{"id":603569,"date":"2024-04-16T18:00:53","date_gmt":"2024-04-16T18:00:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=603569"},"modified":"2024-06-11T09:32:50","modified_gmt":"2024-06-11T09:32:50","slug":"bitcoin-analyst-set-sight-on-79591-urges-traders-to-be-patient","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-analyst-set-sight-on-79591-urges-traders-to-be-patient\/","title":{"rendered":"Bitcoin Analyst Set Sight On $79,591: Urges Traders To Be Patient"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">While Bitcoin prices hover around 15% below their all-time highs, with some skeptics predicting more losses, one analyst on X expects the coin to bounce strongly, even breaking above all-time highs.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Taking to X, the trader\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/CryptoCon_\/status\/39781736\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">argues<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that Bitcoin has yet to breach the Golden Ratio Multiplier&#8217;s Cycle Top, currently sitting at $79,591. Supposedly, the analyst continues, this target price increases the longer it remains unchallenged.\u00a0<\/span><\/p>\n<figure id=\"attachment_603570\" aria-describedby=\"caption-attachment-603570\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-603570\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?resize=1024%2C658\" alt=\"Bitcoin price action favors bulls | Source: Analyst on X\" width=\"1024\" height=\"658\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=4074 4074w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GLNv0kQXYAE2fxP.jpg?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-603570\" class=\"wp-caption-text\">Bitcoin price action favors bulls | Source: Analyst on X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Traders Need To Be Patient<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">So far, BTC is trending lower and is technically within a bear breakout formation following sharp losses on April 13. As the coin struggles for gains and is boxed inside the bear bar, the odds of further upswings like those registered in Q1 2024 remain muted.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/elon-musk-latest-tweet-how-much-did-dogecoin-gain-from-it-today\/\" target=\"_blank\" rel=\"noopener \">Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">However, even as BTC bulls are muted, the analyst emphasizes the prices are &#8220;respecting data points&#8221; despite prices dumping lower and taking longer to break higher. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Most traders expect prices to rise higher following March 2024&#8217;s impressive surge. However, the analyst believes traders need to have patience.\u00a0\u00a0<\/span><\/p>\n<figure style=\"width: 1787px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/wxTGhxhk\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/wxTGhxhk\/\" alt=\"Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1787\" height=\"904\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending downward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/wxTGhxhk\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Looking at how BTCUSDT prices are unfolding, it is clear that momentum is fading, and participation is low. CoinMarketCap data <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">shows<\/a> that trading volume on the last day is flat, at $46 billion.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Overall, trading volume&#8211;a measure of engagement and trader interest&#8211; has dropped since mid-March, when the coin soared to all-time highs of approximately $74,000.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Whales Are Keeping Off From The Market<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Parallel data from IntoTheBlock reveals that addresses holding at least 0.1% have also been slowing down in their accumulation, making the drop even more severe. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to a CoinDesk <a href=\"https:\/\/www.coindesk.com\/markets\/2024\/04\/15\/bitcoin-price-recovery-lacks-whale-participation-onchain-data-show\/\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a>, when BTC fell on March 19, prices bounced strongly on March 20 following aggressive buying pressure whales. IntoTheBlock data showed they bought 80,000 BTC, forcing prices back to over $71,000.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-fire-sale-deep-pocketed-investor-snags-nearly-24000-eth-at-bargain-price\/\" target=\"_blank\" rel=\"noopener \">Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Technically, by tracking whale movements, traders and investors can gauge overall market sentiment and their confidence for gains. This, in turn, could impact the sustainability of trends. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Their heavy involvement could precede sharp price gains, lifting the broader crypto markets. The fact that whales appear to be keeping off could suggest that they expect prices to drop even more.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Moreover, other factors, such as the pace of inflows into spot Bitcoin exchange-traded funds (ETFs), point to a bleak future. CryptoQuant data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/81345413\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that inflows have been stagnant in the past trading week. At the same time, IBIT, the spot BTC ETF offered by BlackRock, has been the only product out of the eight registering inflows.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>While Bitcoin prices hover around 15% below their all-time highs, with some skeptics predicting more losses, one analyst on X expects the coin to bounce strongly, even breaking above all-time highs. Taking to X, the trader\u00a0argues\u00a0that Bitcoin has yet to breach the Golden Ratio Multiplier&#8217;s Cycle Top, currently sitting at $79,591. Supposedly, the analyst continues, this target price increases the longer it remains unchallenged.\u00a0 Bitcoin Traders Need To Be Patient So far, BTC is trending lower and is technically within a bear breakout formation following sharp losses on April 13. As the coin struggles for gains and is boxed inside the bear bar, the odds of further upswings like those registered in Q1 2024 remain muted.\u00a0 Related Reading: Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today? However, even as BTC bulls are muted, the analyst emphasizes the prices are &#8220;respecting data points&#8221; despite prices dumping lower and taking longer to break higher. Most traders expect prices to rise higher following March 2024&#8217;s impressive surge. However, the analyst believes traders need to have patience.\u00a0\u00a0 Looking at how BTCUSDT prices are unfolding, it is clear that momentum is fading, and participation is low. CoinMarketCap data shows that trading volume on the last day is flat, at $46 billion.\u00a0 Overall, trading volume&#8211;a measure of engagement and trader interest&#8211; has dropped since mid-March, when the coin soared to all-time highs of approximately $74,000. Whales Are Keeping Off From The Market Parallel data from IntoTheBlock reveals that addresses holding at least 0.1% have also been slowing down in their accumulation, making the drop even more severe. According to a CoinDesk report, when BTC fell on March 19, prices bounced strongly on March 20 following aggressive buying pressure whales. IntoTheBlock data showed they bought 80,000 BTC, forcing prices back to over $71,000. Related Reading: Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price Technically, by tracking whale movements, traders and investors can gauge overall market sentiment and their confidence for gains. This, in turn, could impact the sustainability of trends. Their heavy involvement could precede sharp price gains, lifting the broader crypto markets. The fact that whales appear to be keeping off could suggest that they expect prices to drop even more.\u00a0 Moreover, other factors, such as the pace of inflows into spot Bitcoin exchange-traded funds (ETFs), point to a bleak future. CryptoQuant data\u00a0shows\u00a0that inflows have been stagnant in the past trading week. At the same time, IBIT, the spot BTC ETF offered by BlackRock, has been the only product out of the eight registering inflows. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":598797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,679,1119,1122,78790,89583],"class_list":["post-603569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\n<title>Bitcoin Analyst Set Sight On $79,591: Urges Traders To Be Patient<\/title>\n<meta name=\"description\" content=\"Bitcoin might be falling but one analyst is urging patience, citing a model that places the coin at over $79,000 in the next run\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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