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Price analysis of Bitcoin (-3.4%) and Solana (+ 5%)

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Bitcoin analysis

Bitcoin’s price traded sideways and in red for most of Wednesday’s daily candle. BTC is -3.4% at the time of writing and most of the altcoin market is posting similar numbers on this day.

It was a major daily close for BTC’s short-term health. Bitcoin just managed to close above $ 35k and there is still hope that the top of the range around $ 41k- $ 43k is met again instead of further downside.

The bulls are hoping to avoid further downside after more than 2 months of near-continuous selling pressure on the market from the world’s number one digital asset.

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Bitcoin’s 4-hour chart is starting to look like a true Wyckoff accumulation phase. The following chart from VincePrince shows how strong the correlation is between the classic Wyckoff accumulation and what BTC is showing on its 4-hour chart.

The 24-hour BTC price range is $ 34,428- $ 36,099 and the 52-week range is $ 8,950- $ 64,374.

Bitcoin’s daily candle closed at $ 35,043 [-2.37%] on Wednesday.

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Solana analysis 

Solana is one of the hottest projects in the entire cryptocurrency space over the past 12 months. 

SOL enthusiasts believe the Solana ecosystem is set to thrive by virtue of its design of the next level of dApps as well as corporate ties in the blockchain industry.

The purchase of Miami’s main arena, now FTX Arena, has caused some to speculate that the purchases surrounding the arena will be available for SOL. While the FTX Arena could potentially be just a place to spend SOL and it might seem like a small win or a somewhat arbitrary win at first glance – further inspection illuminates the broad implications this could have for Solana.

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Sam Bankman-Fried, owner of FTX and Solana Labs co-founder and CEO, Anatoly Yakovenko, have a great working relationship. Bankman-Fried has already launched its DEX, SERUM, on the Solana platform. The tandem appears to be set to take Solana to the top of the blockchain industry and they are working on solutions to scale in new ways.

SOL is the number 14 cryptocurrency by market capitalization [$ 9.55 billion]. Solana is + 4.009% over the past 12 months and could be one of the more interesting projects to watch in a bear or bull market going forward. 

The short-term outlook on SOL from SALAH-LH is quite bullish. From an underlying bullish viewpoint, SOL could set up in mid-July for the first target plotted at $ 80.

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The secondary target is at $ 122 and could be reached at some point in August if the chart develops.

The author of the chart does not go into detail on a bearish scenario if the macro fails to maintain the upward trend.

From the chart, it looks like anything below $ 22 upward could take prices to $ 14-16 shortly thereafter. 

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The 24-hour price range for SOL is $ 31.70- $ 35.81 and the 52-week range is $ 0.628- $ 56.08.

Solana closed the daily candle on Wednesday with a value of $ 35.23 [+ 4.97%] and for the fifth consecutive day the SOL candle closed in green figures.

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Bitcoin

Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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