A closely followed crypto strategist believes one top-five altcoin is on the verge of a massive breakout based on a historic pattern against Bitcoin (BTC). Pseudonymous crypto trader Kaleo tells his 629,500 followers on the social media platform X that Binance Coin (BNB), the native asset of the world’s largest crypto exchange platform by volume, […]
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A closely followed crypto strategist says he thinks a top-10 altcoin is about to hit a new all-time high while updating his outlook on two decentralized finance (DeFi) tokens. Pseudonymous analyst Altcoin Sherpa tells his 211,300 followers on the social media platform X that Binance Coin (BNB), the native asset of the world’s largest crypto […]
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A widely followed crypto analyst says that one top-10 altcoin looks stronger than the competition while predicting corrections for the smart contract platform Solana (SOL) and one decentralized finance (DeFi) token. Pseudonymous crypto strategist Altcoin Sherpa tells his 205,800 followers on the social media platform X that he thinks BNB, the native asset of the […]
The post Trader Says One Large-Cap Crypto Looks Way Stronger Than Others, Predicts Correction for Solana and One DeFi Altcoin appeared first on The Daily Hodl.
A widely followed analyst and trader says a top-five altcoin by market cap could rally higher if it overcomes a key resistance zone and turns it into a support area. The pseudonymous analyst known as Rekt Capital tells his 379,700 followers on the X social media platform that if Binance Coin (BNB) turns the resistance […]
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Bitcoin may remain under pressure for a few days, but a collapse is unlikely as traders are expected to buy the dips in anticipation of a spot Bitcoin ETF.
The S&P 500 Index (SPX) rose 2.49% last week, extending its string of weekly gains to seven weeks, the longest such winning streak since 2017. However, Bitcoin (BTC) could not maintain its momentum and succumbed to profit-booking by the bulls. Trading resource Material Indicators said in a X (formerly Twitter) post that “ year-end profit taking and tax loss harvesting” will prevail in the short term.
However, a crash is unlikely because several analysts expect the United States Securities and Exchange Commission to approve one or more spot Bitcoin exchange-traded fund applications in January. If that happens, it could prove to be a game-changer for the sector.
VanEck CEO Jan van Eck said in an interview with CNBC that Bitcoin is likely to hit a new all-time high in the next 12 months. He expects Bitcoin to become an accompaniment to gold.
Bitcoin and select altcoins are witnessing profit-booking on rallies, increasing the likelihood of a short-term pullback.
Bitcoin’s (BTC) rally has been taking a breather for the past few days but its strong rally in 2023 has not gone unnoticed. A survey of United States financial services companies by crypto firm Paxos showed that 99% of the firms were putting as much or more focus on crypto projects this year as compared to previous years.
Analysts are increasingly bullish on Bitcoin and the crypto space in 2024. Bitwise senior research analyst Ryan Rasmussen made ten predictions for the crypto industry in 2024 in an X (formerly Twitter) post on Dec. 13. He believes Bitcoin will soar to $80,000 in 2024 and “more money will settle using stablecoins than using Visa.”
Along with crypto-specific issues, expectations of rate cuts by the Federal Reserve in 2024 are adding to the bullish sentiment. Arthur Hayes, the former CEO of crypto exchange BitMEX, reiterated his bullish view on crypto in an X post on Dec. 14. He said that the fiat was “a filthy piece of trash” and there was no reason not to be long crypto.
Crypto trader and analyst Ali Martinez is saying that a top-10 altcoin by market cap is potentially forming a bullish pattern and that it could appreciate by double-digit percentage points. Martinez tells his 35,500 followers on the X social media platform that Binance Coin (BNB) could be forming an inverted head and shoulders pattern, which […]
The post Trader Says Top-10 Blue-Chip Altcoin on the Cusp of a Breakout, Updates Outlook on Bitcoin and Ethereum appeared first on The Daily Hodl.
Bitcoin and altcoins are trying to find support at lower levels, indicating that the sentiment remains positive, and that traders are buying the dips.
Bitcoin (BTC) has failed to rebound sharply following the fall on Dec. 11, suggesting selling pressure on relief rallies. Glassnode data shows that short-term holders (STHs), entities holding Bitcoin for 155 days or less, sent $1.93 billion worth of Bitcoin to exchanges on Dec. 11 and $2.08 billion on Dec. 12. The last time single-day selling crossed the $2 billion mark was way back in June 2022. This shows that speculators are in a hurry to dump their holdings.
However, lower levels are attracting buyers. Trading resource Material Indicators suggested that “institutional sized” bids could be seen but added that it was unclear if it was accumulation or a short-term trading opportunity with dips being purchased and rallies being sold.
Cointelegraph contributor Marcel Pechman analyzed derivatives data and said that Bitcoin remains on track to hit $50,000 despite the recent correction. He added that chances of “cascading liquidations” were low as the correction seems to have been “primarily driven by the spot market.”
Bitcoin price staged an intraday rally to the $44,000 level and technical charts show altcoins are keen to follow.
This week Bitcoin (BTC) price saw a shallow pullback, but the intra-day rally to the $44,000 level is an indication that the bulls are not hurrying to close their positions. Data from the popular HODL Waves metric shows that investors who purchased Bitcoin between December 2020 and December 2021 have been sitting on their coins.
Investors have not been selling into strength because they anticipate higher levels in the future. Asset manager VanEck said in its crypto predictions for 2024 that Bitcoin would make a new all-time high, buoyed by the “political events and regulatory shifts following a U.S. presidential election.”
Bitcoin’s rally of the past few days has also attracted investors to select altcoins, such as Ether (ETH), Cardano (ADA) and Solana (SOL). Research firm Santiment remains positive on the prospects of Bitcoin. It said on Dec. 7 that if FUD increases, Bitcoin could surge to $50,000.
Bitcoin is witnessing profit-booking by short-term holders, but institutional investors continue to put money into BTC investment products.
Bitcoin (BTC) has been on a tear, rising more than 10% this week. This shows that traders are urgently scrambling to buy Bitcoin as they anticipate the price to rally further. CoinShares data shows that investors have pumped in more than $1.44 billion into Bitcoin investment products in the past ten weeks.
The expectation is that the approval of a spot Bitcoin exchange-traded fund (ETF) will attract huge investments. Animoca Brands CEO Robby Yung, while speaking at the Next Block Expo conference in Berlin, said that Bitcoin ETFs could generate a potential income of “$10 to $12 billion.”
While long-term investors have been accumulating Bitcoin, the short-term holders (STHs) holding coins for 155 days or less have been busy booking profits in December. CryptoSlate research and data analyst James Van Straten, while sharing a Glassnode chart on X (formerly Twitter), said that STHs in profit sent roughly $5 billion worth of Bitcoin to exchanges in the first four days of December.
