bear market
Bitcoin ‘tends to bounce back’ in July after negative June
Published
5 days agoon
By
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Crypto market analyst Ali Martinez expects a price rebound for the Bitcoin (BTC) price in July after a month of bearish momentum.
According to Martinez’s X post on Sunday, the Bitcoin price recorded an average price rebound of 7.98% in July after a “negative June.” Data shows that the BTC price plunged by 9.25% over the past 30 days.
Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
Bitcoin recorded a 30-day-high of $71,907 and a low of $58,554 in the mentioned timeframe.
Moreover, data provided by Martinez shows that Bitcoin’s largest average price return of 46.81% happened in November.
Bitcoin gained a slightly bullish momentum over the past 24 hours, rising by 0.94%. The flagship cryptocurrency is currently trading at $61,450 at the time of writing. BTC’s market cap again surpassed the $1.2 trillion mark with a daily trading volume of $13.1 billion.
![Bitcoin 'tends to bounce back' in July after negative June: Analyst - 1](https://crypto.news/app/uploads/2024/06/Screenshot-2024-06-30-135340-1024x543.png)
Due to the declining trading volume, lower price volatility and liquidations would be expected for Bitcoin.
On the other hand, Billionaire entrepreneur and Bitcoin supporter Peter Thiel believes that the BTC price might not witness a dramatic rally. Thiel’s comments come while he still holds a portion of Bitcoin.
Last year, Thiel’s Founders Fund invested roughly $200 million in Bitcoin when the asset’s price was hovering at around $30,000.
Bitcoin’s downward momentum started on June 10 when the spot BTC exchange-traded funds (ETFs) in the U.S. recorded their first set of net outflows in one month.
Last week, spot BTC ETFs saw $137.2 million in net inflows in their last four trading days. This pushed the total amount of ETF net flows past the $14.5 billion mark.
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What’s Next For Ethereum (ETH) as Price Hovers $3,000?
Published
13 hours agoon
July 5, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/chart-71.jpeg)
Ethereum and other altcoins have tumbled to lows not recorded in several weeks. This bearish outlook was also recorded in Bitcoin (BTC) and other decentralized finance (DeFi) tokens. Ethereum price has taken steps back wiping out previously recorded gains this week. A major reason for the market decline is a fall in sentiments with many pointing to major market corrections.
The total crypto market fell to $2.11 trillion, a 4.8% decline in the last 24 hours. Meanwhile, several altcoins notched wider losses today deepening the negative sentiments. The drop in the ETH price also coincides with lower on-chain numbers and a transfer of assets to centralized exchanges which signals potential sales.
Ethereum Price Nears $3K
This year, Ethereum and other crypto assets surged to new highs amid the approval of spot Bitcoin ETFs in the United States. Despite the previous price gains and institutional inflows, massive sell-offs recorded in recent times have deepened sentiments. Ethereum trades at $3,075, a 7% drop in the last 24 hours. Weekly losses pierced double digits at 11% while monthly figures topped 19% in the red zone.
These outflows have sparked similar numbers in other altcoins. ETH’s market cap tanked to $367 billion while daily trading volume is over $20 billion. This year came with projections of sustained growth above $4k but plummeting price now sees ETH moving near $3k. The drop in crypto assets might force prices lower although many holders believe a rebound might be on the cards.
Altcoins Are Sinking
Like most commentators opine, Ethereum price can surge with positive mainstream factors. The listing of ETH ETFs can lead to a jump in the asset’s price. The recent slump has also affected altcoin prices with Solana trading below $130 and $126 and Ripple plunging over 8% in the last 24 hours. Toncoin and Cardano were also down today with larger numbers posted by meme coins.
Also Read: End of The Road for Meme Coins? Dogecoin Takes Heavy Losses
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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3 Signs Of a Sustained Bearish Sentiment
Published
2 days agoon
July 4, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/bear-market-CG.jpg)
Digital assets are facing sharp corrections after an attempted rebound with some users pointing to a long-term bearish sentiment. This year, crypto asset prices moved up the ladder following huge institutional inflows in the market. While this heightened the bull cycle, certain events have drawn lines of a creeping bear sentiment in the market.
The recent market correction sparked major sell-offs leading to liquidations as traders repositioned their holdings. For slight and sustained bearish sentiments, there are signs to watch out for. The current sentiment is largely viewed as short-term as bulls look forward to a price boost on the back of historical trajectories. As Bitcoin and other crypto assets plummet, here are key points to watch out for a bearish sentiment.
Massive Transfers to Exchanges
A bull cycle comes with price highs as most users buy assets with limited sell pressure. However, where signs of sales are recorded, a bearish sentiment builds with traders. Large transfers of assets to centralized exchanges are perceived as potential sales while move-off exchanges show signs of long-term holding. Some of the reasons include the ease of a sale on exchanges. This year, large amounts of BTC were taken off exchanges during the price highs.
Frequent Price Correction
Crypto assets are volatile so certain price swings are expected. However, when top asset prices fall for consistent periods, a bearish sentiment could form in the market. This could also happen in persistent downward fluctuations taking the assets far below the achieved highs. This occurred after the 2021 bull season when the price of Bitcoin dropped below $25,000 from over $62,000.
Miner Reserves
A look at miner reserves points to present market conditions to know if there’s a bearish sentiment. If Bitcoin miners sell reserves, it often means the market is on a downward slope. This is because, in a price correction, BTC miners tend to sell assets to cover losses from declined market activity. On the other hand, miners will hold on to assets where there is positive momentum.
Also Read: Market Fluctuations Take Uniswap Exits Near Weekly Double Digits
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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bear market
Veteran Trader Peter Brandt Issues Ethereum Alert, Says ETH Could Crash by up to 70% – Here Are His Targets
Published
7 months agoon
December 18, 2023By
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A widely followed crypto analyst is issuing a warning about the second-largest digital asset by market cap.
Veteran trader Peter Brandt warns his 707,300 followers on the social media platform X that top altcoin Ethereum (ETH) could soon see an epic crash that sends it below $700.
“Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time.
But, if the rising wedge in Ethereum complies with the script, the target is $1,000, then $650.
I shorted ETH on Friday — I have a protective B/E stop.”
When questioned by a follower if the pattern Brandt characterized as a rising wedge was not interpreted as an ascending triangle, a typically more bullish technical analysis pattern, Brandt offers further insight into his technical analysis process.
“1. I did consider (and still might consider) the ascending triangle interpretation.
- When in doubt on a pattern I look at [the] closing price line chart — in this case, a wedge.
- Too many on Twitter are calling this an ascending triangle – my contrarian tendencies.
- Super low risk shorting set up.”
With ETH currently worth $2,156 at time of writing, a fall to $650 would represent a nearly 70% decline for the leading smart contract platform.
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