A widely followed crypto strategist is predicting that Bitcoin (BTC) could reach a new all-time high in the next 18 months.

The anonymous host of InvestAnswers tells his 442,000 YouTube subscribers that Bitcoin may print a new high in June 2024.

According to the crypto trader, his estimate is based on the average time it took during prior cycles for Bitcoin to recover after reaching all-time highs and then collapsing. Using that timeline, he says there are 415 days before Bitcoin will reach a new all-time high during its current cycle.

He also warns of price volatility before the next all-time high since during the prior cycles Bitcoin retested lows.

“The last two Bitcoin cycles each took around three years to return to their previous all-time highs, not bad. Currently, we are halfway through that period, ladies and gentlemen, and both previous cycles saw price action that retested market bottoms and it is therefore best to prepare for a similar scenario playing out, especially considering the current macro headwinds.

What’s really interesting is if you look at where we are now, that yellow line, we’re at 545 days. And if you take the average of all those three previous cycles, we have about 415 days to go to a new all-time high – if history repeats and if these averages work, not a guarantee.”

Source: InvestAnswers/YouTube

According to the trader, Bitcoin is performing stronger during the current cycle when compared to the prior ones.

“But I see a lot of things that are different this time around. One, we’re getting higher, faster. Bitcoin is performing faster. Number two, we have a lot of headwinds, yes. But we have other tailwinds like the banking crisis that are really making people understand what a store value is. So this could be exciting. And of course 415 days to a new all-time high will be June 27, 2024, by my calculations, a little over a year from now.”

Bitcoin is trading for $27,729 at time of writing, down 0.5% during the past 24 hours.

source: dailyhodl

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ethereum (ETH) is trading higher today as the crypto market cap bounces to $1.27 trillion.

ETH price rose to $2,008 while Bitcoin (BTC) price climbed to $29,800 looks to end the week stronger.

Gains for cryptocurrencies came as US equities ended the week higher, with regional bank stocks pummeled earlier in the week rebounding.

On Friday, the price of Ethereum rose over 6% within hours to break above $2,000, a key technical level that bulls seek to turn into support. On Saturday, Ethereum was trading around $1,966 and up 4% in the past 24 hours after rising to intraday highs of $2,008.

Ethereum isn’t the only crypto asset to see a price bump in the past day. Bitcoin, the benchmark cryptocurrency and digital gold, rose to near $29,800 as a 3% price increase took bulls to within the now highly coveted $30k level. 

Both Ethereum and Bitcoin are looking to benefit from an uptick in investor sentiment, particularly with risk appetite back following recent dips. 

Why did Ethereum price go up?

The total cryptocurrency market cap rose 1.5% to above $1.27 trillion as memecoin mania returned with Pepe (PEPE) and Floki Inu (FLOKI) prices surging after listing on Binance.

A look across the broader market shows crypto prices rebounded as the US stock market ended the week higher, with the major indices all turning green after a four-day losing streak. 

The S&P 500 closed 1.85% up, the Dow Jones Industrial Average added 546 points, or 1.65% and the Nasdaq closed 2.25% higher.

The positive returns for the market came as equities rebounded, led by shares of Apple (AAPL) that jumped to a nine-month high on the iPhone maker’s better-than-expected quarterly report. The market also saw regional bank stocks show some recovery after massive sell-off in the week, with PacWest shares among those to rebound after falling over 60% on Thursday.

While crypto and other risky assets are likely to benefit from overall investor sentiment, the coming week will be key as the markets assess April’s CPI report.

The Federal Reserve Chair Jerome Powell hinted this week that the central bank could pause its interest rates hike. However, with this week’s strong jobs data, all eyes will be on the CPI data as investors evaluate the inflation indicator.

source: coinjournal

mage source: ai

#ETH #Ethereum #analysis #newsbrief #dyor

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Worldcoin’s World App will migrate from Polygon to Optimism’s ecosystem via OP Mainnet. 

The Sam Altman-founded project has also committed to contributing to Optimism’s Superchain vision.

Sam Altman's crypto project Worldcoin, which launched its World App earlier this week, is set to migrate the app from Polygon to Optimism's ecosystem.

The Worldcoin Foundation (Worldcoin's initial steward) and Tools for Humanity (Worldcoin's lead software contributor) announced today a partnership with Optimism Collective. As part of the collaboration, World App will migrate to Optimism's OP Mainnet from Polygon. The World ID protocol will also be available on OP Mainnet.

"With more than 1.6 million sign-ups in beta and 500,000+ monthly active World App users, the deployments on OP Mainnet will expand access and help Worldcoin reach a values-aligned ecosystem of developers and users," the Worldcoin Foundation and Tools for Humanity said in the announcement.

Worldcoin's commitment to Optimism's ecosystem

Altman, the CEO of ChatGPT maker OpenAI, co-founded Worldcoin in 2020 with the aim of allowing people to prove their humanity online. Its eyeball-scanning orbs have attracted controversy — in addition to millions of dollars in venture capital funding. 

Worldcoin said its alignment with the Optimism ecosystem goes back to December 2020, when it started with work on Hubble, an optimistic rollup originally started by the Privacy and Scaling Explorations team at the Ethereum Foundation. The World App beta was initially launched using Hubble. Then it moved to Polygon's proof of stake network as "Optimism and Arbitrum were too expensive given the project's scale."

World App gives users a way to manage their World ID, a tool for proving personhood online, alongside a range of cryptocurrencies — including bitcoin, ether, dai, USDC and Worldcoin's own forthcoming token. When the app was unveiled earlier this week, Worldcoin said the full version would run on an Ethereum rollup without disclosing which.

"We're incredibly excited to see partners like Worldcoin choosing OP Mainnet as their new home, and joining us in building out the Superchain," Ben Jones, director at the Optimism Foundation, said in a statement. "Today, we're feeling very optimistic about the future of decentralized governance and identity."

Optimism's Superchain vision

Optimism's Superchain is a proposed network of Layer 2s that share security and communication layers and the common OP Stack, according to its website.

Worldcoin began collaborating with Optimism nearly a year ago through joint contributions to EIP-4844, an Ethereum improvement proposal that aims to improve the scalability of Ethereum beyond what's available with Layer 2 networks. Worldcoin said EIP-4844 would reduce Layer 2 fees by a factor of 10.

"EIP-4844 is now expected to be included in the next hard fork of Ethereum. Its potential to accelerate adoption in the Optimism ecosystem could also enable a significant boost in World App transactions across Ethereum L2s with the World App wallet's migration to OP Mainnet," Worldcoin said.

Coinbase also recently started contributing to Optimism's Superchain vision via its Layer 2 network called Base. Once launched, Optimism's Superchain would merge the Optimism Mainnet and other chains into a single unified network of OP Chains (i.e., chains within the Superchain) and mark a significant step towards bringing scalable and decentralized computing to the world, according to Optimism's website.

source: theblock

image source: ai

#polygon #ecosystem #dyor #news #newsbrief

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.