Is Bitcoin Ready to Break Through $30,000? Experts Suggest a New Bull Market On the Horizon
Bitcoin and the broader crypto market saw a pullback at the start of the Asian trading session, possibly due to an unexpected cut in oil production by OPEC+ members. The Organization of the Petroleum Exporting Countries and 10 other oil-exporting countries announced voluntary cuts in oil output, leading to a rise in the US dollar and energy costs which negatively impacted risk assets such as Bitcoin. However, BTC/USD rebounded from its weekend lows of \(27,600 and analysts are now questioning if Bitcoin can break through \)30,000.
Bitcoin is “on the verge of a new bull market,” according to Charles Edwards, the founder of Bitcoin and digital asset hedge fund Capriole Investments. He has observed a “familiar” bull signal on the SLRV Ribbons metric, a tool for measuring potential bitcoin profitability based on the Short-to-Long-term Realized Value Ratio from David Puell. When the short-term 30-day moving average crosses over the long-term 150-day moving average, bitcoin enters its bullish phase. While the SLRV Ribbons have been backtested, the Bitcoin Yardstick has revealed a recovery in bitcoin market cap versus hash rate but still classes BTC as “cheap” at current prices.
Source: Charles Edwards/ Twitter
On-chain data from Glassnode shows that Bitcoin investors have shifted towards accumulation recently, with the accumulation trend score approaching 1. This trend is similar to what was seen during the April 2019 rally and suggests that the current rally may have further upside potential. The $30,000 level is the baseline of the current cycle, and if the rest of the rally follows a similar pattern to the April 2019 one, the shift towards accumulation could be positive for the price surge. However, some analysts caution that market sentiment is getting too euphoric, suggesting that a significant retracement may be in the cards.
Ethereum’s Ether Token Poised for Q2 2023 Breakout with a $3,000 Potential Run-up
Cointelegraph predicts that Ethereum’s native token Ether is poised for a possible breakout towards the end of Q2 2023, with a potential run-up to $3,000. The price of ETH has more than doubled since June 2021, despite negative events such as the collapse of FTX, interest rate hikes, and stricter US regulations.
Ethereum whale accumulation remains strong, which could be attributed to the network’s proof-of-stake contracts. For instance, the supply of Ether held by addresses with a 1,000-10,000 ETH balance (blue in the chart above) has grown by 0.5% in March. Similarly, the 1 million-10 million ETH (brown) and the 10 million - 100 million ETH balance cohorts have witnessed 0.4% and 0.5% rises, respectively. The growth appeared amid what appears to be the absorption of selling pressure introduced by the 100,000-1 million ETH (pink) and 10,000-100,000 ETH (orange) address cohorts.
The MVRV Z-score also enters the green zone, indicating a possible market bottom, suggesting a potential long-term ETH price rally.
Cardano Whales Acquire Over 100 Million ADA as Smart Contract Adoption Grows
Over the past week, ADA has risen by over 13%. According to data from IntoTheBlock, Cardano whales have shown a rise in purchases as they acquired more than a hundred million ADA. In total, these whales have added approximately 150 million ADA tokens to their stashes over the past month. An increase in the adoption of smart contracts on the largest proof-of-stake blockchain could be a major reason for the transfer of the staggering amount of ADA.
Meanwhile, the Cardano ecosystem keeps expanding, with 1,221 projects being created on Cardano and 119 already launched. The Layer 2 solution on Cardano, called Hydra, has been tested recently before the release on the mainnet.
PancakeSwap Launches Version 3 of Automated Market Maker Platform
PancakeSwap has launched version 3 of its automated market maker platform on BNB Chain and Ethereum, offering improved performance and lower fees. The upgrade includes enhanced capital efficiency through a new liquidity provider feature that allows for a custom price range allocation of capital on specific price intervals.
The release also includes four new trading fee tiers ranging from 0.01% to 1%, along with features that improve capital efficiency, including allowing liquidity providers to concentrate on smaller price ranges for higher fee earnings. The future introduction of a V3 “VIP” trading rewards program and a position manager feature is expected to incentivize more platform activity and improve PancakeSwap’s revenue. However, the CAKE price didn’t react positively to the news, with a -2% drop throughout the day.
SXP Skyrockets Over 200% in the Past Week, Becomes Top-Performing Asset in the Top 100
Solar Network token (SXP) has experienced a significant increase of over 200% in the past seven days, becoming the most profitable asset among the top 100 cryptocurrencies. The rise in SXP’s price was accompanied by a surge in trading volumes on crypto exchanges in South Korea, similar to what was seen with XRP in late March. SXP topped the trading volume on Upbit, with Korean investors trading 1.3 billion SXP tokens on the exchange. At the time of writing, the token is trading with a 27% increase over the past 24 hours.
Summary of Market Events and Price Action
As a summary of today’s events and price action in the market, it is crucial to note the following key points:
- Bitcoin regains \(28,000 from the daily low of \)27,700, on-chain data suggests more upside ahead
- Ethereum can’t hold $1,800 but whale accumulation remains strong
- Cardano whales acquire over 100 million tokens
- PancakeSwap launches V3 but price barely moves
- SXP becomes the dark horse with a 200% weekly surge
- Arbitrum governance controversy shakes up crypto prices
- Navigating the UK crypto scene: Finding the best crypto exchange and overcoming challenges
- Flash loans & cross-chain technologies: A new frontier in crypto
Top Altcoin Gainers and Losers
Solar SXP (+27.35%)
Injective INJ (+6.72%)
Frax Share FXS (+3.95%)
Kaspa KAS (-7.03%)
Aptos APT (-5.40%)
Fantom FTM (-4.29%)
NFT Market Map
Nakamigos (+258.45%) has seen the biggest flow of new buyers coming in since April 2, according to data from DegenKnows. The rise in investors’ interest could be attributed to beeple’s tweet that challenged the community to take it to 1 ETH, which led to a 386% surge in its floor price in the past week.