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3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout

June 15, 2023 Coin Telegraph

Bitcoin

Bitcoin remains bullish — and arguably more so than ever — depending on what BTC price metrics are used to assess it.

Bitcoin (BTC) is copying the prelude to its 2020 breakout to an “insane” extent, the co-founders of Glassnode have said.

In a tweet on June 15, Yann Allemann and Jan Happel highlighted three BTC price metrics that are anything but bearish.

Metrics echo Bitcoin’s “major reversals and rallies”

BTC/USD reached local highs of $31,000 in April but, since then, has dipped around 20%. Sentiment has taken a beating in the process, with downward price predictions becoming the norm in the intervening weeks.

While recent events have placed additional pressure on the market, Allemann and Happel see at least three good reasons for optimism.

Several on-chain indicators, they revealed, now look uncannily like they did in Q3 2020, just before BTC/USD beat its old 2017 all-time high of $20,000.

“The resemblance to Sep 04, 2020, is insane…,” they wrote in part of commentary.

Leading the line-up is the classic relative strength index (RSI), which measures how overbought or oversold BTC/USD is at a specific price point.

Daily RSI currently measures 35, data from Cointelegraph Markets Pro and TradingView confirms. This is its lowest reading since early March, just before Bitcoin’s most recent uptick, which resulted in the $31,000 peak a month later.

“RSI is at levels that led to major reversals and rallies,” the post explained.

*BTC/USD 1-day candle chart on Bitstamp with RSI. Source: TradingView*

Continuing, Allemann and Happel flagged the Cipher B readings for Bitcoin, these coming from a collection of algorithms that converge to offer signals of, among other things, when to buy dips during bull markets.

“Cipher b wave trends are at levels that led to major reversals and rallies,” they repeated.

Finally, the appropriately named Bitcoin Risk Signal is back at its Sept. 4, 2020 position. Risk Signal predicts the likelihood of a major BTC price drawdown and, at that time, saw a spike to “high risk” before receding.

What happened next was a flat Risk Signal reading for successive months, while BTC/USD broke higher.

*Bitcoin Risk Signal chart. Source: Glassnode*

Hodlers big and small increase BTC exposure

Elsewhere, Glassnode flagged encouraging signs suggesting investors keeping the faith long term.

For lead on-chain analyst Checkmate, accumulation among existing hodlers remained impressive.

“Pretty doomy out there,” he tweeted about sentiment on June 15.

“Meanwhile, Bitcoin Shrimp, Crabs, and Fish (wallets < 100 $BTC) are adding to their balance at a rate of 248% times the amount freshly minted by miners. Sharks (100 to 1k $BTC) adding an additional 38%. Coins are coming out of exchanges. Halving is ~310 days away.”

Accompanying charts showed so-called “Absorption Rates” for various hodler cohorts by wallet size.

*Bitcoin Absorption Rates charts. Source: Checkmate/Twitter*

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Mature Bitcoin Wealth Taps an All-Time High — Diamond Hands Trend Highlights ‘Refusal to Spend’

September 27, 2022 Bitcoin.com

Ethereum completes Merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

September 17, 2022 Coin Telegraph

Coin Telegraph

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link!

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $19,462, Ether (ETH) at $1,425 and XRP at $0.33. The total market cap is at $949.92 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 12.12%, Compound (COMP) at 10.97% and Kyber Network Crystal v2 (KNC) at 4.31%.

The top three altcoin losers of the week are Terra (LUNA) at -49.07%, TerraClassicUSD (USTC) at -29.01% and Terra Classic (LUNC) at -26.47%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

I think the market, not only crypto markets but the stock market, is clinging to a hope that someday the Federal Reserve will magically say, Well, I think this will be the last or the two last rate hikes.

Marcel Pechman, markets analyst and Cointelegraph contributor

Music NFTs are an anti-genre. Were seeing a lot more diversity and creative freedom in NFTs as if artists are finally free to create for the sake of creating and not to fit the algorithms.”

Adrien Stern, co-founder and CEO of Reveel Technology

DeFi insurance is a sleeping giant. With less than 1% of all crypto covered and less than 3% of DeFi, theres a huge market opportunity still to be realized.

Dan Thomson, chief marketing officer for InsurAce

If enough people get behind a fork for whatever reason, we feel the free market will decide on what should live and what should not.

Bradley Duke, co-CEO of ETC Group

It will be a significant mark of success when the first [Ethereum] block is produced by proof-of-stake. But this is like completing the launch of a rocket we still have the rest of the journey ahead of us, which will pose its challenges.

Eli Ben-Sasson, co-founder and president of StarkWare

Web3 seeks to safeguard the legitimate claims of individuals to have full control of their data and put privacy at the forefront of their online lives.

rsula O’Kuinghttons, director of communications and partnerships at the Web3 Foundation

Prediction of the Week

Bitcoin price threatens $19.6K as Ray Dalio predicts 30% stocks crash

Bitcoin got all the way up above $22,000 this week but subsequently fell back below the $20,000 mark in the days following, according to Cointelegraphs BTC price index.

Billionaire investor and hedge fund manager Ray Dalio expects traditional markets to face downward pressure due to surging inflation and rising interest rates. Crypto assets have traded in tandem with traditional markets as of late.

I estimate that a rise in rates from where they are to about 4.5 percent will produce about a 20 percent negative impact on equity prices (on average, though greater for longer duration assets and less for shorter duration ones) based on the present value discount effect and about a 10 percent negative impact from declining incomes, Dalio said in a Sept. 13 blog post.

FUD of the Week

Thai SEC intends to ban crypto lending in the country

Thailands Securities and Exchange Commission wants to forbid digital asset business operators from providing crypto lending and staking services to customers, according to a Sept. 15 announcement from the government agency. The announcement requests feedback from the public on a potential ban, with Oct. 17 as the deadline to weigh in on the issue.

South Korea issues arrest warrant for Terra Founder Do Kwon

Authorities in South Korea are reportedly on the lookout for six people, including Terraform Labs co-founder Do Kwon, although Kwon and the others are in Singapore presently. The six individuals are reportedly the subject of an arrest warrant put out by a Seoul court. Kwon allegedly broke capital markets law in South Korea, according to the prosecutor. Terraform Labs heads up the Luna crypto project, which suffered a dramatic demise earlier in 2022. Further news saw prosecutors seeking to revoke passports for the six, who were all involved in the Luna crypto project. Additionally, prosecutors are seeking an international warrant for the arrest of the six.

Stone Ridge board approved plan for ‘liquidation and dissolution’ of its Bitcoin fund

Stone Ridges Bitcoin Strategy Fund will close up shop after Oct. 3, with liquidation expected around Oct. 21. On Sept. 9, the Stone Ridge Trust board of trustees voted in favor of the funds termination, according to a U.S. SEC filing this week. The fund, in part, uses futures products to give investors exposure to Bitcoin.

Best Cointelegraph Features

Ethereum is eating the world You only need one internet

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Guide to real-life crypto OGs you’d meet at a party (Part 2)

“I think OGs are hard core believers who went all-in when nobody else was paying attention to the space.”

Boom and bust: How are Defi protocols handling the bear market?

A look at how DeFi protocols have fared during the recent bear market and the importance of continuing to build during market downturns.

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Binance removes 3 stablecoins, Russia eyes cross-border crypto payments and UK exudes crypto positivity: Hodler’s Digest, Sept. 4-10

September 10, 2022 Coin Telegraph

Coin Telegraph

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $21,293, Ether (ETH) at $1,715 and XRP at $0.34. The total market cap is at $1.04 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Terra (LUNA) at 218.74%, Terra Classic (LUNC) at 76.92% and Ravencoin (RVN) at 65.43%.

The top three altcoin losers of the week are Nexo (NEXO) at -11.74%, 1inch Network (1INCH) at -8.75% and UNUS SED LEO (LEO) at -6.35%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

Biggest reason Im bullish on Bitcoin is because the world is not in good shape right now and Bitcoin is going to fix that.

Prince Philip Karageorgevitch, hereditary prince of Serbia and Yugoslavia

Until they actually fix the supply side of certain things, like energy especially, but commodities broadly and logistics infrastructure, until that is improved, it’s hard to have a more persistent fix to the inflationary problem.

Lyn Alden, independent macro analyst

You cant walk into a Starbucks in America and pay with Swiss francs or pounds. Yet, both of these are real money. Context matters.

Rockwell Shah, co-founder of Invisible College

There will always be GPUs mining some GPU optimized chains, but I doubt we will return to the levels of revenue seen in ETH proof-of-work at its peak ever again.

Andy Long, CEO of White Rock

Ethers price could decouple from other cryptocurrencies following The Merge, as its staking rewards will make it similar to an instrument like a bond or commodity with a carry premium.

Chainalysis report

I want to send a clear, strong message to everyone in the crypto world anyone offering to hand you free money is lying. It simply doesnt exist.

FatManTerra, pseudonymous Twitter crypto influencer

Prediction of the Week

Bitcoin analyst who called 2018 bottom warns ‘bad winter’ may see $10K BTC

Pseudonymous crypto market analyst Filbfilb sees Bitcoin possibly dropping down to $10,000 inside of 2022. Macro global factors and mainstream market correlation could potentially impact Bitcoins price trajectory, according to comments made by the analyst during an interview. Among a slew of insights, Filbfilb noted the current crypto bear market has some similarities to previous bear markets, but also includes differences. The analyst showed notable accuracy in calling Bitcoins bottom during its last bear market in 2018.

FUD of the Week

Bitcoiner sentenced to federal prison warns users involved in OTC trading

Mark Alexander Hopkins, aka Rizzn on Twitter, claims hes facing a prison sentence of 6-to-15 months. The crime? Allegedly failing to secure proper regulatory licensing for his crypto business of peer-to-peer (P2P) Bitcoin trading. Hopkins home was raided by U.S. authorities in 2019. Hopkins, also known as Doctor Bitcoin, claims to have registered with the U.S. Financial Crimes Enforcement Network but complications arose as some of his P2P Bitcoin dealings were tied to a client involved in money laundering. Authorities claim Hopkins did not conduct due diligence on his customers, although he asserts otherwise.

Which countries are the worst for crypto taxation? New study lists top five

Crypto taxes vary globally. Coincub, a digital asset analytics provider, recently published a study naming the five least favorable regions for paying crypto taxes. Belgium took the cake for the country with the worst crypto tax laws, requiring citizens to pay as much as 50% in some cases, with 33% levied on crypto capital gains. Following Belgium on the worst crypto tax jurisdiction list: Iceland, Israel, the Philippines and Japan.

Vermont’s financial regulator alleges Celsius and its CEO made ‘false and misleading claims’

Bankrupt crypto platform Celsius faces allegations from the Vermont Department of Financial Regulation (DFR). The authority claims Celsius and its CEO Alex Mashinsky knew about the projects financial issues, but proceeded to mislead the public into thinking everything was fine. The allegations also cite market manipulation of the projects CEL asset. By increasing its Net Position in CEL by hundreds of millions of dollars, Celsius increased and propped up the market price of CEL, thereby artificially inflating the companys CEL holdings on its balance sheet and financial statements, Ethan McLaughlin, assistant general counsel for the DFR, said.

Best Cointelegraph Features

Powers On Insider trading with crypto is targeted Finally! Part 1

It took a few years, but government crackdowns on ‘insider trading’ involving digital assets have finally arrived. Its about time!

Insiders guide to real-life crypto OGs: Part 1

Just like everything else in life, theres ebb and flow to our fortunes and life circumstances.

What will drive cryptos likely 2024 bull run?

Easing monetary policies, the decline of inflation, the change in Bitcoin’s mining difficulty, and growing confidence in DeFi are factors that point to a renewed surge for crypto prices.

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Saylor gets sued, FBI warns about DeFi exploits and Crypto.com drops $495M sponsorship: Hodler’s Digest, Aug. 28-Sept. 3

September 3, 2022 Coin Telegraph

Saylor gets sued, FBI warns about DeFi exploits and Crypto.com drops 5M sponsorship: Hodler’s Digest, Aug. 28-Sept. 3

Coin Telegraph

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $20,369, Ether (ETH) at $1,636 and XRP at $0.33. The total market cap is at $1.00 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 36.41%, eCash (XEC) at 20.70% and Lido DAO (LDO) at 18.05%.

The top three altcoin losers of the week are Helium (HNT) at -24.47%, Avalanche (AVAX) at -10.41% and Arweave (AR) at -9.92%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

Building new things is not for the faint hearted.

Neil Dundon, founder of CryptoRecruit

Ethereum is about permissionless innovation, free enterprise, property rights, globalization.

Ryan Berckmans, member of the Ethereum community

We eventually came round to the idea at Coinbase that were going to have to be agnostic to every chain and token that is coming out. We cant sit here in our ivory tower only focused on one asset.

Brian Armstrong, CEO of Coinbase

“I feel that [crypto] cannot be partisan.”

Tom Emmer, member of the U.S. House of Representatives

Most of crypto is still junk, actually. I mean, with the exception of, I would say, a few dozen tokens, everything else that has been mentioned is either noise or, frankly, it’s just gonna go away.

Umar Farooq, head of Onyx, JPMorgan’s digital assets unit

Cryptocurrencies have taken a life of their own outside of the distributed ledger and this is the source of the crypto worlds problems.”

Ravi Menon, managing director of the Monetary Authority of Singapore

Prediction of the Week

Bitcoin squeeze to $23K still open as crypto market cap holds key support

For most of this week, Bitcoin could not decide whether it wanted to stay above or below $20,000, trading north and south of the level numerous times, according to Cointelegraphs BTC price index.

In a Friday tweet, pseudonymous Twitter user il Capo Of Crypto noted that a possible short squeeze could occur if BTC rose above the $20,700-to-$20,800 price zone. Pending a break of this level, Bitcoin could then hit between $22,500 and $23,000. On the flip side, dropping below $19,500 would likely take the squeeze off the table, especially if the asset continued to drop below $19,000.

FUD of the Week

FBI issues alert over cybercriminal exploits targeting DeFi

This week, a public service announcement from the United States Federal Bureau of Investigation (FBI) cautioned the public over a proliferation of decentralized finance (DeFi) exploits, stating that those interested in DeFi should be careful. The agency also noted that DeFi platforms should conduct code audits to check for weaknesses. Dwarfing totals from 2020 and 2021 combined, nefarious actors have pilfered more than $1.6 billion via DeFi exploits so far in 2022 per data from CertiK, a blockchain security company.

Accomplice of ‘Cryptoqueen’ Ruja Ignatova faces extradition to US: Report

British citizen Christopher Hamilton, alleged accomplice of Ruja Ignatova, could see extradition to the U.S. thanks to a ruling from a judge in the United Kingdom. However, the move still requires approval from a U.K. government executive authority. Hamilton allegedly had a hand in the $4 billion OneCoin Ponzi scheme connected to Ruja Ignatova, aka the Cryptoqueen. In June, the FBI added Ignatova to the list of its ten most sought-after fugitives. Charges against Hamilton include laundering $105 million in connection to the Ponzi scheme.

Sneaky fake Google Translate app installs crypto miner on 112,000 PCs

The crypto and technology sectors are often riddled with tech traps and scams. One particular effort, ongoing since 2019, is particularly tricky. A certain type of malware named Nitrokod sits hidden within counterfeit computer apps and starts mining Monero (XMR), but only after a few days have passed. The malware lies within convincing versions of fake apps, such as a Google Translate app that boasts numerous positive reviews online. An official Google Translate desktop app does not even exist, however, but this malware-infused app has become a top search result. Nitrokod malware has affected over 100,000 devices spanning almost a dozen countries.

Best Cointelegraph Features

Billions are spent marketing crypto to sports fans Is it worth it?

Without explicit use cases tied to the massive dollars paid for sports marketing sponsorships, the branding only leads to logo exposure.

Get ready for the feds to start indicting NFT traders

Securities and Exchange Commission regulators should move to protect investors from traders who distort the NFT market with manipulative trades and they probably will soon.

Why interoperability is the key to blockchain technologys mass adoption

Interoperability enables blockchain networks and protocols to communicate with each other, making it easier for everyday users to engage with blockchain technology.

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Coinbase posts $1.1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

August 13, 2022 Coin Telegraph

Coinbase posts .1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

Coin Telegraph

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $23,840.93, Ether (ETH) at $1,882.20 and XRP at $0.37. The total market cap is at $1.13 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 93.85%, Ankr (ANKR) at 46.99% and Decred (DCR) at 26.34%.

The top three altcoin losers of the week are ApeCoin (APE) at 9.03%, Curve DAO Token (CRV) at 5.01% and Kusama (KSM) at 4.53%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

A senior living community has almost no exposure to the crypto ecosystem unless their grandchildren tell them about it.

Owen Robertson, marketing associate at Dominant Strategies

The fact that I dont have an alternative to Facebook is the reason why Facebook is a monopoly. But if it was on a blockchain, I could transmit data freely, there could become [different] Facebooks.

Yat Siu, co-founder of Animoca Brands

In the past six months or so, weve seen valuations on companies come down to a bit more realistic valuations, and its become a great time to begin allocating capital.

Gerard Berile, venture and investment principal at Wave Financial

Going forward, that mentality towards risk management while still being bullish over the long term is very important. […] You can be bullish on crypto, but you can still sell out of the market.

Jeffrey Gao, CEO of Cypherpunk Holdings

Scalability isnt just like some boring thing where you just need like ‘cost numbers go down’ scalability, I think actually enables and unlocks entirely new classes of applications.

Vitalik Buterin, co-founder of Ethereum

So I think institutional adoption is where its going, and the institutions are what is going to enable […] that killer app for consumers to really bring crypto and DeFi to the next level.

Boris Alergant, head of DeFi markets at Ripple Labs

Prediction of the Week

$29K Bitcoin is closer than you might expect, according to derivatives data

With Bitcoins price continuing to battle $24,000 resistance, facing rejection on Aug. 10 but managing not to be knocked off the 52-day-long ascending channel, Cointelegraph market analyst Marcel Pechman suggested the price could eventually hit $29,000 by October. He pointed to a bullish chart formation with a support level of $22,500 that indicates the price could climb to just under $30,000. Pechman also noted that while BTC derivatives data show a lack of interest from leveraged longs, there is no indication of a surprise crash being priced into the market.

FUD of the Week

ASIC chair troubled by sheer amount of risk-taking crypto investors

Joe Longo, the chairman of the Australian Securities and Investments Commission (ASIC), has raised alarm bells over the number of Aussies that invested in unregulated, volatile crypto assets during the pandemic. As part of a media release on Thursday, Longo pointed to ASIC research from November 2021 that found that crypto was the second most common investment product, with 44% of those surveyed reporting holding it. Out of those investors, 25% indicated that crypto assets were the only investment class they were involved in.

Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic

According to a Wednesday report from blockchain analytics firm Elliptic, crypto bridge RenBridge has facilitated the laundering of at least $540 million in hacking proceeds since 2020. According to the report, the laundering was conducted via a process known as chain hopping converting one form of cryptocurrency into another and moving it across multiple blockchains.

Tornado Cash co-founder reports being kicked off GitHub as industry reacts to sanctions

Tornado Cash co-founder Roman Semenov claimed his account on developer platform GitHub was suspended on Monday. Semenov noted that, despite not being individually named as a Specially Designated National by the U.S. Treasurys Office of Foreign Assets Control, he seemed to be facing repercussions relating to the Treasurys allegations that Tornado Cash laundered more than $7 billion worth of crypto.

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Hodler’s

Metrics echo Bitcoin’s “major reversals and rallies”

Hodlers big and small increase BTC exposure

Top Stories This Week

Winners and Losers

Most Memorable Quotations

Prediction of the Week

FUD of the Week

Best Cointelegraph Features

The best of blockchain, every Tuesday

Top Stories This Week

Winners and Losers

Most Memorable Quotations

Prediction of the Week

FUD of the Week

Best Cointelegraph Features

The best of blockchain, every Tuesday

Top Stories This Week

Winners and Losers

Most Memorable Quotations

Prediction of the Week

FUD of the Week

Best Cointelegraph Features

The best of blockchain, every Tuesday

Top Stories This Week

Winners and Losers