Bitcoin Price Already at $100,000 in the Next Halving

Marina Meza
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Bitcoin Price Already at $100,000 in the Next Halving

The Bitcoin price was close to breaking the $31,000 resistance two days ago. The breakthrough, however, did not come and the price fell back below $30,000, although a breakout of the consolidation could trigger massive price rallies.

In recent weeks, the price of Bitcoin has not been able to break out of the range between $30,000 and $31,000. Previously, the price of Bitcoin rose from below $25,000 to $31,000 as the market recovered from the crash in early June.

Bitcoin stabilized between $30,000 and $31,000 after the sharp rise triggered by asset manager Blackrock’s announcement of a Bitcoin ETF. Just a couple of days ago, the price managed to rally back above $31,000 but failed to break the resistance.

Reasons for a Possible Sharp Bitcoin Price Rise Soon

The Bitcoin price could see a price explosion in the coming weeks, as the breakout of the consolidation phase could bring about a massive bull run. The $31,000 resistance has been around for several weeks, holding Bitcoin price back for a long time. A breakout of resistance should be followed by a sharp rise.

An approval of the Bitcoin ETF by Blackrock and/or other asset manager ETFs could intensify the bull run again. So it seems possible that the price of Bitcoin could rise above $40,000 in the coming weeks.

Is It Possible to Cut $100,000 in Half?

At the moment, it still seems difficult to imagine that the price of Bitcoin could reach the all-time high and even exceed it in the coming months, as the all-time high was reached in the past, especially after the Bitcoin halving. In a bear market, this is extremely unlikely.

Nevertheless, upcoming ETFs, and especially interest from Blackrock, the world’s largest asset manager, could send the price unusually steep even before the Bitcoin Halving.

A rise to the $100,000 mark still seems extremely unlikely at this point. But it is difficult for us to estimate how massive the influence of Bitcoin ETFs and the growing interest of big players in the financial market may be. Therefore, we do not want to rule out that Bitcoin ETFs could send the price up massively in the coming months.

An Expert Talks about the Halving Effect

On-chain analyst Timo Oinonen shared his prediction of the Bitcoin price to $100,000 in the framework of the halving that will occur in 2024. The analyst pointed out that the price of Bitcoin could reach $100,000 dollars, based on the 69% increase that the cryptocurrency has experienced throughout this year.

Oinonen highlighted that the correlation between Bitcoin and the Nasdaq 100 has weakened, falling 60% since last October:

“In a bigger picture, the behavior of the Bitcoin market can be segmented into accumulation (turquoise) and distribution (purple) phases, which form a sequence of multi-year cycles.”

As for the effect of the 2024 halving on the price of Bitcoin, the on-chain analyst states that the event “represents a paradigm shift in the sequence of Bitcoin market cycles.”

He also emphasizes that, in the history of Bitcoin trading, halvings have been preceded by accumulation cycles leading up to the event.

These cycles have been favored by institutional investors, while distribution cycles have been characterized by retail demand. In this sense, he adds that “After reaching the target price based on 2019 of $46,092, it is easy to see Bitcoin reaching 100,000 after the 2024 halving.”

By Marina Meza

Study Reveals that 88% of Institutional Users Trust Crypto Assets in the Long Term

Audy Castañeda
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Study Reveals that 88% of Institutional Users Trust Crypto Assets in the Long Term

Positive long-term outlook: according to Binance, most institutional users support crypto assets.

Institutional investors are becoming increasingly interested in cryptocurrencies and digital assets. A Binance study reveals that 88% of institutional users have a positive outlook on crypto assets in the long term. The users surveyed see real use cases and regulatory clarity as a boost for the adoption of crypto assets.

The Institutional Crypto Asset Insights Survey of 208 Binance VIP and institutional users was conducted between March 31 and May 15, 2023. It explored the demographics of the respondents, as well as their attitudes, preferences, adoption and motivations towards cryptocurrency operations.

Despite the volatility, cryptocurrencies are increasingly valued by the big players in the market as an important part of their investment strategy for the future.

Institutional Users See a Bright Future for Crypto Assets

The recent survey report from Binance Research and Binance VIP & Institutional showed that 63.5% of surveyed Binance VIP and Institutional users have a positive outlook on crypto assets in the next 12 months.

Actually, 50% of the surveyed expect to increase their exposure to crypto assets in the next five years, while only 4.3% said they plan to decrease exposure. That indicates a lot of confidence and optimism about the future growth and mainstream adoption of cryptocurrencies.

In this regard, Catherine Chen, head of Binance VIP and Institutional, said that “Institutions usually have a long-term horizon when entering a new market, and our survey indicates that the same is true for crypto assets, taking into account the positive outlook. of respondents and how they express more trust in use cases as drivers of adoption than pricing.”

Key Findings from the Institutional Survey

Regarding institutional allocation, most institutional investors have maintained or increased their cryptocurrency portfolio, with only a minority cutting it, despite market events in the last year.

As of expected allocation changes, most respondents have plans to increase or maintain their institutional cryptocurrency portfolio in the next 12 months, while only a minority expect to reduce their exposure.

There is a more positive perception of Bitcoin. The perception of Bitcoin and cryptocurrencies in general has not changed in the last year, but more respondents have become positive about Bitcoin, as compared to the crypto sector in general. While a small percentage of investors feel negative towards Bitcoin, a larger proportion feel negative towards cryptocurrencies in general.

Binance Offers More Results

Infrastructure was identified as the most important sector by just over half of the investors surveyed, followed by layer 1 and 2 technologies. Regarding specific areas, innovation in Wallets was considered important by the majority of respondents.

Nearly half of investors consider the potential for large investment returns to be the most compelling argument for investing in cryptocurrencies. Followed by those whose primary motivation is long-term exposure to an emerging technology.

Centralized exchanges are the most popular platform for institutional trading and custodial activities. Liquidity, security and reputation are the three most important criteria that investors consider when choosing an exchange platform.

In conclusion, Binance indicated that the Institutional Survey of Crypto Asset Perspectives is not intended to be considered as a forecast or investment advice. Furthermore, it is not a recommendation, offer or request to buy or sell securities, cryptocurrencies, or to adopt any investment strategy. Investors are strongly encouraged to do their own research before making major financial decisions.

By Audy Castaneda

Analysts Predict New Shiba Inu Rival Could Outperform Dogecoin’s Historic Growth of 11,200%

Audy Castañeda
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Analysts Predict New Shiba Inu Rival Could Outperform Dogecoin’s Historic Growth of 11,200%

The recent rally has seen substantial increases in the prices of these memecoins, resulting in favorable returns for many investors.

Memecoins have recently seen a significant increase in popularity, mainly due to resistance from Dogecoin (DOGE) and Shiba Inu (SHIB) in their quest to compete with the major cryptocurrencies on the market.

Amidst such an ongoing trend, DigiToads (TOADS) has emerged as a strong contender. Experts have been paying attention to its growth potential, with predictions suggesting it could even rival the success of Shiba Inu. Based on its recent achievements, analysts forecast that DigiToads could surpass Dogecoin’s historical growth of 11,200%.

DigiToads (TOADS) & Dogecoin (DOGE)

DigiToads is a meme coin with many uses, having sold over 356 million tokens so far, raising over $5.8 million in sales and earning early investors a return of over 370%. DigiToads gained popularity for its valuable collection of NFTs featuring unique frog digital characters, which display distinct personalities and can be created on the DigiToads platform.

DigiToads is claimed to place a strong emphasis on community ownership, allowing participants to actively shape the future of the project. In addition, the project’s commitment to environmental sustainability resonates with investors looking for projects that have a positive impact.

The analysis suggests that by including TOADS on exchanges and introducing innovative features to the platform, multi-chain adoption would increase its value. Analysts predict that if DigiToads continues on this trajectory, it has the potential to reach record prices that outperform both Dogecoin and Shiba Inu.

DOGE has seen a significant gain of 11,200% in its history, even though it has a supply of 100 billion tokens and has no clear use case. DOGE’s resilience and high market capitalization kept it relevant, even as analysts questioned its viability.

The future of Dogecoin is uncertain and price predictions are hard to make. Some analysts believe it is a bubble about to burst, with no intrinsic value to justify its price. Others believe that it has the potential to reach new heights if it continues to gain mainstream acceptance.

The cryptocurrency currently sits ninth on CoinGecko’s list of top cryptocurrencies, with a market capitalization of around $10 billion as of May 2023.

Shiba Inu (SHIB)

Shiba Inu is a parody of the well-known cryptocurrency Dogecoin that was developed using memes as inspiration.

The large supply of SHIB tokens and their deflationary mechanism do not guarantee long-term value or success. Like all cryptocurrencies, the SHIB price is subject to market forces and could be affected by various factors, including regulatory changes, technological developments, and investor sentiment.

Shiba Inu’s price history has been volatile. In October 2021, SHIB hit an all-time high of over $0.00008845 per coin, fueled in part by endorsements from high-profile figures like Elon Musk. However, its price has since dropped significantly, and as of May 2023, it is trading at around $0.00000889 per coin.

In short, cryptocurrency adoption is increasing for everyday transactions. As the use of cryptocurrencies becomes more widespread, there may be an increased demand for meme coins.

However, meme coins remain largely speculative investments and are not widely accepted as payment methods. Therefore, investors should be cautious and do their research before investing in meme coins.

By Audy Castaneda

Argentina: BCRA Analysts Forecast Inflation of 142% for 2023

Audy Castañeda
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Argentina: BCRA Analysts Forecast Inflation of 142% for 2023

Analysts place the interest rate at an average of 92.5% in July. On the other hand, they consider that the official dollar will reach 407.55 Argentine pesos in December 2023.

The Central Bank of the Argentine Republic (BCRA) has published the data from the Survey of Market Expectations (REM). It is a systematic follow-up of the main short and medium-term macroeconomic forecasts. One of the strongest points in the report is the inflation data forecast for the current year: 142.4%.

The study was carried out between June 28 and 30, 2023. For its conclusions, forecasts of 39 participants have been considered, including 26 consulting firms and research centers from Argentina and abroad. Thirteen financial entities also collaborated. The monetary authority has remarked that the forecasts made in the report do not constitute projections of the BCRA.

Main Data Published in the Report

The work published by the BCRA has made a detailed analysis of the expectations of retail prices, the interest rate, the nominal exchange rate, exports and imports, the primary result of the non-financial national public sector, unemployment and economic activity. economic.

The projection regarding monthly inflation for June was stipulated at 7.3%. To all this, the specialists who participated in the work located inflation of 142.4% for the whole year. On the other hand, they revised the forecasts for 2024 and 2025, placing inflation at 105.0% and 54.8%, respectively.

The annual data, if confirmed in reality, would give a strong jump compared to the past period. Let us remember that during 2022, inflation in Argentina failed to reach triple digits. When providing details, the specialists have expressed the following in the report:

“Short-term estimates —revealed between June 28 and 30— suggest inflation of 7.6% for Jul-23. The variations expected for the following months imply stable monthly inflation (average of 7.9% per month) and slightly increasing until Dec-23.”

Regarding the projections for the next twelve months, the REM revealed that the expectation is that the CPI will be 161.4%. However, experts anticipate that in 2024 the price rate increases will slow down, leading the CPI to a total variation of 105% in the year. These expectations may well differ from reality.

Interest Rate and Exchange Rate, According to the REM Report

Analysts place the interest rate at an average of 92.5% in July. In addition, they envision a rise to 93% for the coming months, which implies reductions of 1.50 and 2 points in relation to what was projected last month, respectively. On the other hand, specialists maintain that by the end of 2023 the Badlar interest rate could reach 96.98%, although in 2024 it would drop to 75.8%.

The REM also considers what the market’s expectations are in relation to the evolution of the official nominal exchange rate. Taking into account the current rate of devaluation and the gap that exists with the dollar in its different versions, specialists believe that the dollar will reach 407.55 Argentine pesos in December of this year.

Although there are no stipulations regarding the blue dollar, that parallel currency sets the pulse of the economy, and today it stands at 492 pesos.

By Audy Castaneda

Despite Bitcoin Crash: Glassnode Co-Founders Extremely Bullish

Marina Meza
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Despite Bitcoin Crash: Glassnode Co-Founders Extremely Bullish

Bitcoin has been trading in a range for the past couple of weeks. Nonetheless, the fact that the bulls have held the crucial $30,000 support level is seen as a short-term gain for BTC.

Although BTC is trading sideways, optimism is growing that it has the potential to break above resistance zones and set new highs. Bitcoin’s fall from a New Year’s high of $31,553 yesterday led to a sharp sell-off to $29,800 on the lower side of the channel.

The Bitcoin price managed to defend the $30,000 level and continues to trade at the bottom of the channel. Even if the volatile daily moves make an impact on the scene, Bitcoin has not crossed either the low end or the high end of the channel to start a new move.

Since then, there have been five attempts for $31,500, all of which ended in a sell-off. Some would say that this resistance is too strong, while others see something positive in this move. The more often a resistor is tested, the weaker it becomes.

Does BTC Sideways Trade Set the Stage for Bullish Momentum?

Bitcoin’s recent sideways trading has paved the way for potential bullish momentum, according to Yan Alleman, co-founder of Blockchain analytics firm Glassnode. BTC’s current trading range between $31,500 and $29,600 is considered a consolidation phase that will allow bullish momentum to be restored in the market.

To gauge market sentiment and potential price movements in the Bitcoin market, Glassnode has developed its own metric called the Swissblock Risk Signal. This metric takes several factors into account, including volatility, on-chain activity, social sentiment, and more.

Relating to Alleman’s analysis, Swissblock’s risk signal has held steady at 0, suggesting that current market sentiment is neutral with no clear dominance of buyers or sellers, which could indicate that the market is in a consolidation phase, as buyers and sellers are cautious before making any major moves.

Furthermore, Alleman predicts that BTC is likely to break above $31,500, providing a strong foundation for buyers to target the $33,000 and $34,800 resistance levels. However, even if the $29,600 support is broken, Alleman believes that the uptrend can continue to the 50% retracement level at $28,200.

Bitcoin Faces a Critical Moment

Bitcoin is facing a critical time as its price fluctuates within a tight range, warns market analyst Michael Van de Poppe. Van de Poppe believes that if Bitcoin does not recover soon, it could test support at $28,500.

Adding to the challenges for Bitcoin is the expectation of a rate hike on positive unemployment data. This leads to further speculation that the Federal Reserve will raise interest rates sooner than expected, which could create a difficult economic environment for cryptocurrencies.

If the two major resistance lines of $29,600 and $28,500 give way under pressure, a potential short-term uptrend could be in jeopardy, which could result in a pullback to the $27,500 support level. Should such a scenario materialize, it could take some time for bitcoin bulls to recover to current levels.

Despite the challenges Bitcoin faces, as long as the price can sustain $30,000, BTC bulls will have the upper hand. Such pullback could be an opportunity for investors to make the next jump into Bitcoin as the market shows signs of potential growth. Therefore, Alleman’s analysis suggests that current market conditions present a favorable opportunity for those looking to invest in Bitcoin.

By Marina Meza

BlackRock CEO Praises Bitcoin’s Qualities

Audy Castañeda
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BlackRock CEO Praises Bitcoin’s Qualities

For BlackRock’s CEO, Larry Fink, the largest of the cryptocurrencies, Bitcoin, is an asset with great qualities.

The love story between the world’s largest asset manager, BlackRock, with the crypto market seems to continue on a good path. In this sense, the CEO of that firm, Larry Fink, praised the qualities of Bitcoin, which he qualifies as “an international asset.”

The businessman spoke about the advantages of the crypto market and the benefits that a Bitcoin spot ETF could have for the sector. The firm recently applied for a spot exchange-traded fund with the SEC, but its application was rejected by the regulatory agency. Subsequently, the firm corrected and reintroduced the application.

Since the asset manager began his flirtations with the digital currency market, the BTC price has regained strength. After surpassing the highest price in more than a year, the value of the coin remains solid above $30,000 per unit. If the SEC finally approves the ETF, a new bull market could be unleashed for Bitcoin.

BlackRock Attracted by Bitcoin Qualities

The most popular of the cryptocurrencies, Bitcoin, has many qualities that distinguish it from the rest of the financial assets. Scarcity and decentralization are the most important, although not the only ones. For Fink, virtual currency is much more than a speculation instrument.

This Thursday, during an interview on Fox Business, the businessman remarked that cryptocurrencies are an ideal instrument for investors. In particular, he supports the narrative that Bitcoin is a store of value against inflation or some kind of “digitized gold”.

Fink said regulators need to note that an ETF linked to that digital currency can become an element that democratizes finance. Since the CEO has been at the helm of the management firm, he has been no stranger to the subject of digital currencies. In fact, he was one of the highly influential commentators late last year and now with the BTC price rally.

“Let’s be clear: Bitcoin is an international asset. It is not based on any single currency, so it can represent an asset that people can use as an alternative,” he told the aforementioned outlet.

Among the qualities of Bitcoin that Fink recognizes is that it can serve to protect people against devaluation.

Impact on the Cryptocurrency Market

The fact that Larry Fink is the head of the firm with the largest amount of assets under management in the world ($9 trillion dollars), is remarkable for cryptocurrencies. His positive attitude generates bullish effects on the price of Bitcoin, since the businessman not only points to the speculative nature, but to other qualities.

Any investor can consider Bitcoin as a speculative and risky asset and that would be normal. But Fink goes further and takes the position of the enthusiasts of that community. Consequently, few big businessmen dare to describe Bitcoin as the digital equivalent of gold. Hence, the market enthusiastically receives the words of the head of BlackRock.

Nevertheless, the matter could be of greater weight if the SEC finally decides to approve the Bitcoin spot ETF that the administrator requested. So far, the markets are waiting.

The qualities of Bitcoin certainly go far beyond speculative actions, although not all major investors are willing to admit it. These heavyweights do not seem enthusiastic, so significant bullish sentiment is yet to surface. So far, the coin looks like a depressed spring.

By Audy Castaneda

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