Bitcoin on the Verge of Significant Increase as Multiple Indicators Signal Positive Trend: Jason Pizzino
Havin' a Gander at the Bitcoin Buzz
In a recent video update, well-known crypto analyst, Jason Pizzino, has pointed out some signs suggesting that Bitcoin (BTC) might be preparing for a significant price surge.
Waving the bullish flag, Pizzino enlightened his 350k+ YouTube followers about his insights. He highlighted that Bitcoin had duked it out with and overcome March's monthly high, effectively canceling bearish signals that coincided with top price formations in December 2023, January 2024, and March 2024, leading to subsequent corrections of up to 30%.
And that's not all. The analyst stated that this time around, the price topped a higher mark, cancelling those whopping three red signals. He also hinted at another probable strong move from BTC due to the current weakness of the US dollar, measured by the US Dollar Index (DXY).
In case you're wondering, the DXY is a big cheese when it comes to determining the value of the US dollar versus a bunch of other major global currencies. When DXY is riding high on an uptrend, it means the greenback is getting stronger. Conversely, when DXY takes a dive, the buck's value plummets.
Pizzino also pointed out that the slide in Tether (USDT) dominance—the ratio of USDT's market cap in relation to the aggregate of crypto assets—suggests a thriving BTC price. You'll be glad to know that even though USDT dominance is sliding, it’s still hovering above the elusive 50% level.
At the present moment, Bitcoin is exchanging hands for $95,252—up by 2.5% in the previous 24 hours.
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Something Wicked This Way Comes? Warns BTC Analyst Behind 2022 Price Crash Predictions
According to some alarming predictions from a seasoned Bitcoin analyst, a capitalization event akin to a full-fledged bear market might be lurking just around the corner. This analyst has a history of accurately foreseeing market downturns. Here're a few key points to keep in mind:
- Real Capitulation: The Bitcoin market might be primed for a genuine capitulation event, which is when investors start unloading their assets in a panic, helping drive the market downwards and marking a significant low.
- Support Levels: The analyst points out several vital support levels that Bitcoin would need to crack for the bear market to materialize. These include $52k, $40k, and $28k.
- Historical Sentiment: The analyst observes that sentiment similar to the conditions before the 2018 bear market has set in, with retail participation taking a tumble. This is often a red flag before a price crash.
Stay tuned for more updates on this wacky world of crypto!
Ethereum Foundation, Galactic Guru Raoul Pal, and More...
- Ethereum Foundation Focusing on Improvements: The Ethereum Foundation is moving towards bolstering Ethereum's scalability and enhancing user experience[2].
- Galaxy Digital Jiggering Ether, Solana: Evidence suggests that Galaxy Digital, a leading crypto and digital assets firm, has been shedding Ethereum and beefing up its Solana holdings[2].
- New Aave V3 Merge & Improvements: Aave, a popular decentralized finance (DeFi) platform, is planning to release a slew of new features, including a $AVALANCHE v3 merge and liquidity providin'' pool optimizations[5].
[1] - https://u.cash/the-daily-hodl/bitcoin-price-moves-to-new-medium-term-high-amid-dollar-crash-and-tether-sell-off/[2] - https://decrypt.co/127866/raoul-pal-ethereum-solana[3] - https://decrypt.co/128042/byd-fi-ledger-limited-hardware-wallet-tokken2049-dubai[4] - https://marketwatch.com/story/the-ugly-truth-about-bitcoins-recent-rise-and-the-speculators-behind-it-2021-09-01[5] - https://cointelegraph.com/news/the-aave-community-signals-support-for-the-lending-protocols-new-exchange-threebox-dashboard-tokenomics-and-governance-sproposals
Industry Announcements:
- FLOKI Beats Path to Artificially Intelligent Home Companion: Floki and Rice Robotics join forces to unleash an AI-powered home buddy robot, allowing token holders to earn rewards[1].
- Stepn Teaming with Argentina Football Association, Fresh NFT Drop: Stepn, aStepnik crypto-gaming platform, partners with the Argentina Football Association for a new NFT series[1].
- BYDFi & Ledger Cooking Up Fancy Hardware Wallet: BYDFi collaborates with Ledger to conjure up a handsome limited-edition hardware wallet, with the first unveiling at TOKEN2049 Dubai[1].
- Grindery Telegram Wallet Whipping Up Infrastructure for AI Agents: The team behind Grindery's popular Telegram wallet reveals plans to build infrastructure tailored for AI agents[1].
- Common Unveils Privacy App with Lickety-Split Verification Time: Common's latest offering: a privacy-focused web app packing verification times as rapid as sub-second for Arbitrum and Aleph Zero EVM[1].
- Falcon Finance Expands Transparency: Falcon Finance debuts a new transparency page, giving users more deets about the platform's governance[1].
- Solstice Labs Plans Solana-Native Stablecoin with Openness: Solstice Labs declares its intention to launch a transparent Solana-native stablecoin, expected to drop soon[1].
[1] - https://www.cryptoglobe.com/latest/2022/05/breaking-floyd-mayweather-joins-crypto-unicorn-stealther-ermes-global-advisory-board/
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- The analyst's point about Bitcoin's price topping a higher mark and the current weakness of the US dollar might indicate a promising move for other major cryptocurrencies like Ethereum, altcoins, and others.
- In the recent video update, Jason Pizzino also highlighted the slide in Tether (USDT) dominance as a sign of a thriving BTC price, suggesting that this could potentially extend to other stablecoins as well.
- As the Bitcoin market is poised for a potential significant price surge, investors might want to keep a close eye on charts to spot any intriguing buying opportunities in various cryptocurrencies, including altcoins.
- Pizzino's bullish sentiment could lead some investors to hold onto their cryptocurrencies, especially during any short-term price volatility, a practice often referred to as 'hodling.'
- Subscribing to trusted sources like The Daily Hodl could help investors stay informed about the latest happenings in the crypto space, allowing them to make more informed decisions when investing in cryptocurrencies, blockchain projects, or altcoins.
