- Joined
- Apr 9, 2024
- Messages
- 1,417
Market analyst and trader Henrik Zerberg predicts a blow-off top in US markets for cryptocurrency and stock sectors. This prediction comes after the market-wide crash on Monday, which saw over $1 billion in crypto positions liquidated.
The crypto industry is recording a shift in sentiment, with Bitcoin up 8%, holding well above $55,000, and dragging altcoins along with it.
Zerberg anticipates new all-time highs (ATHs) in the US stock market as well as crypto. He says the current bearish sentiment will transform into a strong bullish sentiment and euphoria, leading to a blow-off top.
In crypto jargon, a blow-off top is a trading term that describes a chart pattern showing a steep and rapid increase in Bitcoin price and trading volume. After that, a steep and rapid drop in price happens, accompanied by high volume. Analysts interpret the rapid changes to mean the market was way overbought.
Read more: 5 Best Platforms To Buy Bitcoin Mining Stocks After 2024 Halving
Zerberg’s forecast comes after panic selling on Monday turned into impulse buying. Nevertheless, Jack Mallers, a popular market analyst, ascribes the sell-off to the unique availability of open Bitcoin markets as the crisis intensified.
At the height of the crisis, liquidity was needed, and it could only come from one place on a Sunday night. Accordingly, Bitcoin’s liquidity positioned it for losses, as investors had a gateway to exit the market. This explanation highlights Bitcoin’s role in fixing the financial system.
As BeInCrypto reported, markets are already recovery mode after ETF (exchange-traded funds) investors reportedly seized the opportunity to buy the dip.
On Tuesday, analyst James Seyffart observed, “ETF investors, in aggregate, likely bought the dip on Ethereum today.” Indeed, data shows that ETH ETFs recorded up to $48.73 million in net inflows on Monday, effectively beating Bitcoin ETFs, which saw $168.44 million in net outflows.
Bitwise CIO Matt Hougan reported positive inflows into the firm’s ETF instruments, IBIT for Bitcoin and ETHW, acknowledging that ETF investors bought the dip.
Read more: How to Invest in Ethereum ETFs?
Notably, Bitcoin ETFs witnessed some of the most substantial trading volumes on August 5 within minutes of the US session opening. BlackRock’s iShares ETF IBIT, in particular, surpassed $1.55 billion in trading volume in Monday’s first hour of trading. ETF analyst Eric Balchunas said this was concerning.
Alongside ETF investors, whales are also scooping Bitcoin at a discount. According to a press release shared on Monday, healthcare company Semler Scientific acquired 101 BTC tokens. The company recently adopted a Bitcoin treasury, with the latest buy bringing its total holdings to 929 BTC.
The firm started buying Bitcoin in late May, acquiring 581 BTC for around $40 million. It made two more Bitcoin investments in June, effectively emulating the precedent set by Michael Saylor’s MicroStrategy. So far, the company has spent $63 million in Bitcoin purchases, steadily integrating Bitcoin into its treasury operations.
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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source link
The post Analyst Predicts Blow-Off Top Ahead appeared first on Panther AI.
Continue reading...
The crypto industry is recording a shift in sentiment, with Bitcoin up 8%, holding well above $55,000, and dragging altcoins along with it.
Blow Off Top To Come In Crypto and Stock Markets
Zerberg anticipates new all-time highs (ATHs) in the US stock market as well as crypto. He says the current bearish sentiment will transform into a strong bullish sentiment and euphoria, leading to a blow-off top.
In crypto jargon, a blow-off top is a trading term that describes a chart pattern showing a steep and rapid increase in Bitcoin price and trading volume. After that, a steep and rapid drop in price happens, accompanied by high volume. Analysts interpret the rapid changes to mean the market was way overbought.
Read more: 5 Best Platforms To Buy Bitcoin Mining Stocks After 2024 Halving
Zerberg’s forecast comes after panic selling on Monday turned into impulse buying. Nevertheless, Jack Mallers, a popular market analyst, ascribes the sell-off to the unique availability of open Bitcoin markets as the crisis intensified.
At the height of the crisis, liquidity was needed, and it could only come from one place on a Sunday night. Accordingly, Bitcoin’s liquidity positioned it for losses, as investors had a gateway to exit the market. This explanation highlights Bitcoin’s role in fixing the financial system.
As BeInCrypto reported, markets are already recovery mode after ETF (exchange-traded funds) investors reportedly seized the opportunity to buy the dip.
ETF Investors, Whales Buy The Dip After Marketwide Jitters
On Tuesday, analyst James Seyffart observed, “ETF investors, in aggregate, likely bought the dip on Ethereum today.” Indeed, data shows that ETH ETFs recorded up to $48.73 million in net inflows on Monday, effectively beating Bitcoin ETFs, which saw $168.44 million in net outflows.
Bitwise CIO Matt Hougan reported positive inflows into the firm’s ETF instruments, IBIT for Bitcoin and ETHW, acknowledging that ETF investors bought the dip.
Read more: How to Invest in Ethereum ETFs?
Notably, Bitcoin ETFs witnessed some of the most substantial trading volumes on August 5 within minutes of the US session opening. BlackRock’s iShares ETF IBIT, in particular, surpassed $1.55 billion in trading volume in Monday’s first hour of trading. ETF analyst Eric Balchunas said this was concerning.
Alongside ETF investors, whales are also scooping Bitcoin at a discount. According to a press release shared on Monday, healthcare company Semler Scientific acquired 101 BTC tokens. The company recently adopted a Bitcoin treasury, with the latest buy bringing its total holdings to 929 BTC.
The firm started buying Bitcoin in late May, acquiring 581 BTC for around $40 million. It made two more Bitcoin investments in June, effectively emulating the precedent set by Michael Saylor’s MicroStrategy. So far, the company has spent $63 million in Bitcoin purchases, steadily integrating Bitcoin into its treasury operations.
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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source link
The post Analyst Predicts Blow-Off Top Ahead appeared first on Panther AI.
Continue reading...