A panel of crypto industry experts has predicted that the price of ether will reach $5,783 this year, before rising to $11,764 by 2025 and $23,372 by 2030. Most of the experts on the panel are bullish on ether, with 61% saying now is the time to buy and a further 32% saying you should […]
Welcome to the Daily Discussion. Please read the disclaimer and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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PRESS RELEASE. Zug, Switzerland – 2nd May 2022. UniX Gaming is delighted to announce that they are now officially listed on MEXC, a top 20 exchange, following the announcement of their Final Round launchpad. This is the second CEX on which UniX has been listed, with several more planned for later this year. UniX token […]
The crypto market has been through a rollercoaster of a weekend. It follows on the back of bitcoin listing its footing above the $40,000 level last week, although the digital asset has done a good job holding above the $36,000 support level. However, it seems that the end of this bear trend may not be near given some recent chart action happening in the stock market. If this prediction comes to fruition, then the market may see more value shaved off its market cap soon. A Dot Com-Like Crash? Peter Brandt has recently posted a concerning chart that shows eerie similarities to the dot com crash of the early 2000s. Brandt is known for predicting the crypto market crash of 2018 and is a respected chartist in the space. Having proven to know his charts, his predictions have become quite popular among crypto investors. Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline This is why Brandt posting a chart of the Nasdaq 100 that looks like that of the dot com chart right before the crash has worried investors. Basically, if this turns out to be like what happened in 2001, then the market may see a lot of stocks lose their value very quickly. BTC recovers above $38,000 | Source: BTCUSD on TradingView.com Now, it is important to note that the Nasdaq is trading at a significantly higher point than it did in the early 2000s. However, the recent market movements seem to closely mirror the movements recorded before the crash. Brandt has termed this deja vu with arrows pointing out the similar market patterns from both points in time. “It's Deja Vu all over again”–Yogi Berra, late 20th Century American philosopher pic.twitter.com/aFch8sx1PA — Peter Brandt (@PeterLBrandt) April 21, 2022 How This Affects Crypto As the crypto market has gotten bigger, the correlation with the stock market has risen drastically over the past few months. This has closely tied the movement of the stock market to that of the crypto market. What this means is that when the stock market goes up, so does the crypto market, and vice versa. Therefore, a dot com magnitude crash in the stock market could have some dire implications for the crypto market. If stocks were to lose a significant portion of their value over a short period of time, the crypto market is likely to follow, leading to massive crashes across both large and small cryptocurrencies alike. Related Reading | Bitcoin Struggles To Hold $40K While Crypto Track US Stocks This does not fall far from Brandt’s prediction for the leading digital asset in the crypto market. Bitcoin which continues to face opposition at the $40,000 mark may decline to as low as $28,000 according to Brandt. This would be the completion of a bear channel, he added. Regardless of whether a dot com-like burst is imminent or not, indicators for the crypto market are currently not favorable. With the market down almost 50% from its all-time high, there may be more downtrend to come as investor sentiment continues to shift into the negative. Featured image from CNBC, chart from TradingView.com
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Hello, I was discussing eth with a friend of mine sharing how awesome eth will be once its POS and after merge. Even discussing and trying to promote it so we can stake and win more eth. My friend however has some questions that I can't really answer, can anyone more knowledgeable help out? Our…
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Bitcoin follows a rangebound trajectory as the financial world trends to the downside. The first crypto by market cap is moving around critical areas of support as it was rejected from the low $40,000s. Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline At the time of writing, BTC’s price trades at $38,500 with a 2% profit in the last 24 hours. The general sentiment in the crypto market trends downside with the price of larger cryptocurrencies. Market participants seem to be expecting Bitcoin to reach the low $20,000s or even lower at the mid area around $10,000. A recent report from on-chain analytics firm Glassnode supports the bearish thesis but points to Bitcoin’s capacity to stay at its current levels. The macro-outlook is pessimistic. This has been reflected in traditional equities. The S&P 500 and the Nasdaq 100 have been trending to the downside with many recording corrections as they failed to meet earnings expectations. Despite the trend, Bitcoin remains at $38,000 and in a range. It is significant that Bitcoin has been able to hold. Especially, as it has been trading in tandem with big tech equities and as Glassnode records an increase in the number of Long-Term Holders selling their BTC. The on-chain analytics firm claims that the cryptocurrency has experienced the largest capitulation from Long Term Holders in its history. These investors are usually the last to sell their coins in the market, but the macro-outlook seems to be contributing to this trend. In addition, Glassnode records an increase in the number of BTC exchanging hands over the past months. This has changed lifted the threshold at which BTC investors record losses. Those levels are located between $33,000 and $42,000. Therefore, it’s no coincidence that BTC’s price has been moving in that range. This is why those levels could operate as a major support zone in case of further downside. In past bear markets, BTC holders in profit were between 45% to 57% before the cryptocurrency saw a bottom. This metric currently stands at around 70%. If history is to repeat itself, BTC’s price could drop to around $28,000 to $30,000 to reach a key “pain level”, according to Glassnode. Bitcoin Close To Undervalued Levels On the other hand, Bitcoin short-term investors could push the price down to that pain level. These market participants record a cost basis of $46,900 per BTC. They are major losses and could panic sell their assets if the bearish trend extends. Related Reading | Billionaire Ricardo Salinas Fires Back At Warren Buffett’s Bitcoin Slander Glassnode concluded the following on BTC’s price potential for a re-test of lower levels, and when it could see a bottom: The current market structure for Bitcoin remains in an extremely delicate equilibrium, with short-term price action and network profitability leaning bearish, whilst long-term trends remain constructive (…). Whether macro forces and correlations with traditional markets drag Bitcoin lower remains to be seen, however numerous fundamental indicators at or approaching noteworthy points of undervaluation.
Wikipedia has decided to stop accepting cryptocurrency donations after eight years of doing so. The decision is based on the request by the Wikimedia community citing “issues of environmental sustainability” as a key reason. Wikipedia Discontinues Accepting Bitcoin, Crypto Donations Wikimedia Foundation has announced its decision to “discontinue direct acceptance of cryptocurrency as a means […]
Hey there! I have around 50k to invest and I’m thinking of putting it all in ethereum and leave it there. Im confident but was wondering what would your opinions be on the returns? Let’s say for example in about 3 or 5 years? What do you think those 50k could turn into? Thanks! …
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