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Bitcoin Could See A 50% Rise Based On This, Analyst ExplainsAn analyst has explained that a pattern in Grayscale Bitcoin Trust (GBTC) could suggest a potential 50% rise for BTC may be ahead.
Bitcoin & GBTC Have Seen A Decoupling In Recent Months
In a new poston X, analyst James V. Straten has discussed the correlation between GBTC and BTC that has been present over the years. The Grayscale Bitcoin Trustis an investment vehicle that holds Bitcoin and allows exposure to these holdings through its shares.
The chart below shows the trend in the percentage performance of Bitcoin and GBTC, as well as the correlation coefficient between them, over the past year.
Looks like the two assets have diverged recently | Source: @jimmyvs24 on X
The “correlation coefficient” here refers to a metric that tells us how tied the prices of any two assets are. When this metric has a positive value, the given commodities show positive correlations as they replicate each other’s moves. The closer the metric is to 1, the stronger this relationship is.
On the other hand, negative values imply the assets are responding to each other’s moves by moving in the opposite direction. The strongest negative correlation occurs at a value of -1.
Related Reading: Ethereum Could See A Steep Decline If It Closes Below This Level
Naturally, when the correlation coefficient is around zero, there isn’t any correlation between the commodities, as their prices move independently.
From the above graph, it’s apparent that Bitcoin and GBTC have often had a correlation coefficient close to 1, implying that there has been a robust positive correlation between the two.
There have been some temporary periods of deviation, mainly during drawdowns in the cryptocurrency’s price and other significant events like the SVB collapse. The correlation reverted to the norm soon after these, however.
Straten says this correlation is especially striking in a 5-year timeframe, where it becomes 100%. The analyst also notes, however, that the two assets have decoupled since June.
As is visible in the chart, GBTC has enjoyed some sharp uptrend recently, while BTC has been mostly flat. GBTC’s performance currently stands at +81% during the past year, while Bitcoin is up about 43%.
“GBTC will be the first to be approved for the spot ETF before Blackrock and others,” says Straten, referring to what British HODL, another analyst, said earlier. “Price action agrees with this. Irrespective of whether it’s late Q3 or early Q4, it’s a six-month window from now.”
Related Reading: Is Ethereum Doomed? Whales Have Sold 12M ETH In Past Year
Based on this, the analyst believes that either Bitcoin will have to close up the gap created between it and GBTC since June, which would mean a price jump of around 50%, or GBTC would have to come down towards BTC. Straten believes the latter scenario to be unlikely, however.
BTC Price
Bitcoin has declined over the past few days as its price has dropped to just $27,100.
BTC has been going down during the last few days | Source: BTCUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com
Tags:bitcoinbitcoin rallybtcbtcusdgbtcgrayscalegrayscale bitcoin trustCoinMarketCap provides a Personal Crypto Analyst for all with new ChatGPT PluginDover, United States, October 11th, 2023, Chainwire
CoinMarketCapis excited to announce the launch of the CoinMarketCap Plugin for ChatGPT, bringing together the world’s most trusted cryptocurrency data with the world’s most advanced AI chatbot.
The base ChatGPT has limited use to crypto enthusiasts, as data is mostly restricted up to Sept 2021. ChatGPT’s recently expanded web scanning capabilities, likewise has limitations in serving real-time crypto data. Through the new CMC-Plugin, users can now gain access to up-to-date data directly sourced from CoinMarketCap, enabling users to keep up with the rapidly changing crypto landscape.
Designed to operate as an AI crypto analyst, the plugin is capable of answering complex queries instantly by tapping into CMC’s real-time crypto data, all through simple chat prompts.
“How correlated are Bitcoin and Ethereum in 2023?”
“Does Bitcoin typically perform better on weekdays or weekends?”
“What was Bitcoin's performance in the month leading up to the US elections for the past 3 election cycles?”
Questions that once required time-consuming data analysis can now be answered instantly, with the plugin getting smarter over time as it learns from users' queries. David Salamon, CoinMarketCap's Director of Product, shared his excitement:
“We're very proud of what we’re delivering with the CoinMarketCap plugin for ChatGPT. Combining AI with a real-time, comprehensive data source like CoinMarketCap will transform the way people do research. It’s like giving every crypto investor their own personal Crypto Analyst. This is v1, there's a lot more to come and we're looking forward to getting feedback from our community. It’s another step forward on our mission to organize the world’s crypto intelligence & make it easily accessible to all”
To get started with the CoinMarketCap Plugin on ChatGPT, users need to sign in to their ChatGPT account, enable the CoinMarketCap Plugin (GPT-4), and enter their prompts or questions.
Users can learn more about this trail-blazing product here: https://coinmarketcap.com/events/cmc-plugin-chatgpt
About CoinMarketCap
CoinMarketCap is the world's most-referenced price-tracking website for crypto assets in the rapidly growing cryptocurrency space. Its mission is to make crypto discoverable and efficient globally by empowering retail users with unbiased, high quality and accurate information for drawing their own informed conclusions.
ContactProductBryan KohCoinMarketCapbryan.k@coinmarketcap.com
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.Here’s 20 Reasons to be ‘Mega Bullish’ on Ripple (XRP): Crypto AnalystTL;DR
Crypto Assets Guy highlights XRP’s US legal clarity, advantages over BTC and ETH, and partnerships like HSBC.
Ripple’s potential lawsuit victory and global conflicts might favor crypto over stocks.
Despite some optimistic community claims, a new high above $3.70 is expected for XRP by late 2023-2024.
Here is Why XRP Might Head North
The popular X (Twitter) user Crypto Assets Guy saidthey are “mega bullish” on Ripple’s native token due to 20 important factors. Some of the top reasons include XRP’s legal clarity in the US, the court’s decision that the asset does not classify as a security, and the assumption that the coin is “faster, cheaper, and greener than BTC and ETH.”
The analyst also noted XRP’s successful involvement in cross-border settlements, non-hacking history, unique use cases, Ripple’s “amazing team,” whale’s growing interest, new banking partnerships, and more. Speaking of collaborations with financial institutions, it is worth mentioning that the leading British bank HSBC recently allowedeligible clients to pay mortgage bills and loans in XRP instead of fiat.
Crypto Assets Guy claimed that several pending developments could propel a bull run for XRP. One such example is the resolution of the lawsuit between Ripple and the US SEC. A potential decisive victory for the crypto company on the trial (scheduledfor April 23, 2024) could also benefit the entire digital asset sector.
Last but not least, the analyst touched upon the numerous world conflicts that have shocked the world in the past few years (the latest being the clash between the Palestinian militant movement Hamas and Israel). In their view, such bloodsheds might cause people to shift their focus from stocks to crypto.
“The Moon Boys” Need to Understand This
On another note, Crypto Assets Guy gave their two cents on XRP’s potential surge towards unseen levels like $10, $50, or even $500. According to them, “moon boys” envisioningsuch astonishing figures need to understand that a new all-time high would not shoot that high anytime soon. Instead, a peak above $3.70 in late 2023-2024 seems more likely, they concluded:
“I love the XRP community, but there are some moon boys that need to understand this: XRP won’t hit $10000, $1000, $50, or $10 any time soon. It could reach new all-time highs (+$3.70) late 2023-2024, and we should all be more than satisfied.”
Those curious to find out how XRP could perform during the next bull market (according to ChatGPT) could take a look at our video:
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Tags: Ripple (XRP) PriceSECXRP
Brutal Market – Analyst Ben Cowen Predicts Rough Times Ahead for AltcoinsSummary
Ben Cowen believes we are entering a decisive phase in crypto.
The macro market spells more trouble for altcoins.
The largest alt, ETH, may still see a considerable correction.
Liquidity is key, more so than fundamentals, according to the analysts.
Benjamin Cowen, known for his thorough market analysis on his YouTube channel and on X, has shared his latest insights into where the crypto markets are trending. In a post, he stated that as Bitcoin (BTC) price drops, Bitcoin becomes the more dominant asset. This is based on altcoins dropping more than BTC, which he believes is the worst part of the market cycle.
We’ve been discussing this phase of the market cycle for a while.
Namely, where #BTCdrops, but BTC dominance goes up, because altcoins are dropping more.
It is always the most brutal part of the market cycle. pic.twitter.com/ueLIcwUkOw
— Benjamin Cowen (@intocryptoverse) October 9, 2023
Downtrend and Altcoin Performance
In a YouTube video with long-time trader Gareth Soloway, Cowenconfirmedthat he believes we are in what he calls “that brutal phase of the market.”
According to Cowen, we are currently seeing Bitcoin putting in lower highs, indicating a continued downtrend. While Bitcoin goes down, Bitcoin pairs are going down even faster. This shows the increasing dominance of Bitcoin and the fast price decline in altcoins.
Source: TradingView.com
Other Influencing Factors and a Looming Recession
Contrary to Fed Chair Jerome Powell, who said the Fed does not believe a recession is coming, both Cowen and Soloway believe otherwise. The analysts, who have decades of experience between them, feel that a recession is very much on the cards.
They base this on U.S. labour market data, which despite job growth shows that more people are in part time work. Cowen also referred to what’s known as “higher for longer”. This refers to the fact that when interest rates remain high for prolonged periods, businesses start to cut cost.
Soloway also pointed out that Bitcoin is not the digital gold it so often is compared to. At the time of the Video, Gold was up, and Bitcoin down.
Soloway said, “Bitcoin is obviously not the digital gold yet, otherwise it would be up, with Gold. Bitcoin is clearly still somewhat of a risk asset, which is clearly seen by the chart.”
When Markets are Down, Altcoins are More Risky
Due to decreased liquidity, Soloway argued that no matter how strong altcoin fundamentals are, alts are going to have a hard time. Cowen agreed, saying without liquidity, fundamentals don’t mean much at all.
Source: TradingView.com
The analysts also agreed that the current wedge forming on the Ethereum/ Bitcoin chart is very much resembling the situation in the last bear market and could mean a further downward trend close to US $1,000 ($1,559).
Cowen said,
ETH/BTC collapse is continuing. It has been a pretty slow process so far, certainly slower than I was expecting; but the trend has in fact been down for a long time.
Ben CowenAnalysts Forecast Increased Volatility in Markets Due to Israel-Palestine WarAs Israel declares a state of war against the Palestinian military group Hamas, the crypto community is speculating on how Bitcoin (BTC) and the broader altcoin markets will react.
The market volatilitytends to increase during geopolitical crises such as war or other military conflicts. While the price of commodities such as oil and gold increases, investors tend to move away from riskier assets such as stocks and crypto.
Crypto Analyst Expects Volatility in Shorter Term
The renowned crypto analyst Miles Deutscher talked about the impact on the S&P 500 due to the Israel-Palestine war. He wrote on X (Twitter):
“Data suggests that markets typically recover quickly from wars and other geopolitical shocks despite experiencing initial volatility.”
The screenshot below shows that while there was uncertainty in the first month of the conflict, the market started turning positive after three months in most cases. In 75% of the cases, the S&P 500 was positive 12 months after the military event.
The data accounted for military conflicts in the period between the Pearl Harbor incident in December 1941 and the Iraq war in March 2003.
The cryptocurrency market has not witnessed major geopolitical conflicts, except the Russia-Ukrainewar. Hence, it is difficult to determine the isolated impact on the crypto assets. However, there has beena correlation betweenBitcoin and the S&P 500 index.
Read more: Crypto vs. Stocks: Where To Invest Your Money in 2023
As a result, along with the S&P 500, Bitcoin is also likely to show volatilityin a shorter time frame.
The Bitfinex Alpha report shared with BeInCrypto suggests that there will be “heightenedlevels of volatility” in Bitcoin’s price action. The screenshot below shows that the daily historical volatility remains above the 200-day exponential moving average (EMA).
According to TradingView data, Bitcoin (BTC) has declined nearly by 2% since the Israel-Palestine war started on Saturday.
Read more: Cryptocurrency Trading Courses Tailored for Beginners.
Do you have anything to say about the impact on crypto due to the Israel-Palestine war or anything else? Write to us or join the discussion on our You can also catch us onTikTok, Facebook, orX (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
‘Most Brutal Part of the Market Cycle’ Now Unfolding for Crypto Markets, Says Analyst Benjamin CowenCrypto strategist Benjamin Cowen says that the crypto market is entering one of the most “brutal” stages of its cycle.
Cowen tellshis 768,800 followers on the social media platform X that Bitcoin’s (BTC) dominance, or its total share of the crypto market capitalization, is now going up as risk appetite for the asset class declines.
“We’ve been discussing this phase of the market cycle for a while. Namely, where BTC drops, but BTC dominance (BTC.D) goes up, because altcoins are dropping more. It is always the most brutal part of the market cycle.”
Source: Benjamin Cowen/X
In a new YouTube strategy session, Cowen uses Fibonacci retracement levels to suggest that Bitcoin’s dominance will likely peak at the 60%, as it did last cycle.
“I’m still a believer in the 60%. It could be slightly different. Like, it could be 59%. It could be 63%. And some people say, Well, what about stablecoins? I think the stablecoin market is why it doesn’t go to 65% or 70%.”
Bitcoin is trading for $27,464 at the of writing and BTC.D is at 51.19%.
Cowen also weighs in on Ethereum (ETH) against Bitcoin, and predictsETH/BTC will grind its way down to about the 0.037 level, which is about $1,016 at time of writing.
“ETH/BTC collapse continues. It has been a pretty slow process so far (certainly slower than I was expecting), but the trend has in fact been down for a long time.”
Source: Benjamin Cowen/X
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/agsandrewThis Analyst Predicts When Bitcoin (BTC) Price Will Reach $20,000Crypto analyst Rekt Capital said the current Bitcoin market structure mimics dynamics seen at the end of 2019. In a recent price forecast, they argued for a bearish BTC pivot despite recent price trends suggesting otherwise.
Analyst Sees Bitcoin Decline to $20,000 in Bear Market
The graph below shows that, at the end of 2019 and the start of 2020, Bitcointraded in a narrow triangle whose vertex reached $10,000. It soon broke out from a resistancelevel into uncharted territory.
Bitcoin crypto analyst | Source: Rekt Capital
However, the breakout price actionwas short-lived, since BTC later dropped belowthe $3,250 critical support level. Rekt Capital predicts similar behavior as the price approaches the upper level of its current channel.
If the prediction proves true, then Bitcoin could return to $20,000 or drop to the current cycle minimum of $15,000.
“The current Bitcoin marketsuggests that BTC’s price is now at its 2023 peak. But after the decline, there will likely be an accumulation phasebefore it goes up to the parabolicuptrend (green).”
Read more: Bitcoin Halving Cycles and Investment Strategies: What To Know
Long-Term Bitcoin Price Forecast
Although this analysis implies Bitcoin holders could experience short-term losses, Rekt Capital argues it is bullish for those playing the long game. A price drop could simply be the newest of several previous retracements to $20,000.
Read more: How to Buy Bitcoin (BTC) in Four Easy Steps – A Beginner’s Guide
The upcoming Bitcoin halvingcould cause the price to reach a previous historical maximum or update it. Rekt Capital concludes,
“In the next six months, the last rollback to the lower limit of $20,000 (orange color) can occur, and two months before halvingwe could see a stronger upward volatility. In the period before the halving, we may see significant upside and downside volatility.”
Do you have something to say about analyst Rekt Capital’s bear market Bitcoin forecast that will cause a decline in the Bitcoin priceor anything else? Please write to us or join the discussion on our You can also catch us on TikTok, Facebook, or X (Twitter).
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
US Bonds Crater As Bloomberg Crypto Analyst Says Bullish Signal Popping Off for Bitcoin (BTC) – Here’s His ForecastBloomberg crypto analyst Jamie Coutts says that Bitcoin (BTC) is flashing an unexpected bullish signal as US long bonds continue their collapse.
Coutts says on the social media platform X that Bloomberg’s trend model has suddenly signaled bullishness despite a deterioration of the macro landscape.
Last week, yields on 30-year Treasuries went above the 5% mark for the first time since 2007. According to Bank of America, US long bonds are in their greatest bear market of all time.
However, Coutts says the king crypto is only one resistance away from igniting a new bull cycle in defiance of the macro backdrop.
“Isn’t this interesting…our Bitcoin trend model pops off a bullish signal at a time when (United States Treasuries) are cratering.
For technical analysis buffs, we know trend models are great unless we are in the chop of a sideways trading range, which we have been in since Q2. So for now, this signal is noise.
However, the $31,000 resistance remains a crystal clear threshold that, once broken, would ignite the bull cycle.”
Source: Jamie Coutts/X
Coutts recently saidthat in the face of US dollar debasement, Bitcoin has been a better performer than bonds, and predicted that more investors would end up shifting capital from bond portfolios into BTC in the future.
“And if allocators want to outpace monetary debasement, over most timeframes, bonds are not the place to be.
Substitute any money aggregate for the denominator and you get the same results. Here I am using US M2.”
Source: Jamie Coutts/X
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Marut Laijaroen今日，ThoughtSpot Inc. 发布了其数据分析平台 Analyst Studio 的新版本，推出了能够在低成本下准备人工智能工作负载同时保持管理控制的功能。其中一项名为"SpotCache"的新功能，提供了一个用于数据准备的电子表格风格界面，并包含一个基于代理的工具，可帮助分析师和数据团队通过自然语言交互来准备数据。ThoughtSpot 将此平台定位为解决"AI 准备差距"的方案。 SpotCache 旨在减少针对云数据仓库的重复性人工智能中心查询所带来的成本负担。数据准备完成后可重复使用，不会产生额外的数据仓库消耗成本。数据集大小受特定层级限制，客户可自行决定最具成本效益的缓存数据目标。 在安全控制方面，管理员可以对缓存数据实施基于角色的访问控制、行级和列级安全。此外，ThoughtSpot 还发布了一个新的电子表格风格界面，以使数据准备更易于访问。该公司表示，企业现在可以通过新的智能 AI 功能，与数据消费层集成，从而高效地准备数据并解决问题。Analyst Studio 现已面向 ThoughtSpot Analytics 及 Embedded 客户提供，更多功能将于今年晚些时候发布。
