Bitcoin set for 3-month historic rally as analysts eye $92K BTC

September 15, 2024 Coin Telegraph

Bitcoin down 20%+ from all-time highs — Is BTC price headed to $50K?

May 1, 2024 Coin Telegraph

Ether price cracks $2K amid staking withdrawals enabled post-Shapella upgrade

April 13, 2023 Coin Telegraph

Ether price cracks K amid staking withdrawals enabled post-Shapella upgrade

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Ether (ETH) has crossed the $2,000 mark after the much-awaited Shanghai and Capella upgrade that was implemented into the Ethereum Mainnet.

Despite some fears of a new supply of Ether (ETH) hitting the markets after the much anticipated Shapella update, ETH surpassed the $2,000 price point almost a day after the upgrade.

Data from Cointelegraph Markets Pro shows that the token entered the $2,000 level on April 13, the highest level reached since August. The surge comes after the successful Shapella upgrade implemented at 10:27 pm UTC on April 12.

Ether hitting the $2,000 mark. Source: Cointelegraph Price Index

The upgrade allows staked ETH withdrawals for users who previously had no way to take back their funds after staking. Even though a new supply of ETH hit the markets, suggesting a potential dump, the price of ETH still managed to hit $2,000 and currently maintains the level at the time of writing.

On April 12, crypto analytics firm Glassnode predicted that only around 1% of staked ETH may hit the market after Shapella goes live. According to the firm, only 253 depositors have signed up to withdraw their staked ETH positions. The firm expressed confidence that the newest update on the network will not have a "dramatic" effect on the price of Ether.

After the hard fork was seamlessly executed on the Ethereum mainnet, a total of 12,859 ETH, worth almost $26 million at the time of writing, were unlocked in 4,333 withdrawals just within the first hour after withdrawals were enabled.

Right after the upgrade the community celebrated the new milestone with various sentiments. Ethereum co-founder Vitalik Buterin said in a live stream that Ethereum is currently in a “really good place.” Buterin highlighted that there is a lot more to be done but those can be done at a slower pace.

Crypto exchanges have also expressed their support for ETH unstaking. Coinbase and BitGo have already enabled withdrawals on their exchange. Binance said that it will support withdrawals on April 19. Meanwhile, Kraken started withdrawing validators for United States users on April 11 and started processing as soon as the Shapella upgrade was implemented.

Magazine: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide

Bitcoin price hits $25K in new 2023 high

February 16, 2023 Coin Telegraph

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Despite macroeconomic headwinds and regulatory crackdowns on crypto, Bitcoin is made a new high for 2023.

The price of Bitcoin (BTC) has reached a new 2023 high of $25,000. The milestone comes after a surge in Bitcoin's price over much of January.

The last time Bitcoin’s price was around $25,000 was near mid-June 2022 on its way down to between $19,000 and $21,000, where it had hovered for several months, according to data from CoinGecko.

*The price of BTC has increased double digits over the last 24 hours to reach the $25,000 milestone.*

The price of BTC however took a big dip in November following the FTX crisis, which saw it drop to a 2022 low of $15,742 on Nov. 10. 2022.

The price began to surge in early January, when the price of BTC increased over 14 consecutive days between Jan. 4-17.

That daily green candle streak was its second longest in the cryptocurrency’s 14-year history — having fallen one day short of its 15-day record in November 2013.

While BTC has had an impressive start to 2023, it is still down 63% from its all time-high (ATH) of $69,044, which was reached on Nov. 10, 2021.

Some economists such as Lyn Alden however believe that BTC’s current price surge may be relatively short-lived. The Bitcoin bull believes actions from the U.S. Federal Reserve will likely impose “considerable danger ahead” for BTC in the second half of 2023.

Meanwhile, Galaxy Digital Holdings CEO Mike Novogratz is more bullish over the short term.

Speaking at a Bank of America conference on Feb. 15, Novogratz reportedly said there’s a chance BTC could hit $30,000 by the end of March.

Sam Bankman-Fried reveals the circumstances behind Bahamian withdrawals

November 30, 2022 Coin Telegraph

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The former FTX CEO has explained why the exchange only reopened withdrawals for Bahamian citizens shortly before filing for bankruptcy.

FTX’s former CEO Sam Bankman-Fried has divulged what really went on in the days before it filed for bankruptcy when the exchange selectively reopened withdrawals — only for Bahamian users.

In a telephone interview with crypto blogger Tiffany Fong, dated Nov. 16, Bankman-Fried claims to have made the decision to reopen withdrawals to Bahamian citizens as he did not want himself, nor the exchange, to be in a country “with a lot of angry people in it.”

“The reason I did it was it was critical to the exchange being able to have a future because that’s where I am right now, and you do not want to be in a country with a lot of angry people in it and you do not want your company to be incorporated in a country with a lot of angry people in it,” he said.

Bankman-Fried claims he gave Bahamian securities regulators a “one-day heads up” that FTX was going to do it, but said the regulator neither responded with a “yes or no,” before he ultimately decided to go ahead with allowing withdrawals.

“So it was realistically speaking, it’s shitty, but [...] the pathway for FTX involved Bahamians not being pissed at it.”

The now-defunct crypto exchange initially halted all withdrawals on Nov. 8 as a result of liquidity issues.

On Nov. 10, only a day before it filed for bankruptcy, the exchange noted it had begun to facilitate withdrawals of Bahamian funds. At the time, it claimed that it was in compliance with the demands of the country’s regulators — leading to millions of dollars worth of funds extracted from the exchange.

However, the Securities Commission of The Bahamas (SCB) threw a wrench into FTX’s narrative, stating on Nov. 12 that it had neither instructed nor authorized FTX to prioritize withdrawals of Bahamian clients.

They also warned that any withdrawal of funds could be clawed back as part of the firm’s liquidation proceedings.

Cointelegraph contacted the SCB for confirmation on if it had received communication from FTX prior to the exchange’s withdrawals reopening, and what its response was at the time. The SCB did not immediately respond.

Audio from my first interview with Sam Bankman-Fried. SBF talks bankruptcy, the alleged “backdoor,” donations to the Democratic Party, Ukraine money laundering rumors, the hack, Alameda’s margin position on FTX, using FTT as collateral & more. https://t.co/qVfUv6dhww
— Tiffany Fong (@TiffanyFong_) November 29, 2022

In his most recent interview with Fong, Bankman-Fried denied the move was to facilitate withdrawals by people within FTX after Fong suggested that this is how it was being seen.

“Oh it wasn’t insider withdrawals, this was trying to create a regulatory pathway forward for the exchange.”

SBF was hot on FTX hacker’s trail

The former FTX CEO also noted during the Nov. 16 interview that he was close to finding out the identity of the FTX hacker, who is understood to have stolen over $450 million worth of assets soon after the exchange filed for bankruptcy on Nov. 11.

“I don’t know exactly who because they shut off all access to the systems when I was halfway through exploring it. I’ve narrowed it down to eight people. I don’t know which one it was but I have a pretty decent sense.”

Bankman-Fried said he believes it was “either an ex-employee or somewhere someone installed malware on an ex-employee’s computer.”

In a separate, more recent interview with Sam Bankman-Fried by Axios on Nov. 29, the former FTX CEO has revealed he only has around $100,000 left in his bank account as of today.

This is despite Bankman-Fried being worth an estimated $26 billion at his peak.

Bankman-Fried claims that he had “basically everything” tied up in the now-bankrupt company.

"I mean, I have no idea. I don't know. I had $100,000 in my bank account last I checked," he said.

Bitcoin’s $100K price target returns as BTC price breaks out of bull pennant

October 11, 2021 Coin Telegraph

<div>Bitcoin's 0K price target returns as BTC price breaks out of bull pennant</div>

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The bullish analogy appears as Bitcoin reserves across all the crypto exchanges fall to their lowest in the previous 12 months, suggesting holding sentiment among traders.

Bitcoin (BTC) looks poised to pursue a run-up towards $100,000 as its price breaks out of a classic bullish structure.

Dubbed as Bull Pennant, the setup represents a price consolidation period with converging trendlines that form after a strong move higher. It ultimately prompts the price to break out in the direction of its previous trend to a level typically at length higher by as much as the size of the initial large move.

On Bitcoin weekly charts, the cryptocurrency appeared to have been trending inside a similar consolidation structure, with its price fluctuating inside a Triangle-like structure following a strong move higher (Flagpole).

*BTC/USD weekly price chart featuring Bull Pennant setup. Source: TradingView.com*

Last week, Bitcoin broke above the structure's upper trendline as it rose by 13.5% with rising trading volumes to boot. As a result, the cryptocurrency's breakout move indicated its potential to rise by as much as the size of its previous trend (nearly $50,000).

Measuring from the point of breakout (~$48,200), the Bull Pennant's upside target thereby comes out to be another $50,000 higher, i.e., almost $100,000.

Other predictions

The technical setup projected Bitcoin at $100,000 no longer after many analysts envisioned the cryptocurrency at the same, six-digital valuation.

A team of researchers at Standard Chartered, headed by its global head of emerging market currency research, Geoffrey Kendrick, predicted BTC to hit $100,000 by early next year. They cited Bitcoin's potential to become "the dominant peer-to-peer payment method for the global unbanked" behind their bullish prediction.

David Gokhshtein, the founder of Gokhshtein Media and PAC Global, also imagined Bitcoin above $100,000 before the end of 2021. The executive based his bullish outlook on the amount of available fiat liquidity in the market, which, according to him, has prompted leading Wall Street players to purchase Bitcoin.

"Not everybody's going to come out publicly and tell you that they're buying bitcoin, but they are," Gokhshtein told Business Insider.

"There's too much money in the market. Way too much money. Institutions did not come in here to play for five minutes."

His statements appeared after George Soros' investment firm revealed at a Bloomberg event that it owns Bitcoin, sending the cryptocurrency spiking. That soon followed up with JPMorgan & Chase's latest report that showed institutional investors' preference for Bitcoin over Gold as an inflation hedge.

In an earlier study published in May, the banking giant projected Bitcoin to reach $140,000 in the long term.

Holding sentiment on rise

On-chain indicators highlighted a rise in holding sentiment among Bitcoin traders.

In detail, the Bitcoin reserves held across all crypto exchanges recently dropped to their lowest levels in a year, as per data provided by blockchain analytics firm CryptoQuant. The decline illustrated traders' intention to hold their Bitcoin tokens close than trading them for other fiat/digital assets.

*BTC reserves across all exchanges. Source: TradingView.com*

Therefore, declining Bitcoin balances on exchanges typically follow up with rise in the BTC price.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin’s key momentum metric just flashed bearish with BTC price pinned under $50K

August 29, 2021 Coin Telegraph

<div>Bitcoin's key momentum metric just flashed bearish with BTC price pinned under K</div>

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The relative strength index is making lower highs while correcting from its overbought area.

The run-up in the Bitcoin (BTC) price toward $50,000 last week risks exhaustion due to a mismatch between the cryptocurrency's price and momentum trends.

So it appears the Bitcoin's price and relative strength index (RSI) have been moving in the opposite direction since late July. In doing so, even a strong push higher in the BTC/USD bids has coincided with lower peaks in momentum, suggesting that the pair's upside momentum is weakening out.

Bearish divergence

A normal RSI momentum tends to tail the price action. That said, it rises when the price rises and falls when the price drops. But in some cases, the RSI deviates from pursuing the price trends, leading to a so-called RSI divergence.

Technical analysts consider RSI divergence as a powerful signal to spot price reversals. For instance, a bullish divergence, wherein the price falls and RSI rises, prompts traders to buy the asset in anticipation of a rebound. Similarly, a bearish divergence—featuring rising prices and falling RSI—prompts traders to take profits at the top while expecting a pullback.

The Bitcoin daily chart below shows the cryptocurrency in bearish divergence.

*BTC/USD 1D chart featuring bearish divergence. Source: TradingView.com*

The downside signal appears as Bitcoin struggles to break bullish above $50,000. As of Sunday, the benchmark cryptocurrency was trading at $48,387, or 4.19% lower from its three-month high of $50,505, achieved on Aug. 3, following a similar 72.36% upside boom.

Good morning!$BTC has broken the ltf bullish structure. Main target remains $38k as long as it stays below $50k

If it finally drops to that level, buy as much as you can
— il Capo Of $NOIA (@CryptoCapo_) August 29, 2021

On the other hand, Bitcoin's daily RSI initially rallied in sync with prices but topped out on July 30, which was way ahead of price, hitting $50,505. Since July 30, the Bitcoin price formed a sequence of higher highs while RSI printed lower highs, suggesting a weakening upside momentum.

A similar bearish divergence between January and April 2021 was instrumental in predicting a Bitcoin price drop, as shown in the chart below.

*Bitcoin price-RSI divergence from January-April 2021 period. Source: TradingView.com*

Bullish indicators

The bearish divergence signal comes as Bitcoin holds strongly above $30,000, amidst anticipation that it would become a hedge of choice among accredited investors against inflationary pressures.

The perception has led many analysts, including investment researcher Lyn Alden and Fundstrat CEO Tom Lee, to predict a $100,000 valuation for the cryptocurrency in 2021.

On Friday, Bitcoin price shot upward by $1,500 in an hour after Federal Reserve Chairman Jerome Powell presented a pro-inflation, dovish policy outlook at this year's Jackson Hole symposium.

As a result, the biggest bullish indicator for Bitcoin remains the Fed's aggressive $120 billion a month asset purchase program, coupled with its near-zero interest rate policy.

The strong fundamental has prompted technical analysts to envision a long-term uptrend in the Bitcoin market. Namely, independent market analyst Teddy Cleps presented a bullish outlook for the cryptocurrency, based on key wave support that acts as an accumulation area for traders.

*Bitcoin 4H chart featuring wave support. Source: Teddy Cleps, TradingView.com*

Similarly, Ryan Clark, another market analyst, noted that Bitcoin has been merely consolidating below $50,000 just like when it was trading below $24,000 before the December 2020's bullish breakout.

Bitcoin under 50k level acting like when it was under the 24k level.

Higher soon.
— Ryan Cantering Clark (@CanteringClark) August 28, 2021

On the other hand, TraderXO noted that Bitcoin could still fall towards the $39,000-40,000 area but remained convinced that the cryptocurrency would log an attractive rebound from the lower range.

The analyst marked Bitcoin's all-time high near $65,000 as its long-term upside target.

$BTC

Taken significant profits around 48-49k - no daily close above 49k - until that happens then will look for higher prices.

Equally open towards the probability of buying opportunities around the 39-42's in Sept

Only interested in HTF swing trades. pic.twitter.com/jjvAFkCwmV
— TraderXO (@Trader_XO) August 29, 2021

Bitcoin tumbles 10% in 12 hours to trade below $50,000

April 23, 2021 Coin Telegraph

Bitcoin tumbles 10% in 12 hours to trade below ,000

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Bitcoin is now down 23% from it's all-time high after quickly crashing below $50,000.

The price of Bitcoin has fallen below $50,000 for the first time since March, with BTC shedding roughly 10% in the last 12 hours.

On April 17, the $60,000 range was rejected, driving a crash in the Bitcoin price of nearly 20% in a single hour. While the markets consolidated near $55,000 for several days, bulls failed to defend the range on April 22, resulting in sustained bearish action over the past day.

Yesterday, Cointelegraph reported that significant profit-taking in the Bitcoin markets may suggest an impending local top, with today’s slump appearing to confirm the hypothesis. Analysts from JP Morgan similarly warned of sustained bearish action should BTC fail to reclaim the $60,000 level.

The move below the psychological $50K mark has prompted mixed reactions on Twitter, with Messari researcher Mira Christanto noting the markets have only retraced from the all-time high by 23% — significantly less than the typical pull-backs experienced during the 2017 bull run that produced losses of 35% on average.

But notorious gold bug and crypto-skeptic, Peter Schiiff, was also quick to comment on the market action, poking fun at Bitcoin proponent Anthony Pompliano.

Now that #Bitcoin is back below $50k I think it's time for @APompliano to tweet out $1k milestones on the way down the way he did on the way up.
— Peter Schiff (@PeterSchiff) April 23, 2021

Pompliano responded: “Bitcoin is up 600% in last year. Gold is up 3% in last year. No more tweeting until gold can beat inflation, Peter!”

Twitter-user “Fintwit” also replied to Schiff, noting that “gold is up 0% since 2011.”

Ethereum also tumbled today, shedding roughly 8% in the past 24 hours. However, Ether has outperformed BTC over recent days, rallying to tag a new all-time high above $2,600 on April 22.

Yesterday’s highs saw ETH/BTC trading at its strongest level since August 2018, with Ether trading for 0.047 BTC. Ethereum last changed hands for 0.045 BTC.

Ether has dropped 11% over the past seven days, while Bitcon’s is down 21% over the same period.

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SBF was hot on FTX hacker’s trail

Other predictions

Holding sentiment on rise

Bearish divergence

Bullish indicators

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