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  • Bitcoin price surges to $26K as bulls react to CPI data

    Bitcoin price surges to $26K as bulls react to CPI data

    • Bitcoin price hit highs of $26,553 on Coinbase, with 16% upside in 24 hours.
    • US inflation data showed CPI rose 6% in the past 12 months in February.
    • On-chain data suggests BTC price could rally to $30,000 in the short term.

    Bitcoin rose sharply on Tuesday, breaking past $26,000 as the crypto market reacted positively to the latest Consumer Price Index (CPI) data by the US Department of Labor.

    Bitcoin breaks $26k amid market reaction to CPI data

    According to data from TradingView, the price of Bitcoin spiked 16% to highs of $26,553 on the cryptocurrency Coinbase. 

    Bitcoin price rallied above $26,000 on Tuesday. Chart courtesy of TradingView

     As noted yesterday, BTC price soared from lows of $20,000 to break above $24,000 – the bullish sentiment buoyed by the US government’s actions in the wake of Silicon Valley Bank’s collapse.

    On-chain data shared by market research platform IntoTheBlock shows Bitcoin faces minimal selling pressure to around $30,000.

    The aggregate market data from CoinGecko showed the total crypto market cap has surged by more than 14% as major altcoins like Ethereum and BNB hit highs of $1,750 and $315 respectively.

    Per the US Department of Labor, CPI rose 0.4% in February and 6% over the last year to align with market expectations. Notably, the data showed US inflation had increased at its slowest pace since September 2021. The core CPI, which strikes off the more volatile food and energy items, increased by 5.5% to also fall within expectations.

    Stocks also opened higher on Tuesday, with the S&P 500 up 1.5% as investors turned attention to the Federal Reserve and its interest rates path. Market analyst Carl Quantanilla points out this scenario.

    The Dow Jones Industrial Average had added 320 points, or 1%, while the Nasdaq Composite was up 1.7% at 9:50 am ET.

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  • Bitcoin price breaks below $20K amid crypto selloff

    Bitcoin price breaks below $20K amid crypto selloff

    • Bitcoin price fell below $20,000 for the first time since November 2022.
    • The top crypto asset by market cap dumped amid broader selloff for cryptocurrencies, largely fueled by negative news.
    • Among other news, the New York Attorney General has sued KuCoin over offering of unregistered securities, with Ethereum named as one of the securities.

    Bitcoin price has dropped nearly 10% in the past 24 hours amid negative cryptocurrency news that could yet catalyse further losses.

    As the Bitcoin price chart below shows, the value of the leading cryptocurrency by market fell to lows of $19,569 on cryptocurrency exchange Bitstamp. 

    Bitcoin price fell below $20,000 to hit $19,569 on Bitstamp. Source: TradingView

    This after a selloff that began late Thursday extended into Friday morning, with the dump pushing BTC below the psychological support zone of $20,000 for the first time since November 2022 during the FTX dump.

    Why Bitcoin and crypto crashed today

    As CoinJournal reported early Friday, today’s selling pressure for cryptocurrencies comes after the New York Attorney General sued the crypto exchange Kucoin alleging it sold unregistered securities. The negative news was compounded by the fact that the lawsuit identified Ethereum as one of the securities.

    The market’s reaction saw Ethereum price plunge to lows of $1,375 and was down 9.8% at the time of writing.

    Overall selloff pressure also follows news that crypto bank Silvergate was winding down. The company’s shares plummeted nearly 50% in the aftermath, with fears of even more damage amid a Silicon Valley “bank run.”

    Another headline news likely to have fueled fresh downside for crypto was reports that the US was targeting a new tax on Bitcoin mining. Huobi Token’s flash crash and a security breach on Hedera also added to the broader market bloodbath.

    Crypto analyst Miles Deutscher highlighted this confluence of negative triggers, noting that stocks and cryptocurrencies have shed over $2 trillion in market cap over the past 24 hours. 

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  • Bullish Bitcoin Price Indicates Crypto Market Recovery

    Bullish Bitcoin Price Indicates Crypto Market Recovery

    With Bitcoin’s price making a resurgence, investors are gearing up for a bull market in 2023. Crypto signal providers are seeing renewed interest thanks to their ability to save investors time and money by pinpointing the best entries. Many savvy traders continue to recommend AltSignals as the go-to platform.

    Thanks to its sterling reputation, AltSignals’ recently announced ASI token presale is expected to be huge. In this article, you’ll find out why AltSignals is so highly regarded and why its ASI token could elevate the online trading experience for investors all across the globe. 

    Bitcoin Price Revitalized, Prompting Investors To Check Out AltSignals

    It seems like a risk-on mood is back in the markets. With the Fed expected to slow down or reverse interest rate hikes this year, investors have been loading up on crypto before the next bull cycle begins. 

    Since the start of 2023, Bitcoin’s price has risen almost 47% from around $16,500 to a high of approximately $24,250 in early February. This rapid ascension in Bitcoin’s price has accompanied a surge in interest in online trading, leading many investors to start looking for the best crypto signal providers to boost their profits. One name that has regularly cropped up is AltSignals. 

    What Is AltSignals?

    AltSignals is a leading name in the crypto signals industry, established in 2017. It uses a team of market experts and professional traders to combine technical and fundamental analysis with its in-house algorithm, AltAlgo™. As a result, AltSignals has earned a reputation as one of the most reliable and profitable signal providers out there. 

    This reputation is quickly validated when looking over their stats. Over 52,000 traders rely on the 3,700 trade calls it has produced since its launch, with the platform holding a 4.9/5 rating on Trustpilot after receiving nearly 500 positive reviews. The actual trading results speak for themselves: AltSignals has returned over 10,000% in 19 out of 32 months on record.

    AltSignals’ ASI token is projected to attract a new wave of attention to the AltSignals platform. This is due to the excellent benefits ASI will offer holders that will help them make the most out of their online trading journey. 

    How Is ASI Expected To Change the Online Trading Game?

    ASI is an Ethereum-based token that will act as the fuel for the AltSignals ecosystem. Its primary use case will be to access and receive signals from the upcoming ActualizeAI algorithm. This algorithm will boost AltSignals’ accuracy further thanks to a comprehensive AI stack, which includes machine learning, predictive modelling, and sentiment analysis. For ASI holders, they’ll be the first in line to experience the power of this new algorithm. 

    Holding ASI will also grant exclusive entry into the ActualizeAI Club, where users can play an active role in giving feedback and helping to test the ActualizeAI algorithm in return for early access to the latest upgrades and earning ASI tokens. In the process, they’ll work directly with the AltSignals team to improve their products and optimize the signals produced. 

    ASI will become the platform’s governance token, allowing users to vote on new upgrades, partnerships, and more. They’ll also be able to set the token’s buyback and burn rate, which will help to restrict the supply of ASI over several years and potentially lead to price appreciation.

    The Long-Term Outlook for ASI

    The ASI token is predicted to see exceptionally high demand, with many projecting that the ASI presale will sell out rapidly. Traders are expected to flock to the token when they find out it grants access to the ActualizeAI algorithm and Club.

    This group alone could easily send ASI skyrocketing as traders rush to become part of an elite group dedicated to building one of the greatest trading algorithms the world has ever seen.  This spirit of collaboration and mutual support will set AltSignals apart from other signal providers and is set to be a major contributing factor in the success of the ASI token.

    Consequently, several analysts predict that ASI will climb well beyond its final presale price of $0.02274, with some forecasting that $0.50 is easily achievable by the end of 2023. If $0.50 is reached, investors could be up almost 2,100% in just under a year – far beyond what any Bitcoin price prediction could hope to attain. 

    Should You Invest in ASI?

    As Bitcoin’s price continues to grow and the bull market heats up, AltSignals will likely see a massive surge in interest. Thanks to the ActualizeAI algorithm and the platform’s proven reputation, its ASI token will likely be one of the lucky few that return life-changing gains in 2023. 

    The beta sale price of $0.012 seems exceptionally undervalued, so expect this first phase to sell out quickly. If you’re thinking of getting involved, be sure to visit their presale website. 

    You can participate in the AltSignals presale here.

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  • Bitcoin continues “boring action” as BTC hovers above $22k

    Bitcoin continues “boring action” as BTC hovers above $22k

    • Bitcoin on-chain exchange flows were $4 billion in and $4 billion out last week, Glassnode data shows.
    • Crypto analyst Michael van de Poppe highlights BTC’s “boring price action” as bulls struggle above $22,000.
    • BTC price saw downward action last week following a series of negative market related news.

    The global cryptocurrency market cap remains above the $1 trillion mark, with the past 24 hours seeing roughly 0.6% in downward change. The global trading volume in the last 24 hours is around $38.9 billion.

    But while Bitcoin (BTC) dominance hovers at 40.4%, the price action has weirdly remained more like a stablecoin. As noted on Sunday, Bitcoin managed to bounce off the $22,000 low reached as markets reacted to news related to Silvergate and Tether (USDT).

    Bitcoin price continues to hover above $22k

    Weekly on-chain exchange flow, a metric that shows the difference in BTC volume flows onto and off exchanges, points to the aforementioned flat action for Bitcoin price. The net flow aligns with the largely doji candlesticks the leading crypto by market cap has witnessed since last week.

    Popular crypto analyst and trader Michael van de Poppe has highlighted the “boring price action” for Bitcoin since last week’s sharp retreat.

    According to the analyst, BTC is still poised for a fresh bounce higher as bulls hold above key support. He also points to equities and notes a bounce for indices is likely to cascade into the crypto market. However, if a new “sweep of the lows” to $21,500 fails to hold, it could spell further losses for BTC.

    BTC sees $17.8 million in weekly net flows

    As for the net flow, data from on-chain analytics platform Glassnode shows about $17.8 million in net flows, with $4 billion in inflows and roughly $4 billion in off-exchange flows last week.

    The net flow for Ethereum, the second largest cryptocurrency by market cap and with over 17% of market dominance, was about $423.8 million. The leading altcoin’s exchange flows was $2 billion in on-chain inflows and $2.4 billion in outflows this past week.

    On the other hand, the leading stablecoin Tether (USDT) saw weekly net flows of about 160 million, with total $6 billion flowing into exchanges and $6.2 billion withdrawn.

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  • Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    • Bitcoin price outlook after this week’s Silvergate and Tether news.
    • BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs.
    • The $20k zone is a critical and psychological level for bulls.

    Bitcoin price remains constrained below $22,500 after posting a sharp decline on Friday following a combination of broader market weakness and negative crypto-related news.

    However, with price above $22,000, the technical outlook suggests bulls might still have a chance to push for new year-to-date highs in March or April.

    Bitcoin price prediction: BTC declined amid Silvergate Bank and Tether news

    On Wednesday, crypto-friendly bank Silvergate (SI) revealed it was a little deeper in trouble with a SEC filing that it would delay its financial report. The crypto bank then announced a halt to its payments network the Silvergate Exchange Network (SEN), triggering further uncertainty around its operations following the previously revealed $1 billion loss.

    Indeed, selling pressure for BTC increased as major crypto firms including Coinbase and Paxos announced a switch from Silvergate to alternative banking partners.

    But the price of bitcoin went on to touch lows of $22,000 as more negative news emerged – the Wall Street Journal published an article related to Tether, the company that issues the world’s largest stablecoin USDT. Allegedly, Tether and Bitfinex used “falsified documents” to acquire banks accounts amid questions over the stablecoin’s reserves.

    Crypto trader and investor Scott Melker heighted the WSJ’s report in a Twitter thread on Friday.

    Bitcoin price outlook: What next for BTC/USD?

    The RSI on the 4-hour chart remains largely flattened near the lower band as price action consists mainly of doji prints. While Bitcoin is holding above a support base formed in early January, there’s indecision as signaled by the doji candlesticks.

    Bitcoin price movement on the 4-hour chart. Source: TradingView

    If bears take charge further, BTC/USD will likely retest the aforementioned support line and potentially break past $22k to another key level near $21,600. Below that we could see a retest of the vastly important $20k level.

    On the upside, the immediate hurdle is the $22.5k zone, with robust supply areas expected at the price levels currently signaled by the 50 and 200 moving averages.

    The outlook on the daily chart shows the RSI sloping to suggest bears might have an upper hand. 

    However, there’s potential formation of an inverse head & shoulders pattern. The neckline of this likely inverse H&S pattern could be in the $25k zone. In any case, the immediate key price levels to watch as signaled by the 50-day and 200-day moving averages near $22,900 on the upside and $19,712 on the downside.

    Bitcoin price prediction levels on daily chart.Source: TradingView

     

    The post Bitcoin price prediction: BTC outlook after Silvergate and Tether news appeared first on CoinJournal.



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  • STX outlook and the Bitcoin halving

    STX outlook and the Bitcoin halving

    • Stacks price has soared in the aftermath of interest in Bitcoin NFTs with the launch of Ordinals.
    • STX rose to an all-time high of $3.39 in December 2021.
    • Analysts say the upcoming Bitcoin halving could catalyse fresh rallies for the token.

    Stacks, the Bitcoin layer that leverages smart contracts to enable decentralised finance (DeFi) and non-fungible tokens (NFTs) among other decentralized applications on the pioneer blockchain network, is currently one of the best performing assets in the market today.

    The native STX is higher by more than 43% on the week even as most tokens struggle with downward pressure.

    Stacks price: STX poised for BTC halving explosion?

    The Stacks price has been rallying due to massive interest in Bitcoin-based NFTs and recently after the protocol released its whitepapers. The token’s price has in fact gained significant traction following the hype around the launch of the Ordinals project.

    Ordinals is a novel NFTs protocol that allows for the minting and storage of digital artifacts on the Bitcoin blockchain. The huge interest that greeted the Ordinals’ launch helped push the price of STX as demand for the layer 2 blockchain Stacks’ native token skyrocketed.

    Stacks Network’s leveraging of Bitcoin’s blockchain security and permanence, the idea of Bitcoin NFTs and DeFi are factors helping position STX for more upside action. But more than that, analysts predict that the STX price could see another explosive move as Bitcoin’s halving, which is about a year away, approaches.

    Bitcoin price has rallied going into the halving and this looks to be the trajectory STX will take. As for now, market analysts say there’s a “cultural shift in Bitcoin”, and that sentiment might catalyse a huge move for STX.

    STX price today

    The native token STX is up more than 43% in the past week and tops the 100 largest cryptocurrencies by market cap in weekly performance.

    While the STX/USD pair has retreated nearly 3% in the past 24 hours, the token’s price as at 8.20 am ET on 28 February was $0.89, showing a 3.5% jump on the hourly time frame.

    And with over 200% gains in the past 30 days, Stacks has quickly risen up the charts in terms of market cap (currently at over $1.2 billion and ranked 47th on CoinGecko.)

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  • Bitcoin touches $23k support as stocks fall on hot PCE data

    Bitcoin touches $23k support as stocks fall on hot PCE data

    • Bitcoin and crypto prices fell as markets reacted to January PCE data.
    • The Fed’s favourite inflation measure came in hot, jolting markets lower with S&P 500 declining nearly 1.4% and Dow dropping about 400 points.
    • Crypto analyst Rekt Capital says BTC price remains in positive territory as long as bulls hold support above $23k.

    Bitcoin price continues to struggle after the rejection from the $25k resistance, but today’s dip comes as the market reacts to hotter-than-expected Personal Consumer Expenditure (PCE) data.

    As stocks got whacked on Friday, with the S&P 500 falling nearly 1.5% and the Dow Jones Industrial Average dropping 400 points, BTC price retreated under $24k to hit lows of $23,130 across major exchanges.

    Crypto, Wall Street drops on CPE data

    The CPE is the Federal Reserve’s most preferred inflation measure and sentiment has shifted on the latest data release as investor jitters fill up again. 

    The Fed uses the CPE price index to assess how sharply prices have risen within the US economy, and data shows prices spiked 0.6% in January and 5.4% year-over-year. Core CPE also came in hot, at 4.7% against the forecast 4.3% to suggest inflation remains an issue.

    “Inflation remains too high. We’re going to have to do more to get back to 2%,” said Cleveland Federal Reserve President Loretta Mester. “I see a little more impetus in the inflation measures than my colleagues. We’re going to have to bring interest rates above 5% and hold there for a time,” she added during an interview with CNBC.

    Bitcoin price outlook

    The reaction on Wall Street also cascaded into the crypto market, with BTC price declining below a key support line recently highlighted as a “confluent support zone.” The uncertainty around the Fed’s interest rates saw most stocks scorched in early trades, a scenario also replicated in crypto with Ethereum dropping below $1,600.

    For Bitcoin’s short-term price outlook, popular crypto trader and analyst Rekt Capital says bulls could remain in control if BTC holds above $23k. However, a bearish outlook would materialize if price breaks lower.

    “BTC Weekly retest of the confluent area that is the Lower High and Monthly Range High resistance is now in progress. Price needs to hold here for the retest to be successful. However, Weekly Close below this area would be a bearish sign,” the analyst noted.

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  • Bitcoin supply on exchanges the lowest since 2017, but why? On-chain report

    Bitcoin supply on exchanges the lowest since 2017, but why? On-chain report

    Key Takeaways

    • 11.8% of the Bitcoin supply is currently on exchanges, the lowest mark since 2017
    • Supply of Bitcoin on exchanges has been consistently falling since March 2020, when crypto bottomed ahead of the explosive pandemic bull run
    • Originally, people pulled Bitcoin to participate in vibrant crypto ecosystem, with high volumes and activity and much scope for yield
    • Today, volumes and interest have fallen, but pattern of Bitcoin fleeing exchanges has continued, albeit for different reasons
    • Bitcoins leaving exchanges in recent months are likely due to fears over security and transparency, heightened after FTX collapsed

    “Not your keys, not your coins”. 

    One of the oldest sayings in crypto. And after a year that saw one of the biggest exchanges around shockingly gamble away customer assets in secret, many will wish they had paid it more attention. 

    Now, people are listening. Although in truth, this has been happening all throughout the pandemic. The balance of bitcoins on exchanges is now down to 2.27 million – that is the lowest mark since March 2018, a month which saw “God’s Plan” by Drake being played on the radio over and over and over and over again. 

    The mark is even lower when compared to the overall supply. There is currently 11.8% of the Bitcoin supply on exchanges. This is the lowest mark since December 2017. 

    Crypto fans will remember December 2017 as the month that Bitcoin went absolutely bananas. I remember exactly where I was when I saw that Bitcoin had breached the $20,000 mark for the first time; it felt like a seminal moment. 

    It marked the top, incidentally, with the orange coin at $7,500 seven weeks later. Within a year, it wasn’t far above $3,000. It was a long and barren bear market with fortunes not turning around until COVID hit in 2020. 

    Where is the Bitcoin going?

    I say “not your keys, not your coins”, but this isn’t the only thing driving the movement of coins off exchanges. 

    As the above charts show, the Bitcoin supply on exchanges has been coming down since March 2020. This is also the month that COVID kicked off. Since I’ve been in crypto, I also believe it was the scariest time of all – Bitcoin plunged from close to $10,000 to $5,000 in a gruesome 48 hour stretch as markets around the world tried to figure out what exactly this COVID-19 thing was. 

    But after this, the bull market kicked into gear. So, why has Bitcoin on exchanges been falling throughout this period?

    The truth is, ironically, that it could be for the exact opposite of the matra behind “not your keys, not your coins”, at least in part. This is due to the rise of crypto lending platforms during the bull run – firms like Celsius, BlockFi, Voyager Digital and so on.

    These platforms offered a nice yield on Bitcoin, and this attracted billions of dollars of inflows. Now, you may notice one thing about those names: today, they are all bankrupt. Which means that, obviously, coins currently leaving exchanges in recent months are for other reasons. 

    So there could be a dual explanation here: during the bull run, coins were leaving exchanges for yield on centralised platforms. Or they were leaving exchanges for DEXs, or other destinations. Crypto was booming at this time; there were no shortage of things to do or yield to earn. 

    Today, however, volumes have been decimated. Looking at total value locked within DeFi, it is down to $50 billion, having been up to $180 billion in December 2021. That is a fall of 72%. Simply put, prices are down, volumes are down and interest in general is down. 

    This fallen volume and interest have likely reduced the pull of Bitcoin off exchanges. But this drop may have been replaced by people pulling Bitcoin at a similar rate, but for an entirely different reason: to be secure, and to send to cold storage. You can thank Sam and the various other scandals for this. 

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  • Smartest man in the room has a warning about Bitcoin prices

    Smartest man in the room has a warning about Bitcoin prices

    • Morgan Stanley’s Mike Wilson is seen as one of the best analysts in Wall Street.

    • He warned that the S&P 500 is ripe for another 21% crash.

    • If this view is valid, we could see BTC prices crash as well.

    Bitcoin price dipped to about $24,000 as a somber mood engulfed the stocks and cryptocurrency industry. After rising to a high of $25,373 during the weekend, the BTC/USD price has struggled to retest it this week. And now, one of the best sell-side analysts in Wall Street, has issued a blistering warning about the market.

    Morgan Stanley’s Wilson warning

    In a note on Tuesday, Mike Wilson, the Chief Equity Strategist at Morgan Stanley, warned that the S&P 500 could crash by another 21%. If this happens, it means that the index could crash from the current $4,000 to about $3,140. 

    Wilson noted two main things that could push the S&P 500 index much lower in the near term. First, there is a reset of expectations about the Federal Reserve. The argument is that investors were expecting the Fed will start pivoting soon. 

    However, the reality is that recent data point to more hikes this year. Inflation remains stubbornly high while the unemployment rate has fallen to a multi-decade low of 3.4%.

    Second, corporate earnings have been a bit weak. Companies like Goldman Sachs and Home Depot published relatively weak financial results. According to FactSet, S&P 500 constituent companies have had a blended growth of -4.7% in the quarter, the worst since 2020. 

    Further, with the bond yield being highly inverted, there is a likelihood that the US will go through a major recession. Stocks tend to underperform in such a period. Mike Wilson is not the only analyst worried about stocks. In a widely-read report, Jeremy Grantham warned that the S&P 500 could crash to about $3,200.

    Implications for Bitcoin prices

    Mike Wilson did not mention Bitcoin prices in his note. He did not also mention cryptocurrencies in general. However, if his warning materializes, the fact is that it will have serious implications for BTC and other cryptocurrencies.

    In the past few months, Bitcoin and stocks have had a close correlation. A close look at the data shows that BTC and S&P 500 have a correlation coefficient of 0.91. A correlation of 1 or close to 1 is usually a sign that the two assets are closely correlated. 

    Therefore, if the S&P 500 crashes by 20%, there is a high possibility that Bitcoin price will drop further than that. As such, while it is too early to predict whether Mike Wilson will be right, it makes sense to start taking profits.

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  • Bitcoin “shrimp” addresses hit 43.2 million

    Bitcoin “shrimp” addresses hit 43.2 million

    • Bitcoin “shrimp” wallets, which hold 1 bitcoin recently surged to 43.2 million.
    • Bitcoin addresses with 0.01 BTC or less have also hit an all-time high of 32.6 billion.
    • Data also shows bitcoin wallets in profit have reached 70% after recent price gains.

    Bitcoin price recently reached an eight month high when it rallied to highs above $25,000 last week.

    Despite this, the latest market data from asset manager CoinShares shows Bitcoin investment products saw outflows of $25 million, about 78% of the $32 million that exited amid negative sentiment. But a new report shared by crypto exchange Bitfinex indicates that Bitcoin still saw massive growth in terms of the address count with one BTC or lower.

    Bitcoin “shrimp” addresses hit 43.2 million

    According to data shared in the Bitfinex Alpha report published Monday, 20 February 2023, Bitcoin addresses with less than one bitcoin, or “shrimps”, recently jumped to 43.2 million – the highest the count has hit in the flagship cryptocurrency’s history.

    No doubt this has been greatly helped by the massive growth in addresses with 0.01 BTC or less. Per the Bitfinex report, and from on-chain data by analytics platform Glassnode, the number of wallets with balances of 0.01 BTC or under recently hit 32.6 million.

    Overall, wallet addresses with non-zero balances are at an all-time high, which Bitfinex researchers say is indicative of “an influx of new investors.” 

    As CoinJournal recently covered, shrimps actually increased their buying even as prices fell after the FTX collapse. And it is this increase in the number of non-zero wallets that could have fueled Bitcoin’s recent upside momentum, the Bitfinex team noted in their report.

    Is it the start of a new Bitcoin bull market?

    Bitcoin has been largely upwards in January and February, with nearly 50% in overall gains year-to-date as of 21 February. In fact, as Glassnode data shows, the number of Bitcoin wallets in profit (7-day moving average) has also just hit a 10-month high.

    While analysts warn of a potential pullback amid profit booking across crypto, the sentiment is still mostly bullish for BTC in the short term. And the recent growth in shrimp wallet addresses aligns with historical market trends in a bear market.

    In this case, bull markets have traditionally been highlighted by wealth distribution, with the entry of new short term holders a metric that helps signal the shift in market direction.

    However, as Bitfinex analysts noted in their report, the latest data is only a “snapshot of the current situation.” In short, it is hard to predict where the market goes next at any one given time.

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