Analysts Bullish on Bitcoin: Set Next Target At $82,000

8EPf...HCks

11 Apr 2024

Once again, the price of Bitcoin rose bullishly, breaking through the $70,000 barrier, demonstrating strength for an upward movement.

Bitcoin At $82,000 Remains The Target

Following the recent recovery observed today, Crypto Jelle, a popular cryptocurrency expert and Bitcoin enthusiast, has made a bullish forecast for the crypto asset, citing the $82,000 level in the short term.
Crypto Jelle highlighted that after a fakeout, Bitcoin retested the cycle highs of 2021, bounced, and then broke out once more. According to the analyst, BTC now has just one more obstacle to surpass as a result of the retest.

Furthermore, he affirms that the race toward new highs will begin when the largest cryptocurrency asset manages to break and hold over $71,500. As a result, the crypto analyst anticipates a rally soon, placing the coin’s next target at around $82,000.
BTC retested 2021 cycle high | Source: Crypto Jelle on X
Jelle has addressed a pressing issue in the crypto community. He mentioned some are still concerned about the next 3% move, whereas the higher timeframe chart seems more optimistic. Thus, he has urged investors to be patient and hold onto their bags to enjoy the positive move, as the crypto asset appears to be poised for significant growth in the upcoming months.
With the impending halving event anticipated to occur this month, Jelle’s prediction could develop in a short period. Halvings have historically been seen to have a significant effect on the coin.
If this year’s halving mirrors past trends, BTC could surge to $82,000 in weeks and even further upward. Several analysts believe that the event could propel the price of BTC to $150,000 before the end of the year.
At the time of writing, Bitcoin was trading at $70,344, indicating a 1.84% increase in the past 24 hours. Both its overall market cap and trading volume have also risen by 1.87% and 13% respectively in the past day.

Speculated Price Target For BTC This Month

Ever since BTC witnessed a price recovery, many bullish predictions have surfaced concerning its next trajectory. Another analyst who has predicted BTC to reach above the $80,000 range is Adrian Zidanic.

During an episode on Thinking Crypto, Tony Edward the show’s host, drew attention to Zidanic’s prediction, in which the expert pointed out a bullish ascending triangle that is emerging in the Bitcoin chart within this consolidation phase.
Zidanic foresees a breakout occurring shortly, with $86,500 as his target price. Although his projections acknowledge a greater likelihood of a positive scenario unfolding within the month.
Examining the chart, Edward expressed his optimism that the aforementioned price could manifest post-halving. Edward believes it could move further to $90,000, underscoring his price range between $85,000 and $90,000 and urging the community to be patient.
BTC trading at $70,747 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, 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 At Risk Of Crashing To $0.4 As Important Metrics Turn Bearish

Cardano (ADA) risks a significant price decline as several on-chain metrics paint a bearish sentiment for the crypto token. This coincides with a recent technical analysis by a crypto analyst, who predicted that ADA could drop to as low as $0.4.

ADA Sees Decline In Trading Volume

Data from the on-chain analytics platform Messari shows a decline in ADA’s trading volume from its recent peak. The crypto token recorded a daily trading volume of $1.53 billion on March 14 but has been on a steady decline since then, recording a daily trading volume of $445.83 million on April 10.

Furthermore, data from IntoTheBlock shows three other on-chain metrics signaling a bearish sentiment for the crypto token. The first is the ‘Net Network Growth,’ which has experienced a 0.17% increase in the past week. This metric measures the total number of ADA addresses, meaning more users have left the ecosystem than new ones have come this last week.

The second metric is the ‘In the Money,’ which has seen a 0.20% decline in the last seven days. This metric measures the number of ADA holders that are currently in profit at the crypto token’s price level. Meanwhile, large transactions on the Cardano network have also dropped lately, with a 2.60 decline. These large transactions refer to transactions that are over $100,000, suggesting that ADA whales are cooling off on investing in the crypto token.
These bearish on-chain metrics further strengthen crypto analyst Alan Santana’s analysis, in which he mentioned that ADA could drop between $0.4444 and $0.3450. Back then, he noted that ADA still had a bearish outlook from a technical analysis perspective, and this outlook would extend until ADA found a strong support level on the charts.

ADA’s Derivatives Market Also Shows Bearish Outlook

Data from Coinglass shows that the bears are also firmly in control of the ADA ecosystem. In the last 24 hours, $632,720 has been wiped out from ADA’s derivatives market, with long positions ($502,170) accounting for most of these liquidations.

Meanwhile, trading volume in ADA’s derivatives market has dropped by over 11%, suggesting a declining interest in the ADA token among crypto investors. Furthermore, the Options trading volume paints a more bearish picture, dropping by 92% in the last 24 hours.
At the time of writing, ADA is trading at around $0.59, up over 1% in the last 24 hours according to data from CoinMarketCap.

ADA price at $0.58 | Source: ADAUSDT on Tradingview.com

Featured image from The Independent, 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.

Shiba Inu Surpasses 4 Million Addresses, Ignites Frenzy

Shiba Inu has achieved a significant milestone by surpassing 4 million addresses. This feat marks a historic moment for the token, symbolizing its growing popularity within the digital asset community. Analysis of address metrics on Glassnode reveals a steady uptrend in Shiba Inu’s address count over the past few months, culminating in this impressive milestone.

Address Growth Signals Potential, But Activity Paints A Different Picture

While the increase in total addresses may initially appear promising, a closer examination of Shiba Inu’s activity metrics paints a contrasting picture. Despite the surge in address count, the number of active addresses has experienced a notable decline from previous highs. This discrepancy suggests that while there is a growing number of addresses associated with Shiba Inu, the level of actual activity within the network remains relatively low.

Source: Glassnode

Furthermore, the analysis of new addresses follows a similar downward trajectory, indicating a decrease in the rate of adoption or interest in the token. These trends raise questions about the sustainability of Shiba Inu’s growth and its ability to maintain momentum in the highly competitive cryptocurrency market.

Shiba Inu Price Action Stagnates Amidst Uncertainty

Against this backdrop of mixed signals, Shiba Inu’s price action has experienced a period of stagnation. Although there was a notable spike in price around March 5th, coinciding with increased address activity, the token has since struggled to maintain momentum. Currently trading around $0.000027, Shiba Inu’s price reflects a lack of clear directional bias, signaling uncertainty among investors and traders.

Shiba Inu is now trading at $0.000027. Chart: TradingView

Analysts attribute Shiba Inu’s stagnant price movements to a combination of factors, notably including prevailing sentiments across the cryptocurrency market and a lack of significant developments specific to the token.

Despite its widespread recognition and community support, Shiba Inu’s valuation remains susceptible to external influences and market dynamics, indicative of the inherent volatility within the cryptocurrency ecosystem.
Related Reading: CEO Throws Cold Water On May Ethereum ETF Approval – Impact On Price
While Shiba Inu enjoys a dedicated following, its price trajectory underscores the importance of monitoring both internal and external catalysts that could impact its valuation. Analysts caution investors to exercise prudence and recognize the nuanced relationship between Shiba Inu’s price and the broader cryptocurrency market dynamics.

Trading Volume Indicates Stability Amidst Fluctuations

Meanwhile, in addition to price action, the trading volume for Shiba Inu has remained relatively stable in recent times. With trading activity hovering around $527 million, there have been no significant spikes or declines observed in the near term.
This stability suggests that while the overall market sentiment may be uncertain, there is still a consistent level of interest and participation in Shiba Inu trading activities.
Featured image from Pexels, chart from TradingView
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.

The New Shiba Inu Killer Can Make You a Millionaire Within a Year

The crypto industry is an ever-evolving industry where new projects ascend to dominance and make investors millionaires within a short time. Currently, a top crypto project is in the ascendancy and looking to oust top meme coins like Shiba Inu, Dogecoin, Pepe, etc.
The meme project, which is still at its presale stage, is showcasing exponential growth potential that is capable of turning its investors into millionaires within a year. This meme coin is no other than KangaMoon (KANG). Here, you’ll find an in-depth analysis of the KANG project and why experts believe it will become the next blue-chip crypto.

KangaMoon (KANG) Sets Blueprint for a Massive Meme Empire

KangaMoon (KANG) is coming into the crypto industry armed with a strategic investment groundwork that’ll trump most of the top meme coins in the market, including Shiba Inu. For context, KangaMoon is setting up one of the biggest meme platforms that will act as a meeting place for meme enthusiasts. The KangaMoon platform has two standout features which include the SocialFi structure and the GameFi feature.

Through the SocialFi structure, meme enthusiasts can meet and interact with like-minds on the Kangaverse. On the other hand, the GameFi feature facilitates a play-to-earn environment where members can journey through the gaming adventure while earning valuable rewards that include NFTs, collectibles, and KANG tokens. It’s no wonder then that over 20,000 meme enthusiasts have already joined the platform.
While still in its presale phase, the KangaMoon project has already recorded an ROI of 290%.. There’s more growth to come for KANG, given that the token is set to hit CEX exchanges in Q2.
As such, investing in the KANG presale for only $0.0196 is the best strategy to position oneself for the massive exponential growth potential. Crypto experts have projected 100x rallies in the coming months. That means the KANG price could hit $1 sooner than anticipated. Overall, KangaMoon is an emerging meme project that will serve as both a profitable investment venture for traders as well as an entertaining platform for meme enthusiasts on the blockchain.

Accessing the Shiba Inu Project and Why KangaMoon May Outshine it

Shiba Inu (SHIB) was one of the best meme coins in the meme coin market when it was launched in August 2020. The Ethereum-based token is the second most valued meme coin by market capitalization according to market stats. However, unlike KangaMoon, the Shiba Inu token harbors no significant utility.
Meanwhile, the KANG token is a utility token of an emerging, high-potential KangaMoon meme platform. The KangaMoon platform is also an upgraded version of Shiba Inu’s Shibarium metaverse.
This is because while the Shibarium metaverse allows members to interact and earn in-game rewards, it doesn’t rely entirely on the Shiba Inu token, as members can easily boycott the token in favor of ETH to make transactions. This lowers the utility of the SHIB token. Meanwhile, KANG remains the only utility token of the Kangaverse, a development that will increase the value of KANG over time.

What to expect after the Bitcoin Halving: a look at post-halving performance

The Bitcoin Halving is almost here, bringing about the most significant event in the Cryptocurrency market ever. Each event has had a dramatic impact on supply, demand, and price appreciation post-halving. But with Bitcoin price already setting a new all-time high before the halving for the first time ever, how might this change post-halving performance? Let’s take a closer look.

What is the Bitcoin Halving?

The Bitcoin Halving is a recurring event happening approximately every four years. By design, it is intended to increase the scarcity of BTC and strengthen the security of the network. However, it has the unintended effect of bringing more participants, speculation, and volatility to Crypto markets, driving Bitcoin price to astronomical new highs.
Currently, miners unlock about 900 new BTC each day while contributing to the security of the Bitcoin network. After the next halving, this will be reduced to roughly 450 new BTC each day. This abrupt change in supply, coupled with growing demand is often an event worth paying attention to, as the following data will reveal.

Past post-halving performance examined

The first ever Bitcoin halving occurred on November 28, 2012. BTCUSD traded at around $10. Within one year, Bitcoin price climbed by nearly 10,000% to over $1,200 per coin. At this point, the top Cryptocurrency was still in its infancy, and few paid attention to the impact the halving had on price action.
The second halving took place on July 9, 2016, some four years later. Cryptocurrencies were still relatively unknown at this point in time. However, new altcoins were starting to gain traction and the industry surrounding Bitcoin begane to develop. 16 months later, BTCUSD rallied from $570 at the July 2016 halving to just under $20,000 per coin, representing a 3,400% post-halving performance.
By the third halving, which took place on May 11, 2020, the world had started to realise the correlation between BTCUSD performance and the proximity to the halving event. The halving happened just months following the COVID pandemic and unprecedented money supply expansion, resulting in a perfect storm for Bitcoin and investors. Within a year, Bitcoin soared from under $9,000 per coin to more than $65,000 per BTC. Although this is substantial in USD terms, this was only a 625% gain compared to 3,400% and 10,000% previously, setting the precedence for diminishing returns.

Why the 2024 Bitcoin Halving could be different

The Bitcoin Halving in 2024 is pegged for mid-April, and is already gearing up to be the most important event in Crypto history. While the phrase “this time is different” is considered the most dangerous in investing, this time, when it comes to Bitcoin, things are very different to the past.
Despite the enormous bull markets that follow each halving, none of these rallies set a new all-time high beforehand. In 2024, Bitcoin has already set a new all-time high, which could either mean further diminishing performance, or a shocking rally that surprises the masses and only adds to the price tag of each BTC further.
With each Bitcoin Halving, the market participants increasingly took note of its powerful impact on price appreciation. The halving is a publicly known event, and in 2024, the post-halving performance could have been front-run by so-called smart money, whales, and institutional investors, who are aware of the type of gains that are possible.

Whether or not this means less performance post-halving remains to be seen. However, the reduction in new BTC available to miners should still impact the delicate balance of supply versus demand in favour of more price appreciation ahead after the event.

Factors fuelling increased profit potential in Crypto

The emergence of spot Bitcoin ETFs in the United States are one of the major factors causing the new price record ahead of the halving, and could further ignite a bull market post halving. Spot Bitcoin ETFs have been absorbing as much as 10 times the new supply from miners, and post halving this could increase to 20 times the new available supply if ETF demand remains consistent.
Combined with demand from retail investors hearing about the halving in the media and in social circles, price could still rise substantially, even though Bitcoin is currently trading above former all-time highs from 2021 at $68,000 per coin.

Trading Bitcoin with PrimeXBT

With the potential for significant price appreciation and volatility following the Bitcoin Halving, traders can capitalise on these market movements using PrimeXBT’s Crypto Futures. PrimeXBT offers an all-in-one trading platform suitable for all, from novice to expert traders. The platform provides the lowest fees for Crypto Futures starting from 0.01%, allowing traders to maximise their profits.
PrimeXBT’s advanced margin options enable traders to manage their risk effectively while leveraging up to 200:1 to amplify their potential gains. The platform’s fast execution ensures that trades are executed at the prices seen with no requotes. PrimeXBT also offers a wide range of tools and educational resources to help traders level up their skills and make informed trading decisions.

Conclusion

The Bitcoin Halving is a highly anticipated event that has historically led to significant price appreciation and volatility in the Cryptocurrency market. With Bitcoin already setting new all-time highs before the 2024 halving, the post-halving performance could be even more impressive than previous cycles. Traders looking to capitalise on these market movements should consider using PrimeXBT’s Crypto Futures platform.
PrimeXBT offers an all-in-one platform with the lowest fees, advanced tools, and educational resources to empower traders of all levels. The platform’s easy-to-use interface and quick onboarding process make it simple for anyone to start trading and take control of their finances.
Experience the future of online trading and secure your place in the Crypto market with PrimeXBT.
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.