A widely followed crypto analyst is suddenly turning bullish on Gala (GALA) and two other altcoins.

Pseudonymous crypto trader The Flow Horse tells his 186,500 followers on the social media platform X that the native asset of the blockchain-based gaming platform Gala is in an uptrend.

He says that key metrics like the cumulative volume delta (CVD), an indicator that aims to identify divergences by comparing buying and selling volume over a given time period, are flashing bullish.

“Bought some GALA.

• Looks like ‘drift of death’ for shorts.

• That drift up is all spot, as seen in very divergence spot, perp (perpetual future contracts) CVDs.

• Gaming sector, which has not truly had its day in the sun.

• Trend strong and intact 20-day SMA (simple moving average) + one SD (standard deviation) anchor VWAP (volume weighted average price) band holding.”

Gala is trading for $0.0301 at time of writing, up 1.3% in the last 24 hours.

Next up, the trader says that he is bullish on decentralized exchange (DEX) dYdX after it flipped a key resistance level into support, among other factors.

“DYDX unlock is over and spot CVD is roofing while perp still fades.

• DEX narrative getting stronger by the week.

• Technical retest of the most pivotal level of the last two years, resistance now support.

Patience. Higher.”

At time of writing, dYdX is trading for $3.08, down 1% in the last 24 hours.

Lastly, the trader says that Celestia (TIA) a blockchain built to enable anyone to launch their own decentralized networks at minimal cost, remains in a massive uptrend.

“Bought more TIA.

• This has yet to make anyone really chase or blow off.

• Derivs (derivatives) open interest is where it was when it was half the price.”

TIA is trading for $10.94 at time of writing, up 27.8% in the past 24 hours.

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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 loses 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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Popular on-chain analyst Willy Woo says one indicator that marked Bitcoin’s (BTC) 2022 bottom is suddenly flashing bullish again.

Woo tells his one million followers on the social media platform X that BTC is flowing off of exchanges similarly to how it did when the crypto market reached a bottom last year.

“Bitcoin flows presently making a strong flip to moving off exchanges again. I haven’t seen such a swing towards buying since the market bottom.”

Fellow on-chain analyst PlanB is also bullish on BTC, and he says Bitcoin’s hash rate, which measures the processing power of the king crypto’s network, suggests the top digital asset will remain above one key level.

“BREAKING: Bitcoin valuation based on difficulty (hash rate) increased to $35,000 yesterday. IMO (in my opinion) this could mean that, apart from possible black swans or short-term volatility, based on $/kWh-arbitrage fundamentals BTC will never go below $35,000 ever again.”

PlanB recently said he believes Bitcoin could hit $524,000 within the next four years based on a historical trend during four-year halving cycles. He says Bitcoin seems to perform 4x the lower range of the cycles.

“At 2012 halving, most Bitcoin was <$16.

At 2016 halving, most BTC was in the $256-$1,024 range.

At 2020 halving, most BTC was in the $4,000-16,000 range.

At 2024 halving, most BTC will be in the $16,000-$65,000 range.

I would not be surprised if next four years, most BTC will transfer in the $65,000-$524,000 range.”

He also says that he doesn’t believe Bitcoin will trade for below $40,000 for very long.

Bitcoin is trading for $37,694, down slightly in the last 24 hours.

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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 loses 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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The former president of the New York Stock Exchange (NYSE) says that one catalyst will inundate cash into Bitcoin (BTC) and other crypto assets.

In a new interview with CNBC Television, Tom Farley, the former president of NYSE and current chief executive of the crypto exchange platform Bullish, says that Bitcoin exchange-traded funds (ETFs) will flood the king crypto and the digital assets industry with cash.

However, Farley notes that he’s not optimistic that a BTC ETF will be approved this year.

“I guess I’m a little less optimistic of the immediacy of an approval, in other words, like November or even December. The current Chairman and the SEC (U.S. Securities and Exchange Commission) have said they believe that pretty much everything in crypto, with the exception of Bitcoin, sometimes Ethereum, and possibly stablecoins are securities.

And securities, at least in the United States, need to trade on a nationally-recognized exchange and they do not today. And I think these two issues, at the moment, are interwoven. That doesn’t mean they can’t be decoupled, but I think there’s a view that ‘Hey, if these don’t trade on an exchange, how do we know that the underlying prices are trustworthy?’”

Farley goes on to say while he may not believe BTC ETFs will be approved this year, the fact that regulators and investors acknowledge that Bitcoin isn’t a security may speed up the approval process.

“The thing about Bitcoin that gives me some optimism is that everyone acknowledges Bitcoin is not a security, including the regulators, so possibly the Bitcoin ETF does go ahead more quickly, which would be great for the industry because money will flood into the industry with a Bitcoin ETF. It’s just easy to buy.

People believe in Bitcoin, Bitcoin is going to be here, Bitcoin is a great invention. It just is. It is a store of value, I know it’s volatile, [but] it is a store of value.”

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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 loses 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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