As a researcher with extensive experience in the cryptocurrency market, I believe that the recent market trend is a promising sign of a new bullish cycle. The low volatility period mentioned by Axel Adler Jr. from CryptoQuant could indeed be the calm before the storm, as indicated by the Bitcoin price rebound and renewed recovery sentiment in the altcoin market.
I, as an analyst, would rephrase it this way: The cryptocurrency market began June on an optimistic tone after Bitcoin bounced back from a slump at $67,000. This five-day surge lifted Bitcoin from a two-week plateau and propelled it above the $70,000 mark, rekindling faith in the potential recovery of altcoins as well.
According to a recent assessment by Axel Adler Jr. of CryptoQuant, Bitcoin’s current period of sideways trend or low volatility might be a prelude to an impending price surge. In simpler terms, the conclusion drawn from the tweet is that the market is in the midst of creating a new bullish trend after the end of the tranquil price action.
Low volatility – the calm before the storm?
“After a prolonged spell of low market volatility, there’s a strong possibility of significant price swings. This indicates an emerging bullish trend in the market.”
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— CryptoQuant.com (@cryptoquant_com) June 4, 2024
In simpler terms, after a period of price stability, the market might be gearing up for an uptrend where investments in cryptocurrencies such as Bitcoin (BTC), Chainlink (LINK), and ORDI could potentially yield profitable returns.
Additionally, as more nations including the US and Thailand introduce their initial Bitcoin Exchange-Traded Funds (ETFs), global acceptance and investment in Bitcoin are expected to surge, leading to a positive outlook for the broader cryptocurrency sector.
1. Bitcoin (BTC ) Price
In the past fortnight, Bitcoin, the most prominent digital currency, experienced significant volatility, as indicated by its formation of a triangle pattern on the charts. The convergence of the two trendlines within this structure acted as both resistance and support, thereby narrowing the price range for Bitcoin. This contraction aims to restore Bitcoin’s bullish trend.
With Bitcoin experiencing a significant surge in investment through spot ETFs over the past three days, the coin price has climbed from $65970 to $70951, marking a 5% increase. According to Coinmarketcap’s latest data, Bitcoin’s market capitalization now stands at an impressive $1.396 trillion, while its 24-hour trading volume has surged by 30% to reach $37.6 billion. These figures underscore the growing bullish sentiment towards Bitcoin.
As a crypto investor, I’m thrilled to share that according to WuBlockchain’s latest report, there was an impressive surge into Bitcoin spot ETFs on June 4th, with a staggering inflow of approximately $887 million. Notably, Fidelity’s Bitcoin ETF led the charge with a significant investment of around $379 million, closely followed by BlackRock’s IBIT, which added $274 million, and Grayscale’s GBTC, contributing $28.1957 million to this record-breaking influx.
As a researcher studying the cryptocurrency market, I’ve uncovered some intriguing data from yesterday’s Bitcoin exchange-traded fund (ETF) activity. The total net inflow for all Bitcoin spot ETFs reached an impressive $887 million on June 4 – the second largest single-day inflow ever recorded. Let me break down the contributions of a few notable players:
— Wu Blockchain (@WuBlockchain) June 5, 2024
The increase in value, bringing the overall worth of Bitcoin’s assets up to $61.46 billion, underscores robust investor belief in Bitcoin as a promising investment opportunity.
Based on current trends, the estimated price of Bitcoin could reach around $75,000. Following this increase, there’s a possibility for a prolonged surge towards $88,000.
2. Chainlink (LINK)
As a cryptocurrency analyst, I’ve noticed that Chainlink’s native token, LINK, experienced a significant recovery momentum around mid-May after experiencing a downturn from its previous price of $12.8. This bullish reversal propelled the token upward by approximately 49.5%, reaching a peak of $19.2. However, following this surge, a minor correction ensued.
In light of the market instability, Chainlink experienced a decline of approximately 9%, bringing its price down to around $17.5 from its previous peak. The price of LINK appears to be finding some resistance at the 23.6% Fibonacci retracement level, which may help prevent further decreases.
Additionally, according to a prominent cryptocurrency analysis company, Santiment, Chainlink (LINK) stands out as the most dynamically developed project in the sector linking crypto to real-world assets.
In the realm of cryptocurrencies, here is a list of the leading projects based on development activity. This ranking is determined by tallying non-repetitive GitHub contributions and averaging the daily activity over the last month. Chainlink continues to reign supreme as the most actively developed coin within this category, followed closely by Maker, among others.
— Santiment (@santimentfeed) June 4, 2024
Over the last thirty days, this assessment is derived from unique GitHub actions related to Chainlink, reflecting their dedication to novelty and ongoing enhancement with a noteworthy development activity index of 428.83.
As the market sees increased demand, the LINK price forecast indicates that the previous resistance at $19 may now function as supportive level, potentially paving the way for objectives of $20.7 and $22.8.
3. ORDI
As a Bitcoin analyst, I’m excited about the innovative solution known as Ordinals Protocol. Instead of creating separate blocks for non-fungible tokens (NFTs), this approach integrates NFTs directly into individual satoshis on the Bitcoin network. By doing so, we tap into the robust security and widespread adoption of the Bitcoin blockchain to manage and transfer digital assets such as images, texts, and other media as distinct, irreplaceable items.
Examining the daily price chart reveals an intriguing development for the ORDI token: the formation of an inverted head and shoulders pattern. This well-known bullish reversal pattern emerged around June 4th, as the coin price surged past the resistance level at $51.5, marking a significant shift in market sentiment.
As a researcher, I’ve found that the trading volume in ORDI has increased by 154% over the past 24 hours, reaching a total of $483.2 million. This significant surge in activity has primarily come from buyers in the market. If the current bullish trend continues, these buyers may be able to break through the downsloping resistance trendline (represented by the blue line). Should they succeed, their next targets could be $79.5 and $97.2.
If the sellers have determined the trendline for resistance, there’s a risk that the ORDI price may experience a prolonged correction.
Takeaway
As a researcher studying the cryptocurrency market, I’ve noticed a resurgence of buying interest recently, with Bitcoin reaching a new milestone at $70,000 on Tuesday. The altcoin market has responded swiftly, as several assets have shown significant price increases in the past 24 hours. The influx of investments into spot Exchange-Traded Funds (ETFs) and the closing gap between Bitcoin’s current price and its previous high suggest that the bullish trend will likely gather momentum in the near future.
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2024-06-05 16:10