Bitcoin
Will prices easily “explode” beyond $74,000 or fall due to miners’ capitulation?
Bitcoin prices have been trending lower in recent weeks and generally remain within a bearish formation. Although momentum appears to be building, bulls are not out of the woods yet.
Analysts are not losing hope and remain overly optimistic, expecting a surge that would take the world’s most valuable currency to new heights.
Bitcoin forms a “cup and handle” formation on the weekly chart
In a post on X, one of them, MikybullCrypto, he said Bitcoin has formed a “cup and handle” reversal pattern, suggesting an imminent rise towards new all-time highs. This formation is a glimmer of hope for optimistic traders, especially now that prices have been moving lower and sideways, erasing the gains recorded in March.
BTC forms a cup and handle pattern | Source: @MikybullCrypto via X
The “cup and handle” formation is a technical pattern used by chartists to identify possible reversals and confirm trend continuation. In the current setup, as identified by the trader on the weekly chart, the “handle” was formed following the recent price drop from all-time highs. The “cup” follows the fall in prices in 2022 and the subsequent recovery in 2023.
Historically, if there is a breakout above the handle and cup rim, prices tend to rise to new levels. For this reason, the analyst says that if buyers push from spot rates, the breakout above the current range and all-time highs of $73,800 will be “explosive.”
For now, prices remain in a descending channel with clear resistance levels marked in the immediate around $66,000 and $72,000. A breakout, reading the candlestick formation on the daily chart, above these liquidation levels could stimulate demand, pushing the coin to new highs.
Will miners abandon BTC and force prices down?
However, behind the optimistic outlook is a potential storm cloud: declining activity on the network. After the brief increase in activity on the network on Halving Day due to the launch of Rune protocoltransaction fees have been decreasing.
According to Y Chartsit is currently at $3,206, down from $128 on April 20. This contraction means that miners are earning less revenue, increasing pressure now that there is more pressure on margins following the Halving.
Now that miners are feeling the impact of reduced block rewards and declining transaction fees, it is likely that they may liquidate some of your BTC to stay afloat. Their participation, especially in the secondary market, would increase pressure on BTC, forcing prices to fall.
Featured image from Shutterstock, chart from TradingView
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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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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