Bitcoin
Top Analyst Unveils Level Where Bitcoin Finally Escapes ‘Endless Chop’ – Here’s His Forecast
Published
2 hours agoon
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adminA top crypto strategist known for making timely Bitcoin calls is outlining a price level where he thinks BTC’s eight-month consolidation could come to a close.
Pseudonymous analyst DonAlt tells his 589,100 followers on the social media platform X that he believes Bitcoin will gather more bullish momentum if it clears a crucial resistance area.
The trader also notes that it would be healthy for BTC to retest its immediate support before moving higher.
“>$65,000 and I’d wager we’ve finally escaped the endless chop
<$58,000 and sadness awaits
>$61,700 is a good first step towards $65,000 being broken
I’m hopeful we’ll go up after all this chop has ended.”
At time of writing, Bitcoin is trading for $62,663.
DonAlt is also keeping a close watch on the top smart contract protocol Ethereum (ETH). According to the analyst, ETH appears to be forming an ascending triangle pattern – a bullish reversal structure if an asset takes out its horizontal resistance.
“I shall name it the triangle of cope.”
In a video update, DonAlt says that ETH will start to look bullish if it soars above its horizontal resistance.
“Above $2,700 is already enough, like above $2,700 ETH starts looking really attractive. If not, even $2,500 if you want to be really, really aggressive.”
At time of writing, Ethereum is worth $2,458.
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Amidst the slumpy market conditions, StakeLayer has surged by over 250% alongside Thala, Dream Machine Token, which surged by double digits.
The crypto market cap has dropped by over 1.5% in the last 24 hours. As per CoinMarketCap data, it currently stands at $2.17 trillion.
Bitcoin (BTC) is bleeding alongside Ethereum (ETH) in single digits. However, the Stakelayer token is up by over 250% during the same period.
Stakelayer market cap eyes $50 million with the pump
Data from CoinGecko reveals interesting price movement for the cross-chain staking and restaking platform’s token. The token has pumped from a 24 hour low of $0.00344 to a high of $0.001489.
The rally has however cooled down as the token is trading at $0.01299 at press time. StakeLayer also touched an all time high today and is down by over 27% from that high.
The token has also earned its spot as the largest gainer on CoinGecko in the last 24 hours. A look at their X account reveals that the team had announced a buyback and burn initiative, which could be one reason for its price surge.
Thala and Dream Machine Token surge double digits
Interestingly, during the same timeframe, Thala (THL) and Dream Machine Token (DMT) surged by double digits. As per CoinGecko data, THL price is up by over 18.5%, while DMT has pumped by 20%.
Even though the exact reason for the surge in DMT’s price is unclear, THL’s price surge can be attributed to the price pump of Aptos (APT). Thala Labs is an ecosystem protocol that aids in borrowing, lending, trading, staking and validating APT.
The recent surge in APT’s price, which saw it touch as high as $10.27 from a weekly low of $7.87, is likely the primary catalyst for the surge in its price. THL is up by over 71% in the last 30 days.
The token has also shown a decent surge in the last week, with its price touching as high as $0.6354 from a low of $0.4228.
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Bitcoin
Protocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
Published
1 day agoon
October 13, 2024By
adminProtocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
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Bitcoin whales have stockpiled $90 billion in BTC since May, a period marked by range-bound market conditions. According to an open disclosure by Axel Adler Jr. of CryptoQuant, investors holding over 1,000 BTC have seen rapid growth in their balances.
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Whale Appetite Grows
Over the past six months, they accumulated about 1.5 million BTC, representing a massive inflow of capital worth approximately $90 billion at an average price of $60,000. However, these tokens came from weaker hands that sold at a loss.
1.5M BTC has been accumulated by whales (with >1K BTC on balance) over the last 6 months.
There’s really nothing to discuss here. pic.twitter.com/7cAVWVEK15
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 10, 2024
Data shows significant growth among whales, who held only 335,000 BTC in early May when Bitcoin traded between $60,000 and $65,000. While prices remained in that range, whales continued to accumulate, and now hold around 1.9 million BTC, indicating strong short-term confidence among high-net-worth investors.
Netflow Metrics Of Large Holders
Recent data shows that accumulation sprees haven’t cooled off, despite recent price corrections. For example, yesterday, BTC fell below $59K for the first time this month, leading to massive liquidations.
Don’t believe that whales accumulated 1.5M BTC and wonder where they got it from?
How about taking a look at the loss-making sales on exchanges?
In the last 24 hours, 24.1K BTC were sold at a loss. pic.twitter.com/tAgeCI6qhe
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 11, 2024
Yet, large holders, who account for 0.1% of the circulating supply, netted +629 BTC yesterday. Two days ago, this figure was even higher, with an influx of 2,480 BTC.
Furthermore, CryptoQuant statistics indicate that Bitcoin’s exchange reserve has fallen from 2.576 million tokens at the start of October to 2.571 million tokens, reflecting ongoing accumulation.
Price Prediction And Market Implications
As of this writing, Bitcoin was pegged at $61,690 having lost 1.68% for the week. DMI had +DI standing at 18.3 with -DI placed at 23.3, which were a couple of points above but declining continuously.
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It simply means that despite the relentless selling pressures, they are somewhat weak. As it currently stands at -40.74, Williams %R is on the neutral side. From this, Bitcoin might get stuck in this range until strong buying or selling pressure will come up.
Experienced analyst Peter Brandt holds that Bitcoins will reach an all-time high of $150,000 for this cycle but warns that inability to break out of the current range will cause the price to shatter and will go way down, 75% at worst.
Featured image from Pexels, chart from TradingView
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