Connect with us

Bitcoin

Confident Analyst Says $288k BTC Still In Play

Published

on

Bitcoin

Bitcoin (BTC) can still hit an average price of $288,000 in the next three years, confident analyst @PlanB has said after BTC/USD shed 7 percent on June 12.

In a tweet on Saturday, the creator of the popular stock-to-flow Bitcoin price models cast aside doubts over the Bitcoin bull run continuing.

Alongside a chart describing Bitcoin as “going for gold,” PlanB was characteristically cool about Bitcoin’s recent progress despite a failure to break out above $40,000.

As Cointelegraph reported, concerns from traders and external sources alike have been mounting over the past week, these centering on a possible deeper BTC price correction.

“$288K still in play,” PlanB retorted.

“It would really surprise me if bitcoin would not touch the black S2FX model line this phase. Regardless of the current volatility.”

Such “surprise” would provide a serious test for the model, which has so far charted Bitcoin’s growth with unique precision.

The $288,000 price tag refers to an average value called for by the Stock-to-Flow Cross-Asset (S2FX) iteration, while a previous version requires a more modest $100,000 average. Both are based on the current halving cycle, a four-year period between block subsidy halvings due to end in April 2024.

Earlier, Cointelegraph noted that spot price deviation from S2F readings has reached levels that normally see a rebound and a new all-time high.

In additional comments, PlanB noted that 2021 really did fit with behavior from other all-time high years — 2013 and 2017 — further quashing suggestions that Bitcoin is facing serious problems.

“Deviation is not much different from 2013 (S2F ~10) or 2017 (S2F ~25), just the usual inertia after a halving,” he told Twitter users. Bitcoin has a “bullish ace up its sleeve”

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has added to the upbeat mood over the power of the halvings.

On Saturday, he described Bitcoin’s declining supply as a “bullish ace” for the largest cryptocurrency which can naturally boost the price.

“Bitcoin $100,000 Has Bullish Ace Up Its Sleeve: Declining Supply — This year follows a cut in Bitcoin supply, making the price more likely to appreciate if past patterns hold,” he summarized.

His bullishness comes as Taproot, described as the most important Bitcoin network upgrade in four years, is locked in for activation by nodes.

Due in November, Taproot provides a host of improvements that will, among other things, make it cheaper to use some key features such as multi-signature transactions.

Continue Reading
Comments

Bitcoin

Bitcoin Tests $66,000 Amidst Volatility Forecast

Published

on

bitcoin to Nigerian Naira - Investors King

As Bitcoin surged to a $66,000 price level during Asian trading hours, cryptocurrency markets brace for heightened volatility, with market observers predicting turbulent times ahead.

The cryptocurrency’s price volatility has been a subject of much discussion, particularly in light of recent events.

Semir Gabeljic, Director of Capital Formation at Pythagoras Investments, who highlighted the ongoing volatility cited a recent drawdown of 10% fueled by spot Bitcoin ETF outflows from GBTC, totaling approximately $300 million on March 20.

Gabeljic emphasized that such drawdowns typically occur in the lead-up to Bitcoin halving events, signaling a potential for increased volatility in the near future.

Meanwhile, the CoinDesk 20 (CD20), which tracks the world’s most liquid digital assets, experienced a minor dip of 0.5%.

However, amidst this overall market movement, CoinDesk’s Digitization Index (DTZ) saw a notable uptick, led by protocols like Ethereum Name Service (ENS), which rose by 2.7% during Asia trading hours.

Singapore-based trading firm QCP Capital noted the current consolidation in the market, with Bitcoin and Ethereum trading within a relatively tight range.

They suggested that the market might see a pause in activity over the weekend following the volatility leading up to the previous weekend’s Federal Open Market Committee (FOMC) meeting.

Also, QCP Capital highlighted the continued outflows from the Grayscale Bitcoin Trust (GBTC), expecting a fourth consecutive day of BTC spot exchange-traded fund net outflows.

The firm also pointed out a widening discount on Grayscale’s Ethereum Trust (ETHE) and the market’s diminishing expectations for the approval of a spot Ethereum ETF.

With Bitcoin’s test of $66,000 and ongoing market dynamics, cryptocurrency investors and analysts remain vigilant, anticipating further fluctuations in the days to come.

Continue Reading

Bitcoin

Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

Published

on

bitcoin to Nigerian Naira - Investors King

Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

Continue Reading

Bitcoin

Bitcoin Retreats from Record Highs Amid Debate Over Market Speculation

Published

on

bitcoin to Nigerian Naira - Investors King

The cryptocurrency retreated from its recent record highs, igniting a debate over the speculative fervor gripping global markets.

In Asian trading on Friday, Bitcoin plummeted by as much as 5.6%, shedding its gains from the previous day when it reached a new pinnacle of nearly $73,798.

Despite recovering slightly to trade at $67,300, the retreat has triggered concerns about the sustainability of the crypto bull run.

The moderation in Bitcoin’s surge, alongside a similar trend in other top cryptocurrencies like Ether, BNB, and Solana, reflects a broader shift in investor sentiment.

With both Bitcoin’s ascent and the performance of the top 100 tokens hovering around 60% for the year, market participants are reevaluating their risk appetites amidst a backdrop of escalating inflationary pressures.

In a Bloomberg Television interview, Bank of America Corp.’s Chief Investment Strategist Michael Hartnett sounded alarms, likening the market’s euphoria to the characteristics of a bubble, particularly evident in the technology sector’s “Magnificent Seven” stocks and the soaring highs of cryptocurrencies.

The debate over market speculation is gaining traction on Wall Street, with questions looming about the vulnerability of various asset classes to a potential pullback.

Proponents of Bitcoin point to fundamental supports, such as significant net inflows into US exchange-traded funds and an impending reduction in token supply growth.

However, Bitcoin’s stumble coincided with a surge in US yields and the dollar following a report revealing a spike in producer prices, exacerbating concerns about the Federal Reserve’s ongoing efforts to rein in inflation.

Also, data from Coinglass indicates a rise in caution within the derivatives market, with a notable increase in liquidated bullish crypto wagers and a slump in funding rates for Bitcoin perpetual futures, favored by speculators.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending