Author: The Daily Hodl

A veteran crypto trader who has a history of nailing Bitcoin’s market tops and bottoms says that BTC is likely nearing the end of its current correction. Pseudonymous trader and analyst Dave the Wave tells his 148,000 followers on the social media platform X that Bitcoin appears to be strongly reacting to the 365-day simple moving average (SMA). His chart suggests BTC may be about to bottom out at the 365-day SMA for the fourth time since the beginning of the bull market, which would also coincide with the 0.5 Fibonacci level. Traders use the Fibonacci retracement tool to spot…

Solana (SOL) creator Anatoly Yakovenko believes Bitcoin’s (BTC) main use case is as insurance for the collapse of a superpower. In a new thread on the social media platform X, Yakovenko says Bitcoin is an expense and not an investment – something to protect against the possible collapse of a country touting economic and military might. “BTC has no value. In the best light, it’s insurance. Based on my lifetime priors, there is a 1% chance a superpower will collapse any given year. It’s worth it for me to spend 1% of my wealth on some asset that might not…

A crypto strategist who nailed the start of the current Bitcoin bull market is outlining what he thinks is the worst possible path for BTC. Pseudonymous analyst DonAlt tells his 657,500 followers on the social media platform X that it is within the realm of possibility for BTC to repeat its 2021 mid-bull cycle collapse when it lost over 50% of its value in just three months. While Bitcoin eventually recovered all losses by November 2021, BTC failed to mount rallies above $69,000 before abruptly ending its bull market. If Bitcoin follows in the footsteps of its 2021 bull cycle,…

The popular Ethereum (ETH)-focused crypto wallet MetaMask plans to introduce native Bitcoin (BTC) and Solana (SOL) support in the coming months. MetaMask announced this week that Solana would be added in May, which represents the wallet’s first native non-Ethereum Virtual Machine (EVM) support. The project plans to add Bitcoin compatibility sometime in Q3. SOL defied a wavering crypto market on Friday and surged by 7.5%. The sixth-ranked crypto asset by market cap is trading at $147.49 at time of writing. MetaMask announced the new features amid a swelling user base. In a statement issued in February, the wallet’s developer Consensys…

BlackRock, the world’s largest asset management firm, has reportedly incorporated its iShares spot Bitcoin (BTC) exchange-traded fund (IBIT) into some of its model portfolios. Bloomberg, citing a BlackRock investment outlook that its journalists had viewed, reports that the firm added a 1-2% allocation for IBIT in model portfolios that allow for alternative investments. Model portfolios are a basket of different investments crafted by a financial advisor. Michael Gates, lead portfolio manager for BlackRock’s Target Allocation ETF model portfolio suite, reportedly wrote in an investment commentary this week that the firm believes Bitcoin has “long-term investment merit and can potentially provide…

An under-the-radar altcoin defied the wider crypto market slump and surged in price this week amid a new strategic investment. Vana (VANA) is a layer-1 network for user-owned data. The project aims to allow users to contribute, tokenize, and share their data to create next-generation artificial intelligence (AI)-focused applications. The project’s native asset, VANA, launched in December and is trading at $8.88 at time of writing. The 228th-ranked crypto asset by market cap is up nearly 3% in the past day and more than 37% in the past week. VANA’s gains largely materialized after YZi Labs, formerly known as Binance…

The financial services titan CME Group says it’s launching new futures contracts based on the smart contract platform Solana (SOL) in March. In a new press release, the CME Group announces that it will be rolling out two Solana-based futures contract options on March 17th – a micro-sized one worth 25 SOL and a macro-sized contract worth 500 SOL. However, the firm notes that the launch of the products is still pending regulatory review. According to Giovanni Vicioso, CME’s global head of crypto products, the rollout of the contracts is happening due to burgeoning client demand for regulated products based…

Standard Chartered’s head of digital asset research Geoffrey Kendrick is leaning bullish on Bitcoin (BTC) amid a correction that has seen the crypto king fall 25% from the all-time high reached in January. Kendrick says in a CNBC interview that a “lot of negativity” thrown at the crypto sector recently has driven Bitcoin to levels last witnessed about four months ago. “So somewhat challenging times but again for me the medium-term story still remains very, very positive.” According to Kendrick, Bitcoin could go up 145% this year and up to 513%, or roughly 6x, by early 2029. “[The] medium-term topside…

A closely followed economist thinks that Bitcoin (BTC) may be forming a market bottom after a deep correction that tapped the $78,000 level. Alex Krüger tells his 206,200 followers on the social media platform X that if Bitcoin’s bottom is in, the flagship crypto asset will soon march back to $92,000. He also says a bear trap would be confirmed if Bitcoin reclaims $92,000 as support. A “bear trap” is when a price goes low enough to convince bears to sell or go short before quickly reversing in the opposite direction of their positions. “BTC did lose its prior range…

Cryptocurrency analyst and trader Ali Martinez is warning that a top memecoin could plunge significantly amid the market downturn. Martinez tells his 128,900 followers on the social media platform X that Pepe (PEPE) is “about to crash” after breaking down below the lower boundary of a parallel channel it has been trading in for almost a year. “Since March 2024, Pepe tends to drop to the lower support trend line and then it rises to the upper resistance trend line. From this level, Pepe tends to drop back to the lower support trend line and from here it rebounds again.…