Author: The Daily Hodl
Legendary trader Peter Brandt says one Bitcoin (BTC) chart looks quite similar to the one printed by the stock market in the mid-1980s before a big breakout. Brandt tells his followers on the social media platform X that he’s looking at Bitcoin versus the M1 money supply chart (BTC/WM1NS), which compares the value of BTC against all the money sloshing in the US economy. “The argument for Bitcoin relates to the eventual destruction of fiat currency units (e.g., USD) This chart… plots the price of Bitcoin BTC in relationship to total US money stock (M1). This ratio remains below the…
Quant analyst PlanB says that Bitcoin (BTC) is entering a phase that has historically coincided with rallies. In a new strategy session, PlanB provides an update on his stock-to-flow (S2F) model, which was traditionally used for traditional commodities before he adapted it to Bitcoin. The S2F model predicts the performance of an asset based on the idea that the price increases as the asset becomes more scarce. Historically, PlanB’s S2F model has signaled the beginning of strong bull runs immediately after the halving with the printing of a red dot. “It’s the first month after the halving, and the start…
A crypto strategist known for macro Bitcoin calls thinks that BTC is gearing up for a big price explosion en route to a blow-off top. Pseudonymous analyst TechDev tells his 456,200 followers on the social media platform X that Bitcoin’s trading range on the five-day chart is at its tightest level in eight years. A tight trading range in a bullish trend suggests that buying activity is inching closer to sellers’ desired price level, causing price compression that often leads to a breakout. TechDev uses logarithmic Bollinger bands to quantify Bitcoin’s volatility history. Says TechDev, “Historic move imminent. Bitcoin’s five-day…
A crypto analyst says whales have abruptly accumulated tens of millions of dollars worth of Dogecoin (DOGE) in just a matter of days. Crypto strategist Ali Martinez tells his 63,100 followers on the social media platform X that deep-pocketed investors have snapped up 700 million DOGE worth $112 million in just 72 hours. Using data from analytics platform Santiment, Martinez says that the sudden DOGE accumulation of whales comes as sentiment for the leading memecoin has dropped close to 2024 lows. “Market sentiment for Dogecoin is as bearish as it was in early February, just before DOGE skyrocketed by 200%!” …
A veteran trader with a history of several accurate macro crypto calls is revealing what he thinks could be the maximum upside price target for Bitcoin (BTC) this market cycle. Pseudonymous trader Dave the Wave shares with his 146,000 followers on the social media platform X a chart using his version of the logarithmic growth channel (LGC) curve, which aims to predict Bitcoin’s longer-term cycle lows and highs while filtering out shorter-term volatility. According to the trader, his LGC model is suggesting that Bitcoin’s current market cycle could peak out somewhere around a maximum of 3x above current prices, or…
Ethereum (ETH) co-founder Vitalik Buterin just gave a substantial amount to support the legal battle of Tornado Cash developers Alexey Pertsev and Roman Storm. Data from Ethereum blockchain explorer Etherscan shows that Buterin transferred 30 ETH worth $113,678 to the “Free Alexey & Roman” legal fund on May 30th. Tornado Cash is an Ethereum-based coin mixing service that facilitates anonymous crypto transactions. In 2022, the US imposed a sanction on the platform claiming that it is used to launder illicit funds and pose a threat to national security. The developers of Tornado Cash were subsequently charged. Earlier this month, a…
A closely followed crypto analyst says that one under-the-radar indicator is hinting at a sudden Bitcoin (BTC) rally to new all-time highs. In a new video update, crypto strategist Jason Pizzino tells his 328,000 YouTube subscribers that the top crypto asset by market cap has historically made “stealth moves” to the upside when its average true range (ATR) indicator reaches a local low while price continues to consolidate or put in higher lows. According to the analyst, if the crypto king can maintain a daily trading range average of between $1,500 and $2,000 while staying above the $56,000 to $60,000…
Chainlink (LINK) co-creator Sergey Nazarov says this could be the year that sees a great merger between blockchain and the traditional global financial system. In a speech at the Consensus 2024 conference, Nazarov says the market for on-chain assets is more than $100 trillion. The Chainlink co-creator shares a chart showing that the $2.7 trillion debt market and the $106 trillion stock market can move into the blockchain. The chart also shows that other assets such as global real estate and derivatives can be tokenized. Nazarov says that eventually, all financial transactions will take place on-chain, and that 2024 is…
Billionaire venture capitalist Chamath Palihapitiya says it would be a smart move for some countries to use Bitcoin (BTC) alongside their local currency. In a new installment of the All-In Podcast, Palihapitiya says he recently spoke with Wences Casares – a Silicon Valley entrepreneur who introduced him to Bitcoin in 2010 when BTC was trading at around $80. Palihapitiya says Casares explained a “powerful concept” that maps out a path for the mass adoption of BTC. “When I talked to Wences about this, how he explained it, which makes a lot of sense to me is there are a lot…
A closely followed crypto strategist says Bitcoin (BTC) just flashed a signal last seen before the dramatic rallies of the 2017 bull market cycle. Pseudonymous analyst TechDev tells his 452,600 followers on the social media platform X that the Bitcoin versus M1 money supply chart just breached the resistance of the exponential moving average Bollinger Bands on the monthly chart. According to TechDev, the same thing happened in the first months of 2017 before Bitcoin printed gains of more than 2,600% in less than a year. “You’re looking at the first breakout of Bitcoin against M1 money supply since March…