Bitcoin
Altcoin Market Cap Set for 350% Explosion As Technical Setup Forms: Glassnode Founders
Published
1 week agoon
By
adminThe founders of the analytics platform Glassnode are predicting the altcoin market cap will surge by 350% after the recent correction.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say the alt market cap may be forming a similar 2021 structure when there was a sudden retracement followed by a massive bull run.
The analysts use the Elliott Wave theory in their analysis, which states that an asset tends to witness a five-wave rally.
“The crypto bull market continues. ‘Others’ follow crypto excluding the largest ten cryptos. Observe that we in early 2021 had a strong correction. We believe that was a wave four. We now have a similar strong decline. More upside is coming. This index and our Fibonacci levels give us [reason to believe] we may see ~350% upside from current levels.”
The founders recently said another bullish catalyst for the crypto market is the waning strength of the US dollar index (DYX).
According to the analysts, the DXY likely printed a top earlier this month in an expanding diagonal pattern, implying that a significant downward move is underway, which may be a catalyst for a renewed bull market for Bitcoin (BTC).
The founders also weigh in on what they believe are the price impacts from the spot BTC exchange-traded funds (ETFs). They say that ETF investors are reactionary to price declines, but not a cause of them.
“The significant volume handled by ETFs also highlights their potential as catalysts in the market, potentially driving both short-term price movements and long-term strategic shifts in investment and trading behaviors. So far, however, significant ETF outflows often align with notable price drops in the Bitcoin market, indicating that investors tend to react to existing downturns rather than causing them.
This suggests a predominantly reactive investor behavior in times of market volatility, which is crucial for understanding the causality of price movements.”
Bitcoin is trading for $66,434 at time of writing, down slightly in the last 24 hours.
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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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Bitcoin
Crypto Expert Turns Bullish On Bitcoin, Predicts Quantitative Easing Will Begin Soon
Published
8 hours agoon
May 3, 2024By
adminCrypto expert Michaël van de Poppe has made a bullish case for Bitcoin as he alluded to macroeconomic factors that could soon play out in the flagship crypto’s favor. In line with this, he urged Bitcoin investors to take action with a parabolic surge on the horizon.
An Imminent Quantitative Easing Would Be Good For Bitcoin
Van de Poppe suggested in an X (formerly Twitter) post that Bitcoin will rise on the back of a Quantitative Easing (QE), which he anticipates is “close.” He noted that the Fed has already started to “unwind Treasury buybacks and is reducing QT [Quantitative Tightening].” He claims this is happening because the economic data has worsened, which puts the US at risk of a recession.
Therefore, the Fed seeks to avoid this recession by buying back long-term government bonds and injecting liquidity into the financial system. As the crypto expert predicts, this could be good since it will force the Fed to take a more dovish stance and possibly lower interest rates, boosting investors’ confidence to go all in on risk assets like Bitcoin.
Van de Popper further predicts that this Quantitative Easing will become evident in the data released in the coming months. In line with this, he advised investors to long Bitcoin. It is worth noting that Bitcoin dropped to as low as $57,000 ahead of the latest FOMC meeting, with many investors seeming to have anticipated a hawkish stance from the Fed.
However, as the crypto expert noted, the rates remain unchanged, and Fed Chair Jerome Powell raised the possibility of a rate cut as early as June. Given Bitcoin’s price recovery since then, this development looks to have already revived a bullish sentiment among investors.
What To Expect Going Forward
In another X post, Van de Popper revealed his expectations for the crypto market going forward. He stated that Bitcoin will consolidate and go sideways (possibly ahead of the QE which will boost its price in the coming months. Meanwhile, he also expects Altcoins to “heavily outperform and rotation kicks in.”
The crypto expert had previously echoed a similar sentiment when he stated that he expects altcoins to bounce in their Bitcoin pairs while Bitcoin faces a period of consolidation that he doesn’t expect to change in the “coming months.”
Back then, he also mentioned that there would be a narrative shift to Ethereum, and he reaffirmed this belief in a more recent X post, stating that he expects a lot from the second-largest crypto token by market cap.
At the time of writing, Bitcoin is trading at around $59,100, up over 2% in the last 24 hours, according to data from CoinMarketCap.
BTC bulls reclaim control of price | Source: BTCUSD on Tradingview.com
Featured image from Seu Dinheiro, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Bitcoin
$120 Million Futures Liquidated As Price Takes A Beating
Published
16 hours agoon
May 3, 2024By
adminThe recent dip in the price of Bitcoin below the $59,000 support level has sent jitters through the cryptocurrency market. While the price drop triggered liquidations in futures markets, analysts warn that a more significant decline could be on the horizon in the absence of a full-blown market capitulation.
Measured Retreat, Not Mass Exodus
Following the price drop, CryptoQuant, a cryptocurrency analysis platform, reported roughly $120 million in liquidated long positions (bets that the price would go up). This liquidation is noteworthy, but unlike previous selloffs at the same support level, it doesn’t signal a panicked exodus from investors. Investors seem to be taking a more measured approach, suggesting a possible short-term correction rather than a long-term bear market.
$BTC Futures Market Not Yet Signaling Capitulation
“Given the relatively small amount of long position liquidation and the lack of dramatic negative funding ratios, we believe that a ‘capitulation’ has not yet occurred in the futures market.” – By @MAC_D46035
Link 👇… pic.twitter.com/xqArLQiITf
— CryptoQuant.com (@cryptoquant_com) May 2, 2024
A Glimmer Of Hope For Long-Term Investors
While the short-term outlook appears cautious, there are reasons for long-term investors to remain optimistic. On-chain metrics, which analyze data directly on the Bitcoin blockchain, offer hints of a potential future upswing.
Metrics like MVRV (Market Value to Realized Value) suggest there’s a chance for an upward move in the larger market cycle. This information empowers strategic investors to view the current situation as a potential buying opportunity, particularly if a significant capitulation event unfolds in the futures market.
Bitcoin price action in the last week. Source: Coingecko
Navigating The Bitcoin Maze: Data-Driven Decisions Are Key
The current market volatility presents a complex challenge for investors. Understanding market sentiment is crucial for making informed decisions. The funding rate, an indicator of sentiment in futures contracts, has dipped into negative territory at times.
BTCUSD trading at $59,167 on the daily chart: TradingView.com
Traditionally, this suggests a stronger presence of bears (investors betting on a price decline) than bulls. However, the negativity hasn’t reached the extremes witnessed during past significant downturns, leaving the overall sentiment somewhat unclear.
Bitcoin’s Long-Term Narrative Remains Unwritten
Closely monitoring futures markets for signs of capitulation, along with analyzing other market indicators like the funding rate, is essential for success in this dynamic environment. Sharp investors armed with a strategic understanding of market dynamics are likely to profit from any future moves.
Bitcoin’s recent price drop has caused short-term volatility, but the long-term story remains unwritten. While the coming weeks might test investor resolve, those who can analyze market data and make strategic decisions could be well-positioned to capitalize on future opportunities.
Featured image from Pixabay, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Economist Alex Krüger Goes ‘Max Long’ on Crypto Positions – Here Are His Altcoin Picks
Published
1 day agoon
May 3, 2024By
adminPopular trader and economist Alex Krüger says he’s currently “max long” on the crypto market.
Krüger tells his 173,800 followers on the social media platform X that he’s hedged and unhedged multiple times but he’s now max long in “very concentrated positions.”
The economist notes that he’s looking to “de-risk” soon. However, he acknowledges that Bitcoin (BTC) could drop as low as $52,000 after plunging below $59,000. BTC is trading at $57,093 at time of writing and is down more than 4.5% in the past 24 hours.
Explains Krüger,
“I’m not immune to bear raids. My bigger picture view has not changed: new ATHs later in the year (for Bitcoin). End-of-cycle views make little sense to me. A correction was to be expected.”
The economist also notes that he has positions in the layer-1 blockchains Solana (SOL), Toncoin (TON), Aptos (APT) and Core (CORE), as well as the decentralized data storage protocol Arweave (AR) and Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and AI.
Krüger adds that APT, CORE, AR and TAO are “much higher risk” than SOL and TON.
The economist also notes that Bitcoin had a bearish response to Wednesday’s U.S. Federal Open Market Committee (FOMC) statement.
“Very rare for price to reverse in full right after the press conference is over. And bearish, as the FOMC was dovish. And now you have trapped intraday longs. The one silver lining is BTC is trading in line with equities.”
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