The recent Bitcoin rally has brought a number of things to the forefront and one of those is a bullish Bitcoin fractal that has not returned in two years. Crypto analyst FieryTrading was the one to point this out in a recent analysis of the leading cryptocurrency as something that could serve as evidence that the rally will continue.

Bitcoin Bullish Fractal Makes A Comeback

The crypto analyst pointed to a previously identified channel in the Bitcoin price that could suggest a bullish continuation. This channel often results after a big pump and given that BTC has added around $15,000 to its price in the space of a month, it doesn’t get bigger than this. As a result of this, the channel has returned, suggesting that the BTC price could stick to this historical fractal.

FieryTrading identified that the fractal had appeared back in 2019 when the price jumped from around $4,100 to $5,800. After this, the fractal had completed the move, causing the BTC price to rise above the $6,800 level.

Then again in 2020, the fractal would reappear after the BTC price rose from around $11,000 and ended around $14,200. And just like in 2019, when the fractal was confirmed, it saw a continuation of the bullish rally which pushed the Bitcoin price above $16,000.

Most recently, after Bitcoin’s price rose from $28,000 to $41,000, the fractal has reappeared once more. “The pattern that I’m talking about is a bullish channel after a big pump that results in another big pump,” FieryTrading explains.

Where Does This Put BTC’s Price?

Following the previous performances of the Bitcoin price whenever this fractal has appeared, it suggests that there is still a lot of runway for the current rally. The crypto analyst used this historical performance to map out a likely path for the crypto’s price, putting the top of the fractal at $48,000.

“Seeing how the market historically behaved, I made the assumption that BTC would follow this fractal and break out of the channel in the near future. One week later, and BTC has successfully broken out of the channel, as predicted by this fractal analysis,” FieryTrading stated. “As described in my analysis below, I’m currently looking at 48k as the next target. Seeing how these fractals historically behaved, 48k should be fairly easily reached?”

If this fractal does play out the way the analyst expects, then the BTC price can be expected to add another $6,000 to its value from here before the recovery trend ends. This means that the leading crypto might see another 10% jump from its current price.

According to @RiggsBTC on X, Bitcoin (BTC) is poised for an “unprecedented” surge that could lift it to above $9 million in the next two years. Taking to X on December 6, @RiggsBTC asserted that the current Bitcoin bull run, which began in late 2022 when prices dumped to as low as $15,000, marks the start of a “supercycle,” a period where BTC will aggressively rally, extending gains. 

Will Bitcoin Hit $9 Million In 2 Years?

The asset manager attributes this potential upsurge to multiple factors. Top of the list is the looming supply shock, considering the expected Bitcoin halving scheduled for early April 2021. @RiggsBTC noted that with less than 21 million BTC in circulation, reducing supply and sustained demand could support Bitcoin, feeding aggressive bulls.

To contextualize the potential magnitude of this expected growth, @RiggsBTC estimates that only if 5% of global wealth, conservatively estimated at over $1 quadrillion, translating to $50 trillion, get exposure to the limited BTC in circulation, there will be more upsides.

From the analyst’s view, there will only be around 5 million BTC, most of which are from “weak hands” selling to “nation-states and institutions.” This shift will be the basis for a leg up that will see Bitcoin reach $9 million “in 24 months.”

Pierre Rochard, the VP of Research at Riot Platforms, echoed @RiggsBTC’s sentiment, highlighting the favorable macroeconomic conditions likely to propel Bitcoin even higher. Rochard notes that the U.S. government spends $6 trillion, encompassing $4 trillion in taxes, $2 trillion in borrowing, and $1 trillion in interest payments on its $33 trillion debt.

While the government spends huge sums of money on interest payments alone, Bitcoin’s market capitalization remains under $1 trillion. According to CoinMarketCap, BTC had a market cap of $860 billion when writing on December 6.

Eyes On The SEC And Bitcoin ETFs

Beyond the Bitcoin halving event and supportive macroeconomic factors, the community is also looking at regulators. In early December 2023, the crypto community expects the United States Securities and Exchange Commission (SEC) to approve the first batch of spot Bitcoin ETFs.

This product will provide institutional investors an avenue to get exposure to Bitcoin in a regulated environment, potentially unleashing a wave of capital. Since October, the expectations of a spot Bitcoin ETF in the United States have propped prices.

Even so, how the market will react once the SEC authorizes this derivative is yet to be seen. In the past, the approval of key crypto derivatives products, for instance, the first Bitcoin Futures product in the United States in December 2018, marked cyclic peaks. Afterward, prices tanked, dropping from $20,000.

The Bitcoin positive sentiment has been rising rather rapidly in the last few months as the market has staged an incredible recovery. This saw the Bitcoin Fear & Greed Index go from deep fear to deep greed and that greed just continued to grow. Now, the sentiment is on the brink of extreme greed, which can be good in the short term, but could inherently turn bearish for the price.

How The Fear & Greed Index Works

The Bitcoin Fear & Greed Index uses a number scale of 1-100 to identify how investors are feeling toward the crypto market at any given time. This index uses a number of different indicators to come up with a number which ranges from social media posts to market volatility and momentum, among others.

The scale is then divided into five distinct categories depending on how investors are feeling and the number that the index is on. 1-25 is considered to be extreme fear and is a time when crypto investors tend to stay away from the market due to price drops. However, this has often proven to be the best time to buy cryptocurrencies.

Next is the 26-46 range which is known as the fear territory. It is one step ahead of extreme fear but is also a time when investors are not as wary despite the rampant fear. It is also a good time to buy and precede the next stage, which is neutral.

Neutral is the region between 47-52 and signifies a time when investors are unsure of this market. Mainly, investors refrain from making any moves during this time, waiting for the market to swing either up or down before deciding their next move.

One step above this is the greed level starting at 53 and ending at 75. At this time, investors are returning to the market and prices are recovering rapidly. This often ends up in extreme greed between 76 and 100, where major decisions are being made.

Bitcoin Sentiment Rests At 72

The Fear & Greed Index is currently at 72, treacherously close to slipping into the extreme greed territory which could have massive implications for the price. Now, looking back at times when the index’s score has gone this high, it paints a picture of bullishness followed by bearishness.

An example of this is in December 2020 when the index rose into the extreme greed territory. It would continue to rise as investors trooped into the market, eventually topping out at 91. Then what followed was a crash that sent investors spiraling. The same thing happened between October and November 2021 where the score reached extreme greed before crashing.

Given how the Bitcoin price has performed whenever the score was this high, it stands to reason that extreme greed can often act as a top signal. So the index going into the 76-100 region can often signify that it is time to exit the market.

If this trend does repeat, then the Bitcoin price could run further and mount more recovery. However, it is headed toward a market crash that could trap bulls who have not timed their exit correctly.

John Bollinger, known for his expertise in market analysis, has recently shared his insights on Bitcoin’s current market trajectory, noting that the premier cryptocurrency is exhibiting “signs of strength.” This observation comes when Bitcoin consistently sets new highs amid the ongoing bull run.

The asset has experienced a surge, climbing above $44,000, representing a 4.5% increase over the past 24 hours. It now appears to be aiming for the next resistance level.

Bitcoin Shows Signs Of Strength

John Bollinger, the creator of the renowned Bollinger Bands, a popular technical analysis tool, has applied his methodology to gauge Bitcoin’s market movement. Bollinger Bands are typically used to measure the volatility of a financial instrument.

They consist of a middle band, a simple moving average flanked by two standard deviation lines. These bands adjust with market conditions, widening during volatile periods and contracting during calmer times.

Bollinger’s recent analysis highlights that Bitcoin trades outside its daily and weekly Bollinger Bands. This is particularly noteworthy as it suggests a strong continuation of the current bullish trend without any signs of divergence.

On November 21, a two-bar reversal pattern was noted at the middle Bollinger Band, further reinforcing the strength in Bitcoin’s price action.

The air is getting a bit thin up here, but all we see as of now are signs of strength. We are outside both the daily and weekly BBs with no divergences. The last controlling formation was the 2 bar reversal at the middle BB completed on 21 Nov. $BTCUSDhttps://t.co/B4ZU3vpTvV

— John Bollinger (@bbands) December 5, 2023

Bitcoin’s Price Action: Interpreting The Signs

Bitcoin’s bullish momentum continues unabated, with a near 5% surge in the past 24 hours, pushing past the $44,000 threshold. Interestingly, the cryptocurrency shows no signs of deceleration or immediate pullback.

However, technical analysis on a larger scale suggests that Bitcoin might be approaching a significant retracement zone. On the one-week timeframe, an order block is present between the $48,000 and $50,000 regions.

An order block is essentially a zone where significant buying or selling occurred in the past, leading to a substantial price movement. When the price revisits these blocks, they often act as key levels for potential reversals or trend continuation.

Should Bitcoin climb to this region, a retracement might be on the cards. However, invalidating this order block and continuing its rally might set the stage for a reversal, possibly when it reaches the breaker block around the $60,000 region.

A breaker block is a specific price zone where the market has previously shown a substantial reversal, breaking through a level of resistance or support. These blocks are often seen as potential areas where the price might experience significant movements or change direction. If Bitcoin taps into this breaker block, it could indicate another pivotal moment in its price trajectory.

Featured image from Unsplash, Chart from TradingView

Here’s what the data of this historical on-chain indicator suggests regarding whether Bitcoin has become overvalued after its latest uptrend.

Bitcoin MVRV Z-Score Hasn’t Climbed Too High Yet

As the Reflexivity Research co-founder pointed out in a post on X, the BTC MVRV Z-Score readings have heated up little compared to the values observed in past bull runs.

The “Market Value to Realized Value (MVRV) ratio” is an indicator that measures the ratio between the Bitcoin market cap and the realized cap. The “realized cap” refers to a capitalization model for the cryptocurrency that assumes the “true” value of any coin in circulation is the price at which it was last transacted on the blockchain.

Since the last transaction price of any coin was likely the price at which it changed hands, one way to interpret the realized cap is that it represents the total capital the holders have invested into the asset.

Since the MVRV ratio compares the market cap (the spot price) against this model, it can tell us whether the investors are holding more value than they put in right now.

If the investors are holding more than what they bought the coin for (that is, they are in net profits), they might be tempted to sell, and thus, BTC might be likely to see a correction. Similarly, the market being in losses can suggest the cryptocurrency’s price is currently undervalued and might be due to a rebound.

Now, here is a chart that shows the trend in the Z-Score of the Bitcoin MVRV ratio over the history of the coin:

The “Z-Score” is a statistical tool used to measure how far a data point is from the mean. In the graph, the analyst has marked two zones for the Bitcoin MVRV Z-Score where BTC has attained an overbought/underbought condition.

It would appear that historical bottoms in the asset’s price have formed when the metric has dipped inside the green zone. The tops haven’t been so simple, though, as they fluctuate a bit.

One common thing between all tops is that they have occurred at decently high values of the indicator. At such values, the investors make very high profits, so tops naturally become significantly probable.

The chart shows that the Bitcoin MVRV Z-Score has been climbing recently as the asset has rallied, but it’s yet to arrive at levels similar to past tops. “There will be corrections along the way, but zooming out Bitcoin is far from overvalued based on historical readings,” notes the analyst.

BTC Price

At the time of writing, Bitcoin is trading at around $43,800, up 15% in the last week.

Former FTX US President Brett Harrison recently had an interview with Cointelegraph Magazine. As part of the discussion, Harrison gave his thoughts on when a Spot Bitcoin ETF will be approved and the possible price level the foremost crypto token could attain when this happens. 

A Spot Bitcoin ETF Could Be Approved In Q1 of 2024

Harrison is said to have mentioned that there is a very “high probability” that the Securities and Exchange Commission (SEC) will approve a Spot BTC ETF in the first quarter of 2024. His prediction happens to be in line with the fact that the SEC has to make a decision on ARK 21Shares Spot Bitcoin ETF on or before January 10, 2024.

As such, there is indeed a high likelihood that a Spot Bitcoin ETF could be approved in Q1 of 2024 (and as early as January). Bloomberg analysts James Seyffart and Eric Balchunas had also earlier mentioned that there is a 90% chance that approval will come by the January 10 deadline. 

Meanwhile, there is a growing belief that we might have more than one Spot Bitcoin ETF application approved by January 10. Seyyfart had, after the Templeton and Hashdex delay, reasoned that the SEC could be lining up all ETFs for a “full wave of approvals.” 

Bitcoin’s Potential Price When This Happens

Harrison also gave his thoughts on what price level Bitcoin could hit when a Spot Bitcoin ETF is approved. The former FTX US President seemed to have been conservative with his price prediction as he put BTC’s potential price between $50,000 and $55,000. He doesn’t foresee the foremost crypto token hitting six figures towards the end of 2024 or early 2025. 

His prediction about when Bitcoin could hit six figures coincides with Matrixport’s prediction of $125,000. The crypto financial services firm predicts that BTC will hit this price level by the end of 2024. Harrison’s prediction of the BTC price rising to as high as $55,000 on the back of approval seems plausible when looking at Matrixport’s projection of BTC hitting $63,140 by April 2024.

Harrison is undoubtedly bullish about a Spot Bitcoin ETF and the success such an investment vehicle can enjoy. He alluded to the first day of a Bitcoin Futures ETF launching to back up his optimism. The ProShares Bitcoin Strategy (BITO) ETF (the first Bitcoin futures ETF) is reported to have seen more than $1 billion in its first two days after launch. 

BITO became the fastest ETF ever to hit that figure. However, Harrison believes that a Spot Bitcoin ETF could go on to break more records. 

Helium (HNT), a decentralized network launched in 2019, has experienced significant gains across multiple timeframes, making it one of the top performers in the cryptocurrency market. This price surge comes alongside Solana’s (SOL) remarkable 56% increase over the past 30 days and other protocols built on Solana’s network.

HNT has achieved staggering gains over the past 30 days, surpassing 147%. This remarkable growth has continued with gains of 101% and 45% over the past fourteen and seven days, respectively. 

In the 24-hour time frame alone, HNT reached a high of $5.008 and experienced a remarkable surge of 53%, a level not seen since October 2022. But what are the main catalysts behind this spike?

Helium’s Mobile Service Launch Ignites HNT Investor Frenzy

The recent surge in HNT’s price can be attributed to the announcement made by the Helium network on December 5. The network revealed that users across the United States can now enjoy unlimited data, voice, and text services for a monthly fee of $20 through their newly launched mobile service.

According to recent reports, Helium Mobile, a subsidiary of Nova Labs, introduced this no-contract nationwide mobile service, aiming to provide consumers with an affordable and unrestricted mobile experience. 

This move comes when major carriers have been imposing data limits, increasing contract obligations, and raising prices, making Helium’s offering particularly appealing to users seeking more flexible and cost-effective options.

By offering unlimited data, voice, and text services for a flat fee of $20 per month, Helium Mobile aims to address the growing demand for affordable and unrestricted mobile connectivity. 

According to the announcement, the company aims to empower customers by putting control back into their hands, challenging the practices of traditional carriers.

CEO Amir Haleem Calls For Transparency In Mobile Industry

Amir Haleem, CEO of Nova Labs, emphasized the company’s belief that cell phones are essential and that unlimited data, text, and calls should be standard offerings. 

Haleem criticized carriers for concealing high subscription rates, roaming fees, and additional data charges behind seemingly attractive phone upgrade options that often lock customers into costly plans for extended periods.

In addition to its mobile service, Helium Mobile supports a people-powered coverage model, allowing customers to become network owners and operators. Like platforms like Airbnb or Uber, the company believes that “reducing monopolies” and empowering customers can improve service quality, lower costs, and overall benefits for all stakeholders.

As the demand for reliable and affordable mobile services grows, Helium’s approach has positioned it as a key player in the industry. This announcement has propelled HNT’s price upward as investors recognize the potential of Helium’s approach in the mobile service sector.

The trading price of HNT stands at $4.153, marking a significant breakout from its downtrend structure of the past 11 months. The cryptocurrency is now targeting its next resistance level at $4.70. 

However, should HNT fail to surpass this resistance, it will be crucial for the coin to maintain support at the $3.00 level to sustain its current bullish momentum.

Featured image from Shutterstock, chart from TradingView.com 

Data shows that the Tether (USDT) market cap is almost $90 billion. Here’s why this growth could matter for the price of Bitcoin.

Tether Market Cap Has Continued To Observe A Rise Recently

Tether is a cryptocurrency pegged to the US Dollar, meaning its price remains stable around the $1 mark. The asset is the most famous such “stablecoin” in the sector, with its market cap outstripping any other stable’s.

As the market intelligence platform IntoTheBlock pointed out, the largest stablecoin supply has only continued to grow recently. The chart below shows the trend in the market caps of the various stablecoins in the cryptocurrency sector over the past year.

As displayed in the above graph, Tether has observed an overall uptrend during the past year, while USD Coin (USDC), the next largest competitor, has observed outflows as its market cap has fallen.

The chart also puts into perspective how small the other stables are when compared to these two assets, making them perhaps insignificant for the wider market.

What relevance does a large stablecoin like Tether have for Bitcoin and other coins in the sector? The answer to that question lies in what the stablecoins represent.

Generally, investors make use of stables whenever they want to avoid the volatility associated with the other assets in the sector. The holders keeping their capital locked in these fiat-tied tokens usually plan to return towards the volatile side, however, as they would have gone for fiat itself if they wanted to keep away from cryptocurrency altogether.

When such investors finally move back towards coins like Bitcoin, they naturally put buying pressure on their prices. For this reason, the supply of stablecoins could be considered the “potential buying supply” for BTC and others.

There are two ways the USDT market cap grows. The first is an influx of fresh capital directly going to the asset, which is naturally a bullish development as it means the total capital in the sector goes up.

The second is through a swap from another coin like Bitcoin. In this case, the overall capital present in the sector wouldn’t change, as it’s just a reshuffling, but whatever asset is being sold in favor of the stablecoin would naturally see some decline.

The most bullish scenario for the market is, therefore, when both the BTC price and Tether market cap head up, as it implies, a fresh influx of capital is happening towards both the coins.

As analyst James V. Straten explained in a post on X, the correlation between the USDT market cap and BTC has almost hit 100% during this latest rally, as both have shot up.

The USDT market cap continuing to grow in these circumstances is certainly an optimistic sign for the current rally, as it means that all this dry powder that’s accumulating could potentially be deployed into Bitcoin should the surge slow down, helping extend the move further.

BTC Price

Bitcoin had breached the $44,000 mark earlier in the past day, but the asset has since seen some pullback as it’s now back around $43,800.

A crypto analyst has shared his projections on the future trajectory of the foremost meme coin, Dogecoin (DOGE). He also hinted as to when DOGE would experience this tremendous rally that would make it rise to $0.7.

When DOGE Will Hit $0.7

In a post shared on his X (formerly Twitter) platform, crypto analyst Captain Faibik stated that an “epic pump” is not far for Dogecoin. From the accompanying chart he shared, this projected rally would see the meme coin rise to $0.7. This move, which will see DOGE gain over 900%, is expected to happen in the first half of 2024.  

Source: X

There seems to be a general bullish sentiment around Dogecoin from a technical analysis perspective. Recently, crypto analyst MonoCoinSignal highlighted how DOGE’s price had entered an important zone. He noted that this zone, alongside other indicators, suggests a bullish momentum as the meme coin could be on its way up. 

Another crypto analyst who goes by Jhonnybrah on Tradingview had also hinted that a god candle might be incoming for DOGE’s price. Unlike MoonCoinSignal, Jhonnybrah provided potential price targets that DOGE could hit. The first target for the god candle happens to be just below $0.14, with the second target above the $0.22 mark. 

A Dogecoin Parabolic Move In 2024 Confirmed?

Crypto analyst JD also recently shared his thoughts on DOGE’s price action. The crypto analyst suggested that the charts were properly set up for a significant rally in the meme coin’s price. He stated that the “King of Memcoins” had a “beautiful chart structure” based on the monthly chart he shared. 

JD noted that the MACD (Moving Average Convergence Divergence) was on the verge of having another bullish cross. The last two times this happened are said to be in 2017 and 2021, when DOGE saw a 62x and 370x, respectively, in its price. Based on the chart he shared, 2024 could be when DOGE experiences this bullish cross again. 

There seems to be no doubt about Dogecoin’s incoming pump, especially considering that the meme coin’s price has trended low for a while now. Several macro factors are also aligning toward this upward trend. Recently, Bitcoinist reported that the open interest on Dogecoin has crossed the $500 million threshold. 

Meanwhile, Dogecoin recently achieved a new milestone as it was reported that over 5 million addresses now hold DOGE tokens. The belief in the meme coin seems to be growing, and with that in mind, more liquidity could flow into its ecosystem soon enough. 

At the time of writing, DOGE is trading at around $0.10, up over 17% in the last 24 hours, according to data from CoinMarketCap. 

Coinbase, an American-based cryptocurrency exchange, has revealed its latest wallet features for transferring money internationally without going through the traditional hurdles.

Significance Of Coinbase New Transfer Features

On Tuesday, Coinbase announced its latest feature for its wallet to simplify and hasten global money transfers. The new feature is presented as a user-friendly procedure.

According to the crypto firm, the new initiative is described as “Send money with a link.” Within the Coinbase Wallet, users can generate a link to distribute via their favorite social media platforms.

However, the exchange noted that the wallet must be owned by both the receiver and the sender of the money. Furthermore, users who do not have the wallet, when emailed a link, will be prompted to download it from Apple or Android app stores.

The crypto company further asserted the safety of the new initiative. Coinbase noted that failure to retrieve sent funds within weeks will automatically send the money back to the sender. The company stated:

When your recipient clicks the shared link, it’ll take them into the Coinbase Wallet app to claim or direct them to download the Coinbase Wallet app on iOS or Android and create a new wallet in just 1-click. It’s that simple. And if the funds are not claimed within 2 weeks, they will automatically be returned to the sender.

Coinbase has highlighted several situations where this new feature is “very efficient and helpful.” These include paying off debts with friends, giving last-minute gifts, and tipping tour guides and other service providers. 

In addition, the feature sparks a swift money-sending procedure. This eliminates downloading different apps or sorting through many usernames and profiles. Furthermore, the crypto firm asserted that the new feature is vital for people in high-inflation economies.

Latest Feature To Eliminate Payment Irregularities

The procedure eliminates the expenses and complications of using traditional methods to send money globally. Traditionally, sending money globally has required sifting through a complex web of bank account and routing details. 

In addition, these transactions take longer to process, mostly up to five working days. However, the Coinbase wallet boasts instantaneous settlement and zero-fee transactions.

Coinbase wallet is supported by over 170 countries worldwide and is available in 20 languages. This guarantees the ability to send and receive money virtually anywhere.

Furthermore, it currently supports local fiat onramps from more than 130 countries. These include top payment processors like Pix in Brazil, Instant P2P Bank in Nigeria, and GCash in the Philippines.