Category: Cryptocurrency News

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On-chain data shows the Bitcoin Puell Multiple indicator is currently retesting a crucial level that may end up deciding the fate of the latest rally. Bitcoin Puell Multiple Is Now Retesting Its 365-Day Moving Average As explained by an analyst in a CryptoQuant Quicktake post, the interaction of the Puell Multiple with its 365-day moving average (MA) can indicate trends in the market. The “Puell Multiple” refers to an indicator that keeps track of the ratio between the daily revenue of the Bitcoin miners (in USD) and the 365-day MA of the same. The mining revenue here is simply the total amount of coins issued by the network inside a 24-hour span multiplied by the spot price of the coin. Related Reading: Cardano To $7? Analyst Predicts When ADA Will Resume Uptrend When the value of the Puell Multiple is greater than 1, it means that the miners are currently making a higher income than the average value for the past year. Naturally, when this happens, the motive to sell would rise for these chain validators and thus, the BTC price may be considered overvalued. On the other hand, values under the mark suggest the cryptocurrency’s price may be becoming undervalued as the miners are now making lower revenues than the 365-day average. Now, here is a chart that shows the trend in the Bitcoin Puell Multiple, as well as its 365-day MA, over the history of the asset: The two lines appear to have come together in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin Puell Multiple had naturally spiked to high levels just earlier when the asset’s price had observed its rally, which had naturally resulted in the block rewards of the miners also shooting up. As the price of the asset has struggled recently, though, the indicator’s value has come back down and is now retesting its 365-day MA. This line has been relevant historically for the metric, as the quant highlighted in the chart. Generally, a break above the line has proven to be bullish for the cryptocurrency, while a move under can imply a transition towards a bearish trend. As such, Bitcoin might be standing at a crucial juncture right now, at least from the perspective of this indicator. Last year, the Puell Multiple also witnessed a similar retest at its 365-day MA, as is apparent in the graph. Back then, the metric had ended up finding support at this important line, and the resulting bounce was what led towards the latest rally in the asset. Related Reading: Bitcoin NVT Golden Cross Shoots Bullish Signal, Rally To Restart? It now remains to be seen whether the 365-day MA would act as support this time as well or if the indicator would go through a breakdown. In the latter scenario, the Bitcoin price could end up observing a deeper correction. BTC Price Bitcoin’s struggle has continued recently as its price has come down to just $40,800. Looks like the price of the coin has slipped down recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com

Chris J Terry, a cryptocurrency analyst and enthusiast, has revealed his insights on the price action of Bitcoin, predicting a continuous decline in the price of the crypto asset. Analyst Says Bitcoin Will Continue To Drop The crypto analyst shared his insights regarding Bitcoin with the cryptocurrency community on the social media platform X (formerly Twitter), anticipating a possible “continuation of a flat or declining trend.” Related Reading: Crypto Analyst Predicts Potential Trend For Bitcoin As Price Slips He highlighted that the downtrend will continue until Grayscale Bitcoin Trust (GBTC) is fully “liquidated.” According to him, the liquidation will be possible with a whopping $25 billion worth of selling activity over the next few weeks. Terry cites Grayscale’s choice to keep Bitcoin ETF fees at 1.5% as the cause of what he sees to be the “biggest strategic error” in cryptocurrency history. This implies that Grayscale’s action might have a long-term impact on the crypto market and may prevent wider adoption. The post read: Looks like the BTC price will continue flat/down until GBTC is liquidated, $25B of selling over the next few weeks. Grayscale decision to keep ETF fees at 1.5% will go down as the biggest strategic error in crypto history. Greedy idiots. His analysis emphasizes how investment vehicles are interconnected and how this affects the state of the cryptocurrency market as a whole. However, this has attracted disbelief from a few famous figures in the community. One of the figures who has expressed disbelief is Galaxy Digital CEO Mike Novogratz. He asserted that he “disagrees” with Chris Terry’s analysis because although Novogratz experts some selling pressure activity, he believes investors will move to other ETFs, especially supporting BTCO. Novogratz also pointed out that the Invesco Galaxy Bitcoin ETF (BTCO) is his favorite among the products. Furthermore, Novogratz highlights the significance of maintaining perspective in light of transient market conditions. He noted that the latest development will facilitate older investors’ or boomers’ entry into the crypto landscape. In addition, he has highlighted the potential for enhanced leverage by having 4×5 exposure to Bitcoin via BTCO. He then shared an optimistic look, noting that “BTC will go higher in the next six months after this indigestion.” BTC Sees $25 Million Outflows  A recent report from Coinshares has revealed that Bitcoin witnessed an outflow of a whopping $25 million. Coinshares shared the information in its most recent weekly “Digital Asset Fund Flows.” Related Reading: Bitcoin Whale Carries Out Massive Sell-Off As BTC Price Suppression Continues It also noted a massive $11.8 billion in BTC trading volume last week. According to Coinshares, this is seven times more than the average weekly trading activity recorded in 2023. There were notable withdrawals from digital asset investment products last week, totaling about $24.7 million. Notably, this spike in trading activity indicates that ETFs account for 63% of all Bitcoin volumes on reliable exchanges. As of the time of writing, Bitcoin was trading at $40,827, indicating a decline of 2.16% in the past day. Despite the price drop, its trading volume is currently up by over 81% in the last 24 hours. Featured image from iStock, chart from Tradingview.com

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Popular Crypto YouTuber Ben Armstrong has shared his bullish prediction for the Cardano (ADA) price. While giving his prediction, Armstrong also alluded to a recent ADA price prediction that crypto analyst Ali Martinez made.  Armstrong’s Bull Case For Cardano Is $11 In a video posted on his YouTube channel, Ben Armstrong mentioned that his bull case prediction for ADA is $11. However, the crypto YouTuber didn’t share any analysis to back up his bullish sentiment. Instead, he only referred to an earlier ADA analysis that Martinez had shared as part of his prediction of ADA hitting $7.  Related Reading: Terra Classic Community Burns A Staggering 700 Million LUNC And 230,000 USTC – Details In his analysis, Martinez highlighted how ADA was currently mirroring its “late 2020 behavior.” He further elaborated on how ADA could hit $7 if history were to repeat itself. According to him, if that were to happen, then ADA would resume an upward trend in April, while a pattern continuation will ultimately lead to the crypto token hitting that price level.  Meanwhile, Armstrong isn’t the only one who believes that the Cardano price could rise to as high as $11. Dan Gambardello, the founder of Crypto Capital Venture, had previously predicted that ADA would hit this price level at the peak of the next bull market. Unlike Armstrong, Gambardello provided deeper insights as to why he holds this belief.  He explained how Cardano has more functionalities now, unlike in the previous bull run. This includes the features that have allowed the DeFi landscape on the network to grow since 2021. The analyst also highlighted similarities between Ethereum and Cardano’s development while hinting that ADA could mirror the run that ETH enjoyed in the last bull run.  ADA Getting Ready For The Next Bull Run Gambardello, who once hinted that the next bull run was going to begin after the Bitcoin Halving, recently noted in an X (formerly Twitter) post that the bottoming out structure for Cardano was getting reading for this event. He highlighted how ADA cools off prior to the Halving event. According to him, this is “so bullish for ADA” as it possibly prepares for a move to the upside.  Related Reading: How To Buy, Sell, And Trade Tokens On The Optimism Network In the meantime, he hinted that ADA could experience a 30 to 40% move to the downside as it looks to consolidate with Bitcoin and the broader crypto market. Gambardello had previously mentioned that he wasn’t concerned by ADA’s price action and still wouldn’t be even if ADA were to drop below its current price level.  At the time of writing, ADA is trading at around $0.49, down over 3% in the last 24 hours, according to data from CoinMarketCap.  ADA price struggles at $0.49 | Source: ADAUSD on Tradingview.com Featured image from The Cryptonomist, chart from Tradingview.com