Renowned by hundreds of thousands of investors, today a prominent figure in the market has shared his latest predictions. Although the price of Bitcoin momentarily turned bullish after news of the ETF application a few hours ago, investor appetite has not yet increased to the desired level. Nonetheless, it is encouraging to see the king of cryptocurrencies attempting to solidify its position above $25,500.

Bitcoin Analysis by Crypto Guru

Michaël van de Poppe suggests that Bitcoin needs to garner more demand and highlights that it has been losing its supports one by one. The noteworthy point here is that the current outlook may indicate the possibility of a deeper bottom.

"Here we go with Bitcoin. Sweeping the lower levels. Seeing the reaction around $25,000 is of significant interest."

Following van de Poppe's post, BTC dropped to $24,800 but made a considerable recovery in the evening. The analyst's view was that if the $24,500 region cannot hold, BTC may seek a deeper bottom around $23,000.

"Not a great morning as indices are doing really well while Bitcoin is correcting (in line with Gold). Tether (USDT) peg issue, hence market is nervous. Still in the area of interest, but we need to stay above $24,500 to prevent a gradual drop towards $23,000."

Altcoin Analysis

Focusing on the cumulative value of cryptocurrencies, Poppe states that the markets are currently unable to sustain above the 200-week moving average (MA) of the Total Market Cap, which stands at $1.05 trillion. The cumulative value has helped anticipate significant corrections multiple times this year. If the support of $1.05 trillion cannot be maintained, it could lead to worse days than in 2022. In an environment where BTC dominance is around 47%, no altcoin investor would want the cumulative value to drop below $1 trillion.

"The cumulative value had to stay above $1.05 trillion (i.e., the 200-week MA). That didn't happen, so the price started to decline, even rejecting this level. If any rally is expected, it needs to be reclaimed as soon as possible; otherwise, we will test $800 billion and $950 billion."

This article is not investment advice. Anyone considering investing should do their own research and take their own risks.

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Plaintiff Jeffrey Huang claims his reputation was damaged when ZachXBT allegedly falsely accused him of embezzlement.

Blockchain investigator ZachXBT has been sued for libel by one of the people he accused of fraud, according to a June 16 social media post. According to the post, Jeffrey Huang, known as “MachiBigBrother” on Twitter, has accused ZachXBT of damaging his reputation through false allegations.

MachiBigBrother also posted an announcement stating that he is suing the on-chain sleuth.

ZachXBT responded to the lawsuit by calling it “baseless” and “an attempt to chill free speech.” He pledged to “fight back” against it.

In a thread responding to his own post, ZachXBT linked to the Medium post that is accused of being libelous. Titled “22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang),” the article accused Huang of launching “over 10 failed pump and dump tokens and NFT projects,” including treasury management service Formosa Financial.

One of the claims made in the article is that Formosa Financial co-founder George Hsieh removed 11,000 Ether 

ETH

 from the project’s treasury:

“Formosa Financial took a turn for the worse when two withdrawals of 11,000 ETH each were made from the Formosa Financial treasury wallet on June 22nd 2018. Unbeknownst to investors, cofounder George Hsieh acting as the sole director of the company, pushing a share buyback through himself, executing on both sides.”

The article claimed that Hsieh subsequently left the project, leaving other officers in charge. According to ZachXBT, the funds drained from the treasury were sent to numerous other wallet accounts shortly afterwards, including one that also received funds from ENS domain harrisonhuang.eth.

In combination with other blockchain data, ZachXBT concluded that “these addresses tie back to Jeff Huang/Mithril.” ZachXBT blamed Jeff Huang for the draining of funds, stating “This chart displays the ETH inflows of angel/private round funds into the multisig before the two 11,000 ETH withdrawals were made by Jeff and George on June 22, 2018.”

Related: Project takes off with $31.6M in alleged exit scam

Cointelegraph has obtained the complaint filed June 15 on behalf of Jeffrey Huang in the United States District Court for the Western District of Texas, Austin Division. In it, Huang’s attorney claims that his client did not drain funds from the Formosa Financial Project, stating:

“Not only did Plaintiff not embezzle funds from the Formosa Financial project, he also never had control of any Formosa Financial funds, making embezzlement factually impossible. Indeed, on information and belief, Defendant understood perfectly well that, as a mere outside adviser to the Formosa Financial project, Plaintiff would have no way of directly accessing the allegedly stolen funds in the first place.”

Furthermore, Huang’s legal team claimed that the founders of the project were most likely the ones who stole the ETH from the treasury, as ZachXBT’s arguments “fail to account for the much more likely and obvious explanation that company insiders, rather than an outside advisor like Plaintiff, coordinated to orchestrate the transfers.”

The lawsuit also claims that ZachXBT earns money from donations as a result of his work as an on-chain sleuth, which it alleges is the real reason that he published the article.

In his June 16 Twitter thread, ZachXBT denied these allegations, stating that Huang is trying to “silence” him. “It is sickening to see it come to this,” ZachXBT stated, “but I knew one day this would happen as the price of telling the truth is sometimes people dislike what you say.”

ZachXBT has previously revealed data on many different crypto scams and exploits. On June 10, he identified activity associated with $1 million in crypto drained through Twitter phishing scams. On June 4, he revealed estimates that $35 million had been lost from an exploit of the Atomic Wallet app.

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The charts are indicating that the leading cryptocurrency Bitcoin (BTC) may be poised for a bull run in 32 days. What does this mean?

The recent price increase of Bitcoin (BTC) is showing similar signals to the previous two increases, suggesting that Bitcoin has the potential to rise for another 32 days. Since hitting its lowest level of the year at $15,400 in November 2022, the BTC price has experienced three significant increases within a few days. The first increase took the price to a critical horizontal resistance level of $21,300 on February 14, 2023. The second increase brought the price to another important horizontal resistance level of $25,200 on March 14.

The common characteristic of these two increases is that instead of being rejected and experiencing a sharp drop, the BTC price consolidated just below the resistance level (blue ellipse) for a few days, and then continued to rise for another 32 days after the breakout. Recently, the BTC price has increased by over 20% within a few days. A similar pattern has emerged as Bitcoin is approaching a significant resistance zone at $31,000 (yellow ellipse). If history repeats itself, there is a possibility that the BTC price will surpass this zone and continue to rise for another 32 days. Assuming that prices break above this zone tomorrow, the potential uptrend could continue until July 25, 2023.

Weekly Timeframe Bitcoin Bull Structure

The weekly chart reveals an upward trend in BTC price since hitting the year's lowest level at $15,400. For instance, Bitcoin price surpassed the critical resistance level of $25,200, which is the highest level and forms the lowest point of the previous downtrend. It confirmed this as support during the week of June 12-19. It also signals the end of the previous downtrend and indicates the entry into a bull cycle for BTC.

By using Fibonacci retracement levels to identify the local high of the fluctuation, it can be observed that BTC price may rise to the 1.618Fib level at $35,000 and potentially to the 2.618Fib level at $41,000 from the recent downtrend movement at $30,000. Technical signals and historical data indicate that BTC price will likely continue its upward trend in the future. The initial main targets ahead are $35,000 and $41,000. It is worth noting that at the time of writing, BTC is trading at $30,655.

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This article is not investment advice. Anyone considering investing should do their own research and take their own risks.