Kategorie: Crypto Analysis

• Bitcoin forms a possible pennant formation ahead of the US inflation report
• The disinflationary process in the US is set to continue
• If the dollar takes a hit, Bitcoin may rise above horizontal resistance

Summer trading is usually slow and tricky. Even the cryptocurrency market often consolidates levels longer than the norm.

It is the case with Bitcoin lately. The good news for cryptocurrency fans is that Bitcoin price holds close to the year’s high.

Therefore, one could only ask if this consolidation is a continuation pattern before another leg higher or if sellers put pressure here ahead of the key US inflation report to be released tomorrow.

Like it or not, Bitcoin’s performance is linked to the way the US dollar moves. As such, US economic data is critical for the digital asset’s performance, especially data directly impacting the Federal Reserve’s monetary policy decisions.

June US CPI is expected to show further declines

It should be obvious by now that inflation is cooling in the Western Hemisphere. Not all countries have seen similar trends, but the disinflationary process is in full force.

That is why traders expect the June US CPI report, due for release tomorrow, to show that the annual inflation in the United States dropped to 3.1% from 4% previously. If matched by the actual data, the US dollar will take a hit as the bets of further increases from the Fed will decline dramatically.

Hence, Bitcoin should pop above the horizontal resistance seen at $32k.

Bitcoin chart by TradingView

A possible pennant keeps Bitcoin hodlers optimistic

A pennant is a bullish technical analysis pattern. The market typically rallies after a bullish breakout and travels a distance equal to the distance prior to the pennant’s formation.

In Bitcoin’s case, this is about $6k on top of $31k, so $37k is the logical target.

But that won’t happen unless the US inflation report delivers a positive surprise. More precisely, if the inflation cools down more than expected, the Fed is less likely to raise rates, and so the US dollar should weaken.

The post Bitcoin consolidation continues ahead of the US inflation report appeared first on CoinJournal.

• The Grayscale Bitcoin Trust has jumped by over 168% from December lows.

• The trust is hoping for Bitcoin to have a bullish breakout above the YTD high.

The Grayscale Bitcoin Trust (GBTC) stock price has moved sideways in the past few days as Bitcoin remained stuck at $30,000. GBTC was trading at $20, the highest level since June last year. It has jumped by more than 168% from the lowest level in December.

Bitcoin consolidation continues

The Grayscale Bitcoin Trust is the biggest fund in the cryptocurrency industry. It has over $18.9 billion of assets under management (AUM). Over the years, the fund has jumped by more than 19,200% since its inception.

Grayscale Bitcoin Trust stores its assets in an offline cold wallet with Coinbase Custody Trust. Most companies that have filed for Bitcoin ETFs have also selected Coinbase as the custodian of the funds.

GBTC creators have filed to convert the GBTC fund into an exchange-traded fund (ETF). Indeed, the company has sued the Securities and Exchange Commission (SEC) in a case that could change the industry. 

A ruling in favor of the company will open the possibility for other companies like Blackrock and Invesco to launch their spot ETFs. 

GBTC is widely known for its massive discount to its assets, The market price per share stands at $19.81 compared to its holdings per share of $22. This discount has been narrowing in the past few weeks.

The next key important catalyst for the GBTC stock price will be Bitcoin’s price action. Bitcoin has remained stuck slightly above the key support level at $30,000. Therefore, if Bitcoin rebounds, there is a likelihood that the Grayscale Bitcoin Trust will continue rising as well.

GBTC stock price forecast

The daily chart shows that the GBTC share price has been in a strong bullish trend in the past few days. It has managed to move above the important resistance point at $18.53, the highest level on April 10th. 

The Grayscale Bitcoin Trust stock price has moved above the 50-day and 100-day exponential moving averages (EMA). Further, the Relative Strength Index (RSI) has moved slightly below the overbought level to 69. GBTC’s volume has moved downwards.

Therefore, there is a likelihood that the GBTC price will continue rising as buyers target the next key resistance level at $25. A drop below the support at $18.53 will invalidate the bullish view.

The post Is the Grayscale Bitcoin Trust (GBTC) stock a good buy now? appeared first on CoinJournal.

• Chancer seeks to introduce a P2P betting model.

• Chancer’s presale has accelerated, with over half of the tokens sold in the first stage.

• The token could hit three-digit or four-digit percentage price increases in 2023.

When will cryptocurrencies resume a bullish trend after a down-beaten 2022 and 2023? Binance CEO Changpeng Zhao (CZ) thinks 2025 could be the likely year. And while investors may feel this might be a little bit far after expecting the bull market later in 2023 and 2024, the interest in crypto keeps growing. Investors are banking on newly launched tokens that can defy the bear market. Chancer, a blockchain-based predictive markets application, has been attracting investors. Investors have bought at least $615,560 worth of tokens in less than a month since the presale launched.

CZ predicts a bull market in 2025

In a recent AMA Twitter session, CZ told his followers that 2025 could be the probable year for a sustained Bitcoin bull market. According to CZ, the Bitcoin halving event in 2024 will likely catalyse the bullishness. 

The Binance CEO pointed out that historical bull price movements in Bitcoin have followed the halving cycles. If history is to repeat itself, Bitcoin is set for a bullish surge in 2025, with the cryptocurrency’s price seen as a barometer for the rest of the sector. Notable halving events propelling Bitcoin’s price were in 2012 and 2016, and CZ projects a repeat after the halving event in 2024. 

CZ’s insights underline growing sentiments that Bitcoin is set for a bullish market after the price recently attempted to break above the $30,000 barrier. Investors have been hopeful of a likely bull run over the next couple of months. 

Nonetheless, macroeconomic concerns are yet to clear, meaning that a potential bull market could occur in or over a year. With this, investors could be looking for opportunities in newly launched projects to capture initial momentums before the bullish market. Chancer could be benefiting from this sentiment, given the fast-selling presale.

What is Chancer, and how does it work?

Chancer is a blockchain-enabled peer-to-peer (P2P) betting platform. As the name suggests, the platform lets users bet with friends, colleagues, and other participants via custom markets. Chancer works quite simply.

Users create P2P markets to predict the outcome of key events, processes, episodes, and many more. Unlike traditional betting, whose betting markets and odds are fixed by the bookmakers, Chancer allows users to determine what they want to bet on. 

Users also place odds and rules which guide the betting and claiming of winnings. All these are enabled via a secure decentralised platform powered by Binance Smart Chain.

CHANCER will be the token to run the Chancer project. Users earn CHANCER by winning on successful predictions, creating Chancer markets, or sharing the platform with others. The token will also be available for staking, allowing investors to earn passive income by committing their holdings to the growth of the platform.

CHANCER prediction in 2023

Chancer is only starting, and a huge prediction for 2023 could be overambitious. However, the project is attracting global interest, which could propel it to higher value. 

With the price of CHANCER at 0.01 BUSD in the first stage of the presale, the value could rise by triple digits before the end of 2023. The prediction is based on the fact that CHANCER will start listing in the third quarter of 2023, starting on Uniswap, giving it a chance to rise in value. 

Although tokens have risen by 10x after listing, which would also be realistic for CHANCER, such increases could be limited for 2023. That’s because product development is still ongoing, with huge value increases possible in 2024.

Is it the right time to buy CHANCER?

There is no right time to buy Chancer. Nonetheless, investors are better off buying now when the price is low for a higher return-to-risk ratio. The token’s price will rise in the next presales, meaning buying now could be the right idea for investors.

The post Chancer presale accelerates as Binance CEO CZ makes a huge prediction on crypto appeared first on CoinJournal.

Key takeaways

• Bitcoin Cash could experience further pullback after its recent rally.

• Chancer’s presale surpasses $600k roughly a month after launch. 

Bitcoin Cash was the best-performing coin amongst the top 100 cryptocurrencies by market cap over the past 30 days. After rallying by more than 200%, Bitcoin Cash has slightly retraced.

Will Bitcoin Cash resume its upward trajectory soon, or will it shed off some of its gains in the near term? 

Bitcoin Cash rallies by more than 200% in 30 days

Bitcoin Cash was the best performer amongst the top 100 cryptocurrencies by market cap in recent weeks. BCH was trading around $110 at the start of June but rallied to the $320 mark by the end of last month.

Since reaching $320, Bitcoin has slightly retraced, losing more than 10% of its value during that period. At press time, the price of Bitcoin Cash stands at $283 per coin. 

Technical indicators show that Bitcoin Cash could embark on a bearish run in the near term. BCH could retreat after hitting the extreme greed zone.

The pullback could see Bitcoin Cash test the next key support at $210, which is the 25-day moving average. However, Bitcoin Cash could continue its upward trajectory if Bitcoin and the broader cryptocurrency market maintain upward momentum in the near term.

What is Chancer?

One of the projects that could record excellent adoption in the cryptocurrency space is Chancer. Chancer is a unique Web3 peer-to-peer (P2P) custom betting platform designed to enable users to live stream betting events. 

Chancer operates differently from the other betting platforms due to its decentralised nature. It allows users to bet on numerous events, beyond the sporting and popular ones. 

Chancer is currently in its presale stage, and the developers have earmarked the funds to build a P2P betting platform. The platform would allow users to enjoy betting markets in real time and based on user interests, social media connections, and expertise. 

According to their whitepaper, Chancer seeks to eliminate the challenges users experience due to bookmakers. With Chancer, users can set their own custom P2P betting markets using its decentralised platform. 

One of the most important features of Chancer is that it supports betting far beyond the sporting and popular events users find on centralised betting platforms. 

In addition to traditional sport betting activities, users can bet on any event they desire, whether mainstream or made-up. It doesn’t matter the event, users can bet on them on Chancer. 

Chancer’s presale surpasses $600k

Chancer will hold 12 presale events, and the first one is coming to an end soon. The Chancer team has raised more than $600k so far, reaching more than 60% of the target.

Chancer will use the funds to develop its suite of products. By the end of the 12 presale events, Chancer intends to raise $15 million in total. 

At the moment, CHANCER, the native token of the Chancer ecosystem, is going for $0.01 BUSD per token. 

CHANCER will power various activities on the Chancer betting platform. Holders of the CHANCER token can create markets and invest in markets created by other users. In addition to that, the token could allow users to create, participate in, and profit from their very own predictive markets. 

Anyone can participate the in the presale event, as users only need to connect their wallets to the platform. The supported wallets include Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer now?

Bitcoin and the broader crypto market have been performing well since the start of the year. The recent spot Bitcoin ETF filings by BlackRock, Fidelity, and Valkyrie, has increased optimism in the market.

With more institutional and retail investors entering the market, this might be a good time to invest in strong projects and unlock gems within the Web3 ecosystem. 

Chancer is one of the projects that could become a hit in the market. Launching a decentralised betting platform could see Chancer gain massive adoption in the medium to long term. 

The presale is still in its early stages, and CHANCER’s price could soar once the token lists on numerous decentralised and centralised trading platforms. 

The post Bitcoin Cash price prediction as Chancer presale hits new record appeared first on CoinJournal.

• Bitcoin price remained slightly above $30,000 this week.

• There was no major cryptocurrency news during the week.

• We explain what to expect from Solana, Zilliqa, and Fantom.

Cryptocurrencies had another muted week as volumes from the United States remained low because of the Independence Day celebrations. Also, there was no major crypto news during the week. As a result, Bitcoin price remained at $30,000 while the total market cap of all coins dropped to $1.17 trillion. 

Solana price prediction

Solana had a relatively strong performance this week. The coin jumped to a high of $21, the highest level since June 5th of this year. It has soared by more than 56% from the lowest level this year.

As the coin jumped, the coin managed to flip above the important resistance level at $16, the lowest level on March 10th. SOL price also flipped the crucial resistance level at $19.48 into support.

Solana price has jumped above the 25-day and 50-day moving averages. The Average Directional Index (ADX) has moved to 26, signaling that the momentum is rising. At the same time, the Relative Strength Index (RSI) has moved slightly below the overbought level.

Therefore, Solana crypto price will likely continue rising as buyers target the next key resistance level to watch at $25. This price is about 22% above the current level.

How to buy Solana

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Zilliqa price prediction

Zilliqa price had a tough week as demand for the coin eased. After rising to a high of $0.0249 on Tuesday, the coin plunged by almost 20% to $0.020. The coin has dropped below the important support level at $0.0213, the lowest level on March 10th. This price was also the neckline of the double-top pattern.

Zilliqa has moved below the 25-day and 50-day moving averages. The coin also formed a shooting star pattern, which is usually a bearish sign. Therefore, ZIL crypto price will likely continue falling as sellers target the next key support level at $0.018.

How to buy Zilliqa

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

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OKX

OKX is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.

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Fantom price forecast

Fantom was also in the red this week as demand for crypto tokens waned. The token peaked at $0.3285 on June 25th and then retreated this week. It has moved below the important support level at $0.3050, the lowest point on March 10th.

FTM crypto price has dropped below the 25-day and 50-day moving averages. At the same time, oscillators like MACD and the Relative Strength Index (RSI) have drifted downwards. Therefore, the outlook of the Fantom price is bearish, with the next key level to watch will be at $0.20, whic is about 20% below the current level.

How to buy Fantom

eToro

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 60+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.

Buy FTM with eToro today Disclaimer

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy FTM with Binance today

The post Crypto price prediction: Solana, Zilliqa, Fantom (FTM) appeared first on CoinJournal.