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Peter Brandt Reveals Massive Bullish Pattern, Peter Schiff Teases Michael Saylor

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2 months ago

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The broader cryptocurrency market has recently come under strong selling pressure amid the collapsing tech stocks in the US equity market on Friday. With the BTC price crashing 5%, Bitcoin critic Peter Schiff took a jibe at the asset showing how it is underperforming to Gold. However, popular crypto trader Peter Brandt soon corrected Schiff showing how the Bitcoin price is forming an inverse head and shoulders pattern against Gold. A breakout from this pattern would be bullish for the world’s largest crypto asset.

Peter Brandt Shows BTC Price Strength Against Gold

After the broader crypto market crash on Friday, Peter Schiff took this opportunity to point out the stark investment difference between gold investments and Bitcoin ETFs. In his recent statement, Schiff noted that Bitcoin ETF gains since their launch have dropped to just under 10%, while the price of gold remains up by 24%.

Over the past two weeks, the Bitcoin ETF outflows have skyrocketed with total inflows in 2024 dropping under $17 billion. On Friday, the total ETF outflows stood at $170 million with Fidelity’s FBTC and Grayscale’s GBTC leading the rout.

Schiff stated that investors who chose gold over Bitcoin ETFs saw 140% greater returns thereby reinforcing his stand that Gold is a more valuable investment than BTC. However, Peter Brandt chipped in stating that the BTC price has a greater room over Gold moving ahead as the inverse head and shoulder pattern shows a breakout is coming.

However, the BTC price could lose more ground to gold before resuming the uptrend, with Peter Brandt expecting a Bitcoin price drop to $46,000 earlier this week.

Bitcoin Needs A Bailout Says Peter Schiff

Gold advocate Peter Schiff called out MicroStrategy CEO Michael Saylor adding that Bitcoin is in need of another financial bailout. In a sarcastic tweet, Schiff asked Saylor and his team to borrow another billion dollars to purchase more BTC, implying that the world’s largest asset requires a bailout.

As we know, Schiff is a long-term opponent of BTC while criticizing Saylor for adding a large stash of BTC to MicroStrategy’s BTC holdings. Michael Saylor hasn’t responded directly to Schiff instead has just tweeted that believers don’t sell their BTCs in such tough times.

Responding to this, Schiff stated: “If you don’t mind watching your paper profits vanish than don’t sell your Bitcoin. That makes it easier for those who want to realize their gains to cash out before they are gone”.

As of press time, the BTC price is trading 5% down at $54,012 with a market cap of $1.066 trillion. Market analysts are predicting a Bitcoin price crash under $50,000 by this weekend.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Cardano (ADA) Whale Activity Jumps 145%, Mega Rally to $6 Ahead?

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1 hour ago

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November 20, 2024

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The Cardano (ADA) price has been outperforming the rest of the crypto market today with more than 12% gains while extending the rally to $0.83. This comes amid a staggering 145% surge in the Cardano whale accumulation over the past month. Over the last week, ADA has gained nearly 54% being among the top-performing altcoins, with investors soon eyeing a rally to the crucial milestone of $1.0.

Cardano (ADA) Whale Accumulation Triggers Price Rally?

Crypto analyst Ali Martinez pointed out a significant surge in the Cardano whale activity and accumulation. This shows growing confidence in Cardano’s native token ADA. According to Martinez, wallets holding over $10 million worth of ADA have increased their positions by an impressive 145.72% over the past month.

Courtesy: Ali Charts

Furthermore, the Cardano blockchain has also witnessed a healthy uptick in decentralized finance (DeFi) activity on the network. Cardano’s Total Value Locked (TVL) has surged to $479.8 million, approaching its all-time high as the blockchain continues to gain traction, as per the data from DeFiLlama.

This growth comes amid ADA’s rising price and increased activity across decentralized exchanges (DEXes), lending platforms, and other protocols within the Cardano ecosystem. The momentum underscores the expanding utility and adoption of Cardano’s DeFi infrastructure.

This surge in the DeFi activity along with bullish Cardano on-chain metrics shows that the ADA price rally can continue further from here.

Is ADA Preparing for a Mega Rally to $6?

Blockchain analytics platform Santiment reported that ADA is already decoupling from the altcoin pack with the price approaching an 8-month high. The ADA-to-Bitcoin price ratio is also nearing an 8-month peak, reflecting growing strength against the leading cryptocurrency. Santiment noted that current ADA transaction and whale activity levels were last observed in June, just before a 26% surge in the ADA/BTC pair.

As of press time, the ADA price is trading at $0.786 with a market cap of $27.54 billion and daily trading volume surging by 25% to $2.27 billion.

Courtesy: Santiment

On the other hand, crypto analyst Ali Martinez noted that the Cardano price is showing very similar patterns to the 2020 bull run. Sharing a chart earlier in November, he showed that ADA could be heading for a 2000% rally all the way to $6 while hitting a new ADA all-time high. Martinez wrote:

“I believe Cardano is following a similar pattern to 2020. If history repeats, we might see a pump around November 18—about two weeks after the US elections—and a potential market top by September 2025”.

Courtesy: Ali charts

On the other hand, Cardano founder Charles Hoskinson is putting some focus on their partnership with XRP. Hoskinson recently engaged in a technical exchange with Ripple CTO David Schwartz, capturing the blockchain community’s attention.

The conversation delved into Midnight, Cardano’s privacy-focused blockchain initiative, and XRP, Ripple’s digital asset, sparking excitement about potential collaborations ahead.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Popular Analyst Makes Bold $10K Prediction For Ethereum

Published

7 hours ago

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November 20, 2024

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Ethereum price looks stuck amid the rally in Bitcoin and altcoins, as it dropped more than 1% in a week. However, a popular analyst has made a bold Ethereum prediction as ETH price trades around the $3,100 level. He thinks it will outperform Bitcoin by mirroring the rally in the S&P 500. Whale activity and on-chain metrics signal Ethereum rally to the $10,000 level.

Ethereum Prediction of $10K By Analyst Sparks Buzz

Popular crypto analyst Ali Martinez has recently predicted an ETH price rally to $10K, outperforming the Bitcoin rally. The bold Ethereum prediction came based on ETH historical market cycle when Ethereum outperforms Bitcoin. It is yet to happen in this cycle as he hints at a potential opportunity for investors to fill their bags before the rally begins.

“Every market cycle has experienced a phase where Ethereum outperforms Bitcoin. That hasn’t happened yet in the current cycle, but it is certainly on the horizon,” Martinez stated.

Despite a 10% Ethereum price correction from the November high of $3,400, the bulls have managed to hold the strong support of $3,000. Where nearly 2.82 million addresses have purchased a total of 6.14 million ETF coins.

As per the ascending channel pattern, the ETH price will first test the targets of $4,000 and $6,000 subsequently, said Martinez.

Courtesy: Ali Charts

However, Martinez noted that there’s another bullish story wherein “Ethereum could be mirroring the price action of the S&P 500, which puts a $10,000 target on ETH”.

ETH Whales Accumulation Continues

Another crypto analyst IamCryptoWolf also made a similar Ethereum prediction if the price crosses $4,000. The analyst wrote:

“ETH has been building solid momentum with higher lows over the past 2.5 years. Yes, it’s moving slow, but building momentum takes time. Once it clears 4k, it’s off to the races. 10k is the target”.

Courtesy: TradingView

With Bitcoin dominance still close to 60%, the altcoin season hasn’t started yet and remains incomplete without Ethereum participation. On the other hand, Ethereum’s Market Value to Realized Value (MVRV) Momentum suggests that ETH still holds considerable upside potential.

Additionally, since the beginning of November, Ethereum whales are accumulating the ETH coins. In just the last two weeks, the whales have bought a total of 430,000 ETH worth a staggering $1.40 billion. These are in line with Ethereum prediction by Martinez.

As of press time, ETH price changed hands at $3110, down nearly 1% over the last day. Trading volume has dropped by 23%. Meanwhile, Total ETH Futures open interest has surged by 1% in the last 4 hours, indicating buying activity across derivatives exchanges.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Hits New ATH, GOAT and BONK Rise 8-13%

Published

11 hours ago

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November 20, 2024

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Crypto Prices Today, November 20: The crypto market experienced mixed sentiment as Bitcoin touched $94K intraday, marking a new all-time high, before settling above $92K. Major altcoins showed negative sentiment, with declines of 2-3% over the last 24 hours. Meanwhile, GOAT and BONK emerged as top gainers, surging 8-13% in the same period.

The global crypto market cap dropped by 0.3% in the past day, standing at $3.07 trillion. Total trading volume reached $179 billion, reflecting a 10% decline from the previous day.Here’s a look at some leading cryptocurrencies by market cap and their price movements today.

Crypto Prices Today: BTC Hits $94K ATH While SOL, ETH, and XRP See Declines

Bitcoin touched an all-time high of $94K in intraday trading today before facing a rejection, currently holding above $92K. GOAT and BONK led the market, posting impressive gains of 8-13% over the last 24 hours. Major altcoins experienced slight turbulence, with most trading 2-4% lower. Meme coins showed mixed sentiment; DOGE rose by 1%, while SHIB dropped 3% in the same period.

Bitcoin Price Today

Bitcoin price is up by 0.5% over the last 24 hours, currently trading at $92,050. The coin’s intraday low and high are $91,059 and $94,002, respectively. BTC’s market cap stands at $1.81 trillion with a 24-hour trading volume of $75 billion, reflecting a market dominance of 59.21%.

According to sosovalue, daily inflows have reached $600 million, although data from BlackRock and Grayscale is yet to be updated. The debut of Bitcoin ETF options on Nasdaq, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), has sparked a surge in demand. This pivotal development offers investors new tools for hedging risks and managing exposure to Bitcoin’s price fluctuations.

Ethereum Price Today

Ethereum is down by 2.33% in the last 24 hours, currently trading at $3,087. The 24-hour low and high for ETH are $3,070 and $3,160. With a market cap of $371.5 billion and a 24-hour trading volume of $28 billion, Ethereum holds a market dominance of 12.51%, making it the second-largest cryptocurrency in the world. The price decline is also reflected in Ethereum ETFs, with a daily outflow of $67 million, though BlackRock and Grayscale’s inflow data is awaited.

Solana Price Today

Solana is currently trading at $232, showing a 4.5% decline over the last 24 hours. The 24-hour low and high for SOL are $231 and $247, respectively. With a market cap of $110 billion, Solana ranks as the fourth-largest cryptocurrency in the world. Its 24-hour trading volume stands at $6.87 billion, with a market dominance of 3.61%.

XRP Price Today

XRP is currently trading at $1.08, reflecting a 4% drop in the last 24 hours. The 24-hour low and high for XRP are $1.0738 and $1.138, respectively. XRP’s 24-hour trading volume is $5.74 billion, with a market dominance of 2%. On a positive note, XRP whales moved 210 million coins, sparking rumors of a partnership with Cardano.

Meme Crypto Prices Today

Dogecoin price saw a gain of approximately 1.3%, currently trading at $0.38. Its 24-hour low and high are $0.3767 and $0.4183, respectively. On the other hand, Shiba Inu (SHIB) is down by 3% in the last 24 hours, now trading at $0.00002404. Its 24-hour low and high are $0.00002409 and $0.00002601, respectively.

Top Crypto Gainers Prices Today

Goatseus Maximus

Goatseus Maximus is currently up by 12%, trading at $1.20. Its 24-hour low and high are $0.9988 and $1.231, respectively.

BONK

BONK is trading at $0.00005609, reflecting a 10% increase in the last 24 hours. Its 24-hour low and high are $0.00004847 and $0.00005768. The market volume stands at $4.23 billion.

UNUS SED LEO

UNUS SED LEO (LEO) is currently trading at $8.50, showing a 9% increase over the last 24 hours. The 24-hour low and high are $7.73 and $8.50, with a market cap of $7.85 billion.

Top Crypto Losers Prices Today

Hedera

Hedera (HBAR) is currently trading at $0.1258, reflecting a 16% decrease over the last 24 hours. Its 24-hour low and high are $0.1241 and $0.1561, respectively, with a market cap of $4.69 billion.

Akash Network

Akash Network (AKT) is currently trading at $3.813, showing a 12.7% decline in the last 24 hours. The 24-hour low and high are $3.779 and $4.494, respectively.

The hourly time frame charts show a positive trend with BTC up by 0.02%. However, ETH has experienced a slight decline of 0.1% during the same period.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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