A widely followed crypto analyst says that Bitcoin (BTC) is just about ready to cross a key resistance level that historically starts a bull run. Pseudonymous crypto strategist PlanB tells his 1.8 million Twitter followers that he’s patiently waiting for the top digital asset by market cap to cross its two-year realized price, which currently […]
The post Bitcoin (BTC) About To Flash Signal That ‘Historically’ Marks Beginning of Fresh Bull Runs: Analyst PlanB appeared first on The Daily Hodl.
Crypto analytics firm Santiment says that on-chain data is now hinting at renewed bull runs for Bitcoin (BTC) and Ethereum (ETH). The market intelligence firm says that both of the top two crypto assets by market cap are seeing more and more of their supplies being moved out of digital asset exchange platforms and into […]
The post Subtle Hint of New Bitcoin and Ethereum Bull Runs Showing Up On-Chain, Says Analytics Firm Santiment appeared first on The Daily Hodl.
Litecoin (LTC) founder Charlie Lee is providing details on how high he thinks the 13th-largest crypto could soar in the next bull market. Lee tells his one million Twitter followers that Litecoin has value because the project has established a unique niche for itself. According to Lee, Litecoin has managed to stay operational for over […]
The post Litecoin Creator Charlie Lee Unveils Price Target for LTC in Next Bull Run, Says Altcoin Has a Ton of Potential appeared first on The Daily Hodl.
According to worldwide data from Google Trends, the search term “bitcoin” has reached a score of 93 out of 100 in the last seven days. Additionally, the price of bitcoin rose above the $30,000 range for the first time in ten months, or since June 2022. Bitcoin Search Interest Rises as Leading Crypto Asset Taps […]
Gemini’s co-founder believes that the next crypto bull run will come from the East. “It will be a humbling reminder that crypto is a global asset class,” he said. “The West, really the U.S., always only ever had two options: embrace it or be left behind. It can’t be stopped.” Gemini Co-Founder on Next Crypto […]
The Bloomberg analyst said Bitcoin is forming a bottom similar to how it looked prior to the 2019 bull run but with one major difference in the markets.
Mike McGlone, Bloomberg's senior commodity strategist believes Bitcoin (BTC) could be developing a "bottom" in the same way it did prior to 2019's bull run but said there is a major difference this time around.
During a Jan. 16 interview with crypto podcaster Scott Melker, McGlone argued unlike in 2018 when financial institutions such as the Federal Reserve were easing interest rates, this time they’re still tightening along with "every central bank."
"Back then the Fed already started easing and we held the bottom and broke out higher and then we had that issue in 2019," he said.
"Right now they're tightening aggressively, so you look at that and you can't be too excited about any markets. Give it some time. Big picture, yes, really bullish Bitcoin," McGlone added.
McGlone also warned BTC might not see the surge being predicted just yet as there are challenging macroeconomic conditions and pressure from interest-rate hikes.
He believes the NASDAQ is likely to dip below its 200-week moving average, which he claims is another indication BTC’s price rally may not happen soon.
"Liquidity is being pulled away still and if the NASDAQ breaks down, everything breaks down, Bitcoin is going to be part of it."
"I still think it's going to come out ahead so to me that's where we stand," he added.
Related: Arthur Hayes: Bitcoin bottomed as ‘everyone who could go bankrupt has gone bankrupt’
McGlone also said the market has entered an "unprecedented" environment, "where we're having bounces in what we know are bear markets and the Fed just says, sorry we're taking the punchbowl away, we're not giving it get back to you."
"I still think we're in the midst of the biggest macroeconomic reset of our lifetimes, we just had a 100-year event in terms of the pandemic, we're having a historic war in Europe and we're having a historic shift in political leadership in China," he added.
"I mean it's going back to the days of the Soviet Union when you have one leader and are expecting to be economically viable."
On Saturday, members of the forum r/cryptocurrency discussed how the current bear market is now the second-longest bear market in the history of bitcoin prices. According to the forum post, the current crypto winter has lasted more than 380 days, just below the longest bitcoin downturn that took place during the 2013-2015 bear market, which […]
Hayes says the next crypto bull run will be tied to when China embraces the crypto market again, and Hong Kong could be the gateway for this to happen.
Arthur Hayes, the former CEO of crypto derivatives giant BitMEX, believes the next crypto bull run will start when China moves back into the market, and Hong Kong has a vital part to play in this process.
In his Oct. 26 blog post titled "Comeback", Hayes outlined why he thinks the Hong Kong government's announcement about introducing a bill to regulate crypto is a sign China is trying to ease its way back into the market. This could be because Hong Kong acts as “the proxy through which China interacts with the world."
“When China loves crypto, the bull market will come back. It will be a slow process, but the red shoots are budding.”
Hayes argued that Hong Kong may become the testing ground for Beijing to experiment with crypto markets and act as a hub for Chinese capital to find its way into the global crypto markets.
"If these flows actually materialize in the way I imagine, they will be a strong supporting pillar of the next bull market.”
According to Hayes, Hong Kong’s “reorientation as a pro-crypto location” is a prong in Beijing's strategy to reduce its position in a way that won't destabilize its internal financial system.
Hong Kong was ranked the best-prepared country for widespread crypto adoption in a study by Forex Suggest published in July 2022. It considered several factors like crypto ATM installations, pro-crypto regulations, and startup culture.
China has one of the largest economies in the world but has been mostly hostile toward the crypto industry. The country's first ban came way back in 2013 when it prohibited banks from handling Bitcoin (BTC) transactions.
Beijing ramped up its crypto crackdown efforts in 2021 when it carried out multiple regulatory operations to eradicate Bitcoin mining from the country and deemed all crypto transactions illegal.
However, Hayes says "China has not left crypto — it has just been dormant."
Related: Possession of Bitcoin still legal in China despite the ban, lawyer says
China did resume BTC mining operations in September 2022 and Chainalysis noted in its 2022 Global Crypto Adoption Index that China re-entered the top ten this year after placing 13th in 2021.
The authors of the Global Crypto Adoption Index said they found the development "especially interesting" given the Chinese government's crackdown on crypto, but according to their data, "the ban has either been ineffective or loosely enforced."
In recent times bitcoin’s volatility has been the lowest it’s been since 2020 and after last month’s market downturn, crypto enthusiasts expected a reversal in October. In fact, bitcoin has seen gains in October ten times out of the last 13 years, which has led crypto enthusiasts to call the month “Uptober.” While bitcoin is […]