Category: Cryptocurrency News

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A new analysis by Bitfinex researchers predicts a 160% surge in bitcoin’s price in the upcoming 12-14 months, potentially reaching over $150,000 per unit. This forecast, derived from historical data and statistical models related to previous Bitcoin halving events, suggests a bullish future for the world’s leading digital currency. Bitfinex Researchers See Bitcoin Soaring Past […]

As the Bitcoin (BTC) “Halving” approaches, expectations increase about how the flagship cryptocurrency will perform. Bitcoin (BTC) is recovering momentum after facing a significant correction in the first few days of Q2, and some analysts are forecasting new heights for the number one cryptocurrency soon. Related Reading: Beyond Halving: Expert Predicts Bitcoin To Soar Above $200,000 With Surprising Catalyst Are The Odds In The Bulls Or Bears Favor? Bitcoin had its best quarterly close during Q1, 2024. Despite BTC’s stellar performance, as Q2 started, the market was dragged by the leading cryptocurrency’s price correction. Since then, Bitcoin has been steadily recovering, testing the $70,000 resistance level over the weekend. As the week started, BTC appeared to have regained support above the $70,000 level. Crypto analyst Ali Martinez seems to think that Bitcoin’s performance so far reflects a positive sentiment from investors. In an X post, Martinez shared a chart that paints an optimistic picture, at least for now. When you compare support (1.4 million addresses holding 893,000 $BTC between $68,220 and $70,325) with resistance (474,000 addresses holding 285,000 #BTC between $70,760 and $71,200), the odds appear to favor the #Bitcoin bulls! pic.twitter.com/pceCyGa8mb — Ali (@ali_charts) April 9, 2024 According to Martinez’s post, the In/Out of the Money Around Price (IOMAP) indicator seems favorable to the bulls. Per the chart, the addresses holding BTC at the support level massively outnumber those holding Bitcoin at the resistance level. The chart suggests that Bitcoin is at “stable support” as 474,000 addresses hold 285,000 BTC between $70,760 and $71,200. Meanwhile, 1.4 million addresses hold the flagship cryptocurrency between $68,220 and $70,325. When compared, the addresses and BTC held at the support level nearly triple those in the resistance zone. To the analyst, bulls are the current victors as “odds appear to favor” them. Analyst Forecast Bitcoin To 90,000 Soon Captain Faibik, another crypto analyst, also seems to perceive more bullish momentum for Bitcoin. In an X post, the analyst suggests that BTC’s “bullish pennant upside break is confirmed on the daily chart.” Per the chart, the flagship cryptocurrency’s price started a consolidation period in early March, forming a pennant pattern. This pattern saw an upside breakout after Monday’s daily candle closed above the $70,000 price range. Due to this breakout, the analyst forecasts a surge to the $88,000-$90,000 price range this month. $BTC Bullish Pennant Upside Breakout is Confirmed on the Daily timeframe Chart.. ✅ Now, Send Bitcoin to the 88-90k this Month. 📈🚀#Crypto #BTC #Bitcoin pic.twitter.com/ok2DGPXsAb — Captain Faibik (@CryptoFaibik) April 9, 2024   At the time of writing, Bitcoin remains above the $70,000 support level, only 5% below its most recent all-time high (ATH) price of $73,373. Despite the positive resistance, BTC’s price performance shows a slight decrease of 2.3% from yesterday. Similarly, its daily trading volume and market capitalization have mildly dropped. According to CoinMarketCap data, BTC’s daily trading volume is down by 6%, while its market cap of $1.38 trillion represents a 2.1% decrease. Nonetheless, Bitcoin remains 8.4% above its price seven days ago, trading at $70,378. Further bullish sentiment, fueled by the upcoming “Halving” event, could help the largest cryptocurrency by market capitalization consolidate its support above the current levels. Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months Bitcoin sits above the $70,000 support level in the 1-day chart. Source: BTCUSDT on Tradingview  Featured Image from Unsplash.com, Chart from TradingView.com

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Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency’s price, suggesting that investors may be getting wary of waiting for a fix to come through. Solana Open Interest Drops By $370 Million Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around $1.22 billion to hit a new all-time high of $2.86 billion on April 1. This translates to an over 100% increase over this three-month period. Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 – Here’s When However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual, leading to a standstill in network activities. Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history. Since the network issues began, the SOL open interest has been falling as traders take a more cautionary approach. Coinglass data shows that the open interest is currently sitting at $2.39 billion on April 19, down $370 million from its all-time high, which is a 12.9% decline in around a week. Source: Coinglass Open interest measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time. SOL Network Ready To Bounce Back? Developers are still working on getting the Solana network back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track. CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix. Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing. Following Mumtaz’s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price as low as $175. However, the expectation is that SOL will come back with a vengeance once the network is operational again. Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above $400. If this is correct, then the present predicament will be a short-lived roadblock in Solana’s rise. SOL price drops to $176 amid network issues | Source: SOLUSDT on Tradingview.com Featured image from ByteTree, chart from Tradingview.com

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