Bitcoin
Bitcoin Price May Not Retest This Year’s Highs for Another Five Months
After its strong recovery earlier this year, the summer slump may have arrived early for bitcoin. The cryptocurrency is up 48% year to date thanks to bullish enthusiasm surrounding the debut of bitcoin ETFs in the US in January and the halving on April 19. Bitcoin is on track for its first positive week in the last six, according to Coin Metrics. However, it fell 11% in the second quarter and is about 14% below its all-time high above $73,000 reached in March. Analysts remain bullish on bitcoin in the long term, but say the coming weeks will require some patience. “It could take three to five months for bitcoin to retest recent highs,” HC Wainwright analyst Mike Colonnese told CNBC. “Then [we’re] short-term neutral to medium- to long-term cautious and bullish on bitcoin – and by extension miners.” BTC.CM = 3M mountain Bitcoin is down 11% this quarter Bitcoin miners offer high beta exposure to bitcoin and have historically outperformed it during bull cycles, he added. His top pick in the space is Wolfe Research technical analyst Rob Ginsberg, who shared a similar view on bitcoin: “Although we reiterate our position that over a multi-year period, it does. it makes sense to remain long. Signs of further near-term losses continue to mount,” he said in a note this week. “We continue to wonder if the last $70,000 rejection was the start of an epic double top.” Colonnese also pointed out that corrections between 25% and 30% are “par for the course” for bitcoin, even in bull cycles “We wouldn’t be surprised if bitcoin returned to the low-to-mid $50,000 range in the near term, as stubbornly high inflation slows the economy, growth and geopolitical issues remain important risks,” he said. Bitcoin has remained above $60,000 since early May, when it fell below that level for the first time since February. But analysts studying price charts consider this level vulnerable and have warned of the risk of a drop as low as $49,000. However, it is still early for bitcoin in this cycle, according to Colonnese. Between this year’s increased demand for bitcoin ETFs and reduced supply due to the halving, the cryptocurrency’s supply and demand dynamics are attractive. Your basic scenario is that bitcoin will reach $100,000 this cycle. “Looking at previous price cycles, bitcoin has historically peaked between one to one and a half years after a halving event, with the bull phase lasting longer in each subsequent cycle,” Colonnese said. “Bitcoin rose to over $67,000 in November 2021, 546 days after the third halving event occurred in May 2020.” “Assuming a similar duration for this bullish phase of the price cycle, bitcoin may not reach the peak of the cycle until October 2025,” Colonnese added. – CNBC’s Michael Bloom contributed reporting.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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