Bitcoin Halving Events No Longer Drive BTC Price, Report Says

September 5, 2024 Bitcoin.com

Analysis

Outlier Ventures’ new report claims the four-year Bitcoin halving cycle “is dead,” arguing that halving events no longer significantly impact bitcoin’s price due to a maturing crypto market. The report suggests the influence of halvings diminished after 2016, with recent price movements driven more by Bitcoin ETFs and macroeconomic factors, such as the post-Covid capital […]

Bitcoin analysts converge on a breakout in September — But is $86K possible?

August 19, 2024 Coin Telegraph

Bitcoin analysts converge on a breakout in September — But is K possible?

Analysis

Bitcoin could see a breakout to new all-time highs as soon as next month, but BTC must first tackle significant resistance around $59,500.

Bitcoin could see a breakout in September, based on historical chart patterns, and $86,000 could be the next major price target.

Bitcoin’s (BTC) price could be on track to an imminent breakout in September, based on previous post-halving chart patterns, according to popular analyst Rekt Capital.

The analyst wrote in an Aug. 18 X post to his 493,000 followers:

Chainalysis alerts rise in crypto hacks and ransom in 2024

August 15, 2024 Coin Telegraph

Analysis

Cryptocurrency hackers have been returning to their roots to targeting centralized exchanges amid a spike in the Bitcoin price in 2024.

A new report indicates that while overall illicit transactions in cryptocurrency markets declined in 2024, certain types of crypto-related criminal activity rose.

Aggregate illicit activity in crypto has dropped 19.6% year-to-date (YTD), falling from $20.9 billion to $16.7 billion by July 2024, according to the first part of the mid-year crypto crime update by Chainalysis released on Aug. 15.

Chainalysis found that legitimate crypto activity has been growing faster than illicit activity onchain in 2024, particularly due to positive industry events like the adoption of spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) in the US.

Low CPI print is fodder for Bitcoin to retest all-time highs — Grayscale research head

August 14, 2024 Coin Telegraph

Analysis

Bitcoin’s response to the CPI report was surprisingly muted.

Lower-than-expected core inflation in the United States is fodder for Bitcoin (BTC) to retest its all-time highs, Zach Pandl, Grayscale’s head of research, told Cointelegraph on Aug. 14.

The US Bureau of Labor Statistics (BLS) reported July Consumer Price Index (CPI) data on Aug. 14 showing annualized price increases for consumers of 2.9% — the slowest rate since 2021. That is “significant because it will allow the Fed to begin reducing rates,” Pandl said.

“Rate cuts are likely a necessary condition for sustained weakness in the US Dollar and fodder for Bitcoin to retest its all-time highs,” according to Pandl. “Fortunately for crypto investors, the incoming data may be a signal for lowering rates sooner rather than later."

Bitcoin risks ‘sharp weekend price swings’ as ETFs suck up liquidity

August 13, 2024 Coin Telegraph

Analysis

Bitcoin trading volume and liquidity are concentrated on weekdays due in part to ETFs and could cause more wild price swings on the weekend.

Bitcoin has become more susceptible to wild weekend volatility since the launch of spot Bitcoin exchange-traded funds (ETF) in the United States, according to Kaiko Research.

In an Aug. 12 report, Kaiko’s crypto analysts noted Bitcoin’s liquidity has become more concentrated on weekdays, particularly in BTC/US dollar markets.

It noted that weekend trading volatility has generally declined since 2021 and has previously reported that Bitcoin’s weekend trading volumes have dropped as institutional and ETF activity has grown.

$95K or $120K? Bitcoin traders diverge on next BTC price top

August 1, 2024 Coin Telegraph

K or 0K? Bitcoin traders diverge on next BTC price top

Analysis

Bitcoin could reach a macro price top of above $100,000, but can BTC stage a weekly close above $71,500 to confirm a breakout?

Traders and market analysts are divided over Bitcoin’s next potential macro top, which could reach $120,000 according to more bullish estimates. Can Bitcoin get a weekly close above the $71,500 mark?

Bitcoin’s (BTC) price could be on track to the next leg up in the bull cycle, which could see the world’s first cryptocurrency hit the $120,000 mark, according to technical analysis by crypto trader Mikybull.

The popular trader wrote in a July 31 X post to his 71,000 followers:

‘Whales are preparing for the next altcoin rally’ — CryptoQuant founder

July 31, 2024 Coin Telegraph

Analysis

According to pseudonymous crypto trader Mags, the altcoin market broke out after 525 days of accumulation and will likely resume an uptrend.

CryptoQuant founder Ki Young Ju believes that crypto whales are positioning themselves in anticipation of the next altcoin rally as traders hotly debate when alt season will begin.

Ju's analysis centered around the 1-Year Cumulative Buy/Sell Quote Volume Difference for Altcoins, a metric that measures the differential between buy and sell limit orders using a one-year timespan.

The analyst explained that whales prefer limit orders to avoid slippage, and the rising level of the metric suggests an increasin number of buy-limit orders among large crypto investors and institutions, which represent "strong buy walls" of future demand for altcoins.

Blackrock foresees “very little interest” in crypto ETFs beyond Bitcoin, Ethereum — Bitcoin2024

July 25, 2024 Coin Telegraph

Analysis

Clients see Bitcoin and Ethereum as complements, not substitutes, in crypto portfolios, according to Blackrock's head of digital assets.

Asset manager Blackrock sees “very little interest” among clients in crypto beyond Bitcoin (BTC) and Ethereum (ETH) and doesn’t foresee many crypto exchange-traded funds (ETFs) outside of those two core digital assets, according to Robert Mitchnick, BlackRock’s head of digital assets, speaking at the Bitcoin2024 conference on July 25 in Nashville, Tennessee.

“I would say that our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there’s very little interest today beyond those two,” Mitchnick said at a panel entitled From Strategy to Innovation: BlackRock's Bitcoin Journey.

“I don't think we're gonna see a long list of crypto ETFs,” Mitchnick said. Blackrock launched its first crypto exchange-traded funds — iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust ETF (ETHA) — in January and July, respectively.

VanEck says Bitcoin could hit $2.9 million per coin by 2050

July 25, 2024 Coin Telegraph

VanEck says Bitcoin could hit .9 million per coin by 2050

Analysis

Bitcoin Layer-2s could be collectively worth around $7.6 trillion, the report added.

Investment manager VanEck foresees Bitcoin (BTC) potentially hitting $61 trillion in total market capitalization — or some $2.9 million per coin — in 2050 as a result of massive demand for the decentralized currency as collateral for trade settlement and a reserve for central banks, according to a July 24 report.

“It is conceivable that by 2050 Bitcoin could be used to settle 10% of the globe’s international trade and 5% of the world’s domestic trade,” VanEck said in the report. “This scenario would result in central banks holding 2.5% of their assets in BTC.”

VanEck adds that scaling solutions for Bitcoin’s blockchain network — Bitcoin Layer-2s — could collectively be worth approximately $7.6 trillion, or around 12% of BTC’s total value.

Bitcoin ETF outflows hint at market bottom, Bitfinex reports

June 24, 2024 The Crypto Briefing

Analysis

Bitfinex links $544.1 million Bitcoin ETF outflows to potential market bottom, amid a decrease in BTC futures open interest.

The post Bitcoin ETF outflows hint at market bottom, Bitfinex reports appeared first on Crypto Briefing.

Analysis

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