Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
Crypto analyst Quinten François has provided an ultra-bullish narrative for the Bitcoin future trajectory. The analyst suggested that things are about to get interesting for the flagship crypto, predicting it could rise to as high as $4.5 million.
The “Fireworks” Are Just About To Begin For Bitcoin
While highlighting the significance of Bitcoin’s fourth halving, Quinten claimed that the “fireworks” were just about to begin for Bitcoin. The crypto analyst remarked that BTC was currently at the bottom of the range of a growth pattern, which it could enjoy if this fourth halving were to follow the same growth rate as the previous market cycles.
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If that were to happen, Quinten claims that Bitcoin could be worth between $140,000 and $4.5 million going forward. He noted that this potential move for BTC is starting at the range bottom at $63,000, so he remarked that the fireworks are just about to start for the flagship crypto.
From the chart Quinten shared, Bitcoin’s impressive growth to $4.5 million isn’t expected to happen in this bull run. He predicts that Bitcoin could peak at around $1 million if it were to mirror Bitcoin’s trajectory after the first halving. Meanwhile, Bitcoin could eventually rise to $4.5 million in 2028 if it continues to mirror the price action following the first halving.
Additionally, BTC’S fourth halving mirroring the second or third halving will bring lower price moves for the flagship crypto. Quinten predicts that Bitcoin will rise to as high as $400,000 or $280,000 if it follows the second or third halving, respectively. Meanwhile, based on the second and third halving trajectory, Bitcoin could rise to as high as $1 million or $800,000 by 2028.
Time For BTC To Resume Its Upward Trend
Based on recent analyses by different crypto analysts, Bitcoin could resume its upward trend soon enough. Crypto analyst Ali Martinez mentioned that retail investors are returning to the Bitcoin ecosystem, with new Bitcoin addresses hitting a four-month high of 432,026. This could put the flagship crypto in price discovery and lead to a rally as these investors accumulate Bitcoin.
Crypto analyst Mikybull Crypto also recently predicted that BTC is set to rise higher. He claimed that the flagship crypto had completed its inverse head-and-shoulder pattern on the daily and noted that Bitcoin’s Moving Average Convergence/Divergence (MACD) indicator suggests an imminent bullish cross, which indicates strength for the flagship crypto.
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Meanwhile, Mikybull Crypto revealed that Bitcoin’s CME gap has been filled. This is significant as crypto expert Michael van de Poppe predicted that Bitcoin could witness a bounce from its current price levels once the CME gap has been closed.
At the time of writing, Bitcoin is trading at around $60,600, down over 3% in the last 24 hours according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
The Cardano price has followed the general sentiment across the market and traded to the downside over the past week. The cryptocurrency lost its spot as one of the valuables in the crypto top 10 by market capitalization and could be poised to see further losses.
At the time of writing, the Cardano price trades at $0.43 with a 6% loss and 2% loss over the last 24 hours and 7 days, respectively. As ADA trades to the downside, some major cryptocurrencies have been able to score profits and are showing strength against the general market sentiment.
Charles Hoskinson Celebrates, While The Cardano Price Stalls
The Cardano price weakness is more evident as the cryptocurrency failed to react to recent events that were prompting bullish expectations for market participants. First, is the Ethereum “Merge”, the event that completed its transition to Proof-of-Stake (PoS).
“The Merge” failed to provide bullish momentum for PoS cryptocurrencies, such as Cardano. In step, Proof-of-Work (PoW), such as Ravencoin (RVN) and Ethereum Classic (ETC), benefited from the anticipated post-Merge rally.
In addition, the Cardano network was preparing to deploy a major update on its mainnet via a Hard Fork Combinator (HFC) event called “Vasil”. One of its most important milestones since the implementation of smart contract capabilities with HFC “Alonzo”, the recent upgrade was overlooked by market participants.
Across social media, the Cardano community celebrated the network’s fifth birthday. Its inventor Charles Hoskinson posted a celebration video via Twitter, but again this event failed to provide bullish momentum for ADA’s price action. Hoskinson said the following on the network’s growth since its inception:
There are over 3,228 smart contracts to our knowledge that have been deployed on Cardano, and as of September 15, 2022, 50 million transactions. Where we regularly are in the top three to top five of transaction volume on a daily basis and usually are number one for GitHub commits (…)
Who Is Contributing With The Selling Pressure For The Cardano Price?
The Cardano price has been stuck in its current levels forming a channel with a bottom at $0.43 and a top at $0.51. This channel was created in late August, and if bulls can defend these levels, ADA’s price might enjoy a late birthday rally and aim for $0.51 or beyond if the momentum allows it.
However, with the crypto market showing weakness and with current macro conditions proving unfavorable for risk-on assets, ADA might break out of this channel and trend lower. In order to prevent this scenario, the Cardano price must stay above $0.41.
Data from Material Indicators shows that investors with selling orders of $1,000 to $10,000 have been dumping ADA over the past weeks. In addition, the Cardano price has seen low buying pressure from other investors. This status quo must change to support the price and aim for $0.51.
Originally posted here.
By: Reynaldo Marquez
Overview
The Cardano price has followed the general sentiment across the market and traded to the downside over the past week. The cryptocurrency lost its spot as one of the valuables in the crypto top 10 by market capitalization and could be poised to see further losses. Related Reading: Ep01- Dr. Ruja – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast At the time of writing, the Cardano price trades at $0.43 with a 6% loss and 2% loss over the last 24 hours and 7 days, respectively. As ADA trades to the downside, some major cryptocurrencies have been able to score profits and are showing strength against the general market sentiment. Charles Hoskinson Celebrates, While The Cardano Price Stalls The Cardano price weakness is more evident as the cryptocurrency failed to react to recent events that were prompting bullish expectations for market participants. First, is the Ethereum “Merge”, the event that completed its transition to Proof-of-Stake (PoS). “The Merge” failed to provide bullish momentum for PoS cryptocurrencies, such as Cardano. In step, Proof-of-Work (PoW), such as Ravencoin (RVN) and Ethereum Classic (ETC), benefited from the anticipated post-Merge rally. In addition, the Cardano network was preparing to deploy a major update on its mainnet via a Hard Fork Combinator (HFC) event called “Vasil”. One of its most important milestones since the implementation of smart contract capabilities with HFC “Alonzo”, the recent upgrade was overlooked by market participants. Across social media, the Cardano community celebrated the network’s fifth birthday. Its inventor Charles Hoskinson posted a celebration video via Twitter, but again this event failed to provide bullish momentum for ADA’s price action. Hoskinson said the following on the network’s growth since its inception: There are over 3,228 smart contracts to our knowledge that have been deployed on Cardano, and as of September 15, 2022, 50 million transactions. Where we regularly are in the top three to top five of transaction volume on a daily basis and usually are number one for GitHub commits (…) Who Is Contributing With The Selling Pressure For The Cardano Price? The Cardano price has been stuck in its current levels forming a channel with a bottom at $0.43 and a top at $0.51. This channel was created in late August, and if bulls can defend these levels, ADA’s price might enjoy a late birthday rally and aim for $0.51 or beyond if the momentum allows it. However, with the crypto market showing weakness and with current macro conditions proving unfavorable for risk-on assets, ADA might break out of this channel and trend lower. In order to prevent this scenario, the Cardano price must stay above $0.41. Related Reading: Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead? Data from Material Indicators shows that investors with selling orders of $1,000 to $10,000 have been dumping ADA over the past weeks. In addition, the Cardano price has seen low buying pressure from other investors. This status quo must change to support the price and aim for $0.51.
The Post
The Cardano price has followed the general sentiment across the market and traded to the downside over the past week. The cryptocurrency lost its spot as one of the valuables in the crypto top 10 by market capitalization and could be poised to see further losses.
At the time of writing, the Cardano price trades at $0.43 with a 6% loss and 2% loss over the last 24 hours and 7 days, respectively. As ADA trades to the downside, some major cryptocurrencies have been able to score profits and are showing strength against the general market sentiment.
Charles Hoskinson Celebrates, While The Cardano Price Stalls
The Cardano price weakness is more evident as the cryptocurrency failed to react to recent events that were prompting bullish expectations for market participants. First, is the Ethereum “Merge”, the event that completed its transition to Proof-of-Stake (PoS).
“The Merge” failed to provide bullish momentum for PoS cryptocurrencies, such as Cardano. In step, Proof-of-Work (PoW), such as Ravencoin (RVN) and Ethereum Classic (ETC), benefited from the anticipated post-Merge rally.
In addition, the Cardano network was preparing to deploy a major update on its mainnet via a Hard Fork Combinator (HFC) event called “Vasil”. One of its most important milestones since the implementation of smart contract capabilities with HFC “Alonzo”, the recent upgrade was overlooked by market participants.
Across social media, the Cardano community celebrated the network’s fifth birthday. Its inventor Charles Hoskinson posted a celebration video via Twitter, but again this event failed to provide bullish momentum for ADA’s price action. Hoskinson said the following on the network’s growth since its inception:
There are over 3,228 smart contracts to our knowledge that have been deployed on Cardano, and as of September 15, 2022, 50 million transactions. Where we regularly are in the top three to top five of transaction volume on a daily basis and usually are number one for GitHub commits (…)
Who Is Contributing With The Selling Pressure For The Cardano Price?
The Cardano price has been stuck in its current levels forming a channel with a bottom at $0.43 and a top at $0.51. This channel was created in late August, and if bulls can defend these levels, ADA’s price might enjoy a late birthday rally and aim for $0.51 or beyond if the momentum allows it.
ADA’s price forms a channel on the 4-hour chart, can it bounce from these levels? Source: ADAUSDT Tradingview
However, with the crypto market showing weakness and with current macro conditions proving unfavorable for risk-on assets, ADA might break out of this channel and trend lower. In order to prevent this scenario, the Cardano price must stay above $0.41.
Data from Material Indicators shows that investors with selling orders of $1,000 to $10,000 have been dumping ADA over the past weeks. In addition, the Cardano price has seen low buying pressure from other investors. This status quo must change to support the price and aim for $0.51.
Investors with selling orders of $1,000 to $10,000 (green and red in the chart) selling into ADA’s price action. Source: ADAUSDT Tradingview
Major coins dropped lower on Tuesday evening as the global cryptocurrency market cap fell 2.5% to $921.9 billion at 8:18 p.m. EDT.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -3.15% | -6.3% | $18,935.15 |
| Ethereum ETH/USD | -3.5% | -15.7% | $1,328.70 |
| Dogecoin DOGE/USD | 0.2% | -2% | $0.06 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| XRP (XRP) | +6.35% | $0.41 |
| Helium (HNT) | +5.5% | $4.89 |
| Stellar (XLM) | +5% | $0.12 |
See Also: Best USDC Interest Rates
Why It Matters: Bitcoin and Ethereum traded lower ahead of the Federal Open Market Committee (FOMC) meeting due on Wednesday.
On Tuesday, the S&P 500 and Nasdaq closed 1.1% and 0.95% lower, respectively, while at the time of writing, U.S. stock futures were marginally higher.
The probability of a 75-basis point rate hike was at 82%, according to the CME FedWatch Tool — a signal that investors can expect a hawkish move from the U.S. central bank at the conclusion of the FOMC meeting.
Screenshot of CME Group’s Fedwatch Tool
“The Fed begins their two-day policy meeting and while a 75-basis-point expectation is widely expected, the key messaging by Fed Chair [Jerome Powell] might be that rates will stay elevated for much longer than what the market is expecting,” said Edward Moya, a senior market analyst with OANDA.
On Bitcoin, Moya said, “Bitcoin’s fate will be determined by this week’s central bank decision fireworks, which could help fuel any selloffs to retest the summer lows. Peak pessimism is almost here for crypto, which is needed before longer-term money piles back in.”
Justin Bennett tweeted Tuesday that the total market capitalization chart did not have the “best look” going into FOMC.
“A reclaim would be bullish, but this $913B area is resistance for [the total market capitalization] as of now,” said the trader.
Not the best look for the #crypto market going into #FOMC.
A reclaim would be bullish, but this $913B area is resistance for $TOTAL as of now.#Bitcoin $BTC $ETH pic.twitter.com/AdyokczZJa
— Justin Bennett (@JustinBennettFX) September 20, 2022
Cryptocurrency trader Michaël van de Poppe said on Twitter that it was “impressive” that interest in Bitcoin was “terribly low at this point, while a year ago everyone was hopping over each other to get in.”
“The irony on this is that the silent period is the best period to look for an asset like [Bitcoin], which is now.”
Impressive that the interest in #Bitcoin is terribly low at this point, while a year ago everyone was hopping over each other to get in.
The irony on this is that the silent period is the best period to look for an asset like #Bitcoin, which is now.
— Michaël van de Poppe (@CryptoMichNL) September 20, 2022
A tweet from community-driven analytics platform CryptoQuant noted that it was possible selling pressure from long-term holders was exerting downwards pressure on the apex coin.
The CryptoQuant analyst pointed to a metric known as Exchange Inflow Coin Days Destroyed (CDD) to make their case. Higher values of the metric indicate more long-term holders moved their coins for selling purposes.
Bitcoin Exchange Inflow CDD — Courtesy CryptoQuant
The analyst said that the metric has spiked recently and a move to the $16,000 level might be “the most probable scenario for Bitcoin in the short-term view.”
Read Next: A Look At Bitcoin, Crypto Market Ahead Of The Fed’s Interest Rate Decision: What To Watch
Bitcoin seems to be forming a new range around its current levels as the cryptocurrency moves between the $18,600 and $21,000 area. BTC’s price has seen some recovery during today’s trading session and might experience some volatility due to the U.S. Independence Day, July 4th.
Related Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact
At the time of writing, Bitcoin trades at $19,500 with a 4% profit in the last 24 hours.
Data from analyst Ali Martinez indicates an increase in Bitcoin holdings from addresses with 100 to 10,000 BTC. These whales have been adding over 30,000 BTC to their holdings.
In addition, Martinez records over 40,000 BTC leaving crypto exchange platforms. The less Bitcoin supply there is available on these venues, the less it can be sold on the market.
These market dynamics translated into this weekend’s price action. In addition, Material Indicators records an increase in buying pressure from investors with a large bid (purple in the chart below) which coincides with short-term whale accumulation.
These whales have been the “most influential” over the BTC’s price action and could be hinting at more gains. Material Indicators also recorded bullish momentum on the weekend’s price action.
In fact, every investor class except retail and massive whales with over $1 million in bid orders seems to be buying into BTC’s price action, as seen in the chart below.
Additional data provided by Santiment records a huge uptick in the number of long positions across exchange platforms. This coincides with the U.S. holiday, but it’s not necessarily good news for these operators:
In the early hours of 4th of July 2022 in the US, there has been a massive uptick in #longs on exchanges in the previous hour. Trader optimism often correlates with holidays, which means there needs to be a greater degree of cautiousness of whales punishing the overly eager.
What Is Causing Pain Across The Bitcoin Market
There are some indicators of possible bullish price action in the short term, but the uptick in long positions merits cautions. The macro-economic outlook seems less optimistic and could spell more pain for Bitcoin and other cryptocurrencies.
Trading desk QCP Capital claims its bullish outlook is “waning” on the back of the U.S. Federal Reserve’s (Fed) intentions of slowing down inflation in the country. The financial institution has been increasing interest rates for that purpose wreaking havoc across global markets.
Initially, some experts believed the Fed was going to attempt to conduct a “soft landing”, and bring down inflation without harming the economy. This possibility might have been ruled out as the Fed finds itself between a rock and a hard place. QCP wrote:
Fed Governor Williams stated the “need to get real rates above zero”. This means that the Fed is likely to ignore recession risks and will keep raising rates aggressively to reach their target of 3.5%-4% by year-end.
Related Reading | TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside
On top of the above, the financial institutions have been reducing liquidity off global markets while shrinking their balance sheet. This only signals more downside for the crypto market.
8/ Remember that the crypto bull cycle was fueled by balance sheet expansion. A contraction of this scale will surely have a dampening effect on prices.
— QCP Capital (@QCPCapital) July 4, 2022