Economist and crypto trader Alex Kruger is expressing bullish sentiment toward Bitcoin (BTC), saying that the king crypto could mount a massive rally in 2023. Kruger tells his 150,800 Twitter followers that the top crypto asset by market cap could rally up to $35,000, a jump of around 52% from current levels, before a correction […]
The post Bitcoin (BTC) Skyrocketing by Over 50% From Current Levels Is ‘Very Doable’, Says Economist Alex Kruger appeared first on The Daily Hodl.
Analysts claim "mega whales" will make it very difficult for BTC traders to flip $20,000 to support.
Bitcoin (BTC) staged a welcome comeback after the Sept. 28 Wall Street open as bulls faced off with whale-sized sellers.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining over $1,000 on the day to see highs of $19,656 on Bitstamp.
The move characteristically copied an uptick for United States equities, with the S&P 500 and Nasdaq Composite Index up 1.5% and 2.2%, respectively.
Now, analysis warned that the area of around $20,000 was still flush with large-volume traders eager to continue profit-taking.
The BTC/USD chart on major exchange Binance “shows brown Mega Whales dumping into BTC support to minimize slippage,” analytics resource Material Indicators commented.
An accompanying snapshot confirmed the bulk of resistance lying in wait at just below the $20,000 boundary.
“Let's see if $19.5k holds to set up another potential run at the R/S flip zone ~$20k,” Material Indicators added.
To the downside, meanwhile, analyst Maartunn, a contributor to on-chain analytics platform CryptoQuant, noted a large area of bid interest between $18,000 and $18,500.
This was worth around $65 million as of Sept. 28, potentially forming a cushion of support.
As Cointelegraph reported, the area below June’s $17,600 low is conversely devoid of bid support, opening up the potential for a cascade toward $12,000.
In terms of the strength of the current bounce, traders were skeptical, with popular Twitter account Cheds cautioning on exposure with “bulls starting to celebrate.”
At the time of writing, BTC/USD traded around the $19,500 mark.
Related: More ancient Bitcoin leaves its wallet after 10-year hibernation
On macro, the story of the day was the United Kingdom’s central bank returning to quantitative easing (QE) after financial turmoil hit its currency and bond market.
The Bank of England sparked an instant recovery for GBP/USD after the pair hit all-time lows.
The U.S. dollar, already coming off twenty-year highs, continued to give back gains.
The U.S. dollar index (DXY) looked set to return below 113 at the time of writing, down a full 1.5 points on the day.
“Looks like we'll finish the week out strong for Bitcoin and Stocks as we head into Pumptober,” a hopeful IncomeSharks reacted.
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.
Closely followed crypto analyst Nicholas Merten says that market conditions have reached a point that an unexpected relief bounce that liquidates Bitcoin bears is becoming more likely. In a new market update, the host of DataDash tells his 515,000 YouTube subscribers that just like in July of 2021, BTC could pull off a bounce that […]
The post Crypto Analyst Predicts Unexpected Bitcoin (BTC) Rally That Fakes Out Bears – Here’s His Target appeared first on The Daily Hodl.
A closely tracked crypto analyst is mapping out a potential scenario for Bitcoin (BTC) to trap bears and rally above $30,000. In a new strategy session, pseudonymous analyst Cred says that while Bitcoin still looks bearish, he sees a setup where BTC ignites a “meaningful” rally. “At its simplest, what this would look like is […]
The post Top Crypto Strategist Details Bullish Scenario for Bitcoin As BTC Surges Above $21,000 appeared first on The Daily Hodl.
On Monday, Sven Henrich, the founder and the lead market strategist for northmantrader.com discussed bitcoin “rallying in the face of this crisis.” The technical analyst and market commentator highlighted four reasons why he believes bitcoin’s value surged — “Fundamental, Sentiment, Technical, [and] Safety trade.” Northmantrader’s Founder Sven Henrich Describes Why He Thinks ‘Bitcoin Is Rallying […]
A top crypto analyst and trader is issuing a warning that Ethereum (ETH) and other altcoins could see lackluster performances as Bitcoin (BTC) continues to rally. Pseudonymous analyst Credible tells his 307,500 Twitter followers that he believes Bitcoin is in the midst of its fifth-wave rally, where BTC potentially prints a new all-time high around […]
The post Ethereum (ETH) and Altcoins Face Downside Risk Amid Strong Bitcoin (BTC) Rally, Says Top Crypto Strategist appeared first on The Daily Hodl.
Institutional investors piled $225 million into Bitcoin products while Ether products saw outflows of $13.6 million this past week.
Institutional investors are continuing to pile into Bitcoin despite prices pushing up to a five-month high.
According to CoinShares’ Oct. 12 Digital Asset Fund Flows Weekly report, more than $226 million in capital flowed to institutional Bitcoin (BTC) products this past week. Bitcoin products dominated inflows for the third consecutive week, posting a week-over-week increase of 227%.
The heavy inflows coincided with the price of BTC gaining 12.5% for the week, with BTC sitting at around $54,000 on Oct. 8.
CoinShares attributes the positive shift in sentiment towards Bitcoin to recent statements from U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler’s suggesting the long-awaited approval of the United States’ first Bitcoin exchange-traded fund (ETF) may be just around the corner.
The surging activity surrounding Bitcoin has seen the combined assets under management (AUM) of institutional crypto products push up to $66.7 billion last week — with CoinShares estimating the total is just 5% shy of the sector’s record AUM from May.
Products tracking altcoins have posted a mixed performance for the week, with Solana (SOL) and Cardano (ADA) products generating inflows of $12.5 million and $3 million respectively. However, funds offering exposure to Ether (ETH), Polkadot (DOT) and Ripple (XRP) suffered outflows of $13.6 million, $2.1 million and $600,000 each.
Crypto investment products have now posted inflows for eight weeks in a row.
Related: Billionaire Bill Miller advocates for Bitcoin, but doubtful on altcoins
Many onlookers are attributing BTC’s recent bullish momentum to expectations that the SEC will soon approve a futures-based Bitcoin ETF.
While the SEC has previously shot down every application it has received for physically-backed Bitcoin ETFs, the SEC is currently deliberating a four applications for exchange-traded funds based on the Chicago Mercantile Exchange's (CME) regulated futures contracts.
With CME’s futures markets offering a product that is already insured and overseen by U.S. regulators, pundits such as senior ETF analyst for Bloomberg Eric Balchunas believe that Bitcoin futures ETFs are “likely on schedule” to receive a regulatory green light this month.
