Bitcoin (BTC) Reviews - Page 11

It would seem that in such a situation, the Crypto Fear & Greed Index would have to fall deep into the Extreme Fear zone, to zero. However, having shown a minimal drawdown of up to 22 points, it quickly returned to where it was a week ago, to the 25-point mark. According to some experts, the fact that bitcoin has held up in the $30,000 area proves its exclusivity. Without it, altcoins would most likely just go into free fall.

Along with the fall of the crypto market, the hash rate of the BTC network also decreased. However, according to a number of experts, this may be due to the relocation of miners from China to other countries. The negative news background led to a drop in bitcoin quotes below the dangerous psychological level of $30,000. As a result, the BTC/USD pair returned to where it was five months ago, on January 27, 2021. The local bottom was reached at $29,240 (a loss of about 55% from the April 14 high). According to a number of experts, the benchmark currency could have fallen down to $25,000, but buyers came to its rescue, who were waiting for the moment to buy an asset at a large discount. As a result, the pair grew slightly, and on the evening of Friday June 25, BTC traded in the region of $32,000-33,000 per coin.

A break below $ 30,000 would lead to a serious decline as the vast majority of purchases in 2021 were made above this level. A fall below it will lead to growing losses for traders. High leverage will also exacerbate any downturn. The cryptocurrency market is still dominated by bearish sentiments and the risks of a new Bitcoin rollback periodically increase. They do not exclude that the result of the negative trend that we have been observing over the past few weeks will be a drop in BTC to $ 25,000. The sale of funds from the Grayscale Bitcoin trust may increase the pressure on the market. The six-month holding period for assets in this fund is nearing completion, and investors will most likely try to compensate for their losses by selling cryptocurrencies. At the moment, the Grayscale bitcoin trust controls BTC for a total amount of up to $ 21.97 billion. Analysts have estimated the real value of bitcoin in the medium term in the range from $ 23,000 to $ 35,000.

Bitcoin could crash below $ 10,000 if the head and shoulders pattern is triggered. JPMorgan does not exclude the fall of the first cryptocurrency to $ 25,000. In the event of a head and shoulders technical analysis (with a neckline of about $ 30,000), bitcoin may fall below $ 10,000, says Louis Navelier, chairman and founder of the Navellier & Associates fund manager ... Private investors told him that they invested in bitcoin mainly because of the rise in the price of the cryptocurrency. When it starts to fall, investors are also likely to sell BTC.

Bitcoin is recovering from its shock drop below $ 30,000 on Tuesday. The first cryptocurrency has been trying to stay in the same range over the past five weeks. However, the current quarter promises to be the worst for BTC since the start of the 2018 bear market. The crypto market was able to recoup on Wednesday night. On June 23, Bitcoin surged to almost $ 35,000. The BTC crash was the result of a cryptocurrency dump by large investors, who are often referred to as "whales". The exchange balance of such addresses rose to the maximum level since March last year.

The market fell 15% while MicroStrategy invested another $ 500 million. Retail investors left. Traders have gone through too many mass liquidations. The emission of stablecoins has stopped. There is no one left to buy your coins. The current technical picture is not in favor of Bitcoin. If BTC does not hold support at $ 29,000, then the next strong support zone is expected at $ 23,400.

Bitcoin went into a bear market and major players are starting aggressive sales. The whale surrender index turned out to be positive: this suggests that investors are not only sending coins to trading floors, but also increasing sales, which leads to stronger pressure on the market.

Bitcoin fell short-term below $ 30,000 on Tuesday, hitting lows since May 19. However, then there was a sharp rebound to $ 33,000. The decline is taking place against the backdrop of the resumption of active measures by the Chinese leadership to combat illegal mining and trading. In addition, last week the Fed announced its intention to raise interest rates as early as 2023, which intensified the bearish pressure on the market.

Yes, hedge funds understand not only the risks, but also the benefits of investing in digital assets. And, according to the Financial Times, they intend to "substantially" increase their shares in cryptocurrencies by 2026. But, first of all, 2026 will not come soon. And secondly, this "substantially" is not so "substantial". According to a survey of 100 hedge funds conducted by Intertrust, on average, they intend to allocate up to 7.2% of their investment portfolios to cryptocurrencies, which will amount to about $312 billion, that is, about 20% of the current volume of the crypto market. Agree that this kind of growth over 5-6 years looks modest enough.

The Crypto Fear & Greed Index has not gone out of the fear zone for almost a month. Frightened by the collapse of quotes in April-May, many, especially retail, investors and traders take profits at the slightest sign of danger, which prevents the BTC/USD pair from gaining a foothold above the psychologically important level of $40,000. And there's also the US Fed, fueling interest in the dollar and reversing stock indices. Suffice to compare the S&P500 and BTC charts to see their correlation, which, according to a number of experts, will now only grow stronger. In the event of an active sale of shares, most likely, bitcoin will not feel good either, which is an even more risky asset for institutional investors. (Not to mention altcoins).

The sharp strengthening of the dollar after the US Federal Reserve meeting reversed the uptrend, bringing the pair back below the $36,000 level at the end of the working week. The Bitcoin dominance index added slightly, rising from 44.03% to 45.33%. The same thing happened with Crypto Fear & Greed Index, which went up from 21 to 25 points. Note that since the BTC/USD pair went sideways at the end of May, its values have never gone beyond the 20-40-point range.

It has long been clear that news has a fairly strong impact on cryptocurrency rates. However, much more powerful fluctuations in this market are caused by large investments. There were none of those last week. On the contrary, the total cryptocurrency market capitalization even decreased slightly, from $1.585 trillion to $1.560 trillion. So there remains news, whose source is influencers and regulators. In terms of the former, Elon Musk was once again there with his tweets. This time, the owner of Tesla said that the company will resume selling electric cars for BTC when at least half of the miners switch to renewable energy. Bitcoin is up 12% amid this tweet, according to CoinGecko.

The U.S. dollar appeared to benefit from fresh comments by Jerome Powell, while Bitcoin remains frustrated. Bitcoin (BTC) stayed below $40,000 on June 17 as a surging U.S. dollar added to downward BTC price pressure. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at around $39,300 on Thursday. The largest cryptocurrency fell during a meeting of the Federal Reserve the day before in which Chair Jerome Powell acknowledged inflation could run higher than planned in the short term. While traditionally a boon for Bitcoin, however, Powell's confidence in inflation returning to normal long term ultimately served to boost the dollar more than BTC.

Whales appear to be accumulating in anticipation of higher prices, with “millionaire” wallets increasing their holdings by 90,000 BTC in just 25 days. Bitcoin whales are stocking up, with “millionaire” addresses accumulating around 90,000 Bitcoin worth $367 billion over the past 25 days. The accumulation was identified by crypto market data aggregator Santiment, which identified that wallets holding between 100 and 10,000 BTC - described by Santiment as “millionaire tier” addresses - are now the largest segment of Bitcoin hodlers and currently account for 48.7% of Bitcoin's supply.

Bitcoin rose 3.83% to $ 40,516. On a published tweet from Elon Musk, buyers raised the price to $ 41,064. In addition to Musk, there was a lot of positive news for the crypto industry, however, the demand for cryptocurrency remains low. Investors refrain from buying high-end alts. The share of bitcoin has both increased to 46% from 41.3%, and remains near it. Sellers are fighting for the level of $ 40 thousand. For buyers, it was the first resistance. It is important for them to gain a foothold above a psychologically significant level in order to feel comfortable emotionally. After $ 40,000, you will have to take other levels: $ 42600, $ 44631 (50% of the fall from $ 59500 to $ 30,000), the $ 47700- $ 49100 zone (volume profile), $ 51,559 (50% of the fall from $ 64854 to $ 30,000).

Traders in the options market are betting on Bitcoin's spurt to $ 200,000 by the end of the year. There are 425 Call Options listed on Deribit with a strike price of $ 200,000 per bitcoin by December 31st. Such contracts are currently very cheap and are traded on Deribit for just 0.018 BTC ($ 698). However, if the option is exercised by the specified date, traders will be able to increase their investments by more than 50 times.

Overcoming the resistance at $ 40,000 by bitcoin will provoke a powerful rally towards the target at $ 46,000. According to Santiment, amid the market correction, whales have increased their positions in the first cryptocurrency by 80,000 BTC. The popular Stock-to-Flow (S2F) model and on-chain indicators indicate the completion of the correction and the growth of Bitcoin to $ 85,000 by the end of the year, according to DecenTrader. Experts analyzed the dynamics of a number of on-chain indicators and found similarities with the events of December 2018 and March 2020, when the preconditions were formed for a trend change to an upward one.

The immediate BTC growth target may be the level of $ 46,000. On Monday, bitcoin broke through the round psychological level of $ 40,000 and tested three-week highs of about $ 41,000. The day before, the first cryptocurrency soared 9% after Elon Musk's tweet about the condition of Tesla's resumption of sales for BTC. This requires that at least half of the bitcoins are mined on renewable energy sources.

Goldman Sachs experts have downgraded bitcoin's rating from gold to copper. According to them, it is still difficult to put the main coin on a par with gold, since it does not have such a powerful support as this precious metal. Commodities expert Jeff Curry explained that the volatility of the main coin is very similar in nature to the price swings of copper in the global market. Previously, a similar point of view was voiced by JPMorgan experts. According to them, the main cryptocurrency is a cyclical commodity, and therefore cannot compete with precious metals or fiat. Investment companies are well aware of this, which is why they have portfolios that only consist of a few percent of bitcoin and other digital assets. The opposite point of view to bankers was expressed by the CEO of the crypto exchange Gemini and bitcoin billionaire Tyler Winklevoss. He believes that bitcoin is still in its early stages of development. Bitcoin is Gold 2.0, Winklevoss said, and its market cap should be over $10 trillion, just like gold. It is currently at the level of $1 trillion, that is, growth may be at least 10 times more. In his opinion, even a rate of about $35,000 is an excellent opportunity to enter a long-term investment. With a capitalization of $10 trillion, 1 BTC will be worth $500,000, and this may happen within the current decade, or maybe within the next 5 years. We will hodl to at least $500,000, and even then, we will not have to sell the asset, because it can be lent, used as collateral, etc.,” the billionaire added. And then he flew into space in his fantasies, claiming that bitcoin could be used for transactions between planets in the future: “Bitcoin is a project that continues to evolve and can achieve much more. It could become the global reserve digital currency of the world or even several planets when we get to Mars.

According to Avenue Capital Management Mark Lasry, the cryptocurrency market has already formed, and nothing threatens it, and the rapid growth of bitcoin in 2021 has exceeded his expectations. That being said, to be honest, I don't know where bitcoin is heading, Larsy admitted. I can justify why it will rise to $100,000, but I can also justify why it will fall to $20,000. And it is difficult to argue with him about this. At least in the current situation, any movement of digital gold can be justified. Suffice it to recall two authoritative predictions: of the American company Fundstrat analysts, according to which, despite the fall in May, the bitcoin rate may return to the $50,000 mark in the near future, and of the JPMorgan financial holding strategist Nikolaos Panigirtzoglou, who is confident that the fundamentally justified value of bitcoin is in the range of $24,000- $36,000.