Altcoins
Crypto Analyst Says Bitcoin on the Cusp of Large Rally, Predicts Massive Breakout for BTC
Published
2 months agoon
By
adminA widely followed crypto strategist and trader believes Bitcoin (BTC) is gearing up to ignite a big breakout rally.
Pseudonymous analyst The Crypto Dog tells his 805,600 followers on the social media platform X that Bitcoin appears to be mirroring a pattern witnessed in November 2020 when BTC sparked a parabolic rally from $14,000 to $69,000 in just a few months.
“The last time BTC broke a level like this, we pumped 375%.”
Looking at the trader’s chart, he seems to predict that Bitcoin’s breakout surge will begin after BTC takes out its immediate resistance at around $68,300.
At time of writing, Bitcoin is trading for $67,615.
According to The Crypto Dog, he’s seeing signs that Bitcoin may be at the early stages of a huge burst to the upside.
“Leaning towards a continued uptrend without a meaningful dip, often happens at the beginning of a large rally.”
The analyst also notes that he thinks the current rally will take BTC to uncharted territory.
“This is an ATH (all-time high) run. Get a blood test. Take intramuscular testosterone if <1000 ng/dl. Leave nothing to chance.”
The analyst is also closely watching the price action of the Solana (SOL)-based memecoin Bonk (BONK). The trader thinks that BONK will continue to outperform the crypto market in general due to its strong price action this year.
“Coins that pump hard early tend to keep that lead.”
At time of writing, BONK is trading for $0.0000298, down nearly 6% on the day.
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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.
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Bank of Japan Keeps Interest Rates Unchanged, Bitcoin and Altcoin Rally Ahead?
Published
28 mins agoon
September 20, 2024By
adminIn a major macro development, the Bank of Japan (BOJ) has decided to keep interest rates unchanged at 0.25%. The development sent the Nikkei index soaring by 2.10% and 700 points today itself. As the fears of the further unwinding of the Yen carry trade subside, Bitcoin and altcoins have also been showing strength with further upside.
Bank of Japan on Future Rate Hikes
In the latest policy update, the Japanese central bank has revised its assessment of consumption. Thus, it showed confidence in a solid economic recovery that would allow the central bank to raise interest rates again in the coming months.
“Private consumption has been on a moderate increasing trend despite the impact of price rises and other factors,” the BOJ said in a statement.
The markets are keeping a close watch on how Governor Kazuo Ueda plans to roll out future BOJ rate hikes amid global economic uncertainty. Moreover, the unprecedented rate hikes this year by the Bank of Japan have exacerbated the fears of Yen carry trade unwinding and the rising Japanese Yen. The Japanese central bank ended the negative interest rates earlier in March, shifting away from its decade-long stimulus program to boost inflation.
In the last month of August, the core consumer inflation hit 2.8% rising for the fourth consecutive month. If inflation remains on track to hit its 2% target, the BOJ will continue with its rate hike said Ueda. The recent Reuters report suggests that a majority of economists expect the BOJ to raise interest rates in December.
Bitcoin and Altcoin Rally Ahead?
With the Bank of Japan holding interest rates steady, risk-ON assets like cryptocurrencies are enjoying the upside. The Bitcoin price surged by 3% moving further closer to $64,000. On the other hand, altcoins led by Ethereum have registered gains anywhere between 4-10%.
Bitcoin has been showing strength following the Fed rate cuts earlier this week, for the first time in nearly four years. Interestingly, per the data from Sanitment, this strong recovery has come without any high FOMO. This shows that the Bitcoin and altcoin market recovery is healthy and can continue going further.
On the technical chart, the Ethereum price is also showing signs of recovery with the recent jump. Despite the Vitalik Buterin address moving ETH recently, the below chart shows a strong recovery with the potential to rally to $5,000.
The TD Sequential is now signaling a buy on the #Ethereum $ETH weekly chart, suggesting a potential rebound if the crucial $2,200 support level holds strong. pic.twitter.com/Fdor0G7waz
— Ali (@ali_charts) September 19, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
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Altcoins
Analyst Predicts Massive Collapse for Celestia (TIA), Updates Outlook on FET and Two Additional Altcoins
Published
2 days agoon
September 18, 2024By
adminA popular crypto analyst thinks the modular blockchain network Celestia (TIA) will collapse in price over the long term.
Pseudonymous analyst Altcoin Sherpa tells his 222,800 followers on the social media platform X that TIA will plunge to below $1 eventually, though he acknowledges it could see some “random short squeezes” before that.
“Psyops would be to pump price going into unlocks so all early shorters get rekt; plebs buy this thing and chase, and seed investors slowly get to dump. Wouldn’t hold this thing for a long time, but I’d probably lean towards longing it in the short term? Probabaly grab an entry around 4.60ish-4.40?”
Market participants have been uncertain about the future price action of Celestia, given that the project is slated to unlock 175.74 million TIA tokens on October 31st, according to the digital asset research website CryptoRank.io. A token unlock adds more coins to the circulating supply, which could induce selling pressure from investors who got in first.
TIA is trading at $4.65 at time of writing, a fractional decrease over the past day.
Altcoin Sherpa also says he’s not currently accumulating FET, the native token of the Artificial Superintelligence Alliance, an artificial intelligence (AI)-focused project.
“I think looks good but I am not personally buying here. S/R (support/resistance) level + 200-day EMA (expontential moving average) that’s acted as resistance. Happy to buy this higher though because breaking the $1.48 area would mean a higher high/shift in trend.”
FET is trading at $1.26 at time of writing and is down more than 2% in the past 24 hours.
Conversely, the analyst thinks layer-1 blockchain Sui (SUI) is a “decent one to trade.”
“Don’t think much about it long term given unlocks/everything else but in the mid-term it looks like you should only be longing this thing. Higher low + 1-day EMAs all strong.”
SUI is trading at $1.02 at time of writing and is down 1.74% in the past 24 hours.
Altcoin Sherpa also notes that he accumulated IO, the native token of the decentralized computing network IO.NET, at $1.76. The trader shares a chart suggesting that IO has flipped a former resistance level into support.
IO is trading at $1.73 at time of writing.
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Altcoins
The Sandbox Sets Sights On 1,111% Growth Amid Pressures
Published
4 days agoon
September 16, 2024By
adminThe Sandbox (SAND) has lately attracted interest with opposing opinions on its potential price movement. Although some analysts believe there is room for large increases, short-term data point to a more wary stance.
Though long-term estimates show a different, more hopeful picture, recent studies hint to a likely price decline in the next weeks. What then is the actual SAND story, and should investors act right now or hold off?
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Crypto price prediction website CoinCodex says, by mid-October 2024, the total value of The Sandbox should have gone down by 5.45% to $0.232674. Technical indicators are rather unfavorable. If indeed, as it’s turned out today,
The Fear & Greed Index is neutral at 51, then there is definitely no sigh of quick recovery in sight either. SAND has 63% of the green days over the last month; however, its volatility rate is 6.27%, which speaks for continuous instability.
Transient Issues
Short term, SAND does not look amazing. The technical perspective of things so far is a bit conservative, meaning that now may not be the best time to buy. While SAND has recently been able to display resilience with a decent number of green days, the overall vibe is trending down. Waiting for more favorable conditions could be a preferable plan for people trying to make rapid profits.
Some investors are hanging on despite the great volatility, thinking the market would shortly flip. Nothing new about volatility in cryptocurrencies; The Sandbox has seen such storms previously. This does not mean, though, SAND is impervious to more declines. Should the price projection be accurate, a slide to $0.232674 could attract more short-term market activity.
Long-Term Positive Outcomes
Unlike the gloomy short-term projection, some analysts—like Alan Santana—are showing a more optimistic long-term stance. Santana speculates that SAND might be in a critical accumulation phase with great upside possibility.
He claims that although recent volatility has caused fluctuations, the coin has regularly reached lower lows since July 2021, pointing an overall increasing trend. Moreover, he thinks that this would be a great opportunity for long-term investors to build SAND at the present low price.
#Altcoins ✴️ The Sandbox 1,111% Growth Potential (Accumulation Strategy)
While we are going to be looking at the log. chart for The Sandbox, when we look at the linear chart we can simply say that this pair is trading at bottom prices.https://t.co/sx1l4xkU6a
A simple… pic.twitter.com/GWEu2qSxkC
— Alan Santana (@lamatrades1111) September 14, 2024
Santana has lofty long-term SAND projection. From its present price, he projects a price goal of $22.22, which offers a whopping 8,600% return on investment. Apart from this long-term objective, one has to take short-term figure into account. Santana projects a 415% rise not too far off, then a mid-term target of 1,111%. Investors could make significant gains even before the long-term goal is met.
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Market Change To Bullish?
The whole cryptocurrency sector fought to start a bull run in 2023. SAND, like several cryptocurrencies, fell to their lowest levels in recent months. Some observers believe the market is gradually turning bullish. If this changes, The Sandbox may benefit from a market resurgence.
The Sandbox is currently showing $0.2532 and declining some 0.27% over the past day. Long-term promise is here–even so with a few short-term hazards–because there are some unfavorable warnings at the moment that investors will have to weigh against the more hopeful view for 2025 and going forward.
Featured image from Phemex, chart from TradingView
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