It’s time to fasten seat belts, as Bitcoin is on the brink of a breakout. After 2 weeks of silent consolidation, it’s now time for a major price swing. Is it going to be a leg up or a leg down is now the concern.
The chart patterns indicate a symmetrical triangle formation since reaching a low on May 19. It is now time for a breakout that will result in a larger move. Many analysts have given their 2 cents regarding the result, here’s a brief look at it.
First up is crypto Trader and Analyst Rekt Capital. He says BTC is on the verge of a potential death cross and could fall to $18K. In his Twitter thread, he explains in length about death crosses in different timelines of BTC.
Madelon Vos, macroeconomics analyst, and Bitcoin investor have also tweeted saying a big breakout is quite possible and the prices could either swing to $48K or $25K in a couple of weeks.
“Combined with positive divergence on RSI and a symmetrical triangle having a possible breakout of $10.000… a very plausible scenario. We could end up around $48 or $25k the next couple of weeks,” her tweet read.
Peter Brandt has also chimed in saying in the worst-case scenario Bitcoin will fall to $21K. He asks why someone would sell non-leveraged longs when the market had already dropped so much.
Hold On! There’s Upside too.
Amidst this chaos of volatility, the long-term element of Bitcoin is still intact. We all now know institutional investors are in it for the long haul, so things may not be that awful because these investments pour in prices will skyrocket for sure.
Analyst and creator of the stock-to-flow model, ‘PlanB,’ examined prior corrections and discovered that they were invariably v-shaped. This, he believes, could be a sign of institutional buying, which might fuel the next move higher.
At the time of writing, Bitcoin is trading at $39,006.74 with a market cap of $730.4B.
What the upcoming weeks hold for BTC is to be tuned for!!
‘Bitcoin’s six-week run of outflows has been driven’ by these factors
The Bitcoin market was witnessing strong sell-offs for over a month now. On Monday, the largest digital asset plunged to its monthly lows of $31k, triggered by the ongoing crackdown by China. This has spread panic among investors.
Over the past week, Bitcoin outflows totaled a massive sum of $89 million, while the bitcoin outflows value hit $487 million for the year. This was 1.6% of assets under management as indicated by the data offered by CoinShares.
The above chart indicated that the top cryptos like Bitcoin and Ethereum were both noting a higher selling pressure in the current market.
This was the third consecutive week of outflows for the entire crypto market and it amounted to $79 million leaving the market. Researchers have termed this as ‘the longest bear run in outflows since February 2018’. Currently, for June, the net outflows remained high at $210.5 million with another week left of the month.
According to Matt Weller, global head of market research at Forex.com:
“Bitcoin’s six-week run of outflows has been driven by the combination of environmental concerns and an increasingly antagonistic regulatory environment in China. With these themes still in effect and prices subdued, it may be a while before we start to see another period of sustained fund inflows.”
Following China’s crackdown, authorities in one of the largest Bitcoin mining provinces, Sichuan ordered the closing of the cryptocurrency mining projects. Owing to such negative sentiments in the market, BTC value has remained low at $32k, at the press time.
Data from Alternative.me also suggested ‘Extreme Fear’ in the market and its value has fallen to 10, suggesting more fear than greed.
Bitcoin has now lost almost 50% of its value since the peak observed in April.
Ethereum, the second-largest cryptocurrency was also seeing minor outflows of $1.9 million last week. In the previous week, it reported a total outflow of $14.6 million, which was restricted compared to Bitcoin’s outflows. Ether outflows represented only 0.14% of assets under management, suggesting the negative sentiment had remained focused on Bitcoin.
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Terra Virtua’s Mechagodzilla NFT sold for $33,700 by Blockmuse
Blockmuse wins the bidding war for Terra Virtua’s Mechagodzilla non-fungible token (NFT). As per the announcement, Blockmuse, a big Terra Virtual (TVK) fan who has been collecting all Mechagpzilla and Godzilla NFTs, has acquired the NFT for $33,700.
While commenting on the win, Blockmuse stated:
“What’s up, everyone? So delighted to have completed the Mechagpzilla set! Big thanks to Legendary and TVK for what they are doing in this tough market right now. I am working hard at trying to lift my game and continually lar with the NFT community. We need more @Tishran88 &@badass_crypto, who put in the hard work to grow this space.”
Blockmuse further er went on to quote Albert Einstein, stating:
“The most beautiful thing we can experience is the mysterious. It is the source of all true art and all science. He to whom this emotion is a stranger, who can no longer pause to wonder and stand rapt in awe is as good as dead: his eyes are closed.”
Notably, the action was a 1 in 1 event that entailed bidding on a fully animated Mechagodzilla NFT that included the 4 individual animations previously released and some new, never seen animations.
Blockmuse’s latest collection completes his Mechagodzilla and Godzilla collection, which he has been adding to as soon as they get released by the company.
The sale is reportedly the highest-selling Non-Art NFT to be sold on the Terra Virtua platform. This breaks the previous record set in April 2021 by the sale of Kong’s wand, which was sold for $17000.
NFTs or digital collections continue to gain popularity as many seek to explore this new technology. Others know the befits of having digital collections, especially on the blockchain. With his now complete set, Blockmuse will no have to worry about the mint condition of his colligation, nor does he
Terra Virtua is a genuinely immersive collectible platform across Mobile, AR, and VR with unique social, gaming, and creative experiences enabled by blockchain.
In the coming days, Terra Virtua will be unlocking a completely new area in NFTs in terms of 3d animated collectibles
Crypto Trader’s $20 Investment Explodes to $1,184,154,683,482 on Coinbase – But He’s Not Cashing Out
After investing $20 in the crypto markets, one crypto trader just woke up to a one-trillion dollar fortune in his Coinbase account.
Chris Williamson, a nurse from Georgia, says he invested $20 in Rocket Bunny (BUNNY) cryptocurrency on Coinbase last week. After the trade, his portfolio balance soon skyrocketed to a staggering $1,184,154,683,482.
On paper, this made Williamson the richest man in the world.
‘I woke up, it’s like 9:00 a.m. and I always check my phone to check how my crypto to see how it’s doing and I’m just like, ‘Naw, I’m sleeping.
I look at it again and I’m like… at that point I fall out of my bed, literally.”
Despite the big balance, Williamson says he was unable to cash out or send the crypto to a private wallet. He contacted both Coinbase and Rocket Bunny. A representative from Coinbase told him they were looking into the problem, while Rocket Bunny did not immediately respond.
Coinbase later confirmed the trader’s massive balance was a glitch, and would be corrected.
This isn’t the first time the crypto exchange giant had a glitch in its system. Back in April 2020, crypto analyst Captain Scio pointed out a massive blunder on the Coinbase Pro app, showing that someone had purchased 42,085 BTC, worth $306 million at the time, for just 18 cents.
Williamson is keeping a positive attitude on the situation.
“The ongoing joke right now between me and my friends in Coinbase and one of the emails I sent them was like: ‘Look, I need y’all to let me know what’s going on because I got a mega-yacht company ready to build me a penguin-shaped yacht.
‘So, you know, let me know.’”
BUNNY is a utility token on Binance Smart Chain. It’s used to power the broader Rocket Bunny ecosystem of dApps (decentralized applications), which includes Rocket Drop (launchpad), Rocket Swap (DEX) and Rocket Labs (testing ground).
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
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