🚀 Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’
Bitcoin miners are reselling their holdings as BTC struggles to maintain the $70,000 level. Data from CryptoQuant shows that BTC flows from miners' wallets to exchanges reached a two-month high last weekend, a sell sign.
“Miners were competing for 900 BTC per day less than two months ago, but now they are competing for 450 BTC per day across the network,” said HC Wainwright analyst Mike Colonnese. “The mining economy is down 45% from pre-halving levels, so market “We're not surprised to see some of that sales force.”
CryptoQuant data shows that hourly BTC transfers from miners to exchanges reached over 3,000 Bitcoins on June 9. The next day, miners sold 1,200 BTC in the over-the-counter markets.
Bitcoin price dropped to around $66,000 on June 13. BTC price has struggled to surpass the $70,000 level since breaking its record high of $73,797.68 on March 14.
“The sell-off occurred in the context of lower revenues following the halving,” said Julio Moreno, research manager at CryptoQuant. He added that daily BTC miner revenues are around $35 million today, down 55% from the 2024 peak reached in March.
The Bitcoin network's total daily transaction fees are more than 44% lower than before the halving. Despite record levels of transactions on the network, the median transaction fee remained low. The hash rate of the Bitcoin network has barely dropped since the halving on April 19, indicating that the same amount of computing power is competing for a decreasing amount of block rewards, putting additional pressure on miners' profitability.
Colonnese said major publicly traded miners are doing well after the halving. His top companies are CleanSpark and Iren, formerly Iris Energy: “We estimate that the group currently produces over 50% gross margin on $70,000 worth of BTC, while the entire cash cost of producing one Bitcoin for the group averages $45,000.”
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#BTC price wobbles ahead of Fed’s rate decision
Bitcoin (BTC) dipped as low as $59,500 on Binance ahead of tomorrow’s Federal Open Market Committee (FOMC) meeting. Market participants are bracing for a hawkish stance from the Federal Reserve (Fed), with expectations set for unchanged interest rates.
The CME FedWatch Tool indicates a mere 4.4% of economists predict a rate cut—the first in over a decade—while a dominant 95.6% anticipate rates to hold steady between 525-550 basis points.
According to The Kobeissi Letter, current market data indicates a 36% probability that there will be no interest rate cuts this year. Four months ago, the likelihood of maintaining current rates was only about 5%.
Expectations have also shifted to just one reduction this year. Previously, the market anticipated six rate cuts. Additionally, the probability of experiencing two or more rate cuts has diminished to 31%.
💡Stagflation risk
Amidst this financial climate, the US grapples with stagflation risks as inflation persists and economic growth slows.
The first quarter of 2024 saw GDP growth decelerate to 1.6%, falling short of the 2.2% forecast and down from the previous quarter’s 3.4%. Concurrently, the US Core PCE inflation index climbed from 2.0% to 3.7%.
Fed Chair Jerome Powell stated that recent data does not make the Fed more confident, suggesting a longer timeline to regain economic stability. He expressed belief in the adequacy of current policies to navigate the risks at hand, hinting at sustained high-interest rates without increases.
Bitcoin’s trajectory mirrored these economic uncertainties, dropping below $62,000 earlier in the week due to renewed stagflation worries.
A brief rally above $64,000 occurred with the launch of spot Bitcoin and Ethereum ETFs in Hong Kong yesterday, but the momentum was short-lived as investor caution set in ahead of the Fed’s key decision.
$BTC #BTC #bitcoin☀️

GameStop Stock Price Fluctuates, Anthony Scaramucci Suggests Bitcoin Investment
According to CryptoPotato, GameStop's stock price has been a hot topic in both cryptocurrency and traditional finance circles in recent days. The company's stock price experienced a significant fluctuation this week, skyrocketing by 130% before falling by 55%. Anthony Scaramucci, a well-known Bitcoin advocate, has suggested that GameStop should invest in Bitcoin.
GameStop was the focus of attention this week, with many people interested in meme trading eagerly awaiting Keith Gill's live stream. Gill, also known as Roaring Kitty, went live on YouTube for the first time in nearly four years. Earlier in the day, GameStop announced plans to sell up to 75 million additional shares as the stock price rose above $60. This news was not well received by the market, and GameStop's stock price fell by more than 50%, currently trading below $30.
Anthony Scaramucci of SkyBridge Capital proposed an intriguing idea in response to GameStop's situation. He suggested that GameStop should invest in Bitcoin.
One of the most anticipated events of the day was Keith Gill's live stream on YouTube. Gill, who gained fame for amassing a large position in GME and being a key player in the stock's massive rally in 2020, spoke live on a broadcast that garnered over half a million views in a few hours. It's worth noting that several GME-inspired meme coins were trending upward before the stream. However, as the stock price fell, so did these meme coins. For example, GME and ROAR fell by approximately 25% and 35%, respectively, during the stream. Gill confirmed during the stream that he is still holding his positions and has not opened new ones.$BTC

Bitcoin(BTC) Drops Below 69,000 USDT with a Narrowed 2.82% Decrease in 24 Hours
On Jun 07, 2024, 18:14 PM(UTC). According to Binance Market Data, Bitcoin has dropped below 69,000 USDT and is now trading at 68,900.007813 USDT, with a narrowed 2.82% decrease in 24 hours.
#bitcoin $BTC

#bitcoin 🚀 Surge to $100K Before US Election Predicted by Standard Chartered
● Bitcoin may hit $100,000 before the US election, driven by positive U.S. job data.
● Geoff Kendrick forecasts $150,000 for Bitcoin by year-end if Trump wins.
● Approval of ether ETFs under Biden contrasts with Bitcoin’s potential under Trump
Standard Chartered Bank analyst Geoff Kendrick predicts that before the next US presidential election, Bitcoin’s value will rise significantly and may perhaps hit $100,000. Positive results from the U.S. Non-Farm Payrolls data are expected to drive Kendrick’s estimate, which suggests that Bitcoin may reach a record high this coming weekend.
🔸 Anticipated Market Trends
According to Kendrick, if Trump wins the US presidential election, Bitcoin might hit $150,000 by year’s end. It might also reach $100,000 before the election. He backs this up with an analysis of the Trump administration’s position on cryptocurrencies and a comparison to Joe Biden’s.
🚨 BREAKING: Bitcoin's Bull Run Ahead of US Elections! 📈
Standard Chartered predicts Bitcoin could hit $100,000 before the US elections! 💰💸
Geoffrey Kendrick, head of Standard Chartered Bank's forex and digital assets research, sees $BTC soaring to new heights as the… — YG crypto
The analyst highlights the recent approval of spot ether ETFs by the Biden administration, juxtaposed with Biden’s vetoing of efforts to repeal SAB 121. These contrasting actions suggest to Kendrick that Trump remains more favourable towards the crypto market.
🔸 Market Implications
Kendrick’s predictions also encompass a potential rise to $80,000 by the end of June, alongside a steadfast year-end projection of $150,000 for Bitcoin. Notably, achieving the $150,000 mark by the conclusion of 2024 would position Bitcoin among the elite $3 trillion market cap club, mirroring NVDA’s recent achievement.
Bitcoin’s current trading standings at $70,810 at the time of writing, indicates a market poised for significant fluctuations as per Kendrick’s analysis.
$BTC #BTC #Bitcoin

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🔸 Current Performance of the Altcoins Highlighted by the Analyst
According to recent data, SOL is trading at 0.00250 BTC ($168) against Bitcoin, with an approximate 1% increase in the last 24 hours. NEAR is trading at 0.0001135 BTC ($7.63) with a slight increase during the day.$BTC

💫According to data, Dogecoin whales purchased more than 700 million #DOGE worth approximately $112 million in the last 72 hours.
#Dogecoin $DOGE