Bitcoin

Crypto Analyst Issues Ethereum Alert, Predicts ‘One Final Shakeout’ for ETH – Here Are His Targets

Published

2 hours ago

October 12, 2024

A cryptocurrency analyst and trader is saying that Ethereum (ETH) is primed to fall to levels last recorded in late 2023.

The analyst pseudonymously known as Capo tells his 104,092 Telegram subscribers that Ethereum could fall by over 26% from the current level.

“Ethereum has been ranging between $2,000 and $2,800 for two months. It appears to be an accumulation range. However, as mentioned in recent days, it is likely that we will see one final shakeout before an expansion, to $1,800 – $2,000 (the spring phase of the accumulation schematic).”

Ethereum is trading at $2,430 at time of writing.

According to the pseudonymous analyst, an Ethereum collapse could lead to altcoins plummeting, consequently increasing the chances of a proper altcoin season kicking off down the road.

“If that potential shakeout occurs, altcoins should dump 20% – 40%, a ‘capitulation candle’ similar to the Covid crash. Don’t get scared if that happens. It would probably be one of the best buying opportunities in months.”

Turning to Bitcoin (BTC), Capo says the recovery of the flagship crypto asset to above $60,000 earlier this week after pulling back to under $59,000 appears to be a “dead cat bounce.” A dead cat bounce is an uptick in the price of an asset after a downtrend which gives a false sense of a rally but then is followed by another leg down.

Says Capo,

“First move done.

Now we should see a local top formation around here and bearish continuation this week.”

Bitcoin is trading at $62,275 at time of writing.

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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

Bitcoin (BTC) Price Bounces 7% to $63K as Crypto Traders Eye China Stimulus Update

Published

10 hours ago

October 11, 2024

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Bitcoin, the leading crypto asset by market capitalization, shot up 7% from Thursday’s trough below $59,000 after the hotter U.S. CPI inflation report, bucking this week’s trend of giving up gains during the U.S. trading hours. Recently, BTC was up 5.5% over the past 24 hours, outperforming the broad-market CoinDesk 20 Index’s (CD20) 4.7% advance.

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Bitcoin

Trump-Themed PoliFi Tokens Buck Bitcoin Downtrend as China Stimulus Hopes Return

Published

1 day ago

October 11, 2024

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Elsewhere in China, the PBoC has begun to roll out a $70.6 billion fund called the Securities, Funds, and Insurance Companies Swap Facility, Caixin reported, which will allow financial institutions to pledge bonds, ETFs, and specific stock holdings to the PBoC in exchange for liquid assets like government bonds, which they can use to secure additional financing for stock purchases as a form of market stabilization.

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Bitcoin

Trump Is Winning And We’re Closer Than Ever to Freeing Ross: NIKOLAUS

Published

2 days ago

October 10, 2024

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What We’re Watching: Polymarket

According to the world’s largest prediction market, Polymarket, the pro-Bitcoin candidate for the upcoming presidential election, Donald Trump has taken a 13% lead over Kamala Harris.

There are huge stakes on the line here this election regarding Bitcoin. Trump is promising very favorable regulations, in comparison to Harris, who has put forth no regulations and has an almost four year track record of attacking the industry.

But I think Di makes a great point here. When it comes to Bitcoin, this election means something much more just favorable regulation. This is the best chance we have to free Ross Ulbricht, an early Bitcoin pioneer and founder of the Silk Road bitcoin marketplace.

Taking into account all public information regarding Harris, there is absolutely no evidence to suggest that she would support the Bitcoin industry, let alone free Ross.

Bitcoiners have been desperate to get Ross out of jail for as long as I can remember. Every conference I’ve attended for the last four years, this has always been a focal point. I’ll never forget sitting outside of the hotel of the BitBlockBoom conference in 2021 talking with Francis Pouliot, hearing him passionately speak about how badly he wanted to liberate Ross from prison. For many, getting Ross free could mean everything.

“I got out of the cell yesterday long enough to take a shower, call home and say “hi” to a few friends in here,” said Ross through his X account run by his fiancée today. “It felt really good to be out from between those 8x10ft walls and locked door and make contact with the free world.”

Ross has wrongly and harshly served over 12 years in prison. He is now forty years old, and will have plenty of time to live a great life with his fiancée, family, and friends, and pursue whatever ventures he may be interested in. It’s time to get him home. But to make this a reality, we still have to fight to win this election like we’re 13% down.