According to the latest findings from CryptoDiffer, Cardano (ADA) has significantly outpaced Ethereum (ETH) in terms of average daily developer activity on GitHub over the past month.

The data indicates that Cardano has surged ahead with a remarkable 245% lead over Ethereum in this crucial metric. The average daily GitHub commit size for Cardano stands at nearly 450, showcasing a robust and active development environment that is setting a new standard in the blockchain space.

Cardano Surges, Dominates GitHub Developer Activity

This notable lead by Cardano in developer activity underscores the project’s commitment to ongoing enhancements and innovation within its ecosystem. GitHub, as a collaborative platform for developers, is a crucial indicator of a blockchain project’s vitality and progress.

Top Projects by average daily development activity on #Github in the last 30 days$ADA $HBAR $DOT $ATOM $OP $AVAX $SNT $ICP $LINK $APT $ETH $SUI $MANA $EGLD $OSMO pic.twitter.com/7MHNy5thKx

— CryptoDiffer – StandWithUkraine (@CryptoDiffer) January 5, 2024

Cardano’s substantial lead in this aspect not only signifies the current momentum in its development efforts but also reflects a dedicated community and a forward-looking approach to blockchain technology.

In contrast, Ethereum, while maintaining a solid presence on GitHub with a daily average commit size of 183, now faces the challenge of catching up with the accelerated pace set by Cardano.

The data suggests that Cardano has positioned itself as a frontrunner in the development race, indicating a heightened focus on refining and expanding its blockchain capabilities.

Analysts believe that Cardano’s ongoing spike in development is a favorable indication of an expanding ecosystem. The project’s emphasis on enhancing interoperability and promoting collaboration through international workshops has played a significant role in establishing its prominent position in the blockchain-oriented field.

If current trends persist as anticipated, there is a likelihood that the price of Cardano will experience an upward trajectory in the upcoming days. This optimistic outlook is substantiated by the observed accumulation of the token by significant market participants, commonly referred to as whales, over the past two weeks.

Meanwhile, analyzing data from Santiment, NewsBTC conducted an assessment of the ADA holder addresses and observed a noteworthy increase in the holdings of the 1 million to 10 million ADA cohort.

Specifically, on December 20th, the supply held by this cohort stood at 16%. However, as of the latest available data, that percentage has seen a discernible rise, reaching 16.36%.

Whale Accumulation: ADA’s Rising Investor Confidence

The augmentation in ADA holdings within this particular cohort suggests a strategic accumulation of the cryptocurrency by influential market players.

Whales, who typically control substantial amounts of a given asset, are often considered key indicators of market sentiment and can influence price movements. The observed increase in ADA holdings by this cohort implies a growing interest and confidence in Cardano among larger investors.

The performance of Cardano in 2024 is characterized by a combination of hope and prudence. The ADA coin has shown significant increases in trading volume, reflecting robust investor enthusiasm and market participation. The increase in trade volume indicates a rising belief in the long-term prospects of Cardano, fueled by ongoing development and support from the community.

Featured image from Freepik

On-chain data from whale transaction tracker Whale Alerts has revealed multiple transfers of Dogecoins changing hands between unknown whales and crypto exchanges Binance and Robinhood. Large whale transfers such as this one, which collectively amounted to 1.88 billion DOGE tokens throughout the week, tend to catch investors’ attention over their motives. But this elaborate shuffle between whales could be attributed to the approaching DOGE-1 space mission to take Dogecoin to the moon.

Dogecoin Whales Transfer Millions Of Dollars

Whale Alert showed whales moving large transfers to and from Binance, Robinhood, and unknown wallets totaling more than 1.88 billion Dogecoin. Large transfers kickstarted on the first day of the month with a transfer of 56.9 million DOGE worth $5.079 million to Coinbase. The tracker reported a flurry of large transfers on January 3, starting with a transfer of 82 million DOGE worth $6.74 million to Robinhood. In less than 15 minutes, another whale wallet made a transfer of 102 million DOGE tokens worth $8.4 million to Robinhood. Hours later, a reverse transaction occurred, with 151 million DOGE tokens worth $12.4 million making their way out of Robinhood to a private wallet.

56,999,997 #DOGE (5,079,422 USD) transferred from unknown wallet to #Coinbasehttps://t.co/wgcGKHIbpR

— Whale Alert (@whale_alert) January 1, 2024

Whale transfers continued into January 4 with hundreds of millions of DOGE in each transfer. The first transaction of the day was 300 million DOGE worth $24.6 million sent from an unknown wallet to crypto exchange Binance. Hours later, 307 million DOGE worth $25.4 million were exchanged between unknown wallets. At the same time, another alert revealed that unknown wallets had participated in the exchange of 883 million DOGE tokens, which had a total value of $72.9 million.

300,000,000 #DOGE (24,629,096 USD) transferred from unknown wallet to #Binancehttps://t.co/M3WBb9bPOW

— Whale Alert (@whale_alert) January 4, 2024

307,491,734 #DOGE (25,401,703 USD) transferred from unknown wallet to unknown wallethttps://t.co/Cc0joaL1Nf

— Whale Alert (@whale_alert) January 4, 2024

https://x.com/whale_alert/status/1742916334344655174?s=20 

883,016,276 #DOGE (72,931,469 USD) transferred from unknown wallet to unknown wallethttps://t.co/BdMsUHqe2t

— Whale Alert (@whale_alert) January 4, 2024

Possible Explanation Behind The Whale Transfers

The whale activity comes against the backdrop of the planned mission to take DOGE to the moon. The planned mission called DOGE-1 was paid exclusively with Dogecoins and initially planned to take place in December 2023. However, Intuitive Machines, the company behind the launch in partnership with Space X, postponed the launch date to sometime in mid-February 2024.

The launch of DOGE-1 mission was first announced by Elon Musk on Twitter (now called X) on May 9, 2021, and has since been approved by the NTIA and FCC. The main purpose of the mission is to broadcast art inspired by Dogecoin on the Doge-1 satellite, which will be orbiting the Moon. The satellite will be carried by a Space X rocket and the Dogecoin-inspired art will be broadcast to Earth. It’s been anticipated that the mission, if eventually carried out, will contribute to a DOGE price surge. 

SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!https://t.co/xXfjGZVeUW

— Elon Musk (@elonmusk) May 9, 2021

The price of DOGE has reacted negatively to the movements, as the crypto is down by double digits in the past week. At the time of writing, DOGE is trading at $0.07973, down by 12% in a 7-day timeframe.

Featured image from iStock

The past week was largely defined by the Bitcoin price climbing above $45,800 for the first time in over 20 months, marking a great start to the year. However, the premier cryptocurrency soon experienced a sharp price pullback due to negative news about the BTC spot (ETF). 

Interestingly, the latest on-chain data has revealed that investors seem not to have completely lost faith in Bitcoin, the largest cryptocurrency by market capitalization.

$2.5 Billion Flows Into Crypto Market Following Bitcoin Crash

In a post on the X platform, crypto analyst Ali Martinez has offered on-chain insight into the aftermath of the crash that affected Bitcoin and the entire crypto market. The pundit noted in his post that a substantial amount of funds flooded back into the sector a day after the market downturn.

This revelation was based on on-chain data from blockchain analytics platform Glassnode. The relevant indicator here is the “positive 30-day capital inflows”, which tracks the net influx of capital into the crypto market over a 30-day period.

The chart above shows that a significant amount of funds have been entering the cryptocurrency market over the past few months. According to Glassnode’s data, more than $2.5 billion flowed back into the cryptocurrency market on Thursday, January 4, bringing the positive 30-day capital inflows to about $27.5 billion.

This latest inflow of capital into the market offers insight into the positive shift in sentiment and market condition. It basically signals renewed investor confidence in crypto assets following a short period of uncertainty and price correction. 

As of this writing, the Bitcoin price stands at $43,661, reflecting a 0.2% decline in the past 24 hours. However, the market leader seems to be recovering well, with $44,000 not too far out of reach.

How BTC Holders Reacted To The Market Downturn

A recent analysis shows how various classes of Bitcoin investors reacted to the negative ETF news and the subsequent decline. This evaluation was based on the Spent Output Age Bands USD (SOAB) indicator on the CryptoQuant analytics platform.

The investors were divided into five classes based on the age of their holdings. According to the analysis, short-term holders who fell within the 1-week-to-1-month and 1-month-to-3-month classes exited the market at break-even and profits, respectively.  

Meanwhile, long-term holders who purchased Bitcoin in the first half of 2023, falling between the 6-month-to-12-month class, dumped about $7.6 billion worth of BTC. The 1-year-to-5-year holder class, on the other hand, barely made a move after the market downturn.

In today’s charts, Polygon (MATIC) is flashing red, losing 4.6% and 14.2% over the course of 24 and seven days, respectively. However, despite the poor showing, there was hope for fresh interest because of the recent developments.

Focus is on the SAGA airdrop, which attracted over 26,000 Polygon users who used Polygon’s zkEVM Bridge for Ethereum transactions or participated in MATIC staking. Developers can start their own “chainlets” with the future blockchain protocol Saga.

NEW:

The $SAGA (@Sagaxyz__) airdrop is available to 26K+ Polygon users who staked $MATIC or bridged $ETH using the zkEVM Bridge. pic.twitter.com/Kc1Y3cNdRR

— Today In Polygon (@TodayInPolygon) January 4, 2024

Although the exact dates of Saga’s airdrop are unknown, they most likely take place in the first half of this year. Saga also previously disclosed information about its “Innovators” airdrop eligibility for users of its goods back in October.

Excitement Over Polygon Airdrop

Co-founder of Polygon Sandeep Nailwal expressed excitement on social media platform X about Saga’s place in their ecosystem.

Thanks @Sagaxyz__ for including @0xPolygon community in the airdrop.

Super thrilled to have Saga as a key contributor into the Polygon ecosystem. They have been involved throughout the Supernets to CDK chains journey! They are doing amazing work, specially in automating… https://t.co/QkB3NGCM2U

— Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) January 4, 2024

Nailwal acknowledged Saga’s efforts, particularly with regard to automating the decentralization infrastructure for Appchains, and alluded to the possibility of decentralized sequencing features within Polygon CDK.

MATIC Price Not Upbeat About Recent Developments

Even with these encouraging developments, Polygon’s price has been declining from its most recent high of $1.1, and MATIC is currently trading at $0.82. The top Ethereum layer-2 scaling protocol may present fantastic possibilities to buy low, particularly for investors who have previously passed on.

The decreasing number of short positions, on the other hand, indicates a decline in trader interest in MATIC. A bit more than half of short positions against MATIC were open as of the time of publication. This seeming disparity made some wonder how these encouraging developments would affect the general perception of MATIC in the short term.

In terms of network activity, data from Santiment indicates that Polygon encountered a barrier in network volume, suggesting a decline in interest from fresh addresses. If this pattern continues, MATIC may not be able to grow at a steady pace.

Collaborations Up Despite Poor Price Showing

Partnerships and ecosystem development for Polygon have not slowed down, even though MATIC performs poorly in the pricing arena. The Chain Development Kit (CDK) release, the Polygon zkEVM launch, and collaborations with companies like Flipkart and OKX have all been noteworthy developments.

#Polygon is at the cusp of breaking out from a significant symmetrical triangle. Be patient! Let the pattern fully develop, as the initial target for $MATIC is set at $1.25, followed by a potential move towards $1.82! pic.twitter.com/F9eHkZe5q3

— Ali (@ali_charts) January 1, 2024

Meanwhile, crypto expert Ali Martinez believes MATIC will perform well in 2024. According to the analyst, the asset might rise as high as $1.8 in price.

He established an immediate goal of $1.25 based on the asset’s break of a symmetrical triangle chart pattern that lasted for months.

Featured image from Medium

Bitcoin (BTC) began 2024 on a positive note gaining by 3.18% in the first week of the year, according to data from CoinMarketCap. The premier cryptocurrency is expected to herald in a bull crypto season, with many investors expecting immediate approval of Bitcoin spot ETF proposals by various asset managers. 

However, regardless of the decision of the US Securities and Exchange Commission (SEC) in the next few days, crypto analyst Ali Martinez believes Bitcoin is still poised for massive gains in 2024 as there is another bullish factor in play. 

Bullish 2024 For Bitcoin With Or Without ETF Approval – Analyst

In an X post on January 6, Martinez expressed much optimism about Bitcoin’s potential price performance in 2024. He stated that irrespective of developments in the Bitcoin spot ETF saga, BTC is still set for major price surges due to another bullish narrative – namely, the Bitcoin Halving. 

To explain, the Bitcoin Halving is an event in which the block rewards for miners are reduced by 50%. It happens every four years, with the first occurrence being in 2012. The halving event causes a reduction in BTC supply in comparison to demand, causing scarcity which leads to a price increase. 

Whatever happens with the #Bitcoin ETF, remember we have another bullish narrative this year: The $BTC Halving!

It has historically been a catalyst for major price surges. Just take a look at the percentage increases in #BTC price following past halvings. pic.twitter.com/FF1F99l34c

— Ali (@ali_charts) January 5, 2024

Martinez highlighted this fact stating that historically, there has been a significant increase in Bitcoin’s price following past halvings. When the first halving occurred on November 28, 2012, BTC was trading at around $12. In the next year, the token had attained a new price of $1,000. 

A similar phenomenon was noted after the second halving on July 9, 2016, at which Bitcoin was valued at $670. However, By December 2017, BTC had surged to an all-time high of $19,700. The third halving event took place in May 2020, with Bitcoin being traded at $8,821. By November 2021, BTC had surged by 700%, attaining its current all-time high of $68,783.

Based on this price history, Martinez believes that BTC investors are well placed to reap large profits in the coming months as the next Bitcoin halving is set for April 2024. He postulates that these cyclical gains should remain constant, notwithstanding the SEC’s approval for Bitcoin spot ETF or not.

BTC Price Overview

At the time of writing, Bitcoin trades at $43,665, experiencing a slight decline of – 0.30% in the last 24 hours. On a larger scale, the leading cryptocurrency has demonstrated resilience over the past seven days, posting a noteworthy gain of 4.07%. 

Over the last year, BTC’s performance has been remarkable, witnessing a substantial surge of 159.94%. However, amidst market fluctuations, there is a noticeable dip in daily trading volume, down by 22.25%, which is currently valued at $26.8 billion.

Arbitrum, a prominent Layer-2 (L2) scaling solution, has been on a remarkable upward trajectory since the launch of its native token, ARB, in March 2023. The past 30 days witnessed a staggering 74% surge in ARB’s value, underscoring the growing market interest in the protocol.

Notably, Arbitrum’s daily decentralized exchange (DEX) volume has experienced a significant surge, propelling the protocol to surpass Ethereum (ETH) for the first time in this key metric. 

This milestone highlights Arbitrum’s increasing adoption and recognition for its scalability within the decentralized finance (DeFi) ecosystem.

Arbitrum Sets New DEX Records

According to data from DefiLlama, Arbitrum’s daily DEX volume reached an impressive $1.834 billion over the past 24 hours, surpassing Ethereum’s volume of $1.444 billion. Analyzing DefiLlama’s data, it becomes evident that Arbitrum’s growth extends beyond daily DEX volume alone. 

The weekly change in ARB’s value soared by 32.58%, showcasing the token’s strong performance in the market. Moreover, Arbitrum’s seven-day volume reached an impressive $6.804 billion, indicating robust trading activity on the protocol.

In terms of total value locked (TVL) in DEX, Arbitrum accounted for $1.297 billion, constituting 33.40% of the total TVL. In comparison, Ethereum’s TVL stood at $5.92 billion, making up 26.29% of the total. This demonstrates Arbitrum’s growing prominence as users increasingly recognize its potential for efficient and secure decentralized trading.

ARB’s Financial Metrics Soar

Further demonstrating the growth of the protocol’s ecosystem, token terminal data shows that Arbitrum’s market capitalization (in circulation) has increased by an impressive 83.84% to $2.56 billion. 

The revenue generated by Arbitrum over the past 30 days has also experienced remarkable growth, with a 79.82% increase to reach $11.66 million. 

Furthermore, looking at the fully diluted market capitalization, Arbitrum has witnessed an identical 83.84% rise to reach $20.07 billion. 

Arbitrum’s revenue on an annualized basis has seen a significant boost, surging by 101.67% to reach $141.81 million. This figure represents the projected revenue for a full year based on the current monthly revenue, underscoring the protocol’s sustained growth.

In terms of fees generated, Arbitrum’s 30-day figures have surged by 79.82% to reach $11.66 million, demonstrating the protocol’s ability to capture a significant share of transactional fees within its ecosystem. 

On an annualized basis, fees have soared by 101.67% to reach $141.81 million, further validating the protocol’s revenue growth and economic potential.

Nevertheless, the protocol’s native token, ARB, is trading at $1.8962, down over 8% in the past 24 hours and below its all-time high (ATH) of $2.11 set on Thursday. Despite this pullback, it is still up 36% over the past 14 days, demonstrating the token’s bullish momentum.

Featured image from Shutterstock, chart from TradingView.com

John Bollinger, a legendary Bitcoin (BTC) trader known for creating the Bollinger Bands strategy, has recently shared an optimistic view on Bitcoin’s future.

Bitcoin Poised For Further Surge?

In a post on X, John suggest that Bitcoin’s price is likely to “break higher” from its current levels. This prediction is based on his analysis using the Bollinger Bands chart, a popular technical analysis tool he developed. For context, Bollinger Bands are a type of statistical chart characterizing the prices and volatility of an asset over time.

They consist of a set of three lines: the middle line typically represents the simple moving average of the asset’s price, and the other two lines are plotted at a standard deviation above and below the average. This tool helps traders to assess market conditions and potential price movements.

I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut

— John Bollinger (@bbands) January 4, 2024

Bollinger’s prediction using this methodology indicates a positive outlook for Bitcoin, especially significant in light of the recent market turbulence.

Bitcoin’s Recovery And $50,000 Price Target

So far, Bitcoin’s journey in the crypto market has been marked by resilience, as evidenced by its recovery from a notably down turn in the market that resulted in the asset to trade in the $40,000 region.

Currently trading above the $43,000 mark, Bitcoin has shown a 3% growth in the past 7 days. This rebound is particularly noteworthy following a bearish report from Matrixport concerning a rejection of spot Bitcoin exchange traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

Joining Bollinger in bullish predictions is Dan Gambardello, another well-respected analyst in the crypto space. Gambardello has projected an upward breakout for Bitcoin, potentially leading the digital currency to reach the $50,000 mark in the short-term and $60,000 in the long term.

This projection is tied to the anticipation of a spot Bitcoin ETF approval, which could serve as a significant catalyst for Bitcoin’s price movement. Gambardello explains that this upward trend would represent a historical breakthrough for Bitcoin, especially in terms of breaking through the lower highs of its Fibonacci level.

Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally!

Intro 00:00
Big Grayscale news 1:10
Bitcoin ETF final stretch 2:30
BTC price pressure building 3:15
$50k Bitcoin target 5:10
BTC attempting something it’s never done 6:30
Bitcoin dominance and altcoins… pic.twitter.com/uZZ2YrblCO

— Dan Gambardello (@cryptorecruitr) January 4, 2024

Notably, it is evident that the predictions from both Bollinger and Gambardello hinge significantly on the US SEC decision regarding the approval of a spot Bitcoin ETF. While optimism prevails, Gambardello has also cautioned that a rejection could lead to a decline in Bitcoin’s price, potentially dropping below $40,000 to find support around $37,000.

Featured image from Unsplash, Chart from TradingView

As the Bitcoin price has regained previously lost territory, following reports suggesting that the US Securities and Exchange Commission (SEC) would reject the long-awaited Bitcoin spot exchange-traded funds (ETFs), new developments have reignited hopes among investors. 

Although the approval of these index funds is not expected to occur on Friday, sources indicate that the upcoming week may bring positive news. 

ETF Approval To Drive Gradual Bitcoin Price Surge To $500,000

FOX journalist Eleanor Terret reports that amended 19b-4 filings and last-minute phone calls regarding comments on S-1s and possible launch dates are expected in the coming days. 

While approvals seem likely in the next week, according to Terret, the timeline ultimately depends on the SEC’s ability to review the comments and amendments submitted efficiently. 

Terret describes the current situation as a meticulous process of “dotting the i’s and crossing the t’s,” emphasizing the attention to detail required for regulatory clearance. 

On the other hand, crypto analyst Adam Cochran offers valuable insights into the potential impact of Bitcoin ETFs, as all signs point to the imminent approval of these investment products.

Cochran suggests that many may “overestimate” the short-term effects of ETF approval while underestimating its long-term implications. In the immediate aftermath, market flows may not witness a significant surge. However, Cochran believes that investment advisors will review their clients’ portfolios over the next year and recommend diversifying even a small percentage, such as 1%, into the ETF. 

Cochran emphasizes that the Bitcoin price performance, with a remarkable 157% return in the latter half of 2023, will be a key factor driving investor interest. 

Cochran envisions a gradual upward trajectory for the Bitcoin price, characterized by persistent growth and occasional market volatility. 

Ultimately, Cochran’s long-term forecast indicates a potential Bitcoin price surge to $500,000 per coin, leaving sidelined investors regretfully waiting for a substantial market correction. Cochran further noted:

Also, ETFs result in spot buys, not leverage, which improves system health. And are long-term holders, less likely to sell volatility. So it creates a slow grind up of underlying market health. Like the best DCA you could ask for. 

Bitcoin ETF Pricing Potential Not Fully Realized

Crypto analyst Ali Martinez suggests that the pricing potential of a Bitcoin ETF may not have been fully realized, providing insight into the current state of the Bitcoin market.

Martinez points to a decline in the estimated leverage ratio across all exchanges, reaching a two-year low. This indicates that Bitcoin traders are adopting a more cautious approach, reducing their use of borrowed funds as they await regulatory clarity on the ETF. 

Furthermore, Martinez emphasizes the significance of Bitcoin’s price above $41,800. According to Martinez, Bitcoin’s ability to maintain its position above $41,800 is crucial for establishing a bullish outlook. 

This level is reinforced by approximately 2.41 million addresses holding over 1 million BTC, creating a substantial support zone. 

The significant number of addresses with substantial Bitcoin holdings suggests a strong interest in maintaining the cryptocurrency’s value and provides a foundation for market stability. Martinez notes that the resistance levels ahead for Bitcoin appear relatively minor. This implies that fewer significant barriers are impeding potential price increases. 

With reduced resistance, the market conditions become more favorable for stable or rising prices, further supporting the bullish sentiment.

Featured image from Shutterstock, chart from TradingView.com 

The Bitcoin (BTC) network has experienced a significant uptick in high-value transactions, a phenomenon not seen in nearly two years. Crypto analyst Ali has highlighted this trend, noting 16,900 transactions, each exceeding $100,000.

This surge is a critical indicator of increased activity by Bitcoin whales – entities holding large amounts of BTC – and provides valuable insight into their strategic maneuvers in the current market landscape.

In the past 24 hours, #Bitcoin experienced its largest spike in transactions over $100,000 in nearly two years.

The 16,900 large transactions serve as a proxy for $BTC whale activity, offering insights into how these major players might be positioned in the #crypto market. pic.twitter.com/CCnaoBOK0F

— Ali (@ali_charts) January 5, 2024

Bitcoin Recovery Following Matrixport Reports Saga

This flurry of whale activity arrives amid a backdrop of intensified market volatility. Bitcoin, the bellwether of the digital currency world, recently underwent a price correction, dipping below the $41,000 mark.

This downturn has been attributed to various factors, particularly the controversial report from Matrixport, which gave reasons why the US Securities and Exchange Commission (SEC) may reject several spot Bitcoin exchange-traded funds (ETFs) applications this month.

Despite these factors, Bitcoin has shown resilience as it has begun to regain ground, hovering around the $43,000 mark. The asset has demonstrated a 2.5% increase over the last week.

BTC To $50,000?

Several analysts have weighed in with predominantly bullish forecasts in the wake of Bitcoin’s recovery from the week’s earlier downturn. Dan Gambardello posits that Bitcoin might be on the cusp of “breaking out from a symmetrical triangle pattern.”

This technical formation, often characterized by decreasing volatility and converging trendlines, hints at potential price escalation. Gambardello asserts that this breakout could catapult BTC to the $50,000 mark, especially with the anticipated approval of a spot Bitcoin ETF.

A symmetrical triangle, recognized by its oscillating price movements between converging upper and lower trendlines, signifies a standoff between buyers and sellers. Should BTC shatter the upper boundary of this pattern, as Gambardello suggests, it may indeed embark on an unprecedented trajectory, surpassing critical resistance levels within its Fibonacci sequence.

Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally!

Intro 00:00
Big Grayscale news 1:10
Bitcoin ETF final stretch 2:30
BTC price pressure building 3:15
$50k Bitcoin target 5:10
BTC attempting something it’s never done 6:30
Bitcoin dominance and altcoins… pic.twitter.com/uZZ2YrblCO

— Dan Gambardello (@cryptorecruitr) January 4, 2024

Another voice in the chorus of bullish predictions is Adrian Zduńczyk, a renowned crypto trader. Zduńczyk shares an optimistic outlook, forecasting that BTC could reach new all-time highs following its upcoming halving event.

4/ With the 4th halving in mid April, $BTC can be a hot speculation topic, backed by the hopes of the ETF approvals.

Besides, BlackRock’s iShares $IBTC Bitcoin Spot ETF can set an example for many institutions to follow.

Trillions of dollars are estimated to flow into crypto. pic.twitter.com/vYQ2F6c36w

— Adrian Zduńczyk, CMT (@crypto_birb) January 1, 2024

Featured image from Unsplash, Chart from TradingView

An analyst has explained that the outlook for Bitcoin should remain bullish as long as the cryptocurrency’s price remains above this level.

Bitcoin Has Strong On-Chain Support Above $41,800

In a new post on X, analyst Ali talked about the various BTC support and resistance levels from an on-chain perspective. In on-chain analysis, the strength of any support or resistance level depends on the amount of Bitcoin that the investors bought at said level.

The chart below shows what the distribution of the different BTC price ranges currently looks like based on the concentration of holder cost basis that they carry.

As displayed in the above graph, the $41,800 to $43,100 range hosts the acquisition price of most Bitcoin out of all the price ranges listed. To be more specific, about 2.4 million addresses acquired 1 million BTC within this range.

The cost basis is naturally of immense significance for any investor, as the spot price retesting can flip their profit-loss situation. As such, holders become more likely to show some move when a retest like this happens.

A holder in profit before the retest might tend to buy more when the retest happens, as they might believe this same level that proved profitable earlier would do so again.

On the other hand, loss holders might want to sell at their break-even level since they may fear the cryptocurrency going down again, putting them underwater again.

These buying and selling moves aren’t enough to move the market when just a few investors are making them, but if a large number of investors have their cost basis inside a narrow range, the reaction could become significant.

Since those above $41,800 to $43,100 range is dense with investors, it should be an essential on-chain range. The spot price is floating above the range so that these prices could act as a support barrier for the asset. Based on this, Ali explains, “as long as Bitcoin maintains its position above $41,800, the outlook remains bullish.”

The chart shows that the Bitcoin ranges above the price aren’t carrying the cost basis of that many investors. This could imply that there isn’t much resistance ahead for the coin.

The analyst notes that this lack of major resistance also strengthens the potential for the cryptocurrency to stay at the current levels or push towards the higher ones.

BTC Price

Bitcoin has been gradually making its way back up after the recent crash, with its price climbing towards the $43,800 mark. The below chart shows how the asset has performed during the last few days.