According to the latest data, the countdown to the Bitcoin network’s halving event shows fewer than 10,000 blocks from becoming a reality. Further analysis suggests that the halving is anticipated to take place between April 19 and April 21, 2024, reducing the block rewards from the existing rate of 6.25 bitcoins per block to 3.125 […]
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ByteTree has reported a massive influx in the global allocation of Bitcoin among exchange-traded products (ETPs) since October 2023, adding roughly 100,000 BTC.
According to ByteTree data, approximately 890,000 BTC are currently held in varying ETPs worldwide, which is about 4.56% of the circulating supply of Bitcoin. Interestingly, the start of 2024 has seen an increase of about 80,000 BTC in the ETP space, primarily attributed to US-based Bitcoin ETFs.
Within the last seven days alone, global Bitcoin ETPs underwent an influx of roughly 25,000 BTC, marking the most significant weekly increase since the early part of 2021.
February alone contributed an impressive 38,000 BTC net inflow into ETPs, roughly equal to the combined flow for November, December, and January.
Glassnode data reports that Grayscale Bitcoin Trust (GBTC) currently holds approximately 466,000 Bitcoin, a significant 30% decline from its peak holdings of about 622,000 Bitcoin before Bitcoin ETFs began trading.
The post February’s Bitcoin ETP net inflows close to total of previous three months appeared first on CryptoSlate.
Since the approval of Bitcoin ETFs on Jan. 11, the price performance of the digital asset has illustrated an unpredictable pattern, peaking around $49,000 before dipping below $40,000. As of now, Bitcoin hovers around $48,000. This volatile behavior extends to crypto equities and Bitcoin ETFs, which have displayed divergent performances.
Bitcoin-related mining stocks such as Iris Energy and Marathon Digital Holdings have notably experienced double-digit declines of 11% and 12%, respectively. However, not all equities mimic this downward trajectory. CleanSpark and MicroStrategy, for instance, have seen their stock prices surge by 31% and 11%, respectively. Meanwhile, Coinbase suffered a 6% decline and is set to release its Q4 2023 earnings report on Feb. 15.
Owing to the slight decline in Bitcoin since the ETF approval, Bitcoin ETFs have recorded roughly a 3% drop, with GBTC remaining relatively flat. GBTC now records a small premium of 0.02% to its net asset value (NAV), according to YCharts. Nevertheless, the recent Bitcoin resurgence of over $48,000 has injected optimism in the pre-market, with many ETFs and crypto equities witnessing a rise.
The post Divergent performances highlight resilience and challenges for Bitcoin ETFs and equities appeared first on CryptoSlate.
As of Feb. 12, 2024, bitcoin displays a robust upward momentum across several charts, underscored by its sharp ascent from $47,593 to $48,814 on Sunday. On the subsequent Monday, bitcoin’s market value reached $939 billion, with a trading volume of $21.57 billion for the day. Currently, the upward trend pauses, with the price dipping below […]
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Kevin Svenson, a crypto analyst on YouTube, recently provided an analysis of the future price trajectory of Bitcoin, predicting a strong surge to $100,000 this year. According to the analyst, BTC is poised to go parabolic after its halving in April as the crypto is looking very bullish on the weekly chart.
The halving cuts the block reward for Bitcoin miners in half, reducing the supply of new Bitcoins in circulation. With demand remaining steady or increasing, the reduced supply has been historically known to drive up the price of BTC.
Bitcoin is currently leading a crypto market surge after four weeks of lackluster action following the launch of spot Bitcoin ETFs in the US. Bitcoin recently broke above $47,000 for the first time this year, pushing the narrative of the return of a strong crypto market bull run.
Svenson noted in his YouTube video that Bitcoin is yet to close above $44,000 on the weekly timeframe this year. However, recent price action indicates this is about to change, giving the highest weekly close so far in the current cycle. The analyst noted that if Bitcoin were to successfully clear trapped liquidity around the wicks, it could lead to the crypto reaching the first step of the $60,000 price level.
On a larger timeline, Svenson looked at past Bitcoin halvings to note a recurring trend before and after each halving. History shows that the price of BTC has always trended up in the months leading to the halving and then going on a parabolic trend in the months after.
Of course, past performance does not necessarily guarantee future price action, but Svenson believes several factors are lining up that could send Bitcoin surging past its all-time high once again.
“There’s no reason for me to not think that we’re just going to do what we’ve been doing in these past cycles,” he said.
Now, looking forward, the analyst noted past halvings were set up by Satoshi to correlate with election years in the US, which have always led to a spike in the financial markets.
In addition, Svenson mentioned that the profitability of Bitcoin has always increased until 80 weeks following each halving, which marks the beginning of a new bear market. If history repeats itself, an 80-week timeline after the upcoming halving should be around October 2025, which is when a new bear market cycle is expected to begin.
Institutional interest in Bitcoin is surging, contributing to a 9.57% surge in the past seven days. Bitcoin is trading at $47,211 at the time of writing.
‼️JUST IN: #Bitcoin ETFs are the most successful ETFs 1 month after launch EVER! 🚀
(out of 5,535 total launches in 30 years)
They hold the #1 ($IBIT), #2 ($FBTC), #20 ($ARKB), and #22 ($BITB) spots.
And there is still 2 days left. pic.twitter.com/NAVoyraPHT
— Swan Media (@Swan) February 9, 2024
BTC price recovers after brief dip | Source: BTCUSD on Tradingview.com
Featured image from Dall.E, 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.
Bitcoin roared back this week, clawing its way to $48,207 – its highest point since early January. This fiery ascent follows weeks of muted trading, fueled by concerns about institutional outflows and a post-ETF price dip. But what’s sparking this sudden surge? And can the digital dragon overcome its next hurdle?
Several factors are propelling Bitcoin’s recent rally:
Bitcoin currently trading at $47,335 on the daily chart: TradingView.com
While the outlook seems bright, challenges remain:
Sylvia Jablonski, CEO of Defiance ETFs, attributes the price appreciation to “recent inflows into the spot ETFs, the prospect of the halving, and general market momentum.” However, she cautions that breaking through resistance levels is never guaranteed, and investors should approach any investment with caution.
Meanwhile, Markus Thielen, the founder of 10x Research and head of research at Matrixport, predicted more rise in bitcoin prices using Elliott Wave theory, a technical study that makes the assumption that prices move in repeating wave patterns.
The idea states that price trends evolve in five stages, with waves 1, 3, and 5 serving as “impulse waves” that indicate the primary trend. Retracements between the impulsive price movement occur in waves two and four.
According to Thielen, BTC has begun its final, fifth impulsive stage of its uptrend, aiming to reach $52,000 by mid-March, after completing its wave 4 retracement and correcting to $38,500.
Featured image from Adobe Stock, 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.
According to data from CoinMarketCap, Bitcoin (BTC) has maintained its upward price trajectory over the last day, gaining by 4.04% to briefly trade above the $48,000 mark. As BTC now hovers around the $47,100 price zone, investors and market experts remain highly speculative about the token’s next action. On that note, popular analyst Ali Martinez has called a major prediction that could spell weighty losses for many investors.
In an X post on Friday, Martinez predicted an incoming dip in Bitcoin’s price driven by a planned liquidation. Using data from the cryptocurrency futures trading platform, CoinGlass, the analyst stated the Bitcoin liquidation heatmap indicated that there is potential strategic liquidation in play.
According to the #Bitcoin liquidation heatmap, there’s a potential strategy unfolding where liquidity hunters could drive the price of $BTC down to $45,810. This move is aimed at triggering liquidations amounting to $54.73 million! pic.twitter.com/monFlZmvQ6
— Ali (@ali_charts) February 9, 2024
Martinez stated that liquidity hunters in the BTC market could be looking to push the token’s price as low as $45,810 for personal benefits. For context, liquidity hunters are traders or investors who actively seek opportunities in the financial markets to exploit changes in liquidity.
This set of market players often targets specific price levels where there is a concentration of stop-loss orders or where market liquidity is expected to be thin. By triggering liquidations or capitalizing on price movements, liquidity hunters aim to profit from short-term market inefficiencies.
According to Martinez, the liquidity hunters in the BTC market are currently looking to induce an estimated 3% decline in the token’s price. While this change may seem minimal, it represents an astounding $54.73 million in liquidations. Based on these numbers, BTC traders and investors should be wary of potentially significant losses in the coming days.
The premier cryptocurrency has recently taken flight, gaining by 8.6% in the last two days after a flat period of consolidation stretching to the beginning of February. Interestingly, the asset’s pathway to higher gains appears more confident with recent developments in the Bitcoin spot ETF market, which recorded a total net flow of $403 million on February 8 – the highest value of that metric since January 17.
At the time of writing, Bitcoin trades at $47,238, with a 0.26% gain in the last hour. Meanwhile, the coin’s daily trading volume has soared by 56.33% and is now valued at $39.42 billion. In addition, BTC maintains its top spot in the crypto market with a total market cap of $924.67 billion.
BTC trading at $47,229 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Nairametrics, 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.
The United States economy and where it might be headed has been a hot topic of debate among finance experts, with some recommending Bitcoin as a safe haven. One of those who has continued to tout BTC as the answer is renowned finance author Robert Kiyosaki, who has made a gloomy prediction for the US economy.
In a post made on X (formerly Twitter), Robert Kiyosaki, who is widely known for his best-selling finance book titled ‘Rich Dad Poor Dad’, warned investors of an impending crash. According to Kiyosaki, a lot of investors would end up losing their money as they do not know what to do with it.
He compared the current situation to flight students in the US Navy being taught how to fly and also how to crash. However, it seems that there is no easy option for investors going forward, as he calls for a “bail out.”
The finance expert warns that banks as well as the US economy will crash, and “We are not going in for a soft landing.” In light of this, he steers investors toward other forms of wealth preservation, which are Gold, Silver, and Bitcoin.
As much as the finance author expects that the crash will be brutal, he believes that by being in the three assets mentioned above, then investors can have “parachutes for your personal soft landing.”
BTC bulls clear $47,000 resistance | Source: BTCUSD on Tradingview.com
Kiyosaki is not new to pushing Bitcoin as an alternative to traditional cash and investment vehicles. Over the last year, the finance expert has warned that the US economy is headed for doom and as always, pushes the likes of Gold, Silver, and Bitcoin as an answer to the ‘inevitable crash.’
The author has also provided incredibly bullish predictions for the BTC price going forward, which he expects to rise more than 300% from here. According to Kiyosaki, Bitcoin will rise as high as $150,000 post-Spot Bitcoin ETFs approval, and with the price inching toward $50,000 already, it seems Kiyosaki’s prediction may end up playing out.
Kiyosaki has also presented Bitcoin as a safe haven at a time when there is widespread political discontent. He has also publicly declared his dislike for the current President, Joe Biden, who he believes is weak and a terrible president.
In order to fight back, the finance author suggests that investors move their assets into Gold, Silver, and Bitcoin which cannot easily be controlled by the government. He also believes BTC is the “best protection” against hyperinflation, which he expects to happen soon.
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.
Bitcoin’s recent surge past $47,000 is accompanied by a notable development — over 92.5% of its circulating supply is now in profit. The figure represents the percentage of existing coins whose price at their last movement was lower than the current price.
Interestingly, during Bitcoin’s previous peak at $49,000, just above 93% of the supply was in profit, reflecting a correlation between the digital currency’s price increase and the percentage of its supply in profit.
Historical data offers another intriguing perspective. When over 95% of Bitcoin’s supply was in profit, it has typically indicated a local top in the price. The last instance was in November 2021, when Bitcoin reached its all-time high of $69,000.
Conversely, when less than 50% of its supply was in profit, it usually pointed to a price floor. The most recent occurrences were during the FTX collapse in November 2022 and the COVID-19 pandemic’s market impact in March 2020.
The post Over 92% of Bitcoin supply now profitable as price soars past $47,000 appeared first on CryptoSlate.
Bitcoin is finally showing a sustained bullish push as it has now broken above $47,300, but overly positive sentiment can be an obstacle to this rally.
The “Fear & Greed Index” is an indicator that tells us about the general sentiment among the investors in the Bitcoin and wider cryptocurrency sector. According to Alternative, its creator, the index takes into account five factors to calculate this sentiment.
These are volatility, market volume, social media sentiment, market cap dominance, and Google Trends. The index outputs the sentiment as a number lying between zero to hundred.
All values of 46 and under imply the investors are fearful, while those of 54 or over suggest the presence of greed in the market. The region between 47 and 53 corresponds to the region of neutral sentiment.
Now, here is what the Fear & Greed Index looks like for Bitcoin right now to see which of these regions the market stands in at present:
The current value of the sentiment according to this index | Source: Alternative
As is visible above, the Bitcoin Fear & Greed Index has a value of 72 at the moment, implying that the majority of the investors in the space share a greedy mentality.
Besides the three core sentiments mentioned earlier, there are also two extreme ones: the extreme fear and extreme greed. The former of these occurs at values of 25 and under, while the latter takes place at 75 and above.
Historically, these two sentiments, in particular, have held great significance for the cryptocurrency’s trajectory. Generally, at any point, the asset is more likely to move against the expectations of the majority, and in these extreme regions, this expectation becomes the strongest.
As such, these sentiments have been where major reversals in the asset have been the most likely to occur. Followers of a trading philosophy called “contrarian investing” exploit this fact to time their buying and selling moves. Warren Buffet‘s famous quote sums up the idea, “Be fearful when others are greedy, and greedy when others are fearful.”
At a value of 72, the Bitcoin market is quite close to entering into the extreme greed region right now. Just yesterday, the metric had a value of 66, which means there has been some jump in just the past 24 hours.
Looks like the value of the metric has shot up over the past day | Source: Alternative
This increase in the index has naturally come because of the bullish momentum that the asset has enjoyed in the past day. Any further improvements in sentiment, however, may be alarming, as the metric would then enter into the extreme greed territory.
The last time that the Bitcoin Fear & Greed Index surged into extreme greed values was around the time of the approval of the spot exchange-traded funds (ETFs). As it happened, the coin hit its top, coinciding with this overly bullish mentality.
Thus, if this precedence is anything to go by, any visit into the territory in the coming days may serve as a warning that a top is near for the cryptocurrency.
Bitcoin has enjoyed an uplift of over 6% during the past 24 hours as its price has cleared the $47,300 level.
The price of the coin appears to have been going up over the last couple of days | Source: BTCUSD on TradingView
Featured image from Michael Förtsch on Unsplash.com, charts from TradingView.com, Alternative.me
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.
