Popular macro expert Lyn Alden is issuing a warning to investors, saying that the next Bitcoin (BTC) bull run could be a long way off. In a new strategy session with crypto analyst Benjamin Cowen, Alden says that the Federal Reserve’s continued interest rate hikes are likely going to keep downward pressure on crypto assets. […]
The post Macro Expert Lyn Alden Warns a ‘Straight Up’ Bitcoin (BTC) Bull Market Is Unlikely Any Time Soon – Here’s Why appeared first on The Daily Hodl.
Macro expert Lyn Alden says that Bitcoin (BTC) is a “strong buy” at its current price but warns traders to keep in mind there may be volatility ahead. In a new interview with Swan Signal, Alden says that Bitcoin’s current value gives investors what may be a rare opportunity to accumulate the king crypto at […]
The post Macro Guru Lyn Alden Says Bitcoin (BTC) in ‘Deep Value Zone’ at Current Prices – But There’s a Catch appeared first on The Daily Hodl.
Despite macroeconomic headwinds and regulatory crackdowns on crypto, Bitcoin is made a new high for 2023.
The price of Bitcoin (BTC) has reached a new 2023 high of $25,000. The milestone comes after a surge in Bitcoin's price over much of January.
The last time Bitcoin’s price was around $25,000 was near mid-June 2022 on its way down to between $19,000 and $21,000, where it had hovered for several months, according to data from CoinGecko.
The price of BTC however took a big dip in November following the FTX crisis, which saw it drop to a 2022 low of $15,742 on Nov. 10. 2022.
The price began to surge in early January, when the price of BTC increased over 14 consecutive days between Jan. 4-17.
That daily green candle streak was its second longest in the cryptocurrency’s 14-year history — having fallen one day short of its 15-day record in November 2013.
Related: Bitcoin price correction was overdue — analysts outline why the end of 2023 will be bullish
While BTC has had an impressive start to 2023, it is still down 63% from its all time-high (ATH) of $69,044, which was reached on Nov. 10, 2021.
Some economists such as Lyn Alden however believe that BTC’s current price surge may be relatively short-lived. The Bitcoin bull believes actions from the U.S. Federal Reserve will likely impose “considerable danger ahead” for BTC in the second half of 2023.
Meanwhile, Galaxy Digital Holdings CEO Mike Novogratz is more bullish over the short term.
Speaking at a Bank of America conference on Feb. 15, Novogratz reportedly said there’s a chance BTC could hit $30,000 by the end of March.
Bitcoin's huge price surge in January has meant that 64% of Bitcoin investors are in profit, according to data from IntoTheBlock.
Bitcoin (BTC) has just clocked its 11th consecutive day outside the “Fear” zone in the Crypto Fear and Greed Index, cementing its longest streak out of fear since last March.
Bitcoin Fear and Greed Index is 61 - Greed
— Bitcoin Fear and Greed Index (@BitcoinFear) January 30, 2023
Current price: $23,780 pic.twitter.com/U5gxN3AwnT
This comes as Bitcoin hit $23,955 at 8:10 pm UTC time on Jan. 29, its highest level of the year. It has since come back down slightly, to $23,687 at the time of writing.
Meanwhile, Bitcoin sentiment is currently sitting firmly in the “Greed” zone with a score of 61, its highest level since the height of the bull run around Nov. 16, 2021, when its price was about $65,000.
However, despite Bitcoin’s strong resurgence in recent weeks, market participants continue to debate whether the recent price surge is part of a bull trap or whether there is a real chance for a bull run.
Regardless, the current rally has pushed a lot more BTC holders back into the green.
According to data from blockchain intelligence platform IntoTheBlock, 64% of Bitcoin investors are now in profit.
Those who first bought BTC back in 2019 are now — on average — back in profit too, according to on-chain analytics platform Glassnode.
We can calculate the average acquisition price for #Bitcoin by tracking exchange withdrawals.
— glassnode (@glassnode) January 29, 2023
The chart below shows the average withdrawal price for investors for each year.
The average class of 2019+ $BTC is now back in profit (at $21.8k)
Live Chart: https://t.co/yuhvydV70c pic.twitter.com/skjrM6w5lH
The average first-time buy price for BTC investors in 2019 was $21,800, which means those investors are on average up about 9% at the Jan. 29 price of $23,687.
Related: Bitcoin eyes $25K as BTC price nears best weekly close in 5 months
Meanwhile, a Jan. 29 poll from crypto market platform CoinGecko has revealed that 57.7% of 3,725 voters believe BTC will exceed $25,000 this week, while only 21.2% of voters believe BTC is primed for a pullback below $22,000.
The founder and CEO of Vailshire Capital, Dr. Jeff Ross, also provided a technical analysis of his own on Jan. 29, suggesting that a price surge toward $25,000 in the short term may be on the cards:
The strength of #bitcoin on the 4-hour charts continues to be impressive.
— Dr. Jeff Ross (@VailshireCap) January 29, 2023
While price action has trended sideways for over a week, short term indicators (MACD, RSI) have once again reset... and are now ramping higher.
A price surge to ~$25k is probable.
(Not investment advice) pic.twitter.com/QaPbNrxtxZ
Other analysts have called for excited investors to taper some of their expectations, however.
Head analyst Joe Burnett of Bitcoin mining company Blockware told his 43,900 Twitter followers on Jan. 29 that BTC won’t reach and surpass its all-time high of $69,000 until after the next Bitcoin halving event, which is expected to take place in March 2024:
I do not think Bitcoin will make a new all time high until after the 2024 halving.
— Joe Burnett ()³ (@IIICapital) January 29, 2023
Dovish macro conditions and decreased miner sell pressure will lead to the next parabolic bull run.
Using Energy Gravity as a potential top indicator, I expect the next peak to be $150k - $350k. pic.twitter.com/OfCER7s8Zq
Macroeconomist and investment adviser Lyn Alden also recently told Cointelegraph that there may be “considerable danger ahead” with potentially risky liquidity conditions expected to shake the market in the second half of 2023.
Macro expert Lyn Alden says that macroeconomic conditions hint at further Bitcoin (BTC) rallies over the next several months, but with a caveat. In a new interview with Natalie Brunell, Alden says that Bitcoin has historically proved to be a decent play on USD liquidity, usually rising in price alongside an expansion of the money […]
The post Macro Guru Lyn Alden Predicts Bitcoin Rally Likely To Continue in Coming Months – But There’s a Big Catch appeared first on The Daily Hodl.
Matrixport’s head of research and strategy suggests the industry will soon see layer 1 and other altcoins outperforming relative to Bitcoin.
Institutional investors are “not giving up on crypto,” with recent data pointing to as much as 85% of Bitcoin buying being the result of American institutional players, according to Matrixport’s chief strategist.
Markus Thielen, the head of research and strategy at the financial services firm, told Cointelegraph the evidence shows that institutions are not “giving up on crypto” and is an indicator that we might be entering a new “crypto bull market now.”
The data was shared in a Jan. 27 report from Matrixport, which suggests that it can be distinguished whether a digital asset is more favorable by retail or institutional investors at any given time based on whether that asset is performing well in the United States or Asian trading hours.
The report stated that if an asset that trades 24 hours “performs well” during U.S. trading hours, it indicates that U.S. institutions are buying it, while an asset that sees growth during Asian trading hours indicates that Asian retail investors are buying it.
The report cited that Bitcoin (BTC) is up 40% this year, with 35% of those returns occurring during U.S. trading hours, meaning there is an “85% contribution” associated with U.S.-based investors, indicating that U.S. institutions are buyers of Bitcoin right now.
Bitcoin Fear and Greed Index is 55 - Greed
— Bitcoin Fear and Greed Index (@BitcoinFear) January 27, 2023
Current price: $23,033 pic.twitter.com/OAt0TakkZR
Thielen added that previous data shows that institutions typically first start buying Bitcoin before investing in other cryptocurrencies. He noted:
“If history is any guide, then we should see the outperformance of layer 1 and altcoins relative to Bitcoin.”
While the report highlighted that news regarding other projects positively impacted token prices such as Lido and Aptos, the crypto rally only started once the U.S. inflation data was released on Jan. 12.
It was also mentioned that Ethereum (ETH) appears to be performing well during U.S. hours, indicating “institutional flows” into the cryptocurrency, however Aptos is doing well around the clock.
“Aptos is seeing a mix of strong returns during U.S. trading hours AND during Asia trading hours.”
The report concluded by stating that this “should be a very positive sign for Bitcoin” as institutional adoption continues.
Related: Data shows pro Bitcoin traders want to feel bullish, but the rally to $23K wasn’t enough
In earlier comments to Cointelegraph, economist Lyn Alden believes that Bitcoin is currently playing “a bit of catch-up,” getting back to where it would have been without the FTX collapse occurring.
Alden warned that there is “considerable danger ahead” for the second half of 2023, citing liquidity conditions being “good right now” in part because of the U.S as a major factor.
#Bitcoin is a Masterpiece. pic.twitter.com/2rhnCYlkW1
— Michael Saylor⚡️ (@saylor) January 25, 2023
Alden explained that as the U.S. Treasury is drawing down its cash balance to keep the country’s debt levels low, it pushes “liquidity into the financial system.”
Meanwhile, popular trader and market commentator TechDev posted a Twitter update on Jan. 26 showing the price correlation between Bitcoin and Gold, stating that if Bitcoin continues to follow the price of Gold, it might even “crack the $50,000 mark.”
On Dec. 9, 2022, Twitter’s owner Elon Musk told the public that the social media company plans to purge 1.5 billion accounts. Musk further added that the deletions would be obvious accounts that have no tweets or they haven’t logged in for years. However, after Musk announced this plan, a great number of cryptocurrency proponents […]
Macro strategist Lyn Alden believes that it’s only a matter of time before the volatility of Bitcoin (BTC) falls thereby enabling it to be a practical medium of exchange. Alden says in a What Bitcoin Did podcast that currently, however, the flagship crypto asset fails as an “ideal medium of exchange.” “In the really early […]
The post Macro Analyst Lyn Alden Says Bitcoin (BTC) on Track to Becoming a Medium of Exchange – Here’s Why appeared first on The Daily Hodl.
A crypto investing veteran sees no break in the clouds ahead for most asset classes as the markets limp into summer. In a new interview with CNBC’s Squawk Box, CoinShares chief strategy officer (CSO) Meltem Demirors says her firm remains cautious about further Bitcoin (BTC) investment due to a lack of data on how BTC might […]
The post Here’s When Bitcoin Will See New All-Time Highs, According to CoinShares CEO Meltem Demirors appeared first on The Daily Hodl.
Macro strategist Lyn Alden says that the worst part of Bitcoin’s bear market is likely over after a shaky first half of 2022 that witnessed BTC lose over 56% of its value. In a new interview on the Hard Money podcast, Alden says that leading digital asset Bitcoin (BTC) could be on track to recovery […]
The post Worst of Selling and Liquidations Likely Over for Bitcoin (BTC), Says Macro Guru Lyn Alden appeared first on The Daily Hodl.
