Bitcoin

Is Now the Time to Buy Bitcoin? Top Analysts Predict $150K Surge On The Horizon

Published

4 months ago

August 13, 2024

Bitcoin, the largest cryptocurrency by market cap appears to have “bottomed out” and is now poised to surge above $150,000, according to prominent crypto analyst Captain Faibik.

This insight from the analyst comes as Bitcoin currently sees a sign of rebound, reclaiming the $60,000 mark following its recent plunge below $59,000.

A $150,000 Surge On The Horizon

In his recent post on X, Captain Faibik disclosed a distinct pattern known as the Descending Broadening Wedge found on the BTC chart. This technical pattern typically indicates bullish potential, suggesting that an upward breakout is highly probable after a period of price declines and increasing volatility.

Descending Broadening Wedge pattern on Bitcoin chart

Faibik elaborates that we are currently in what he describes as the “Accumulation phase,” which historically precedes significant bullish rallies.

This phase is characterized by investors purchasing the asset at lower prices, gearing up for anticipated future gains. The sentiment is supported by the severe price drops in altcoins, with a 60-70% decline since March 2024.

Since the March 2024 high, the Markets have been moving in a Descending Broadening Wedge Pattern.
We are currently in the Accumulation phase, just before the Next Massive Bullish Rally.
Most altcoins are down 60-70% since the March high, and I know Altcoin holders are… pic.twitter.com/ttWsBwMbOJ
— Captain Faibik (@CryptoFaibik) August 11, 2024

Captain Faibik is optimistic about Bitcoin’s price trajectory, drawing parallels to previous cycles. He recalls the period around August-September 2023 when BTC traded between $17,000 and $18,000. According to Faibik, those who heeded his advice to buy during that time saw Bitcoin’s value soar to $74,000.

Revealing the current outlook, Faibik noted:

Now, I’m telling you again to Accumulate. Bitcoin will likely surpass $150k this time. Keep accumulating the dips and Building your Portfolio for the 2024-25 bullrun.

Bitcoin Rainbow Chart Outlook

Echoing Fabric’s analysis, another analyst, Lark Davis, points to the Bitcoin Rainbow chart, which currently shows Bitcoin in the “accumulation zone.”

Bitcoin Rainbow Chart.

Based on historical data, investors use this tool to gauge market sentiment and potential price movements. According to Davis, if BTC reaches the “FOMO Intensifies” zone, as it did in the last cycle, it could skyrocket to between $150,000 and $190,000.

Davis advises investors to consider accumulating BTC during these dips, suggesting that we are in an optimal phase for building positions in anticipation of the next market surge.

The Bitcoin Rainbow chart shows that $BTC is currently in the accumulation zone.
Last cycle, we topped in the “FOMO Intensifies” zone.
If we reach that zone this cycle, $BTC could go anywhere between $150K–$190K.
Where do you think we top this cycle? pic.twitter.com/STuOwmoN68
— Lark Davis (@TheCryptoLark) August 12, 2024

Featured image created with DALL-E, Chart from TradingView

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Bitcoin

Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC

Published

37 minutes ago

December 23, 2024

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Tokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.

Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.

The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).

The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.

Metaplanet buys dip

The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.

Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.

Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.

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Altcoin Season

End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction

Published

4 hours ago

December 23, 2024

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The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At time of writing, BTC.D is hovering at 59%.

Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting.

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

At time of writing, Bitcoin is worth $97,246.

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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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Altcoins

Bitwise CIO Matt Hougan Predicts Institutional Interest in Altcoins, Says 2025 the Year of Crypto Diversification

Published

20 hours ago

December 22, 2024

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Bitwise CIO Matt Hougan says a wave of institutional interest in altcoins is coming next year, largely due to potential regulatory clarity and more exchange-traded funds (ETFs).

In a new interview with Bloomberg, Hougan says that institutional money is in the early stages of broadening out to other crypto assets besides just Bitcoin (BTC).

Hougan forecasts that 2025 will be the year that institutional investors will begin to incorporate more diversification in their crypto-investing strategies the same way they do in other asset classes like equities or bonds.

“You’re already seeing it broaden out actually. A lot of people were worried about the Ethereum ETFs for instance, which launched this summer and had tepid inflows.

But over the last month or so, you’ve seen billions of dollars flow into those products.

Again, the things that have happened in crypto in the past keep happening. Historically, most people enter crypto through Bitcoin, and then they discover Ethereum, and then they think about Solana. There’s no reason to assume that the institutions that came into Bitcoin won’t move on to other assets in the future.

In fact, I think in 2025, you’re going to see an explosion of interest in index space strategies that give diversified exposure to crypto. Of course, [that is] something we’ve been doing at Bitwise since 2017 when we pioneered that concept. I think 2025 is when that becomes a mainstream way to allocate to this space, the same way it is to stocks and bonds and real estate and everything else.”

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