Popular onchain analyst Willy Woo has predicted a potential bitcoin price surge to $650,000 at the bull market’s peak. His prediction hinges on spot bitcoin exchange-traded fund (ETF) investors fully deploying their assets based on recommendations from asset managers. “These are very conservative numbers. Bitcoin will beat gold cap when ETFs have completed their role,” […]
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Solana (SOL) faced difficulties the past week after the network’s transaction failure rate reached over 75%. Since then, Solana’s core contributors have been working to find the congestion problems.
SOL’s price tumbled 7.8%, and users seemed worried about the network’s state. Despite this, some analysts predict a more optimistic performance for SOL soon.
According to crypto analyst Bluntz, Solana’s drop has reached its bottom. When the news of network congestion broke, the analyst predicted that SOL’s price would likely fall to $160 before seeing a bounce.
According to his chart, the performance was starting to show an ABC zig-zag pattern. At the time, the token was trading around the $184 price range, which meant that the C wave of $160 had yet to be confirmed.
The analyst remained open to the “possibility of a sideways correction.” Nonetheless, he considered it “would make no sense for sol/usd to sweep down lower below 160.”
On Wednesday, SOL reached a low of $162, sweeping the “A wave low.” To the analyst, this seems to be the bottom for SOL’s price despite being $2 short of his prediction. As a result, Bluntz considers that the token’s price will go “higher from here.”
ABC pattern on the SOL monthly chart. Source: Bluntz
Another analyst, Immortal Crypto, pointed out that SOL has shown a “good range” between $210 and $160. According to the analyst, “a deviation from here is a fat long, 100%.”
Despite the possible bounce forecast, analyst Altcoin Sherpa expects SOL to drop to $140, a level it has not seen in almost a month.
In the last 24 hours, Solana’s price has risen 6%, recovering from the drop to the $162 range. Despite a 7.8% drop in the past week, the price surged 13.5% in the last 30 days.
Similarly, the daily trading volume increased by 28% in the past 24 hours, suggesting a surge in the token’s market activity.
Nonetheless, investors remain concerned about the network as the problems continue, with some suggesting that the token’s price won’t start pumping until the “tech is sorted out.”
Solana is widely recognized for its fast transactions and low fees. However, the current on-chain failure rate presents problems for both users and developers.
Responding to the critics and concerns, Austin Federa, Head of Strategy at the Solana Foundation, gave insights into the problem.
Developers from Anza, Firedancer, Jito, and other core contributors are working diligently (and not sleeping much) to shore up Solana’s networking stack to meet the unprecedented demand the network is seeing today.
There’s been a lot of threads on what exactly is causing the…
— Austin Federa | 🇺🇸 (@Austin_Federa) April 10, 2024
According to Federa, developers from the core contributors to the Solana chain are “working diligently to shore up Solana’s networking stack to meet the unprecedented demand the network is seeing today.”
The developer explained that “the implementation of a software system is today not robust enough to handle the amount of traffic being thrown at it.” As a result, the core protocol developers are working to test and implement improvements, leaving “increasing fees as a last resort.”
At the time of this writing, SOL is trading at $174.57.
Solana performance in the weekly chart. Source: SOLUSDT on Tradingview
Featured Image from Unsplash.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.
Bitcoin’s price cycles are often influenced by the behavior of short-term holders (STHs), defined as investors who have held the digital asset for less than 155 days. According to Glassnode data, during market peaks, STHs typically possess 80% or more of the Bitcoin supply, with the prevailing cohort transitioning from shorter to longer holding periods in each subsequent cycle.
Data from Glassnode shows that at the peak in 2011, STHs commanded 96% of the supply, primarily comprising holders of one-day to one-week durations. By the 2013 peak, 90% of the supply was held by STHs, predominantly those holding for one-day to one-week periods. Moving to the 2017 peak, STHs still dominated over 90% of the supply, but the principal cohort shifted to one-week to one-month holders, indicating a slightly maturing market.
In March 2021, at the peak, 85% of the supply was held by STHs, with the predominant group being holders of one-month to three-month durations, according to Glassnode.
Currently, with Bitcoin hovering near all-time highs, STHs control 54% of the supply, which suggests potential for further growth. The gradual transition in dominant STH groups from shorter to longer durations implies an evolving market maturity.
The post From days to months: How Bitcoin holder behavior predicts price peaks appeared first on CryptoSlate.
Cardano (ADA) is again in the spotlight as crypto analysts continue to deliberate on its future trajectory. This time, crypto analyst Alan Santana has laid out a bearish narrative for the crypto token, which could cause its price to drop drastically.
In his analysis, Santana stated that ADA’s breakout below the $0.58 price level, which has acted as support for the crypto token for five weeks, signals a bearish sentiment toward it. In line with this, he suggested that ADA’s price could further dip significantly even though it has already experienced a 30% decline from its recent price peak.
The crypto analyst mentioned that a further price dip for ADA could cause its price to drop between $0.4444 and $0.3450. However, this isn’t necessarily bad for the crypto token as Santana revealed that altcoins, which have in the past seen a 2x to 3x increase in their prices, experienced corrections of such magnitude before then.
He added that before the end of their correction, all these altcoins moved to test a price range between 0.618 and 0.786 Fibonacci retracement level. From the chart he shared, one can see that the analyst stipulated that ADA could drop to as low as $0.34 because that is the price level for the 0.786 Fibonacci retracement level.
Source: Tradingview.com
Furthermore, Santana acknowledged that ADA could move higher from its current price level but seemed skeptical because the crypto token has continued to lag, making further price declines more feasible.
He also revealed that ADA’s weekly chart is producing a “break below the EMA10 (Exponential Moving Average) with a very strong bearish candle as the RSI (Relative Strength Index) turns red. “Once support is found and established, we become bullish again,” the analyst concluded.
Cardano’s founder, Charles Hoskinson, sounded bullish on the Cardano ecosystem in a recent X (formerly Twitter) post, stating that “Cardano always wins.” Hoskinson’s statement came in response to a poll to rank the best Layer-1 network. Hoskinson suggested that the poll was already biased and that Cardano would surely come out on top if it were a “fair vote.”
Meanwhile, this occurrence again highlights Hoskinson’s confidence in the Cardano network he founded. He once even compared the network to Bitcoin, noting how it was growing organically like the flagship blockchain. At different times, he also insinuated that Cardano has real network value, unlike networks like Solana.
However, so far, Cardano’s network value has failed to positively affect ADA’s price, which is undoubtedly a cause for concern among ADA holders.
At the time of writing, ADA is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap.
ADA drops down to $0.56 | Source: ADAUSDT on Tradingview.com
Featured image from Forbes, 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.
Over the last week, Bitcoin (BTC) investors enjoyed much profit as the crypto asset gained 9.34% to trade above $71,000 based on data from CoinMarketCap. Currently, most of the BTC market is highly expectant of the potential large price gains that the current bull cycle could present.
However, commenting on the immediate future, Bitwise CEO Hunter Horsley has stated that the upcoming halving event – a key part of the bull cycle – could be the most significant in Bitcoin’s trading history as a result of an impending massive decline in the token’s supply.
In a post on X on March 29, Hunter Horsley shared that the Bitcoin Halving event slated for April 2024 could have the most profound supply and demand effects recorded ever in the asset’s history. For context, Bitcoin halving is a phenomenon that occurs every four years in which the block reward for BTC miners is reduced by half.
The April 2024 Bitcoin halving may be the most impactful we’ve seen. Why?
The last Bitcoin halving, 2020, Bitcoin was at ~$9,000. So the supply reduction in $ terms was ~$9M a day, and ~$3B a year.
This halving with Bitcoin ~$70,000, it will be >3x greater in $ terms: ~$32M a…
— Hunter Horsley (@HHorsley) March 29, 2024
Horsley began his prediction by referencing the last Halving in 2020, during which BTC’s price was ~$9,000. The Bitwise CEO stated that Bitcoin experienced a significant decline in token supply following the Halving effect, to the tune of ~$9 million per day and ~ $3 billion per year.
Considering that Bitcoin’s price currently hovers around $70,000, Horsley believes that the expected supply reduction will likely be at least three times larger in dollars and is estimated to be $32 million per day and $11 billion.
With a higher Bitcoin price, Horsley predicts that the expected massive decline in Bitcoin’s supply will be accompanied by a greater decrease in natural selling pressure by miners. In addition, the Bitwise CEO notes this development will concise with the current rise in institutional demand.
Generally, all factors highlighted by Hunter Horsley indicate that Bitcoin will likely experience a magnanimous price surge following the Halving event. Earlier in February, the Bitwise boss predicted BTC could attain $250,000 sooner as a result of investor demand driven by the introduction of the Bitcoin spot ETF.
At the time of writing, BTC is exchanging hands at $70,000 with a 0.65% loss on the last day. The widely acclaimed “digital gold” is up now by 10.45% on its monthly chart following the price correction in February,
Meanwhile, the BTC’s trading volume has declined by 23.16% and is valued at $24.67 billion. With a market of $1.1 trillion, Bitcoin ranks as the largest cryptocurrency in the world.
BTC trading at $69960 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Forbes, 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.
A cryptocurrency analyst has predicted a massive price surge for XRP, anticipating the cryptocurrency to witness a more than 600% increase. Despite its historically sluggish growth, XRP has begun to gather momentum, showing potential to experience major price growth during the 2024 bull run.
A crypto analyst identified as Egrag Crypto has taken to X (formerly Twitter) to predict an exponential price surge for XRP. According to Egrag Crypto XRP is “guaranteed” to experience a 600% to 1000% increase to new all-time highs around $5.5.
Basing his predictions on XRP’s historical data from 2017, the analyst shared a chart illustrating XRP’s price movements over the years. He delved into the cryptocurrency’s minimum and shortest price pumps observed when the 21 Exponential Moving Average (EMA) crosses the 55 Moving Average (MA).
The crypto expert disclosed that in 2017, the altcoin witnessed a significant price surge of approximately 902.85%, driving its price to $0.0646 at the time. Around 2021, the cryptocurrency recorded another pump, surging by about 585.29% to trade above the $1 price mark.
Following historical trends, XRP is anticipated to undergo a substantial surge of 585.20%, reaching a price level of about $3.26 in 2024. The analyst has revealed that if XRP manages to achieve a 900% or 585% price pump, it could potentially rise even further to $5.5 or $4, respectively.
On the flip side, Egrag Crypto has disclosed that if XRP fails to achieve an all-time high of $5 to $10 during the 2024 bull cycle, the cryptocurrency may not experience a bullish surge until the next bull run. Despite this, the analyst has remained confident in XRP’s potential to attain triple-digit gains and reach new all-time highs soon.
When asked by a crypto community member about the timeline for the price of XRP to potentially rise to $5.5, Egrag Crypto boldly affirmed that the window of uptick lies between April and July 2024. He urged the XRP army to brace themselves for this potentially bullish period, emphasizing a strong belief for XRP to surge to unprecedented heights.
Despite its recent price drops, the sentiment surrounding XRP has remained positive, with many crypto analysts predicting bullish price movements for the cryptocurrency. At the time of writing, XRP is trading around $0.61, reflecting a decline of 1.77% over the last 24 hours and 3.93% over the past week, according to CoinMarketCap.
While the cryptocurrency has successfully crossed resistance levels above $0.5, it is still a long way from surpassing its all-time high of $3.84 recorded in 2018.
Token price trending at $0.62 | Source: XRPUSDT on Tradingview.com
Featured image from Bitcoin 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.
Crypto expert Rekt Capital has suggested that Shiba Inu (SHIB) could follow a similar trajectory to its move back in 2021. If so, this sets up the crypto token for a parabolic move that could see it hit its all-time high (ATH) and even surpass it.
Rekt Capital mentioned in an X (formerly Twitter) post that SHIB’s retest was successful and that history was repeating itself. According to him, SHIB needs to break above the $0.000033285 price range to begin its uptrend continuation. In a previous post, the crypto analyst raised the possibility of SHIB’s price action mirroring the one from 2021.
He noted how SHIB came close to that price range but couldn’t break this resistance level. This was the same thing in late 2021, as Shiba Inu didn’t break that resistance level on the first attempt. That forced the meme coin to retest the $0.000026041 price level as a new support before confirming further upside.
Source: X
This time, Shiba Inu also retested that $0.000026041 price level during its recent price dip, which was partly caused by a wave of profit-taking. The meme coin showed great resolve and somehow managed to hold above that level, and it has since made a good recovery.
Now, it needs to break above the $0.000033285 price range to confirm that history is repeating itself and that a price surge to the one in 2021 is on the horizon. 2021 was SHIB’s breakout year when it enjoyed a mouth-watering gain of 46,000,000% on its way to an ATH of $0.00008845 in October 2021.
Rekt Capital isn’t the only one optimistic about SHIB’s future trajectory. Crypto analyst and trader Xanrox recently predicted that SHIB could rise to $0.00008854 by July, representing a new ATH for the meme coin. Interestingly, that looks to be only the starting point for the meme coin, as other analysts have predicted that SHIB could shed another zero.
One of them is crypto investor and analyst Oscar Ramos, who expressed his bullish sentiment about the meme coin when he predicted it could rise to $0.0001. Technical analyst Javon Marks also echoed similar sentiments when he suggested that SHIB could rise to as high as $0.0001553.
Meanwhile, crypto analyst Ali Martinez once suggested that SHIB’s price gain in 2021 could be nothing compared to what lies ahead for the meme coin. Specifically, Martinez predicted that Shiba Inu could see a historic 122,000% price surge to $0.011.
At the time of writing, SHIB is trading around $0.00003116, up over 3% in the last 24 hours according to data from CoinMarketCap.
SHIB price at $0.00003 | Source: SHIBUSDT on Tradingview.com
Featured image from Coinpedia, 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.
Chainlink (LINK) has performed strongly over the past week, with the token’s price increasing 21.3% in the last seven days. Some analysts have shared their predictions and thoughts on LINK, suggesting keeping an eye on the token and its long-term performance.
Recently, Chainlink announced its partnership with blockchain platform Avalanche and the Australia and New Zealand Banking Group to connect the Avalanche and Ethereum blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
As reported by NewsBTC, the partnership aims to facilitate the “access, trade, and seamless settlement of tokenized assets across networks in different currencies in a process called Delivery vs. Payment (DvP).”
The crypto community appeared to receive the news well. X users expressed their positive sentiments towards the collaboration and Chainlink’s token. The sentiment has seemingly translated to LINK’s performance, as the token’s price soared 9% in the last 24 hours.
Crypto analyst and trader The Lord of Entry shared his prediction for LINK. In the X post, the trader highlights that the token’s performance in the past day had been strong as it broke above the $18.5 resistance level. Chainlink’s LINK unsuccessfully tested the resistance zone over the past week after falling below it on March 18.
$LINK 4hr – #LINK has been strong today, but now banging into some resistance – if it can flip this into support your next big target is around 28#LINKusdt pic.twitter.com/YlCDRDOFTq
— @TheLordofEntry (@thelordofentry) March 26, 2024
The token continued the upward trajectory throughout the day after successfully rising above the $18.5 price. In the early hours of Tuesday, LINK surged above the $20 mark but faced resistance near the $20.5 range.
According to the trader, if the token can break above this level and turn it into a support zone, the next big target for LINK would be the $28 price range.
As of this writing, LINK tested this new resistance level, which has been rising above it twice in the past hour. The token reached $20.6 in the first attempt and briefly surpassed the $20.7 price range during the second attempt. However, the token momentarily failed to flip the resistance zone and fell below $20.5 again.
Despite the failed attempts, LINK’s price surged 9% in the past 24 hours. Interest in the token has seemingly risen in the same timeframe as its market activity increased by 55.19%, reaching a daily trading volume of $539.9 million.
Its market capitalization also increased by 8.16% in the past day, reaching $12.02 billion. Chainlink is the 14th-largest cryptocurrency by this metric, according to CoinMarketCap data.
Moreover, LINK has shown a remarkable 182.6% performance in the last year. As a result, crypto analyst Altcoin Sherpa shared some notes on LINK, suggesting that it shouldn’t be actively traded. Sherpa stated that the token is a better fit to “buy and hold” as it is a “safe coin that is going to do strong numbers.”
$LINK: A few notes w. this one-
-you shouldn’t be actively trading this. Loads more volatile coins (though this has nice liquidity)
-Better to buy and hold, this is a safe coin that is going to do strong numbers
-Still fundamentally v. strong, 1 of the best.
-still expecting… pic.twitter.com/NeJAm2ixXj
— Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
The analyst considers LINK fundamentally “very strong” and one of the best tokens based on its long-term performance. Ultimately, Sherpa predicts the price will “consolidate for a bit longer before its next move.”
Chainlink hits $20.6 in the 3-day chart chart. Source: LINKUSDT on Trading.view.com
Featured Image from Unsplash.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.
Elon Musk made some striking predictions about the impact of artificial intelligence (AI) on jobs and income at the inaugural AI Safety Summit in the U.K. in November.
The serial entrepreneur and CEO painted a utopian vision where AI renders traditional employment obsolete but provides an “age of abundance” through a system of “universal high income.”
“It’s hard to say exactly what that moment is, but there will come a point where no job is needed,” Musk told U.K. Prime Minister Rishi Sunak. “You can have a job if you want to have a job or sort of personal satisfaction, but the AI will be able to do everything.”
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While admitting this prospect may not make “people comfortable,” Musk seemed optimistic about what he termed a “protopian” AI-driven future.
“I think everyone will have access to this magic genie, and you’re able to ask any question. It’ll be certainly bigger for education. It’ll be the best tutor,” he said. “And there will be no shortage of goods and services. It will be an age of abundance.”
Musk’s concept of “universal high income” appears to be an evolution of the universal basic income (UBI) idea supported by other tech leaders like Sam Altman.
“We won’t have universal basic income. We’ll have universal high income,” Musk said, though he did not explicitly define the difference. “In some sense, it’ll be somewhat of a leveler, an equalizer.” It’s worth noting this isn’t the first time Musk addressed the topic. In 2018, he posted on X: “Universal income will be necessary over time if AI takes over most human jobs.”
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This vision aligns with the recent discussions and experiments around universal basic income, especially in light of the success of the expanded child tax credit in 2021. The temporary increase and changes in the distribution of the tax credit demonstrated how direct cash payments could lift millions out of poverty without reducing their participation in the workforce. The example of the child tax credit expansion, which lifted 3.7 million children out of poverty by December 2021, supports the idea that a well-designed system of cash assistance can positively impact society without encouraging a departure from the labor market.
No country has introduced a universal basic income sufficient for essential needs, but the U.S. has seen glimpses of its potential benefits through initiatives like the Alaska Permanent Fund Dividend and the positive impacts of the child tax credit expansion. These examples provide empirical evidence supporting Musk’s vision, where a system of “universal high income” could ensure that no one falls below a certain income floor, addressing poverty and inequality in an age where AI may transform traditional employment.
Musk’s positive outlook contrasts with recent critiques of universal basic income, yet it builds on the empirical evidence from past initiatives like the child tax credit and the Alaska dividend. Whether Musk’s AI-driven “universal high-income” utopia or a dystopia of mass unemployment comes to pass remains to be seen.
But his comments, alongside the evidence from recent universal basic income-related policies, highlight intense debates around automation’s economic impacts. “It’s hard to say exactly what that moment is,” Musk said, indicating that the world may need to prepare for a radical redefining of work, supported by policies that ensure economic stability and social well-being in the face of technological advancements.
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Robert Kiyosaki has issued a stark warning about an impending financial disaster, which he believes will devastate baby boomers. A crypto analyst predicts bitcoin could exceed $330,000, defying historical growth patterns through a combination of pattern disruptions and the theory of diminishing returns. Venture capitalist Tim Draper forecasts that bitcoin will dramatically transform El Salvador […]
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