Bitcoin
Analyst Unveils ‘Most Brutal Scenario for Ethereum’ (ETH), Warns Bitcoin (BTC) Could Witness More Losses
Published
3 months agoon
By
adminA crypto strategist is issuing a warning on Ethereum, saying that ETH is now in the midst of a major correction.
Pseudonymous analyst Ali Martinez tells his 56,500 followers on the social media platform X that Ethereum is now bearish after breaking below support at $3,400.
The trader shares a chart suggesting that ETH may witness an over 14% decline from current levels after confirming a bear pennant breakdown.
“The most brutal scenario for Ethereum right now is breaching the $3,400 support level. Such a move could confirm a bear pennant formation on the daily chart, potentially triggering a major correction for ETH down to $2,800.”
A bear pennant is a technical pattern indicating the continuation of downward price action.
Looking at on-chain data, Martinez says that the $2,850 level may offer support for Ethereum as it is the price area where 1.99 million addresses collectively bought a total of 1.64 million ETH.
“Ethereum dropping below $3,460 is a problem for the bulls! Given the lack of support, it increases the chances for a further ETH correction toward $2,850 or lower.”
At time of writing, Ethereum is trading for $3,284, down over 6% in the last 24 hours.
Looking at Bitcoin (BTC), the trader says that the crypto king will likely see more downside moves if it starts trading below the 200 exponential moving average (EMA) on the four-hour chart.
“The 200 EMA on the Bitcoin four-hour chart has been formidable support. Since early February, it has prevented BTC from dropping further.
For this reason, I’m paying close attention to this level because if it holds, it guarantees a rebound, but if it breaks as it did in mid-January, it could lead to more losses for BTC.”
At time of writing, Bitcoin is trading for $65,592 while the 200 EMA on the four-hour chart is hovering at $65,549.
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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 loses 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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Here Are Price Targets for Bitcoin, Solana, and Render, According to Analyst Jason Pizzino
Published
10 hours agoon
July 5, 2024By
adminA closely followed crypto strategist and trader is revealing his price targets for Bitcoin (BTC) and two altcoin projects.
In a new strategy session, analyst Jason Pizzino tells his 329,000 YouTube subscribers that based on the average true range (ATR) indicator Bitcoin could soon break through key price target resistance levels.
The ATR indicator measures volatility by showing an asset’s trading range over a specified period.
“You can see the dying off here of the average true range of the bar. Previous cycles, look what happened. Average true range picks up, dies off, dies off, dies off, and then you start to get a higher low form and by that stage, you’re really a decent way from the stealth zone.”
According to the analyst, Bitcoin has historically made “stealth moves” to the upside when the ATR indicator reaches a local low and price continues to consolidate or puts in higher lows.
The analyst’s key price targets to the upside include $63,300 on the daily chart, $65,200 on the weekly chart and $72,000 on the monthly chart.
Bitcoin is trading for $60,176 at time of writing, down nearly 3% in the last 24 hours.
Next up, the analyst believes that Ethereum (ETH) competitor Solana (SOL) will move toward its current cycle top.
“With the higher lows and now trying to push higher above the 50% at $137. Next target on the weekly chart is $165. And then we go towards $190, $210. So $190 is above these tops. Then $210 is the current top for Solana. So it’s on its way. It hasn’t got those longer-term time frames confirmed yet, and those longer terms are the weeklies.”
Solana is trading for $141 at time of writing, down more than 8% in the last 24 hours.
Lastly, the analyst predicts that Render (RNDR), the graphics processing unit (GPU) rendering blockchain, will reclaim a double-digit value.
“Now, what do we need to see until it gets there? Obviously higher lows, and that would happen throughout this next couple of months, maybe even up to four months as we get to that [US presidential] election… If I keep seeing higher lows, it’s not going to stop me from getting into the market if it breaks out through that period.”
Render is trading for $7.04 at time of writing, down 7.7% in the last 24 hours.
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Bitcoin
Bitcoin price plunges below $55k as Mt. Gox announces repayments
Published
10 hours agoon
July 5, 2024By
adminThe price of Bitcoin has continued its descending movement, sliding under the $55,000 threshold, returning back to levels last seen in February.
Bitcoin’s (BTC) sell-off has intensified amid reports that the collapsed crypto exchange Mt. Gox moved over 47,000 BTC (worth around $2.6 billion) to a new wallet ahead of its $9 billion payout. At the time of writing, the price of Bitcoin is $54,561, a mark last witnessed in February, when the largest by market capitalization cryptocurrency was surging to a new all-time high.
Following the transaction, Mt. Gox trustee officially confirmed on Jul. 5 during Friday’s Asian trading hours that the collapsed exchange “made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors.” The trustee didn’t specify though the amount of BTCs sent to creditors.
The crypto market has faced significant pressure recently, affecting both investor sentiment and miner operations following the April halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC. At Bitcoin’s current price, only five ASIC rigs from Avalon and Antminer remain profitable, according to f2pool’s X post.
The rapid drop below $55,000 has pressured speculators, resulting in $682 million in liquidations of both long and short positions across multiple exchanges, according to Coinglass.
Over the past 24 hours, more than 235,000 traders were liquidated, with the largest single liquidation order on Binance’s ETH/USDT trading pair valued at over $18.4 million. According to CoinGecko, the total crypto market capitalization dropped by over 8% to $2 trillion, increasing sell-offs among speculators.
As crypto.news reported earlier, TRON founder Justin Sun offered to help the industry by teasing his “willingness” to buy confiscated Bitcoins from the German government over-the-counter. It’s unclear when these negotiations will begin, but with the recent movement of Bitcoins to centralized exchanges from Germany-labeled addresses, Mt. Gox’s repayments have seemingly become the primary concern among traders.
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Bitcoin
Bitcoin’s quick dip below $57k forces beginners to capitulate, CryptoQuant says
Published
17 hours agoon
July 5, 2024By
adminAs Bitcoin plunged below the $57,000 mark, concerns surged among investors about potential market volatility and its impact on miners.
On Thursday morning, speculators continued their selling pressure, forcing Bitcoin (BTC) to dip below $57,000 for the first time since February. As of press time, Bitcoin rebounded above the $57,000 mark, but its previous quick plunge might signal weakness, potentially impacting sentiment among retail traders.
Blockchain research firm CryptoQuant noted that crypto beginners — who bought BTC over the past six to three months — have started moving their coins amid the plunge and “increasing selling pressure.” According to the platform’s data, approximately $2.4 billion worth of BTC controlled by crypto beginners began moving, likely signaling their intention to sell at current market prices.
The market turbulence might also be worsened by miners, who are facing a rapid drop in hashprice, a metric representing miner revenue per terahash. Crypto mining analytics firm Hashrate Index noted that the hashprice mark amid Bitcoin’s plunge is “scratching its all-time low,” a level last seen during the bear market. As of press time, hashprice is at $44.69, potentially pushing some miners to liquidate their reserves to sustain operational expenses.
In a May exclusive interview with crypto.news, CryptoQuant head of research Julio Moreno noted that the market is “likely to see a miner capitulation if prices don’t recover significantly during the summer,” adding that the hashprice (average miner revenue per hash) is repeatedly “making new lows” following the latest halving. At the time of writing, Bitcoin is trading at $57,336, according to data from crypto.news.
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