#bottom;

JPMorgan Thinks Bitcoin Market Bottom Is Near

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Is the Bottom In Sight?

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The ongoing bear market in Bitcoin is the longest in the network’s history, Glassnode data shows.

According to trackers, the winter started on November 10, 2021, after prices peaked at over $69,000. As of July 18, 2023, BTC is trading at around the $30,000 level, down by almost 55% from its all-time high.

However, despite the crash and bears persistence, recent developments suggest that the bottom might be in.

Bitcoin Bear Run Over?

Trackers reveal that this is the second largest phase when the coin’s prices have remained under water for this extended period. Between 2015 and 2016, which was still the formative stages of the coin when its liquidity was building up, the coin remained depressed for 386 days.

BTC investors were also under pressure between 2018 and 2019 when prices drastically fell from 2017 peaks, crashing to as low as $4,000 at the depth of the crypto winter of 2018.

Bitcoin price on July 18| Source: BTCUSDT on Binance, TradingView

The extended bear run from 2021 has been influenced by several fundamental factors, including the U.S. Federal Reserve’s intervention which saw the central bank take measures to tame inflation by raising interest rates in eight consecutive sessions.

There have been fear factors relating to the collapse of major crypto firms, including 3AC, FTX, Voyager, and the spectacular depegging and crash of UST and LUNA. Following the collapse of FTX in November, Bitcoin prices fell to all low as $15,800 before expanding, roughly doubling in the first half of 2023.

Hash Rate And BlackRock ETF Application

Despite relatively low Bitcoin prices and the continuation of the bear run, the network’s hash rate is trending at a near-all-time high. As of July 18, Bitcoin’s hash rate stood at over 385 EH/s, retracing from all-time highs of 465 EH/s recorded in late June 2021. 

Historically, prices and hash rate are directly correlated but falling coin prices didn’t dissuade miners from buying new gear and plugging into the network, fortifying it against attacks. 

The hash rate measures processing power channeled to a proof-of-work network like Bitcoin. The higher it is, the more secure the blockchain is against potential attackers.

Reports on July 16 indicated that the United States Securities and Exchange Commission (SEC) had accepted BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF). This is a significant milestone for the Bitcoin-related proposal and may strengthen prices if the regulator eventually approves the derivative, allowing institutions to have exposure.

Presently, Bitcoin is teetering close to $30,000 and looks weak. Bulls have been unable to close above $32,000 despite BlackRock’s reapplication of the spot Bitcoin ETF.

BlackRock is the world’s largest asset manager, with over $9.4 trillion in assets. The firm filed for its first spot Bitcoin ETF in June, only for changes to the made and the application to be updated before being resubmitted.

It remains to be seen if the approval of an ETF marks the bottom for Bitcoin and the nascent asset class.

Feature image from Canva, chart from TradingView

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Bitcoin Sentiment On Social Media Now Most Red Since COVID Crash, Bottom Signal?

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Data shows the Bitcoin sentiment on social media has turned the most negative since the COVID crash, indicating that the bottom could be near.

Bitcoin Weighted Sentiment Has Been Negative Recently

As an analyst on Twitter pointed out, BTC’s sentiment is in deep red right now. The relevant indicator here is the “weighted sentiment” metric from the on-chain analytics firm Santiment, which, as its name already suggests, hints about the general sentiment among investors in the cryptocurrency market.

To understand how this indicator works, two other metrics it’s based on must be looked at first. The first is the “sentiment score,” which analyzes social media posts on the major platforms with a machine learning algorithm to check whether the users are being negative or positive about Bitcoin right now and finds the total market sentiment in a score.

Naturally, the green values of this score imply that the net sentiment in the market is positive currently, while red values suggest the dominance of a negative mentality.

The other indicator of interest here is the “social volume,” which measures the total amount of discussion around an asset that social media investors participate in.

The sentiment is found in the weighted sentiment metric by weighting the sentiment score against this social volume. This means this metric would, for example, only show highly positive values when the market sentiment is positive. At the same time, there are also a large number of discussions happening on social media.

Now, here is a chart that shows the trend in the Bitcoin-weighted sentiment over the last few years:

The value of the metric seems to have been quite negative in recent days | Source: Santiment on Twitter

The above graph shows that the Bitcoin-weighted sentiment has recently shown a large negative value. This suggests that many discussions related to BTC are happening on social media platforms, and the average sentiment contained in them is negative.

From the chart, it’s also visible that the current red values are more negative than any spike observed since way back during the COVID-19 crash in March 2020.

Historically, the Bitcoin price has tended to move in a direction that the crowd isn’t expecting. The probability of such price action increases the more the general investors lean towards one particular side.

The cryptocurrency also followed this pattern during the COVID-19 crash, where the deep plunge in the sentiment became a bottom signal for the price.

It now remains to be seen whether a similar pattern will also repeat this time as well and Bitcoin will form a bottom off the back of this poor market sentiment or not.

BTC Price

At the time of writing, Bitcoin is trading around $26,000, down 2% in the last week.

Looks like the coin has stagnated over the last few days | Source: BTCUSD on TradingView

Featured image from iStock.com, charts from TradingView.com, Santiment.net

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Bitcoin Price Prediction as the Crypto Markets See Huge Selling Volume Coming In – Where is the BTC Bottom?

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Amidst the Crypto Markets’ huge selling volume, Bitcoin’s position has been questioned. 

As investors grapple with significant selling pressure, they seek answers: where is the bottom for Bitcoin? 

In this Bitcoin price prediction, we delve into market trends and technical indicators to identify potential support levels for BTC and provide insights into its future price movements.

Bitcoin is currently trading at $25,823, with a 24-hour trading volume of $13 billion. With its #1 CoinMarketCap ranking, Bitcoin’s current market cap is $500.9 billion.

Russian Banker Predicts Decline of US Dollar as Global Power Dynamics Shift

The chairman of Russia’s second-largest bank predicts a shift in global currency dynamics, signaling the decline of the US dollar’s dominance.

He says China’s yuan is poised to surpass the dollar as the world’s reserve currency. 

He emphasizes that China recognizes the necessity of making the yuan a convertible currency to attain its aspirations of becoming the top global economic power. 

He believes that the time has come for China to gradually eliminate currency restrictions, paving the way for wider acceptance of the yuan. 

This forecast reflects the chairman’s view on the evolving role of currencies in the global economic landscape.

Andrey Kostin, the chairman of state-controlled VTB bank, has expressed his belief that the era of US dollar dominance is nearing its end. 

He attributes this shift to the growing prominence of the Chinese yuan and the widespread acceptance of the effects of Western sanctions, which failed to undermine Russia during the Ukraine crisis. 

Kostin acknowledges the negative impact of sanctions on the economy and highlights the changing economic landscape. 

He anticipates that while penalties may increase and certain opportunities may close, new possibilities will also emerge. 

This perspective reflects Kostin’s assessment of the evolving global financial dynamics.

Economist Peter Schiff Argues that the Fed Ruined the US Banking System

Famous economist Peter Schiff asserts that the American financial system is bankrupt. 

He highlights the role of the Federal Reserve in damaging the American banking sector by keeping interest rates near zero, despite the Fed funds rate being 5.25% and the real inflation rate being considerably higher. 

Schiff has previously warned of an impending collapse in the American financial sector, which he believes will be even more severe than the 2008 crisis.

Bank of America’s offering of no interest on checking accounts and a meager 0.05% interest on savings accounts is met with criticism by economist Peter Schiff. 

He argues that the real inflation rate surpasses the Fed funds rate of 5.25%, highlighting how the Federal Reserve has negatively impacted the American financial system. 

Schiff suggests that the system is bankrupt and vulnerable to collapse without government protection.

Schiff further criticized the Federal Reserve’s actions when they saved Silicon Valley Bank and Signature Bank in March, claiming that they are exacerbating inflation rather than resolving it. 

He believes that bailing out failed banks increases the banking system’s instability and unfairly spreads current losses through inflation.

Schiff has recently issued warnings about potential problems with the US dollar, economic depressions, and Congress’s suspension of the debt ceiling to avoid a government default. 

He argues that ongoing reckless government spending and borrowing will continue until a crisis in sovereign debt and the US dollar brings it to a catastrophic end.

The mention of the SEC filing litigation against Binance Holdings Ltd. has heightened investor concerns, as even minor deals can have a significant impact on the crypto market, particularly during weekends when trading activity is usually lighter.

Bitcoin Price Prediction

Bitcoin is currently priced at $25,777, indicating a 1% increase in the last 24 hours. The surge in Bitcoin’s value during the weekend can be attributed to the weakening of the US dollar. 

At present, Bitcoin has formed a bullish candlestick pattern and is hovering around the $25,670 mark. 

It may target the next support level at $25,450, and if it breaks below that level, a further decline towards $24,900 could occur.

Bitcoin Price Chart – Source: Tradingview

When examining the technical indicators, both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate oversold conditions, suggesting a potential easing of selling pressure. It is important to monitor the $25,400 level closely.

A bullish confirmation above this level could trigger a continued rally toward the next resistance level at $26,150, which previously was a support level. 

Conversely, if the price closes below $25,400, the bearish momentum may persist, potentially leading to a downward movement toward $24,950.

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Cryptocurrency Price Tracker – Source: Cryptonews

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Bitcoin Price Prediction as Bulls Push BTC Up From Recent Bottom at $26,200 – Where is BTC Heading Next?

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Bitcoin, the leading cryptocurrency, experienced a recent dip that saw its price reach a bottom at $26,200. 

However, a surge of bullish activity has propelled BTC back up, raising questions about its future trajectory. 

Traders and investors eagerly await insights into where Bitcoin is headed next. Will its upward momentum continue, or is there potential for a reversal? 

In this Bitcoin price prediction, we will explore various factors and trends to provide a Bitcoin price prediction and shed light on the future direction of BTC.

Bitcoin Price Prediction

In analyzing the technical aspects of Bitcoin, we observe a persistent absence of notable price movements. Bitcoin maintains its trajectory within a well-defined range, bounded by an upper limit near the 26,800 level and a lower limit around 26,300. 

A closer analysis of the 4-hour timeframe reveals the presence of doji candles followed by candles with limited movement. 

This pattern reflects a prevailing sense of indecision among investors, as they await a compelling fundamental trigger to catalyze a breakout. 

Nevertheless, the current landscape sees Bitcoin confined within a narrow trading range, lacking a significant catalyst for directional movement.

Should Bitcoin succeed in surmounting the resistance level at 26,600, it can potentially target the subsequent level at 27,350. 

Notably, this upside potential finds support in the existence of a triple tap pattern discernible in the 4-hour timeframe. 

It is important to recognize the inherent challenges of surpassing triple tops; however, heightened demand for Bitcoin may serve as a propelling force behind a breakthrough. 

In such a scenario, Bitcoin would encounter further resistance levels at 27,450 and 28,300.

Bitcoin Price Chart – Source: Tradingview

Conversely, a breach below the support level at 26,250 would pave the way for a downside movement, with potential targets at subsequent support levels of 25,900 and 25,400. 

Considering leading and lagging technical indicators, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) exhibit oscillatory behavior within the buying and selling zones. 

This underscores the ongoing indecision prevailing among investors. Moreover, the four-hour candles of Bitcoin demonstrate fluctuations around the 50-period Exponential Moving Average (EMA), signifying a lack of a clear market direction.

In light of these technical observations, vigilance is advised at key levels of interest, specifically at 26,750 and 26,250, as they hold the potential to serve as breakout points. While Bitcoin remains ensconced within its current range, consolidation is expected to persist. 

However, a breakout from this range would present lucrative trading opportunities, irrespective of the direction Bitcoin ultimately follows.

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Is It Too Late to Buy Pepe Coin? PEPE Price Blasts Up 13% from Recent Bottom and This New AI Crypto Signals Platform Can Help Find the Next Coin to Pump – Here's How it Works

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Source / Sam Cooling x Geralt

Amid a turbulent week for major cryptocurrencies following the wide-reaching lawsuit by the SEC against Binance, memecoin markets are enjoying a healthy week – with key memecoins being invigorated by new influx of capital.

As prudent investor wise to exchange their BNB, SOL, ADA, and MATIC for coins facing less legal headwinds, the enforcement move by Gary Gensler appears to be rebooting a meme season many thought had faded.

Despite the flood of capital into the memecoin vertical, Pepe coin ($PEPE) has failed to ride high on the capital rotation.

Pepe coin ($PEPE) Price Analysis: Side-lined by Memecoin Boost?

Tradingview / PEPE USD

$PEPE is currently trading at $0.00000108 (-10.37% 24-hour change) as tough resistance at $0.0000014 continues to capstone price action.

The wider onset of FUD in the crypto market stemming from the SEC v. Binance case seems to have afflicted $PEPE price action in the short-term.

Worse still, while in a solid consolidation pattern, there is little underlying support for $PEPE here with the MA20 still sat high above current price levels.

Oscillators provide some hope for $PEPE holders, with Pepe coin’s RSI sat oversold at 41.99 (a bullish signal).

The MACD offers little contrast to this sentiment, almost on the fence with minor bearish divergence to -0.0000000661.

Pepe coin ($PEPE) Price Prediction: How High Can $PEPE Go?

Tradingview / PEPE USD

With the influx of capital into the meme coin vertical driving little growth for Pepe coin, price action on the short-time frame still seems to be facing further consolidation.

On the upside, $PEPE holders are targeting a push up back towards the MA20, with $0.00000140 forming a key resistance level to break.

Looking towards downside risk, a further slide from here would likely fall to the $0.00000085 lower support level.

This leaves $PEPE with a risk: reward structure of 1.4 – an attractive entry characterised by reasonable upside reward if traction grows.

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Bitcoin Price Prediction as BTC Rebounds from Recent Bottom – Where is the Next BTC Target?

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Bitcoin has made a significant recovery from its recent low point of $26,600, now trading slightly above $27,000. 

This upward movement has sparked speculation regarding its next potential target.

The cryptocurrency’s price has experienced an upward movement, prompting speculation about its future trajectory.

With various factors at play, including market sentiment, technical indicators, and macroeconomic conditions, determining the next BTC target requires a comprehensive analysis. 

Let’s delve into the current market trends and examine potential scenarios for Bitcoin’s price movement.

Bitcoin Price Prediction

The current price of Bitcoin stands at $27,114, accompanied by a 24-hour trading volume of $8.3 billion. 

Over the past 24 hours, Bitcoin has experienced a slight decline of approximately 0.50%.

 With a live market cap of $525 billion, Bitcoin holds the top rank (#1) on CoinMarketCap.

It currently has a circulating supply of 19,392,350 BTC coins, with a maximum supply of 21,000,000 BTC coins.

In the current technical analysis of Bitcoin, there is a slight bullish sentiment as it rebounds from the support level around $27,000. 

Over the past 24 hours, Bitcoin has been trading within a sideways range, with a lower boundary around $27,000 and an upper boundary around $27,350.

A breakout from this range is anticipated to drive further price movement. On the upside, Bitcoin faces resistance around $27,600, and a potential target beyond that is around $28,000. 

Bitcoin Price Chart – Source: Tradingview

Conversely, if Bitcoin breaks below the $27,000 level, the next support can be expected around $26,600. 

Examining the leading technical indicators such as RSI and MACD, they suggest a neutral stance among investors, possibly waiting for a clear catalyst to determine the market direction. 

Therefore, monitoring the sideways range discussed is important, with $27,000 acting as the lower boundary and $27,350 as the upper boundary. 

In the event of a breach below $26,600, the next support level to watch is around $26,000.

It is important to stay updated on the latest market trends and price movements to make informed decisions in bitcoin trading.

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