Category: Bitcoin

Where bitcoin goes after hitting $30,000, according to chart analysts

boss

Bitcoin climbed above $30,000 Monday night for the first time since June – and sustained that level throughout trading on Tuesday. After overcoming several obstacles over the past three months, bitcoin ended March up more than 20% and advanced more than 70% over the course of the first quarter. It’s now up about 82% for 2023 and many investors consider crypto to be in or near the start of a new bull market (the previous one began in January 2021). This week’s price rally has added to the optimism around…

Mike Novogratz on what’s driving bitcoin’s run to $30k

boss

Retail investors and crypto enthusiasts are the drivers behind bitcoin’s recent surge to $30,000, and don’t be surprised if the asset notches new highs over the next two years, according to Galaxy Digital CEO Mike Novogratz. “It’s about bringing people into the tent,” he told CNBC’s ” Squawk Box ” on Tuesday. “As price goes up, every crypto owner is reaching out to his friends or colleagues and saying, ‘Hey, you got to get in on this.’ And so, the adoption cycle always accelerates when the price is going up…

Bernstein says if you like gold, you should like bitcoin even more

boss

It’s “irrational” to like gold and dislike bitcoin at this point in the macro cycle, according to Bernstein. While ether has been gaining strength relative to bitcoin ahead of the “Shanghai” upgrade this week , bitcoin has outperformed it and the major stock averages this year. Consider that bitcoin has gained about 75% year to date, according to CoinMetrics, while the S & P 500 has climbed 6.7% in 2023. At the same time, the flagship cryptocurrency’s correlation with gold has been climbing, while its correlation with stocks has declined,…

Quarterly Investment Guide 2Q 2023: Bitcoin outlook

boss

The case for a new crypto bull market has been slowly growing since the beginning of the year and gained more strength still in March. Bitcoin , still the clear leader of the crypto market, just finished its third month in a row of gains , ending up more than 20% in March. It also posted its best quarter (advancing more than 70%) since the first quarter of 2021, when the last bull run began. So far this year, crypto investors have overcome several obstacles – chief among them the…

Bitcoin’s market dominance is climbing. Here’s what that says about interest rate expectations

boss

Bitcoin’s market dominance has been climbing in March and is now up to levels not seen since June. A crypto asset’s “dominance” measures how much of it makes up the total cryptocurrency market cap. Investors use it to determine which parts of the crypto market are outperforming or underperforming relative to their peers. When bitcoin dominance climbs, it implies that bitcoin is doing well, but more specifically, it means its outperforming altcoins. Bitcoin dominance has risen steadily since March 8, the day after Silvergate Bank announced its voluntary liquidation. It’s…

Grayscale and the SEC are going to court over a bitcoin ETF

boss

The years-long push for an exchange traded fund that tracks bitcoin will finally get its day in court this week. Several different firms tried to bring a spot bitcoin ETF to market in the U.S. without success, but Grayscale Investments is taking it a step further for the future of its Grayscale Bitcoin Trust (GBTC) . After Grayscale’s proposal to convert the trust to an ETF was rejected last June, the firm sued the U.S. Securities and Exchange Commission in the D.C. Circuit Court of Appeals. Oral arguments are set to…

January was bitcoin’s best month since 2021, but crypto isn’t ready for a ‘rocket ship rally’ yet

boss

Bitcoin is rounding out its best month in more than a year. It’s already recovered more than half of its 2022 losses and some say it’s found a bottom in this crypto winter. For some investors, however, its strong month isn’t necessarily a green light to jump back into the crypto market. As of Tuesday, bitcoin is set to finish the month up 38.39%, which would make it its best month since October 2021 and its best January in 10 years, according to Coin Metrics. Ether , which led the…

Chart analyst Katie Stockton says she remains skeptical of bitcoin’s 2023 rally

boss

Katie Stockton, founder of Fairlead Strategies, said Tuesday that bitcoin’s rally in the new year doesn’t look sustainable. “The positive development is that it has rallied enough to give folks an exit,” Stockton said on CNBC’s “Squawk Box.” “The catch with that is when you see such strong, very steep rallies, they are more characteristic of counter-trend moves.” After finishing 2022 down more than 60%, bitcoin has already risen about 40% year to date. The world’s largest cryptocurrency touched the highest level since August on Saturday, rising above $23,300. BTC.CB= 1Y…

Grayscale Bitcoin Trust could double by midyear: Ned Davis Research

boss

Crypto is off to a hot start in 2023, and an embattled bitcoin fund gives investors a tool to squeeze more out of this rally, according to Ned Davis Research. Pat Tschosik, a senior portfolio strategist at the firm, said in a note to clients that the Grayscale Bitcoin Trust (GBTC) could give investors a 100% return by midyear. Bitcoin has rallied more than 25% to start the year and is trading above $20,000 again. The largest cryptocurrency appears to have broken out of its long slump, Tschosik said. “We…

Jamie Dimon says bitcoin itself is a ‘hyped-up fraud’

boss

Bitcoin and other cryptocurrencies have been an unnecessary distraction for investors and the industry is rife with scams, JPMorgan Chase CEO Jamie Dimon said Thursday. “I think all that’s been a waste of time… Bitcoin itself has been a hyped-up fraud, a pet rock,” Dimon said on CNBC’s ” Squawk Box .” The crypto industry appeared to be making inroads into Wall Street before 2022, before a dramatic decline in market prices and the blow-up of several high profile firms dampened investor appetite and raised more questions about the safety…