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Analysts believe that Bitcoin and altcoins might enter a new upward trend over longer timeframes, as the signs become more apparent despite the recent consolidation in BTC's price. Bitcoin surpassed $64,000 before the weekly close on April 28, while altcoins sought to rebound. Data from TradingView indicated a stronger price action for BTC over the weekend. After hitting weekly lows of $62,400, BTC/USD bounced back and managed to hold a higher ground, settling around $63,500. Altcoins also performed well during "off-hours" trading, with the total market cap for altcoins rising by about 1% on the day. "The altcoins have rebounded quite well, but they still need to break the pattern of setting weekly highs from Monday to Tuesday," replied the popular trader Skew on X (formerly Twitter), referencing recent market trends. Skew, however, suspected that selling pressure might kick in for Bitcoin around its peak levels, potentially holding back the bulls from making further progress. "The altcoins have rebounded quite well, but they still need to break the pattern of setting weekly highs from Monday to Tuesday," replied the popular trader Skew on X (formerly Twitter), referencing recent market trends. Skew, however, suspected that selling pressure might kick in for Bitcoin around its peak levels, potentially holding back the bulls from making further progress. #BTC #bitcoin #bitcoinhalving #AltcoinStrategies #Cryptocurrencies

Analysts believe that Bitcoin and altcoins might enter a new upward trend over longer timeframes, as the signs become more apparent despite the recent consolidation in BTC's price.

Bitcoin surpassed $64,000 before the weekly close on April 28, while altcoins sought to rebound.

Data from TradingView indicated a stronger price action for BTC over the weekend. After hitting weekly lows of $62,400, BTC/USD bounced back and managed to hold a higher ground, settling around $63,500.

Altcoins also performed well during "off-hours" trading, with the total market cap for altcoins rising by about 1% on the day.

"The altcoins have rebounded quite well, but they still need to break the pattern of setting weekly highs from Monday to Tuesday," replied the popular trader Skew on X (formerly Twitter), referencing recent market trends.

Skew, however, suspected that selling pressure might kick in for Bitcoin around its peak levels, potentially holding back the bulls from making further progress.

"The altcoins have rebounded quite well, but they still need to break the pattern of setting weekly highs from Monday to Tuesday," replied the popular trader Skew on X (formerly Twitter), referencing recent market trends.

Skew, however, suspected that selling pressure might kick in for Bitcoin around its peak levels, potentially holding back the bulls from making further progress. #BTC #bitcoin #bitcoinhalving #AltcoinStrategies #Cryptocurrencies

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While Bitcoin's steady decline, which started in April, continues into May, investors are eagerly awaiting the start of the real bull rally. At this point, popular analyst Ali Martinez mentioned to investors that the MVRV rate for Bitcoin indicates a potential bottom. Martinez explained that whenever the MVRV rate drops below 9%, it is typically followed by significant price increases, pointing out that the current BTC MVRV rate is 11.6%. According to him, if past patterns hold, the MVRV ratio is signaling a bottom and a potential rise in Bitcoin. Looking at historical data, he noted that during the last three instances when the MVRV rate fell below 9%, the price of Bitcoin increased by 64%, 63%, and 99% respectively. Martinez said: "The last three times in the past two years when Bitcoin's 30-day MVRV fell below 9%, BTC's price increased by 64%, 63%, and 99% respectively. The current 30-day MVRV for Bitcoin is at 11.6%. This might indicate that it's a good time to buy the dip!" Analyzing the historical trends of Dogecoin, the analyst noted that the ongoing correction in DOGE's price is consistent with its typical pattern before significant bull runs. Looking at its behavior in 2017 and 2021, he explained that DOGE usually breaks out of a descending triangle and then undergoes a significant pullback before experiencing a bull rally. He mentioned that DOGE recently broke out of a descending triangle and experienced a 47% drop, suggesting that this could precede a significant bull run. "In 2017, DOGE broke out of a descending triangle, then retreated 40% before a 982% bull run! In 2021, DOGE broke out of the descending triangle again, then pulled back 56% before surging 12,197%! Now, in 2024, DOGE has broken out of the descending triangle once again! It's currently undergoing a 47% correction, which is very similar to previous cycles, and this could be setting the stage for the next big DOGE bull run!" #BTC #bitcoinhalving #bitcoin #Dogecoin‬⁩ #Cryptocurrencies
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There are several indicators suggesting that the launch of EigenLayer's EIGEN token is approaching quickly. To start, the Eigen Foundation registered certain subdomains for the token launch on their website, which has been taken as a sign that the EIGEN token is about to be released. Additionally, developers published the EIGEN token's whitepaper on GitHub, further hinting at the token's imminent launch. EigenLayer is viewed by some as one of the most highly anticipated airdrops in cryptocurrency history. EigenLayer revolves around the concept of "restaking," which allows the security of the Ethereum blockchain to be reused for additional protocols, specifically Application-Specific Validators (AVSs). In essence, restaking involves taking ETH that investors have staked on the main Ethereum chain and using it again to secure other protocols such as blockchain bridges, cryptocurrency exchanges, or data storage systems. The benefit for EigenLayer investors, known as "Restakers," is that they can earn additional returns on top of the interest they already receive for staking ETH. EigenLayer also has a fee structure that provides a source of revenue, which it plans to use to pay interest to depositors, serving as a key incentive for restaking. Requests for the EigenLayer token will begin on May 10. The EIGEN token will launch with a total supply of 1.67 billion tokens. The foundation has allocated 45% of the tokens to its community. This allocation is further divided into stakedrops (15%), community initiatives (15%), and ecosystem development (15%). Moreover, 29.5% of the tokens will go to investors, while early contributors will receive 25.5%. Both investors and early contributors will have a three-year lock-up period for their allocations. This includes a full lock-up for the first year, followed by a gradual release of assets at a rate of 4% per month over the following two years. #Airdrop_Opportunity #Cryptocurrencies #AltcoinStrategies #Altcoins👀🚀 #EthereumPower
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