Utilizing Vertex AI from Google Cloud, the analyst team at Spot On Chain has conducted rigorous modeling to forecast Bitcoin's price movements. Here's a concise breakdown of their predictions: Short-Term Outlook (May-July 2024): They anticipate Bitcoin prices to fluctuate between $56,000 and $70,000 during May, June, and July 2024. This interval signifies potential volatility in…
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Chainlink Labs’ director of capital markets said that enhancing tokens with real-world data could unlock better applications than traditional finance.
Liquidation levels form an increasingly large cloud above BTC spot price as Bitcoin rests near $64,000.
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Crypto analysts are sounding the alarm on Dogecoin as a classic chart pattern, known for predicting bearish trends, has emerged. Technical analyst Josh Olszewicz, @CarpeNoctom, flagged a potential Head and Shoulders (H&S) formation on the DOGE/USD 12-hour chart on X, hinting at a possible significant price drop if the pattern validates. The H&S pattern is a technical indicator traditionally viewed as a bearish signal within the trading community. The pattern is composed of three peaks, with the central peak (the head) being the highest and the two outside peaks (the shoulders) being lower and approximately equal in height. The line connecting the lowest points of the two troughs (the neckline) can be horizontal or sloped and represents a critical support level. Dogecoin Must Hold $0.14 In the case of Dogecoin’s 12-hour chart, the price has completed the left shoulder and the head, with the right shoulder currently forming. The neckline of this H&S pattern is identified at approximately $0.14, as annotated by Olszewicz. This level is crucial; a decisive break below could confirm the bearish forecast suggested by the H&S formation. Another technical detail present on the chart is the Fibonacci retracement levels, which are horizontal lines indicating where support and resistance are likely to occur. They are based on Fibonacci numbers, a sequence famous in mathematics and nature for its proportionality. Related Reading: Expert Forecasts 700% Growth For Dogecoin (DOGE) As It Sets Sights On $1 Target Here, the 0.5 Fibonacci level aligns with the left shoulder around $0.18, while the 0 level coincides with the peak at approximately $0.23. These levels are key to determining the potential support and resistance areas in the market. Olszewicz has also highlighted a projected target area based on the H&S pattern’s typical behavior. This bearish target is identified using the height of the pattern from the head’s peak to the neckline, projected downward from the point of the neckline break. The target box, marked in green, shows a potential decline to $0.10 to $0.09, coinciding with the 1.618 and 2.0 Fibonacci extension levels. A fall to this level could lead to a price crash of 40%. The importance of the H&S pattern lies in its reliability as a trend reversal signal. It validates when the price breaks below the neckline following the formation of the right shoulder. For traders and investors alike, this pattern serves as a cautionary tale to brace for potential downside risks. Related Reading: Dogecoin To $1: Analyst Thinks Dream Milestone Could Be Hit In Coming Weeks As of the latest chart by Olszewicz, the neckline has not been breached, and the pattern has yet to be confirmed. It is critical for observers to watch the $0.14 level closely, as a break below it would likely activate a sell-off, fulfilling the H&S prophecy. However, until such a break occurs, the pattern remains a watchful indicator rather than a confirmed trend reversal. In summary, Dogecoin’s price chart is showing signs that could concern bullish investors. If history is any guide, the emerging H&S pattern, closely watched by analysts like Olszewicz, suggests a possible downward move in Dogecoin’s value in the near future. However, only a decisive break below the neckline will validate this pattern, turning a watchful eye into a bearish outlook. At press time, DOGE traded at $0.1509. Featured image created with DALL·E, chart from TradingView.com
The new legislation would impact crypto-asset service providers (CASPs), like centralized crypto exchanges under MiCA (Markets in Crypto-Assets Regulation).
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The recent Bitcoin halving event, which cut the block reward for miners in half on April 20, 2024, has sparked a wave of optimism in the cryptocurrency market. While a brief dip in a key futures metric hinted at potential short-term bearishness, overall market indicators suggest a bullish trend taking hold. Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished Analysts at Kaiko, a market data provider specializing in crypto derivatives and futures, reported a shift in Bitcoin’s funding rate leading up to the halving. The funding rate is a fee paid between long and short position holders in futures contracts. A negative rate signifies that short positions are compensating long positions, potentially indicating a bearish outlook. Notably, Bitcoin’s funding rate dipped into negative territory for the first time this year on April 18th, just two days before the halving. Bitcoin Bounces Back With Renewed Bullishness However, this short-lived bearishness seems to have been overshadowed by a broader sense of optimism. Following the halving, Bitcoin’s funding rate swiftly recovered and currently sits at a positive 0.0051. This suggests a return to the status quo where long positions are incentivized, reflecting a more bullish market sentiment. Funding rates for $BTC perps turned negative for the first time since late 2023 in the lead up to the halving. pic.twitter.com/MjiU4C1L5m — Kaiko (@KaikoData) April 24, 2024 Further bolstering this positive outlook is the uptick in Bitcoin’s Open Interest (OI), a metric that represents the total amount of outstanding futures contracts. Despite a dip last week, OI has since rebounded to over $17 billion, indicating continued investor engagement in the Bitcoin market. Bitcoin is now trading at 64.250. Chart: TradingView Halving Impact Exceeds Historical Trends Perhaps the most intriguing finding from Kaiko’s analysis is the suggestion that this halving event might be having a more positive impact on Bitcoin’s price compared to previous halvings. At the time of the report, Bitcoin was up 2.8% since the halving, exceeding the price increases observed immediately after the 2012, 2016, and 2020 halving events. Despite a slight price correction in the following days, Bitcoin remains nearly 3% up since the halving. Related Reading: Solana Market Cap Skyrockets $11 Billion As Price Jumps 17% – Details However, analysts caution against drawing definitive conclusions from this initial data. The cryptocurrency market is inherently volatile, and short-term fluctuations are to be expected. Some experts point to historical trends where price increases following a halving event were often followed by periods of consolidation or correction. The true impact of the halving on Bitcoin’s long-term price trajectory might not be fully evident for several months. Bullish Sentiment Fueled By Macroeconomic Factors Beyond technical indicators, some analysts believe that broader macroeconomic factors are also contributing to the current bullish sentiment surrounding Bitcoin. The ongoing global inflationary pressures and geopolitical uncertainties have driven investors towards assets perceived as hedges against inflation. Bitcoin, with its finite supply due to the halving mechanism, fits this profile for some investors. Additionally, the increasing institutional adoption of cryptocurrency is seen as a positive sign for Bitcoin’s long-term prospects. Major financial institutions are actively exploring ways to offer Bitcoin exposure to their clients, suggesting a growing level of confidence in the asset class. Featured image from Pexels, chart from TradingView
