Bitcoin's Next Move: BTC Crash? Holding ETH vs BTC, and HBAR set to explode.
BTC's biggest single day crash of 2023. Will it continue or should you buy the dip?
True to form, following our previous newsletter, Bitcoin underwent a substantial price drop, marking the most significant single-day BTC candle crash of 2023. The price plummeted by over 11% after being stuck in a two-month sideways bull flag formation. During this crash, over $1 billion in funds were liquidated from crypto traders. Our analysis expected this drop, but I guess those that got liquidated were not paying attention. However, we can only look towards the future.
What lies ahead for Bitcoin? Will it continue dropping or reclaim the $30,000 mark and surge beyond? Explore our in-depth analysis covering BTC, ETH, HBAR, and other projects below in this weeks letter.
Market Analysis:
$BTC:
Traders continue to believe that more downturn is necessary before Bitcoin can embark on another upward trajectory. They anticipate a drop below the 25k level. However, in the short term, a smaller recovery for BTC is anticipated. Today, we observe a minor rebound, accompanied by EngineeringRobo short-term Buy Signal on the 3-hour chart. I anticipate encountering some resistance before the 27k mark. BTC will determine whether it can maintain support above this current channel we find ourselves in.
Another noteworthy point is the recent influx of BTC onto exchanges. As deposits increase, there is potential for this BTC to be deposited with the intention of dumping it onto the market. We will observe whether this triggers another downward movement.
$HBAR:
HBAR has been performing exceptionally well since the launch of Calaxy, demonstrating minimal impact from the recent BTC price drop. EngineeringRobo has displayed a buy signal on the 1D chart since mid-June, and Birbicator Pro continues to indicate Buy signals as well. Moreover, take note of the remarkable increase in trading volume! Back in November 2021, HBAR reached a peak of around $0.50 per coin, so this is a coin to monitor closely. While HBAR might face challenges in rising amidst a falling Bitcoin market, it's worth noting that HBAR has been outperforming BTC since the start of July 2023.
$ETH/BTC:
Looking at the higher time frame and considering the gains between ETH/BTC, it's evident that ETH has been experiencing a decline against Bitcoin for nearly a year now, starting from September 2022. It's currently in a sell position since mid-June. However, it has formed a rising wedge pattern since that time and there's hope for an upward breakout. Achieving this would require overcoming the top green resistance line, which might take some effort.
Prominent institutions are submitting ETF applications for both BTC and ETH. If an ETF is approved for ETH, it could trigger a positive upward movement, potentially breaking out of this pattern in a single day. As of now, the 2D chart indicates a bearish outlook for ETH/BTC.
Projects / Fundamental Analysis:
Remember when banks were failing in March 2023, leading to bank runs? The landscape of traditional banking was faltering, and I anticipate a continuation of such events in the future.
Neobanks, like Everest ID, could potentially emerge as the preferred banking solution for individuals seeking convenient global banking options, extending beyond just North America.
Everest.org stands out as one of the rare crypto companies to have obtained international banking licenses from Malta. This enables them to function as a comprehensive global account, facilitating activities such as purchasing stocks or cryptocurrencies, conducting global payments, maintaining bank accounts, issuing debit cards, and more.
Presently, they are conducting a verified wallet campaign, offering 100-1000 ID tokens for merely creating a basic account on the Everest platform. During the pinnacle of the previous bullish market, the ID token was valued at $1.80 each. This holds the potential for a substantial airdrop reward if the token reattains such levels in the future. To gain further insights about Everest, refer to my interview with Bob below and register for the verified wallet ID reward here.
In my previous newsletter, I mentioned some significant news for the Hedera ecosystem. I had the privilege of sitting down with Solo Ceesay, the CEO of Calaxy, which is the first social network facilitating direct connections between creators and fans. They've built payments directly on the Hedera blockchain, enabling a pioneering feature: the direct transfer of cryptocurrency between users right on the social network. This development has been eagerly awaited, and it's something I've hoped to witness in Web2 social platforms like Facebook, Instagram, and Twitter for years. Remarkably, Calaxy has taken the lead in this aspect.
Calaxy was publicly launched just last week and is already gaining substantial traction. Notably, they've adopted a direct-to-consumer approach for app downloads, available straight from Calaxy.com rather than solely through the Apple Store. This strategic decision bypasses the 30% tax that Apple levies on in-app payments, including crypto transfers in this context. I wholeheartedly recommend exploring Calaxy and securing your desired username before the pool of short usernames becomes depleted, registering through Calaxy's website. Furthermore, you can gain deeper insights into how Solo has positioned Calaxy to become the next Instagram/Twitter through our conversation below.
Other Crypto News:
Grayscale's ETF team is hiring after the lawsuit with the SEC over converting its fund to a spot Bitcoin ETF is expected soon.
Friend.tech launches, an app where you can sell shares of your social accounts, and goes viral across twitter and in the cryptosphere.
There are Rumours that Robinhood will re-list XRP to trade by the end of 2023.
XRP has retraced the full amount since it pumped 80%+ after winning the lawsuit against the SEC.
Russia's President calls on BRICS to abandon the US Dollar and settle trade in local currency.
That’s all for this episode. Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show