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Bitcoin eyes $50,000 target amid strong ETF inflows

#Write2Earn #TrendingTopic #BTC #BullRunAlert

Bitcoin (BTC) is on the brink of breaching the $50,000 threshold as bullish momentum continues to build up amid substantial inflows into spot Bitcoin exchange-traded funds (ETFs). According to data from BitMEX Research, spot Bitcoin ETF net inflows surged from around $68 million at the start of the week to $541 million on Friday, marking the largest influx since the second trading day.

BlackRock still leads the pack, ending the week with over $250 million in net inflows. Fidelity and ARK Invest are not far behind, with around $188 million and $136 million in net inflows, respectively. The Grayscale ETF experienced a record low, with over $51 million in a single-day net outflow.

Fund flows are a vital indicator of investor sentiment and behavior. In general, when investors pour money into funds, it indicates optimism about future profits. On the other hand, when investors withdraw their money, it often signals increasing caution or concern. Strong inflows can drive up prices as increased demand attracts more investors. This can lead to a positive feedback loop, where rising prices draw in even more investment, further boosting prices.

Spot Bitcoin ETFs have now amassed over $10 billion in assets under management, with BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund leading the charge, each managing over $3 billion in BTC, as reported by HODL15Capital.

Bitcoin’s price moved in the same direction with strong ETF inflows and performance. On February 9, the week’s final trading day, the price soared to $48,200, up almost 6% in seven days. This positive trajectory suggests that Bitcoin’s push towards the $50,000 mark is increasingly viable in the near future with strong, persistent spot Bitcoin ETF performance.

NB: Spot Bitcoin funds hold a combined 216,309 Bitcoin within a month of trading, outpacing MicroStrategy’s holdings.

Crypto Price Analysis Feb-9: ETH, XRP, ADA, SOL, and BNB

#Write2Earn #ETH #XRP #ADA #SOL @Storex

Ethereum (ETH)

Ethereum ended the week on a high note with a 9% price increase, making it one of the best performers on our list. In the process, ETH broke the resistance at $2,441 and turned it into support.

The current target of this rally is $2,506, which is the next key level on the chart. If the second-largest cryptocurrency breaks that level as well, then it has a clear path towards $2,700, which is the current high of this year.

Ripple (XRP)

XRP appears to have bottomed, and the price is recovering after closing the week with a 3.5% gain. However, to confirm this reversal, the resistance at $0.54 has to be taken down.

Buyers have good reasons to be optimistic, considering the daily MACD did a bullish cross at the start of February, and now it is picking up speed based on the histogram. This is a welcomed development.

Looking ahead, if XRP can turn the $0.54 resistance into support, then it can aim to move higher toward the key target at $0.68.

Cardano (ADA)

After ADA found good support at $0.46, the price trajectory turned bullish and managed to close the week with a 5% gain. This is promising and may lead to continuation in the next few days.

The current resistance remains at $0.60, and ADA needs a 10% pump to reach it. This appears likely if the overall market maintains its existing momentum.

Looking ahead, Cardano turned bullish and has a good shot at finally breaking the key resistance. If successful, then it can aim to set a new high this year.

Solana (SOL)

Solana is back at the $104 resistance and is trying to break it at the time of this post. The last attempt in late January was rejected. Either way, SOL closes the week in green with a 6% gain.

Momentum favors buyers right now, and they could be successful. If SOL is above $104 tomorrow, then this key level could be confirmed as support, which will allow the price to move higher.

Looking ahead, if Solana turns $104 into support, then the next key target is found at $126.

Bitcoin price rises above $45,000 as miner selling pressure eases off: storexfx Ltd.

#Write2Earn #BTC

Bitcoin BTC +5.32%
broke through the $45,000 mark on Thursday, as on-chain data shows miner selling pressure is beginning to ease off.

According to @Storexfx, on-chain data shows that the largest U.S. publicly traded bitcoin mining companies have continued to increase their bitcoin holdings.

Bitcoin selling pressure eases off

In a weekly report, Storexfx Ltd. said that mining selling pressure has reduced after a period of high sales in November and December of 2023. "Daily selling by miners went from 800+ bitcoin daily in November-December 2023 to below 300 bitcoin daily so far 2024," it said.

Storexfx Ltd. analysts added that miners are holding on to their reserves despite profits from bitcoin network fees having declined. "Bitcoin miner sell pressure has remained low so far 2024 even after daily fees have collapsed 90% from near record-highs in December. The strong decline in fees is related to lower network activity as a result of less transactions coming from inscriptions and BRC20 token mints," the report added.

Data from storexfx Ltd. shows the number of transactions on the bitcoin network has declined from a daily all-time-high of 731,000 in late in December to a current three-month-low of 278,000.

According to The Block's Data Dashboard, the rewards that miners are paid for producing valid blocks and processing transactions have decreased from a multi-year high in December.

BITCOIN Up Swings Causes spike in liquidations

The price of bitcoin has rallied back above the $45,000 mark with the volatile price action causing the liquidation of over $114 million in leveraged cryptocurrency positions.

The price action caused the liquidation of over $49 million in bitcoin leveraged positions, according to Coinglass data. The majority of the BTC liquidations, a total of around $47 million, were shorts.

The world's largest cryptocurrency by market capitalization increased by over 4% in the past 24 hours to $45,300 as at the time of writing

BITCOIN ANNIVERSARY MESSAGE APPEARS IN TIMES SQUARE, New York City, US 🗽

#Write2Earn #BTC @Storex

In Times Square, a mysterious message about Bitcoin’s creator popped up, marking 15 years since its start.

Bitcoin’s price surged past $45,000, showing strength despite economic uncertainty.

Analysts predict further growth if Bitcoin holds above $45,000, with potential resistance near $47,000 to $50,000.

A cryptic message referencing the creator of Bitcoin has emerged on digital billboards in the heart of New York City, marking the 15th anniversary of the cryptocurrency’s genesis block. 

Funded by an anonymous donor and publicized by Colin Wu, a prominent Chinese reporter and crypto insider, the advertisement pays homage to the origins of Bitcoin and its transformative impact on the global financial landscape.

COMMEMORATING Bitcoin’s Genesis block

The message, displayed prominently in Times Square, features a quote attributed to Satoshi Nakamoto, the pseudonymous creator of Bitcoin: “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.” 

This excerpt, alludes to the economic conditions prevailing at the time of Bitcoin’s inception and underscores the cryptocurrency’s role as a response to the traditional financial system’s vulnerabilities.

Against economic uncertainty, Bitcoin has demonstrated remarkable resilience, recently surpassing the $45,000 mark in price. This surge in value reflects technical prowess and underscores the enduring vision behind Bitcoin’s creation. Despite recent volatility, Bitcoin has found firm support at the $42,000 level, a testament to bullish sentiment among investors.

Outlook and potential growth

Looking ahead, analysts point to key resistance levels near the $47,000 to $50,000 range, which, if breached, could signal further growth and a potential retesting of all-time highs. 

Market observers emphasize the importance of maintaining support above the $45,000 level, with positive sentiment such as the potential approval of Bitcoin ETFs and increased mainstream adoption.

Cardano, Solana and Bitcoin in green,
Storexfx Ltd. Reveals💚

#Write2Earn #ADA #solona #BTC @Storex

Cardano climbs 23.5%
Cardano is up 23.5% over the past year, rising from $0.48 to $0.52.

RSI and MACD indicators show that the uptrend is valid.

ADA may rally to $0.9102 by the end of Q4 2024.

Following a trendline breakout, Solana (SOL) price is sustaining above the 50D EMA, giving a rounding reversal from the dynamic support. Further, this completes a potential inverted head and shoulder pattern with a neckline at $102.

The strong resistance at the $102 level comes as a reversal spot of multiple bullish attempts, reflecting a high supply zone. Hence, a breakout above this level will increase the chances of a bull run in Solana by multiple times.

Considering the 21% hike in the trading volume increases to support the bulls, Solana can resurface for a high momentum rally.

As the potential inverted head and shoulder pattern breakout comes closer, the anticipation of a bull run in SOL price is significantly rising. Moreover, with the increasing volumes and the general market sentiments improving, the altcoin shows high potential for a run beyond $125.

Sideline traders can find an entry point if the Solana prices exceed the $102 mark. On the downside, the altcoin might retest the $82 mark.

Bitcoin finds support at $42,800
Bitcoin has support at $42,800 and is consolidating.

Storexfx Analysts forecast BTC to reach $71,373.32 by the end of 2024.

Summary
Bitcoin, Solana and Cardano are firm and may lift the broader crypto markets. Investors have been watching @Storex analysis and exploring its growth potential.

SOLANA MAKES A STRONG COMEBACK, OUTSHINING BITCOIN PERFORMANCE AMID MARKET CHAOS

#Write2Earn #BTC #SOLANA

The week kicked off on a positive note for the market, witnessing a noteworthy upturn. Bitcoin bounced back strongly, hitting $44,780 in the last 24 hours. As a result, major altcoins, prominently Solana, have shown us a commendable surge, outperforming Bitcoin this week and surging back above $102.

Solana Outperforming Bitcoin

In a recent report, renowned blockchain analytics firm Santiment, shared intriguing insights into the cryptocurrency landscape. According to the report Solana (SOL), a well-established altcoin that has surprisingly taken the spotlight by outshining the performance of the leading cryptocurrency, Bitcoin.

Santiment’s analysis focused on the SOL/BTC pairing, revealing a bullish trend that has broken out after a prolonged 21-month downward trajectory. This breakout holds particular significance, attributed to the substantial buying power observed over the past 36 hours registering a positive gain of +4.5%. 

The shift in market sentiment, as indicated by Santiment, has led to Solana significantly outperforming Bitcoin. Since the breakout, Solana has recorded an impressive 140% gain against Bitcoin, signaling a considerable shift in favor of the altcoin.

Solana Technical Analysis

The shift in market sentiment has resulted in Solana outperforming Bitcoin significantly. Since this breakout, Solana has appreciated an impressive gain against Bitcoin.

Currently, Solana (SOL) has seen a notable uptick, hovering at $101.5 with a 5.87% increase in the last 24 hours. This surge follows a strong breakout above the local support level of $94.92. If buyers can hold the gained throughout the day, there is a chance solana hitting $125 mark soon.

ADA Price Prediction: Will Cardano Cross $1 In This Bull Run?🙄
#Write2Earn #ADA #crypto @Storex

With the overall market reflecting a calmness, the altcoins are predicting a storm coming in for the crypto market. As the altcoins are preparing patterns for a reversal or breakout, ADA price is forming a channel in the daily chart. 

Further, the market is ready for a “pre-haling rally” in the coming week that may soon spark a new altcoin season. Hence, the general sentiments support the bullish reversal in Cardano. 

With the increasing bullish expectations, will ADA token prices reach the $10 mark? Find out NOW in our Cardano price prediction. 

Bearish 50D EMA Dominates Cardano

Prolonging the falling channel in the daily chart, the Cardano is showcasing a bearish influence over the price trend. The declining trend resonates with a gradual fall in the trading volume over the period, teasing a downfall.

Moreover, the recent bull cycle in the channel struggles to surpass the 50-day EMA and the overhead resistance trendline. Thus, the ADA price reverts with a double top pattern, leading to a drop below the $0.50 mark.

Currently, ADA price trades at $0.49 and displays a 0.61% intraday fall while teasing a sharp correlation to $0.45.

Technical indicators:

RSI indicator: Despite the declining price trend, the daily RSI line shows a gradual reversal before the oversold boundary line. Further, the bullish divergence is visible, which increases the bullish breakout credibility in ADA price.
Will ADA Price Leap Beyond $0.60?
With the ongoing correction teasing a retest of the 50% Fibonacci level at $0.454, the ADA price trend expects a drop in the short term. However, the growing divergence and the change in market sentiment tease a bullish reversal in Cardano, potentially leading to a channel breakout.

In such a case, Cardano can reach the $0.668 mark in the coming week. On the downside, a drop below the support trendline can test $0.40.

ANALYST SAYS WE’RE NOT IN BULL MARKET FOR BITCOIN YET, REVEALS FACTOR NEEDED TO TRIGGER A BULL RALLY 🤔
#BTC #BullRunAlert #Write2Earn @Storex

CryptoQuant, a leading cryptocurrency analysis company, recently highlighted the importance of the Market Value to Realized Value (MVRV) ratio in understanding Bitcoin's market behavior.

Comparing Bitcoin's market value to its realized price, the MVRV ratio serves as a critical indicator of investor profitability and market valuation.

According to the analysis, the historical MVRV ratio levels of 1.50 and 2.00 played important roles in previous bull markets.

The 1.50 level in the MVRV ratio is often referred to as the “capitulation zone” for Bitcoin. According to the analytics company, this level indicates extreme fear and panic among investors and typically leads to selling.

According to analysts, the fact that bull markets in 2015, 2018 and 2020 started near or below the MVRV 1.50 level indicates that bottom formations have occurred at this point and investors have started to accumulate again.

In contrast, the 2.00 level in the MVRV ratio is known as the “bull market trigger” for Bitcoin. This level indicates that investors' confidence is increasing and buying pressure is accelerating. According to analysts, in 2013, 2017 and 2021, bull markets gained momentum after the MVRV ratio exceeded the 2.00 level, showing that investors believed in Bitcoin's upward trend and were willing to invest more.

As of February 5, 2024, the MVRV rate is around 1.80. According to analysts, this shows that Bitcoin is still near the bottom zone and a bull market trigger has not yet occurred. CryptoQuant suggests that a bull rally could be triggered if the 2.00 level is breached.

HOW WILL SHIBARIUM AFFECT SHIBA INU’S PRICE?...... Continuation of the previous post🤔
#Write2Earn #SHIBNEWS @Storex
The panelists were also asked how much impact Shibarium could have on SHIB’s price. Only 25% of them believed that the layer-2 network would positively affect it, while 22% believed that there would be no impact on SHIB’s price.

Meanwhile, 50% were undecided about whether Shibarium would positively or negatively impact the crypto token’s price. The remaining 3% opined that It would negatively impact SHIB’s price. Having seen how much Shibarium has positively affected not just SHIB’s price but the entire ecosystem, it is obvious that the 25% were right.

One way in which Shibarium’s impact on Shiba Inu is evident is the magnitude of token burns that have been carried out since the layer 2 network launched. Bitcoinist had reported how Shibarium accounted for almost half of the total SHIB tokens that were burned last year. These token burns are one of the mechanisms devised to help increase the crypto token’s value.

PANEL OF INDUSTRY EXPERTS MAKE BOLD PREDICTIONS FOR SHIBA INU PRICE.

The Shiba Inu (SHIB) price is once again the center of discussion, as a group of experts gave their opinion on how much the meme coin could be worth soon. Based on their predictions, SHIB could eat up another zero by next year.

Shiba Inu Price To Make A Huge Leap By 2025

According to a survey carried out by Finder, a prominent fintech platform, 55 fintech specialists expect that Shiba Inu will rise to $0.00004930 by 2025. If that happens, it will represent a significant increase from its current price level, with the meme coin’s price currently one zero behind, trading at around $0.000008

One of the panelists, Alexander Kuptsikevich from FxPro, seemed cautious of SHIB’s future trajectory, considering its status as a meme coin. He stated how SHIB was “just one of many meme coins” and that it was “unlikely to roar as it did in 2021.” That happened to be the year the crypto token saw a jaw-dropping gain of 46,000,000%.

Another panelist, Unocoin Technologies CEO Sathvik Vishwanath, is said to be one of the few panelists who gave SHIB a hold rating. He noted how the crypto token can be a “good investment,” one with a growth potential of 100% in the next few years. However, he advised that it was better to invest in SHIB moderately as it hasn’t yet “found its true value.”

Kunal Sawhney, the CEO of Kalkine Group, highlighted how difficult it was to predict SHIB’s price, claiming that it was even easier to predict the prices of more dominant tokens like Bitcoin and Ethereum. The reason for his stance is based on the fact that SHIB remains a meme coin “no matter what the project claims about the new blockchain Shibarium.

.... In our next article, we'll look at How Shibarium affect shib Inu's price 👍#Write2Earn #SHIB

#BTC

Wall Street Journal: Bitcoin halving may push prices up to $240,000

Scott Melker notes in the Wall Street Journal that the price of Bitcoin appreciated 250.86% in the last halving cycle, so we expect the price of Bitcoin to be around $240,000

summary

Scott Melker pointed out in The Wall Street Journal that in the previous halving cycle, the price of Bitcoin rose from $20000 to $69000, and emphasized climbing up of 250.86%. He said that if a similar trend occurs, “we expect the price of Bitcoin to be around $240000.”

The fourth halving of Bitcoin is imminent, and this time it may receive unprecedented attention due to the impact of BTC spot ETFs. This halving marks a reduction in Bitcoin mining rewards from 6.25 BTC per block to 3.125 BTC per block. These supply reductions occur every 210000 blocks or approximately every four years as part of Bitcoin’s gradual and deflationary approach to reach its final circulating supply limit.

The limited supply of 21 million Bitcoins is a fundamental feature of Bitcoin. The predictability of supply and inflation rates has always been a core factor driving the demand and supply of Bitcoin as a superior form of currency.

Halving the regular supply is the ultimate mechanism to achieve limited supply.

Over time, halving Bitcoin is one of the most fundamental reasons driving the transformation of Bitcoin incentive mechanisms.

As Satoshi Nakamoto stated in Section 6 (Incentives) of the White Paper:

“This incentive measure can also be funded through transaction fees. If the output value of a transaction is less than its input value, the difference is the transaction fee, which will be added to the incentive value of the block containing the transaction. Once a predetermined number of tokens enter circulation, the incentive measure can be fully transformed into a transaction fee and is completely unaffected by inflation.”

From a historical perspective, the halving is related to the significant appreciation of Bitcoin prices, offsetting the impact of the halving of miner subsidies.

#Write2Earn #BNBSurge #ETH
BINANCE RECLAIMS 50% MARKET SHARE As Binance Coin (BNB) REBOUNDS, Ethereum (ETH) Increase by 2% in One Week

The crypto market is gearing up for bullish momentum as some tokens have begun to showcase bullish patterns. The Binance coin (BNB) is expected to thrive after the exchange regains 50% of its market share.

After the ETF debacle, Ethereum (ETH) has also begun to display signs of recovery. With Binance coin and Ethereum continuing their journey to bullishness

Binance Reclaims Dominance in the Crypto Market Share as Binance Coin (BNB) Expected to Surge

A report coming from the data analytics provider Kaiko has revealed a strong upturn in form for the Binance market share. The exchange recovery is a major plus for the Binance coin (BNB) as it stages a rally to the $340 mark.

With the Binance coin trading charts indicating bullishness since November, its present momentum could be halted by a strong resistance at $310. A successful breakout of this level could be a catalyst for more upward momentum for the Binance coin price.

Ethereum (ETH) Improved by 2% in One Week as Holders Ponder Moves
Ethereum is staging a bullish return after the ETF saga kept the token in the downtrend. A slight increase of 2% in the last week has put Ethereum in the spotlight again as investors ponder whether to hold or sell.

Although this Ethereum growth may have been less than expected, it represents a great shift in Ethereum price as the bull run gets near. If the whales can consolidate their effort on Ethereum, the price may reach $2500 in the bull run.

#Write2Earn #BTC
Bitcoin Bull President Declares Election Victory! Will Bitcoin Investments Continue? Here are the Details

El Salvador's pro-Bitcoin president Nayib Bukele declared victory in the 2024 presidential election on Sunday, before the electoral college announced the official results.

Bitcoin Advocate Nayib Bukele Claims Victory in El Salvador Presidential Elections

“According to our numbers, we won the presidential election with more than 85% of the votes and at least 58 out of 60 Parliament deputies,” Bukele said. This claim is supported by CID Gallup's exit poll data showing that 87% of voters preferred him.

If official voting results confirm Bukele's victory, Bukele will serve as president until 2029.

Bukele, whose popularity increased after touching on gang crimes in the country, is expected to continue his support for Bitcoin.

The government plans to protect bitcoin as legal tender if re-elected, vice president Felix Ulloa told Reuters last week.

Bukele led El Salvador's decision to accept Bitcoin as legal currency in September 2021.

According to Bukele, the country has since accumulated a portfolio worth $131 million by purchasing Bitcoin, making a profit of $3.6 million as of early December last year.

In December, El Salvador introduced the Freedom Visa, which aims to offer residency or citizenship to up to 1,000 applicants per year in exchange for a $1 million investment in Bitcoin or USDT.

This move further underlines the country's commitment to embracing cryptocurrency.

*This is not investment advice.