Category: Cryptocurrency News

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Bitcoin started the week with an uptick in investor sentiment, but there are three major factors preventing BTC price from recapturing the $30,000 level.

On-chain data shows the Ethereum MVRV ratio is currently testing a level that has historically served as the boundary between bear and bull markets. Ethereum MVRV Ratio Is Retesting Its 180-Day SMA Right Now The “Market Value to Realized Value (MVRV) ratio” is an indicator that measures the ratio between the Ethereum market cap and realized cap. The former is naturally just the total supply valuation at its spot price. At the same time, the latter is an on-chain capitalization model that calculates the value differently. The realized cap assumes that the real value of any coin in circulation isn’t the spot price (which the market cap refers to) but the price at which it was last bought/transferred on the blockchain. One way to look at the realized cap is that it represents the total amount of capital that the investors have put into the cryptocurrency, as it considers each holder’s cost basis or buying price. Related Reading: Here’s The Level Bitcoin Must Conquer If Rally Has To Return Since the MVRV ratio compares these two capitalization models, it can tell us whether the investors hold more or less value than they initially invested in Ethereum. The indicator’s usefulness is that it may serve as a way to determine whether the asset’s price is fair or not right now. When the investors hold a value significantly more than they put in (that is, they are in high profits), they would be more tempted to sell, and hence, the spot price could face a correction. Similarly, the holders as a whole being in deep losses can instead be a signal that the bottom might be near for the cryptocurrency, as it’s becoming quite underpriced. Now, here is a chart shared by analyst Ali on X, which shows the trend in the Ethereum MVRV ratio, as well as its 180-day simple moving average (SMA), over the past few years: The value of the metric seems to have been going up in recent days | Source: @ali_charts on X The 180-day SMA of the ETH MVRV ratio has interestingly held significance for the cryptocurrency. According to Ali, “Ethereum market cycles transition from bearish to bullish when the MVRV (blue line) breaks strongly above the MVRV 180-day SMA (red line).” During the bear market last year, the ratio had been below the 180-day SMA line, but with the rally that began this year in January, the metric had managed to break above the level, and bullish winds supported the asset once more. During the recent struggle for the asset, however, the MVRV has again slipped under the level. Related Reading: These Are The Altcoins To Keep An Eye On: Santiment Nonetheless, in the past few days, the ETH MVRV has been trending up a bit and approaching another retest of this historical junction between bearish and bullish trends. It remains to be seen whether a retest will happen in the coming days for Ethereum and if a break towards the bullish territory can be found. ETH Price Looks like ETH has been trending sideways in the past few days | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

StarsArena announced that attackers were draining funds through a loophole, but the contract has been patched to prevent further damage.

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Two weeks ago, crypto analyst Tolberti made headlines for his incredibly bullish Bitcoin price outlook. The analyst is back again with another prediction and this time around, he is telling investors to get into the market with reasons to back it up. Last Chance To Buy BTC In a recent post on Tradingview, crypto analyst Tolberti sounded a warning alarm that this is the last chance for investors to buy Bitcoin. The reason for this, according to Tolberti, is that the Bitcoin price is headed toward a massive rally. Related Reading: How Have Ethereum Futures ETFs Fared So Far? Data Reveals Shocking Numbers Tolberti points to bulls having successfully broken through a major descending trend line which he points out on the BTC 12-hour chat. The analyst explains that this is the last chance to buy Bitcoin at this low price given that “This trendline has been destroyed by the bulls, and we also had a successful retest of it!” As for where the Bitcoin price is headed, Tolberti believes that it will hit $39,000 toward the end of 2023. However, he warns that this is not going to be smooth sailing with resistance already at $29,167 where the 0.618 Fibonacci has been established in the previous wave. BTC price chart to $39,000 | Source: Tradingview.com On the longer time frame, using the Elliot Wave pattern, the analyst puts a “strong nest (1-2-1-2) or an expanding leading diagonal wedge (1-2-3-4-5).” at the $24,900-$28,500 range. “Both of them are bullish patterns and support the start of the bull market!” Tolberti explained further. However, the analyst expects the Bitcoin price to perform poorly at the start of 2024. “I am prepared for the bull market that is coming in the next few weeks until January,” Tolberti said. “Expect January to be a bearish month.” Where Is Bitcoin Price Headed? Tolbert’s most recent Bitcoin price prediction focuses more on the short term for the last three months of the year. But his previous predictions give a more clear view of where he expects the price to reach, especially during a bull market. Related Reading: Pro-Bitcoin Presidential Candidate Wants To Save BTC From The White House In September, the crypto analyst posted an analysis in which he put the Bitcoin price as high as $130,000 by 2025. The chart showed a rise to the $80,000 level before a 30% retracement. After this, another bounce puts the price in the $130,000 range. While Tolberti sees a bullish move for Bitcoin, Bloomberg analyst Mike McGlone expects that BTC will fall back to $10,000. McGlone does not see a bullish fourth quarter for Bitcoin, and coupled with rising interest rates, the analyst expects more of a decline. BTC price at $28,000 | Source: BTCUSD on Tradingview.com Featured image from Nairametrics, chart from Tradingview.com

A survey from crypto exchange Bitget featured more than 1,500 respondents across 20 countries.

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