Bitcoin (BTC) may be on track for some explosive moves to the upside if its current setup is anything similar to its market structure of November 2020, according to a widely followed crypto analyst. Pseudonymous analyst TechDev tells his 413,000 Twitter followers that BTC appears to be mirroring its November 2020 price action, though it […]
The post Bitcoin Could Become Explosive in July, Reminiscent to November 2020 Setup, Says Crypto Analyst appeared first on The Daily Hodl.
A popular crypto analyst says that multiple indicators are suggesting that digital asset markets are gearing up for a rapid expansion to the upside. The pseudonymous analyst known as TechDev tells his 408,000 Twitter followers that before each one of Bitcoin’s (BTC) run to all-time highs (ATHs), the Chinese 10-year note bottomed out and the […]
The post Series of Indicators All Setting Up for Altcoin Explosion and New Bitcoin All-Time High, Says Popular Analyst 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.”
A widely followed crypto analyst says that altcoins should begin to skyrocket as soon as next year. The pseudonymous trader known as TechDev tells his 401,100 Twitter followers that altcoins look primed to spark a massive rally going into next year despite recent negative expectations and narratives centered around the crypto industry. “Altcoins still look […]
The post Crypto Analyst Says Altcoins Set To Explode in 2023 As BTC Gears Up for Reversal appeared first on The Daily Hodl.
A closely followed analyst is highlighting one key historical metric as an indicator that Bitcoin (BTC) may finally have set a bottom after an eight-month-long bear market. The pseudonymous crypto enthusiast TechDev tells his 399,600 Twitter followers about the significance of 1-year HODL waves, a metric that keeps track of Bitcoin that has remained dormant […]
The post Bitcoin Flashes Rare Bottom Signal As Altcoin Market Cap and One More Metric Hint at Trend Reversal: Top Analyst appeared first on The Daily Hodl.
The largest crypto by market cap is showing signs of a turnaround over the past 24 hours which analysts are saying could be the beginning of an upswing.
Several popular cryptocurrency analysts believe the future looks green for Bitcoin (BTC) as it reclaimed the $40,000 mark in a 3.5% swing following a week-long dip.
Popular Bitcoin technical analyst on Twitter TechDev issued a prediction to his 381,000 followers that the general direction for the largest cryptocurrency by market cap will be up for the foreseeable future.
His April 14 chart drew a comparison between the tremendous rise of the Dow Jones Industrial Average in the '80s and '90s to Bitcoin's price over the past six years. Past performance is no guarantee of future returns but there are some similarities to the historic price action that if repeated, would suggest the Bitcoin price will rise from here. The analyst said “Times change. Assets chain. Macro aggregate human behavior usually doesn’t. #BTC”
Times change.
— TechDev (@TechDev_52) April 13, 2022
Assets change.
Macro aggregate human behavior usually doesn't.#BTC pic.twitter.com/NFhUA2hcYH
Lead Insights Analysts at Bitcoin mining firm Blockware Solutions Will Clemente pointed out that BTC is in a “zone of heavy opportunity” based on data compiled by his firm and blockchain analytics firm Glassnode.
He tweeted on April 14 that “This is also the longest time Bitcoin has ever spent in the zone.”
Only a few other times has Bitcoin reached the zone of heavy opportunity. (green)
— Will Clemente (@WClementeIII) April 13, 2022
This is also the longest time Bitcoin has ever spent in the zone. pic.twitter.com/bvQr4FZqFC
Popular Bitcoin analysts Dave the Wave with 36,000 followers tweeted his strong conviction that Bitcoin is ready to make a dramatic move based on the Gaussian and Guppy metrics. However, he is not sure which way it will go. All he could say about it was that it is "Bound to be explosive soon..."
But his long-term target for Bitcoin by the middle of next year is $135,000 which he called "One for the bulls" in an April 13 tweet.
#BTC
— dave the wave (@davthewave) April 13, 2022
One for the bulls.
The 'BBT's project a 135K target mid next year~ pic.twitter.com/JfTf0bI01g
Real Vision founder and crypto investor Raoul Pal appeared on the Layah Heilpern Show on YouTube to discuss macroeconomic effects and cryptocurrency on April 13. He said that despite all of the things that the crypto market has endured over the past two years including the COVID pandemic, rising inflation, and the war in Ukraine, crypto still hasn’t made a new low.
He added that “usually that’s a signal that the market has found its bottom.”
Pal is also very supportive of Terra’s (LUNA) hefty purchases of BTC to use as collateral for its algorithmic TerraUSD (UST) stablecoin. He said: “This is the start of people using Bitcoin as the collateral layer,” continuing:
“We’ll definitely see sovereign wealth funds owning Bitcoin because it’s a long duration savings asset.”
Terra founder Do Kwon is on a mission to collateralize UST with about $3 billion in BTC and the Luna Foundation Guard bought 2,500 BTC worth about $100 million on April 13. This puts its current holdings just 800 coins behind Elon Musk’s Tesla with 42,200 BTC.
Despite the optimism, investors may also remember that Santiment analysts stated on April 7 that Bitcoin would need to settle at or above $50,000 around the mid-halving on April 11 to “give more credit to the thesis that says: this cycle is different than the others.’”
Related: Brazilian Senate announces incoming approval of the ‘Bitcoin law’
April 11 has come and gone, and $50,000 remains a long way off. However, Cointelegraph data shows BTC recently reclaimed the $40k mark during a pump that lasted about an hour from 1pm to 2pm UTC on April 13, and is currently trading at $41,385.
One crypto analyst thinks that Bitcoin (BTC) is mirroring past rallies and could be on the cusp of achieving massive gains. The pseudonymous crypto market analyst TechDev tells his 183,600 Twitter followers that BTC’s current technicals resemble its late 2020 structure when the king crypto consolidated below $20,000 before blasting off to $64,000. “Last time […]
The post Bitcoin Just Flashed Pattern That Historically Leads to Parabolic Price Rallies, According to Top Crypto Analyst appeared first on The Daily Hodl.
On Wednesday, just before bitcoin surpassed the digital asset’s all-time high (ATH), the crypto analyst known as “Techdev” says the “2-week chart looks strong and ready for much higher highs.” Just 26 days ago, Techdev said that “$200-300K bitcoin looks almost too programmed” and this week, the analyst noted that we are “nowhere near a […]
