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A trader who nailed the end of Bitcoin’s (BTC) 2021 bull market is outlining when the crypto king could witness a big burst to the upside.
 
Pseudonymous analyst Pentoshi tells his 699,400 Twitter followers that capital appears to be leaving the crypto markets.
 
However, the trader says that market conditions will likely change in the coming months just before Bitcoin witnesses its next halving event.
 
“Every day checking stablecoin (market cap) and total value locked (TVL).
 
Every day, stablecoin (market cap) goes down, TVL goes down, *MOST* altcoins TREND down.
 
When new money? SOON! Think by or around Q1 2024 BTC is screaming up…
 
Hate to think where we’d be if it wasn’t for Saylor, Tether + ETF (exchange-traded fund). Maybe sub $20,000.”
 

Source: Pentoshi/Twitter
 
The next Bitcoin halving is slated for April 2024.
 
In the meantime, the trader holds a bearish outlook on BTC due to two macro headwinds.
 
Pentoshi says that the recent rally in the oil markets suggests that inflation will once again rear its ugly head. He also expects regulators to hold off on approving a spot-based Bitcoin exchange-traded fund (ETF).
 
According to Pentoshi, the ensuing correction from these two factors could set up BTC for a huge rally once regulators green light a Bitcoin ETF.
 
“Maybe after ETF Delay + Hot CPI (consumer price index) print. Fake dump into pump seems likely for later ETF spot approval…
 
Has nothing to do with hope. Everything to do with paying attention (my job).
 
Have you looked at energy in the last six weeks? Oil is up 24%, which leads to everything going up. Will either see it this (CPI) print or next. Fed is now showing a hot print as well.”
 
At time of writing, BTC is worth $29,098.
 
Source: dailyhodl
 
 
Cryptocurrency exchanges review:
 
#1 OKX - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.
 
#2 ByBit - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.
 
#3 Gate.io - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.
 
#4 MEXC - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.
 
#5 KuCoin - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.
 
#6 Huobi - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.
 
#7 Bitfinix - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.
 
 
My bitcoin-blog: https://sites.google.com/view/my-crypto-jam/portfolio
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While the broader cryptocurrency market has been facing selling pressure, Dogecoin has registered a contrarian move gaining 16%over the last week. As of press time, the Dogecoin (DOGE) price is up by 5% trading at $0.08061 with a market cap of $11.32 billion.
 
Currently, the DOGE price is trading well above its support zone between $0.070 and $0.076. citing data from IntoTheBlock, crypto analyst Ali Martinez explained that 452,000 wallets acquired 51.4 billion $DOGE in this support zone. However, DOGE is facing stiff resistance at $0.083 and $0.088.
 
Thus, investors looking to capitalize on the current Dogecoin momentum should watch these levels before making any fresh entry.
 

Courtesy: IntoTheBlock
 
Recent data from Santiment revealed that Dogecoin’s price has surged by more than 25% in the last two weeks, resulting in significant profits for many average Dogecoin investors. The analysis platform also indicated that DOGE traders who have been active in the past year have achieved an ROI of over 2.4%. It further speculated that these investors could potentially see even higher gains when DOGE enters a risky FOMO zone, which it has not reached yet.
 

Courtesy: Santiment
 
Other on-chain metrics have also been supporting the Dogecoin price rally. The DOGE price has given a strong technical breakout above $0.08 and if it sustains above these levels, it could lead to a 20,000% of price rally.
 
Also, the Dogecoin whale activity has been on the rise along with the trading activity hitting a 16-week high since April 2023.
 
Will Elon Musk’s X Integrate Dogecoin?
 
Last Sunday, Elon Musk rebranded the Twitter social media platform to X while also teasing the possibility of Dogecoin integration in the future. This has been one of the major catalysts to the current DOGE price rally.
 
While changing the Twitter logo to “X”, Elon Musk also changed his Twitter location to “X ?,” where “?” is the symbol for Dogecoin.
 
The reason behind Musk updating his Twitter location to include the Dogecoin symbol remains unknown. However, it’s plausible that he did it to show his support for cryptocurrencies.
 
From coingape
 
Visit leading cryptocurrency exchanges:
 
#1 OKX - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.
 
#2 ByBit - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.
 
#3 Gate.io - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.
 
#4 MEXC - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.
 
#5 KuCoin - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.
 
#6 Huobi - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.
 
#7 Bitfinix - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.
 
 
My bitcoin-blog: https://sites.google.com/view/my-crypto-jam/
=)

 
The crypto market has recovered a lot of the losses sustained in 2022, with BTC rising by over 80% YTD and many altcoins performing even better. This led to questions and analysis within the community about whether the bear market is over and the industry is preparing for yet another bull cycle.
 
Moreover, the BTC halving is scheduled to take place in less than a year, which is typically regarded as a catalyst for upcoming price increases. However, the recent developments from the US Securities and Exchange Commission could suggest that the agency might also have a role in a potential bull market.
 
The SEC Impact
 
Being among the most powerful regulators within the world’s largest economy, the SEC’s actions frequently have a direct impact on a relatively small market like crypto. As such, when the Commission decided to go after Ripple in late 2020, as well as Coinbase and Binance, a few months ago, it harmed most digital assets’ prices almost immediately.
 
While this doesn’t sound all that surprising that the SEC’s lawsuits could hurt projects and companies, there’s also the opposite angle. We saw it earlier this week when Judge Analisa Torres, presiding over the agency’s case against Ripple, ruled in favor of the blockchain project, indicating that almost all XRP sales did not constitute security transactions, something that the SEC has been trying to prove for years.
 
The judge’s decision had an immediate and massive impact not only on XRP’s price but many other altcoins, which the SEC alleged to be unregistered securities.
 
Consequently, it’s safe to assume that the entire market could further surge should the agency lose its ongoing battles with the likes of Coinbase and Binance – two of the industry’s most prominent players.
 
Spot Bitcoin ETF
 
The other aspect on which the SEC’s actions have a direct impact is whether the US will (ever) have a spot Bitcoin exchange-traded fund. The regulator has rejected countless applications in the past decade from companies such as Grayscale, Ark Invest, Fidelity, WisdomTree, VanEck, and many others.
 
With the agency’s growing attacks against the industry with its latest series of lawsuits, many believed that such a product will not see the light of day, at least not any time soon.
 
However, the tides changed in mid-June when BlackRock, the world’s largest asset manager and arguably the most influential financial giant, filed to release a spot Bitcoin ETF – a move mimicked by several other companies. BlackRock has a mindblowing success rate when it comes down to ETF applications, with the SEC of 575 to just 1.
 
Its filing for a spot BTC ETF had a profound effect on the cryptocurrency’s price, which soared past $30,000 for the first time in months after being stuck at around $26,000 – $27,000 for weeks.
 
The SEC first dismissed all recent applications, deeming them “inadequate,” which triggered immediate price declines as well. However, BlackRock, as well as the rest of the ETF seekers, amended the filings. Moreover, the agency recently accepted BlackRock’s application, thus commencing the official review process.
 
Although that could that a long time, a potential approval of a spot Bitcoin ETF in the States could also have a colossal and immediate effect on the entire market. After all, BTC did chart its current ATH of $69,000 amid the approval of the first futures BTC ETF in the US back in late 2021.
 
by cryptopotato
 
 
Visit leading cryptocurrency exchanges:
 
#1 OKX - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.
 
#2 ByBit - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.
 
#3 Gate.io - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.
 
#4 MEXC - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.
 
#5 KuCoin - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.
 
#6 Huobi - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.
 
#7 Bitfinix - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.
 
 
My bitcoin-blog: https://sites.google.com/view/my-crypto-jam/
=)

Reported data shows that Bitcoin’s value increased by 83.8% in the first half of 2023, ranking first and exceeding other major world assets by a significant margin. In the second position is the Nasdaq index, whose value increased by 31.7%. A 37% drop in value puts natural gas in the bottom position following the fall in the prices of other energy sources.
 
Data shows that in the first half of 2023, Bitcoin increased by 83.8%, ranking first, far exceeding other major assets in the world.
 
The Nasdaq index rose 31.7%, ranking second, and other major national stock markets rose. The price of natural gas fell by 37%, ranking the… pic.twitter.com/bou05S8aH0
 
— Wu Blockchain (@WuBlockchain) July 2, 2023
 
Bitcoin’s trajectory for 2023 has been clear and with a bullish undertone. The flagship cryptocurrency kicked off the year with a strong bullish sentiment. The bitcoin price rose by 47% within the first month of the year, setting the tone for the following weeks.
 
The cryptocurrency’s rise was characterized by typical declines, with support and resistance levels impacting the price change. Bitcoin’s price dropped to $19,569 in March after climbing over $25,000 for the first time since August 2022.
 
Many Bitcoin analysts identified the climb above $25,000 as a significant move to confirm the end of the bear market. Despite the pullback after that, the majority of Bitcoin’s proponents considered it a consolidation and an accumulation opportunity. That belief was supported by the anticipation of a bull run ahead of the next Bitcoin halving, which comes up in 2024.
 
Another phase of the bullish trend returned to the Bitcoin market in the middle of March. Bitcoin gained over 58% in about four weeks during that period, as the price surpassed the $30,000 level for the first time since June 2022.
 

 
After that surge, Bitcoin entered into another consolidation, pulling back toward the $25,000 support region. After reaching a local low of $24,756, the bullish momentum returned, with the price returning above the $30,000 price level.
 
Data from TradingView shows that Bitcoin’s price at the end of June was $30,469, marking a yearly gain of over 83%. Bitcoin traded at $30,503 at the time of writing, with the positive momentum still intact.
 
Visit leading cryptocurrency exchanges:
 
#1 OKX - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.
 
#2 ByBit - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.
 
#3 Gate.io - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.
 
#4 MEXC - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.
 
#5 KuCoin - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.
 
#6 Huobi - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.
 
#7 Bitfinix - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.
 
 
My bitcoin-blog: https://sites.google.com/view/my-crypto-jam/
=)