Bitcoin’s Latest Rally to $71K Is Different From the March Breakout. Here's Why.

The latest breakout is characterized by lack of speculative froth as opposite to March and positive macroeconomic details.

By Omkar Godbole Jun 7, 2024 at 7:10 a.m. UTC

Bitcoin’s Latest Rally to $71K Is Different From the March Breakout. Here's Why.

“The leading question is will ETH ETFs do better than Bitcoin ETFs? In technicality, Ethereum has more utility than Bitcoin with features like liquid staking,” shared Danny Chong, co-founder of Tranchess, in an email to CoinDesk. “ETH ETFs were slow to live up to the industry’s expectations when launched in Hong Kong.”

Ether Rises Above $3.5K Ahead of ETH ETF Trading, But Inflow Concerns Remain

NBA legend and Hall of Famer Scottie Pippen is receiving thousands of social media responses after posting a crypto-related query.

The retired six-time NBA champion posted a simple question on the social media platform X over the weekend: Ethereum (ETH) or Solana (SOL)?

However, the Hall of Famer’s question didn’t receive a simple answer, yielding 5,600 replies, including a mishmash of different responses from prominent members of the crypto community. Some didn’t even chime in with an opinion on one of the top two smart contract platforms.

For example, Jack Mallers, the chief executive and founder of the Bitcoin wallet and payments application Strike, suggested Pippen look to BTC instead.

The crypto investor Chris Burniske, a partner at the venture capital firm Placeholder, asked “why not both?”

And Dogecoin (DOGE) co-creator Billy Markus, also known as Shibetoshi Nakamoto, didn’t waste any time shilling for his own project, responding “dog coin obv.”

Pippen tried to ignite another debate on Monday, asking “meme coins or utility coins?” The former Chicago Bulls small forward also teased “something big” coming to the blockchain but noted it was still a secret.

Pippen has long been a vocal supporter of crypto, even launching his own non-fungible token (NFT) collection in late 2022. The collection has registered 435 ETH in total volume, according to the NFT marketplace OpenSea.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Personalities Swarm Six-Time NBA Champion Scottie Pippen To Pitch Favorite Projects

One Ethereum (ETH) rival appears primed to closely track Solana’s (SOL) latest surge, according to a popular crypto trader.

The pseudonymous analyst known as Inmortal tells his 214,500 followers on the social media platform X that the smart contract platform Avalanche (AVAX) is following SOL with “muscle memory, long and strong.”

The trader shares two charts to show the identical price patterns of SOL and AVAX.

The trader also notes that AVAX has entered its “final setup,” and he is currently targeting $42.

Looking at the trader’s chart, he seems to predict that AVAX will rally after reclaiming a key support level at $27.

Avalanche is trading at $32.01 at time of writing, down slightly on the day.

Inmortal is also bullish on Solana itself.

“SOL outperforming BTC and ETH and ready to break out higher. New ATH (all-time high) at the end of the summer is likely.”

Based on the crypto strategist’s chart, he appears to predict that SOL will eventually rally above its diagonal resistance and surge to $260 in September of this year.

SOL is trading at $178.31 at time of writing.

Additionally, Inmortal is bullish on Dogecoin (DOGE) rival Floki (FLOKI). The trader says the meme asset is “slowly building momentum.”

Inmortal’s chart suggests that FLOKI will jump toward the $0.00028 level next month.

At time of writing, FLOKI is worth $0.000194, down over 4% in the past day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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One Ethereum Rival Following in the Footsteps of Solana’s (SOL) Recent Rally, According to Crypto Analyst

Arkham data shows Mt. Gox transferred over $2.85 billion worth of BTC to a new wallet in the early Asian morning hours on Tuesday. It then sent over 5,000 BTC, worth $340 million at current prices to one wallet, and another 37,000 BTC, worth $2.5 billion, to another new wallet.

Bitcoin Nears $66K as Mt. Gox Moves $130M to Bitstamp

A widely followed crypto strategist and trader believes Bitcoin (BTC) is gearing up to ignite a big breakout rally.

Pseudonymous analyst The Crypto Dog tells his 805,600 followers on the social media platform X that Bitcoin appears to be mirroring a pattern witnessed in November 2020 when BTC sparked a parabolic rally from $14,000 to $69,000 in just a few months.

“The last time BTC broke a level like this, we pumped 375%.”

Looking at the trader’s chart, he seems to predict that Bitcoin’s breakout surge will begin after BTC takes out its immediate resistance at around $68,300.

At time of writing, Bitcoin is trading for $67,615.

According to The Crypto Dog, he’s seeing signs that Bitcoin may be at the early stages of a huge burst to the upside.

“Leaning towards a continued uptrend without a meaningful dip, often happens at the beginning of a large rally.”

The analyst also notes that he thinks the current rally will take BTC to uncharted territory.

“This is an ATH (all-time high) run. Get a blood test. Take intramuscular testosterone if <1000 ng/dl. Leave nothing to chance.”

The analyst is also closely watching the price action of the Solana (SOL)-based memecoin Bonk (BONK). The trader thinks that BONK will continue to outperform the crypto market in general due to its strong price action this year.

“Coins that pump hard early tend to keep that lead.”

At time of writing, BONK is trading for $0.0000298, down nearly 6% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Analyst Says Bitcoin on the Cusp of Large Rally, Predicts Massive Breakout for BTC

Bettors have also pooled well over $500 million on some of the largest political contracts on the site: The market for the U.S. presidential election winner has $319 million invested, one for the Democratic nominee is over $212 million (Vice President Kamala Harris is the overwhelming favorite), while another to decide who will be the Democratic candidate's vice presidential running mate has $10 million.

Biden's Exit Spurs Record $28M Daily Volume on Polymarket as Election Enters Uncharted Territory

Research firm Steno Research predicts that the newly launched ETFs could see $15 billion to $20 billion worth of inflows in the first year which is roughly the same that the spot bitcoin ETFs have taken in in just seven months. Ethereum doesn't have the "first-mover advantage" that bitcoin had and it lacks a strong narrative such as bitcoin's "digital gold" belief among many supporters, a report by the firm stated.

Ether (ETH) ETFs Approved by SEC, Bringing Popular Funds to Second-Largest Cryptocurrency

A widely followed crypto analyst is looking at historical price action to lay out a capitulation scenario for the Ethereum versus Bitcoin (ETH/BTC) pair.

In a new video update, crypto strategist Benjamin Cowen tells his 803,000 YouTube subscribers that ETH/BTC could be in trouble if the Federal Reserve cuts rates in September and the pair follows the same pattern it did during the 2016 market cycle.

“What’s really interesting about 2016 is when you look at [the chart], it swept [the lows at 0.015 BTC] in June whereas this cycle it [swept the lows at 0.045 BTC] in May, about one month earlier.”

Cowen goes on to say that if ETH/BTC follows in the footsteps of a 2016-style capitulation, the pair might first rally to its immediate resistance at 0.056 BTC in August before revisiting support at 0.045 BTC in September should the Fed cut rates that month.

The analyst also predicts that a rate cut may trigger a collapse for the pair and send ETH/BTC to its cycle lows by the end of the year.

In December 2016, ETH/BTC dropped to as low as 0.00733 BTC before surging to record highs of 0.156 BTC a year later

At time of writing, ETH/BTC is trading for 0.0519 BTC worth $3,524.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Here’s a Potential ETH/BTC Capitulation Scenario, According to Crypto Analyst Benjamin Cowen

The research arm of the leading crypto exchange by trading volume says that one growing sector of digital assets is far outpacing the rest.

According to a new study by Binance Research, memecoins are driving crypto awareness in 2024.

“Memecoins have driven a significant amount of activity among traders and captured a notable amount of attention within the crypto community. Considering that memecoins have been the top performing sector year-to-date and have returned a staggering 279%, it is hardly surprising that it has been a sector that has garnered much interest.”

Coinbase’s Ethereum (ETH) layer-2 chain Base and ETH-competitor Solana (SOL) are the two blockchains leading the memecoin surge, according to Binance Research.

Binance notes that crypto projects associated with emerging artificial intelligence (AI) technologies have also driven crypto consumer interest.

The research also finds that the decentralized finance (DeFi) sub-sector has found new life in 2024.

“2024 has seen a substantial influx of capital into Decentralized Finance (‘DeFi’), driving the TVL (total value locked) up 72.8% year-to-date (‘YTD’) to US$94.1B, from US$54.4B at the year’s start. This boost has benefited nearly every DeFi sector, across both major and niche markets, leading to the emergence of protocols that are making previously inaccessible financial primitives available on-chain.”

Looking forward to the rest of the year, Binance highlights the tokenization of real-world assets and the growing Bitcoin (BTC) ecosystem as other crypto sectors to keep an eye on.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Memecoins Are the Top Performing Narrative This Year, With Base and Solana Leading the Way: Binance Research

The lead developer of memecoin Shiba Inu (SHIB) says that web3-based operating systems are now needed after banks and other networks suffered a massive global outage last week.

In a new post on the social media platform X, Shytoshi Kusama says that a decentralized web3 operating system could counter events such as the latest outage, which saw marquee banks like JPMorgan, Chase, Bank of America and Wells Fargo experience major disruptions.

“As the world [limped toward] the weekend crippled by one simple update, it becomes glaringly obvious that a new worldwide operating system is needed. One that isn’t reliant on a central authority, but one that is decentralized and powered by web3 technologies that at its core, are designed for days just like this.”

According to previous reports, the outage was linked to an update by cybersecurity firm CrowdStrike, whose software is utilized on a global scale.

Customers at the banks said that they had login issues, online transfer issues and issues with deposits.

Shytoshi goes on to say that during the latest bear market, SHIB developers have been working on a system designed to withstand global outages.

“Luckily for innovators, and the world at large, during the bear market, our large decentralized community of builders and believers have been working on systems for just this occasion.

As the inevitable toll of a global outage of critical infrastructure is tallied in a loss of funds and lives, we will lead the conversation of exactly why web3 is the future and the Shiba Inu ecosystem is the operating system of that future.”

SHIB is trading for $0.00001816 at time of writing, a slight increase in the past day.

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Lead SHIB Developer Shytoshi Kusama Says Web3-Based Operating System Now Needed After Global IT Outage

A trader known for making timely crypto market calls believes that Bitcoin (BTC) has the potential to reach the six-figure level much sooner than most believe.

Pseudonymous analyst Dave the Wave tells his 146,400 followers on the social media platform X that based on historical precedence Bitcoin could soar 85% from the local market bottom to reach $100,000.

He believes that Bitcoin could be repeating a similar pattern from earlier this year when it corrected and then soared about 85% to reach a new all-time high.

“If BTC made a similar move to the recent one looking at price knocking on the door of $100,000.”

The analyst also suggests that Bitcoin is in an uptrend after convincingly breaking out from a descending triangle.

“That’s some solid PA (price action) BTC.”

Dave the Wave said earlier this month that Bitcoin’s recent deep correction into the $50,000 range could be beneficial for Bitcoin, positioning it to rally by 400% toward his bull market price target of $220,000 by the end of 2025.

“Short-term BTC pain, long-term gain.”

Bitcoin is trading for $66,937 at time of writing, down slightly in the last 24 hours.

The analyst also says that gold appears to be heading for his all-time high (ATH) target price of $2,750.

“ATHs in gold. Old chart. On target.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Trader That Called May 2021 Collapse Says Bitcoin May Be Following Parabolic Path to $100,000 if History Repeats

The president of payments firm Ripple says the company is aiming to be the number one digital aset infrastructure provider for financial services.

In a new company blog post, Ripple president Monica Long says the firm is looking at more opportunities to move the traditional finance (TradFi) world over to more modern financial tools.

Long says that Ripple sees an opportunity to integrate more of the XRP Ledger (XRPL) features directly in the company’s business, which could bring “the benefits of decentralized finance to our customers around the world in a secure and compliant fashion.”

Long also says that Ripple is looking to bridge the gap between TradFi and Web3, using the firm’s “credibility, reputation, trust” plus its technological capabilities like liquidity, custody and compliance.

“We envision being a one-stop shop for enterprises that want the benefits of integrating blockchain into their business but don’t have the expertise, resources, or interest in building and maintaining the technology in-house.

Ripple is one of the few players in the space uniquely positioned to deliver on holistic digital asset infrastructure that bridges TradFi and crypto through our years of experience living and working within both worlds. Ripple has the credibility, reputation, trust, advanced understanding and operations for core services like crypto on and off-ramps, liquidity, custody and compliance. And we’ll continue to evolve our product suite to provide the solutions that our customers want and need.

We got into this business because we believe blockchain technology and digital assets can provide faster, better and cheaper financial services compared to incumbent technologies. We’ll continue to provide best-in-class solutions, combined with innovative technology to bridge the gap between TradFi and Web3 to make that vision a reality.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin’s Latest Rally to $71K Is Different From the March Breakout. Here's Why.

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