BTCUSD
Dogecoin (DOGE) Engagement Fails To Impress
Published
10 months agoon
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adminIs Dogecoin (DOGE losing its charm? Despite the impressive price rally in May, recent trends suggest a decline in engagement and investor interest. As the crypto market continues to evolve, concerns are mounting about the broader implications of Dogecoin’s waning appeal.
Dogecoin’s engagement metrics have faltered, leaving some experts wondering if the crypto’s allure is wearing off. Market indicators show a decline in trading volume, with fewer transactions taking place compared to previous months.
Will this once-beloved digital currency be able to regain its momentum, or is its star beginning to fade?
Dogecoin New Addresses Stagnant
The growth of new addresses joining the Dogecoin community has hit a roadblock since May, according to a recent DOGE price report. However, on-chain data analysis reveals that this stagnation in new holders has not adversely affected the weighted sentiment associated with the cryptocurrency.
Source: Santiment
As of the latest update, DOGE’s weighted sentiment stands at -0.645. This metric provides insights into the average sentiment attached to a particular cryptocurrency, taking into account the unique social volume surrounding it.
Interestingly, despite the somewhat negative value, the weighted sentiment has shown improvement from its low point of -1.99 on June 9. This shift suggests that the prevailing defeatist perception during that period has gradually shifted towards a more optimistic outlook.
DOGE market cap slightly above the $10 billion level. Chart: TradingView.com
Social Volume And Holder Count: A Diverging Trend
However, while the weighted sentiment demonstrates a positive trajectory, the coin’s social volume tells a different story. Instead of aligning with the stagnant number of holders, the social volume of Dogecoin has remained remarkably low since June 9, as per Santiment’s data.
Social volume measures the number of mentions and discussions specifically related to a cryptocurrency across various platforms. In the case of Dogecoin, this metric indicates a significant decrease in overall online activity and conversations surrounding the coin.
As of now, there have been no significant changes in the aforementioned trends. This suggests that the hype surrounding DOGE has diminished considerably. From a market perspective, this could potentially indicate that the coin is undervalued and has yet to reach its peak valuation.
The road ahead for Dogecoin appears challenging, as the cryptocurrency grapples with stagnant new addresses and a decline in social volume. However, it would be premature to discount the resilience of this meme-based digital asset.
Source: Coingecko
As of the latest data from Coingecko, the price of DOGE stands at $0.068, reflecting a decline of 4.7% over the past 24 hours. However, despite this recent dip, Dogecoin has experienced a seven-day rally of 4.6%, showing signs of resilience in the face of short-term fluctuations.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Terminix
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The Bitcoin price has experienced heightened volatility over the past week. After recovering from a low of $56,500, the largest cryptocurrency in the market surged to $65,500 within four days. However, it has since retraced some of its gains and is currently testing the $61,000 support level.
Despite this volatility and the absence of strong bullish momentum, venture capital firm Pantera Capital remains optimistic about the future of BTC’s price, citing the recent Halving event as a significant factor.
Pantera Capital Projects $117,000 Price Target By 2025
In a recent investor letter, Pantera Capital revealed its Bitcoin Halving rallies model, which predicts a bottoming out of the BTC price followed by a rise through the Halving rally.
Based on the average duration of previous rallies, the firm forecasts that BTC’s price will peak at $117,000 in August 2025. The average total duration of this cycle, encompassing pre- and post-Halving rallies, has historically been around 2.6 years, with symmetry observed across cycles.
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Pantera Capital highlights the relationship between Halving events and BTC’s price. The firm asserts that if the demand for new Bitcoin remains constant while the supply of new Bitcoin is reduced by half, it will create upward pressure on the price.
The anticipation of a price increase has also historically driven increased demand for Bitcoin leading up to Halving events. However, Pantera Capital acknowledges that the impact of each subsequent Halving on price may diminish as the reduction in the supply of new Bitcoin from previous Halvings becomes less significant.
Moreover, the firm notes that, on average, the Pantera Bitcoin Fund has nearly doubled in value for eleven years. Based on this historical performance, Pantera Capital envisions a scenario in which the price of Bitcoin reaches $117,000 by 2025.
Bullish Bitcoin Price Predictions
Renowned crypto analyst Titan of Crypto has recently taken to social media platform X (formerly Twitter) to share bullish predictions for the Bitcoin price. With forecasts ranging from $75,000 to $110,000, Titan of Crypto highlights various factors and patterns that could potentially drive BTC’s growth.
According to Titan of Crypto, a price rise to $110,000 for Bitcoin is “programmed.” While the analyst did not elaborate on the specifics of this programming, it suggests a strong conviction in BTC’s potential to reach that level.
Titan of Crypto also identifies a current head-and-shoulders pattern in the Bitcoin price chart. If this pattern holds, the analyst suggests that BTC could rise to the $75,000 mark. If confirmed, this pattern could signify a bullish trend reversal and further support the projection of Bitcoin reaching higher price levels.
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The analyst also highlighted $61,500 as a critical point to monitor due to the possibility of “panic selling.” The analyst suggests many market participants might react to this level, potentially increasing selling pressure.
Lastly, based on his analysis, the analyst suggests a conservative price prediction of $108,000. However, Titan of Crypto believes that BTC’s price may exceed this projection, indicating a more optimistic outlook.
Featured image from Shutterstock, chart from TradingView.com
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Crypto research platform 10x Research recently noted that the Bitcoin Relative Strength has jumped to 40%. In line with this, they provided insights into what major moves the flagship crypto might make soon enough.
What Next For Bitcoin?
In their newsletter titled “Fake Dip?” 10x Research drew the crypto community’s attention to the fact that Bitcoin has historically experienced potential rallies whenever its relative strength index (RSI) drops to 40%. As such, there is the possibility that BTC could again rally following its recent decline.
The research platform warned that a “line in the sand” at the $62,000 mark could keep the flagship crypto from rallying. However, Bitcoin has already broken above that level, which could mean there is still a bullish sentiment around the crypto token.
Meanwhile, the research hinted that BTC would need a catalyst to enjoy a sustained rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic run soon after breaking a vital support level. These events included Treasury Secretary Janet Yellen’s bid for uncapped deposit insurance, BlackRock’s application for a Spot Bitcoin ETF, Franklin Templeton also filing for a Spot Bitcoin ETF, and when US Core PCE dropped below 3.0%.
This echoes the sentiment of Andrey Stoychev, Head of Prime Brokerage at Nexo, who previously mentioned that Bitcoin would need a catalyst to make a significant move to the upside. He predicts that Bitcoin will only continue to trade around the $67,000 range without this catalyst.
10x Research didn’t sound optimistic about BTC enjoying a sustained rally, as their trend model indicates that the flagship crypto is in a downtrend. Despite that, they are not ruling out the possibility of BTC experiencing a bullish reversal. The research firm also revealed that they would look to buy the dip if Bitcoin drops significantly or rallies from here.
BTC Still Destined To Hit New Highs
Crypto analyst Mikybull Crypto recently suggested that Bitcoin will still hit new highs. He stated that Bitcoin’s current price action is meant to create “more fear across the market and then bottom for upward continuation.” Crypto analyst Ali Martinez also recently suggested that the bull run was far from over, bearing in mind that Bitcoin consolidated around this period in the last two bull runs.
He claimed that BTC might be over 500 days away from hitting its market top for this cycle. As to how BTC could rise, Martinez mentioned that it could hit a new all-time high (ATH) of $92,190 if it breaches the resistance level of $69,150. It is also worth noting that crypto analyst PlanB stated that Bitcoin hitting $100,000 this year is “inevitable.”
At the time of writing, BTC is trading at around at around $63,500, up over 7% in the last 24 hours, according to data from CoinMarketCap.
BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, 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
Analyst Says Bitcoin Price Is Headed To $90,000, Here’s Why
Published
2 weeks agoon
May 4, 2024By
adminBitcoin is now at a critical junction, which many determine its price trajectory for the rest of the year. The crypto has managed to return into $60,000 territory after dropping down to $56,000 for the first time since April. Some analysts are of the notion that the Bitcoin bulls haven’t actually started on their momentum yet, with many expecting a surge above $74,000 in the coming weeks.
According to a crypto analyst, impulse waves formed by Bitcoin over the past 1.5 years are indicating that the price of Bitcoin will soon jump to between $90,000 and $100,000.
Bitcoin To $90,000
A crypto analyst known pseudonymously as TechDev recently shared a Bitcoin price outlook on social media platform X with over 448,000 followers. Interestingly, his analysis is based on Elliot impulse waves, a technical analysis tool that has become extremely popular among crypto analysts when forecasting Bitcoin’s price.
According to the BTC/US Dollar 2D timeframe shared by the analyst, Bitcoin has been forming impulse waves on an uptrend since May 2023. The chart indicated that the recent correction since Bitcoin reached an all-time high of $73,780 is the fourth impulse wave formation, which is generally known to be a corrective wave. Interestingly, the asset is now at a critical junction after bouncing up at $56,800.
As noted by the analyst, Bitcoin is set to form its fifth (bullish) impulse wave and go parabolic in the coming months. The first price target is around $90,000 to $100,000 in the short term. The second price target is around the projected peak of the fifth impulse wave, which sits just below $150,000.
TechDev’s analysis is based on a similar five-impulse wave formation in the 2020 to 2021 bull market cycle. A similar fourth impulse wave correction during this period saw Bitcoin falling from $41,000 to $29,000 in early 2021. However, a rebound led to the formation of a fifth (bullish) impulse wave, pushing the price of Bitcoin to its former all-time high.
The impulsive structure of the last 1.5 years says 90-100K is next. $BTC pic.twitter.com/jboA0rQ3Qs
— TechDev (@TechDev_52) May 3, 2024
What’s Next For Bitcoin Price?
At the time of writing, Bitcoin is trading at $63,275 and up by 6% in the past 24 hours. Since the launch of Spot Bitcoin ETFs in the US, Grayscale’s GBTC recorded its first day of inflow, totaling $63 million on May 3. Investors are hopeful and speculating how this might kickstart a new bull run for the cryptocurrency.
According to an analyst, Bitcoin has successfully defended a correction below the 21-day exponential moving average (EMA). The next step is crossing above resistance around $63,488.
BTC bulls push price toward $64,000 | Source: BTCUSD on Tradingview.com
Featured image from The TechBullion, 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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