Author: The Daily Hodl
A crypto strategist who accurately called Bitcoin’s pre-halving pullback thinks BTC is gearing up to transition to the parabolic phase of the cycle. Pseudonymous analyst Rekt Capital tells his 84,600 YouTube subscribers that Bitcoin may be a few weeks away from witnessing the return of bullish price action based on historical data. “So this so-called boring zone is essentially the post-halving re-accumulation area. We tend to see that after the halving in every single cycle where we just move sideways for an extended period of time. In 2020, this was 160 days of sideways price action. In 2016, it was…
Two closely followed crypto strategists are predicting a rebound for layer-1 protocol Toncoin (TON) after last week’s sudden correction. Pseudonymous analyst Altcoin Sherpa tells his 220,700 followers on the social media platform X that TON could rally more than 23% from its current value. “Bought TON last night in spot, going to hold it and see how it plays out. $5.50 was the entry, going to be patient. I think this mean reverts a bit and these are decent entries from a TA (technical analysis) standpoint. Target is around $6.30.” Another pseudonymous analyst, The Crypto Dog, tells his 813,200 followers…
Coinbase chief executive Brian Armstrong has rolled out a new “on-chain score” platform for crypto wallets. Onchainscore.xyz assesses crypto wallets for “onchain-nativeness” on a 1-100 scale and provides information about the wallet’s activity history, token swaps, bridge transactions and the number of transactions on Ethereum (ETH) and the layer-2 scaling solution Base. Armstrong shared results for his own wallet, which clocked an 83/100 and a 66 on the “Talent Protocol Builder Score.” Onchainscore.xyz asks for Ox addresses currently but promises that Ethereum Name Service (ENS) and Basenames capability will be available soon. In May, Armstrong argued that layer-2 scaling solutions…
Ex-Goldman Sachs executive Raoul Pal believes that Ethereum (ETH) competitor Solana (SOL) could have a massive price explosion this cycle. In a new interview on the Empire podcast, Pal predicts that Solana will put up somewhere around 900% gains in the coming months. “The whole space goes up a lot [in the next 12 months]. I think Solana does maybe 10x from here, and Bitcoin does 5x or 4x from here. That kind of stuff, typical bull market.” Solana is trading at $154 at time of writing while Bitcoin (BTC) is priced at $61,963. According to Pal, Bitcoin may peak…
Crypto whales are offloading large amounts of Ethereum (ETH), adding sell pressure to a correction in digital asset markets. Blockchain tracking firm Lookonchain says that “many whales are dumping ETH” through a number of different platforms and exchanges in apparent panic. “This whale exchanged 4,591.8 Lido Staked Ether (stETH) directly for 4,589.5 ETH at a loss of 2.3 ETH($6K) to avoid the long withdrawal process. He then deposited all 5,145 ETH ($13.3M) into Binance for sale.” Lookonchain spotted another whale similarly depositing nearly $50 million in ETH to sell on Coinbase, the biggest crypto exchange in the US. “A whale…
Wyoming is reportedly planning to soon launch its own stablecoin pegged to the US dollar in an effort to generate additional revenue. CNBC reports that the state is hoping to roll out the so-called Wyoming stable token by the first quarter of 2025. The token project aims to allow businesses and individuals to transact in a faster and cheaper way while also generating revenue for the state. Wyoming Governor Mark Gordon says he will push for the adoption of a “transparent” stablecoin fully backed by the state’s short-term Treasury holdings. “One of the big things for me is to be…
Ethereum (ETH) co-founder Vitalik Buterin thinks decentralized finance (DeFi) projects need to demonstrate that they’re “useful in a sustainable way” without sacrificing core principles like permissionlessness and decentralization. Buterin says on the social media platform X that he’s a fan of decentralized exchanges (DEXs) and uses them every week, and he says the decentralized betting platform Polymarket “is great.” He also likes decentralized stablecoins, specifically mentioning RAI, a crypto asset backed by ETH. Additionally, Buterin praises the stablecoin USDC, which aims to maintain a 1:1 peg to the US dollar. “I think USDC is less great than RAI, but as…
A crypto strategist known for calling market bottoms believes Bitcoin (BTC) is preparing for a big breakout and rally to fresh record highs. In a new video update, pseudonymous analyst Bluntz tells his 271,900 followers on the social media platform X that the last leg of Bitcoin’s five-wave surge is underway. Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally with waves one, three and five representing impulsive moves to the upside and waves two and four serving as corrective periods. Says Bluntz, “The weekly close was absolutely amazing… This weekly…
Popular on-chain analyst Willy Woo says Bitcoin (BTC) just needs a fraction of the capital stored in global wealth assets to reach a seven-figure price tag. Woo tells his 1.1 million followers on the social media platform X that Bitcoin needs inflows of $5 trillion to move its price to $1 million. According to the analyst, the figure equates to roughly 1% of global wealth assets. He also notes that $620 billion has been invested in Bitcoin so far, and he outlines how he calculated the $5 trillion number. “1) What’s the market cap need to be at $1 million?…
Veteran trader Peter Brandt, who gained legendary status after calling the 2017 Bitcoin collapse, believes BTC is in a position to surge and end its multi-month correction. In a new blog post, Brandt says he opened long positions in Bitcoin as he thinks BTC may be gearing up to break out from a megaphone formation. The technical formation may be viewed as a bullish continuation pattern if the price breaches its diagonal resistance. According to Brandt, Bitcoin looks bullish after breaking out from an inverse head and shoulders pattern within the larger megaphone formation. “The dominant chart construction on the…