Author: The Daily Hodl
A widely followed crypto trader thinks that improving macroeconomic conditions and easing sell-pressure bode well for Bitcoin (BTC). Pseudonymous analyst Altcoin Sherpa tells his 220,300 followers on the social media platform X that he’s flipping bullish on Bitcoin even though BTC’s market structure on the daily chart remains bearish. “I am not personally too scared. Macro conditions + massive supply overhang seem mostly settled/bullish for us going into Q3/Q4. I’m hoping we break the recent high at $70,000 and form a higher low. Bullish in the short-term.” Last week, Fed Chair Jerome Powell alluded to incoming rate cuts in a…
Layer-1 blockchain The Open Network (TON) is issuing a statement in support of Telegram founder Pavel Durov after his recent arrest in France. TON says on the social media platform that its network will continue to run as usual following Durov’s detention over alleged offenses related to the Telegram messaging app. “As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time. Pavel has been a dedicated advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions. The TON community remains…
Quant analyst PlanB says that Bitcoin (BTC) remains on track to hit $500,000 based on one benchmark indicator. PlanB tells his nearly 1.9 million followers on the social media platform X that he is doubling down on his massive six-figure price prediction for Bitcoin despite months-long sideways movement. Responding to a follower asking about BTC’s recent chop, PlanB says he still believes Bitcoin is on track to hit an average price of $500,000 between now and 2028. “Great question. The boring six-month trading range did not really surprise me. Of course, my hope was for a sooner pump. But I…
The next upward move in digital assets will be the “real” breakout that takes markets to new highs, according to a trader who accurately predicted the late 2022 crypto collapse. The pseudonymous trader known as Capo tells his 101,000 Telegram subscribers that the recent Bitcoin (BTC) bounce was a “test pump,” with the real rally to come. “That was a pump to clean the liquidity from above. The next pump should be the real breakout.” Capo says that a convincing break of the $62,000 level – which has potentially happened with BTC currently trading at $64,201 – will likely lead…
A widely followed crypto analyst is mapping out the path he believes Ethereum (ETH) is most likely to take for the rest of 2024. In a new video update, crypto strategist Benjamin Cowen tells his 808,000 YouTube subscribers that if ETH were to spark a rally, it would not surpass the $3,000 price level based on previous market cycles. “ETH has been going down since March, so my guess is that if ETH were to get a rally, it wouldn’t go much higher than $3,000. I would guess it gets rejected by the bull market support band this year and…
The largest non-exchange holder of Solana (SOL)-based memecoin dogwifhat is continuing to accumulate WIF, according to on-chain data. Blockchain tracking firm Lookonchain says the Solana address that begins with “mmEAfW” has recently accumulated hundreds of thousands of WIF. “The largest holder of WIF spent 1.54 million USDC to buy 800,556 WIF at $1.92 again! This whale currently holds 28 million WIF ($53.23 million), and the profit on WIF has exceeded $77 million!” Last week, Lookonchain shared a chart showing the whale’s accumulation process, buying aggressively during the run-up in March before offloading profits in April and May and then slowly…
A closely followed crypto strategist believes that overleveraged Bitcoin (BTC) bears are about to get wiped out. The anonymous host of the YouTube channel InvestAnswers says he sees a short squeeze coming for BTC. A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies. According to the analyst, Bitcoin bears are heavily shorting BTC, loading the market with fuel for potential rallies. “The big story here is perpetual…
Fundstrat’s Tom Lee says that financial markets are currently betting on a Donald Trump victory this November. In a new interview with CNBC, Lee says that markets believe that Trump’s odds of winning are higher than what the traditional polls show. “To an extent, I think that the markets are believing Trump’s probabilities of winning are stronger than the what the polls are showing. But I think that when the market sort of becomes more convinced of that, I think you’ll see cyclical stocks do better, small caps, and Bitcoin do better because these are really clear policy differences. But…
The founder of investment firm SkyBridge Capital says that Bitcoin (BTC) is not yet a store of value today but envisions Wall Street’s “selling machine” eventually promoting the crypto king. In a new interview on CNBC Squawk Box, Anthony Scaramucci says that it’s too early to brand the top crypto asset by market cap as a store of value. “I don’t see Bitcoin as a store of value today. I still see it as an early-adopting technology. Could it be a store value if there are over a billion wallets? Sure, we can look at it that way. Is it…
Robert Kennedy Jr. has chosen to withdraw from the US presidential race to support Republican nominee Donald Trump. In a speech addressing the nation, Kennedy said he’s backing Trump’s campaign to save the next generation of Americans. “I asked myself what choices must I make to maximize my chances to save America’s children and restore national health. I felt that if I refused this opportunity, I would not be able to look myself in the mirror knowing that I could have saved the lives of countless children and reversed this country’s disease epidemic… President Trump has told me that he…