Author: The Daily Hodl
A closely followed crypto strategist thinks that Bitcoin (BTC) is positioned to surge to new all-time highs following last week’s drop to around $60,000. Pseudonymous analyst Kaleo tells his 634,700 followers on the social media platform X that Bitcoin appears to be mirroring its December 2023 to January 2024 price action – when the market anticipated the approval of spot BTC exchange-traded funds (ETFs). According to the trader, he sees Bitcoin rallying to new record highs around the halving when BTC miners’ rewards are slashed in half. However, he predicts that BTC will see a deep correction after the rally…
An analyst known for making timely altcoin calls says one Dogecoin (DOGE) rival will make a huge comeback after the crowd takes their attention elsewhere. Pseudonymous analyst The Flow Horse tells his 210,100 followers on the social media platform X that he’s long-term bullish on the memecoin dogwifhat (WIF). According to the top trader, WIF will likely see sideways price action in the coming months, which he thinks will prepare the meme token for a big upside move in the second half of 2024. “I think the dog is going to take off the hat for a bit. Across every…
Blockchain analytics firm says Bitcoin (BTC) is still in a “euphoria phase” despite its recent correction based on on-chain metrics. In a new report, the firm says BTC’s current downward price action is still tame compared to previous cycles, suggesting that the crypto king is in the earlier stages of a bull run. “If we return to the magnitude of drawdowns we alluded to earlier, we can see that despite the large-scale profit taking by existing holders, the magnitude of pullbacks remains historically small. If we compare the ATH (all-time high) break in prior cycles, it could be argued that…
Top US crypto exchange Coinbase is looking to file an interlocutory appeal in its lawsuit with the U.S. Securities and Exchange Commission (SEC) regarding the definition of an “investment contract.” In a new thread, Coinbase chief legal officer Paul Grewal says that the crypto exchange is filing an interlocutory appeal because they and the SEC disagree on the definition of “investment contract.” “Today Coinbase filed a brief asking the Court’s permission to seek an interlocutory appeal in our SEC case on this controlling question: whether an “investment contract” requires something contractual – we think it does, the SEC disagrees.” An…
More than half a million altcoins have already been created between January and early April this year, according to crypto data aggregator CoinGecko. Using data from its decentralized exchange (DEX) tracker GeckoTerminal, CoinGecko examined the number of cryptocurrencies from December 31st, 2021 to April 11th, 2024. The result shows that 2.52 million cryptocurrencies have been launched to date, including transient memecoins and dead projects. The current number of crypto assets is also 5.7 times more than the 440,000 that existed at the end of 2021. The period between January 1 and April 11th this year saw the rollout of 540,000…
A trader who nailed the 2018 Bitcoin bear market bottom believes that the most recent correction has put BTC in a position to rally to a new all-time high. Top analyst Bluntz tells his 255,000 followers on the social media platform X that Bitcoin appears to have printed a local bottom after completing an ABC corrective wave on the four-hour chart. The trader uses Elliott Wave theory, which states that a bullish asset often witnesses a fresh leg up after an three-part ABC correction. Says Bluntz, “We got the sweep. I think that’s the low. BTC.” Looking at the trader’s…
Venture capitalist Chris Burniske says one blockchain project’s recent movement is reminiscent of Solana’s (SOL) back in 2020. Burniske, former crypto analyst at ARK Invest and current partner at Placeholder, says Celestia (TIA) bulls who are disappointed in TIA’s big correction may want to look at Solana’s chart from 2020, when SOL was also a fairly new token on the scene. The investor points out that after a massive dip, SOL suddenly rallied 10,000% the next year. “Seeing lots of TIA complainers after the token went ~10x in the public market in ~4 months. Most of these complainers have no…
A top analyst who nailed the end of the 2021 Bitcoin (BTC) bull market is detailing the mechanics behind the latest altcoin meltdown. Pseudonymous crypto strategist Pentoshi tells his 779,400 followers on the social media platform X that momentum is what moves markets. According to the analyst, the crypto markets were launching new altcoins at such a high rate that it depleted demand and allowed momentum to swing over to the other side. “I think for the most part it was simple supply vs. demand dynamics. We got to the point where there were a lot of new coins launching…
Top global crypto exchange Binance is planning on launching trading support for another new layer-1 altcoin project via its Launchpool platform. Binance Launchpool, which lets users stake coins to farm new assets, says its 52nd project will be Omni Network (OMNI), a network that aims to integrate Ethereum’s (ETH) rollup ecosystem into a single, unified network. Explains the project, “Omni is an Ethereum-native interoperability protocol that establishes low-latency communications between all Ethereum rollups. Omni offers a secure, performant, and globally compatible architecture that presents Ethereum as a single, unified operating system to both users and developers.” Between April 13th and…
A popular crypto trader says that a slumping memecoin could witness a colossal move to the downside after violating a key support level. Crypto analyst Ali Martinez tells his 57,700 followers on the social media platform X that the frog-themed meme asset Pepe (PEPE) is “preparing for its next move” amid its recent price woes. “Watch out for a daily close outside of the $0.00000793 – $0.00000664 range, which could lead to a 54% move for PEPE.” At time of writing, PEPE is trading for $0.0000058, well below the analyst’s support level at 0.00000664. A 54% correction from the Martinez’s…