Shiba Inu Price Crash Costs Crypto Shark $422K After Two Years of Holding at Peak CryptoRank
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Shiba Inu Price Crash Costs Crypto Shark $422K After Two Years of Holding at Peak Coinpaper
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Shark Tank investor Kevin O’Leary warns Bitcoin could see further crash as institutions grow more cautious amid quantum computing threats. He claims TradFi institutions would also limit their crypto allocations to 3% as only Bitcoin and Ethereum matter now after the October crypto market crash. Institutions Only Need Bitcoin and Ethereum, “Everything Else Is Just
The post Shark Tank Kevin O’Leary Warns Bitcoin Crash as Quantum Computing Threats Turns Institutions Cautious appeared first on CoinGape.
]]>A crypto analyst has shared a technical analysis for the Bitcoin price, predicting a foreboding crash to $41,000. According to the analysis, Bitcoin has formed an unexpected harmonic “Shark” pattern that could extend its downtrend. While a drop to this low level could amplify the fear and uncertainty already plaguing the market, the analyst highlights that the appearance of this pattern is usually bullish.
Shark Pattern Signals Bitcoin Price Crash To $41,000
Crypto analyst Tony Severino disclosed on X this Wednesday that Bitcoin is forming a rare bullish harmonic pattern on the weekly timeframe. Severino warns that rather than worrying about BTC whale activity, traders should not overlook this distinct pattern, describing it as a “Shark in the water.”
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In his accompanying chart, the analyst traced the Shark pattern, showing an ABCD harmonic structure. He set his primary target at “D,” which aligns with the $41,000 level. Based on the pattern’s projected trajectory, the analyst believes Bitcoin is likely to face more downside. He predicts that the cryptocurrency could still crash to around $41,000, eliminating more than 55% of its current price of over $91,000.
Notably, Severino highlighted that harmonic patterns, such as the one observed in the BTC chart, often rely on specific Fibonacci ratios. As a result, the figures observed in the current setup are hard to ignore. While his initial projections are significantly bearish, the analyst highlights that a harmonic Shark pattern is traditionally considered a bullish reversal signal once the final leg completes.
Bitcoin’s Next Move Stuck Between Bearish And Bullish
Another crypto analyst, Ted Pillows, has shared a technical analysis of the Bitcoin price outlook. However, his report outlines a bearish and bullish outcome depending on how BTC’s price moves in the coming days.
Pillows’ forecast centers on the levels Bitcoin must reclaim to avoid a deeper price correction. Right now, the cryptocurrency is trading above $91,500 after falling by approximately 20% over the past month. Bitcoin has also faced significant negative sentiment despite its recent price recovery.
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In his post, Pillows noted that after breaking back above $89,000, Bitcoin is now moving higher, approaching a heavy resistance range between $93,000 and $94,000. The analyst has identified this region as a critical decision point that will determine the cryptocurrency’s next direction.
His chart analysis outlines two potential outcomes. If Bitcoin reclaims and stays above the resistance zone, it could open the door for momentum to push its price above $100,000. Surpassing this threshold could also see the cryptocurrency climb toward $106,000 and $108,000.
On the other hand, if BTC rejects the $93,000-$94,000 range, Pillows expects a retreat toward $88,000. Should this level fail as well, he has set a lower support zone between $80,000 and $82,000. Further decline below this range could drag Bitcoin’s price down toward $78,600.
Featured image created with Dall.E, chart from Tradingview.com
After the early week sell-off, the world’s largest cryptocurrency Bitcoin has bounced back above $58,000 once again and has been showing strength here. On-chain data shows that the total number of Bitcoin wallets holding over 10+ BTC has seen growth in recent weeks.
Surge in Bitcoin Whale and Shark Wallets
On-chain data provider Santiment reported that there’s a major surge in the Bitcoin whale and shark wallets scooping up the supply from small traders who have continued to sell off their holdings in the recent dip.
In the month of July so far, the total number of wallets holding more than 10 BTC has surged by 261. This trend is likely to give traders greater confidence in building long-term positions in Bitcoin.
Also Read: German Bitcoin Sales Impact Wanes, What’s Next?
Additionally, the CryptoQuant CEO Ki Young Ju also stated that permanent BTC holders, primarily custodial wallets with no outflows, have accumulated a total of 85,000 Bitcoins over the past 30 days. Ju mentions that these wallets are distinct from ETFs, exchanges, and miners. During the same period, 16,000 BTC exited ETF holdings. Despite some market participants panic selling, others are actively buying.
Permanent holders, mostly custodial wallets with no outflows, accumulated 85K #Bitcoin in the last 30 days.
These wallets are neither ETFs, exchanges, nor miners. During the same period, 16K BTC flowed out of ETF holdings.
While some panic sell, “the others” are buying. pic.twitter.com/t9oN6pVwST
— Ki Young Ju (@ki_young_ju) July 10, 2024
Another positive development is that the Bitcoin ETF inflows have bounced back once again with BlackRock’s IBIT taking the lead amid the recent bounce back in the BTC price.
BTC Network Fees Tanks Under that of Ethereum
The CryptoQuant CEO also emphasized BTC’s suitability for peer-to-peer (P2P) payments. Contrary to the prevalent belief that Bitcoin transaction fees are consistently higher than those of Ethereum, data since 2021 shows that Bitcoin fees have often been lower. As of now, the median transaction fee for Bitcoin stands at $0.40, compared to Ethereum’s $0.68.
#Bitcoin can be used for P2P payments.
Contrary to the common belief that Bitcoin tx fees are always higher than Ethereum’s, BTC tx fees have been cheaper than ETH’s for most of the time since 2021.
Currently, the median BTC tx fee is $0.40, compared to ETH’s $0.68.
What… pic.twitter.com/BE1Q1drD07
— Ki Young Ju (@ki_young_ju) July 10, 2024
Also Read: Bitcoin Price Analysis As BitMex Witnesses Second Largest BTC Outflow
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Almost every Bitcoin investor is anticipating a continued price surge as the crypto continues to trade around the $70,000 price mark. On-chain data has shown a large part of this surge can be attributed to the accumulation by large whales.
Bitcoin is undoubtedly home to a lot of these whale addresses holding hundreds of millions of dollars and with transactions that can move the market. However, on-chain data has further revealed that the accumulation trend has also flowed into the next cohort of traders. These traders, also known as “Sharks,” are addresses that hold between 100 BTC and 1,000 BTC. According to Glassnode data, shark wallet addresses have accumulated 268,441 BTC in the past 30 days, which is the biggest net position change since 2012.
Increased Accumulation Of BTC
According to a Glassnode chart shared on social media by crypto analyst James Van Straten, Bitcoin accumulation by shark investors shot up in 2024 to reverse a multi-year consolidation since 2020. As a result, these addresses increased their holdings by 268,441 in 30 days, roughly converting to $18 billion.
While these sharks do not have as much individual power over price movement as very large whales, their collective behavior is still worth monitoring as they also relate to the sentiment among investors. Consequently, this large accumulation trend could lead to more buying which would signal a continued price surge for Bitcoin.
Source: Glassnode
The surge in accumulation is not really surprising, as the launch of Spot Bitcoin ETFs in the US has ushered in a bigger wave of accumulation sentiment from all cohorts of Bitcoin investors. As another analyst pointed out on social media, this shark accumulation could’ve been due to ETFs purchasing massive amounts of Bitcoins from Coinbase OTC desks.
Bitcoin whales (addresses holding more than 1,000 BTC) have also upped their activity in the past few days, signaling strategic positioning in the market. Various transaction alerts from Whale Alerts have shown strategic movement from whale addresses.
Notably, the crypto whale transaction tracker has revealed $1.3 billion worth of BTC exchanged between whale addresses in the past 24 hours. Among these large BTC movements was a notable transfer of 3,599 BTC worth $252 million between two unknown wallets. Another notable transaction was the transfer of 3,118 BTC from an unknown wallet to Coinbase Institutional.
Bitcoin To $100,000?
Data from IntoTheBlock has also reiterated this accumulation trend with its net transfer trend from exchanges. Data from ITB’s platform shows a $16.18 billion outflow from exchanges as against a $15.76 billion inflow in the past seven days. Bitcoin is now trading at $67,931 and has failed to stabilize above the $70,000 mark again.
However, the accumulation by whales and sharks, increasing mainstream interest from institutional investors through Spot Bitcoin ETFs, and the approaching halving all point to the possibility of substantial price appreciation to $100,000.
BTC price at $70,000 | Source: BTCUSDT on Tradingview.com
Featured image from BBC, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Cardano price could rise 15% as shark and whale wallets resurface FXStreet
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Amid the rising concerns of a potential US government shutdown, the Bitcoin price shot up in the last 24 hours. This also comes at a time when the spot Bitcoin ETF filings from the likes of Blackrock, Bitwise, ARK Invest and Invesco received an expected delay from the U.S. Securities and Exchange Commission (SEC).
Also Read: Blackrock, Bitwise Spot Bitcoin ETF Filings Delayed; What Next?
Bitcoin Sharks And Whales Hold On To Bags
On chain data from Santiment shows that the Bitcoin wallets with holdings between 10 to 10,000 BTC currently have the highest amount held in the year 2023. This directly means the confidence in the crypto asset market is at its peak now. Is it because of favorable developments around spot Bitcoin ETF approval sometime in the year 2024? The Santiment data shows:
“Bitcoin sharks and whales, defined as 10 to 10K BTC wallets, have now accumulated to their highest amount held in 2023, at 13.03 million BTC.”
Earlier, CoinGape reported that the US SEC delayed the filings from Blackrock and Bitwise. This was followed by a delay on the Invesco filing too on September 28, 2023. This makes it a tally of four filings delayed already out of the seven applications for spot ETF.
BTC Price To Shoot Up?
While the US Congress does not have much time to avoid a government shutdown, lawmakers are yet to have a plan in order to avoid a pause in millions of federal government staff. Hence, it is widely believed that the BTC price may have the right opportunity to gain a trigger point beyond the $30,000 mark. This is based on the developments around US banking crisis in the first quarter of 2023 which led to a BTC price boost. However, it remains to be seen if the US lawmakers manage to stitch a spending plan in the days to come.
Also Read: XRP Lawyer Mocks SEC’s Interlocutory Appeal, Calls it “Desperate Tactics”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Number of Cardano Whale and Shark Wallets Surge to 16-Month High Despite Bear Market: Santiment The Daily Hodl
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Cardano (ADA) Next In Line For A Rally Following Shark And Whale Buying Spree NewsBTC
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