Author: The Daily Hodl
A popular crypto analyst thinks Bitcoin (BTC) is currently mirroring the Japanese stock market’s giant rally about four decades ago. The pseudonymous analyst TechDev shares charts with his 467,400 followers on the social media platform X that compare BTC’s performance since 2010 with the performance of the Nikkei 225, a price-weighted index that tracks 225 blue-chip companies trading on the Tokyo Stock Exchange, between the years 1950 and 2000. TechDev’s charts suggest Bitcoin could crack $760,000 sometime between 2028 and 2029 before witnessing a multi-year bear market. The top-ranked crypto asset by market cap is trading at $59,621 at time…
Macro guru Hugh Hendry believes there’s a solid chance that Bitcoin (BTC) will ignite a nearly 240% surge but notes that he’s also prepared in case the crypto king corrects. In a new interview with independent journalist David Lin, Hendry says that while he’s not an expert in the intricacies of Bitcoin and crypto, he can still see his capital invested in BTC “easily” appreciating by 3X. According to the macro guru, his rosy outlook on BTC is based on Bitcoin’s bull market structure, the size of its market capitalization as well as the potential buyers of the crypto king.…
A popular analyst says he’s feeling bullish on crypto for the end of this year and is updating his outlook on Ethereum (ETH) and Solana (SOL). The pseudonymous trader known as Altcoin Sherpa tells his 222,400 followers on the social media platform X that he’s expecting a “full send” phase for crypto around December or perhaps early next year. “Personally I’m bullish going into late Q4 but until that time, I honestly have no idea. Still expecting some chop for Sept/October and then some fakeouts in November. Full send by December/January 2024 though.” Looking at Ethereum, the trader doesn’t yet…
Circle CEO Jeremy Allaire says that the vast majority of unexpected developments in crypto still haven’t occurred yet. In a new interview on the Empire podcast, Allaire says that the two things that surprised him were memecoins and non-fungible tokens (NFTs). “Memecoins and NFTs… The whole phenomenon, and the way in which those phenomena emerged and were popularized. Those were not things that I anticipated. And I can make arguments about the good and the bad. NFTs to me are actually very important technology, very important utility, and NFTs as a pattern is critical in a ton of different ways.…
Hedge fund veteran Mark Yusko believes that the launch of Bitcoin exchange-traded funds (ETFs) has given Wall Street some control over the price action of BTC. In a new interview with crypto podcaster Scott Melker, Morgan Creek’s Yusko says that he’s not seeing signs of intense selling pressure in both the spot and ETF markets. But Yusko says Bitcoin is correcting because of entities heavily shorting BTC in the futures market. The hedge fund veteran believes that Bitcoin is being shorted by institutions to artificially push the price of BTC down so they can accumulate coins at a discount. “There’s…
A widely followed crypto analyst is warning that Bitcoin (BTC) and crypto could be seeing red this month based on historical seasonality. In a new video update, crypto strategist Benjamin Cowen tells his 810,000 YouTube subscribers that September has historically delivered negative returns for BTC more often than not. 1:30:- “I started noticing a pattern for Bitcoin. And essentially what it was, was that we just had red September after red September after red September. 2017, 2018, 2019, 2020… What you’ll notice, though, no matter how you look at your averages, no matter what years you ignore, September tends to…
Digital assets manager CoinShares says that institutional crypto investors pulled millions in capital from digital asset products last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products suffered $305 million in outflows last week driven by strong economic data releases. “…with widespread negative sentiment evident across various providers and regions. We believe this was driven by stronger-than-expected economic data in the US, which has diminished the likelihood of a 50-basis point interest rate cut. We continue to expect the asset class to become increasingly sensitive to interest rate expectations as the FED gets closer…
The number of people holding at least $1 million worth of crypto assets significantly increased over the past year, according to a new report from international wealth and investment specialists Henley & Partners. Data from the firm’s Crypto Wealth Report 2024 shows that as of June 30th, there are already 172,300 individuals worldwide who hold $1 million worth of crypto assets, including Bitcoin (BTC). The number represents a growth of 95% from July 1st, 2023. Crypto centi-millionaires, or those with digital holdings worth $100 million, now number 325, up by 79% from last year. The number of people holding at…
The Federal Trade Commission (FTC) is reportedly issuing a warning about crypto ATM scams, noting that victims are losing thousands of dollars in the scheme. According to a new report by NBC News, the regulatory body is warning consumers that bad actors are stealing funds via Bitcoin (BTC) ATMs, or machines that convert cash directly into the top crypto asset by market cap. Data from the FTC finds that in the first half of the year, $65 million has been stolen by scammers using Bitcoin ATMs. Furthermore, it shows that from 2020 to 2023, the amount of money drained in…
A closely followed crypto strategist thinks that Bitcoin (BTC) is gearing up to carve the bottom of its extended correction this month. Pseudonymous analyst Rager tells his 198,000 followers on the social media platform X that he thinks Bitcoin will start carving a local bottom this month. According to the analyst, the precise timeline for BTC’s lows is not important as he sees Bitcoin rallying in Q4 of this year. “August and September is a very good chance that the low could/will be in over the next month. And regardless of exact timeline – many here will still agree prices…