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Deribit Exchange Expects Bitcoin to Rise 20% in Next 30 Days, Targeting $80,000

In a major milestone for the cryptocurrency market, Bitcoin (BTC), the largest digital asset, broke its previous records, surpassing the $69,000 mark to set a new all-time high (ATH) of $69,300 on Tuesday.

The achievement marked a historic moment for BTC, which had not reached such levels for more than two years. However, the cryptocurrency’s upward trajectory shows no signs of slowing down, with experts predicting further price gains.

Bitcoin and ETF price in perfect harmony

According to data from Deribit, a crypto futures and options exchange and analysis company, GenesisVol, BTC is expected to see a potential rise of up to 20.8% in the next 30 days.

These projections suggest that, under ideal circumstances, the price of Bitcoin could surpass the $80,000 barrier. Even conservative traders are optimistic and expect BTC to easily surpass $70,000 and reach around $75,000.

Additionally, the recent approval of spot Bitcoin exchange-traded funds (ETFs) has played a key role in Bitcoin’s success, suggesting that the upward trend in BTC prices, coupled with bullish sentiment among options traders and institutional and retail investors, is far from over. .

Bloomberg ETF expert Eric Balchunas emphasized the importance of this development and stated that it represents a pivotal moment for both Bitcoin and ETFs. Balchunas believes the rise from $25,000 to $69,000 was largely due to hopes of ETF approval and subsequent flows.

The expert stated that the synergy between ETFs and Bitcoin has proven to be mutually beneficial as ETFs have increased liquidity, accessibility, convenience and standardization for investors.

Notably, ten-hold Bitcoin ETFs have amassed over $50 billion in assets, with a staggering $8 billion generated from inflows and the remainder attributed to Bitcoin’s rising value.

However, when Bitcoin reached its new peak, increased market volatility caused a surge in liquidations. Journalist Colin Wu reported a sharp 5% drop in the price of Bitcoin in one hour, with Binance recording less than $65,000. During this hour, deals reached a staggering $142 million.

BTC sell signal

Although bullish investors are currently on cloud nine, renowned crypto analyst Ali Martinez sounded the alarm when the TD Sequential indicator recently issued a sell signal on Bitcoin’s daily chart.

The TD Sequential indicator, developed by market expert Tom DeMark, uses price patterns and sequences to identify potential trend changes in various financial markets, including cryptocurrencies.

Martínez emphasized the indicator’s notable track record in predicting Bitcoin price movements since the beginning of the year. The TD Sequential indicator issued a buy signal in early January, just before the price of Bitcoin rose 34%.

On the other hand, a sell signal was given in mid-February, followed by a 4.44% drop in the value of BTC. Therefore, considering the previous sell signals, a possible drop to the $62,000 price level could be underway for the largest cryptocurrency in the market that still holds the $60,000 support, which will be key to BTC’s prospects.

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Cryptocurrency Price Predictions: Bitcoin Dogs, Bitgert (BRISE), WAXP

Cryptocurrency prices had quite a successful week as demand continued to rise and a sense of greed emerged in the market. Bitcoin jumped to over $60,000 while other coins like Dogecoin, Shiba Inu, and Bonk went parabolic. In total, this increase added billions of dollars to the total valuation of all cryptocurrencies. This article provides a forecast for some major cryptocurrencies such as Bitcoin Dogs, Bitgert (BRISE), and WAXP.

Bitgert (BRISE) Price Prediction

Bitgert, like other cryptocurrencies, performed well this week when its token suddenly woke up. The BRISE token hit a high of $0.00000020, its highest point since December 29 last year. It has risen about 50% from this year’s low.

Along the way, the coin bounced above the 50-day moving average, indicating that the bulls are now in control. More importantly, there are signs that the token has formed a double bottom pattern at $0.00000013. In most cases, this pattern is one of the most bullish signals in the market.

The neckline of the double bottom pattern is at $0.0000030. Furthermore, Bitgert’s volume also increased considerably. Therefore, there is a chance that the token could continue to rise as buyers target the key resistance point at $0.00000030, which is around 60% of the current level.

Bitcoin Dogs, an upcoming cryptocurrency, was one of the best-performing players in the industry as its token sale accelerated. The developers have already raised more than $5.6 million from global investors. This is notable because the fundraising started about two weeks ago. If this trend continues, there is a chance that developers will make more money than this.

Bitcoin Dogs is a blockchain that became the first ICO in the Bitcoin ecosystem. The developers aim to create a fully functional ecosystem that has substantial utility. This utility will come in the form of a collection set of 10,000 NFTs in ordinal form.

At the same time, they plan to venture into the blockchain gaming industry, which is expected to thrive in this cryptocurrency rush. The goal is to create a fun game that people can interact with and earn rewards in the form of $ODOG token.

This comes at a time when interest in the Bitcoin ecosystem is increasing. We’ve seen developers like Stacks and Internet Computer become some of the top performers in the industry. Additionally, Bitcoin Ordinals have become some of the best performers in the NFT industry.

WAXP Price Prediction

Meanwhile, the WAXP token price saw a strong bullish breakout this week as demand for altcoins increased. It jumped to a high of $0.098, its highest point since 2022. It is up more than 158% since its low in October last year.

By bouncing, the token surpassed the important resistance level of $0.0775, its swing high in December last year. Subsequently, WAXP price bounced above the 50-day and 25-day moving averages. The Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level.

Therefore, the outlook for the token will continue to rise as buyers target the next major resistance point at $010. However, a pullback is also possible as some investors begin to take profits.

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Bitcoin absorbs more than $607 million every day. Will it triple after the halving?

Bitcoin (BTC) network analyst Willy Woo is sounding the bullish alarm, citing strong demand and declining supply as reasons for optimism. As for X, Woo noted that Bitcoin absorbs an average of $607 million per day as an asset in demand by new investors. In comparison, only $46 million in new supplies are being created through mining.

Bitcoin receives over $607 million in value every day. What happens after the halving?

The Bitcoin network is a proof-of-work platform that relies on miners for security and decentralization, making its transactions global and censorship-resistant. Although there are concerns about centralization, it appears that the extensive network of miners is more important to the platform, which explains its colossal appreciation.

Miners are rewarded with 6.25 BTC after each block, which is equivalent to around $46 million, after each 24-hour cycle. However, the fiat value, as expected, changes depending on spot rates.

Woo says growing demand, estimated at around US$607 million per day, considers changes to the realized limit. It is a metric that shows the total amount investors paid for the current BTC in circulation. The total value takes into account the purchase price of each one.

While useful, Woo notes that the threshold set, and therefore the level of demand injected into Bitcoin, is conservative. The weakness arises from the realized limit that only captures on-chain transactions.

It’s this shift in imbalance, Woo notes, that could drive prices even higher in the coming sessions. The on-chain analyst sees the current trend accelerating further ahead of the next Bitcoin halving scheduled for early April 2024.

Bitcoin halving occurs approximately every four years, reducing the new BTC created per block by 50%. The on-chain analyst believes that this decrease in supply, combined with the already strong demand, will drive up prices, quickly increasing the realized limit.

Reddit plans to go public and buy BTC and ETH

Woo’s optimism follows encouraging news that popular social media platform Reddit will invest some surplus cash into Bitcoin and Ethereum (ETH). Recent reports reveal that Reddit plans to go public and file for an initial public offering (IPO) this week.

The endorsement of cryptocurrencies by a major technology company shows growing institutional adoption, a net benefit for investor confidence. So far, Reddit’s IPO prospectus shows a 20% increase in revenue in 2023.

The platform also has more than 70 million daily active users. Based on this, once it goes public, a significant portion of the funds will likely be injected into BTC and ETH.
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Binance’s Derivatives Arm Launches Tesla Model Y and Bitcoin Voucher Challenge

Binance has announced a competition through its crypto derivatives arm, Binance Futures, offering participants the chance to win a Tesla Model Y. According to the crypto exchange, the contest will unfold over four weekly challenges spanning from Feb. 18 to Mar. 17, 2024.
Binance Futures Unveils Tesla Model Y Challenge and Daily Crypto Rewards

Beginning on Feb. 18, Binance Futures will launch a daily price prediction contest, offering participants the opportunity to win 0.05 BTC token vouchers or the grand weekly prize of a Tesla Model Y.

The daily challenges involve users with futures accounts predicting the marked price of the BTCUSDT perpetual contract. Should their prediction be accurate or closest to the actual price by 14:00 UTC the next day, they’ll secure the 0.05 BTC voucher, presently valued at over $2,500. Daily prizes also encompass loaded tether (USDT) vouchers.

For the weekly Tesla Model Y giveaway, participants who fulfill specific tasks, thus meeting certain criteria, will receive a golden ticket. The accumulation of more golden tickets increases their chances of winning the Tesla Model Y each week.

The Ultimate Challenge by Binance Futures will maintain a leaderboard, updated hourly, to transparently display participants’ rankings based on their golden ticket count. Binance, recognized as the top crypto exchange globally by trade volume, and its derivatives wing, Binance Futures, previously led the market in BTC futures open interest but now ranks second.

As of Feb. 17, 2024, the CME Group leads with a Bitcoin futures open interest of $6.75 billion, surpassing Binance’s $5.93 billion in BTC futures open interest. Regarding ethereum (ETH) and various alternative crypto assets, the derivatives division of Binance secures the top spot. As of Feb. 17, the open interest (OI) for ETH on the Binance Futures platform stands at approximately $3.28 billion.

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Polymarket predicts that Trump will be the winner of the 2024 US elections with a 48% chance, Biden and Haley lag behind in predictions

With the US presidential election just nine months on the horizon, it looks like American voters will encounter familiar faces from the 2020 race: Joe Biden and Donald Trump. Recent data from decentralized cryptocurrency-based prediction platform Polymarket suggests that Trump, the country’s 45th president, is currently leading with a 48% chance of winning.

US election forecast for 2024: Trump in the lead with 48% in Polymarket, Biden trails behind

As electoral competition intensifies in the United States despite Vivek Ramaswamy’s withdrawal, former President Donald Trump has maintained a substantial lead over his Republican rivals in recent months. Trump recently triumphed in the Iowa Caucus, securing an early victory in the race for the 2024 Republican presidential nomination. He achieved a commanding lead with a 51% margin, followed by Florida Governor Ron DeSantis in second place and former Ambassador from the USA at the UN, Nikki Haley, who came in third place.

According to prediction platform Polymarket, Donald Trump has an 89% chance of winning the Republican Party nomination, while Nikki Haley has a 6% chance. On the Democratic front, Joe Biden is projected to have a 78% chance of being nominated, surpassing California Governor Gavin Newsom’s 6% chance. Basically, Polymarket operates as a decentralized forecasting platform, allowing users to buy and trade stocks based on possible events and outcomes. This marketplace leverages blockchain technology to improve transparency and security.

As the November 5, 2024 elections approach, current trends on Polymarket suggest that Trump is the favorite, with a 48% lead, surpassing Biden’s 36%. After Biden, Haley is considered to have a 3% chance of winning the general election. Interestingly, despite his absence from the race, Vivek Ramaswamy has a 2% chance. Robert Kennedy Jr. also has a 2% chance of winning, as indicated by data from Polymarket. Furthermore, this cryptocurrency-based prediction market is not the only betting platform predicting a Trump victory.

Oddschecker data reveals that Trump has a 45.5% chance of winning the election, compared to Biden’s 33.3%. Nikki Haley has a 5.9% chance of winning in her analysis. Meanwhile, the Bet Ohio portal places Trump in the lead with a 46% chance, followed by Biden with 36% and Haley with 9% in the 2024 presidential race. In particular, both Kennedy and DeSantis have a probability of 3%, as recorded by Bet Ohio on January 17, 2024. Additionally, betting site Covers indicates that Trump is ahead with a 47.6% probability, while Biden is behind with a 34% probability.
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