Is Bitcoin Poised for a Breakout?
Crypto market analyst Rekt Capital suggests that Bitcoin (BTC) might soon experience a breakout, based on historical cycle patterns. According to Rekt Capital’s analysis, Bitcoin has a history of breaking out from its reaccumulation phase between 154 and 161 days after each halving event. The latest halving occurred on April 20, 157 days ago, placing Bitcoin within the predicted timeframe for a potential breakout.
Historically, in the 2016 halving cycle, Bitcoin broke out 154 days post-halving, and in the 2020 cycle, it took 161 days. Although Rekt Capital notes that history doesn’t always repeat in exact terms, the current pattern suggests Bitcoin could break out within the coming days.
Rekt Capital also highlights that Bitcoin typically performs poorly in September but recovers in the fourth quarter. Surprisingly, Bitcoin has outperformed expectations this September, gaining around 9%, the highest average return for the month in its history, surpassing the 6% gain recorded in September 2016. The analyst emphasizes that October has traditionally been a strong month for Bitcoin, with nine out of the last eleven Octobers yielding positive returns. Notably, October 2017 and 2021 saw significant gains of 48% and 40%, respectively.
Despite trading sideways for the past six months, Bitcoin would need to surpass its previous all-time high of $73,738 to enter a new price discovery range. Currently, it is only 14.6% away from this level. At the time of writing, Bitcoin’s price is down 1.7% over the past 24 hours, sitting at $62,863, after reaching a monthly peak of $65,600 on September 23. This analysis indicates a potential breakout phase for Bitcoin, fueled by historical patterns and recent market trends.
Source: Cointelegraph
Ethereum price dips: is this a prime opportunity for buyers?
Ethereum (ETH) recently extended its gains above the $2,650 resistance, reaching a high of $2,701 before correcting slightly. The price is now holding above $2,600 and trading above the 100-hourly Simple Moving Average, indicating a strong support level in the market. A key bullish trend line is forming with support around $2,600 on the hourly chart of ETH/USD, suggesting that as long as ETH remains above $2,550, it could continue to rise in the near term.
Following the recent surge, Ethereum faced resistance around the $2,700 mark and began correcting downwards, falling below the $2,650 level. The correction also brought the price below the 23.6% Fibonacci retracement level from the $2,528 swing low to the $2,701 high. Despite this pullback, ETH is still trading above critical support at $2,600, which aligns with the 50% Fibonacci retracement level of the recent upward move.
On the upside, Ethereum is encountering resistance at $2,650, with additional barriers at $2,680 and $2,700. An upward break above $2,700 could pave the way for further gains, potentially pushing ETH towards the $2,780 resistance zone. Further bullish momentum could see ETH targeting the $2,840 or even $2,880 levels.
However, if Ethereum fails to break above the $2,650 resistance, it may face downward pressure. Immediate support is found near $2,615, with the primary support zone around $2,600. A significant drop below this level could drive the price towards $2,550, with further losses possibly bringing ETH down to the $2,525 support level. The next major support lies around $2,450, which could be tested if bearish momentum continues.
Overall, Ethereum’s near-term outlook remains cautiously optimistic as long as it maintains critical support levels above $2,550, with potential upside if resistance barriers are cleared.
Source: Newsbtc
Anthony Scaramucci predicts Solana’s key role in transforming $7 trillion financial sector
Anthony Scaramucci, founder of SkyBridge Capital and former White House Press Secretary, believes Solana (SOL) will play a significant role in the financial revolution, potentially transforming the $7 trillion layer-1 blockchain industry. Speaking at the Solana Breakpoint 2024 conference, Scaramucci highlighted the inefficiencies in the current securities and finance industries, which involve numerous intermediaries that add unnecessary friction and costs.
Scaramucci explained that in traditional finance, multiple third parties are involved in transactions. For example, buying a stock involves seven or eight entities before it reaches the buyer’s account, a process that has seen improvement from trade day plus five (T+5) to trade day plus one (T+1). However, these inefficiencies still result in high transaction costs and delays.
Scaramucci envisions Solana playing a crucial role in reducing this friction by enabling the tokenization of assets, which could streamline and simplify the verification processes in the finance industry. He believes that Solana’s blockchain technology has the potential to eliminate intermediaries, thereby reducing transaction costs and improving overall efficiency in the financial system.
According to Scaramucci, about $7 trillion is spent globally on transaction verification processes, including credit card transactions, wire transfers, and other financial activities. By utilizing blockchain technology, specifically through Solana, these costs could be significantly reduced, with the freed-up capital reinvested into the economy for more productive use.
Scaramucci’s vision emphasizes the transformative potential of blockchain and tokenization, suggesting that Solana could be at the forefront of this shift by providing a decentralized, efficient, and reliable platform. He believes that by removing the third parties involved in financial transactions and utilizing distributed networks, Solana could be instrumental in revolutionizing the way financial systems operate, redirecting massive amounts of capital back into the global economy.
Source: DailyHodl