Bitcoin
Crypto Trading Expert Shares Key Insights on Bitcoin and Ethereum Strategies
Bitcoin and Ethereum, the two biggest players in the crypto world, have been making new highs but remain stuck in a holding pattern. Is a breakout on the horizon or are we due for a correction? Crypto expert Jacob Canfield shares his insights into what could be next for these digital giants, outlining two potential scenarios for Bitcoin and a strategic buy zone for Ethereum.
Canfield’s analysis and strategic plan offer valuable guidance for crypto investors. Before we explore the expert’s insights, let’s understand the current Bitcoin and Ethereum market scenario.
Market Overview: Bitcoin and Ethereum
From now on, Bitcoin has a price for $66,326. In mid-March 2024, the price of Bitcoin was above $73,000. It attempted to reach this peak several times in early April, late May and early June. The 7-day change for Bitcoin is -4.5%, while the 30-day change is +0.6%.
Ethereum It currently costs $3,552. As of mid-March 2024, its price is over $4,000. Similar to Bitcoin, Ethereum also tried to peak in late May and early June. Ethereum’s 7-day change is -4.2%, while its 30-day change is +17.2%.
Canfield Insights: Two Possible Scenarios for Bitcoin
Scenario 1: A small drop and quick recovery
Canfield predicts that if Bitcoin’s price drops to around $66,000, it could quickly recover and rise to $70,000. This scenario suggests a small correction followed by a strong upward trend.
Scenario 2: A deeper decline
In this more pessimistic scenario, Canfield sees Bitcoin falling sharply to between $60,000 and $62,000. This deeper drop would require more caution and could signal a more prolonged period of correction.
Canfield currently holds no positions. He is waiting and watching how Bitcoin performs at these critical lower price points before making any trading moves. This cautious approach underlines the relevance of strategic timing in cryptocurrency trading.
Canfield’s Ethereum Investment Strategy
Canfield believes Ethereum will be a good buy if its price drops to between $3,250 and $3,300. This specific price range represents a strategic entry point for Ethereum investments. The crypto trading expert is waiting to see how Bitcoin performs at its lowest prices before making any decisions on Ethereum.
His analysis provides a clear and strategic approach to navigating the current crypto market.
Stay tuned to Coinpedia for more in-depth updates on crypto trading!
Read too: Veteran Crypto Trader Predicts Bitcoin Market Value Will Equal Global Gold Reserves
Bitcoin
Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin
At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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