Author: The Daily Hodl
A popular crypto analyst says that it’s likely Ethereum’s (ETH) time to shine and that its biggest rival is in for a parabolic run. Pseudonymous trader Inmortal tells his 213,900 followers on the social media platform X that Ethereum will rally and leave many traders on the sidelines. The analyst lays out an initial target of about $4,000 with a chart suggesting that ETH found support at around the $2,800 level. “ETH season about to start. Fueled by disbelief, as all the other times.” At time of writing, Ethereum is trading for $3,107. The analyst also has his eye on…
New data from market intelligence firm IntoTheBlock reveals that deep-pocketed crypto investors have accumulated tens of billions of dollars worth of Bitcoin since BTC exchange-traded funds (ETFs) launched in January. In a new article, IntoTheBlock says that the top crypto asset by market cap’s era of institutional adoption is here as crypto whales have gobbled up nearly $16.8 billion worth of BTC since the U.S. Securities and Exchange Commission (SEC) approved spot market BTC ETFs earlier this year. “For years, the crypto industry has been rallying around the message of ‘institutions are coming.’ Following the launch of the spot BTC…
An analyst who rode the 2023 crypto breakout thinks that memecoin Pepe (PEPE) is headed to much lower levels. Pseudonymous analyst DonAlt tells his 553,800 followers on the social media platform X that PEPE appears to have made a false breakout to new all-time highs before sellers pushed the price below its range high of $0.000009959. In technical analysis, a false breakout is often seen as a bearish sign, suggesting that sellers are overwhelming demand. Says DonAlt, “Fell below the previous highs. For now, that looks like a false breakout. As long as that’s not reclaimed, that’s a bearish chart.…
Well-known quant analyst PlanB says that Bitcoin (BTC) looks the same as it did in 2017 before witnessing a meteoric ascent. PlanB tells his 1.9 million followers on the social media platform X that BTC is currently four months into its bull market phase, indicated by the four red dots on his chart. “2017 vibes.” Based on PlanB’s chart, the leading cryptocurrency by market cap was trading at around $1,200 when it was at its fourth red dot in 2017 but quickly rallied to the $20,000 mark by the end of the year. The quant analyst is also looking at…
A widely followed crypto strategist is warning that Chainlink (LINK) may be on the verge of a massive correction. Pseudonymous analyst Credible tells his 394,500 followers on the social media platform X that the native asset of the leading decentralized oracle network appears to have printed a mid-cycle top. According to the analyst, a deep corrective move is now in the cards for LINK after witnessing massive rallies in the last few months. “I understand that after 10 months of up only and a 4x rally, a pullback lasting 2-3 months with a 50-60% drawdown is normal, natural and healthy.…
Bitcoin’s (BTC) current market structure looks similar to 2017, just before its massive 1,200% rally to its previous record high of $20,000, according to widely followed crypto analyst TechDev. The pseudonymous analyst shares with his 450,000 followers on the social media platform X a chart that suggests the current market cycle has been strikingly reminiscent of the 2017 Bitcoin bull run. TechDev’s chart highlights that both bear markets bottomed out during the crash of two major crypto exchanges, followed by repeated rallies and consolidation phases. “The more things change, the more they stay the same.” Looking at the trader’s chart,…
A closely followed crypto analyst thinks that market participants are too pessimistic about the odds that regulators will green-light a spot Ethereum (ETH) exchange-traded fund (ETF). Pseudonymous analyst Altcoin Psycho tells his 501,800 followers on the social media platform X that people are not bullish enough on ETH right now. “Markets 100% underestimating odds of an ETH ETF. It’s also underestimating the price impact it’ll have. Buying ETH under $3,000 pre-ETF will eventually be an obvious hindsight trade. Just like how it’s now obvious you should have bought Bitcoin pre-ETF.” Data from the Ethereum-based prediction market platform Polymarket shows that…
Research from Coinbase suggests that decisions on a spot Ethereum (ETH) exchange-traded fund (ETF) could surprise investors. In a new note, Coinbase Institutional says that an ETH ETF is a question of when, not if, and that the U.S. Securities and Exchange Commission (SEC) is likely looking at the decision with the same rationale that it did when approving the Bitcoin (BTC) ETFs earlier this year. Coinbase notes that the SEC looked at the strong correlation between the price of spot BTC on the Chicago Mercantile Exchange (CME) – something that is also true for Ethereum. “While there is uncertainty…
The creator of interoperability blockchain Polkadot (DOT) says that one use case for the blockchains is crucial for their mass adoption. In a new interview on macro guru Raoul Pal’s podcast, Polkadot creator Gavin Wood says that proof of personhood – or a mechanism that digitally verifies a person’s humanity – could be the killer blockchain application that triggers widespread adoption. “What I’ve come to think about in this regard [during] the last couple of years is that blockchains have so far only really mastered doing scale of value – money basically. They haven’t mastered the concept of personhood, it’s…
Popular on-chain analyst Willy Woo believes Bitcoin (BTC) is now in a position to kick start a fresh leg up after months of consolidation. Woo tells his 1.1 million followers on the social media platform X that he’s looking at Bitcoin’s spent output profit ratio (SOPR), which tracks whether coins are being sold at a profit or loss. According to Woo, the metric currently shows that BTC holders are done taking profits close to record highs, suggesting that sell pressure is losing momentum. “Profit-taking has completed, it took two months. A very healthy reset, against a backdrop of capital flows…