Author: The Daily Hodl
A widely followed crypto analyst believes Bitcoin (BTC) could hit new all-time highs (ATHs) next month if the flagship crypto holds one key level as support. Crypto trader Michaël van de Poppe tells his 725,500 followers on the social media platform X that Bitcoin could soar more than 19% from its current value in October. “Yes, there we go. Bitcoin is above $60,000 again, after having a minor correction. Continue to hold above $58,500 and we’ll be going to see a new ATH in October.” The analyst also says that the Fed rate cut Wednesday by 50 basis points could…
A crypto strategist known for making timely altcoin calls believes layer-1 protocol Sui (SUI) is gearing up to spark breakout rallies. Pseudonymous analyst Bluntz tells his 274,600 followers on the social media platform X that SUI appears to have ignited a new bullish trend after printing a higher low setup amid the conclusion of an ABC corrective wave. Bluntz relies on the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave surge after completing an ABC corrective pattern. The analyst shares a chart suggesting that SUI can rise to as high as $1.80 in the…
Stablecoin issuer Circle is announcing the support of national bank transfers involving USDC in Mexico and Brazil. In a new blog post, the payments platform says that it will now be offering local bank transfers via PIX and SPEI – the respective national real-time payment systems of Mexico and Brazil – eliminating the need for slow international wires. “Eliminating international wires can drastically reduce the time it takes to access USDC – from days to just minutes, releasing capital trapped in the lengthy settlement processes. Circle offers access to USDC directly from Brazilian Reais (BRL) and Mexican Pesos (MXN) at…
Popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is close to bottoming out against Bitcoin (BTC). Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year. “It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later… More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low,…
The chief investment officer of crypto asset management firm Bitwise says that Ethereum (ETH) appears to be in a period of stagnation after being outpaced by both Bitcoin (BTC) and Solana (SOL). In a new blog post, Bitwise executive Matt Hougan says that Ethereum is experiencing doldrums due to competitors with superior technology, the risks associated with the upcoming election, shifting volume, and a slow start to the launch of ETH-based exchange-traded fund (ETF), causing it be outperformed by SOL and BTC. “The ETH/BTC ratio – a comparison of the price of Ethereum versus the price of Bitcoin – recently…
Layer-1 smart contract platform SUI Network (SUI) is surging after announcing plans to support the stablecoin USDC. In a new blog post, USDC issuer and payments platform Circle says that the network will be adding USDC as well as support for Cross-Chain Transfer Protocol (CCTP), which allows interoperability with other prominent blockchains. “SUI enables developers to build apps for a variety of use cases, including DeFi, gaming, DePIN, and ecommerce. With the arrival of native USDC, developers can build with the largest regulated dollar-backed stablecoin in the industry. Additionally, CCTP will enable developers to design cross-chain experiences by connecting their…
Popular on-chain analyst Willy Woo is updating his outlook on Bitcoin (BTC), suggesting that the market is starting to look bullish. Woo tells his 1.1 million followers on the social media platform X that Bitcoin may be forming a bull flag pattern, setting the stage for a breakout. In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally. He also says that supply available on crypto exchanges is declining, often a bullish sign. When supply shrinks on exchanges, demand could soon overwhelm supply, pushing up…
The government of Bhutan reportedly holds more than $780 million worth of Bitcoin (BTC), according to the crypto de-anonymizing platform Arkham. Arkham notes that Bhutan, a South Asian country of only 884,500 people, has generated 13,036 BTC from mining operations carried out by the Bhutanese monarchy’s investment arm, Druk Holdings. Explains the platform, “Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.” Bhutan also owns more than double the amount of Bitcoin held by El Salvador, which currently possesses 5,876.76 BTC worth $353.7…
Macro guru and Real Vision CEO Raoul Pal is suggesting Bitcoin (BTC) is on the verge of having massive breakout rallies due to one main catalyst. Pal tells his one million followers on the social media platform X that Bitcoin appears to be rising in tandem with increasing global liquidity. Pal shares a chart comparing global liquidity versus Bitcoin that suggests the flagship crypto may reach $90,000 by November. “Close, very close. GMI (Global Macro Investor) Total Global Liquidity versus BTC.” In addition, Pal says that a historical relationship between Bitcoin and the global money supply (M2) metric suggests that the…
Analyst and trader Ali Martinez is turning bearish on Bitcoin (BTC) after the flagship digital asset printed corrective signals. Martinez tells his 71,200 followers on the social media platform X that Bitcoin could dip nearly 9% from its current value. “Bitcoin broke support! It looks like $55,000 is next.” He looks at the hourly chart’s lower bound of a parallel channel to identify $58,100 as the key level of support that was recently broken as Bitcoin dipped to a low of $57,633 in the last 24 hours. Bitcoin subsequently recovered and is trading for $60,283 at time of writing, up 3.4%…