Blockchain

Bitcoin price is only at $37,500 — a far cry from former all-time highs around $68,000.

However, one visual technical analysis tool could show that overhead resistance is weak, and that the top cryptocurrency could rip right through what’s left. Could BTCUSD be back at all-time highs faster than most are ready for?

Bitcoin Price Breaks Above The Monthly Ichimoku Cloud

Technical analysts rely on a variety of tools to help provide signals to visually inspect and either manually or automatically take positions based on the results.

One such tool, created by a Japanese journalist Goichu Hosoda, is called the Ichimoku. Hosoda was nicknamed “Ichimoku Sanjin” which loosely translates to “what the man in the mountain sees.” The idea behind the Ichimoku is that it provides an “at a glance” view of all market conditions.

For example, the cloud plots where future support and resistance may lie. Meanwhile, the Tenkan-sen and Kijun-sen act as trend-following tools that cross bearish and bullish depending on price action. These spans can also act as support and resistance.

With all that out of the way, all it takes is “one glance” at the chart below and we can see there is very little 1M BTCUSD resistance left.

Clear Skies Above Major Resistance, But Minor Pullbacks A Plenty

Also at just a glance, it is possible to see how each time Bitcoin price passed through these spans and the Ichimoku cloud, an extended bull market formed.

It is important to note, however, that the Tenkan-sen (blue) and Kijun-sen (maroon) are still crossed bearish. But this also happened prior to each bull run.

Additionally, the lagging span has been omit from this chart. Called the Chikou span in Japanese, the lagging span shows where former support and resistance used to be, which means Bitcoin does have some less significant resistance levels to contend with at around $43,000 and again around $60,000.

Beyond $60,000, the Ichimoku shows nothing but air. Could this really mean clear skies for Bitcoin once the Ichimoku cloud is officially left behind?

This chart appeared initially in Issue #27 of CoinChartist VIP. Click here to read the rest of the issue.

Solana (SOL) has emerged as a prominent player in the dynamic world of cryptocurrency, showcasing a remarkable uptrend and delivering substantial gains. Despite a modest 3.6% correction in SOL price over the past 24 hours, the native token of the blockchain platform has recorded a significant increase of 43% over the past fourteen-day period.

However, the sustainability of these gains may be in jeopardy, as the SOL price appears poised for a significant decline and deep correction following an impressive 346% surge over the past year.

SOL Price Vulnerable To Significant Drop, $30 In Sight

Crypto analyst Ali Martinez has shed light on the potential challenges ahead for SOL. Martinez highlights the TD Sequential indicator, which currently shows a sell signal on the weekly chart of SOL.

The TD Sequential indicator, developed by market technician Thomas DeMark, is a technical analysis tool to identify potential trend reversals or exhaustion points in price movements.

The indicator consists of consecutive candlesticks that meet specific criteria based on the time and price movements. It looks for specific patterns in the price action, including the arrangement of consecutive highs and lows and the overall trend direction.

When the TD sequential indicator generates a sell signal, as seen on the SOL chart above, it indicates that the token is reaching a point of exhaustion in its uptrend, possibly indicating an impending correction or reversal.

According to Martinez, if the bearish formation depicted by the TD Sequential indicator is confirmed, market participants may witness a downward swing for SOL price, potentially pushing it towards $45 or even dipping as low as $30. 

Solana Defies Correction Worries

Despite the potential for a price correction in the coming days or weeks, Solana has demonstrated impressive growth across various fundamental metrics, as revealed by data provided by Token Terminal.

When examining market capitalization, SOL’s circulating supply currently stands at $24.62 billion, denoting a remarkable increase of 138.78%. Furthermore, the fully diluted market cap is estimated at $32.77 billion, reflecting a substantial growth rate of 134.29%.

SOL’s revenue has also grown significantly, with a notable increase of 106.55% over the past 30 days, amounting to $1.26 million. Scaling these figures to an annualized revenue of $15.28 million represents a healthy growth rate of 43.10%.

Transaction fees have also played a key role in SOL’s revenue generation. Over the past 30 days, transaction fees increased by 106.55% to $2.51 million. This represents a growth rate of 43.10% when extrapolated to annualized fee revenue of $30.56 million.

Solana’s growing ecosystem is further evidenced by an increase in daily active users, which currently averages 128,180, reflecting a notable growth rate of 53.6% over the past 30 days. 

Additionally, the platform has seen an average of 82.83 core developers actively contributing to its development, indicating a growth rate of 13.1%.

Currently, SOL is trading at $58, with the next support level at $55, which will be key to the token’s prospects.

Featured image from Shutterstock, chart from TradingView.com

Several altcoins have garnered attention for their potential in the next bull run. Nick, a prominent crypto analyst and host of the Cheeky Crypto YouTube channel, has pinpointed three specific altcoins that he believes are poised for significant growth in the forthcoming market surge.

Based on current market trends and developments, Nick’s analysis highlights these altcoins for their unique features and potential growth trajectories. These predictions offer insights into which could be the next big movers in the crypto world.

Three Altcoins Poised For Potential Surge

Solana (SOL) is one of the three altcoins that caught Nick’s eye for its chart structures and potential scalability. Regardless of initial hesitations, the analyst acknowledges Solana’s robust technical setup, which he believes could propel its price to “phenomenally high numbers” in the next bull run.

Nick predicts Solana could hit a target as high as $7,500, although he also offers a more conservative estimate of $2,000, considering potential future developments that might impact its growth.

While Solana currently trades at a price nearing $60, a more practical short-term target, according to Nick, could be $600 to $700.

The analyst advised investors to be cautious about the potential market impact when large amounts of SOL become available for sale after a lock-up period and to consider this in their investment strategy. Nick noted:

Obviously, there are a lot of [Solana] tokens that are locked up for Solana so we basically start seeing a lot of those tokens being distributed and the lockup periods are expiring in 2025 March so this means we really want to make sure that we are out of our positions before those billionaires have the ability to dump on us.

Chainlink (LINK) is also another altcoin found on Nick’s radar. The analyst appreciates Chainlink’s importance in the blockchain industry and anticipates its increasing exposure and adoption could lead to a substantial capital influx.

Nick’s theoretical projection sees Chainlink reaching up to $2,300, while a more grounded expectation places it between $200 and $400 during the next crypto bull run.

Featured image from Unsplash, Chart from TradingView

In a recent analysis, a crypto market expert has discovered key elements that could trigger a massive surge in the Bitcoin price. 

Crypto Expert Reveals Bitcoin Price Surge Catalyst

Head of Research at CoinShares, James Butterfill has published an in-depth analysis of a revelation that could catalyze a significant increase in Bitcoin’s price. Butterfill’s research delves deep into the present dynamics of the crypto market surrounding the potential approval of Spot Bitcoin ETFs and the inflows that could follow. 

Using an analysis by Galaxy, Butterfill deduced that if 10% of the $14.4 trillion addressable assets within the US were to go into Spot Bitcoin ETFs, each with a 1% allocation, then over $14.4 billion inflows would be witnessed. If the predictions prove true, Butterfill has stated that it would signify the largest influx ever seen in the financial markets. 

“One could assume that perhaps 10% invest in a spot bitcoin ETF with an average allocation of 1%, which would equate to US$14.4 billion of inflows in the first year. If this were correct then it would be the largest inflows on record, with the largest so far being in 2021, which saw US$7.24 billion of inflows, representing 11.5% of assets under management (AuM),” Butterfill stated. 

The crypto expert also highlighted a distinct correlation between asset under management (AuM) inflows and price changes, suggesting that price surges occur around the same time inflows increase. 

“There does seem to be a relationship between inflows as a percentage of AuM and change in price. Inflows do appear to be coincident, the week the prices rise so do flows rather than one leading the other,” Butterfill said. 

Expert Predicts Massive BTC Surge If Trigger Events Unfold

In his research, James Butterfill also predicted that the price of Bitcoin could rise as high as $141,000 if driven by $14.4 billion inflows. 

He stated reservations about his deductions, citing that it would be difficult to accurately estimate the amount of inflows that would occur if Spot Bitcoin ETFs were introduced. 

“If we take the aforementioned US$14.4 billion of inflows, the model suggests it could push the price up to US$141,000 per Bitcoin. The problem with the estimate of inflows is that it is very difficult to ascertain exactly how much inflows there will be when the spot ETFs are launched,” Butterfill stated. 

Butterfill also acknowledged the uncertainties surrounding demand for Spot Bitcoin ETFs following its potential approval. He stated that there were many variables, both regulatory and corporate that could significantly influence the perception of Bitcoin’s role in society. 

“Ultimately, it is very difficult to ascertain just how big the potential wall of demand will be once a spot-based ETF is launched. We know that it effectively diversifies a portfolio and enhances Sharpe ratios, but regulatory approval and corporate acceptance are slow-burn issues due to Bitcoin’s perceived complexity,” Butterfill concluded. 

The Artificial Intelligence (AI) sector in the crypto space has enjoyed one of the most prominent rallies despite the debacle with OpenAI. The company behind ChatGPT fired one of its founders and CEO, Sam Altman, sparkling downside pressure for AI-based tokens, such as FET.

The native token for Fetch.ai, FET, has been trending to the upside following the general market sentiment. Over the past month, the cryptocurrency recorded a 160% rally, and it’s poised for further profits as it breaches critical resistance levels.

OpenAI Controversy Adds Fuel For FET’s Rally

Data from Coingecko indicates that FET’s bullish momentum took a hit last week as news about Sam Altman leaving OpenAI broke. The token has been moving with any development from the broader AI sector, and the uncertainty surrounding this company has impacted its performance on low timeframes.

Over the weekend, FET regained its bullish momentum and reclaimed territory, extending a more significant rally. In that sense, a pseudonym trader looked into FET’s potential target as the cryptocurrency continues “its rally without a dip.”

In the past week, FET breached the resistance at $0.56, targeting its 2022 highs, as seen in the chart below. If the bullish momentum continues, the token could rise to its 2021 highs between $0.70 and $0.90.

FET Rally Could End In Massive Correction

Our Editorial Director and analyst, Tony Spilotro, has been bullish on FET’s trajectory. The analyst believes FET could rise 2x to 4x before losing steam and re-visiting support.

In the past, whenever the token followed a similar trajectory, printing a buy signal above the monthly Bollinger Band, as Spilotro stated, FET corrected by an impressive 80%. Thus, the analyst recommended new investors to tread carefully. Spilotro said:

(…) its safe more than likely to buy FET at such levels, so long as you have a plan to get out before the next 70+% correction happens. Otherwise, price could retrace back to your entry here. Be smart and don’t expect the rally to go on forever.

Today, Microsoft announced the hiring of Sam Altman to spearhead a new AI division. The company will commit to providing resources for the new division, which could ignite a new bull era for AI and AI-based tokens.

Cover image from Unsplash, chart from Tradingview

AI Chatbot ChatGPT from OpenAI has forecasted a tremendous price movement for the Solana (SOL) cryptocurrency, indicating an 8x price surge for the token from its current price level.

Solana To Hit $1,000 By 2024

ChatGPT believes Solana is well positioned for a bullish run, expecting to be at the $1,000 mark by 2024. The bot’s prediction results from positive market developments and the broad use of the cryptocurrency’s blockchain.

The bot has also been seen predicting that the price of SOL could reach $1,000 by the end of 2024. This is due to the cosmic surge of innovations and widespread adoption. 

Solana propelled by a cosmic surge of innovation and widespread adoption, could potentially reach a stellar price of $1000 by the end of December 2024.

ChatGPT‘s prospects seem promising due to several recent factors that spark growth for the cryptocurrency. The crypto’s blockchain has recently garnered strong interest from the cryptocurrency community.

Its excellent performance, minimal transaction costs, and scalability have drawn an increasing number of users and developers. This sparks increased adoption of Solana-based innovations, positioning the digital asset for a potential price increase.

In addition, the crypto asset’s increase in demand for leverage longs could also buttress this prediction. SOL reached its highest level of futures open trade since its all-time high price of $260 in November 2021.

The demand for the cryptocurrency is anticipated to increase as the Solana ecosystem grows, pushing up the asset’s price.

The crypto’s asset Total Value Locked (TVL) is not left out. Solana’s TVL recently experienced a significant surge in its TVL. Its TVL was approximately valued at $409.68 million, but now $584.59 million, indicating over a 42% increase, according to DefiLlama.

Current Market Trend Sparks Price Increase For The Cryptocurrency

Another factor that could propel the asset’s price is the current bullish sentiment of the cryptocurrency market. Without a doubt, Solana has been the market’s most optimistic large-cap cryptocurrency this year.

SOL has increased by approximately 550% since the beginning of 2023. This puts it at the fifth position among all the top 100 cryptocurrencies in terms of performance.

Last week, SOL experienced a significant price surge, reaching its yearly high of $68. Due to the general attitude of the market, the price of Solana could thrive in this conducive atmosphere.

Currently, the crypto asset is trading at approximately $60 as of writing, indicating a 0.21% increase in the past 24 hours. Its market capitalization is currently valued at $25,435,629,906, indicating the same percentage increase in the past 24 hours, according to CoinMarketCap.

The majority of cryptocurrencies have started to turn green in terms of their price movement, which has led to Shiba Inu seeing gains of 2% over the past 24 hours. In spite of the modest increase in price, the SHIB burn rate seems to have taken a massive nosedive. 

According to the official SHIB burn tracker, Shibbburn, only 983,884 SHIB tokens were burned in the last 24 hours, representing a decline of over 99% from the previous day. A significant reduction of this kind in the burn rate is guaranteed to raise concerns from investors on the likelihood of downward pressure on SHIB’s price in the short term. 

SHIB Burn Rate Plummets 98.79%

The primary purpose of the Shiba Inu burning is to reduce the amount of SHIB tokens in circulation, hence fostering scarcity and subsequently driving up the value of SHIB tokens in circulation. SHIB tokens are burned sporadically, with some days witnessing more token burn than others. For example, the first SHIB burn on Shiba Inu’s layer-2 solution Shibarium amounted to 97 Million SHIB tokens.

According to the Shibburn website, a total of 983,884 SHIB tokens were burnt in the past 24 hours in three transactions, with the most being 42,850 SHIB tokens transferred to an inactive wallet. This figure translates to a 98.79% decrease in the number of tokens burned, a significant decline compared to the prior days.

To put this into perspective, a total of 81.26 million SHIB tokens were burnt yesterday, and more than 49.76 million SHIB tokens were burnt two days ago.

Implications For Shiba Inu Investors

SHIB tokens can be burnt by any investor by sending tokens to any of the three SHIB burn addresses. According to the Shiba Inu community’s marketing lead, SHIB burns are a community effort. Data from the Shibburn website shows that more than 410 trillion SHIB tokens have been burnt from the initial supply. 

This trend of the reduction in SHIB burn rate seems to have been going on for a while, as interest seems to be waning since the burn seems to have no effect on the price. As records from Shibburn show, October saw a decline of 37.12% in SHIB burns when compared to September. The burn rate performance slowed down throughout the month, despite the cryptocurrency’s price spiking more than 17% from its October bottom.

SHIB is currently trading at $0.000008687, still up by 23.75% in the past 30 days. SHIB’s journey to $1 seems bleak at the moment, considering there are more than 589 trillion SHIB in circulation. SHIB burns will have to play an important part before the cryptocurrency can reach the $1 mark as they will help to decrease the total supply.

As Bitcoin (BTC) continues its upward trajectory toward $38,000, the long-awaited arrival of a US spot Bitcoin exchange-traded fund (ETF) could open the floodgates of digital currency investing for institutional and retail investors.

Notably, Bloomberg Intelligence estimates that the potential spot Bitcoin ETF market could reach a staggering $100 billion, signaling a breakthrough for cryptocurrencies on Wall Street.

Inquiries Surge As Spot Bitcoin ETF Looms

The anticipation surrounding Bitcoin ETFs stems from the expected regulatory approval by the US Securities and Exchange Commission (SEC). After a decade of rejecting various applications, the SEC is on track to green-light ETFs that will enable the buying and selling Bitcoin within a tax-efficient and cost-effective framework. 

This pivotal regulatory shift has sparked optimism among digital asset proponents, who see this as a redemption opportunity following the industry’s recent challenges.

Respected heavyweights such as BlackRock, Fidelity, and Invesco are expected to participate in the spot Bitcoin ETF market. Collaborations like the one between Galaxy Digital Holdings and Invesco further emphasize the growing interest from reputable financial institutions. 

On this matter, Galaxy Digital recently hosted a conference call attended by approximately 300 investment professionals, discussing strategies for allocating investments to Bitcoin in anticipation of the ETF debut.

According to Bloomberg, wealth managers and financial advisers are increasingly intrigued by the potential of Bitcoin ETFs. Professionals like Jeff Janson at Summit Wealth have received inquiries from investors of all ages, indicating a growing appetite for digital assets in portfolios. 

Coinbase suggests that ETFs will attract immediate inflows and reshape the market through fresh lending and derivatives trades. However, it is important to note that this transformation will take time to unfold fully.

The imminent launch of Bitcoin ETFs represents a significant milestone for the cryptocurrency industry, potentially catapulting it into the mainstream financial landscape. 

As estimated by Bloomberg Intelligence, the projected $100 billion market for spot Bitcoin ETF underscores the growing confidence and widespread interest among investors. 

BTC’s Dominance Unshaken

According to a recent report by CoinShares, Bitcoin has maintained its dominance in the cryptocurrency market, experiencing a notable inflow of $155 million. 

This surge in investment comes as the last eight weeks of inflows alone account for approximately 3.4% of the total assets under management.

Interestingly, while Bitcoin saw substantial inflows, there were outflows of approximately $8.5 million from short-Bitcoin positions the previous week. This suggests that investors are increasingly optimistic about BTC’s future and its potential for further growth. 

In line with the above, the report suggests that this positive BTC sentiment is closely linked to the expected approval of a spot Bitcoin ETF in the United States.

At the time of writing, BTC is trading at $37,100, up 1.7% in the past 24 hours, with expectations that the largest cryptocurrency on the market can once again break through the $38,000 mark and consolidate above it to target the $40,000 mark. 

However, it remains to be seen whether the SEC’s approval of spot Bitcoin ETFs will be the main catalyst for further gains in the coming months or whether a rejection could cause BTC to test investor confidence and lower support levels.

Featured image from Shutterstock, chart from TradingView.com

The narrative around Sam Altman and OpenAI seems to have had a major impact on the value of WLD, the token that Worldcoin, a cryptocurrency that Altman co-founded, is issuing.

As the drama surrounding Sam Altman’s dismissal from OpenAI and possible reinstatement continues to captivate the crypto space, the Worldcoin digital token has been one of the most unpredictable in the cryptocurrency market as of late.

As of today, the trading price of Worldcoin (WLD) has reached $2.43, indicating that the cryptocurrency has made a strong recovery. In comparison to the previous 24 hours, this is a significant gain of 19%, with an impressive 24% rally in the last week, data from crypto price aggregator Coingecko shows.

Worldcoin’s Unpredictable Market Behavior Amid Altman’s Controversy

From a high of $2.50 on November 16, WLD started to weaken as digital asset markets backpedaled the next day, with Altman’s dismissal only making the decline worse. In the hours following his departure, the token dipped to $1.85 according to statistics compiled by CoinGecko.

As artificial intelligence (AI) develops at a rapid pace, Worldcoin is working on a digital identity network that will collect retina scans to verify users’ identities.

The project’s orbs collect users’ retina scans, and in return, they give users WLD tokens as a compensation for giving their biometric data.

Events at OpenAI, which Altman acted as a go-between for Worldcoin and, by extension, WLD, continue to impact WLD price, even though the two projects are unrelated.

With a market value of approximately $280 million, the token holds the 160th position in the crypto market, as reported by CoinGecko on Monday.

The surge in the token’s value is intricately linked to the news surrounding Altman and the uncertainties arising from his removal at OpenAI, according to Richard Galvin, co-founder at Digital Asset Capital Management.

Altman As The Face Of Worldcoin: Impact On Investor Appeal

As events unfolded, the token experienced a rebound, gaining momentum as it became evident that there was no significant negative event fueling the board’s decision.

Digital asset platform VDX’s head of research in Hong Kong, Greta Yuan, predicted that WLD will experience additional volatility in the coming weeks.

Altman is the face of Worldcoin, so depending on how this drama plays out in the next few days, the token may fluctuate, but its appeal to investors will not diminish, Yuan said.

Meanwhile, even though OpenAI’s stock dropped to $2.04 over the weekend after the announcement of Altman’s resignation as chief executive, the company’s efforts to reassign his role as CEO helped propel the stock back up.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Business Wire

The machine learning algorithm at CoinCodex has taken a crack at the Bitcoin price and predicted where the asset’s price could be both over the short term and the very long term. If the predictions are anything to go by, then the price of Bitcoin is at one of the lowest points it’ll ever be in the next seven years.

Very Bullish For Bitcoin Price In The Short Term

The predictions from the machine learning algorithm for the Bitcoin price, especially in the short term, are very bullish. These predictions ranging between five days and one month show where the algorithm expects the price to be in these time frames and they are a long way away from the current price levels.

On the 5-day prediction, the machine learning algorithm is showing a rather outrageous price, predicting that the price will rise approximately 50% from here. The 5-day price target is placed at $55,661, and taking into account the current Bitcoin price of just under $31,200 at the time of this writing, it will mean that BTC would have to jump 49.65% in less than a week.

The prediction on the one-month timeframe is, however, much more realistic at $43,760. This translates to a $17.66% rally taking the current price into account, and an almost $7,000 increase in value for the pioneer cryptocurrency.

Looking Over The Long Term Prediction For BTC

On the much longer timeframes, the algorithm shows much more bullishness for Bitcoin. For example, in 2024, which is less than two months away, it predicts that the Bitcoin price will run as high as $109,364, with a yearly low of $29,564, which is the lowest it expects the asset’s price to be in the next seven years.

Between the years 2025 and 2026, it expects BTC to peak above $100,000 with a bottom yearly range of $62,757. Interestingly, in 2027, the algorithm does not expect much deviation between the yearly low and high, putting the former at $78,443 and the latter at $78,522.

In 2029, the CoinCodex machine learning algorithm expects the Bitcoin price to finally cross the sought-after $300,000 level. In this year, the yearly low moves up significantly to $126,318 and the yearly high is placed at $305,028.

Fast forward to 2030 and the bullishness is maintained with an expected yearly low of $141,562. The predicted yearly high for 2030 is lower than that of 2029 but still significant at a value of $266,676.

The high figures projected for the Bitcoin price are not without merit as the website identifies that there are more bullish signals flashing now than bearish signals. Out of a total of 30 signals analyzed, 27 were found to be bullish with only 3 bearish signals.