Crypto analyst James Check suggests that Bitcoin's return to the $73,000 price level could signal the beginning of an acceleration phase dubbed "escape velocity," akin to the concept in astrophysics.
In astrophysics, escape velocity represents the minimum speed required for an object to break free from the gravitational pull of a celestial body without additional propulsion.
Check highlights the significance of Bitcoin reclaiming the $73,000 mark, indicating a transition from enthusiasm to potential euphoria. He analyzes the Short-Term Holder (STH) Market Value to Realized Value (MVRV) metric, suggesting that the market isn't yet "overstretched" or "overbought."
Short-Term Holder MVRV Indicator. Source: James Check
While optimistic about the potential rally, Check acknowledges the presence of short-term holders who may opt to sell as they reach profitability, posing a potential resistance level.
Other analysts echo similar sentiments, noting the absence of market euphoria despite Bitcoin's price nearing $70,000. This lack of excitement suggests potential room for further upside, with some anticipating Bitcoin's entry into price discovery.
“Bitcoin is just a sneeze away from entering price discovery,”addedpseudonymous crypto trader Jelle.
Pseudonymous crypto trader Yoddha anticipates that Bitcoin will reach its highest price before March 18, 2025. In a post dated May 22 on X, they stated, "Bitcoin has been consolidating within its current range for the past 84 days. In my opinion, based on the current price, BTC will reach its peak within the next 300 days."
Despite the optimism, analysts caution against overlooking potential resistance levels and the unpredictable nature of market sentiment. A jump to $73,000 from the current price of $69,088 signifies a modest 5.6% increase, according to CoinMarketCap data.
Bitcoin is up 5.22% over the past seven days. Source: CoinMarketCap
In summary, while Bitcoin's potential return to $73,000 could mark a significant milestone towards "escape velocity," investors are advised to navigate cautiously amidst evolving market dynamics and sentiment shifts.
Trump supports moving Bitcoin mining production to the United States to increase the country's energy self-sufficiency, and stressed that this will resist the threat of central bank digital currencies.
ZeZhengThe US Consumer Price Index (CPI) data for May showed that the inflation rate remained at 0.3%, surpassing market expectations. However, on an annual basis, it decreased from 3.4% in the previous month to 3.3%. This cooling trend has sparked optimism in the market.
ZeZhengBitcoin advocates push Musk for BTC payments on X; Musk favors Dogecoin for its lower fees and scalability.
ZeZhengFollowing the deadly attack in Israel by Palestinian militant group Hamas, it has put cryptocurrency’s role in terrorist financing back in the spotlight. The U.S. Treasury Department recently announced its investigation on the $165 million in cryptocurrency which the agency believed to have helped Hamas before the militant group’s Oct 7 attack against Israel.
XingChiArthur Hayes criticizes G7 central banks, advocates for continued investment in Bitcoin and altcoins. Predicts potential rally fueled by FED's dollar-yen maneuvers and anticipates rate cuts. Encourages long positions, sees cryptocurrency market poised for resurgence.
Xu LinAs anticipation mounts for US Non-Farm Employment data, Bitcoin breaks records with $37B in futures open positions. Positive sentiment prevails as long positions dominate, driving expectations for new all-time highs.
Xu LinBitcoin surges above $71K as long-term investors and whales accumulate. Institutional interest via spot ETFs and new whales drive demand. Ethereum also sees increased investor interest.
Edmund'Rich Dad Poor Dad' author Robert Kiyosaki predicts Bitcoin will hit $350K by late August 2024, driven by his distrust of US leadership. Will this forecast crash and burn like some of his previous speculations?
KikyoBitcoin saw a slight increase in response to the ECB's rate cut. The ECB reduced rates to moderate monetary policy restriction, addressing inflation but not growth stagnation. The rate cut aims to lower borrowing costs in the euro area.
Xu LinBitcoin whales, owning over 40% of total BTC supply, continue accumulating, influencing market dynamics. Their buying spree amid high derivative positions indicates potential volatility ahead, despite current positive sentiment reflected in BTC's price.
Huang BoWhat exactly are memecoins and why have they become such an important fixture in the crypto market?
JinseFinanceMeme, NFT, cryptocurrency, Meme coin vs elite coin: a cultural revolution in the crypto world Golden Finance, at present, Meme coin may be the best honest alternative.
JinseFinanceThe volatility of MemeCoins may negatively impact portfolio stability.
JinseFinanceBiteye has compiled a "Compilation of Tools for Playing with Solana Meme Coin". Whether you can hit the next 10,000-fold coin depends on luck!
JinseFinanceGolden Finance launches the 2268th issue of the cryptocurrency and blockchain industry morning report "Golden Morning 8:00" to provide you with the latest and fastest digital currency and blockchain industry news.
JinseFinanceIn 2024, the outlook for meme coins is uncertain, contingent upon market trends, social media influence, and the role of key figures. Popular coins like BONK and WIF on the Solana network show robust market performance. However, investors must exercise caution, acknowledging risks and staying attuned to market dynamics.
Cheng YuanAvalanche Foundation shifts focus to support selected meme coins on its blockchain, aiming to foster a culture of fun and community spirit.
KikyoThe Avalanche Foundation is branching into meme coin investments, a move symbolizing a shift in the crypto world's perception of these assets.
EdmundBONK, a Solana-based meme coin, spikes 40% following Coinbase listing news.
Cheng YuanThe longer the cryptocurrency bear market wears on, the closer the valuations of Dogecoin and Shiba Inu have become.
Bitcoinist