Analyst highlights 3 macro metrics that clearly show DeFi sector growth

Decentralized finance (DeFi) has been one of the hardest-hit sectors since Bitcoin (BTC) price corrected from its all-time high in early May and this can be seen by the decline in the total value locked (TVL) on all protocols.  According to data from DeFi Llama, the total value locked in decentralized finance platforms dropped from $154 billion and currently sits at $108.7 billion. Total value locked on all DeFi protocols. Source: Defi Llama While the roughly 30% decline in TVL over the past two months looks bad, the year-over-year growth…

Bloomberg Analyst Provides Blueprint Of Bitcoin Path To $100,000

Bitcoin price predictions have been a hot topic for a while now. Bloomberg Analyst, Mike McGlone believes that the price of BTC hitting $100,000 is tied to the asset following ethereum. This came in the monthly cryptocurrency newsletter sent out by Bloomberg Crypto Outlook. McGlone said this in the July version of the newsletter that was recently published. McGlone commented on the performance of ethereum, putting it as the top market leader so far since the bull market began. Ethereum has consistently outperformed BTC in the market in recent years.…

New Bitcoin entities near all-time high as analyst heralds ‘positive whale activity’

Bitcoin (BTC) on-chain activity is “dead” but on-chain indicators are overwhelmingly positive right now, says analyst William Clemente. In the latest edition of Anthony Pompliano’s weekly newsletters, Clemente highlighted multiple metrics showing no reason to be bearish about Bitcoin this month. 50,000 new Bitcoin entities every day With BTC price action failing to impress, there is no shortage of bearish outlooks on Bitcoin, with even its best-known price models coming in for criticism. If on-chain data is anything to go by, Clemente argues, the situation is far from bearish. “The…

Bitcoin price is 3–4 weeks away from new $24K–$29K range, market analyst warns

Popular cryptocurrency trader Keith Wareing warned Bitcoin (BTC) traders about a critical bearish scenario brewing in the market. The trader spotted Bitcoin inside an inverse cup-and-handle pattern earlier this month, a bearish structure that forms during a price wave downward, followed by a stabilizing period. The technical design typically leads the price lower by as much as the size of the previous decline. Bitcoin topped near $65,000 in mid-April before reversing to the downside in later sessions. The cryptocurrency crashed to as low as $28,800 on June 22 after attempting to…

Bitcoin analyst says ‘supply shock’ underway as BTC withdrawal rate spikes to one-year high

As Bitcoin (BTC) continues trading sideways inside the $30,000–$40,000 range, new data is emerging about the potential for a bullish breakout. Is Bitcoin silently readying for a breakout like in Q4 2020?  Willy Woo, an on-chain analyst, anticipates a potential supply shock in the Bitcoin market, as long-term holders continued raking BTC supply from short-term ones. Woo stated in his Friday newsletter that the process might push more Bitcoin out of circulation. The analyst referred to the ratio of Bitcoin held by strong hands versus weak hands — also known as…

Ethereum price can gain 40% on Bitcoin, argues analyst as London fork nears

Ether (ETH) could rise by almost 40% against Bitcoin in the coming trading sessions, according to one analyst.  So believes Michaël van de Poppe, an Amsterdam-based market analyst who predicts that the ETH/BTC exchange rate would climb from its current 0.05-0.06 sats range to as high as 0.07 sats soon. The technical chartist based his bullish analogy on the pair’s support level at 0.063 sats. The price floor was instrumental in maintaining ETH/BTC’s bullish bias during the mid-May 2021’s notorious crypto market crash. It also served as solid support during…

Ethereum, altcoins risk more downside than Bitcoin if BTC losses $30K, warns analyst

Altcoin traders and investors should look for cover if Bitcoin (BTC) undergoes major price declines. So believes Filbfilb, an independent market analyst and co-founder of Decentrader trading suite. In a tweet published late Friday, the pseudonymous entity said a 30% crash in the Bitcoin market could prompt altcoins to drop twice as harder. When Bitcoin consolidated between $50,000 and $60,000 in the March-May period, altcoins exploded. Similarly, the recent correction in the Bitcoin market, which witnessed the flagship cryptocurrency falling from circa $65,000 to as low as $28,000, also had…

Even Elon Musk can’t save Dogecoin from crashing another 60%, analyst asserts

If one looks at Dogecoin (DOGE) charts from the point of view of a financial chartist, he/she will notice an alarming presence of a classic bearish structure. For instance, pseudonymous analyst Tyler Durden highlighted what appears to be a “Head and Shoulder” pattern. The trading structure forms when an asset forms three peaks atop the same support level. In doing so, its middle peak comes out to be higher than the other two. Durden flashed the Head and Shoulder-like pattern to predict a 67% price crash in the Dogecoin market.…

Chinese Bitcoin mining shakeout may have surprise BTC price consequences — analyst

China’s crackdown on Bitcoin (BTC) mining may have unintended benefits for BTC price action, one analyst suggests. In a tweet on June 18, Charles Edwards, CEO of investment firm Capriole, argued that the Chinese miner exodus was already lowering Bitcoin’s potential price floor. Don’t believe the China FUD As a shake-up sees Bitcoin hashing power redistributed away from China, Bitcoin’s electrical cost — the combined cost of keeping the network running — is dropping. As Edwards notes, this “Bitcoin production cost” is very rarely crossed by spot price. In becoming…

Here’s why one analyst says Bitcoin will outperform Ethereum in the short term

In terms of price potential, Bitcoin (BTC) is staring at the possibility of outperforming Ether (ETH) in the short term. So believes David Lifshitz, the chief investment officer at ExoAlpha, a Paris-based investment management service, who noted that Bitcoin’s upside potential in the near-term is higher than that of Ethereum. He said so after spotting a recent shift in the BTC/ETH ratio. In detail, BTC/ETH compares the trend momentum of Bitcoin and Ether. A lower reading suggests that the Bitcoin price is rising slower than Ethereum’s. Conversely, a higher BTC/ETH ratio…