Category: Cryptocurrency News

A spike above $28,000 begins to fade as the new week begins, while a U.S. holiday means no external BTC price triggers from equities.

In a recent podcast appearance, Arthur Hayes, the former head of BitMEX, delivered a sobering prediction about the largest cryptocurrency by market capitalization, Bitcoin (BTC). Hayes believes that Bitcoin’s anticipated climb to an all-time high of $70,000 is unlikely to materialize this year, dampening the hopes of investors and traders. However, he points to a potentially bullish turn in 2024, driven by a significant event that could shape the market’s trajectory. Bitcoin Rise To $70,000 To Be Delayed During an episode of the ‘What Bitcoin Did’ podcast, Hayes shared his perspective on Bitcoin’s price trajectory. He indicated that breaching the $70,000 milestone is not expected to occur in 2023. Related Reading: The Best Decision Is To ‘Buy Bitcoin (BTC),’ Robert Kiyosaki Urges Instead, Hayes suggests that next year’s anticipated halving event will play a crucial role in determining the market’s direction. While the delay may disappoint some, he remains optimistic about a potential breakthrough in the near future. The former head of BitMEX believes that the upcoming 2024 halving, an event that slashes Bitcoin’s block reward in half, will be a pivotal moment for the market. He suggests that crossing the $70,000 barrier will likely happen during that time. However, his long-term forecast raises concerns about an impending “blow-off top” in 2025 or 2026, potentially signaling a significant societal event or turmoil which he calls “Armageddon.” Hayes attributes this potential turmoil to factors such as excessive money printing and growing global discontent. Hayes noted: We have got this halving next year, 2024. I think that’s gonna be a good year. I don’t think we get up to $70,000 this year. Next year is when we cross that barrier and then we get the blow-off top 2025, 2026. And then it’s Armageddon. BTC Latest Price Action Meanwhile, Bitcoin has shown a possible brewing uptick in the past week. The largest crypto asset by market capitalization has surged 4.3% in the past week. Over the past 24 hours, BTC has seen a 2.8% gain. At the time of writing, Bitcoin currently trades at $27,925 after slightly trading above $28,000 on Sunday. Bitcoin’s trading volume has surged from $5 billion last Monday to $12 billion in the past 24 hours indicating a possible upward momentum.  In addition, the asset’s market capitalization has also seen a more than $20 billion gain in the past 7 days. However, according to Hayes, the increased practice of quantitative easing, which involves injecting more money into the economy, has created a volatile situation that could explode in the third and fourth quarters of this year. Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why He warns of mounting geopolitical tensions and a lack of trust, asserting that these factors form a “tinderbox” that could trigger a period of immense volatility for Bitcoin. Hayes emphasizes the importance of navigating these uncertain times, both for individuals seeking financial stability and for the cryptocurrency market as a whole. Featured image from Shutterstock, Chart from TradingView

Yesterday, Polkadot (DOT) reached its weekly high at $5.54 but subsequently started a corrective phase. In the past 24 hours, DOT has managed to retain 1.8% of its overall gains during that period. On the weekly chart, DOT exhibited a 3% price increase. However, the technical analysis suggests that bears currently have the upper hand, with buying strength and demand remaining low. Despite this, if Bitcoin continues its upward movement toward the $28,000 level, several altcoins, including DOT, may also experience positive price action. Related Reading: Dogecoin Bounces Off $0.070 Mark, Awaits Breakthrough of Crucial Hurdle On the flip side, if sellers dominate, DOT could break below its crucial support level, strengthening the bearish sentiment in the upcoming trading sessions. The decline in the DOT market capitalization further indicates the prevailing low buying strength at the present moment. Polkadot Price Analysis: One-Day Chart At the time of writing, DOT was trading at $5.47. Following a rejection at the $5.54 level, the altcoin has experienced a retracement on its chart. The overhead resistance for DOT is currently positioned at $5.58. If the altcoin manages to surpass this resistance level, it could potentially reach $5.80. Despite the price correction, DOT has thus far maintained a position above the crucial support level of $5.40. However, if sellers gain momentum, the price may drop below the vital support level of $5.40 and trade around $5.30. The trading volume of DOT in the previous session was bearish, indicating a decline in demand driven by the bears on the daily chart. Technical Analysis Throughout the month of May, DOT has experienced minimal demand on its chart. Although the Relative Strength Index (RSI) displayed signs of recovery initially, the depreciation of DOT led to a decrease in demand. This suggests that buying strength did not enter the positive zone. Furthermore, the DOT price moved below the 20-Simple Moving Average (SMA) line, indicating that sellers have been driving the price momentum in the market. If there is a slight increase in demand in the upcoming trading sessions, DOT may attempt to trade above the 20-SMA line, providing an opportunity for the bulls to regain control over the price. Although demand for Polkadot has declined, the chart still displays buy signals, suggesting the potential for a price increase. These buy signals are accompanied by an increase in demand, indicating a positive outlook. The Moving Average Convergence Divergence (MACD) indicator, which reflects price momentum and trend changes, shows green histograms tied to buy signals. Related Reading: Floki Inu: Does Meme Coin Have What It Takes To Re-Enter Top 100 Spot? Additionally, the Bollinger Bands, which measure price volatility and fluctuation, are constricted, suggesting that Polkadot may experience significant volatility in the upcoming trading sessions. Featured Image From UnSplash, Charts From TradingView.com

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