Connect with us

Bitcoin

Blue Skies Up Ahead for Bitcoin, According to Trader Who Caught 2022 BTC Bottom – Here’s His Outlook

Published

2 months ago

on


A top analyst who nailed the 2022 Bitcoin bottom believes that BTC bears have already surrendered their last line of defense.

Pseudonymous analyst DonAlt tells his 571,800 followers on the social media platform X that blue skies are up ahead for BTC, meaning there’s no resistance left to stop Bitcoin from soaring to greater heights.

“As I said coins good again. The only thing that could stop bulls would be a nuke this weekend.

That’s highly unlikely given the previous weekend’s track record and just the general lack of trading activity. I don’t believe in any of the other lines, so coins remain good unless sub $63,000.”

Image
Source: DonAlt/X

Looking at the trader’s chart, he seems to suggest that the $70,000 level is a “made-up resistance at this point.”

In a video update, DonAlt explains why he no longer expects BTC bears to mount any resistance at the $70,000 area – a level that has kept Bitcoin range-bound for months.

“I don’t really see good resistances. I think these highs ($70,000) have been tested too many times. So you have four tests here, you come back toward $70,000, I wouldn’t want to bet against that…

The only bearish case that I can make out right now would be a close below $63,000, as in a weekend dump, which like I said is very unlikely.”

In technical analysis, a resistance level tends to lose strength the more times it is tested as sellers run out of supply to unload on the open market.

At time of writing, Bitcoin is trading for $67,342.

 
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3





Source link

Related Topics:
Continue Reading

24/7 Cryptocurrency News

Will These Satoshi-Era Dormant Wallets Impact Bitcoin Next Rally?

Published

22 mins ago

on

September 20, 2024

By


Data from crypto monitoring services reveals that five Satoshi-Era wallets, inactive since 2009, have transferred a total of 250 Bitcoin, valued at approximately $15.9 million. Each wallet had originally accumulated 50 BTC as block rewards, a common practice in the early days of Bitcoin when mining difficulty was significantly lower. The reactivation of these wallets has raised questions about their impact on current market dynamics.

2009 Bitcoin Wallets Active Again: Market Ripple or Surge?

Recent activity in long-dormant Bitcoin wallets has captured the attention of the cryptocurrency community. Whale Alert and other blockchain analysis tools have reported that a group of five wallets, each containing funds mined in the early days of Bitcoin, have become active after more than a decade of inactivity. 

These wallets, holding 250 BTC collectively, transferred these funds in a series of transactions within just an hour. Each wallet received 50 BTC as mining rewards per block back in 2009, showcasing the foundational days of Bitcoin’s blockchain technology.

Additionally, this month has seen multiple instances of dormant BTC wallets becoming active. Notably, one wallet containing 43 BTC, worth over $2.5 million at the time, activated after nearly 11 years. Last week, four additional wallets were activated, with one containing BTC valued at $10.5 million during the activation, highlighting a trend of reawakening among Satoshi-era assets.

The sudden movement of these BTC whales has prompted speculation about the owners’ identities and their reasons for activating now. This event coincides with a significant surge in BTC price, which briefly topped $64,000, its highest mark since late August. 

There is no direct evidence linking the activation of these wallets to the recent cryptocurrency price increase. However, past patterns suggest that movements from historic wallets can influence market perceptions and investor behavior due to the large amounts of BTC involved.

Chart analyst Ali has noted that Bitcoin is once again testing the 200-day SMA, a critical technical indicator often associated with determining long-term market trends. Ali notes that historical patterns show that failing to reclaim this level has previously led to significant corrections in Bitcoin price, as observed in 2020, 2018, and 2014. 

<yoastmark class=<yoastmark class=

Ali advises investors to monitor this technical threshold closely. A successful breach above the 200-day SMA might solidify a bullish outlook for Bitcoin. He however warns that a rejection at this level could signal trouble for BTC Price.

The activation of these Satoshi-era wallets might play a role in either boosting the bullish sentiment or triggering cautious pullbacks among investors.

At press time, Bitcoin price is trading at $63,379.74, marking a 9.20% increase over the past seven days. The cryptocurrency’s trading volume has also surged, reaching $41.87 billion in the last 24 hours.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: 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.





Source link

Continue Reading

Bitcoin

BlackRock Says Bitcoin a ‘Unique Diversifier’ Amid Geopolitical, Fiscal and Political Risks

Published

4 hours ago

on

September 20, 2024

By


Finance giant BlackRock is saying that Bitcoin (BTC) is a unique investment opportunity offering investors something much different than traditional assets.

BlackRock, a firm with over $10 trillion in assets under management, says in a new report that Bitcoin could act as a hedge against the United States’ mounting debt and other macroeconomic concerns.

“While Bitcoin has shown instances of short-term co-movements with equities and other ‘risk assets,’ over the longer term its fundamental drivers are starkly different, and in many cases inverted versus most traditional investment assets. As the global investment community grapples with rising geopolitical tensions, concerns over the state of US debt and deficits and increased political instability around the world, Bitcoin may be seen as an increasingly unique diversifier against some of these fiscal, monetary and geopolitical risk factors investors may face elsewhere in their portfolio.”

The report says the appeal of alternative reserve assets is growing amid concerns over the potential impact of US federal deficits and debt on the dollar.

“This dynamic appears to be also taking hold in other countries where debt accumulation has been significant. In our experience with clients to date, this explains a substantial portion of the recent broadening institutional interest in Bitcoin.”

BlackRock’s iShares Bitcoin Trust (IBIT) launched earlier this year, among other Bitcoin exchange-traded funds (ETFs). Bitcoin ETFs grant traders exposure to the top crypto asset without them having to actually purchase it.

Bitcoin is trading for $62,098 at time of writing, up nearly 4% in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link

Continue Reading

Bitcoin

Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline

Published

20 hours ago

on

September 19, 2024

By


A cryptocurrency analyst and trader is saying Bitcoin (BTC) is on the verge of entering a bullish phase over the coming weeks and months.

The analyst pseudonymously known as Rekt Capital tells his 88,100 YouTube subscribers that Bitcoin is “on the cusp of a breakout into the parabolic phase” after spending the past few months in a re-accumulation phase.

According to Rekt Capital, Bitcoin’s parabolic phase lasts a predictable amount of time in every cycle.

“So if we just see that 160 days after the halving is how long this re-accumulation phase lasts and we tend to see a bull market peak 550 days after the halving, then this parabolic phase should last 390 days or so, 400 days or so.

So it is roughly a year of parabolic upside that we see going into the bull market peak. And if that continues, indeed mid-September 2025, mid-October 2025 is when we would see a bull market peak occur for Bitcoin.”

Source: Rekt Capital/X

Bitcoin is trading at $59,958 at time of writing, about 19% below the all-time high of approximately $73,800.

The pseudonymous analyst says that based on historical precedent, Bitcoin could hit a new all-time high over the coming days.

“…but we will reverse towards the upside at some point. And that point is coming quite soon because 160 days after halving is when we see a breakout to new highs.”

The Bitcoin halving occurred around 151 days ago on April 20th.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon