Speculation and Price Models Fuel Bitcoin Bull Market Predictions Amidst Rising Optimism

March 1, 2024 Bitcoin.com

Spot Bitcoin ETF approval to propel BTC to $1M in ‘days to weeks,’ says Samson Mow

December 15, 2023 Coin Telegraph

Bitcoin new high set for late 2024, Binance to lose top spot, predicts VanEck

December 8, 2023 Coin Telegraph

VanEck predicts a 10,600% Solana price rally by 2030

October 28, 2023 Coin Telegraph

Coin Telegraph

The report also delves into a potential scenario where Solana becomes the first blockchain to accommodate applications with over 100 million users.

Layer-1 blockchain and Ethereum competitor Solana has seen its native SOL token surge above $32 this week, as asset management company VanEck anticipates further price gains and shares its price forecast.

In a report, VanEck outlined diverse valuation scenarios for Solana’s (SOL) price to range from a conservative $9.81 to an ambitious $3,211.28 by 2030 (in comparison, Ethereum’s target price is $11,800).

This would mark a 10,600% price surge for Solana in the coming years. The report also delves into a potential scenario where Solana becomes the first blockchain to accommodate applications with over 100 million users.

Furthermore, the report illustrates Solana’s potential to narrow the distance between itself and Ethereum in the future. VanEck has been engaged in the cryptocurrency arena for a while, having submitted Bitcoin exchange-traded fund applications to the United States Securities and Exchange Commission in recent years.

*Screenshot of Solana price performance. Source: TradingView*

SOL has emerged as a top 10 cryptocurrency, with impressive growth exceeding 200% since the start of 2023. The total value locked in the Solana ecosystem is $378 million.

However, there might be potential for a partial pullback in the price of SOL. The daily directional movement index (DMI) indicates an increasing hold by bears on the daily chart, requiring strong action from the bulls to safeguard the gains amassed since the crypto market aligned with Bitcoin’s (BTC) rise to $35,000 in recent days.

If the bulls fail to gain the upper hand, it could lead to a drop below the $30 mark. Traders considering short positions for SOL may consider selling against the United States dollar, as suggested by the decreasing blue +DI line and the rising red -DI line.

This pattern indicates a heightened bearish impact and the possibility of a market downturn, which could result in a 15% decrease in Solana’s price from its current valuation of $27. This aligns with a nearby support level bolstered by the 21-day Exponential Moving Average.

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Matrixport doubles down on $45K Bitcoin year-end prediction

October 25, 2023 Coin Telegraph

Matrixport doubles down on K Bitcoin year-end prediction

Bitcoin Price

After first setting its 2023-year-end BTC price target at $45,000 in early 2023, Matrixport has reiterated its bold Bitcoin prediction.

Matrixport, a cryptocurrency trading firm founded by Bitmain co-founder Wu Jihan, has doubled down on its prediction that Bitcoin (BTC) will hit $45,000 by the end of 2023.

After first setting its 2023-year-end BTC price target at $45,000 in early 2023, Matrixport reiterated its bold Bitcoin prediction in a blog post on Oct. 24.

Titled “Bitcoin Targets $45,000 — FOMO Is Hitting the Market,” the blog post provides a brief analysis of Matrixport’s previous market forecasts, noting that the firm successfully predicted several market events.

Matrixport specifically cited its “October Ignites a Bitcoin Boom: Institutions Fueling the Price Surge” report from September 2023, which has so far successfully predicted significant action on the Bitcoin market in October.

The firm predicted that October would be a strong month for Bitcoin due to excitement around potential approvals of a spot BTC exchange-traded fund (ETF). The firm also pointed out that October has historically been the strongest month for Bitcoin with average returns of 20%.

After starting October at around $27,000, Bitcoin briefly touched $35,000 on Oct. 24, hitting 17-month highs and triggering the fear of missing out among investors. At the time of writing, Bitcoin is trading at $34,396, up 27% from its price on Oct. 1, according to data from CoinGecko.

*Bitcoin 30-day price chart. Source: CoinGecko*

In the report, Matrixport also emphasized that Bitcoin’s breakout above July’s $31,500 shows that $45,000 is achievable by year-end, adding:

“While our prediction might have been bold, our analysis is based on a proven investment process that has been incredibly successful this year.”

Matrixport first mentioned the $45,000 Bitcoin prediction in its bullish 2023 report published in January 2023. “There is a high statistical probability that Bitcoin prices could double from here until year end. This could bring Bitcoin prices to $45,000 by Christmas 2023,” the firm wrote at the time.

Some analysts haven’t been too optimistic about Bitcoin’s price in 2023 though. In December 2022, Standard’s Chartered global research head and chief strategist predicted that Bitcoin would drop to as low as $5,000 in 2023. Bitcoin’s lowest value so far this year was about $16,600.

Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis

Thai crypto investors turn to tarot cards, divine signals to predict market

October 22, 2023 Coin Telegraph

astrology

A Thai fortune teller once purpotedly predicted when the crypto market would recover last year, claiming they were told by the god of the dead.

Crypto and stock investors have always found interesting and sometimes bizarre ways to “predict” the market's ebbs and flows.

Some have suggested that our unconscious minds can predict the stock market through “precognitive dreaming,” while others have recently been turning to the advice of artificial intelligence chatbots.

However, in Thailand, there appears to be a growing group of investors turning to divine powers and astrology to predict market movements, including crypto — as recently highlighted in a r/cryptocurrency thread on Reddit.

One astrologist, who goes by “Pimfah,” has a 160,000-strong Facebook group where members ask for and send tarot card readings — some ask for help on what their readings mean for the crypto market.

*A translated screenshot from a group member asking what a tarot reading means for their crypto portfolio. Source: Facebook*

Another self-proclaimed fortune teller, Ajarn Ton, has a YouTube channel with nearly 26,000 subscribers where he’s uploaded hundreds of videos attempting to predict the price of various cryptocurrencies using astrology.

Ton’s most recent focus is predicting that Terraform Labs’ collapsed crypto Terra Luna Classic (LUNC) will see a surge of nearly 50,000% — saying it could hit $0.029.

So far, however, it’s trading at less than $0.000055.

*A screenshot of Ton’s recent videos shows a focus on LUNC’s future price. Source: YouTube*

Occasionally, these predictions turn out to be somewhat accurate.

High-profile fortune teller, Mor Plai, made local headlines earlier this year for her August 2022 prediction of a crypto market recovery starting that November — which turned out to be somewhat accurate, ignoring the crypto retrench around FTX’s collapse.

“Color me skeptical”

Commenters on the Reddit post were largely doubtful about the so-called method of prediction.

“Put out enough vague predictions, and you gotta be right eventually,” one Redditor commented.

“If a hamster can perform better than most adults I don’t see why we shouldn’t try astrology,” another joked.

However, while spiritual beliefs would likely attract skeptics in the West, it is not considered out of the ordinary in Buddhist-majority Thailand.

A September Pew Research report said just over 80% of surveyed Thais believe in God, deities or spirits and nearly half believed spells, curses or other magic influenced people’s lives.

Even in parts of the Western world, self-described astrologers have also been using signals from the stars to divine price movements in crypto.

During the 2021 crypto bull market, the United States-born TikTok astrologer Maren Altman gained a following of millions for her astrology-backed Bitcoin price predictions.

Altman told Magazine in January she was “familiar with financial astrology, so it just made sense to apply it to cryptocurrency.”

Didi Taihuttu, a Dutch-born Bitcoiner and “Bitcoin family” patriarch — who sold all their assets in 2017 and lived off Bitcoin since — has a homebrew market indicator that considers moon cycles alongside directional trading data to flag buy and sell opportunities for Bitcoin.

I received many questions about the Bam Bam #bitcoin Indicator and why also moon cycles are part of it. It’s another confirmation that gives you help with deciding when to sell and buy. This research article is a good explanation. https://t.co/hQfhzeXSoG
— ₿ Didi Taihuttu ₿ ALLIN (@Diditaihuttu) July 13, 2023

One Redditor postulated that there could be an indirect relation between astrology and prices, as belief in it could cause traders to "act accordingly" — and thus cause a shift in prices in itself through a self-fulfilling prophecy.

As for what lies in store for Bitcoin in the near future, the pseudonymous crypto-focused astrologer “Crypto Damus” claimed in an Oct. 18 X (Twitter) post:

“Mars is lining up to make a favorable sextile to [Bitcoin] natal Mars over the next several days, (with Mercury cazimi),” which is assumedly positive as they claim it shows strength and will “pump the market.”

However, the “transit of Mars in Scorpio generally hasn’t been that good for BTC” they said — whatever that means.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

Macro factors to spark next crypto bull market in Q2 2024, Real Vision’s Raoul Pal says

October 5, 2023 Coin Telegraph

Bitcoin Halving

Macro factors will play a dominant role in sparking the next crypto bull market, which should start in Q2 2024, according to Raoul Pal.

The next crypto bull market is likely to kick off in Q2 2024, when the Bitcoin (BTC) halving is set to take place, says macro investor and Real Vision CEO Raoul Pal.

He is convinced that despite the hype surrounding the halving, macro factors will play the leading role in sparking the next uptrend.

According to Pal, the Bitcoin halving cycle coincides with the macro cycle, which means every halving so far has taken place in a similar macroeconomic environment: monetary expansion and low interest rates.

“Macro is actually the dominant factor, and the halving is a false narrative, but it doesn’t matter because it still works,” Pal said in an interview with Cointelegraph.

Among the main catalysts favoring crypto next year are central banks cutting interest rates and potential fiscal stimulus that could precede the United States presidential election.

Regarding price targets, Pal wants to avoid making predictions given that “you get beat over the head by people” for not getting them right.

Still, looking at past performance, Bitcoin could double or triple its latest all-time highs, Pal believes.

To learn more about how to prepare for the next crypto bull market, check out the full interview with Pal, and don’t forget to subscribe to Cointelegraph’s YouTube channel !

How AI is changing crypto: Hype vs. reality

September 27, 2023 Coin Telegraph

Analysis

In the latest Cointelegraph Report, we assessed the value AI is bringing to the crypto industry, by separating the hype from real use cases.

In the latest Cointelegraph Report, we sought to find out the real value AI brings to the crypto industry beyond the hype surrounding the technology. To do so, we looked into three main areas where AI is impacting crypto: trading, data analytics, and user experience.

For many years, trading bots have allowed users to execute trades in an automated way based on certain pre-set parameters.

With the recent development of Large Language Models such as ChatGPT, AI-powered bots are capable of processing large amounts of historical data, which can be helpful in predicting future price movements.

However, despite the latest advancements, AI-powered bots are still not sophisticated enough to elaborate complex trading strategies.

“It's basically like having a bunch of dumb partners who can, who can adhere to very basic commands, but they can't do any like very complicated thinking themselves,” said Eric Crown, a professional crypto trader and YouTuber, sharing his personal experience with AI-powered bots.

Regarding data analytics, AI tools can process large amounts of public data scattered on the blockchain, providing valuable insights into the dynamics of the crypto ecosystem and assessing potential market risks.

However, a large amount of market data is kept off-chain by centralized exchanges and therefore is not publicly available. That limits the capability of AI to make accurate assessments.

To find out more about the real value at the intersection of AI in crypto beyond the hype, watch out full Cointelegraph Report on our YouTube channel and make sure to subscribe!

Here’s why Bitcoin will hit $22K soon

September 6, 2023 Coin Telegraph

Arthur Hayes

This week, The Market Report discusses why $22,000 is the next logical step for Bitcoin and why BitMEX co-founder Arthur Hayes claims the bull market started back in March.

In the latest episode of Cointelegraph’s The Market Report, analyst Marcel Pechman explores the drivers that point to Bitcoin heading to $22,000, with investor sentiment worsening after Grayscale Investment’s much-hyped legal victory against the United States Securities and Exchange Commission (SEC) on Aug. 29 and its postponement of multiple spot Bitcoin (BTC) exchange-traded fund applications.

According to Pechman, on the side of the bears are multiple lawsuits from the SEC against Binance and Coinbase, including a potential indictment from the U.S. Department of Justice regarding money laundering and facilitating trades from Russian entities. But, more importantly, U.S. inflation has come down to 3.2%, and the U.S. Federal Reserve is draining liquidity from the markets.

Pechman also analyzes BitMEX founder Arthur Hayes’s claims that the Bitcoin bull market began in March. Hayes pinpoints the Silicon Valley Bank fallout and the subsequent intervention by the U.S. Treasury Department as the turning points for the crypto market.

Pechman agrees with Hayes but raises the issue of the U.S. Dollar Index, which measures the U.S. dollar against other major foreign currencies, such as the euro or the Swiss franc, and now sits at the same level as six months prior. Pechman says investors have realized that other countries would likely collapse before the U.S. in the event of a global economic recession.

Ultimately, Pechman believes it doesn’t matter to the Federal Reserve if salvaging the banks could trigger economic turmoil, given that U.S. Treasurys and the U.S. dollar are still considered the safest options.

Listen to the full episode of The Market Report on the new Cointelegraph Markets & Research YouTube channel, and don’t forget to click “Like” and “Subscribe” to keep up-to-date with all our latest content.

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When will it be too late to invest in Bitcoin?

August 31, 2023 Coin Telegraph

Bitcoin Analysis

This week’s episode of Market Talks discusses whether it will ever be “too late” to buy Bitcoin and why BTC could take over the financial world.

On the latest episode of Cointelegraph’s Market Talks, host Ray Salmond spoke with Luke Broyles, a popular Bitcoin (BTC) advocate and content creator on YouTube and X (formerly Twitter). During the show, Broyles laid out his Bitcoin investment thesis and his unique perspectives on how the asset’s price could eventually rise into seven-figure territory.

Broyles said that in 2020, he realized the bond market was broken. While searching for alternative investments, he discovered Bitcoin as a sound option. When asked about his Bitcoin investment strategy and how he stomachs the volatility, Broyles said:

“I do not own bonds. I have sold off 97% of my stocks over the past three years, and I’m selling off the last 3% this week actually, so it’s funny that you ask that. By the end of this week, the only three assets that I will own will be U.S. dollars, aka cash, the best political currency in the world; second, real estate; and third, Bitcoin. That’s it. And I sleep better now than I did with a diversified portfolio.”

Everything is overpriced and should crash

Another key factor backing Broyles’ Bitcoin investment thesis is his belief that “everything is overvalued, nothing makes sense, and everything should crash; however, we don’t want to deal with it. Politicians don’t want to deal with it. Lawyers don’t want to deal with it. I, as a real estate investor, don’t want to deal with it.” Broyles believes that stocks, healthcare, real estate and the education industry are highly overvalued, so people are losing faith in the dollar and their dollar purchasing power — which highlights the allure of Bitcoin as a supply-capped asset.

“If we have a credit unwind, of course we’re going to print ourselves out of it.”

When is it too late to invest in Bitcoin?

When asked whether there is a particular price where it becomes “too late” for investors to consider buying Bitcoin, Broyles made the analogy of a sinking ship and suggested that for those on the boat, it’s never too late to exit.

“At no point is it ever too late to buy Bitcoin, but it will be too late to exit bonds and to exit fiat.”

Listen to the full episode of Market Talks on the new Cointelegraph Markets & Research YouTube channel, and don’t forget to click “Like” and “Subscribe” to keep up-to-date with all our latest content.

Predictions

“Color me skeptical”

Everything is overpriced and should crash

When is it too late to invest in Bitcoin?

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