Fun

News Feed - 2023-08-29 10:08:57

William Suberg10 hours agoBitcoin metric with ‘100% long hit rate’ predicts $23K BTC price floorBitcoin chart signals are pointing to an incoming macro bottom level, according to a BTC price metric with a flawless history.7922 Total views12 Total sharesListen to article 0:00Markets NewsJoin us on social networksBitcoin (BTC) may offer investors a rare chance to buy at a support zone with a “100% long hit rate,” new analysis says.


In its latest update piece on Aug. 29, crypto asset manager Capriole Investments told investors to watch for a BTC price dip to $24,000.Capriole founder “very confident” in $23,000 BTC price support 


Bitcoin continues to track sideways around $26,000, but there is no shortage of market participants predicting further BTC price downside.


$25,000 remains a popular target, but for Capriole, long-term trend lines with an impressive history are of greater interest.


Chief among them are Bitcoin’s weekly support zone at $24,000 and its so-called “Electrical Price” (EP). This refers to the average miner’s electricity bill per BTC worldwide and currently sits at just over $23,000.


EP has acted as strong support on long timeframes throughout Bitcoin’s history, with the dip to two-year lows in November 2022 being no exception. In late December last year, EP hit lows slightly above $14,000.


Capriole thus describes EP as a “historically hard price floor and level with a 100% long hit rate.”


“Together these price points give very strong confluence from a fundamental and technical perspective to the opportunity that $23-24K presents, should we get there,” it wrote about the technical weekly level and EP, respectively.


In part of a subsequent X post, Capriole additionally described the trend lines as “promising and rare structures” for Bitcoin “worth paying attention to.”


Continuing, Capriole founder Charles Edwards said that $23,000 should act as “rock solid support.”


“I am feeling very confident in $23K being a rock solid support and an incredible long-term opportunity if we get there in the next few weeks,” he told X subscribers on the day.“Electrical Cost has a 100% hit rate through Bitcoin’s history. It’s my favorite long-term Bitcoin metric.”Bitcoin production cost vs. electrical price vs. BTC/USD chart. Source: Capriole InvestmentsBitcoin miner pain on the horizon?


BTC/USD traded close to $26,000 at the Aug. 29 Wall Street open, per data from Cointelegraph Markets Pro and TradingView.


Related: Wen moon? Bitcoin halving cycle hints at Q4 as smart money ‘buys the rumor’


Analyzing miners’ financial buoyancy, James Straten, research and data analyst at crypto insights firm CryptoSlate, predicted a rerun of BTC price behavior from 2019, as the market laid the foundations of its next bull run.


“Bitcoin miner revenue is currently sitting at $25.5M. Just sitting above the 365SMA of $22.5M,” he noted.“It looks very reminiscent of the 2019 playbook. Should break below soon.”Bitcoin miner revenue chart. Source: James Straten/X


Accompanying data from on-chain analytics firm Glassnode showed miners earning less than their yearly average into 2020.


Straten built on findings from Dylan LeClair, senior analyst at digital asset fund UTXO Management, who described the phenomenon as “tradition.”


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# PredictionsAdd reactionAdd reactionRead moreHow to actually spend your Bitcoin, ExplainedBitcoin gains traction in West Africa with educational driveThe future of BTC mining and the Bitcoin halving

News Feed

Don’t Fade Dogecoin! – Analyst Says DOGE Is About To Rally
Este artículo también está disponible en español. Dogecoin is on the verge of breaking out from a 23-day consolidation range, setting its sights on new local highs. The m
Crypto Trading: Please Hold My Hand
TwitterFacebookLinkedInReddit Source: Shutterstock The article is penned by Nika Franchi. She is a cryptocurrency pr
Shapella Upgrade Hits, Economist Predicts Biggest Crash ‘in Your Lifetime,’ US Bank Lending Plummets — Week in Review
Shapella Upgrade Hits, Economist Predicts Biggest Crash "in Your Lifetime," US Bank Lending Plummets — Week in Review In crypto news this week, the Ethereum network’s long
Wirex Launching in US After Receiving State Money Transmission License
Wirex Launching in US After Receiving State Money Transmission LicenseWirex has received its first money transmission license in the U.S., where the company is now gearing up to lau
FDIC Creates Bridge Banks for Failed Silicon Valley Bank and Signature Bank Clients to Access Funds
FDIC Creates Bridge Banks for Failed Silicon Valley Bank and Signature Bank Clients to Access Funds The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients
OKX cracks down on Tornado Cash users with account terminations
Amaka Nwaokocha1 hour agoOKX cracks down on Tornado Cash users with account terminationsAs the crypto industry expands, exchanges like OKX face mounting pressure to strengthen compliance and prevent illicit activities on
Over 41.5% of Mt. Gox Bitcoin distributed as creditors continue to hodl
Zoltan Vardai12 hours agoOver 41.5% of Mt. Gox Bitcoin distributed as creditors continue to hodlDespite receiving over $4 billion worth of Bitcoin, which has appreciated by over 8,500% in the 10 years since Mt. Gox colla
Chinese Researchers Propose Asian Digital Currency to Reduce Reliance on US Dollar
Chinese Researchers Propose Asian Digital Currency to Reduce Reliance on US Dollar Experts from an economic institute in China have circulated the idea of creating a blockchain-pow
Biggest Movers: ETC up 12%, as SOL Nears 1-Month High
Biggest Movers: ETC up 12%, as SOL Nears 1-Month High Ethereum classic rose by as much as 12% in today’s session, as cryptocurrency markets rallied to start the weekend. The
Bitcoin ATMs Increase in Number in Moscow, Russia
Bitcoin ATMs Increase in Number in Moscow, Russia The number of bitcoin ATMs has been on the rise in Russia’s capital and the rest of the country, a press report revealed this we
HOO Smart Chain Grant Plan “Cosmic Origin Project” Officially Opened for Registration
HOO Smart Chain Grant Plan "Cosmic Origin Project" Officially Opened for Registration press release PRESS RELEASE. Hoo Smart Chain will open registration globally for the Cosmic Ori
Tom Mitchelhill4 hours agoHong Kong to list ‘suspicious’ crypto platforms in wake of JPEX scandalIn the wake of the ongoing JPEX scandal, the Hong Kong Securities and Futures Commission says it will issue a public li