Blockchain

The Bitcoin price currently remains in a vulnerable position. Meanwhile, recent on-chain data suggests that Bitcoin whales are accumulating, but contrary to popular rumors, BlackRock isn’t among them. Meanwhile, analysts are divided on whether the worst is behind for Bitcoin’s price.

Whales Accumulate Bitcoin, But It’s Not BlackRock

On-chain analyst James V. Straten recently highlighted a trend in the accumulation score by cohort chart. He remarked, “Seems like peak Bitcoin distribution is behind us, as we can see a slight tick-up in accumulation. This is the most aggressive accumulation since June/July for whales that have over 10k BTC.”

However, the waters are muddied by rumors surrounding BlackRock’s involvement. Speculation has been rife that BlackRock has been suppressing Bitcoin prices to buy cheap. But these claims are unfounded. “Many individuals don’t realize that BlackRock would require actual Bitcoin to back their Spot ETF. They might have already purchased their Bitcoin months ago when prices were lower,” is a statement that’s been debunked.

The reality is that BlackRock, being a financial behemoth managing people’s money, undergoes audits every three months. This means they can’t hide Bitcoin purchases from auditors. If they were to invest in Bitcoin, it would be through an exchange-traded fund.

In fact, BlackRock has already shown interest in the space by investing in Bitcoin mining stocks and MicroStrategy as a proxy. Remarkably, BlackRock is a major shareholder in 4 out of the 5 largest Bitcoin mining companies.

Is The Worst Behind For BTC Price?

The Bitcoin price trajectory remains a topic of intense debate among analysts. Will Clemente, a prominent figure in the space, shared the chart below and commented, “From a high-time-frame valuation perspective, Bitcoin’s position is intricate. While it’s not overheated relative to historical values, there’s a tangible risk of retesting the lows akin to Q1 2020.”

He further emphasized the prevailing market apathy, pointing to the lowest aggregated trading volume since 2020, the dwindling Google search trends for Bitcoin at multi year lows and realized volatility, implied volatility, weekly Bollinger Bands all near record lows.

Joe Burnett of Blockware Solutions chimed in with a compelling observation, “A staggering 94.6% of all Bitcoin remained stationary in the last 30 days. We set a record high at August’s end, and this might soon be surpassed. Historically, bear markets conclude when supply dries up. A mere spark of demand could ignite the next explosive bull market.”

Crypto traders, too, are closely monitoring key levels. @DaanCrypto remarked the significance of the $26K-26.1K range as it marks the daily, weekly and monthly open, high volume node and weekly VWAP. Therefore, for bulls, it’s the line of action, and for bears, it’s the fortress to defend.

Rekt Capital, a well-regarded crypto analyst, has been closely monitoring Bitcoin’s price action, especially in relation to its volume dynamics. He also highlights the significance of the $26,000 support level on the weekly chart, pointing out that Bitcoin’s price has been hovering around this mark even after retracing most of its gains from the previous Grayscale rally.

However, the simultaneous decline in both buy-side and sell-side volumes is a cause for concern, suggesting a market that’s currently directionless. “The declining sell-side volume coupled with a lackluster buyer volume is concerning. Without a volume breakout, neither from sellers nor buyers, the market lacks momentum,” the analyst states.

On the topic of the double top, a traditionally bearish pattern, Rekt Capital indicated that a breach below the $26,000 mark on the weekly chart could potentially send BTC tumbling towards $22,000. However, he also hinted at a silver lining: an inverse head and shoulders pattern observed earlier this year. If Bitcoin approaches the $24,000 mark, which serves as the neckline for this pattern, it could act as a robust support and possibly signal a bullish turnaround.

At press time, BTC traded at $25,734.

Shiba Inu (SHIB) has recently been on the radar of cryptocurrency enthusiasts as data suggests a potential comeback for this meme-inspired digital asset.

The SHIB community had reason to celebrate with the successful relaunch of the Shibarium Layer 2 solution, akin to a tech company unveiling a highly anticipated software update. 

This event not only breathed new life into the ecosystem but also injected a sense of optimism among SHIB holders. The Shibarium relaunch has elevated SHIB beyond its meme coin status, adding a layer of credibility and utility.

SHIB Price Analysis Indicates Hope

Over the past weeks, SHIB has seen a decline in its price, accompanied by a decrease in trading volume. However, recent price analysis hints at a potential change in the trend. The descending trading volume, coupled with the declining price, often serves as a signal that the downward momentum might be losing its steam. 

It appears that the market may be running out of compelling reasons to continue pushing the asset lower, providing a glimmer of hope for SHIB enthusiasts.

Surprising Popularity Among American Investors

In a surprising turn of events, Shiba Inu emerged as the sixth most popular cryptocurrency asset among American investors, according to a recent survey conducted by ConsenSys. Interestingly, 17% of respondents had allocated their funds to this $4.5 billion market-capped asset, placing SHIB ahead of larger and more established cryptocurrencies like Tether and Cardano.

The survey also unveiled a prevailing sentiment among respondents regarding the cryptocurrency landscape. Many felt that this asset class needed “heavy regulation” to protect investors due to the prevailing uncertainty.

While Bitcoin and Ethereum still held the top positions in terms of popularity among American investors, SHIB’s unexpected rise in popularity signifies a growing interest in alternative cryptocurrencies.

Current State Of SHIB

As of now, SHIB is trading at $0.00000745, according to CoinGecko. Over the past 24 hours, the asset has experienced a 3.3% decline, while the seven-day performance shows a 9.3% slump. These figures reflect the ongoing volatility in the cryptocurrency market but also underline the potential for a turnaround as SHIB aims to regain its footing.

Shiba Inu’s recent Shibarium relaunch and its surprising popularity among American investors suggest that this meme-inspired cryptocurrency might be poised for a resurgence. 

Despite recent price declines, the signs of optimism, coupled with a shifting sentiment in the cryptocurrency landscape, could pave the way for a potential comeback for SHIB. However, as with all cryptocurrencies, investors should exercise caution and conduct thorough research before making any investment decisions.

(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 CarSwitch

The crypto market is always in flux, with new narratives and trends emerging each week. Renowned crypto analyst Miles Deutscher recently took to Twitter to share his insights on the altcoin space, shedding light on the tokens that are catching his attention.

Crypto Watchlist For This Week

Starting with UNIBOT, Deutscher highlighted its recent performance, noting that it’s down significantly (-60%) from its highs. He attributed this decline to a combination of fear, uncertainty, and doubt (FUD) and a decrease in key metrics. However, he remains optimistic, suggesting that the accelerated selling might be slowing down.

“I used the dip as an opportunity to add to my position. I don’t think there’s a rush – but if you believe in the narrative you’re now getting another chance to accumulate in the double digits,” he shared, indicating a belief in the token’s long-term potential.

KAVA is another token on Deutscher’s radar. He pointed out several positive developments, including its addition to Fireblocks, a platform that serves as a gateway for institutions. Furthermore, the involvement of DWF Labs and Kava’s role as a gateway to the Cosmos ecosystem for Tether are promising signs. The recent launch of their first perpetual decentralized exchange (perp dex) further underscores Kava’s growing momentum in the market. “Recently added to my accumulation list + I’m watching the chart closely,” Deutscher stated.

However, not all tokens are receiving a positive nod. The analyst expressed concerns about GALA, citing internal disputes between its founders. “The situation over there is crazy, with both founders suing each other,” he remarked. This ongoing legal battle could potentially hinder the token’s performance and future developments. Deutscher also raised concerns about GALA’s centralization because of the fact that both the founders own 7,000 nodes and 50,000 nodes respectively, a revelation that emerged from recent documents.

In the gaming altcoin space, PYR stands out. Following the turbulence surrounding GALA, liquidity seems to be moving towards other gaming tokens, with PYR emerging as a strong contender and probably the closest counterpart. Deutscher praised its resilience and positive accumulation phase, hinting at its potential for growth. “Upon checking the PYR chart, we rarely see a token in such an extended/positive accumulation phase”, Deutcher remarked.

Another altcoin to watch is Maker (MKR). Currently, the community is abuzz with the news of their “End Game” initiative. Deutscher highlighted the project’s ambitious plans, including the proposal to launch their own native chain and move away from Ethereum. This move, however, has not been without controversy. “Vitalik obviously didn’t like it, as he sold his remaining MKR,” Deutscher mentioned, pointing to the Ethereum founder’s recent actions.

Sui Network (SUI) is another token that’s been performing well, with a 70% increase in its Total Value Locked (TVL) over the past month. Deutscher sees potential in SUI, hinting at its explosive growth when it gains momentum: “When SUI pumps, it pumps hard. Definitely not one I’m fading when it wakes up (from a price perspective).”

Short Solana (SOL)?

Lastly, Deutscher touched upon Solana (SOL), a high-performance blockchain platform, which has recently been the subject of much discussion and speculation in the crypto community. The analyst pointed out that there’s been “negative noise” building around Solana, particularly in relation to the upcoming FTX liquidations.

These liquidations have raised eyebrows due to the potential impact they could have on the token’s price. While some in the community believe that the effects of these unlocks and the eventual “forced selling” are already priced in, Deutscher suggests that the current lack of liquidity in the market might amplify the price fluctuations more than many expect.

The situation is further complicated by the involvement of Galaxy, who are responsible for handling the funds. They are scheduled to appear in court on September 13th to present a liquidation plan. The figures being discussed are significant, with potential liquidations of up to “$100m weekly, and up to $200m for select tokens.”

Despite these challenges, Deutscher remains strategically optimistic about Solana’s long-term prospects. He hinted at the possibility of adding to his long-term positions if a price correction occurs. However, he also noted that the current environment might present “interesting short opportunities” for those with a keen eye and a willingness to navigate the risks.

At press time, SOL traded at $19,22. After falling below the 50% Fibonacci level ($20.22), a deeper retracement to $17.33 could be on the cards.

BNB price (Binance coin) failed to settle above $225 and trimmed gains against the US Dollar. The price could decline heavily if it trades below $210.

Binance coin price tested the $235 resistance before the bears appeared against the US Dollar.
The price is now trading below $220 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $220 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain continue to move down unless there is a close above $225.

Binance Coin Price Fails Again

In the last analysis, we discussed the chances of BNB price recovering toward the $235 resistance zone. The price did climb higher toward the $235 resistance but failed to extend gains.

It started a fresh decline from the $235 zone. There was a break below a key bullish trend line with support near $220 on the 4-hour chart of the BNB/USD pair. The pair is now showing bearish signs below $220 and the 100 simple moving average (4 hours), like Bitcoin and Ethereum.

A low is formed near $211.1 and the price is now consolidating losses. On the upside, it is facing resistance near the $216.5 level and the 100 simple moving average (4 hours). It is close to the 23.6% Fib retracement level of the recent decline from the $235 swing high to the $211 low.

Source: BNBUSD on TradingView.com

A clear move above the $217 zone could send the price further higher. The next major resistance is near $225 or the 61.8% Fib retracement level of the recent decline from the $235 swing high to the $211 low, above which the price might rise toward $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance.

Another Decline in BNB?

If BNB fails to clear the $217 resistance, it could start another decline. Initial support on the downside is near the $211 level.

The next major support is near the $210 level. If there is a downside break below the $210 support, the price could drop toward the $202 support. Any more losses could send the price toward the $184 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $211, $210, and $202.

Major Resistance Levels – $217, $225, and $235.

Ethereum price is struggling to recover above $1,650 against the US Dollar. ETH is showing bearish signs and might dive below the $1,600 support.

Ethereum failed to gain strength for a move above the $1,650 zone.
The price is trading below $1,640 and the 100-hourly Simple Moving Average.
There are two bearish trend lines forming with resistance near $1,630 and $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate lower if the bears push it below the $1,600 support.

Ethereum Price Remains At Risk

Ethereum’s price attempted a recovery wave from the $1,600 support zone. ETH price climbed above the $1,630 level but the bears were active near the $1,650 zone, like Bitcoin.

The price is again moving lower and showing bearish signs. There are also two bearish trend lines forming with resistance near $1,630 and $1,640 on the hourly chart of ETH/USD. Ether is now trading below $1,640 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $1,630 level and the first trend line. The next resistance is near the $1,640 level, the second trend line, and the 100 hourly SMA. It is close to the 23.6% Fib retracement level of the downward move from the $1,750 swing high to the $1,600 low.

A close above the $1,640 level might send the price toward the $1,670 zone. The main resistance is now forming near $1,700 or the 61.8% Fib retracement level of the downward move from the $1,750 swing high to the $1,600 low.

Source: ETHUSD on TradingView.com

To start a fresh increase, Ethereum must settle above the $1,700 resistance zone. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,640 resistance, it could continue to move down. Initial support on the downside is near the $1,610 level.

The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could accelerate lower toward the $1,540 level. Any more losses might send the price toward the $1,480 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,600

Major Resistance Level – $1,640

Bitcoin price is struggling to recover above $26,200. BTC is again moving lower and there could be a sharp decline below $25,500 in the near term.

Bitcoin failed to recover above the $26,200 and $26,500 levels.
The price is trading below $26,000 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $25,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower below the $25,500 and $25,400 levels in the near term.

Bitcoin Price Resumes Slide

Bitcoin price attempted a recovery wave from the $25,350 zone. However, BTC struggled to recover above the $26,200 pivot level and remained in a bearish zone.

The price is again moving lower and trading below the $26,000 level. There are a lot of bearish signs emerging below $26,000 and the 100 hourly Simple moving average. Besides, there is a major bearish trend line forming with resistance near $25,650 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $25,650 level and the trend line. The first major resistance is near the $26,000 level or the 23.6% Fib retracement level of the downward move from the $28,150 swing high to the $25,332 low.

Source: BTCUSD on TradingView.com

The next major resistance is now near the $26,200 level. A clear move above the $26,200 level might start a decent recovery wave toward $26,500. The next major resistance is near $27,000, above which there could be a decent increase. In the stated case, the price could test the $27,800 level.

More Losses In BTC?

If Bitcoin fails to clear the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,350 level.

The next major support is near the $25,000 level. A downside break below the $25,000 level might send the price further lower. In the stated case, the price could drop toward $24,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $25,350, followed by $25,000.

Major Resistance Levels – $25,650, $26,000, and $26,200.

Renowned crypto expert and market analyst, Doctor Profit, has made bold predictions around Bitcoin (BTC), asserting that the cryptocurrency is poised for a significant bullish rally in the coming months. 

Despite recent market uncertainties, Doctor Profit remains confident in BTC’s long-term potential, emphasizing the importance of zooming out and considering broader market trends. 

Bitcoin Surge To $90,000?

Bitcoin is currently trading at $25,800, displaying a stagnant pattern within a narrow range of $25,700 to $26,200. The cryptocurrency’s recent attempt to consolidate above $27,000 and surpass its strongest resistance at $28,000 proved unsuccessful.

Furthermore, the BTC market has exhibited signs of fear and outflows in recent weeks, characterized by low volatility and trading volume. As a result, Bitcoin has lost its previous bullish momentum, awaiting a catalyst that could reignite its upward trajectory.

On this matter, while acknowledging the possibility of further market manipulations, pump-and-dump schemes, and the dissemination of fear, uncertainty, and doubt (FUD), Doctor Profit advises investors to maintain resilience and navigate through these challenging conditions.

According to Doctor Profit, two crucial factors will drive Bitcoin’s surge to new heights. Firstly, the upcoming halving event, a phenomenon occurring every four years that historically triggers a bull cycle in BTC with remarkable accuracy. 

Secondly, the anticipated approval of a BlackRock exchange-traded fund (ETF), which could attract institutional investors and fuel the BTC frenzy.

Doctor Profit points out an interesting correlation between the BlackRock ETF approval and the BTC halving. The deadline for the BlackRock ETF falls in March, just one month before the anticipated halving. 

This synchronicity, in Doctor Profit’s view, sets the stage for the “ETF, Institution, BTC FOMO” bull market, potentially igniting a period of significant upward momentum.

Based on his analysis and historical trends, Doctor Profit forecasts a sudden BTC pump above $30,000, with initial targets ranging from $40,000 to $45,000 in 2023. He further predicts a consolidation period followed by a surge in July or June 2024, projecting conservative targets of $90,000 and optimistic targets exceeding $150,000.

BTC’s Price Set For Sideways Consolidation 

In the short term, Doctor Profit anticipates a sideways consolidation in Bitcoin’s price until the following week. With lower trading volume and fewer data releases, the market is expected to remain calm. 

He identifies two liquidity pools around the $28,500 region, aligned with the daily MA50 and MA100, as critical levels to monitor. Additionally, he points out a liquidity pool at around $25,200 that could be utilized for quick profit-taking through short-term long scalps. 

Drawing upon historical data, Doctor Profit highlights September’s reputation as a challenging month for both stocks and Bitcoin. He warns against disregarding this historical trend, cautioning investors against assuming that the current market conditions are different. 

The chart patterns, liquidity dynamics, psychological factors, and Bitcoin’s cycle all point towards a downward trajectory, suggesting the need for caution and preparedness.

Featured image from iStock, chart from TradingView.com 

In the last crypto bull market spanning from 2020-2021, the price of Shiba Inu ran as high as $0.00008. Due to the high euphoria at the time, expectations rose rapidly around the meme coin, leading to calls for SHIB at $0.001. However, this target remains as unrealistic today as it was back then and this report dives into the reason why.

Not Enough Of SHIB Supply Is Being Burned

The Shiba Inu community officially kicked off its burning initiative back in 2022 which SHIB tokens being sent to dead addresses weekly. However, despite being roughly a year in the making, the total number of SHIB tokens burned so far has been next to negligible in the grand scheme of things.

Shibburn, a Shiba Inu burn tracking website, shows that a total of 410,658,326,324,061 tokens have been burned since the first burn. This accounts for a little over 46% of the maximum total supply of more than 999 trillion tokens. But even more interesting is the fact that the community burn makes up less than 1% of the total burned figure.

The vast majority of the burned figure mentioned above comes from the burn carried out by Ethereum founder Vitalik Buterin. The Shiba Inu founders had sent half of the token’s supply to Buterin, who then donated 50 billion SHIB to an Indian COVID relief fund and sent the rest to a burn address.

Buterin’s transaction carried over 410 trillion tokens and was the first-ever recorded SHIB burn event. Given that the SHIB burned so far is sitting at 410,658,326,324,061, it means the community burn over the last year makes up around 0.15% of the total burned tokens.

Can’t Drive Shiba Inu To $0.001

The point of the Shiba Inu community burn was to encourage the rapid reduction of the SHIB supply. With the supply of the token so high, it has served as a hindrance for it to reach higher prices compared to its fiercest rival Dogecoin.

The community burn is not removing tokens from circulation as fast as is needed, stalling the potential of SHIB’s price hitting $0.001. Realistically, for SHIB to rise as high as $0.001, at least 80% of its supply would have to be burned to make this an attainable goal. This means removing hundreds of trillions of tokens from circulation just like Buterin did with his burn.

However, given that most of the remaining SHIB supply is already in circulation, meaning in the hands of millions of holders, such a large burn is impossible. This is because investors would not want to burn large chunks of their holdings, which is the same as throwing dollar bills in an open flame.

Unfortunately, this means the price of the meme coin will likely not reach $0.001 given that its current circulating supply sits at over 579 trillion, even more than the portion of supply already burned.

Less than a week after Vitalik Buterin, one of the co-founders of Ethereum, sold his Maker (MKR) stash for ETH, one crypto whale has done the opposite. On-chain data on September 4 shows that one Ethereum holder sold 694 ETH, worth roughly $1.13 million when writing, for 1,010 MKR. At the time of the swap, MKR was changing hands at $1,122. 

Whale Swaps ETH For MKR

As of September 4, the address, “0x3737,” had over $20.37 million worth of assets. While the whale trades against Vitalik and doubles down on MKR, zooming in on the address’s portfolio shows that the largest holding is ETH. 

The address holds 10,000 ETH worth $16.3 million at spot rates, representing over 75% of the total portfolio. Meanwhile, some of his other major holdings include Arbitrum (ARB), worth $2.9 million, and MKR, worth $1.1 million. 

MKR, the token issued by MakerDAO, the decentralized autonomous organization (DAO) that controls the minting of DAI, a stablecoin on Ethereum, has been ripping higher in the last few months. 

MKR plays a key role in stabilizing DAO and is used as a last resort. Holders participate in governance, voting on proposals that best stabilize the algorithmic stablecoin, deciding collateral types accepted, stability fee adjustments, and others.

From June, MKR has more than doubled, rising 125% to peak at around $1,300 in early August. It is now trading at over $1,100, up 13% from August lows.

Maker Presents Endgame

The token’s surge has been attributed to multiple factors, specifically the release of the “Endgame” roadmap. Under this plan, MakerDAO plans to, among other things, release their blockchain, rebrand, and introduce two more tokens. 

This move is significant because MakerDAO is among the first decentralized finance (DeFi) protocols. According to DeFiLlama data, the protocol has a total value locked (TVL) of over $5 billion. It is the largest decentralized money market in the world. 

Meanwhile, DAI, its algorithmic yield-earning stablecoin, has been stable recently and is the largest in Ethereum. At press time, DAI had a market cap of $5.3 billion, perched at 12th on the leaderboard. At this pace, DAI is the third-largest stablecoin after USDT and USDC.

Vitalik Buterin, despite the stellar performance of MKR relative to the broader crypto market, liquidated $580,000 worth of MKR after MakerDAO’s co-founder, Rune Christensen, said it was considering launching a new blockchain bridging to Ethereum that’s based on Solana’s code. The new blockchain, dubbed NewChain, is part of MakerDAO’s roadmap, “Endgame”.

A fresh perspective on Bitcoin has recently surfaced courtesy of prominent crypto enthusiast and YouTuber Lark Davis. Davis offers an interesting parallel between Bitcoin’s potential fate and gold’s historical performance, especially spotlighting the transformative year of 2004 for the latter.

Reflecting on gold’s journey in the early 2000s, a period marked by the introduction of a gold Exchange Traded Fund (ETF), Lark Davis suggests that Bitcoin may be on the brink of a similar breakout. While this is a bold claim, its rationale, centered on the anticipated launch of a Bitcoin spot exchange-traded fund (ETF), warrants a closer look.

Gold’s 2004 Surge: A Prelude To Bitcoin’s Future?

2004 was transformative for gold, with its price trajectory reflecting a notable paradigm shift. The catalyst for this change was the launch of the first gold ETF – SPDR Gold Shares (NYSE: GLD) by State Street Corporation.

A chart shared by Davis vividly encapsulates this: the price of gold began its ascent from a modest $400 per ounce towards the end of 2004 and reached a pinnacle of $1,939 by 2011.

Although a decline to $1,184 followed this meteoric rise, the overall trend showcased the profound impact of ETFs on asset prices. If history were to serve as a guide, Davis’s analogy suggests Bitcoin might follow a similar path.

A potential Bitcoin spot ETF could usher in a flurry of new investments, changing the market’s supply and demand dynamics.

As Davis showed from the gold example, introducing such an ETF for Bitcoin could potentially attract between $20 billion and $30 billion. Assuming today’s prices, this would be equivalent to newcomers snapping up approximately half of the available Bitcoin on exchanges.

Estimates are that a spot Bitcoin ETF would bring 20-30 billion of fresh cash into Bitcoin. That would buy about half of all coins on exchanges at current prices.

For reference here is what happened to gold when it got its first ETF approved on US markets.

History repeating? pic.twitter.com/CBNvZgMq18

— Lark Davis (@TheCryptoLark) September 4, 2023

‘Supply And Demand Don’t Lie’

While Davis’s projection is rooted in past trends, it’s crucial to understand the broader dynamics at play. His assertion that “supply and demand don’t lie” underlines the fundamental economic principle that when demand exceeds supply, prices generally rise.

The launch of a Bitcoin ETF would invariably boost demand by offering a more accessible and regulated way for investors to gain exposure to Bitcoin without owning the underlying asset directly. This surge in demand and Bitcoin’s capped supply might push prices higher, just as it did for gold in 2004.

However, as with all financial forecasts, there’s a degree of speculation involved. While the parallel between gold’s 2004 trajectory and Bitcoin’s potential future is compelling, only time will reveal the actual course of events.

Despite this forecast, Bitcoin has seen a slight dip over the past 24 hours, with a current market price of $25,867, at the time of writing.

Featured image from iStock, Chart from TradingView