Bitcoin's price chart resembles the stock market in the 1930s, suggesting that the cryptocurrency could be heading towards a major drop, according to Bloomberg's senior commodity strategist, Mike McGlone.
Bitcoin, the top cryptocurrency, reached a two-month low due to risk aversion in global markets triggered by concerns about China's economy and U.S. interest rates, as well as a report that Elon Musk's SpaceX sold its bitcoin holdings.
The recent downturn in the cryptocurrency market, marked by a 10% decline in total market capitalization and significant liquidations on futures contracts, can be attributed to various economic factors such as rising interest rates and inflation, as well as regulatory concerns and financial difficulties within the industry, with the future trajectory of the market being influenced by these factors.
The cryptocurrency market is preparing for a potential larger financial event in September that could significantly impact Bitcoin, Ethereum, XRP, and the wider digital asset landscape.
Bitcoin and other cryptocurrencies are on the rise, driven by an optimistic market sentiment and positive earnings from Nvidia.
Summary: Bitcoin is projected to have a compound annual growth rate (CAGR) of 27% through 2030, while the artificial intelligence market is expected to have a CAGR of 36%, making stocks in the AI sector potentially more lucrative than cryptocurrencies like Bitcoin. Three AI stocks worth considering are Advanced Micro Devices, Amazon, and Apple.
Bloomberg Intelligence's senior macro strategist predicts a near-term bearish trend for Bitcoin, citing its failure to exhibit strength in a deflationary environment, but anticipates that it will eventually reach $100,000.
Bitcoin experienced a dip in price after the U.S. Federal Reserve Chair hinted at the possibility of an interest rate hike, but an on-chain indicator suggests that Bitcoin is undervalued and presents a good opportunity for long positions in the coming week.
Bitcoin's price is closely linked to stock prices and has seen significant growth, outperforming Amazon over a 12-year period, according to Bloomberg analyst Mike McGlone; however, he is skeptical about its move into the mainstream and warns of potential price declines when the masses invest. Other analysts speculate on Bitcoin's price, with predictions ranging from a dip to $23,500 to exceeding $30,000 by year-end. McGlone is known for identifying unique trends in Bitcoin, and JPMorgan suggests that the recent crypto asset selloffs are mostly over.
Long-term holders of Bitcoin are continuing to accumulate the cryptocurrency despite recent market volatility, indicating a bullish outlook for the future, according to analysts from Bitfinex. However, newer long-term holders who acquired their positions during the bear market are showing more unease and have exited their positions during price drops.
Crypto-related stocks soar as the chances of fund companies offering Bitcoin ETFs increase, though Coinbase Global faces obstacles.
Bitcoin could experience a major market correction in September, potentially dropping by more than 16% based on historical performance and predictions by crypto analyst Benjamin Cowen.
Crypto analyst Benjamin Cowen believes that Bitcoin is likely to follow its historical bearish price action seen in pre-halving years and predicts that the cryptocurrency will remain within a range of $12,000 to $35,000 for the rest of 2023.
Bitcoin, the first leading cryptocurrency, has been the top-performing asset over the past decade and offers a hedge against inflation and potential diversification benefits for portfolios.
Bitcoin and crypto could experience significant growth in the next few months, with September expected to be a particularly eventful period, including the potential impact of U.S. bitcoin ETF filings and China declaring crypto as "legal property and protected by law."
Bitcoin and other cryptocurrencies are experiencing a decline as analysts predict further decreases ahead.
Bitcoin (BTC) has remained stagnant below $26,000, with investors waiting for further developments in the cryptocurrency market and the wider economy, while Ether (ETH) is expected to outperform BTC in September and October due to the potential approval of the first ether ETF in mid-October. Additionally, SOMA Finance plans to sell tokens that represent a financial interest, addressing the criticism that crypto tokens lack equity or debt claims. Binance continues to dominate the crypto market as the leading exchange.
Despite the recent downturn in the crypto market, a key Bitcoin metric shows that 95% of the existing supply of Bitcoin has not moved in the past 30 days, indicating strong holding behavior and potential for a price rally with a buy-side catalyst.
Despite Visa's announcement and warnings from Binance's CEO, major cryptocurrencies such as Bitcoin and Ethereum are struggling in a bearish trend while a top Federal Reserve official expresses deep concern over the $120 billion stablecoin market.
Bitcoin, ethereum, and other top cryptocurrencies have been struggling recently despite the market conditions, as the bitcoin price drops and Coinbase plans to integrate bitcoin's lightning network, potentially causing crypto price chaos.
Bitcoin's vulnerability to contracting global liquidity is highlighted by Bloomberg Intelligence's crypto market analyst Jamie Coutts, who suggests that the cryptocurrency will only turn bullish when global liquidity levels expand, warning that it is unlikely to rise until liquidity reverses and anticipating that institutional investors will only show significant demand for digital assets once liquidity rises.
August saw the crypto markets experience a downturn, with Bitcoin and Ether losing significant value due to liquidations on the derivatives market, while venture capital investment in the blockchain industry hit a new low and derivatives drove negative sentiment for Bitcoin.
Bitcoin and other digital assets are at risk of a deeper market correction due to the contraction of stablecoin liquidity, according to crypto analyst Nicholas Merten.
Bitcoin, ethereum, BNB, and XRP have experienced a strong price rally in 2023, but a small cryptocurrency has surpassed them, while the Federal Reserve's interest rate decisions could impact the bitcoin price.
Bitcoin's market dominance rate has reached its strongest level in a month, rising to 50.2%, as risks rise for the rest of the cryptocurrency sector, while alternative cryptocurrencies may be on the brink of breaking lower.
Bitcoin and other cryptocurrencies experienced a rise in value as traders made bullish bets in anticipation of the Federal Reserve's interest rate decision, though this surge may be premature.
Bitcoin and stocks are currently showing a high correlation, suggesting that Bitcoin prices are influenced by the same investor psychology and economic trends as stocks, making it important for investors to focus on these trends rather than traditional factors like inflation and uncertainty.
Bitcoin is expected to experience a strong upward pressure on its price due to the upcoming halving mechanism, making it an attractive time for investors to consider bitcoin mining stocks like Bitfarms and Cipher Mining.
Bitcoin and other cryptocurrencies experienced a decline in prices due to the Federal Reserve's monetary policy decision, signaling an anticipated return to range-bound trading.
Bitcoin could experience significant inflows from China in the coming months due to a weakening Chinese yuan and increasing capital flight, with Chinese investors turning to Bitcoin as a familiar investment in times of economic uncertainty, according to experts. The recent data shows that China's capital outflow reached its highest level since 2015 in August, potentially putting further pressure on the yuan. While Chinese capital controls may limit investment options, cryptocurrency, particularly Bitcoin, is seen as a viable alternative. However, analysts caution that the impact of Chinese capital flight on Bitcoin may not be as significant as it was in 2017 due to changes in regulations and crackdowns on certain practices.
Bitcoin is poised for a bull run next year according to analyst Dave the Wave, who cites the cryptocurrency's monthly moving average convergence divergence (MACD) and logarithmic growth curves (LGC) as indicators of a maturing market and potential price increase, although short-term volatility is still possible.
Bitcoin (BTC) prices are expected to remain bearish in the short term, but analysts anticipate a significant price increase after the 2024 halving event due to past performance and long-term valuation metrics.
Crypto analyst Nicholas Merten predicts a significant contraction in the total market capitalization of Bitcoin and other digital currencies, with Bitcoin potentially facing a plunge of over 43% and stabilizing between $15,000 and $16,000 as the market potentially finds a foothold around the $650 billion cap.
Bitcoin and other cryptocurrencies remain stable or slightly higher despite turbulence in the stock market, but this calm may not last.
Major cryptocurrencies like Bitcoin, Ethereum, and XRP are anticipating a potential surge in price due to a "worst-case" scenario from the Federal Reserve, according to JPMorgan CEO Jamie Dimon.
Bitcoin and other cryptocurrencies are rising as traders are optimistic about the potential of a US government shutdown, despite the risk of liquidity drainage.
Fidelity Investments' global macro director believes that a recession could lead to a significant rally for Bitcoin, with the potential for prices to reach $96,210 by the end of 2025 if interest rates decline. He also suggests that Bitcoin's correlation with equities has decreased, making it a potential source of uncorrelated returns in the next market cycle.
Ethereum may outperform Bitcoin in the longer term, according to trader Dave the Wave, who believes that Ethereum's lower highs and lows in the short term are overshadowed by its potential breakout in 2022. On the other hand, Bitcoin is expected to outperform traditional assets for at least another decade based on logarithmic growth curves.
Large Bitcoin holders have been accumulating the cryptocurrency since September, leading to predictions of a return to the $30,000 price level, although some analysts disagree with this analysis.
Crypto strategist predicts that Bitcoin will enter a massive bull run and reach new all-time highs once it surpasses a key support level, but warns that bearish speculation from the stock market could decrease momentum.
Bitcoin could potentially face a 60% price drop, as liquidity remains negative and global rates continue to rise, according to Bloomberg Intelligence senior macro strategist Mike McGlone. He also suggests that a stock market drawdown related to a recession poses the biggest risk for the overall cryptocurrency sector.
Bitcoin could face difficulties in the long term due to tightening liquidity in the current macroeconomic environment, according to crypto analyst Nicholas Merten. Merten believes that Bitcoin's price is heavily influenced by monetary policy and warns that if sentiment turns bearish, investors may start cashing out.
