DeFi

“The drop before the rise” say Bitcoin analysts

Published

7 months ago

5 July, 2024

“The drop before the rise” say Bitcoin analysts

Former Glassnode analyst James Check sees more “chopsolidation” on the agenda.

The market is confirming the warning signs of a Bitcoin price crash predicted by James Check, former principal analyst at blockchain analytics firm Glassnode.

Check explained in its bi-monthly newsletter, chain checkthat several indicators are preparing it for lower prices. BTC is already down 6% this week at $58,000, continuing last week’s sell-off, which validates Check’s thesis.

According to Check, who analyzed a multitude of charts, most traders have a net long bias, which tends to be a bearish signal. He added that most short-term holders are underwater, with $21 billion in unrealized losses. That number is even higher today, as the market has fallen and liquidated another $300 million.

“We’re at a point where more stress is likely,” Check predicted days before today’s sale, telling The Defiant that his analysis is not intended to predict prices — which he says is “not a useful exercise” — but rather to describe general market trends.

Short-term BTC holders’ supply is in decline

That said, Check predicts a “chopsolidation” in the future, a trend that many other analysts have also expressed.

Scott Melker, a prominent cryptocurrency trader, explained that his technical analysis shows that Bitcoin has bottomed out, although he called it a process. The independent analyst added that the asset is likely to continue this sideways consolidation for the foreseeable future.

“It would be nice to see that upward trend again,” he said. wrote. Yesterday, Melker explain that the market is close to the signal it is waiting for: a daily close below $60,300. A recovery would offer a bullish divergence and could clear the track.

“I’m just looking for an entry point”

Although technical analysis is not an exact science, it can help predict trends in a highly transparent market like Bitcoin.

But that’s not the case for Taras Kulyk, CEO of SunnySideDigital, a Bitcoin mining company.

He told The Defiant that “most investors are probably trying to push through negative sentiment so they can position themselves for a better entry point into a BTC position.” Kulyk said continued institutional interest in the ETF space should serve as a more appropriate target for investors to focus on.

Numbers to go out Analysts in the Bitcoin ETF space, however, agree more with Check and Melker than with Kulyk’s optimism. Aside from a few days of massive inflows in early June, the last few weeks have been marked by inflows amid the selloff, indicating that the market is mostly undecided about its direction.

Bitcoin ETF Net Flow Chart Bitcoin ETF Net Flows

The market may be in the “midsummer doldrums,” as Melker has repeatedly put it, although CoinShares’ James Butterfill has previously said that the data doesn’t indicate there’s even a concept called the midsummer doldrums.

A collapse is underway, but Check remains confident

Check remains unfazed by the possibility of a bear market – something other analysts have floated.

What gives him “some confidence” is that the amount of Bitcoin in unrealized profit/loss is not yet at the levels of mid-2021, when it triggered the prolonged downturn that eventually saw BTC trade at $16,000.

But he is patiently waiting for a possible new decline, in particular to dissuade those who think that $73,000 is the peak of the cycle.

“That’s what we’re looking for, ultimately, to see parts distribute at a lower cost,” he said.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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