,
“The crypto market in two charts.
BTC is bullishly consolidating at its prior all-time high.
As a massive altseason is on the horizon.”
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