*BITCOIN_#PRICE_PERFORMANCE*
In the short-term picture, the Bitcoin price trend is under extreme supply pressure, evident by the ongoing pullback. As the pullback grows intense, the BTC price is on the verge of violating the $60,000 support twice in a matter of days. Thus, the biggest crypto, dominating almost 53% of the industry, is losing its bullish grip. pasted image 0 (20).png
Currently, the BTC price trades at $60,810, with a Doji candle forming in the monthly chart. Further, the 5% drop this week puts the support zone at risk and warns of a downfall.

However, if the history stays true, the Bitcoin is awaiting a pivot point for a massive bull run in 2024. So, let’s ask the Artificial Intelligence, ChatGPT, to predict when will the bull run start.
#ETFvsBTC

Bitcoin price has rallied by 21% over the past 7 days, reaching $52,000 for the first time since December 2021. The price surge is mainly attributed to the growing inflow into spot Bitcoin exchange-traded funds (ETF) reaching a peak of $631.3 million on Feb. 13. Traders are speculating whether over-the-counter (OTC) desks have depleted their coin reserves, leading them to resort to spot buying on regular exchanges and creating an unbalanced situation favoring bullish momentum.

While such a hypothesis is easy to believe and somewhat misleading, on-chain data from Glassnode shows a decrease in short-term holders' supply, and if conditions are sustained, Bitcoin price could rally above $55,000.

Short-term Bitcoin holders have been selling at a fast pace

It's essential to dispel the misconception that arbitrage desks are always net long (buyers), which implies that they have directional exposure to the price. While having a significant spot market position is crucial for their business, it is often hedged using derivative contracts. Similarly, not every OTC deal requires a buyer and seller, as intermediaries ca spot exchanges' order books and futures contracts to fulfill requests. In short, whether the arbitrage desk has a 'buffer' to immediately transfer coins or not does not alter the price dynamic.

Consequently, if spot Bitcoin ETF issuers added a net $1.84 billion BTC in the past week, other entities must have sold the same quantity. The crucial question for price formation is how desperate each side is to close the deal. Long-term holders, addresses that have not moved their coins in over 6 months, are typically less likely to sell after a price rally. This is why analysts turn to on-chain analysis to provide a rough idea of how resilient the market may be amid fluctuations as a gauge of investor strength and conviction.
Data indicates that short-term holders, addresses funded less than 6 months ago, significantly increased their transactions to exchanges by an average of 49,504 BTC per day in the past week. In comparison, long-term holders.#Write2Earn‬

The Dencun upgrade is designed to reduce costs for layer-2 transactions and data availability on Ethereum, in the blockchain's biggest changes since April 2023.

The upgrade was successfully deployed Wednesday on the third of three test networks.

Ethereum developers set a target date of March 13 for its long-awaited Dencun upgrade during a bi-weekly coordinating call on Thursday, officially triggering the countdown to the blockchain's biggest changes since April 2023.

The Dencun upgrade is primarily known for its "proto-danksharding" feature, which is supposed to reduce costs for transactions on auxiliary "layer-2" networks built atop Ethereum, by providing a dedicated space for data storage.

The decision was communicated during the all core developers consensus layer call 127 – just one day after the upgrade was successfully added to the Holesky testnet, the third of three test networks, without any hiccups.

"It's great to see years worth of effort finally being scheduled for Ethereum mainnet," said Parithosh Jayanthi, a devops engineer at the Ethereum Foundation, to CoinDesk over Telegram.

The precise moment of the Dencun upgrade on the main Ethereum network – also known as a "hard fork" – will trigger when the blockchain reaches slot 8626176, occuring at 13:55 UTC on March 13.

The date needs to be ratified by developers and confirmed via the open-source software platform GitHub.

Dencun will enable a new type of transaction class called “proto-danksharding,” which will help reduce the costs of transactions for rollups, through the introduction of data “blobs,” a new category for storing data.

Ethereum Data Availability

It’s also supposed to help reduce the cost of data available on Ethereum, thus making projects like Celestia, Avail, and EigenDA more attractive.

Developers have run through three tests in order to ensure that Dencun will run smoothly on mainnet, culminating in this week's deployment on the Holesky testnet.

Proto-danksharding is the first iteration of a technical feature, known as “danksharding,” that developers are

Bitcoin targets $48,000 in the short term fueled by a strong historic track record around the Chinese New Year, 10X Research's Markus Thielen said.

BTC could hit $52,000 by mid-March with the bull run peaking in 2025, Thielen added.

Bitcoin (BTC) is headed towards $48,000 in the short term after its breakout fueled by a strong track record of gains around the Chinese New Year celebration, according to Markus Thielen, head of research at Matrixport and founder of 10x Research.

"The next few days are of paramount statistical importance as bitcoin tends to rally by +11% around Chinese New Year, starting on February 10 (Saturday)," Thielen wrote in a Thursday report. "During the last 9 years, Bitcoin has been up every time traders would have bought bitcoin 3 days before and sold it ten days after the start of the Chinese New Year."

The largest crypto by market capitalization surged past $45,000 Thursday after yesterday clearing a key resistance level around $44,000, which had been capping prices since the spot ETFs began trading in the U.S. about four weeks ago.

Thielen described the breakout as "very important" in that it marked the end of a corrective period that saw BTC decline to $38,500 in late January. "This opens the door to our shorter-term target of $48,000," Thielen added.

Bitcoin to $52,000 by mid-March

Looking further ahead, Thielen forecasted further upside for bitcoin based on Elliott Wave theory, a technical analysis that assumes that prices move in repetitive wave patterns. Price trends develop in five stages, according to the theory, of which waves 1, 3, and 5 are "impulse waves" representing the main trend. Waves 2 and 4 are retracements between the impulsive price action. BTC completed its wave 4 retracement by correcting to $38,500, according to Thielen, and has now entered its last, fifth impulsive stage of this uptrend targeting $52,000 by mid-March.

3 Cryptocurrencies Under $0.1 That Can Rally Like Shiba Inu Shiba Inu (SHIB) is one of the most popular cryptocurrencies in the market. Early investors in SHIB have reaped millions of dollars in profit. Since its launch in August 2020 to its all-time high in October 2021, SHIB’s price rallied by many million percent. Unfortunately, many new investors believe they have missed the boat with the popular memecoin. However, there may be a few alternatives that could rally the way SHIB did in 2021. Top 3 cryptocurrencies under $0.1 that may rally like Shiba Inu (SHIB) Bonk (BONK): BONK is a Solana (SOL)-based dog-themed memecoin. The token’s price skyrocketed in 2023, rising by over 900% since January last year. BONK has faced a correction over the previous few weeks and is down by 12% in the weekly charts and over 37% since December 2023. BONK’s rally in 2023 could be due to SOL’s price surge throughout the year. Moreover, other SOL-based cryptocurrencies, such as Dogwifhat (WIF), also witnessed big rallies. BONK has the potential to rally similarly to Shiba Inu’s (SHIB) 2021 bull run. Dogecoin (DOGE): Dogecoin (DOGE) is Shiba Inu’s (SHIB) main rival, making it the prime candidate for a SHIB-like rally. There is a lot of talk about X, including DOGE in its payment feature. If DOGE makes its way into the payment feature, we may see a surge in adoption, potentially leading to a price spike. VeChain (VET): VeChain (VET) is another popular cryptocurrency under $0.1 that has the potential to rally like Shiba Inu (SHIB). VET is a supply chain-based project that is involved in a lot of climate-change-related initiatives. Given that environmental issues are in the spotlight, VET might see a surge in its price soon. #InvestmentStrategies

The price of bitcoin (BTC) soared more than 6% on the first day of the new year, as the leading cryptocurrency blew past $45,000 for the first time since early April 2022.

As has been the case for the past several weeks, anticipation that the U.S. Securities and Exchange Commission (SEC) will green light the launch of a number of spot bitcoin ETFs appears to be the catalyst for the move higher. A Reuters report over the weekend suggested the regulatory agency could begin notifying ETF sponsors as soon as Tuesday that their applications were to be approved

S Naren, ED & CIO, ICICI Prudential AMC, says “staying invested in the old money is a very easy thing to do. It is the new money where we are telling people be careful and invest carefully, do not invest only in pure equity, invest in across asset classes because if you invest only in pure equity and you say yes, I am going to invest in smallcap after a three-year 40% CAGR, then the risk is higher. So, invest in all the asset classes, invest in debt also through hybrid strategies and that is what we are telling people. But as far as old money is concerned, let it run.” 2023 was a record year. Smallcap, midcap, largecap, gold, bond market, bitcoin, just about everything gave stellar returns. How much of the 2023 frenzy is likely to extend itself in 2024?S Naren: It is tough to say. We manage other people's money and the money is collected at various points of time. When we launched NFOs in 2021 and 2022 like flexicap, business cycle, PSU, transportation, housing, many of us used to tell us, are you not launching at an inappropriate time? And it is such a happy feeling to see that each one of the NFO investors are a happy lot these days. But going forward it is very challenging. So, it is very easy to tell the old investors, you are happy investors, stay invested, but what to do with the new savings and what to do with new money if you want to allocate is a very big challenge for investors. Having seen markets for a long period of time, what we have seen is that worst mistakes are made in big bull markets by investors, by mutual fund distributors, by fund managers whether it is in 1992, 1994, 1999, 2007, etc. Unlock Leadership Excellence with a Range of CXO CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Chief Marketing Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitIndian School of BusinessISB Chief Digital OfficerVisitWhen we went back at ICICI and looked at what was the way to avoid the mistakes, what we found was asset allocation is the only way to reduce the mistakes and that is what we are telling people at this point o