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Bitcoin hodlers ‘only halfway’ to selling BTC after new $500K price prediction

RHODL adds to the indicators demanding much more upside for Bitcoin price action before the macro top sets in.

Bitcoin (BTC) investors will resist selling their coins for a lot longer and the bull run will continue, new analysis argues. 

In a Twitter debate on Oct. 28, data analyst Mitch Klee delivered fresh evidence that the current bull run is only 50% complete.

RHODL demands more upside

Using the Realized HODL Ratio (RHODL) indicator, created by popular analyst Philip Swift, Klee showed that Bitcoin is still far from the classic top signals it gave at the height of previous bull markets.

RHODL is based on the well-known HODL Waves tool, and its increasing size conforms to bull markets gathering pace — both then top out at once.

“RHODL ratio shows seller exhaustion, and we are only halfway there,” he said as part of a Twitter comment.

Bitcoin RHODL vs. BTC/USD chart. Source: Mitch Klee/Twitter

As Cointelegraph reported, RHODL is far from alone in calling for an extended end to the bull run. Other sources include Bitcoin Stock-to-Flow model creator PlanB, who believes that Bitcoin has a good six months left before a turning point hits.

Bitcoin price top must “be high enough to wow”

Klee was responding to Pete Rizzo, editor at major exchange Kraken.

Related: Bitcoin price dip matches October 2017 with BTC ‘explosion’ still forecast before 2022

In a recent episode of the Best Business Show, a podcast hosted by Anthony Pompliano, Rizzo called cycle price tops “psychological attacks on Bitcoiners.”

“If Bitcoin wants to create a top, it going to have to convince some of the never-sell-Bitcoin bulls to give up some Bitcoin,” he said.

“I’m confident in the Bitcoin technology’s ability to coax sellers back to the market, and the price at which it does so will likely be higher than we can posit currently because it’s an attack on us.”

Rizzo casually mentioned now-commonplace figures ranging from $300,000 to $500,000 — “high enough to really wow.”

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Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE

The DOGE price rally appeared after Shiba Inu briefly flipped Dogecoin to become the ninth-largest cryptocurrency by market capitalization.

Dogecoin (DOGE) soared on Oct. 28 amid massive capital rotations out of its top meme coin rival’s market, Shiba Inu (SHIB).

Notably, DOGE’s price rallied by a little over 44% to reach its intraday high of $0.3449. Its gains appeared in contrast to SHIB’s losses in the same period. On the other hand, the so-called “Dogecoin killer” dropped almost 28% to log an intraday low at around $0.000057; in the same hour, DOGE printed its daily top.

SHIB/USD vs. DOGE/USD daily price chart noting inverse correlation. Source: TradingView

The sudden price rally also pushed DOGE’s market capitalization to over $40 billion, a mettle that Shiba Inu achieved hours before, with the two cryptocurrencies now neck-and-neck and currently battling for the ninth place by market cap.

Traders started flocking into Dogecoin markets hours after Elon Musk, CEO of Tesla and SpaceX, posted a new tweet about the meme cryptocurrency. 

Musk’s earlier supportive tweets prompted DOGE to climb by more than 1,500% in the first five months of 2021.

Long DOGE, short SHIB

Shiba Inu rallied exponentially heading into Q4, rising by around 1,200% in October on hopes that it would gain a listing on Robinhood, a United States-based zero-fee trading app, and its foray into the emerging decentralized finance and nonfungible token sectors with new product launches.

Nonetheless, SHIB’s supersonic bull run has also made it overvalued, based on some key metrics, notably the Relative Strength Index. Thus, it appears that spot and derivative traders have decided to secure and/or rotate their profits. 

Su Zhu, co-founder, CEO and chief information officer of fund management firm Three Arrows Capital, noted earlier on Thursday that traders rotated their easy-to-short Shiba Inu perpetual swap profits — as SHIB topped out at $0.00008854 — into the Dogecoin perpetual market.

The former Deutsche Bank trader suggested that DOGE can rally toward $0.88 next should traders rotate profits from SHIB to Dogecoin. 

Around $20.8 million DOGE rekt

Dogecoin’s price moves also caught derivatives traders off-guard as they lost about $20.8 million in total liquidations across the previous 24 hours. Around $18.17 million worth of those liquidations emerged out of leveraged long bets after DOGE’s price dropped to its weekly low of $0.2179 on Wednesday.

In contrast, the ongoing 12-hour timeframe saw bears taking more losses than bulls, with $8.9 million worth of bearish Dogecoin bets getting liquidated against $5.22 million worth of bullish bets concerning the same token.

DOGE total liquidations across all exchanges. Source: Bybt 

On the whole, however, Dogecoin traders were the majority short in the previous 24 hours, with FTX and OKEx users turning out to be exceptionally bullish, with 58% and 77% of their net positions skewed long, respectively.

A sudden bearish reversal in the Shiba Inu market also led to SHIB liquidations worth $31.41 million, the third-highest among all cryptocurrencies in the previous 24 hours.

Related: Shiba Inu risks drop with SHIB's 574% October's price rally near exhaustion

PostyXBT, an independent market analyst, warned about excessive leverages in both SHIB and DOGE markets. 

“Play spot and not leverage,” he said, adding, “The volatility could quite easily wipe out before a big move in intended direction.”

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.

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XRP On-Chain Data Flashing Signal That Historically Leads To Price Rises: Santiment

Blockchain analytics firm Santiment is predicting that, based on two metrics, XRP Ledger’s native asset (XRP) could go up in price. Santiment says on Twitter that an increase in the number of addresses on the XRP Network and a rise in social media mentions signals that XRP’s value could increase. “XRP is getting increased social […]

The post XRP On-Chain Data Flashing Signal That Historically Leads To Price Rises: Santiment appeared first on The Daily Hodl.

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Wharton accepts crypto payments for blockchain program tuition fees

The six-week program costs $3,800 and the Ivy League university expects to attract thousands of students each year.

Crypto adoption scores another win with the Ivy League University of Pennsylvania, but there’s a catch.

The Wharton School, one of the premier business schools in the United States, will accept Bitcoin (BTC) and other forms of cryptocurrencies for tuition fees, Bloomberg reports. However, the adoption is limited to its new online blockchain and digital assets program scheduled to start in January. 

Titled Economics of Blockchain and Digital Assets, the six-week program costs $3,800, and the university expects to attract thousands of students each year. The Wharton School will use Coinbase Commerce, the e-commerce platform of the United States-based crypto exchange, to accept crypto payments.

Wharton is currently offering an introductory class to crypto and blockchain via the online education platform Coursera, which is part of a more extensive course about financial technologies or fintech.

Related: Anyone who studies Bitcoin ends up investing in it, says Scaramucci

The business school made news earlier this year when it received a generous $5 million gift in Bitcoin. An anonymous benefactor gifted $5 million, roughly translated to 118 BTC, in May. The Wharton School reportedly exchanged the donation to fiat immediately, which would be worth more than $7 million at today’s Bitcoin price.

As Cointelegraph reported, the World Economic Forum recently partnered with the Blockchain and Digital Asset Project at the Wharton School. Led by Professor Kevin Werbach, the project aims to address the business and regulatory aspects of distributed ledger technology.

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Bitcoin suddenly passes $61K as a $1.7K hourly candle fuels BTC bulls

Bitcoin pulls a fresh surprise out of the hat just as opinions were beginning to flip bearish below $60,000.

Bitcoin (BTC) delivered another classic surge during Oct. 28 as bulls enjoyed a $1,700 hourly candle.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin suddenly abandons the bears

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD breaking back above $60,000 after tracking sideways since early Wednesday.

The move meant that the pair cast firm doubt on recent bearish behavior, all but invalidating a head and shoulders pattern in line with expectations.

As Cointelegraph reported, analysts were already unfazed by Bitcoin's retracement, with some even increasing their price targets over longer timeframes.

At the time of writing, BTC/USD circled $61,000, having reached local highs of $61,250 on Bitstamp. Funding rates remained low, pointing to the successful "flushing" of leverage in recent days.

Dogs dominate altcoins

Altcoins moved upwards in step with Bitcoin, with the top ten cryptocurrencies by market cap seeing gains of several percentage points.

Related: Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

The market was still dominated by Shiba Inu (SHIB), however, the altcoin advancing 43% on the day and 150% in a week.

The spotlight subsequently switched to Dogecoin (DOGE), which put in a copycat move as SHIB/USD came off record highs. 

DOGE/USD 1-hour candle chart (Bittrex). Source: TradingView

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Bitpanda taps former JP Morgan exec to lead fully-regulated crypto exchange

Investors are treating crypto in the same way as stocks and ETFs, the new Bitpanda Pro CEO told Cointelegraph.

The crypto ecosystem picked yet another executive from traditional finance. Two months after raising $263 million, the Europe-based cryptocurrency trading platform Bitpanda announced that Joshua Barraclough, a former exec at JP Morgan, joined its ranks as the CEO of its fully-regulated digital asset exchange Bitpanda Pro. 

Before transitioning into the crypto world, Barraclough worked as the global head of the fintech team and then as the co-head of digital innovation at JP Morgan. Answering Cointelegraph’s questions about the transition, Barraclough said that leaving JP Morgan to join Bitpanda was an easy decision.

“I have always been at the bleeding edge of innovation, and my job at JP Morgan was to launch new businesses to challenge and transform traditional finance,” he said, adding:

“The crypto ecosystem is the most exciting part of that right now, with an incredible pace of change and growth in adoption. We want further to bridge the gap between digital assets and traditional finance, building on my prior experience.”

Barraclough reminded the skyrocketed crypto adoption and fresh institutional money. “This wave of institutional investment, unaffected by many of the regulatory worries of the last bull run, has proven the viability of Bitcoin (BTC) as a secure store of value and inflation hedge,” he explained.

He also pointed to the increasing interest in other Layer 1 protocols such as Solana and Avalanche and innovative DeFi applications. “Far from being the meme-fueled gamble that many still view it as, investors are treating cryptocurrencies in the same way as stocks and ETFs,” he added.

“Bitcoin is a $1 trillion asset and has seen the world’s biggest investors allocate significant portions of their portfolios to the currency. When the likes of JPMorgan and Blackrock are taking an investment seriously, it’s a sure sign that it’s here to stay.”

Speaking about cryptocurrencies’ role as a gateway to more traditional investments, Barraclough highlighted that crypto is gaining traction as the first investment asset for younger digital natives and “acts as a gateway to further financial education, building wealth through a diversified portfolio.”

Related: Unicorns in crypto: A growing herd of billion-dollar crypto companies

Bitpanda is known to offer digitized versions of precious metals such as gold, silver and platinum. This portfolio is yet to be added to Bitpanda Pro, an advanced and EU-wide regulated version of the main platform. Barraclough told Cointelegraph that the exchange is “actively looking at offering even more traditional assets other than gold and silver, using blockchain technology and tokenization to facilitate this.”

Bitpanda has secured $263 million in a Valar Ventures-led Series C round, bringing its total market value to $4.1 billion. Besides new hires, the company then announced that it would use the fresh capital to expand to new markets in France, Spain, Italy and Portugal.

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SEC reportedly knocks back Valkyrie’s leveraged Bitcoin ETF

The SEC does not appear to have the appetite for more exotic Bitcoin futures products.

Reports are emerging that the U.S. Securities and Exchange Commission has rejected one, or possibly two, recent Bitcoin exchange-traded fund applications signaling that the regulator is not quite ready for more exotic futures products just yet.

Just a day or so after Valkyrie filed for a leveraged Bitcoin futures ETF and Direxion applied for an inverse fund for bears, the SEC appears to have vetoed them both.

On Oct. 28, Bloomberg’s senior ETF analyst Eric Balchunas referred to a Dow Jones alert indicating the Valkyrie leveraged fund had been shelved by the SEC. He added that the move was likely also to apply to the inverse fund application.

On Oct. 26, ETF issuer Direxion filed for a Bitcoin Strategy Bear ETF that would enable speculators to buy futures that short the price of BTC. On the same day, Valkyrie filed for a leveraged BTC futures ETF that would have offered 1.25x exposure to the asset.

The Direxion product invested purely in futures, however, the Valkyrie one would have held futures, swaps, options, and forwards. Another Dow Jones alert reported the SEC only seems interested in direct futures products at the moment, funds that buy contracts from the Chicago Mercantile Exchange (CME).

The regulator does not seem keen to approve any products that invest in the asset itself or anything other than CME futures contracts at this stage. Balchunas confirmed:

“Would be interesting (and poss) if they let the Inverse one go through. That one was limited to futures. Valkyrie’s was a bit of a departure from that language.”

Related: Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap?

ETF Store President, Nate Geraci, reported that two more ETFs had been applied for on Oct. 27 from AXS Investments. The SEC filings are for a regular Bitcoin Strategy ETF similar to the two already approved, and another shorting or inverse fund.

Another Dow Jones report states that Grayscale is confident that the SEC will be ready to approve a spot Bitcoin ETF by July 2022.

On Oct. 19, Grayscale filed an application with the SEC to convert its popular Bitcoin Trust (GBTC) into a spot fund that is backed by the asset itself as opposed to futures contracts.

Geraci, commented on the current lack of regulation over spot crypto markets, “So crypto markets/exchanges will be regulated by then? Seems ambitious.”

In related news, VanEck is making final preparations for the launch of its Bitcoin Strategy ETF which will trade under the ticker XBTF. On Wednesday, Balchunas said there was a “good chance” it could start trading on Friday, Oct. 29, but possibly Thursday.

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Shark Tank Star Kevin O’Leary Aims To Nearly Triple His Investments in Crypto Ecosystem

Shark Tank star and billionaire investor Kevin O’Leary is planning to triple down on his conviction in cryptocurrencies. In an interview with Anthony Pompliano on The Best Business Show, O’Leary says he sees big potential in the emerging cryptocurrency space, calling it the “twelfth sector of the S&P.” O’Leary says that he wants his operating company […]

The post Shark Tank Star Kevin O’Leary Aims To Nearly Triple His Investments in Crypto Ecosystem appeared first on The Daily Hodl.

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Price analysis 10/27: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA

Bitcoin and Ether may witness a deeper pullback over the coming days and this move could shake weaker hands out of altcoins and other high risk positions.

Bitcoin (BTC) has broken back below the psychological support at $60,000. While this seems to be negative in the short term, the price action has continued to mirror its movement in 2017. If the similarity continues for the remainder of the year, Bitcoin bulls may be in for a party.

PlanB, creator of the popular Bitcoin Stock-to-Flow (S2F) model, recently proclaimed in a tweet that the second leg of Bitcoin’s bull market has begun. If Bitcoin’s price action continues to follow the S2F model, the analyst believes a rally to $100,000 to $135,000 may be possible by the end of the year.

Daily cryptocurrency market performance. Source: Coin360

Although Bitcoin garners the lion’s share of attention, cryptocurrency exchange Okcoin said in a recent report that institutional investors’ appetite for non-Bitcoin crypto assets has been growing. The report said that 53% of the purchases by institutional investors in September were in altcoins.

Is the current fall in Bitcoin a buying opportunity or the start of a deeper correction? How are the altcoins expected to react? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin failed to retest the overhead resistance zone at $64,854 to $67,000 on Oct. 25, which may have prompted short-term traders to book profits. That has pulled the price down to the strong support at the 20-day exponential moving average (EMA) ($58,948).

BTC/USDT daily chart. Source: TradingView

A break and close below the 20-day EMA will be the first sign that the bullish momentum may be weakening. If bulls fail to reclaim the level quickly, the selling could accelerate and the BTC/USDT pair could slide to $52,920.

The relative strength index (RSI) has dropped to the midpoint and the 20-day EMA is flattening out, suggesting a balance between supply and demand.

This advantage will tilt in favor of the bears if the pair slides and sustains below the 50-day simple moving average (SMA) ($51,556). On the other hand, a breakout to a new all-time high will indicate that bulls are back in command.

ETH/USDT

The bulls tried to resume the uptrend in Ether (ETH) on Oct. 26 and 27 but could not sustain the price above $4,200. This suggests that bears are active at higher levels.

ETH/USDT daily chart. Source: TradingView

The sellers have pulled the price to the 20-day EMA ($3,869), which is an important support to keep an eye on. A strong bounce off the 20-day EMA will suggest that the sentiment remains positive and traders are buying the dips. The bulls will then again try to resume the uptrend.

On the contrary, if the 20-day EMA cracks, it will signal that traders may be booking profits and supply exceeds demand. The bears will then try to pull the price to the 50-day SMA ($3,488).

BNB/USDT

Binance Coin (BNB) turned down from the overhead resistance and broke below the 20-day EMA ($462) today. This is the first sign that the bullish sentiment could be weakening.

BNB/USDT daily chart. Source: TradingView

The long tail on today’s candlestick shows that bulls are attempting to defend the neckline of the inverse head and shoulders pattern.

If they succeed, the BNB/USDT pair could again try to rally to the overhead resistance at $518.90. A break and close above this resistance could signal the resumption of the uptrend.

Conversely, a close below the neckline could pull the price to the 50-day SMA ($423). If this support is breached, the next stop could be $392.20. The flattish moving averages and the RSI near the midpoint do not indicate a clear advantage to either bulls or bears.

ADA/USDT

Cardano’s (ADA) tight range trading between the 20-day EMA ($2.15) and the support line of the symmetrical triangle resolved to the downside on Oct. 27. This suggests that bears have asserted their supremacy.

ADA/USDT daily chart. Source: TradingView

The sellers pulled the price below $1.87 on Oct. 27 but the long tail on the candlestick suggests that bulls are attempting to defend the support. The recovery attempt is likely to face strong resistance at the 20-day EMA.

If the price turns down from the 20-day EMA, the bears will again try to break the $1.87 support. If that happens, the ADA/USDT pair could resume the down move toward the pattern target at $1.58.

The bulls will have to push and sustain the price above the resistance line of the triangle to invalidate the negative view.

SOL/USDT

Solana (SOL) broke above the overhead resistance at $216 on Oct. 25 but the bulls could not sustain the breakout. This may have attracted profit-booking by short-term traders, pulling the price to the 20-day EMA ($177).

SOL/USDT daily chart. Source: TradingView

The long tail on Oct. 27’s candlestick suggests that sentiment remains positive and bulls are buying on dips to the 20-day EMA. The buyers will now again try to push the price above the overhead resistance.

If they succeed, the SOL/USDT pair could resume the uptrend with the next target objective at $239.83. Contrary to this assumption, if bears pull the price below $171.47, the pair could extend the drop to the trendline. A break below this support will signal a possible trend change.

XRP/USDT

The bulls pushed Ripple (XRP) above the downtrend line on Oct. 26 but could not sustain the higher levels as seen from the long wick on the day’s candlestick. This may have trapped the aggressive bulls, resulting in strong selling on Oct. 27.

XRP/USDT daily chart. Source: TradingView

A close below the $1 support will complete a descending triangle pattern that could pull the price down to the strong support zone at $0.88 to $0.85. If this zone fails to arrest the decline, the XRP/USDT pair could extend the slide to the pattern target at $0.77.

The 20-day EMA ($1.08) is flat but the RSI has dropped into the negative zone, indicating that the bears are attending a strong comeback. This negative view will invalidate if bulls push and sustain the price above the downtrend line. That could clear the path for a possible rally to $1.24.

DOT/USDT

Polkadot’s (DOT) failure to rise above the overhead resistance at $46.39 on Oct. 26 may have prompted selling by short-term traders. This pulled the price down to the strong support at $38.77 on Oct. 27.

DOT/USDT daily chart. Source: TradingView

The long tail on Oct. 27’s candlestick shows that bulls are defending the support with vigor. If buyers push the price above $46.39, the DOT/USDT pair could resume its up-move and challenge the all-time high at $49.78.

Alternatively, if bulls fail to clear the overhead hurdle, the pair may consolidate between $46.39 and $38.77 for a few days. A break and close below $38.77 could signal the start of a deeper correction to the 50-day SMA ($35.14).

Related: Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

DOGE/USDT

Dogecoin (DOGE) turned down from $0.28 on Oct. 24, indicating that traders are liquidating positions on rallies. The bulls again tried to push the price above the $0.27 overhead resistance on Oct. 26 but failed.

DOGE/USDT daily chart. Source: TradingView

The selling accelerated on Oct. 27 after bears pulled the price below the 20-day EMA ($0.24). This resulted in a decline close to the strong support zone at $0.21 to $0.19. The long tail on the day’s candlestick suggests that traders continue to defend the support zone.

The 20-day EMA has flattened out and the RSI is just below the midpoint, suggesting a possible range-bound action in the near term. The next trending move could start on a break above $0.28 or a close below $0.19.

SHIB/USDT

SHIBA INU (SHIB) is in a strong uptrend. The long wick on the Oct. 24 candlestick shows that bears tried to stall the up-move at $0.00004465 but they could not sustain the selling pressure. Buying resumed on Oct. 25 and the meme coin resumed its northward march.

SHIB/USDT daily chart. Source: TradingView

The strong up-move has pushed the RSI near the 90 level, which suggests that the rally may be overextended in the short term. However, this does not guarantee the start of a correction because the RSI had reached above 93 on Oct. 6 before a pullback happened.

The bulls have pushed the SHIB/USDT pair above the 161.8% Fibonacci extension level at $0.00006531. If the price sustains above this level, the next stop could be the 200% extension level at $0.00007586.

Vertical rallies are rarely sustainable and they usually end with waterfall declines. Therefore, chasing prices higher after the recent rally may be risky.

LUNA/USDT

Terra protocol’s LUNA token broke above the overhead resistance at $45.01 on Oct. 26 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

LUNA/USDT daily chart. Source: TradingView

The bears sensed an opportunity and pulled the price below the $39.75 support on Oct. 27, but a minor positive is that bulls bought the dip to the 50-day SMA ($38.16). If the price sustains above $39.75, the bulls may again try to push the LUNA/USDT pair toward $45.01.

Conversely, if the price breaks below the 50-day SMA, the pair could drop to the strong support zone at $34.86 to $32.50. This is an important zone for the bulls to defend because a break below it could accelerate selling.

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

Market data is provided by HitBTC exchange.

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