Tag: Bitcoin Rally

Ethereum (ETH) and Altcoins Face Downside Risk Amid Strong Bitcoin (BTC) Rally, Says Top Crypto Strategist

by Dailyhodl

A top crypto analyst and trader is issuing a warning that Ethereum (ETH) and other altcoins could see lackluster performances as Bitcoin (BTC) continues to rally.

Pseudonymous analyst Credible tells his 307,500 Twitter followers that he believes Bitcoin is in the midst of its fifth-wave rally, where BTC potentially prints a new all-time high around $80,000.

According to the crypto strategist, he expects altcoins to suffer during this rally as Bitcoin attracts most of the liquidity in the crypto markets.

“My thoughts on BTC dominance at this time. Long story short – BTC outperforms during initial stages of our final fifth wave impulse, alts steal the show after that as BTC tops, [and] dominance makes a new all-time low before this is all over.”

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Source: Credible/Twitter

Credible adheres to the Elliott Wave theory, a technical analysis approach that forecasts future price action by following the psychology of market participants that tends to manifest in waves. According to the theory, the fifth wave is the final leg of the bull market.

Meanwhile, the Bitcoin dominance Index measures the valuation of BTC in relation to the market cap of all other crypto assets. Looking at Credible’s chart, he expects BTC dominance to surge in the coming months, suggesting that Bitcoin’s value will either grow faster than altcoins or that alts will correct as the leading crypto rallies.

With Bitcoin bouncing from its 90-day low of $33,184, Credible believes that all eyes will now focus on BTC.

“Starting to feel as if BTC is going to suck the life out of alts in [the] immediate short/mid term (coming weeks) if we do breakout soon. As tempted as I am to move funds into cheap alts here, I think the right move is to focus on BTC for now and focus on alts a little later.”

Credible also says that he’s looking at Ethereum against Bitcoin (ETH/BTC) as an indicator of how altcoins, in general, will perform in the short term.

“ETH/BTC has now closed UNDER green level, which means the breakout was probably a fakeout. Expecting more downside. Lines up with [the] expectation that BTC is gearing up for a run and alts will take [the] initial hit.”

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Source: Credible/Twitter

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Featured Image: Shutterstock/Tithi Luadthong/LongQuattro

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Bitcoin Breaks Above $68,000, Where Does It Go From Here?

by NEWSBTC

Bitcoin has set a new record high of $68,571 in the early hours of Tuesday. The asset has been rallying for a while now and has reached multiple milestones since then. October had proven to be just what the doctor for the pioneer cryptocurrency as a number of bullish news saw the digital asset bound towards a new all-time high.

After hitting $67K in October, BTC had consolidated well below its record high for some time. However, this would not last. November came in with even better optics for the digital asset, leftover from its rally the previous month. With this, BTC had taken off on a slow but steady upward trend.

Related Reading | JPMorgan Analysts Put Ethereum Fair Value At $1,500, With Bullish Outlook For Bitcoin

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This trend finally paid off when the price of the asset spiked on Tuesday, sending the price of bitcoin above the $68,000 resistance point. The spike saw BTC gain over $2,000 in value, sending it to the mid-$68,000.

Buy Pressure Mounts On The Market

Even with the price of the digital asset so high, buy pressure has not let up in the market. Short-term (20-day average) indicators point towards a 100% buy pressure on the market. This is going against the grain when it comes to bull markets where the asset hits a new all-time high. Usually, the arrival of a record high will signal sell pressure in the market as investors try to claim gains from their holdings but this is not the case.

Bitcoin price chart from TradingView.com

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BTC hits new all-time high | Source: BTCUSD on TradingView.com

On the medium term (50-day average), indicators remain identical to the short-term. The market is under 100% buy pressure in the medium, as the average volume sits at 44,143. Long-term (100-day average) however balances between buying and selling. With all pointing to an 88% buy average across the three terms. Spelling immense buy pressure in the market.

These point to further upside being expected in the value of the asset. Bitcoin has now dropped down below its ATH, falling to the $67,000 territory. Nevertheless, the correction points to BTC finding a landing point for another bounce upward.

Further Indicators For Bitcoin

The short term is looking incredibly bullish for bitcoin. The digital asset continues to trade well above the 100 and 200-day moving average. These indicators point to the rally being in full bloom. Analysts have put the price of BTC at $100,000 by the end of the year and if the market continues on this trend, then the asset may end up beating this before then.

Related Reading | How Bitcoin Has Performed Compared To Top Stocks

Market sentiment has also never been better. The Crypto Fear & Greed Index shows that the market is now deep in “Extreme Greed” territory. As investors rush into the market to get a piece of the action, it will only work to further push the price of BTC up, although major resistance is expected at $68,250.

Featured image from Medium, chart from TradingView.com

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Institutional crypto products eye record AUM as investors pile into Bitcoin

by Cointelegraph

Institutional investors are continuing to pile into Bitcoin despite prices pushing up to a five-month high.

According to CoinShares’ Oct. 12 Digital Asset Fund Flows Weekly report, more than $226 million in capital flowed to institutional Bitcoin (BTC) products this past week. Bitcoin products dominated inflows for the third consecutive week, posting a week-over-week increase of 227%.

The heavy inflows coincided with the price of BTC gaining 12.5% for the week, with BTC sitting at around $54,000 on Oct. 8.

CoinShares attributes the positive shift in sentiment towards Bitcoin to recent statements from U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler’s suggesting the long-awaited approval of the United States’ first Bitcoin exchange-traded fund (ETF) may be just around the corner.

The surging activity surrounding Bitcoin has seen the combined assets under management (AUM) of institutional crypto products push up to $66.7 billion last week — with CoinShares estimating the total is just 5% shy of the sector’s record AUM from May.

Products tracking altcoins have posted a mixed performance for the week, with Solana (SOL) and Cardano (ADA) products generating inflows of $12.5 million and $3 million respectively. However, funds offering exposure to Ether (ETH), Polkadot (DOT) and Ripple (XRP) suffered outflows of $13.6 million, $2.1 million and $600,000 each.

Crypto investment products have now posted inflows for eight weeks in a row.

Related: Billionaire Bill Miller advocates for Bitcoin, but doubtful on altcoins

Many onlookers are attributing BTC’s recent bullish momentum to expectations that the SEC will soon approve a futures-based Bitcoin ETF.

While the SEC has previously shot down every application it has received for physically-backed Bitcoin ETFs, the SEC is currently deliberating a four applications for exchange-traded funds based on the Chicago Mercantile Exchange’s (CME) regulated futures contracts.

With CME’s futures markets offering a product that is already insured and overseen by U.S. regulators, pundits such as senior ETF analyst for Bloomberg Eric Balchunas believe that Bitcoin futures ETFs are “likely on schedule” to receive a regulatory green light this month.