Bitcoin

One of the crypto community’s most notable traders at the moment, Ansem (@blknoiz06), has recently ignited interest with his latest prediction, claiming another potential 100x opportunity. This time, his focus is on a new development on the Bitcoin network, which he believes is currently undervalued by the market. Ansem stated via X: Next 100x opp is runes on Bitcoin, 95% of CT is not paying attention to this at all compare volumes on Solana memecoins to current unisat volume & consider the wealth effect if Bitcoiners have their own native altcoins to buy provenance will b v imp here also imo. An In-depth Analysis Of Ansem’s Successes Lookonchain, a reputable on-chain analysis firm, provided an exhaustive look at Ansem’s latest trading history and strategy. Their analysis reveals a pattern of early investments in nascent cryptocurrencies that later became highly lucrative. Ansem(@blknoiz06) – the best crypto trader who: 170x on $SOL 520x on $WIF 80x on $BONK Yesterday, he tweeted that the next 100x opp is runes on Bitcoin. 1/ 🧵Let’s dig into his trading strategy. pic.twitter.com/vN2N2Aekbz — Lookonchain (@lookonchain) April 17, 2024 On January 1, 2021, Ansem invested in Solana when it was priced at just $1.5. By November of the same year, the value of Solana had skyrocketed to $260, a return that significantly outpaced market expectations, netting a gain of over 170x. Ansem’s acute sense of market potential was again on display with his investments in WIF and BONK. His tweet on December 12, 2023, suggesting that WIF had potential similar to SHIB (Shiba Inu), preceded a massive surge in WIF’s value from $0.09 to $4.85. Related Reading: Crypto Analyst Unveils Top 10 BTCfi Altcoins Post-Halving Similarly, his endorsement of BONK led to an impressive 80x increase in its price. “On October 30, 2023, Ansem tweeted ‘bonk great coin’, and then BONK skyrocketed! 4 months later, BONK exceeded $0.000047,” the firm stated. Lookonchain further highlighted, “Ansem combines a strategic allocation of 70% in long-term holdings with 30% dedicated to short-term, speculative trades. This balanced approach helps mitigate risk while capitalizing on high-return opportunities. His success is a testament to his deep market insights, disciplined investment strategy, and timely execution.” How To Follow The Crypto Traders’ Prediction In response, prominent crypto analyst Cyclop (@nobrainflip), who boasts 346,000 followers, analyzed Ansem’s current prediction. He explained that the hype revolves around a newly developed protocol named Runes, created by the inventor of Ordinals, Rodarmor. Runes allows for the issuance of fungible tokens directly on the Bitcoin network, operating as a more integrated alternative to the BRC-20 protocol. Related Reading: Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report Unlike BRC-20, which follows an account model akin to Ethereum’s, Runes utilizes Bitcoin’s UTXO (Unspent Transaction Output) model, potentially offering a more seamless integration with Bitcoin’s existing infrastructure. Notably, Runes are not just an alternative; they aim to replace the BRC-20 entirely. The protocol charges fees in BTC for creating tokens and is set to launch on Bitcoin’s halving day, April 19. The development of the Runes ecosystem is gaining traction, with various projects, tools, and platforms beginning to emerge. With the anticipated launch of Runes scheduled for Bitcoin’s next halving day on April 19, the ecosystem around this new protocol is quickly developing. A variety of projects are already preparing to utilize Runes, with tools, launchpads, and other resources being actively developed. The most notable, according to cyclop, are: Runecoin (RSIC): This project allows users to mine tokens in anticipation of the Runes launch. It has already distributed a 21,000 RSIC miner airdrop to over 9,000 wallets that hold Ordinal collections. Runes Terminal (RUNI): Aimed at developers, this platform is creating a test environment for Bitcoin applications that will utilize the Runes Protocol, facilitating innovation and simplification in the transition to new applications on the Bitcoin network. Pups Token (PUPS): With a pre-mint supply of 10 million tokens, this project plans an airdrop for holders of Rune Pup ordinals, who can also participate in token-burning events to reduce supply and potentially increase value. The crypto analyst also advised that the hype around Runes is just starting. The “Ordinals community has spurred numerous projects to offer Runes airdrops. Thanks to Magic Eden, a new tab now conveniently lists all collections confirmed to distribute Runes to holders in one place.” At press time, PUPS traded at $48.96, down 68% from its all-time high. Featured image created with DALL·E, chart from TradingView.com

In a compelling forecast for Bitcoin, Ali Martinez, a well-known cryptocurrency expert and trader, has pointed out a possible development that could propel the crypto asset’s price to the $86,000 threshold in the foreseeable future. Bitcoin Movement Determined By Key Levels The analyst’s positive perspective highlights the possibility of a large upward shift in the price trend of Bitcoin, igniting interest and speculation in the cryptocurrency space.  Ali Martinez’s analysis primarily focuses on several key support and resistance levels, of which a break out from these levels will determine the future trajectory of Bitcoin.  Related Reading: Are The Odds In Bitcoin Bulls Favor? These Analysts Forecast BTC’s Future According to the expert, it appears the digital asset has been gathering momentum in a parallel channel. As a result, the $61,000 mark becomes the most significant support level, while the $72,400 mark becomes the most crucial resistance level. Martinez affirms that Bitcoin might plummet toward the $56,200 and $51,600 range if it manages to surpass the aforementioned support level. However, should it break out from the $72,400 resistance zone, $79,000 and $86,000 are the next price targets to expect. Considering the UTXO Realized Price Distribution (URPD) chart, Martinez notes that $62,000 also proves to be an important support area for Bitcoin. If this level is lost, attention might move to the following significant demand region, which is situated around $51,500. On the other hand, the likelihood of the bull run rekindling would be largely increased should there be a rise back above $66,250. This suggests a new wave of confidence and enthusiasm from market investors and players. Martinez has also identified a notable shift in the accumulation trend score for Bitcoin lately. Specifically, the recent development marks the first time it has happened in six months, and it is now pegged at 0.27. This change suggests that BTC whales might be selling off their holdings rather than hoarding the crypto asset even more. Interest From ETF Investors To Impact Price Substantially Despite the negative performance of BTC lately, several analysts still believe the coin is headed for unprecedented heights. Crypto expert Willy Woo recently made a bold forecast, putting his price target at $650,000 at the bull market top and $91,000 at the bear market bottom. Related Reading: Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000 Willy Woo expects the coin to top out at this level when ETF investors have completely deployed their capital based on asset manager recommendations. Furthermore, Woo stated that while these figures are quite cautious, Bitcoin will surpass the gold cap after ETFs have served their purpose. “Gold went on a 12-year bull run when its ETF was approved, now it is Bitcoin’s turn,” he added. In the last day, the price of Bitcoin has fluctuated between a low of $62,000 and a high of $66,000, ultimately concluding around $63,000. Its daily trading volume has decreased by 20%, indicating a declining intreest from traders. Featured image from iStock, chart from Tradingview.com

Popular cryptocurrency expert Cold Blooded Shiller has made a grim prediction that Bitcoin may be on the verge of a significant correction and could crash as low as 30%, given the current heightened volatility in the market.  Bitcoin Could Be Poised For 30% Pullback Cold Blooded Shiller believes it is important to note that Bitcoin is holding up and now showing much more strength, regardless of the different factors influencing the nascent sector, such as ETFs, fundamentals, and Halving. Related Reading: Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support Given that pullbacks of 30% are historically common for BTC, Shiller foresees the potential for this to repite this cycle. Should the trend manifest, the price of BTC could fall as low as $51,000 in the upcoming months. The post read: With the historical tendency to produce -30% pullbacks, what happens to the landscape if BTC does head down for a -30% correction and into the $51,000? Cold Blooded Shiller drew attention to a previous post offering investors insights on taking advantage of this development when it happens. Shiller is confident that BTC might undergo the correction mentioned above, and the impact on altcoins would likely be around -50%. The expert believes some investors are eager to profit in the bull cycle but neglect the risk involved in this period. “I keep referencing buy anywhere you want with risk management that supports -30% downside and ensure you can keep buying more,” he stated. Thus, the analyst has stressed the need for investors to be well organized and understand what constitutes an opportunity-filled environment in a bull market. His post encourages investors to reassess their risk management and investing tactics to navigate the ever-changing crypto landscape successfully. BTC Price Continues To Fall The price of Bitcoin continues to move downward, falling to $63,000 after a recovery witnessed on Monday. Over the last 24 hours, the crypto asset has dropped by 5%, causing a general collapse in the market. Related Reading: Bitcoin Halving RoadMap: Analyst Outlines 3 Phases For Market Dynamics At the time of writing, BTC was trading at $63,854, indicating an over 10% decrease in the past week. On the last day, its trading volume increased by roughly 1%, while its market value fell by over 5%. Given the current trajectory in the crypto market, BTC might suffer an even greater decrease in the next few days. Several analysts anticipate a further price decline before the Halving event in less than five days. Featured image from iStock, chart from Tradingview.com