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sábado, 3 de fevereiro de 2024

Bitcoin (BTC) Price Just Recorded This Bullish Pattern

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Bitcoin's price chart has recorded a classic bullish pattern, which might indicate a potential uptrend.

Market analyst Jake Wujastyk highlighted the formation of an inverse head and shoulders pattern on the daily candle chart. This has coincided with the price closing above a key volume shelf.

An inverse head and shoulders pattern is often considered a predictor of a market reversal from a downtrend to an uptrend. The chart shows two lower peaks, known as shoulders, flanking a deeper valley referred to as the head.

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This pattern is completed when the price breaks out above the resistance level that forms the "neckline," which, in this case, coincides with the volume shelf—a price level with a high number of previously traded contracts, indicating strong support or resistance.

#Bitcoin Inverse head & shoulders on the daily candle chart as price closed above the volume shelf today. $BTCUSD #Crypto pic.twitter.com/zE1lDJGnAM

The recent closure above this critical level at approximately $43,000 suggests that buyers are gaining control and could propel Bitcoin's price higher in the near term.

Current Bitcoin price performance indicates a cautious optimism as the market digests the upcoming expiry of 22,000 BTC options.

The Maxpain point, where most options would expire worthless, stands at $42,000, which is just below the current trading level, implying a potential support region.

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The notional value of these options is a substantial $960 million, underscoring the importance of this event for market sentiment.

This week, the cryptocurrency market has been relatively flat, with realized volatility (RV) and implied volatility (IV) trending lower for major terms, indicating a period of consolidation.

Despite the quiet market, Bitcoin spot exchange-traded funds (ETFs) are gradually attracting incremental capital flows, a bullish indicator for the cryptocurrency. Conversely, some large-scale traders, or "whales," have been reducing their positions, suggesting a mix of profit-taking and strategic rebalancing.

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

$1 Million Per Bitcoin By 2028 Not Guaranteed: Tuur Demeester

Bitcoin evangelist Tuur Demeester has shared his take on Bitcoin’s chances of reaching the long-anticipated $1 million level by 2028.

Unlike Samson Mow, Max Keiser and other radical Bitcoin supporters, Demeester is not as certain that the world’s flagship cryptocurrency will definitely be worth $1 million after the next Bitcoin halving takes place.

Quoting a tweet of investor @dotkrueger, where a chart shows that by 2028 Bitcoin should reach the $1,000,000 level, Demeester stated that he is not sure that this will be possible, since “every beautiful model is destined to be broken by Mr. Market.”

Will it take BTC until after summer 2028 to reach $1M? I don’t know, but I do know that every beautiful model (and I agree this one ) is destined to be broken by Mr. Market.

Will it take BTC until after summer 2028 to reach $1M? I don’t know, but I do know that every beautiful model (as is this one 🤌) is destined to be broken by Mr. Market. https://t.co/GcmhfL2C16

Although he admitted that he liked the Bitcoin price surge model – “Bitcoin power-law corridor of growth” which was published in 2019 on the power-law blogging platform.

2028 is the year when the next Bitcoin halving is scheduled to take place, it will be the fifth one after the halvening that is expected to occur in April this year. Halving occurs every four years and it automatically reduced the supply of Bitcoin minted by miners per one block by half. Currently, BTC miners produce 900 coins per day. After the April halving this amount will be cut down to 450 BTC of daily minting.

Still, radical Bitcoiner Samson Mow, chief of Jan3, reckons that Bitcoin will ultimately achieve $1 million and he believes it may happen quite unexpectedly.

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After the approval given by the Securities and Exchange Commission regulator to Wall Street companies, which greenlighted their spot Bitcoin ETF filings, these spot-based exchange-traded products launched and the ETFs began scooping up massive amounts of digital gold.

According to Bloomberg’s analytics data, these eleven spot Bitcoin ETFs, which include Fidelity, BlackRock, VanEck and Ark Invest, are accumulating 4,700 BTC per day, moving them into cold wallets. That is more than 5x than miners produce on a daily basis.

Several major Bitcoiners have drawn public attention to this fact on Twitter recently, including Gabor Gurbacs and Tuur Demeester. The latter believes that after the halving takes place in less than three months, the number of Bitcoins acquired by the Bitcoin ETFs daily is likely to surge 20x.

Vitalik Buterin Just Launched Fury of New Meme Coins With One X Post

No more than a playful meow from one of the most influential personas in the Web3 industry is sometimes enough to stir up the market. Recently, Ethereum founder Vitalik Buterin's lighthearted cat-themed post echoed through the crypto community, inciting a flurry of meme coin creations.

Buterin's innocuous "Let's meow together" tweet translated from Mandarin may have been in jest, yet it inadvertently waved the flag for the launch of multiple meme coins on various blockchain platforms, including Solana and Ethereum.

memecoin holders be like

我们一起学猫叫，一起喵喵喵喵喵

Among newly launched meme coins, several assets experienced dramatic changes in liquidity and price performance. For instance, a meme coin tagged "MEOW/WETH" saw a 24-hour price change of -1.44%, with $78,000 in trading volume, while another, VITALIKED/SOL, faced a -100% price change, most likely being the aforementioned rug pull.

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The rapid generation and subsequent rug pulls of these tokens is a great reminder for anyone who wants to go all-in on memes. The meme coin industry is one where influence and hype always overshadow fundamentals. While some traders ride the wave of these trends for substantial gains, the landscape is fraught with risks, as scam artists lurk, ready to withdraw liquidity without warning.

While Buterin may not be as active as Musk in the social media arena, his influence on the crypto community is profound. Traders should be mindful of the influence wielded by crypto leaders and approach meme coin investments with diligence. Verifying liquidity — ensuring it is locked or sufficiently deep to prevent rug pulls — and monitoring asset performance are critical steps in safeguarding yourself.

While the meme coin space may offer a playground for the risk-tolerant and trend-savvy, it is wise to remember that not all that glitters in Web3 is gold.

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

Elon Musk-Fueled Meme Coin Crashes by 58%: Reasons Are Clear

Meme coin Troll has recently experienced a steep drop in value, plummeting by a staggering 58%. The collapse in the price of TROLL can be attributed to a series of large transactions and sales by large holders.

A particular wallet, identified as 0xa7a0, acquired trillions of TROLL tokens in five separate transactions, securing its position as one of the top holders of the memetic digital asset. The strategy behind such a massive accumulation of ostensibly low-value tokens remains speculative at best.

It could be inferred that the investor was deploying a "spray and pray" tactic, a high-risk investment method that involves purchasing a wide array of assets with the hope that some will yield significant returns.

#PeckShieldAlert #slippage $Troll -58%#ElonMusk pic.twitter.com/Zi0KB9Cbyg

Conversely, another holder, known by the address 0x97b8, chose to invest in TROLL six months prior to the pump and weathered the fluctuations of both bullish and bearish market conditions. This decision put his or her portfolio at approximately $1.2 million, and some profits were realized that would have contributed to the most recent TROLL crash.

Despite the impressive paper value of these holdings, the reality is sobering due to TROLL's poor liquidity. It is highly improbable that these investors could liquidate even half of their stated value without causing further devaluation of the token.

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The cataclysmic downturn of TROLL’s market price can be reasonably attributed to substantial profit-taking by these major accounts, contributing to its near 60% devaluation.

While Musk once quipped about being the "Chief Troll Officer" at X, he has no actual connection to the TROLL token and has never endorsed it. Any assumption linking Musk’s statements to a direct influence on TROLL’s market behavior is unfounded.

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Elon Musk’s DOGE-Themed Post Sets Twitter on Fire

Elon Musk, innovator and tech billionaire, who runs X (formerly known as Twitter), Tesla and several other major companies, has attracted the attention of his army of followers on social media. This time, Musk mentioned in his tweet his favorite digits - “420” - associated with the original meme cryptocurrency, Dogecoin.

In the past, Musk has used this number multiple times in his tweets, triggering humorous and enthusiastic responses from his X followers.

420M mobile search results 😂 https://t.co/ONieHmdEZg

The number 420 refers to 4/20 – April 20th, which is considered weed day in some circles, and additionally, DOGE fans have proclaimed it “Doge day” in the past few years.

This day seems to inspire warm and funny associations for one of the world’s wealthiest entrepreneurs because of DOGE and also, according to his tweet in 2020, because he was born “69 days after 420” – on June 28. Thus, 69 is another digit Musk finds it amusing to refer to in his Twitter posts.

At the start of last year, Musk finally managed to beat the SEC in the “420 Tesla case,” which was initiated by the Securities and Exchange Commission in 2018 when Musk tweeted that he was taking Tesla private at $420 with funding secured. The regulator accused him of violating U.S. securities law and sued Musk. The Ripple CTO posted a similar joke, putting XRP into it, as if congratulating Musk on the victory in court.

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This time, Musk shared a tweet about “420M mobile search results” related to the X social media platform. The billionaire accompanied his tweet with a “face with tears of joy” emoji. Multiple followers of Musk (a tiny portion of his 170.8 million “X army”) got the hint and responded accordingly, supporting the joke.

Earlier this week, Musk shared that one of his most recently set up companies, Neuralink, had launched its very first product, called “Telepathy.” This historic microchip implanted in a human’s brain allows the person to control their computer and smartphone exceptionally by thinking, and through that, they can control almost any other device around, according to Musk.

The chip was implanted into the brain of a patient this week. According to Musk, the patient was recovering well at press time.

Dogecoin (DOGE) Hits New Transaction Record, but There's Big Catch

Dogecoin community member @Tdogewhisperer took to the X social media platform (known as Twitter in the not-so-distant past) to spread the word about the new high reached by the original meme coin — 1.9 million transfers within 24 hours.

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@Tdogewhisperer revealed that this peak was reached mostly due to “images inscribed on the blockchain,” NFTs, basically. Inscriptions frequently bloat the network and have no actual use case. He added that many have recommended using a Layer 2 network for those transactions, Dogechain.

The DOGE community seems to be split into those who consider these images similar to NFTs and those who view them as bloatware or spam.

The aforementioned X user also wrote that the size of a file that can be transferred on the Dogecoin chain has seen a quick increase in size to 110 gigabytes. If this increase continues, @Tdogewhisperer wrote, “It could eventually limit users from running their own nodes.” This turn of events would make a single node hosting more expensive and would also slow down the whole network when it is used not for transferring images but something more valuable.

Since the majority of users consider DOGE a currency and use it for this purpose (and not for sending files or inscribing images), it is important to keep this blockchain operational and nodes easy to host.

Max Keiser Slams Dogecoin, Responding to Elon Musk's Tweet

On Friday, Bitcoin maximalist Max Keiser posted two tweets, in which he took a dig at Dogecoin, referring to it as an s-coin and a security in line with his earlier attacks against XRP, SOL, ADA and other major altcoins.

He tweeted that in El Salvador, where Keiser lives and works as a Bitcoin advisor to president Nayib Bukele (in 2020, this country-state proclaimed Bitcoin as a national currency), it is illegal to trade DOGE unless it is registered as a security. Keiser also invited the world’s biggest and wealthiest supporter Elon Musk to come over to El Salvador and check out the opportunities offered by this country.

It’s illegal to *trade* DOGE on an exchange in #ElSalvador unless it registers as the security-it-unmistakably-is

We are #BITCOIN COUNTRY@nayibbukele is the President of #BITCOIN COUNTRY.

We invite @elonmusk to come here and see for himself the incredible opportunities on… https://t.co/aKmJprB2UT

Currently, El Salvador accepts donations worth $1 million in Bitcoin or Tether for issuing a passport to foreigners.

Shiba Inu: Two Key Moves Might Delete Zero From SHIB Price

Shiba Inu (SHIB), a dog-themed cryptocurrency, appears to be on course to recoup some of its previous losses, with prices reaching intraday highs of $0.000009 during today's trading session.

However, bulls' efforts have still fallen short of the crucial $0.00001 mark. At the time of writing, SHIB had pared some of its intraday gains, rising 0.61% in the previous 24 hours to $0.000008985.

Despite the seeming back and forth in SHIB prices, SHIB bulls remain steadfast in their efforts to remove a zero from the SHIB price. To attain this lofty target, SHIB bulls must overcome two key hurdles, based on an indicator from IntoTheBlock, the In/Out of the Money Around Price (IOMAP).

To provide context, the In/Out of the Money Around Price (IOMAP) is a zoomed-in indicator that covers the most relevant clusters within 15% of the current price in both directions. By doing so, it identifies key buying and selling areas that are expected to serve as support or resistance.

Based on on-chain data, the In/Out of the Money Around Price (IOMAP) indicator indicates that the Shiba Inu price will encounter two areas of resistance before reaching $0.00001.

The first one is the resistance SHIB is currently facing around the $0.000009 mark, where 16.69 trillion SHIB have been bought by 42,660 addresses. This might create resistance from many of these addresses looking to close their positions to break even.

Following that, another similar resistance level remains at the $0.000009 level, where 16.3 trillion SHIB were purchased by 27,800 addresses.

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The second area of resistance lies between the $0.000009 and $0.000010 levels, where 47.1 trillion SHIB were bought by 31,640 addresses at an average price of $0.00001.

That said, SHIB bulls stand a chance of erasing a zero from the SHIB price if these hurdles are crossed. Although the overall picture remains one of consolidation, the first sign of strength would be the sustained break of the daily MA 50 level at $0.0000098.

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.