Crypto Research Firm Identifies Why The Bitcoin Price Could Crash To $45,000

10x Research, a digital asset research platform for traders and institutions, has unveiled a foreboding forecast for the price of Bitcoin (BTC). Highlighting current market conditions and Bitcoins recent price dynamics, the research firm projects a massive price crash to $45,000 soon. Bitcoin $45,000 Price Crash Incoming 10x Research has released a report outlining several market [...]

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Bitcoin Support Retests Reflect September 2023 Patterns: Is Another Bull Run Coming?

Bitcoin has faced significant price fluctuations marked by a notable crash on August 5 that saw its value dip to $49,000. This was followed by a rebound to approximately $65,000, only to experience another decline to around $52,000 last Friday.  Despite these challenges, the largest cryptocurrency by market capitalization is undergoing crucial support retests, reminiscent [...]

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Bitcoin Leveraged Positions Building Up: BTC To $50,000 Or $60,000?

Bitcoin is firm at spot rates, looking at the development in the daily chart. Even so, the downtrend remains, and price action remains within a bearish breakout formation. This outlook follows the dump on September 7 that saw the world’s most valuable coin plunge, approaching the all-important round number, $50,000. Bitcoin Leveraged Positions Building Up Technically, the downtrend remains, especially if bulls can’t unwind the losses of September 7. From an effort-versus-result perspective, the trend set in motion by September 7 will shape the short-term, possibly accelerating the fall below August lows. Related Reading: FET Teeters At Trendline: Will A Breakout Fuel A Run To $1.86? Amid this development, one on-chain analyst notes that there has been a massive accumulation of leveraged positions from March 2024. Though it remains uncertain which direction prices will move, the current state of affairs means sellers have the upper hand. If bulls take over, this would be a massive sentiment boost for BTC bulls, who have had to contend with sharp losses over the past three months. Regardless of the direction, this build-up in leverage position precedes a period of heightened volatility in the coming days. While Bitcoin trends lower, sentiment has taken a hit, explaining the shrinking trading volume over the past two weeks. Since late August, BTC has fallen from around $66,000, losing nearly 20% by last week’s lows.   At the same time, volatility is comparatively low and not unlike the state of affairs when BTC turned the corner, sharply expanding from late February before printing fresh all-time highs in mid-March 2024. Average Funding Rate Is Bullish, Will This Change? Interestingly, despite the lower lows, trading data shows that the average funding rate across derivatives exchanges has remained bullish for over a year. This development could be due to the shift in price action that saw the world’s most valuable coin turn the corner, rising from late Q3 2023. The recovery saw BTC shake off weakness and explode to above $70,000 after losses in 2022 that took the coin to as low as $15,800. Related Reading: Bitcoin Rainbow Chart Forecasts An End To Bearish Headwinds With $60,000+ Target For bulls to dominate in the derivatives market, prices must recover steadily. A break above $66,000 and July highs would likely spur demand, lifting the coin above the multi-month resistance at $72,000. Nonetheless, for this to happen, there must be inflows to spot Bitcoin ETFs. Falling prices have accelerated outflows from this product, meaning institutions are playing safe. So far, SosoValue shows outflows of over $169 million for spot Bitcoin ETF issuers in the United States. Feature image from DALLE, chart from Trading View

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Bitcoin Price Reclaims $54K Level, SUI Explodes 11% Daily (Weekend Watch)

Aside from SUI, the other notable gainers from the larger-cap alts include AVAX and XMR.

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We Asked ChatGPT if Bitcoin (BTC) Can Hit $100K if the US Fed Lowers Interest Rates

"BTC could potentially hit $100,000 if the Federal Reserve drops interest rates, but this outcome depends on several other factors, ChatGPT stated.

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Traders Move $4.7 Billion To Stablecoins Amid Crypto Market Uncertainty Details

The crypto market is experiencing a notable shift in liquidity as investors acquire massive amounts of stablecoins due to market uncertainties in the last few months. CryptoQuant analyst with username Percival has provided more insights into this trend of capital rotation. Open Interest In Crypto Market Shrinks As Stablecoins See Liquidity Influx Following a rather [...]

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These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)

DOGE is among the poorest performers now.

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Bitcoin Flashes On-Chain Signal That Triggered A 175% Rally The Last Time

A crypto analyst has revealed that the price of Bitcoin might be gearing for a fresh rally after the appearance of a bullish on-chain signal. Bitcoin UTXOs In Profit At Lowest Level Since 2023 Heres Why In a QuickTake post on the CryptoQuant platform, an analyst with the pseudonym EgyHash shared an interesting on-chain insight into the Bitcoin price. This on-chain observation revolves around the Bitcoin UTXO (unspent transaction output) metric, which tracks the amount of cryptocurrency that remains following the execution of a transaction. Related Reading: Heres How Cardano Price Will Survive A US Recession: Crypto Analyst The percentage of these unspent cryptocurrencies in profit gives an insight into the market’s current condition. For instance, an increase in Bitcoin UTXOs in profit suggests that most investors are in the green, which can either motivate them to keep faith in the coin or, in some scenarios, push them to take profit. On the other hand, when a higher percentage of UTXOs are in loss, it means that more investors are holding a loss, suggesting a negative market sentiment. According to the CryptoQuant analyst, the percentage of Bitcoin UTXOs in profit has steadily declined, recently falling to its lowest level since October 2023. Data from CryptoQuant shows that the proportion of Bitcoin UTXOs in profit decreased from 99% in June 2024 to 68.5% in September 2024. Interestingly, this market phenomenon has coincided with a recent fall in the price of Bitcoin. The crypto analyst noted that the decline in Bitcoins price seems to be associated with profit-taking, as investors are selling their coins to realize some gain. Meanwhile, this is supported by the aforementioned decline in the percentage of Bitcoin UTXOs in profit. Nevertheless, it may not be all bad news for the premier cryptocurrency with the UTXO metric currently at a multi-month low. Historical data shows that the proportion of BTC UTXOs in profit being at its current level could be a signal of a market bottom. The last time the Bitcoin UTXOs in profit slumped to 68.5%, the price of Bitcoin rallied 175% from $26,700 to a new all-time high of $73,737. While there is no guarantee there will be a repeat rally from the current point, investors might still want to pay attention to other relevant on-chain metrics. BTC Price At A Glance As of this writing, the price of Bitcoin is slightly under the $54,000 level, reflecting a 4.1% decline in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down by more than 9% in the past week. Related Reading: Solana To $100 Inevitable After This Break? SOL Forms A Triple Bottom Featured image from iStock, chart from TradingView

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Bitcoin Risks Crashing Below $50,000 This Weekend As Sentiment Turns To Extreme Fear

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Bitcoin Investors Quiver As Accumulation Trend Nears Zero

September has started with significant losses for the Bitcoin market after a price decline of 9.16% occurred in the last week based on data from CoinMarketCap. During this period, the price of the largest cryptocurrency has dipped below $53,000 reaching a price low last seen in early August. Interestingly, despite Bitcoin’s low prices, investors are [...]

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Crypto Analyst Says Its September 2016 For Bitcoin Again, What This Means

Crypto analyst CryptoCon stated in his recent market analysis that the Bitcoin current price action is reminiscent of December 2016. He further explained what he meant and provided insights into what to expect from the flagship crypto going forward.   It Is September 2016 All Over Again For Bitcoin CryptoCon mentioned in an X (formerly Twitter) post that it is September 2016 again for Bitcoin. In line with this, he remarked that the Bitcoin trend strength prophecy has been fulfilled. He explained that just like in September 2016, Bitcoin has dipped into the support zone after the mid-top.  Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Heres Where Price Is Headed Next To further support his stance that the flagship crypto is mirroring past trends, he noted that all months had been the same for support zone entries for alternating cycles. He also asserted that the pattern of 3s has not failed yet, both in the mid-cycle or bear market. His accompanying chart showed that Bitcoin is currently at the last part of its reaccumulation zone, just before it hits a cycle top, just like in the 2016 market cycle.  Following his analysis, CryptoCon boldly stated that the cycle is not over, providing belief that Bitcoin will still hit new highs and surpass its current all-time high (ATH) of $73,000, which it hit in March earlier this year. Before now, the crypto analyst assured that Bitcoins price dips are just a minor setback and that the crypto will still rise to as high as $160,000 at the peak of this bull run. CryptoCon also noted how Bitcoin experienced such choppy and boring periods in previous halving cycles just before reaching new ATHs the following year after the halving event. The crypto analyst had previously predicted that the cycle top would come sometime in November 2025. This projection is also based on Bitcoins price action in previous halving cycles.  More Hope For BTC Investors Crypto analyst Mikybull Crypto also recently gave Bitcoin investors hope that the worst was almost over for the flagship crypto. In an X post, he stated that a Bitcoin parabolic rally is looming as DXY is about to break down from the macro bear flag. The analyst also noted that the same scenario occurred in 2017 and 2020.  Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play In another X post, Mikybull Crypto stated that Bitcoins next expansion will raise its price to $95,000. He added that Bitcoin is displaying a bull flag while the DXY is on a bear flag on a macro chart. However, the crypto analyst is confident that macro disbelief and fear are ending, with Bitcoin set to enjoy its parabolic run when that happens.  At the time of writing, Bitcoin is trading at around $56,300, down in the last 24 hours, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

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Bitcoin Price Struggles: Can Bulls Step In to Save the Week?

Bitcoin price declined and retested the $55,600 support zone. BTC is now struggling and might face hurdles near the $57,000 resistance level. Bitcoin is struggling to recover above the $57,750 zone. The price is trading below $57,200 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at [...]

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Bitcoin Forecast: BTC Price Could Crack $50,000 If This Important Level Does Not Hold

Bitcoin (BTC) has been on a severe downward trend for the past few months, experiencing multiple price fluctuations amidst broader market volatility. A crypto analyst has predicted that Bitcoin could witness an even steeper drop to $50,000 if its price does not hold this key support level.  Bitcoin Risks $50,000 Drop If Support Fails Elja [...]

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Bitcoin Price Crashes Toward $53K But Arthur Hayes Expects It To Plummet Further

BitMex co-founder Arthur Hayes says Bitcoin is headed to $50,000 this weekend.

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Bitcoin 200-Day Average Signals Waning Bullish Momentum, Heres What It Means For BTC Price

A key long-term price indicator for Bitcoin, the 200-day simple moving average (SMA) appears to be losing its bullish momentum as the US economy added fewer jobs in August 2024. Bitcoin Must Overcome The 200-Day SMA To Reverse Trend The 200-day SMA is considered one of the more reliable long-term indicators to gauge an assets upcoming price action. Bitcoins 200-day SMA shows a weakening bullish momentum, giving short-term traders little joy. Related Reading: Bitcoin Price Struggles: Can Bulls Step In to Save the Week? Notably, this is the first time since October 2023 that the 200-day SMA looks poised to enter bearish territory. Since late August, the daily increase in average price increases for BTC has not crossed $50, while it used to consistently record moves of more than $200 per day during the first half of 2024. At press time, the 200-day SMA stood at $63,840, about 13.96% higher than the current BTC price of $56,840. Its worth highlighting that short-term moving average indicators such as the 50-day SMA and the 100-day SMA are already past their peak and have been trending downward. A bearish crossover was seen recently when the 100-day SMA fell below the 200-day SMA. According to cryptocurrency analyst Ali Martinez, the Stochastic relative-strength index (RSI) has signaled a trend reversal from bullish to bearish on the Bitcoin 2-month chart. If going by historical data, such a move has typically led to a significant correction of up to 75.50%. In addition, Google Trends shows that searches for the word Bitcoin have been at their lowest since October 2023, when BTC was hovering around $30,000.  Adding to the overall bearish sentiment surrounding the leading digital asset, former CEO of BitMEX cryptocurrency exchange Arthur Hayes posted on X that hes currently short Bitcoin and could see the crypto-asset crash to sub $50k level over the weekend.  In contrast, other market experts opine that Bitcoin will likely bottom at $55,000 before the influx of US liquidity helps re-ignite the severely lacking buying pressure in the crypto markets. Bitcoins Fundamentals Remain Intact Although several crypto analysts seem to lean bearish on Bitcoins short-term price movements, the long-term bull case for the leading digital asset remains unchanged.  Crypto analyst Crypto Jelle posits that Bitcoins tepid price action during the summer might reach its conclusion by early October before it could potentially resume another rally to the upside. Related Reading: Bitcoin Needs To Break $70,000 For The Uptrend To Continue, Heres Why Institutional interest in Bitcoin also continues to rise, as Swiss banking giant ZKB recently rolled out Bitcoin (BTC) and Ethereum (ETH) trading and custody services for its customers. At press time, BTC trades at $56,018. Featured Image from Unsplash.com, Chart from TradingView.com

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What Was Behind The Bitcoin And Ethereum Price Crash?

Bitcoin (BTC) and Ethereum (ETH) have started September in the red, having already suffered price declines since the beginning of the month. This bearish sentiment towards the foremost cryptocurrencies and, by extension, the broader crypto market is due to several macroeconomic factors. Market Still Feeling The Effects Of The Yen Carry Trade Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the Yen carry trade. The Yen recently surged against the US dollar, suggesting that investors are still selling riskier assets like these cryptocurrencies to unwind their carry trade positions, which utilized the low-yielding Yen. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 In an X (formerly Twitter) post, hedge fund manager James Lavish also suggested that the effects of the Yen carry trade was still in play. He noted that the Nikkei 225 had dropped by 3.7% while the USD/Yen trading pair was heading lower.  The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish statement that they will continue to hike rates if the economy and prices continue to perform as expected. This has also sparked fear among traders and prompted them to close their carry trade positions, thereby putting more selling pressure on Bitcoin and Ethereum.  Bitcoin and Ethereum suffered major losses during the August 5 market crash, which was caused by the BOJs decision to hike interest rates for the second time since 2007. Bitcoin, on its part, dropped below $50,000, while Ethereum dropped to as low as $2,200. As such, with the effects of the Yen carry trade still in play and the BOJ hinting at more rate hikes, Bitcoin and Ethereum risk suffering further price declines.  US Stock Market Crash Contributes To Bitcoin And Ethereums Fall Furthermore, Bitcoin and Ethereums correlation with the US stock market has also contributed to their price crash since the beginning of September. Specifically, on September 3, over $1.05 million was wiped out from the stock market, which also sparked fear in the crypto market and led to a wave of sell-offs for Bitcoin and Ethereum.  Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. Data from Farside investors showed that the Spot Bitcoin ETFs and Spot Ethereum ETFs witnessed total net outflows of $287.8 million and $47.4 million, respectively.  With such a bearish outlook for Bitcoin and Ethereum, there is an urgent need for a spark that could provide bullish momentum for the crypto market. Crypto community members are hoping that the US Federal Reserve will cut interest rates at the next FOMC meeting set to be held between September 17 and 18, as that will provide some relief to the market and help inject more liquidity into Bitcoin and Ethereum.  At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

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Bitcoin Price Bounce at Risk: Is the Recovery About to Fade?

Bitcoin price started a recovery wave from the $55,600 zone. BTC is now struggling to clear the $58,500 resistance and might decline again. Bitcoin is struggling to recover above the $58,500 zone. The price is trading below $58,200 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support [...]

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Top Bitcoin Price Predictions Amid BTC Buying Spree from Large Investors

Investors holding between 100 BTC and 1,000 BTC currently control a fifth of the asset's circulating supply.

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Senator Lummis Claims Bitcoin Could Cut National Debt In Half By 2045

As Bitcoin gains traction within the Republican Party, notably championed by former President Donald Trump, lawmakers are increasingly positioning the cryptocurrency as a cornerstone for US economic growth.  US Senator Cynthia Lummis is at the forefront of this movement, advocating for the Bitcoin Act, which aims to establish a strategic Bitcoin reserve for the United [...]

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Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000

A recent Quicktake analysis on the on-chain analytics platform CryptoQuant highlighted how Bitcoins short-term holders’ (STH) behaviour is similar to that of 2019. This analysis comes as Bitcoin remains below $60,000, continuing the bearish September trend.  Peak In Bitcoins Short-Term Holders Similar To 2019 Structure CryptoQuant contributor Avocado_onchain noted that there had been a small peak in Unspent Transaction Outputs (UXTOs) under six months, which resembles a similar structure observed in 2019. The analyst explained that these UXTOs under six months are new investors (or short-term holders) who entered the market around March of this year when Bitcoins price hit a new all-time high (ATH).    According to the analyst, the declining proportion of these UXTOs suggests that these investors have either exited the market due to Bitcoins choppy price action since March or have held and now transitioned to long-term holders (UTXOs of six months and above). The accompanying chart showed that a similar structure occurred around the halving event in 2019 when Bitcoin also reached a local high. After that, Bitcoins price cooled off and took almost 490 days to hit a new ATH, although Avocado_onchain noted that there was also the impact of the COVID-19 pandemic.  This development undoubtedly provides insights into what Bitcoin investors could expect from the flagship crypto in the long term, even though its price remains choppy. Avocado_onchain remarked that he is confident about Bitcoin’s long-term upward trend. However, in the short term, he believes it will be wise for investors to temper expectations and closely monitor the market. Meanwhile, although the analyst admitted that there is no clear trigger for a Bitcoin breakout, he noted that the influx of capital from new investors has historically been vital for Bitcoins price increases. Bitcoin hit a new ATH in March following the launch of the Spot Bitcoin ETFs, which introduced new money into the Bitcoin ecosystem.  Bitcoin Looks To Continue Bearish September Trend Bitcoin looks to continue its bearish September trend this year, with the flagship crypto already down by over 4% since the month began. Historically, September is known to be a bearish month, as data from Coinglass shows that Bitcoin has suffered a monthly loss in six out of the last seven September, dating back to 2017.  Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? Following his simulation of Bitcoins price for this month, CryptoQuants Head of Research, Julio Moreno, mentioned that, on average, the flagship crypto could end the month at $55,000.  Moreno had earlier mentioned that a drop below $56,000 for Bitcoin puts the crypto at risk of a deeper price correction and entering a prolonged bearish phase.  For now, the crypto community hopes that the US Federal Reserve will cut rates at its next FOMC meeting, which is scheduled for September 17 and 18. A rate cut is believed to be one that could trigger Bitcoins price and lead to a successful breakout above $60,000.  At the time of writing, Bitcoin is trading at around $56,400, down over 4% in the last 24 hours, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

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