One widely followed crypto analyst says Bitcoin (BTC) needs to hold current price levels or face a precipitous drop. Crypto trader Michaël van de Poppe tells his 717,100 followers on the social media platform X that BTC could potentially fall by $10,000 in value if current levels aren’t maintained. “Bitcoin is at the range low. This is technically the area where you’d prefer The post With Bitcoin at a ‘Range Low’, Crypto Analyst Picks Out Two ‘Promising’ Altcoins for Traders To Watch appeared first on The Daily Hodl .
US Presidential candidate Donald Trump expressed his support for cryptocurrencies during a Wednesday meeting with a group of NFT holders at his Mar-a-Lago resort in Palm Beach, Florida.
Bitcoin has been trending lower after failing to break above $66,000 in early May, deflating hopes of immediate price gains post-Halving. Taking to X, one analyst shared on-chain data that paints a more nuanced picture than a simple loss of confidence in recent weeks. Bitcoin Open Interest Remains Low: Bullish? The analyst, pointing to CryptoQuant data, observes that leveraged traders on perpetual trading platforms like Binance appear to be closing their positions more than opening new ones. The analyst notes that the reading is at -20% at the monthly change in Open Interest. At this level, it shows that more traders are closing more positions than opening new ones. This development suggests that most traders adopt a strategic wait-and-see, watching prices evolve. Related Reading: Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000? Despite the decrease in positions opening, it’s important to note that this is not a sign of BTC’s downfall or the invalidation of a potential surge. The analyst interpreted this contraction as a strategic move by traders, who are cautiously optimistic and not exiting the market due to bearish expectations. In a separate post, the analyst added that the Bitcoin market needs the current wave of liquidation and “negativity” for accumulating short positions. All short positions opened at spot levels bet that BTC will continue trickling lower, even breaking below $56,500. However, the more short positions there are, the higher the possibility of a “short squeeze” forming. When this happens, there will be a sudden price spike, liquidating shorts and forcing sellers to buy back into the market to prevent further damage. BTC Inside A Trade Range: Will $60,000 Fail? Despite the potential upside hinted by on-chain data, prices remain confined within a narrow range. Last week, bulls failed to close above $66,000, confirming the impressive march from May 3. Bitcoin found resistance and is moving lower toward the psychological $60,000 level. From price action, losses below this line might fast-track the collapse toward $56,500 registered in early May. Going forward, traders will closely monitor how prices evolve after the all-important Halving on April 20. Considering the approval of spot Bitcoin exchange-traded funds (ETFs) and the involvement of institutions, some analysts expected prices to shoot higher immediately. Related Reading: EU Watchdog Considers Crypto Integration Into $12.88 Trillion Investment Market Nonetheless, this has not been the case. Prices continue to hang amid fluctuating inflows to spot ETFs, and the United States Federal Reserve is still not slashing interest rates. Feature image from Shutterstock, chart from TradingView
Global trading and technology firm Susquehanna is making massive investments in spot Bitcoin (BTC) exchange-traded funds (ETFs). In a new filing with the U.S. Securities and Exchange Commission (SEC), the company says it bought 17,271,326 shares of Grayscale Bitcoin Trust (GBTC) in three tranches of $6.3 million, $1.05 billion and $34.77 million for a total The post Trading Giant Susquehanna Adds $1,174,000,000 Worth of Spot Bitcoin ETFs to Portfolio appeared first on The Daily Hodl .
Bitcoin's price fluctuates, but some altcoins like Litecoin show gains. Litecoin's network activity has increased, indicating investor interest. Continue Reading: Recent Developments in Litecoin’s Market Performance
Bitcoin wallet startup Exodus Movement was set to have its common stock listed on NYSE American. Then the SEC got involved.
Bitcoin's mining reward halved again on April 20, impacting its value. US-based spot Bitcoin ETFs have seen significant growth since their launch. Continue Reading: Bitcoin’s Recent Halving Event and Its Impact on the Market
The founders of crypto analytics platform Glassnode are predicting that Bitcoin (BTC) will soon soar even higher after being up 7% in the last week. In a new thread, the co-founders of Glassnode, who go by the handle Negentropic on the social media platform X, tell their 62,900 followers that key indicators suggest Bitcoin is The post Bitcoin About To ‘Blow Higher’ Despite This Week’s Pullback, According to Glassnode Co-Founders – Here’s Why appeared first on The Daily Hodl .
As the cryptocurrency landscape continues to evolve, the meme coin sector is experiencing dynamic shifts and notable market movements, particularly with tokens like Pepe, Floki Inu, Dogwifhat, and Furrever Token. Each of these coins has carved out a niche within the volatile digital currency market, demonstrating unique growth trajectories and investor interest. Pepe Coin Eyes The post Pepe Coin Aims to Drop a Zero with 381.67% Increase, Floki Inu Up 354.41%, Dogwifhat Seeks Recovery, Furrever Token Launches $20,000 Competition appeared first on Times Tabloid - Latest Cryptocurrency News, Bitcoin (BTC) News, Ethereum (ETH) News, Shiba Inu (SHIB) News, Ripple's XRP News .
Ki Young Ju, CEO of cryptocurrency analysis firm CryptoQuant, has given an ultra-bullish prediction for Bitcoin. The crypto founder alluded to certain factors that could spark the flagship crypto’s rise to such heights. Bitcoin Could Rise To As High As $265,000 Young Ju mentioned in an X (formerly Twitter) post that “Bitcoin’s network fundamentals could support a market cap three times its current size compared to the last cyclical top.” He added that this development could help BTC rise to $265,000. The fundamental that the crypto founder was alluding to was the Hashrate/Market Cap ratio. Related Reading: Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target Source: CryptoQuant The accompanying chart that Young Ju shared showed that Bitcoin’s hash rate is currently more than three times what it was at the last market cycle top. Meanwhile, BTC is still at the price level it was during that period. As such, the CryptoQuant CEO believes that Bitcoin could also see a 3x increase in its price, just like the Hash rate. Young Ju’s prediction provides a much-needed bullish outlook for Bitcoin, especially given the flagship crypto’s recent decline and talk that Bitcoin may have already attained the market top for this cycle. Tom Lee, co-founder of research firm Fundstrat, also recently shared his bullish sentiment towards BTC, stating that the crypto token will still reach $150,000 this year. Meanwhile, similarly to Young Ju’s prediction, crypto analyst MacronautBTC had previously stated that Bitcoin could rise to $237,000. The crypto analyst made this “conservative” calculation based on BTC’s demand outpacing its supply in the long run, especially with the halving further reducing Miners’ supply. A Rise To $265,000 Not Ambitious Young Ju’s prediction of $265,000 for Bitcoin is far from ambitious when considering that Samson Mow, the CEO of JAN3, predicted that Bitcoin could rise to as high as $1 million this year. He explained that this unprecedented rise was possible due to the impressive demand that Bitcoin was currently enjoying. Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing Pseudonymous crypto analyst PlanB also echoed a similar sentiment, stating that BTC hitting $1 million is possible, although he suggested that could happen in 2025 rather than this year. He made this prediction based on the Bitcoin stock-to-flow (STF) indicator, which hints at $500,000 being the average price level for Bitcoin in this market cycle. As such, the analyst believes that $1 million could be the market top for this bull run. Meanwhile, PlanB mentioned that Bitcoin hitting $100,000 this year was “inevitable.” At the time of writing, Bitcoin is trading at around $61,700, down over 1% in the last 24 hours, according to data from CoinMarketCap. BTC makes its way to $61,000 | Source: BTCUSD on Tradingview.com Featured image from CryptoRank, chart from Tradingview.com