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Bitcoin Cash Price Prediction: Eyeing a 28% Breakout Move

by Isaac lane
written by Isaac lane

Bitcoin Cash (BCH) is generating excitement among traders with its current bullish trajectory. As of Monday, BCH has risen modestly by 0.8%, trading at $388. The technical outlook suggests that BCH could be on the verge of a significant breakout, potentially reaching $515, should it overcome the key resistance level at $400.

Technical Indicators Point to Potential Breakout

Analysis of the four-hour chart reveals a promising inverse head and shoulders (H&S) pattern, which is often indicative of a trend reversal. This pattern includes three lows: a central “head” lower than two outer “shoulders,” with a neckline serving as resistance. A breakout above this neckline could signal a substantial 28% price increase for BCH.

Traders are advised to monitor the price closely. A move above the neckline would be a bullish signal, potentially driving the price towards $515. However, caution is warranted; if BCH fails to break above this level, it may face resistance and could potentially drop.

Market Influences and Broader Outlook

Several factors will influence BCH’s price movement, including market sentiment, institutional demand, and macroeconomic conditions such as inflation and geopolitical events. Bitcoin‘s performance also plays a role; currently, Bitcoin is trading above its short-term support at $67,000, recovering from a dip to $64,000. If Bitcoin manages to breach $70,000, it could positively impact BCH, potentially propelling it towards the $1,000 mark.

Support Levels and Risk Factors

For BCH to maintain its bullish outlook, it must hold above crucial support levels. The 20-day Exponential Moving Average (EMA) at $390, along with confluence support formed by the 50-day and 200-day EMAs, is critical. A decline below these levels could increase bearish pressure and push BCH towards $370 or even $350 before any potential rebound.

While the technical indicators for Bitcoin Cash suggest a promising breakout, traders should remain vigilant of market dynamics and potential risk factors that could affect BCH’s price trajectory.

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BitcoinMarket

Bitcoin Trader Predicts All-Time High in Two Months as China Cuts Key Rates

by Isaac lane
written by Isaac lane

Bitcoin targeted $68,000 at the Wall Street open on July 22, spurred by bullish events, including a significant interest rate cut by China.

China Enacts “Unexpected” Rate Cuts

Data from TradingView indicated BTC price aiming for range highs after briefly dipping below $67,000 earlier in the day. The price rebound coincided with mixed performances in Asian stocks as the People’s Bank of China (PBOC) cut key interest rates, surprising markets.

The PBOC reduced the seven-day reverse repo rate by 0.1% to 1.7%, alongside cuts to the one-year and five-year loan prime rates (LPR), according to Reuters. Larry Hu, chief China economist at Macquarie Group, suggested the unexpected cuts were due to a sharp slowdown in growth momentum in Q2 and the target to achieve this year’s growth goals by the third plenum.

BTC/USD 1-hour chart. Source: TradingView

BTC/USD 1-hour chart. Source: TradingView

Market commentator Holger Zchaepitz noted it had been nearly a year since the last Chinese rate cut, commenting that the Chinese stock market showed little enthusiasm.

Global interest rate cuts are crucial for the performance of risk assets, including cryptocurrencies. While China and Europe have begun rate-cut cycles, the US is expected to start in September.

Bitcoin Approaches Key Resistance

Bitcoin faced its last cluster of resistance before all-time highs, particularly the $69,000 level, which has been significant since late 2021.

“Bitcoin has canceled out almost the entirety of the -25.6% retrace,” noted popular trader and analyst Rekt Capital. “It took two weeks to almost fully cancel out a five-week retrace.”

Central bank interest rate expectations. Source: TXMC Trades/X

Central bank interest rate expectations. Source: TXMC Trades/X

Rekt Capital’s chart compared recent BTC price behavior to other retracements during the bull market, highlighting the latest as the deepest in the current uptrend. They suggested any dips to retest $65,000 would be typical, generally leading to an upside towards $71,500.

BTC/USD comparison. Source: Rekt Capital/X

BTC/USD comparison. Source: Rekt Capital/X

The analyst reiterated the possibility of new all-time highs by September, at the latest. Michaël van de Poppe, founder and CEO of trading firm MNTrading, also highlighted the importance of $65,000 as support, with range lows at around $61,000 being the next line of defense. Van de Poppe predicted that maintaining these levels would facilitate a continuation towards the all-time high.

BTC/USDT chart. Source: Michaël van de Poppe/X

BTC/USDT chart. Source: Michaël van de Poppe/X

In summary, Bitcoin’s recent performance and China’s unexpected rate cuts have generated optimism, with analysts predicting potential new all-time highs within the next two months.

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BitcoinCryptoMarket

BNB Chain Has Completed Burning 28 Quarters of Tokens

by V Sinclair
written by V Sinclair

The BNB Foundation has recently announced another milestone. As per the company, BNB Chain has effectively accomplished its twenty-eighth token-burning event for its native BNB coin, with a cumulative of 1,643,698.8 tokens burned. As a result of the respective event, a substantial decrease is taking place in the cumulative BNB token supply. This reportedly contributes to the overall value and health stability of the entire BNB ecosystem. BNB Chain made this announcement on its official blog today.

BNB Chain Accomplishes Its Twenty-Eighth Quarterly Token Burn of BNB

BNB plays the role of the local token working on the BNB Chain ecosystem. It is important to support the platform’s comprehensive Web3 environment. The token’s uses include the transfers on the BNB Smart Chain, the BNB Greenfield blockchain, and opBNB Layer 2 solutions. Apart from covering the transfer fees, the coin also operates as a governance token. It permits the holders to take part in the on-chain decentralized governance concerning the BNB Chain.
After the mainnet release on the 18th of April in 2019 up till now, the token has gone through a significant transition. BNB reportedly shifted from being a part of the Ethereum Network to the exclusive BNB Chain. The ecosystem follows the philosophy of building more and more. It underpins the role of the token in promoting consistent development across the ecosystem.

The Auto-Burn Mechanism of BNB Conducts an Auditable and Independent Token Burn Process

The platform has established the Auto-Burn mechanism for the token burn. This apparatus focuses on gradually minimizing the cumulative supply of BNB to nearly 100,000,000 BNB coins. The amount of token burn is specified in line with the price of the BNB. It also considers the amount of blocks that BSC generates in a quarter. The respective system guarantees predictability and transparency, offering a dependable method for supply decrease.

The Auto-Burn process for BNB is autonomously auditable with a high level of objectivity. In this respect, it provides quarterly reports containing the relevant figures. This mechanism operates separately from the centralized exchange of Binance. Dissimilar to the former quarterly burns, the current and upcoming burns will see their direct execution on BSC.
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BitcoinBlockchainMarket

Real Bedford FC Purchases Bitcoin for $4.5 Million

by V Sinclair
written by V Sinclair

Peter McCormack, the club’s founder and a prominent crypto podcaster, revealed that Real Bedford FC (RBFC) acquired 66.9 Bitcoins worth $4.5 million. RBFC now holds 82.7 Bitcoins, valued at $5.37 million, purchased at an average price of $64,925 per Bitcoin. Further, McCormack stated that 15.8 Bitcoin is allocated for football-related expenses, while the remaining balance is securely held in the club’s treasury. Real Bedford FC’s acquisition of $4.5 million in Bitcoin marks a significant milestone in the fusion of sports and crypto.

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Bitcoin
BitcoinMarketNews

Mark Cuban’s Bold Bitcoin Prediction Amid Market Swings

by Isaac lane
written by Isaac lane

Bitcoin has surged back into the spotlight, recently hitting its all-time high of nearly $70,000. This resurgence has bolstered the wider crypto market, including major cryptocurrencies like Ethereum and XRP. Amidst these wild swings, billionaire investor Mark Cuban has made a striking prediction about Bitcoin’s future.

Cuban’s “Crazy” Prediction

Mark Cuban recently took to social media platform X to share his thoughts on Bitcoin’s potential. “How high can the [bitcoin] price go,” Cuban asked. “Way higher than you think.” He emphasized Bitcoin’s supply cap of 21 million and its global market, suggesting that if the U.S. dollar’s role as the global reserve currency declines, Bitcoin could emerge as a global “haven” and currency. Cuban believes Bitcoin could become a means to protect savings, particularly in countries facing hyperinflation.

Bitcoin’s Recent Surge

Bitcoin‘s price has surged over the past year, largely driven by major institutional interest. BlackRock, the world’s largest asset manager, has been at the forefront of this movement, with its IBIT fund leading a series of successful Bitcoin exchange-traded funds (ETFs). These ETFs have been among the fastest-growing in history since their launch, leading to speculation that Bitcoin could follow a growth trajectory similar to gold after its first ETF debuted.

The Trump Factor

Cuban also linked the growing support for Donald Trump among Silicon Valley figures to a strategic “Bitcoin play.” Trump, who has recently embraced Bitcoin and crypto, named pro-Bitcoin former venture capitalist J.D. Vance as his 2024 running mate. This move aligns with his recent pro-crypto stance, contrasting sharply with the Biden administration’s more skeptical view on cryptocurrencies.

Future Implications

Cuban argues that potential changes in the U.S. Securities and Exchange Commission (SEC) under the Trump administration could make it easier to operate crypto businesses. He also suggests that lower tax rates and tariffs, combined with geopolitical uncertainties, could accelerate Bitcoin’s price rise.

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BitcoinNews

Will the UK Labour Government Follow Germany’s Example and Liquidate 61,245 BTC?

by Isaac lane
written by Isaac lane

After 14 years, Labour is in control of the UK government. The transition from a Conservative-led government to one under Prime Minister Keir Starmer has sparked questions about the fate of the country’s Bitcoin holdings. According to crypto intelligence platform Arkham, the UK government holds approximately 61,245 Bitcoin, valued at over $4 billion as of July 19.

The newly appointed Chancellor of the Exchequer, Rachel Reeves, likely has the authority to allocate these funds. Most of the Bitcoin was seized in a money laundering case involving hospitality worker Jian Wen. Despite potential bureaucratic challenges, MP Reeves may consider liquidating the Bitcoin holdings to support Labour’s goals of economic stability and growth.

Potential Liquidation

MP Reeves might consider liquidating the Bitcoin to support the Labour government’s economic strategies. In a policy statement on July 17, King Charles III indicated Labour’s priorities, including building affordable housing and enhancing the nation’s rail system. This move could align with Labour’s goal to promote economic stability and growth.

Source: MP Rachel Reeves

Source: MP Rachel Reeves

Prime Minister Keir Starmer has remained largely silent on crypto as a Labour policy objective. However, the Labour government introduced 40 bills on July 17, reflecting their legislative priorities. Previously, MP Tulip Siddiq, as Shadow City Minister and Shadow Economic Secretary, had expressed intentions to tighten crypto regulations.

International Context

The UK’s Bitcoin holdings make it one of the largest governmental stockpiles, second only to the United States. Recently, Germany liquidated its 49,858 BTC holdings, netting approximately $2.8 billion. The decision by MP Reeves could be influenced by similar economic considerations.

Market Implications

The timing of potential liquidation is crucial, given the volatile nature of the crypto market. Analysts suggest that the leadup to the US Presidential election might favour crypto markets, while events like the payout from Mt. Gox’s previously frozen BTC holdings could cause price fluctuations.

As the UK Labour government navigates its economic agenda, the decision on whether to liquidate its Bitcoin holdings will be closely watched, with potentially significant impacts on both the national economy and the global crypto market.

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BitcoinMarket

Bitcoin Price Hits Key Bull Market Trendline, Sparking Potential Gains

by Isaac lane
written by Isaac lane

Bitcoin has recently approached a crucial bull market trendline that previously led to 30% gains. Data from the on-chain analytics platform CryptoQuant reveals that Bitcoin’s price is retesting the short-term holder’s (STH) realized price, bringing short-term holders back into profit territory.

Bitcoin Price Sends Short-Term Holders into the Black

The activity of Bitcoin’s STH cohort is a critical reference point during bull markets, as their aggregate cost basis often forms long-term price support. Since the bull market began in early 2023, BTC/USD has only briefly dipped below the STH realized price. This trend is coming to an end, with STH entities—those holding BTC for 155 days or less—no longer experiencing losses.

Bitcoin STH realized price. Source: CryptoQuant

Bitcoin STH realized price. Source: CryptoQuant

“Recently, the Bitcoin price has reclaimed the STH Realized Price,” CryptoQuant contributor J. A. Maartunn noted in a blog post on July 18. “This is a positive sign because short-term holders often add to their positions when Bitcoin returns to their average cost basis, creating a support level.” Maartunn also highlighted that since 2023, Bitcoin reclaiming the STH realized price has led to at least 30% profits twice.

STH Realized Price Variations and Profitability Declines

The exact level of the STH realized price varies by source, with CryptoQuant’s estimate being slightly lower than others. On-chain analytics firm Glassnode, in its July 16 newsletter, reported that the STH realized price was $64,300 at the time of writing. Glassnode also noted a dramatic decline in STH profitability, with more than 66% of their supply moving into an unrealized loss over the past 30 days.

BTC/USD chart. Source: Aksel Kibar/X

BTC/USD chart. Source: Aksel Kibar/X

Key Resistance and Market Sentiment

The area around $65,000 remains a crucial target for Bitcoin bulls to convert into support. A well-known trader and former fund manager, Aksel Kibar, expressed optimism, stating, “This is the 5th month $BTCUSD is not backing off from the strong resistance around 65K. I see this as very bullish long-term. Sticking to a resistance and no intention of selling off is usually a sign of a pending breakout.”

Volume Concerns and Market Dynamics

However, popular crypto trader JT cautioned that BTC/USD needs to break through several Fibonacci retracement levels for a shot at new all-time highs. He also noted that trading volume has significantly decreased since the recent price pump off the $53,000 low, highlighting that current volumes are below-average profiles.

BTC/USD chart (screenshot). Source: JT/X

BTC/USD chart (screenshot). Source: JT/X

In summary, Bitcoin’s approach to the key STH realized price trendline and the market dynamics around $65,000 suggest the potential for significant gains, though concerns about trading volume remain.

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BitcoinCryptoNews

Bitcoin Self-Custody Goes Mainstream with New ‘Crypto Ring’

by Isaac lane
written by Isaac lane

Cryptocurrency self-custody is gaining renewed attention with Tangem’s introduction of a new wearable cold wallet, the Tangem Ring. This innovative device aims to encourage daily cryptocurrency transactions and boost the adoption of self-custody.

Tangem, a hardware wallet firm, announced the launch of the Tangem Ring on July 17. This new self-custodial crypto wallet, designed as a ring, combines the concepts of self-custody and wearables. Andrey Lazutkin, Tangem’s chief technology officer, explained the firm’s vision:

“We believe that cryptocurrency should bring daily benefits to humanity, not just sit in a bank vault. In other words, cryptocurrency should be used daily. And we in Tangem want to create a device for this daily use.”

Security and Practicality of the Tangem Ring

As the Tangem Ring brings self-custody and hardware wallets into everyday life, concerns about its security and safety in public arise. Lazutkin assured us that the ring offers similar protection to Tangem’s Visa-integrated hardware wallet in card form. He noted,

“The ring, like the Tangem wallet in card form, is protected by an access code. Even if it’s stolen, access to cryptocurrency will still be blocked.”

The Tangem Ring features an EAL6+ secure element, making it nearly impossible to hack. Lazutkin added that wearing the ring on a finger makes it harder to steal. Alex Gomez, founder of CyberScrilla, emphasized that many crypto owners need mobile wallets to manage their assets on the go, highlighting the practicality of the Tangem Ring.

Self-custodial wallets by Tangem. Source: Tangem

Regulatory Considerations and Future Plans

The integration of self-custody with daily cryptocurrency transactions might have regulatory implications. Initially, the Tangem Ring will launch without a payment capability. According to a Tangem spokesperson, “The crypto ring we are launching today will be available for pre-order and will begin shipping to users from the end of October.” Integration with the Visa payment chip is planned for 2025.

The Tangem Ring will be available in all countries where Tangem Pay currently operates, including Europe and the United Kingdom. Despite European regulators’ concerns about self-custodial solutions, the trend towards self-custody continues to grow. Industry executives believe that self-custody will play a significant role in the adoption of crypto payments.

As the popularity of self-custodial wallets like the Tangem Ring increases, it is expected to drive the adoption of cryptocurrency payments and promote the practical use of digital assets in everyday transactions.

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BitcoinCryptoNews

Bitcoin Surges Following Assassination Attempt on Trump

by Isaac lane
written by Isaac lane

Bitcoin prices have soared following an assassination attempt on US presidential candidate Donald Trump in Butler, Pennsylvania. On July 13, Bitcoin’s price spiked minutes after the incident, highlighting the cryptocurrency’s sensitivity to political turmoil.

Bitcoin’s Rise and Market Sentiment

By July 15, Bitcoin had climbed to $64,671, marking a 5.8% increase over 24 hours and a 14.2% rise for the week. Other cryptocurrencies followed this upward trend, with Bitcoin peaking around $65,000 before settling at $63,664.

Austin Campbell, founder and managing partner at Zero-Knowledge Consulting, explained that assassination attempts typically bolster support for targeted candidates. Trump’s defiant emergence from the incident, captured in an iconic photograph, boosted his perceived strength and electoral prospects. Campbell noted, “Trump is seen as the vastly more pro-Bitcoin and pro-crypto candidate.”

Historical Context and Safe-Haven Status

Historically, assassination attempts on US presidents are rare and significant. The last such attempt occurred in 1981 with Ronald Reagan. These events can underscore Bitcoin’s appeal as a safe-haven asset. David Tawil, co-founder and president of ProChain Capital, stated, “I believe BTC is a safe-haven asset,” though he emphasized the political narrative over safe-haven status as the principal reason for Bitcoin’s recent surge.

Source: Evan Vucci/Associated Press

Tawil predicted that Trump’s increased election odds would lead to a more favorable crypto regulatory environment. He anticipates that a Trump administration would replace crypto-skeptical figures like SEC Chair Gary Gensler with crypto-friendly officials like Hester Pierce.

Global Perspective and Market Reactions

Winston Ma, co-founder of Dragon AI, noted that US election dynamics are more immediate influences on crypto markets than global uncertainties. He highlighted the crypto community’s perception of Trump and Republicans as proponents of business-friendly crypto regulations.

Justin d’Anethan, head of business development for Keyrock in the Asia-Pacific region, observed that Trump’s assassination attempt boosted his odds in prediction markets, correlating with Bitcoin’s price surge. At political betting site PredictIt, Trump’s victory contracts rose from $0.60 to $0.70 post-incident.

Broader Market Impact

The incident also affected other markets. Shares of gun and ammunition companies like Smith & Wesson, as well as crypto firms such as Coinbase and Marathon Digital, saw significant gains. Trump Media and Technology Group shares surged by 30%, according to Reuters.

Vitali Dervoed, co-founder and CEO of Spark, described the market’s initial shock and subsequent recovery, highlighting the event’s psychological impact on the crypto community.

In conclusion, the recent assassination attempt on Donald Trump has sparked significant market reactions, with Bitcoin prices soaring amid heightened political uncertainty and speculation about future regulatory changes.

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BitcoinNews

Speculation Rises Over China’s Potential Bitcoin Reversal

by Isaac lane
written by Isaac lane

Amid recent social media reports suggesting China may lift its long-standing ban on Bitcoin, the cryptocurrency community remains doubtful about the likelihood of such a move.

On July 14, Galaxy Digital CEO Mike Novogratz shared on X (formerly Twitter) that he had heard rumors of China potentially “unbanning” Bitcoin by late 2024. “If this is true, and it’s the second time I’ve heard it in weeks, it’s a huge deal,” Novogratz commented, seeking more insights from the community.

Historical Context of China’s Bitcoin Bans

China has a history of imposing restrictions on Bitcoin and other cryptocurrencies. Despite these bans, the country has maintained a significant presence in Bitcoin mining and other crypto activities. Many in the community remain skeptical, recalling China’s repeated bans on Bitcoin-related activities, including a major crackdown in 2021 and a ban on crypto exchanges in 2017.

One commenter on Novogratz’s post noted, “They have banned it like six times, and nothing has happened. The same thing will happen when they ‘unban’ it multiple times.”

Optimism Amid Skepticism

Some industry observers remain cautiously optimistic. Recent criticism of China’s approach to crypto regulation has fueled speculation. For instance, in late June, Wang Yang, a professor at the Hong Kong University of Science and Technology, criticized China’s ban on crypto mining. He argued that the ban was “very unwise” and that it pushed related businesses to the United States.

Source: Mike Novogratz

Industry Experts Doubt a Reversal

Despite the optimism, several industry figures believe China is unlikely to change its stance on Bitcoin. Yifan He, CEO of Chinese blockchain firm Red Date Technology, expressed strong doubts.

“If you refer to ‘unban Bitcoin’ as China allowing Chinese citizens to buy Bitcoin with renminbi from inside China, it is not going to happen, period,” He told.

Similarly, Mikko Ohtamaa, co-founder of algorithmic investment protocol Trading Strategy, argued that a reversal would contradict the Chinese government’s political agenda.

“China’s concern with crypto has always been the capital flight. Cryptocurrencies further democratize finance and enable capital flight for middle and low-income classes,” Ohtamaa explained.

Conclusion

The recent speculation follows incorrect predictions that Hong Kong’s launch of spot Bitcoin and Ether exchange-traded funds (ETFs) in April 2024 would open the market for mainland Chinese investors. Local experts confirmed that ETF issuers cannot provide such exposure despite their close ties with mainland China. The community remains cautious, awaiting concrete developments before drawing any conclusions about China’s stance on Bitcoin.

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