Bitcoin Primed for a Strong Rally to $55,000, According to Top Crypto Analyst – But There’s a Catch

A closely followed crypto strategist and trader is predicting a strong Bitcoin bounce – but warns that the recovery won’t happen in a straight line.

Pseudonymous crypto analyst Credible tells his 282,400 Twitter followers that he believes Bitcoin (BTC) has carved a local bottom and is now poised to ignite a relief rally.

“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now think we are clear for our relief to $55,000+.”

Source: Credible/Twitter

Although Credible is long-term bullish on Bitcoin, he sees BTC printing a lower high at $55,000 before another significant correction.

“Slight update to the idea below – think we will see some relief over the next week or two but then will have one more swing lower below $42,000 but above $30,000 to complete our flat structure.”

Source: Credible/Twitter

The crypto analyst is using the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves. According to Credible, Bitcoin is still in the midst of wave four, the corrective phase of a five-wave uptrend. The crypto trader says that a move below $40,000 will complete the fourth wave and put BTC in a position to ignite the fifth and final wave en route to above $100,000 by July 2022.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



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/Liu zishan


Tagged : / / / /

Voodoo Announces $200 Million Investment in Blockchain Gaming

Blockchain-based gaming is the latest hot trend in the cryptocurrency space. 2021 has set the stage for more capital inflow and expansion of the sector as major players continue to hop in. French gaming giant Voodoo, best known for its hyper-casual games, plans to invest $200 million in 2022 in new studios developing blockchain-based games.

Voodoo Powering Blockchain-based Gaming Sector

As the company announced, its investment in the sector will be deployed to fund early-stage gaming studios and create 20 internal branches over the next year. The platform already has ten studios, internal and external, that are exclusively involved in building blockchain games and features.

Alex Yazdi, the chief executive of the Paris-based company, believes blockchain technology will disrupt gaming, as players are already used to purchasing digital assets.

By giving them true ownership of their digital assets, and creating “deeper interactions” between players in the form of collecting, trading, selling in-game digital currencies and game assets, blockchain will enhance the experience and increase “fun and engagement.” While talking about the objective behind the move, the exec added,

“This will also enable players to make a profit from their assets, opening up a new “play-and-earn” model. Our vision is to bring the blockchain paradigm to more casual and mobile users and to help any young or promising studio reach success in this segment.”

Voodoo’s financial investment will also be accompanied by its full-stack platform to enable other projects to build, test, and launch games, in addition to tech tools, data analytics integration, and analysis support.


NFT Games Generated Over $2.3B Revenue in Q3

The booming video game industry witnessed a paradigm shift with the inclusion of blockchain, crypto, and NFT this year. The French unicorn’s investment in the space shows that blockchain gaming is the industry’s new darling.

According to the latest report by Blockchain Game Alliance (BGA), NFT-powered games spawned $2.32 billion in revenue in the third quarter this year, thanks to the tremendous consumer growth participation.

Meaning, around 22% of the collective NFT trading volume across the industry this quarter originated from blockchain games. From 29,600 at the beginning of 2021 to 754,000 in Q3, the number of wallets associated with gaming has surged by an astonishing 2,453%.

NFT games developed by Vietnamese studio Sky Mavis, Axie Infinity continued to reign supreme for the first half of the year with a trading volume reaching $2.5 billion in September.


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.

You Might Also Like:


Tagged : / / / / /

Crypto Markets Ready for Santa Rally? Top Trader Predicts When BTC and Digital Assets Will Ignite Recovery

A widely followed trader is having a close look at the state of Bitcoin to determine when the leading cryptocurrency can launch the next leg of its bull cycle.

Top crypto trader Light dissects the sell-side catalysts that pushed Bitcoin (BTC) from the all-time high of around $69,000 to its 30-day low of $42,874.

According to Light, objective market participants began to sell their holdings after bulls showed signs of exhaustion around BTC’s all-time highs.

“Yet as people were maximally bullish, momentum flagged, price failed to continue, and then came back below the high. Objective observers’ caution turned into derisking, and those not swept up in the euphoria of new highs sold billions upon billions of inventory in the $60,000s on BTC.”

Source: Light/Twitter

While traders and investors lock in gains, Light adds that funds that already made big money this year also took profits.

“After the year of years that was 2021 for funds everywhere, eyes turned to protecting annual bonuses, selling to harvest 20% carries, and covering redemptions from LPs looking to take some off the table.”

Lights tells his 103,300 Twitter followers that the increasing selling pressure on an already weak market ignited a sell-off that saw BTC print a $10,000 red candle in the daily chart.

“Liquidity deteriorated, and finally a trivially predictable 25% cascade down in BTC put the fear of god in an overleveraged market.”

Source: Light/Twitter

According to Light, the massive drawdown has driven retail traders into a panic. But just as they are looking to exit the BTC market, the trader says investors who sold at the top are now looking to reaccumulate BTC.

“Whereas bulls have been cautious, bears have taken to aggression, pushing perpetuals basis negative on some venues and building [open interest], while the large players who derisked in the $60,000 area have reversed course and begun to absorb panic and short-selling.”

Source: Light/Twitter

In addition, Light says that funds are nearly done selling and are now armed with cash to place buy orders in January.

“BTC has pulled back 35%, reaching a historical value area, while leverage has returned to constructive levels, and participants once again have cash. It’s the bears that will likely turn out to be stoneless soon enough.”

The crypto trader concludes that events are lining up for a strong crypto recovery next month as he also sees selling pressure from Asia abating by the end of the year.

“Asia selling has driven market, which will ease after end of year when Huobi/OKEx have removed majority of mainland users… End of year and then blue skies.”

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



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/Digital Storm


Tagged : / / / / /

Carbon-neutral Bitcoin? New approach aims to help investors offset BTC carbon emissions

Billion-dollar companies across the globe are betting big on Bitcoin (BTC). Recent analysis from European investment manager Nickel Digital Asset Management found that 20 publically listed companies with a market capitalization of over $1 trillion have about $9.6 billion invested in BTC. Individual investors are also taking an increasing interest in the asset.

The “Third Annual Bitcoin Investor Study” from Grayscale Research found that demand for Bitcoin has risen tremendously. According to the study, 55% of current Bitcoin investors began buying the asset over just the last 12 months. Grayscale’s report also notes that the market for those interested in Bitcoin investment products expanded to 59% in 2021, up from 55% in 2020 and slightly more than one-third in 2019, reflecting steady growth.

Yet while the world’s enthusiasm for Bitcoin may be increasing, concerns regarding its environmental impact have become more apparent than ever. For example, Grayscale Research also found in its investor study that over 30% of investors are concerned about Bitcoin’s potentially negative impact on the environment. Interestingly, this consideration only became apparent in 2021, as shown in the report.

Models to calculate Bitcoin carbon emissions

Given the rising distress over Bitcoin’s carbon footprint, new models are emerging that aim to help investors and businesses alike understand how to ensure their BTC holdings are sustainable. For example, the Frankfurt School Blockchain Center and digital asset manager published a study on Nov. 16 outlining a new approach to offsetting the CO2 emissions caused by the Bitcoin network. The formula developed factors in two approaches: a transaction-based approach and an ownership-based approach.

Philipp Sandner, a professor at the Frankfurt School Blockchain Center, told Cointelegraph that asset managers and investors across Germany, in particular, are concerned about Bitcoin’s CO2 footprint being compliant with environmental, social and governance (ESG) standards. As such, Sandner explained that he wanted to create a formula that would enable asset managers, mining companies, exchanges and individuals to calculate the CO2 footprint of their BTC:

“Normally, we assign the largest burden of CO2 compensation to Bitcoin mining companies, but you still have ETF issuers, companies and exchanges that want to prove to customers that they are doing something about their CO2 footprint to compensate for their Bitcoin.”

According to Sandner, the goal at the beginning of the study was to first compute the global energy consumption of Bitcoin between Sept. 1, 2020 and Aug. 31, 2021. The results show that 0.08% of worldwide CO2 equivalent came from Bitcoin. Based on this number, Sandner remarked that the maintenance of the worldwide Bitcoin network required 37.97 million metric tons of CO2 equivalent.

In order to calculate the carbon footprint of Bitcoin from an investor perspective, the study notes that companies can either focus on the proportional network usage in bytes in relation to the Bitcoin blockchain growth during a specific time frame or on the amount of Bitcoin held for a specific period. According to the document, an average Bitcoin transaction contains 670 bytes on the Bitcoin blockchain, representing an estimated carbon footprint of 369.49 kilograms of CO2 equivalent. Sandner explained:

“These carbon emissions can be compensated with a certificate from the EU Emissions Trading System. One certificate for one tonne of CO2 is around $50, which would equal roughly $18 to compensate for a single BTC transaction. Now, if an investor or company was holding one BTC over a year period, this would cost roughly two tonnes of carbon emissions. If compensated with the EU Emissions Trading System, this would then be around $100.”

Benjamin Schaub, senior consultant at, told Cointelegraph that companies could apply the formula mentioned for transactions and Bitcoin ownership to compute their carbon footprint that should then be offset. “What makes this model great is that all the data needed is publicly available. There are no assumptions here, it’s just about how companies engage with the Bitcoin network.”

Schaub added that Iconic Holding GmbH, which offers exchange-traded products in Germany, is currently applying this method to ensure sustainability: “We are also in discussion with a few very big exchanges. I strongly believe that over the next year major players in the space will care more about this topic.”

While it’s difficult to predict the future, it’s notable that some major exchanges and exchange-traded funds (ETFs) have started to apply similar approaches to offset Bitcoin’s carbon footprint. For example, Schaub noted that the crypto exchange BitMEX is attempting to make its BTC holdings carbon-neutral. According to a recent BitMEX Research blog post, the company believes that the most effective way for users and exchanges to evaluate Bitcoin’s carbon footprint is through on-chain transaction fees. A BitMEX spokesperson told Cointelegraph that the company concluded that each $1 spent on Bitcoin transaction fees can incentivize up to 0.001 metric tons of carbon emissions, based on the company’s formula.

There are only a few approaches currently available to help companies offset their Bitcoin carbon emissions, with Sandner commenting that transaction fees become more important as the Bitcoin network ages. As such, he believes that companies must consider a transaction-based approach when it comes to ensuring carbon neutrality.

Schaub further pointed out that the source of electricity being used should be taken into account, noting that the model developed by and the Frankfurt School Blockchain Center looked at the energy mix as applied in the United States and Germany: “This ensures that we can observe more miners becoming aware of this topic and are looking for electricity from renewable sources.”

In addition to exchanges like BitMEX developing models to calculate Bitcoin carbon emissions, some ETFs are doing the same. For instance, Canadian Bitcoin ETF issuer Ninepoint Partners launched a carbon-neutral Bitcoin ETF in May 2021. Alex Tapscott, managing director of digital assets at Ninepoint, told Cointelegraph that while this was the right thing to do, it also benefits the business as a whole:

“Many investors with ESG requirements were concerned about Bitcoin’s footprint and have stayed on the sideline. We wanted to make it easier for them to be stakeholders and participate in Bitcoin’s upside.”

Tapscott added that oftentimes, the investors in Bitcoin funds, along with the miners themselves, are the ones demanding that the industry be more sustainable. Given this, Tapscott believes that in 10 years, Bitcoin will be close to 100% renewable: “It may even help subsidize the development of renewable projects because it’s a rough and ready buyer you can place at source. In the meantime, carbon offsetting is a good way to bridge the gap.”

How accurate are these models?

Although it’s becoming more important for various companies to offset their Bitcoin carbon emissions, it’s vital to recognize the challenges associated with the models discussed.

For instance, Sandner remarked that all of the numbers compiled within the model he helped create are changing over time. “The hashrate is changing for example, as we recently saw with the Chinese mining ban. The hashrate dropped by 50%.” As a result, Sandner is aware that the fluctuations of metrics must be taken into consideration. He added that each country has a different mix of CO2 intense energy, noting that Norway tends to be greener than other regions. Lastly, Sandner pointed out that the carbon prices need to be carefully observed, adding that prices have been increasing during December.

Related: Point of no return? Crypto investment products could be key to mass adoption

Moreover, a BitMEX spokesperson mentioned that the company’s formula is not a perfect methodology, noting that the exchange expects and welcomes critique. However, the company believes that the formula does improve on other estimates out there. According to the post, the equation used is fairly simple, as only average Bitcoin prices are leveraged rather than estimates of Bitcoin mining electricity costs. 

Sandner ultimately believes that the largest share of work to be done is still ahead, noting that most of these approaches are still emerging:

“The Bitcoin mining council in the U.S. for instance is trying to find new models. Once these methods have been developed then companies will need to adopt them, but it’s still too early. Awareness is starting to emerge, but this is just the beginning.”