Bitcoin's current market structure is similar to its setup before reaching its all-time high in November 2021, suggesting a potential bullish trajectory for the leading cryptocurrency, according to crypto expert Credible Crypto, who believes a breakout from the accumulation range could lead to a 120% rally and new all-time highs this year. However, a drop below $24.8k would invalidate this prediction.
Bitcoin experienced a significant correction with an 11.4% drop, but analysis of the market structure suggests that whales and market makers remain optimistic, with the derivatives market quickly absorbing the shock and options markets showing no signs of bearish sentiment.
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.
Bitcoin's volatility is expected to decline, signaling a maturation process and potential retracement period, according to Bloomberg analyst Mike McGlone.
Bitcoin and Ether both rose over 3% as the crypto market recovered from its losses last week, while alternative cryptocurrencies also saw gains; however, experts remain divided on the future of prices, with some predicting continued downtrend and others expecting a rebound.
Bitcoin remains on track for a massive bull cycle despite recent price decline, as indicated by broader indicators of its price patterns and the use of logarithmic growth curves. The 200-week moving average is seen as less significant as a key price support level for Bitcoin, and the analyst is also looking for an entry point for Ethereum.
The current Bitcoin cycle appears to be lining up with previous cycles, showing similarities in the bear market drawdown phase and the convergence of prices after crashes, suggesting that more drawdown may be coming for the price.
Bitcoin prices experienced a sudden drop last week, with analysts attributing it to large liquidations of perpetual futures and a report that SpaceX had sold the cryptocurrency, while industry insiders have mixed opinions on the impact of spot bitcoin ETFs and Coinbase's investment in Circle.
Bitcoin on-chain activity is at multiyear lows, with a decrease in velocity indicating a lack of major trading activity and new investors entering the market, resulting in a stagnant BTC price.
Bitcoin's momentum indicator, the relative strength index (RSI), is showing bullish signs for September, but a drop below $25,500 could impede its upward movement, according to Glassnode co-founders Jan Happel and Yann Allemann.
Ethereum's price has surpassed Bitcoin's in the second half of 2023, as investor sentiment towards Ethereum has improved and Bitcoin dominance has declined, indicating a shift towards altcoins; Ethereum's oversold status and resilient consolidation above $1,500 suggest a potential bullish reversal in the coming days, but a drop below $1,500 is possible if bears gain control.
Bitcoin's velocity has decreased to a 3-year low, potentially suggesting that whales are holding onto their positions rather than transferring ownership to new investors. Meanwhile, select altcoins like Toncoin, Monero, Mantle, and Quant are showing signs of strength and could present short-term trading opportunities depending on Bitcoin's next move.
Bitcoin and other cryptocurrencies are experiencing a decline, with Bitcoin falling below $26,000, as traders remain cautious following Federal Reserve Chairman Jerome Powell's speech.
Former Goldman Sachs executive Raoul Pal believes that Bitcoin may be on the verge of a massive rally, based on the historical volatility of the cryptocurrency dropping below 20, a level that has preceded significant price increases in the past. Pal also notes that Bitcoin's Bollinger Bands, a volatility indicator, are the tightest they have ever been, further indicating the potential for a strong upward movement. Ethereum is also highlighted as trading within a bullish pattern despite recent market corrections.
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.
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.
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A crypto trader, Bluntz, is skeptical of the recent crypto bounce and believes that Bitcoin and Ethereum still have more downside potential before reaching their bottoms, using the Elliott Wave theory to support his analysis.
Bitcoin investors may face a turbulent September, but analysts suggest looking towards mid-October for potentially positive market movements.
Bitcoin's price dropped below $26,000 as the approval of a Bitcoin ETF was further delayed by the SEC, reversing the bullish gains from the Grayscale court decision earlier in the week. The crypto market also experienced a decline, with Ethereum's price going down by 3.5% and the overall market cap losing $11.2 billion. However, Maker and Toncoin managed to resist the bearish trend with positive gains. The global macroeconomic landscape also added to the uncertainty, as key economic data raised doubts about a potential interest rate hike.
Bitcoin's spot trading volumes for the current quarter have been significantly lower compared to previous quarters, potentially indicating a decline of around 14% month over month, while Ethereum's trading volumes are also at a level not seen since 2019, suggesting a similar trend for the cryptocurrency.
Bitcoin's volatility has increased as the market reacts to news regarding the United States Securities and Exchange Commission's delay on Bitcoin exchange-traded fund (ETF) applications, with Bloomberg analysts remaining optimistic about the possibility of Bitcoin ETFs being approved in 2023.
Despite the current market conditions, a crypto strategist believes that Bitcoin (BTC) could experience a significant upward movement, potentially forming a bullish higher-low setup after a possible drop to around $23,600.
Bitcoin's price correction to $22,000 is becoming increasingly likely due to bearish tendencies in BTC derivatives and the fading hype around spot Bitcoin ETFs.
Bitcoin and other cryptocurrencies are experiencing a decline as analysts predict further decreases ahead.
Bitcoin, the pioneer digital currency, is showing signs of declining interest as trading volumes and search traffic decrease, indicating a period of uncertainty and potential downside movement in the market.
Bitcoin is expected to experience a corrective move before resuming its bullish momentum and potentially surpassing its previous highs, according to a pseudonymous analyst who accurately predicted the lowest price of the cryptocurrency during the 2018 bear market.
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.
Bitcoin's price has fallen below its 200-week moving average, indicating a bearish trend, but historical data suggests that this could be a buying opportunity for patient investors.
Bitcoin's recent price drop, despite the potential for future exchange-traded funds (ETFs), may indicate a coming liquidity crisis as loose monetary policies reverse, according to Bloomberg Intelligence senior macro strategist Mike McGlone.
Bitcoin's weak performance and its potential "double top" structure raise concerns of more downside, with predictions of new local lows; however, there are indications that Bitcoin may experience a major shakeout before rebounding to "fair value" and the 200-week EMA near $25,600 may offer some optimism; debate ensues over the possibility of Bitcoin filling the $20,000 CME futures gap; liquidity levels on BTC/USD markets continue to increase, adding to bearish predictions; ahead of the Federal Reserve meeting, the United States Consumer Price Index (CPI) data release on September 14 brings potential volatility to the market and may impact crypto market expectations.
The recent decline in the price of Bitcoin has raised concerns of a larger market downtrend, with Ethereum and Ripple also at risk of falling if Bitcoin weakens further.
Analyst Bluntz predicts that Ethereum (ETH) will continue its bearish price action and potentially drop to $1,440 before rallying, while other trader Benjamin Cowen believes the digital asset could experience a massive freefall, potentially reaching lows below $800.
Crypto spot trading volume on exchanges dropped significantly in August, reaching the lowest monthly total since March 2019, due to bearish price action and factors such as SpaceX's Bitcoin sale and Grayscale's victory over the SEC.
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 could potentially surge over 70% in a move similar to 2015, as crypto analyst Michaël van de Poppe observes patterns that indicate a sustained trading range before a significant upside move ahead of the 2016 halving event.
Bitcoin and other cryptocurrencies advanced on Friday, but a key technical indicator suggests that losses are likely coming.
Bitcoin and other cryptocurrencies have seen a rise in price as traders anticipate a potential macroeconomic catalyst that could lead to a significant movement in the market.
Bitcoin is expected to mimic its previous rally and potentially see significant gains in the near future, according to crypto strategist Credible Crypto, who points to a bullish engulfing candle pattern and the defense of a key support level as positive signs for BTC's upward momentum.
Bitcoin and other cryptocurrencies experienced a decline after the Federal Reserve decided not to raise interest rates, suggesting that significant gains may not be anticipated in the near future.
