• Bitcoin (BTC) was well-bid at about the $28,000 mark on Friday and is currently trading at the $27, 698 level.
• Trader Ali Martinez said that if the bullish trend turns out to be accurate, BTC may approach the $34,000 level.
• 310,000 Ethereum (ETH) were removed from exchange wallets over the course of 48 hours according to data from Santiment Feed.
Bitcoin Rally Continues
Bitcoin (BTC) was well-bid at about the $28,000 mark on Friday and is currently trading at the $27, 698 level. The recent rise in buying pressure has attracted a notable inflow of cash for Bitcoin providing it an upward momentum and raising its rank higher among investment products. According to a cryptocurrency analyst, the price charts for Bitcoin are flashing a bullish pattern which might cause it to reach up to $34K.
Bullish Megaphone Pattern
Trader Ali Martinez has stated that if this bullish megaphone pattern is governing behind Bitcoin’s price action then it could target up to $34K soon. This week around 310,00 Ethereum (ETH) have been taken out of known crypto exchange wallets in last 48 hours according to data from Santiment Feed worth 558 million dollars which indicates investor cold wallet accumulation.
US Federal Reserve Decision
After a weekend surge, Bitcoin temporarily took a halt and drifted below $27000 on Wednesday as US Federal Reserve announced increasing interest rates by 25 basis points as part of its campaign to contain inflation. Yet by Thursday, the leading crypto asset had made up those losses again indicating strong conviction in buyers and sellers both alike for this market leader cryptocurrency asset.
Crypto Exchange Outflow
Cryptocurrency exchange outflow has been observed as a bullish sign since it indicates investor cold wallet accumulation which supports further growth in prices as more investors begin accumulating their assets outside exchanges due to increasing demand while reducing supply available in markets driving prices higher at times like these where we see most other traditional markets still reeling under Corona pandemic uncertainty with slow recovery progress compared to cryptocurrencies like bitcoin which are showing strong recovery signs even during these times with strong support from investors who have faith in its potential despite occasional volatility seen during periods such as these.
The rising demand for cryptocurrencies like bitcoin can be attributed mainly due to growing apprehensions related with traditional markets amidst corona pandemic uncertainty coupled with growing confidence amongst investors towards digital currencies with increasing investor adoption rate alongwith innovating technology developments being made regularly for smoother transactions making them increasingly attractive investments which can lead them towards reaching new highs soon enough provided current market conditions remain stable or become better gradually over time given current investments trends seen so far recently with increased buying pressure witnessed lately hinting towards possible future targets being achieved soon enough if current scenario persists further ahead too!
• Cardano’s Total Value Locked (TVL) has seen a 20% growth in recent months, indicating the increasing popularity of its DeFi ecosystem.
• ADA is gaining traction among institutional investors and large wallet holders, with volume of large transactions exceeding $100,000.
• The current market conditions do not favor a bull run for ADA, however when it does begin, Cardano’s network improvements could lead to surprising efficiency in price.
Overview of Cardano’s TVL
Cardano’s Total Value Locked (TVL) metric has grown by 20% over the past few months, illustrating the increasing prominence of its DeFi ecosystem. Data from DeFi Llama indicates that as ADA gains traction among institutional investors and big wallet holders – with large transactions exceeding $100,000 – its price has steadily increased by 8%.
Previous All-Time Highs Remaining Far Away
Despite TVL increasing significantly this year, Cardano’s previous all-time high remains far away. When ADA reached its ATH of $3.09 in September 2021, the TVL stood at an impressive $3 billion; therefore the asset requires a dramatic push similar to its 2021 market rally if it is to approach this level again.
Market Conditions Unfavourable for Bull Run
The current market conditions are not conducive to a bull run for ADA; instead it is hovering around the $0.33 mark unable to break through resistance at $0.40 for over two months now. An increase of 20% in TVL is a positive development but alone might not bring about the desired results – that being reaching its previous highs of $3 billion which could take years given the global economy situation.
Network Improvements Gaining Momentum
Fortunately despite financial hardships, Cardano network is showing significant improvement – recently achieving full peer-to-peer capabilities with node 1.35.6 – so when the bull run begins and prices start rising again then ADA could provide surprising efficiency due to these advancements on their platform.
To conclude, while an increase of 20% in TVL is encouraging news it alone does not guarantee that ADA will reach its previous all time highs anytime soon – especially considering global economic downturn – however if bullish momentum reignites then Cardano’s improved network should ensure efficient performance leading up to those highs eventually being reached once more in future markets
• CryptoGPT is a blockchain technology designed to bring about a trillion-dollar data and artificial intelligence revolution.
• Fake giveaways have been associated with the ‚CryptoGPT‘ hashtag on Twitter, as well as numerous accounts with identical appearances.
• A pump and dump scheme is being used to scam people, where developers of this scheme employ deceptive statements and hype to induce investors.
What is CryptoGPT
CryptoGPT is a blockchain technology designed to usher in a trillion-dollar data and artificial intelligence (AI) revolution. This idea is unique as it combines AI and blockchain technology to create an ecosystem that handles data as an asset class. CryptoGPT has gained a lot of attention recently due to its unique features, such as the AI-to-Earn feature which has become popular over the past few months. It’s the main way the company will supply users for its app-developing clients.
„CryptoGPT,“ a prominent hashtag on Twitter, is related to the artificial intelligence cryptocurrency token. Alongside it, numerous Twitter accounts with strikingly identical appearances have also appeared; some of them are promoting probably fraudulent giveaways. With an aim of capturing attention in the market, „Download CryptoGPT“ was trending, with 6,185 tweets associated with it, and GPT-4, an unreleased neural network created by OpenAI was also trending with 4,683 tweets. The term “CryptoGPT” is also used by dozens of other Twitter accounts claiming that this alleged startup enables users to leverage blockchain and AI for monetizing their data.
Pump & Dump Scheme
The pump and dump scheme is employed for this purpose by people trying to make money dishonestly from this project’s success. The developers of such schemes usually orchestrate campaigns of deceptive statements and hype in order to induce investors into buying tokens from them; they then liquidate their stake secretly when prices rise. Blockchain analytics company PeckShield issued a warning earlier this year about dozens of suspected „pump and dump“ coins that claimed connections with CryptoGPT but are actually unrelated projects or scams altogether.
Connections To ChatGPT AI Chatbot
It doesn’t appear like there are any direct connections between CryptoGpt project and ChatGpt AI chatbot which has taken internet by storm recently despite being mentioned together frequently on social media platforms such as twitter .
In conclusion ,the new crypto currency project ‘Crypto Gpt’ seems very promising but one should always remain vigilant against various schemes run by scammers who try capitalize on genuine projects success .
• Bitcoin price has been declining heavily, raising concerns over the upcoming rally ahead.
• The pre-halving consolidation appears to be reaching its peak beyond which a healthy rally may be imminent.
• Trading view suggests that post-halving event, the price of Bitcoin will surge magnificently to new highs – possibly beyond $200K after the next halving.
Bitcoin Price Analysis
The star crypto is believed to remain consolidated for a while ahead; however, the impending trend continues to remain misty. The market participants believed that trend would rise above $25,000 somewhere before the end of Q1 2025. The recent market crash caused by an external factor raises concerns about the future trend.
Bitcoin’s price fell below the ascending trend line it had been following since the beginning of 2023. The breakout appears to be tremendous, as the path for recovery remains distinct. If historical price action is considered, BTC has always consolidated in an ascending manner before each halving.
Trading View Analysis
As per an analyst Trader Tradigrade, Bitcoin top may surge beyond $200K after the next halving which is scheduled at block 840,000 on April 28th 2024 where-in BTC rewards would be reduced from 6.25 to 3.125 BTCs respectively. Therefore a fine upswing may be expected during second half of 2024 and BTC price might rise high forming new ATHs (All Time High).
It is predicted that before next halving date estimated in 2024, BTC will reach $50K for second top as shown in Long term Bitcoin chart pattern correlated to bitcoin halvings.
Despite recent market crash caused by external factors raising concerns about future trends of Bitcoin prices, trading view analysis suggests that post-halving event could lead towards immense growth and success with BTC prices surging higher than ever before – potentially beyond $200K after next halving!