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Analysts at financial services firm Bernstein are increasing their price expectations for Bitcoin. This follows a revised report in which they boosted their year-end target for the flagship crypto token’s price.
According to a report by CoinDesk, Bernstein analysts Gautam Chhugani and Mahika Sapra have raised their year-end prediction for Bitcoin’s price from $80,000 to $90,000. Their research report cited the strong Spot Bitcoin ETF inflow and a record mining income as the reasons for this increased bullishness on BTC’s price.
Since launching, the Spot Bitcoin ETFs have recorded an impressive amount of inflows into their funds and have significantly contributed to an increase in BTC’s price. As such, it is understandable why these analysts believe they could still positively impact Bitcoin’s price in the long run.
Despite miners’ rewards being cut in half during the Halving event in mid-April, these Bernstein analysts also foresee a record mining income for BTC miners. They believe this would have a positive impact on BTC’s price. Bitcoinist recently reported that Bitcoin Halving could force some miners out of business, paving the way for the remaining miners to enjoy increased revenue.
Meanwhile, Chhugani and Sapra also recently reaffirmed their prediction that Bitcoin will hit $150,000 by mid-2025. They believe that the Spot Bitcoin ETFs will be one of many factors contributing to this massive price surge.
Standard Chartered is another financial institution that revised its year-end target for Bitcoin’s price. As against their initial prediction of $100,000, they recently stated that Bitcoin could rise to $150,000 by the end of this year. Like Bernstein, Standard Chartered also alluded to the influence of the Bitcoin ETFs as the primary reason for their bullishness on Bitcoin.
The bank noted in the research report that these investment funds provide a more robust and sustainable positioning for Bitcoin, unlike when the crypto token hit new highs solely based on speculations. Standard Chartered also predicts that BTC could rise to $200,000 by the end of 2025.
Interstingly, they added that an “overshoot to $250,000 is likely at some point in 2025 if ETF inflows continue apace and reserve managers buy BTC.” These predictions, however, look conservative when one considers Samson Mow’s prediction that BTC could hit $1 million this year.
At the time of writing, Bitcoin is trading at around $66,200, down over 1% in the last 24 hours, according to data from CoinMarketCap.
BTC bears reclaim control of price | Source: BTCUSD on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Utilizing data from Glassnode to estimate a market-wide cost basis reveals intriguing trends in the average price at which coins are withdrawn from exchanges. The information, segregated into cohorts, uncovers an upward trajectory on a cost basis, indicating a trend of purchasing Bitcoin at incrementally higher prices.
Most notably, the 2024 cohorts experienced a significant upswing, seeing an average profit margin of about $10,500, which translates to an approximately 20% gain from their initial cost basis ($52,478), according to data from Glassnode.
Interestingly, the 2021 cohort managed to significantly reduce their cost basis from $47,000 to a more conservative $36,971, as highlighted by recent CryptoSlate data analysis. Despite the reduction, the cost basis for all cohorts has risen in recent months, showing an unwavering dedication to buying Bitcoin regardless of increasing prices.
| Year | Price |
|---|---|
| All-time | $13,689 |
| 2017+ | $18,082 |
| 2018+ | $21,758 |
| 2019+ | $25,018 |
| 2020+ | $29,173 |
| 2021+ | $36,971 |
| 2022+ | $32,139 |
| 2023+ | $36,058 |
| 2024+ | $52,478 |
Source: Glassnode
The 2023 cohort, exhibiting the most bullish behavior, showcased a dramatic rise in cost basis from roughly $26,500 in October 2023 to a present figure of $36,058, suggesting a potential to surpass the 2021 cohort.
The post Recent Bitcoin buyers show unyielding optimism, pushing cost basis upward despite price surges appeared first on CryptoSlate.
A crypto analyst on X is confident that Bitcoin has bottomed and is poised for major gains in the sessions ahead. Interestingly, the bullish outlook hinges on the Bitcoin market cap retesting all-time highs at press time.
So far, the Bitcoin price is around 2021 highs in USD terms but recently broke all-time highs, peaking at around $73,800. This fluctuation is also reflected in its market cap. It currently stands at $1.25 trillion, down 5% in the past 24 hours.
Notably, it is at the same price level as in 2021, when Bitcoin prices peaked, recording new all-time highs.
While optimism abounds and the trader expects more sharp price expansions in the days ahead, it is not immediately clear whether the coin will rip higher, aligning with this forecast. Bitcoin is volatile and has remained so despite changing market dynamics.
At the same time, unlike in the past, Bitcoin prices are driven not only by retail forces but by institutions. These institutions are regulated by the United States Securities and Exchange Commission (SEC), which also approved the spot Bitcoin exchange-traded fund (ETF).
This Bitcoin derivative product has been the primary driving force in the past ten weeks. This is from looking at how prices have evolved since its approval in mid-January 2024.
However, since BlackRock and Fidelity are regulated by the United States SEC, unlike retailers, they cannot act as they wish. Considering the millions and billions of dollars at play, their comments or assessments on the coin, now and in the future, can greatly impact sentiment.
Sentiment has been dented when writing. Even with the United States Federal Reserve (Fed) ‘s decision to hold rates at 5.5%, the highest in 2023, lifting prices, there has been no solid follow-through in price action. The coin remains steady below $70,000.
Whether prices will rally over the weekend remains to be seen. However, for now, there are some headwinds to consider.
First, there has been a slowdown in inflows to spot BTC ETFs. At the same time, outflows from the Grayscale Bitcoin Trust (GBTC) have increased. Second, after rallying sharply from October 2023, a cool-off before halving might see the coin trend lower.
Feature image from DALLE, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Despite optimism about Bitcoin’s future trajectory heading into the Bitcoin Halving, analysts at JPMorgan have raised concerns that things may not go according to everyone’s expectations. They believe that a storm still lies ahead for the flagship crypto token before any massive move to the upside.
According to a Bloomberg report, JPMorgan strategists have warned that Bitcoin could still experience further pullbacks following its recent decline. They alluded to the recent net outflows recorded by the Spot Bitcoin ETFs, which underscored the current bearish sentiment in the Bitcoin ecosystem.
These strategists, led by Nikolaos Nikolaos Panigirtzoglou, also highlighted the sustained open interest in CME Bitcoin futures as another bearish signal for Bitcoin’s price. They further argue that Bitcoin “still looks overbought” and expect further price dips leading up to the Halving event in mid-April.
Meanwhile, these JPMorgan analysts emphasized the decline in net inflows into Spot ETFs, noting that this proves that a sustained one-way net inflow is not possible. Therefore, they expect investors in these funds to keep taking profits heading into the Bitcoin Halving. This wave of profit-taking is also more likely, considering that Bitcoin “still looks overbought despite the past week’s correction.” they claimed.
This recent research note by JPMorgan further reaffirms their bearish sentiment towards Bitcoin’s price despite the flagship crypto exceeding expectations. Last month, the bank predicted that Bitcoin could drop to as low as $42,000 after April as “Bitcoin-halving-induced euphoria subsides.”
Naeem Aslam, chief investment officer at Zaye Capital Markets, also echoed JPMoragn’s sentiments when he suggested that Bitcoin’s recent rally didn’t show enough strength. Aslam believes Bitcoin could fall below $50,000 if the Halving event “fails to really keep the momentum going.”
Crypto trader and analyst Rekt Capital recently provided insights into what could happen after the Havling event while elaborating on the four phases of Bitcoin Halving. According to him, there is usually a re-accumulation period after the Halving, which could last for up to five months.
During this period, he noted that many investors get “shaken out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving.” Rekt Capital added that this time could be different since it is the first time this re-accumulation could develop around the new all-time high (ATH) area.
Therefore, he believes this “Re-Accumulation Range may simply take the shape of a regular sideways range and may not last very long before additional uptrend continuation.”
BTC price struggles to establish support | Source: BTCUSD on Tradingview.com
Featured image from Crypto News, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Glassnode has suggested that the upcoming Bitcoin halving might not result in a supply squeeze that the market may have anticipated.
In a new report, the on-chain analytics firm Glassnode has discussed the impact the next Bitcoin halving may have on the economics of the cryptocurrency.
The “halving” is a periodic event for BTC where its block rewards (the rewards the miners receive for adding blocks on the network) are permanently cut in half.
This event is built into the coin’s code, meaning it happens automatically. The halving kicks in after every 210,000 blocks, or approximately every four years.
The next such event will take place sometime in the coming month. Historically, the halving has been considered an important event for the asset due to how it influences its supply dynamics.
The block rewards the miners receive are the only way to introduce new BTC tokens into circulation. Since they get tightened during these events, the cryptocurrency’s production rate slows down following them.
As such, halvings are considered bullish events, with the price increasing following them due to the constrained supply, as supply-demand dynamics would dictate.
“However, the current market conditions differ from historical norms,” says Glassnode. The reason behind that is simple; there is something now that was never there in the past: the spot exchange-traded funds (ETFs).
Spot ETFs are investment vehicles that buy and hold Bitcoin and allow their users to gain indirect exposure to the cryptocurrency’s price action through them. Since the spot ETFs are available on traditional exchanges, they can be preferable for those not looking to dabble with digital asset platforms and wallets.
Thus, the ETFs have introduced a notable amount of fresh demand for the asset, with supply rapidly leaving the market and entering these funds. To put this demand into perspective, the analytics firm has compared it against the BTC amount miners issue on the chain daily.
The trend in the spot ETF flows and miner issuance since the start of the year | Source: Glassnode
As the above chart shows, the Bitcoin ETF flows have generally been much higher than what the miners have been introducing into circulation. Based on this, Glassnode believes “the upcoming halving might not result in the supply squeeze once anticipated.”
The report further says:
The ETFs are, in essence, preempting the halving’s impact by already tightening the available supply through their substantial and continuous buying activity. In other words, the supply squeeze usually expected from halvings may already be in effect due to ETFs’ large-scale bitcoin acquisitions.
Something to note, however, is that the ETFs aren’t certain to always be a bullish influence for the market. Should the current inflow-heavy regime flip to one dominated by outflows, the cryptocurrency could naturally witness extraordinary selling pressure.
In fact, the spot ETF netflows have been negative for Bitcoin for four straight days now, so such a trend shift may already be in action.
Bitcoin had recovered beyond the $68,000 level yesterday, but the coin has since declined again, falling back towards $64,200.
Looks like the price of the asset has has retraced a chunk of its recovery | Source: BTCUSD on TradingView
Featured image from Traxer on Unsplash.com, Glassnode.com, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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The Internet Computer Protocol (ICP) appears to be ushering in a new era of decentralized cloud computing innovation, as evidenced by the vibrant ecosystem of developers and projects showcased in the recent CryptoSlate Twitter Space. Hosted by CryptoSlate’s Akiba, the space featured insightful dialogue with key figures from the ICP community, including Isaac from the ICP Code & State team, Max from Bitfinity, Kyle from The Swop, and Darren, an ICP content creator. Listen back to the recording on X.
As Isaac explained in the space, ICP is a decentralized cloud at its core, bridging the gap between Web2 and Web3. By providing decentralized website hosting with lightning-fast load times and enabling smart contracts to act as decentralized users on other blockchains, ICP is unlocking new possibilities for developers. The protocol’s advanced cryptography allows for the secure splitting of keys across nodes without ever reconstructing the full key, ensuring an unparalleled level of decentralization.
One of the most exciting aspects of ICP is its seamless integration with the Bitcoin blockchain. ICP smart contracts, or “canisters,” can function as decentralized users with their own Bitcoin addresses, paving the way for groundbreaking applications such as the first decentralized Bitcoin mining pool and gasless ordinal marketplaces. This integration makes it easier for developers to build sophisticated smart contracts and applications that leverage the power of Bitcoin while also providing a decentralized infrastructure layer to enhance other blockchains.
The ICP community is a testament to the protocol’s resilience, with a thriving ecosystem of developers and projects spanning various sectors, including DeFi, NFTs, gaming, and social media. After launching within the top 10 crypto projects in 2021, the ICP token fell over 90% amid controversial circumstances. However, the core ICP community continued to build through the bear market, and the fruits of their labors are now revealed.
Venture studios like Code State are actively supporting the ecosystem’s growth, while projects such as Bitfinity, The Swap, and numerous independent developers are pushing the boundaries of what’s possible with ICP.
The upcoming ICPCC24 conference is set to showcase the strength and diversity of the ICP ecosystem. This unique hybrid event, taking place on May 10, will feature a 9-hour main livestream with content from a wide array of ICP projects and ecosystem partners. Simultaneously, more than 25 in-person watch parties and meetups will be held worldwide, fostering a sense of community and collaboration.
Virtual and in-person attendees will have the opportunity to participate in interactive elements and unique airdrop opportunities, making ICPCC24 an unmissable event for anyone interested in the future of decentralized cloud smart contract technology.
Bitcoin Cash (BCH) has registered a sharp 15% rally in the past 24 hours after plans of a futures listing on Coinbase have surfaced for the asset.
As an X user has pointed out, the cryptocurrency exchange Coinbase appears to have filed certifications with the Commodity Futures Trading Commission (CFTC) to list futures products for three coins on its platform: Bitcoin Cash (BCH), Dogecoin (DOGE), and Litecoin (LTC).
Coinbase Derivatives LLC quietly filed certifications with CFTC to list US regulated futures for Dogecoin, Litecoin and Bitcoin Cash.
They filed them on March 7 and surprisingly nobody seemed to notice.
Futures are set to start trading on April 1 if there are no objections from… pic.twitter.com/DYbWjuS6G2
— Summers (@SummersThings) March 20, 2024
As per the CFTC filing, all of these products were certified on March 7, and they are set to go live on trading on the first of the month.
The BCH, LTC, and DOGE futures contracts were all certified earlier in the month | Source: CFTC
Interestingly, all three of these digital assets happen to be based on the original cryptocurrency: Bitcoin. Bloomberg analyst James Seyffart has hinted that this may be why Coinbase has chosen them.
This is interesting… wonder if the SEC objects to these being classified ‘commodities futures’ vs ‘securities futures’. These all forked from Bitcoin so “these are securities” claims would be hard to make after spot #Bitcoin ETF approvals. Might be why Coinbase chose them🤔
— James Seyffart (@JSeyff) March 20, 2024
Unlike LTC and DOGE, which are based initially on BTC’s code, BCH is a direct fork of the cryptocurrency made to fulfill BTC’s original purpose as a fast and cheap form of currency that may be used for regular purposes (hence the name).
The filling made by Coinbase on Bitcoin Cash reads:
The market position of Bitcoin Cash reflects its role as an alternative to Bitcoin that prioritizes transaction efficiency. While it has not matched Bitcoin in terms of market capitalization or price, Bitcoin Cash has established itself as a significant player in the cryptocurrency space, with a dedicated user base and ecosystem.
The cryptocurrency sector has been up in the past day, but two coins in particular have stood out among the top 20 assets by market cap: Bitcoin Cash and Dogecoin.
Both of these have managed more than 14% returns in this period, notably outperforming their peers. Bitcoin itself has only been able to put together a rally of about 6%.
Given that the Coinbase filling has been making the rounds in this window, it would appear likely that it was at least partially responsible for the extraordinary surges of these coins.
Even though Litecoin is also planned to see its futures contract launch on the same day as the other two, its price performance has been more or less in line with the rest of the market with its profits sitting at just 4%.
Following the sharp rally, Bitcoin Cash has now arrived at the $424 level. The chart below shows how the cryptocurrency’s trajectory has looked in the last few days.
Looks like price of the asset has shot up over the past day | Source: BCHUSD on TradingView
Regarding the market cap, Bitcoin Cash is currently the 17th largest asset. While there is some distance to Polygon (MATIC) in 16th place, LTC may be able to catch it if it can keep up this rally.
The BCH market cap seems to be $8.3 billion at the moment | Source: CoinMarketCap
Featured image from Shutterstock.com, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
