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🇭🇰 Bitcoin and Ethereum ETFs have started trading in Hong Kong, but so far there is no excitement in the reports due to the fact that all the action in Asia is always in the evening 💸 But analysts expect an influx of 1-3 billion by the end of this week, at least ⚠️ $BTC $ETH #BTC #ETH #ETF

🔥 Is Bitcoin’s Bull Market Over? Was $74k The BTC Price Top? Ash Crypto’s recent X post analysis challenges the previous belief that Bitcoin’s peak was $74,000, providing a detailed argument rooted in both on-chain indicators and historical price movements. By examining key metrics like the MVRV Z-Score, NUPL, and Pi Cycle Top, Ash Crypto suggests that the current correction in Bitcoin’s price is within normalcy during a bull market. 🔺 Dispelling Bitcoin’s Top Myths Drawing comparisons to previous market cycles, particularly the significant price drops of 50% and 40% during the peaks of 2017 and 2021 respectively, analyst underscores the relatively modest 16% decline experienced by Bitcoin over 45 days following the $74,000 milestone. This contrast suggests that the current downturn may represent a mid-cycle correction rather than the culmination of the bull run. Furthermore, the analyst highlights Bitcoin’s resilience in the face of various negative events, commonly referred to as FUD (fear, uncertainty, doubt). Despite concerns such as Mt. Gox selling, FBI warnings, and geopolitical tensions, Bitcoin has maintained its position above $60,000, indicating underlying strength and bullish sentiment in the market. 🔺 Anticipating Positive Catalysts Looking ahead, Ash Crypto anticipates further positive developments that could drive Bitcoin’s price higher, such as the commencement of trading for Hong Kong Spot ETFs and the potential approval of Bitcoin ETFs by the Australian Securities Exchange in 2024. Factors like the FASB rule and anticipated rate cuts in 2024 are expected to positively impact Bitcoin’s price trajectory. Finally, he concludes on a note saying that buyers shouldn’t overreact to short-term price changes. Instead, they should use the current correction to their advantage and gradually build up their favorite cryptocurrencies. This is called dollar-cost averaging (DCA). This way of thinking fits with the bigger idea that Bitcoin’s trip is far from over and that the market may be able to go up even more. $BTC #BTC #BullorBear

⭐️ Here’s Where The Shiba Inu Price Is Headed In May According To Historical Data The Shiba Inu price, along with the rest of the crypto market, has suffered uncertain headwinds as a result of massive sell-offs suppressing the price. However, with the month of April drawing to an end, crypto investors are expecting the price direction. One way of getting an idea of where the price might be headed next is using historical data, so here is how Shiba Inu has performed in May, historically. 🔺 How Shiba Inu Performs In May Historical data shows that the month of May her not been particularly bullish for the Shiba Inu price. According to data from CryptoRank, the meme coin has seen more red months in May than green months, suggesting that the trend could continue. The last time that the Shiba Inu price finished in the green in the month of May was back in 2021, which was at the height of the bull market. In the month of May 2021, the price rose a total of 355%. However, since then, the months of May has come in red for the asset. In May 2022, the SHIB price fell a whopping 42.1%, carrying on the bearish trend from the previous month of April, which had seen a 22% decline. Then again, in May 2023, the meme coin also followed the same trend, dropping 15.4% after closing the month of April 2023 with a 6.41% loss. Shiba Inu looks to be following the same trend closely seeing that the month of April 2024 is about to close with an around 24% loss. If history were to repeat itself, then investors could be looking at an average 20% decrease in price next month. 🔺 SHIB Bears Dominate Price Throughout the month of April, the bears have been in control of the Shiba Inu price as the Bitcoin halving did not have the expected bullish effect. This has carried on to the end of the month, and as stated above, looks like it will carry into the new month. However, it is important to note that the last two years that have seen the SHIB price fall in May have been right in the bear market, so a decline is expected. $SHIB #SHIB

⚠️ 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗮𝗻𝗱 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺 𝗘𝗧𝗙𝘀 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗿𝗶𝗰𝗲𝘀 In January 2024, the launch of Bitcoin ETFs in the United States initially led to significant market declines due to exits from GBTC. However, by the end of February and March, market entries contributed to a rise, reaching BTC‘s all-time highs. Recently, it was announced that Hong Kong-approved spot Bitcoin and Ethereum ETFs have started operating. So, what’s the current situation with Bitcoin and Ethereum? 🔺 How Much is Bitcoin Worth Now? In the last 12 hours, there has been a noticeable increase in the price of Bitcoin. Amid uncertainties, Bitcoin’s price rose from $61,754 to $64,110, marking an increase of nearly 2% in the last 24 hours Following the news, Bitcoin’s price did not show significant movement in the last 15 minutes. The market cap of Bitcoin still rose over 1%, reaching $1.262 trillion but not hitting the critical $1.3 trillion level. On the other hand, the trading volume increased by 57% within 24 hours, reaching $27.7 billion. This suggests that investors are regaining interest in Bitcoin and cryptocurrencies. There is still uncertainty regarding ETFs. While previously approved ETFs in Hong Kong were thought to have significant impacts, ongoing cryptocurrency pressure from China might keep these ETFs from attracting expected interest. How investors will react to these newly launched ETFs in the region in the coming days is eagerly anticipated. 🔺 What is the Price of Ethereum? Another ETF that started operations in Hong Kong is the Spot Ethereum ETF. In the US, the situation remains uncertain, and the recent listing of the Franklin ETF by DTCC is being closely watched. Amidst all this, the price of ETH has approached the $3,200 mark and is currently trading at $3,192. This price represents a 2.97% decrease. The market cap of ETH has decreased to $389 billion, while the 24-hour trading volume has risen by 32%, reaching $15.3 billion. How potential ETF news from the US might impact the price remains a topic of interest. $ETH $BTC #BTC #ETH

⭐️ 𝗕𝗢𝗡𝗞 𝗖𝗿𝘆𝗽𝘁𝗼𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 Bonk (BONK) positioned itself as one of the best-performing cryptocurrencies last week, impacting its trading volume. According to investors, BONK mirrored the existing bullish belief in the market, but the sentiment quickly declined afterward. 🔺 𝗕𝗢𝗡𝗞 𝗖𝗵𝗮𝗿𝘁 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀 Based on the rally that occurred at the beginning of March, the Fibonacci retracement level drawn indicates that BONK was trading just below the 61.8% level. This suggested that attempts to surpass $0.0000293 were unsuccessful, leading to potential further losses. BONK, was clearly rejected at the $0.0000293 level on April 24 and 25, leading to a decline. This level was marked as a significant Fibonacci resistance point at the end of March. On the other hand, the price pullback in mid-April resulted in the meme coin almost retreating to its lowest levels in February. The market structure, indicating a higher time frame, could lead to a larger downtrend if prices fall below the potential bottom level of $0.0000176. Additionally, the formation of a range (purple) could indicate that prices were consolidating before entering an uptrend. RSI at 56 and CMF at +0.1 indicate rising buying pressure and strong capital inflows. These indicators, combined with the market outlook, could suggest an emerging bullish trend. 🔺 𝗧𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗕𝗢𝗡𝗞 Moreover, the range shown in BONK’s price chart indicates that the lowest levels for the meme coin were at $0.000014. The liquidation heat map reflects significant liquidation zones at the $0.000021 and $0.0000315 levels. Consequently, the likelihood of BONK moving towards these levels in the coming period is discussed as being more probable than moving towards the bottom level at $0.000014. Despite all this, it is essential not to forget that the upcoming Fed interest rate decision and economic developments during the week could impact the market. $BONK #BONK

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