Get Smarter About Crypto

₿itcoin reached $62,680. +0.98%

♢Ethereum reached $3,447. +0.70%

What we will talk about today...

🐋🚀 Why Whales and Miners Are Pushing Bitcoin Up

🌐🌎 What JPMorgan Says About Bitcoin’s Price After Halving

💰🔥 Why Dogecoin (DOGE) Is Going Up

Why Whales and Miners Are Pushing Bitcoin Up

Bitcoin (BTC) has been rising a lot, and a big reason for its current rise is the big rise in whale accumulation since the start of the year. This trend, with the overall positive feeling in the market, has pushed BTC to trade at a three-year high, now at $62,680.

🐋 Whales Buy More: 

A Key Reason for BTC’s Rise: The data from IntoTheBlock shows a big increase in large holder inflow, meaning investors hold over 0.1% of BTC’s supply. In the past month, BTC’s large investor inflow went up by an amazing 573%. This rise shows strong buying activity among this investor group.

This big increase in large holder inflow means that big BTC investors, with a lot of holdings, have been buying a lot of the cryptocurrency on exchanges. Then, these investors are moving their buys into cold storage, showing a long-term investment plan.

💼 Miners Sell More: 

A Key Reason for BTC’s Rise: BTC’s recent rise above $64,000 has made miners sell more on the network. The Miner Reserve metric, measuring the amount of coins in miners’ wallets, went down a little in the last week. The coins in these wallets went down by 0.4%, reaching 1.8 million BTCs, the lowest since March 2021.

A drop in the Miner Reserve metric means more coin sell-offs by network miners. Also, the miner-to-exchange flow metric reached a three-month high on March 1st, with 2,349 BTCs sent to exchanges for selling from miners’ wallets.

This metric, tracking the flow of coins from miners to exchanges, means that miners are selling more BTC than they are mining for profit. The rise in miner-to-exchange flow matches the more profit-taking activity seen during BTC’s recent rise.

Looking at the Market Changes: 

Bitcoin’s current price rise is not only because of market guessing but is backed by the smart moves of big investors and miners. The buying trend among big BTC holders and the selling activities of miners show the market’s trust in BTC’s lasting growth.

The rise in large holder inflow and the drop in outflows show a change toward long-term investment plans among big BTC investors. On the miner side, the drop in Miner Reserve, with more miner-to-exchange flow, shows an active approach to making money from good market conditions.

As BTC keeps showing strength and positive market changes, the overall feeling suggests that the current rise might not be a short moment but rather a base for lasting growth in the cryptocurrency space. 🚀💰

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What JPMorgan Says About Bitcoin’s Price After Halving

JPMorgan, a big investment bank, has given a note warning investors about a possible drop in the price of Bitcoin after the halving event in April. The bank’s analysts think that Bitcoin could drop to $42,000, showing a level they expect as Bitcoin-halving excitement goes down after April.

💡 JPMorgan’s Bitcoin Price Prediction: 

The analysts at JPMorgan guess the average production cost of Bitcoin to be about $26,500 per BTC. After the halving event, they expect this cost to “double” to $53,000. But, the bank’s analysis also looks at the possible effect of more mining difficulty, which could make smaller miners leave the market. In this case, there might be a 20% drop in mining difficulty from the first estimates, making production costs lower.

🔍 Key Guesses and Factors Considered:

Post-Halving Electricity Costs: The analysts guess that post-halving electricity costs for miners will be 5 cents per kilowatt hour on average. This number may change based on location and size. Effect of More Mining Difficulty: The analysis looks at the possible rise in mining difficulty, leading to a case where less good private miners with little money may leave the market. This leaving is expected to make a 20% drop in the hash rate. 📉 Bitcoin Price Prediction After Halving: The analysts predict that the estimated production cost range could be lowered to $42,000 if the hash rate drops by 20%. This $42,000 level is seen as the point where Bitcoin prices might go after the first excitement about the halving event goes down after April.

🤔 Market Changes and Big Investors’ Feelings:

JPMorgan’s warning view is based on the guess that some factors, including mining difficulty and production costs, will affect Bitcoin’s way after halving. It shows a careful analysis of possible cases that could affect the market changes.

📊 JPMorgan’s Past Views: 

Last month, JPMorgan said that both the Bitcoin halving event and the coming Ethereum network upgrade were “already priced in.” The bank’s survey of over 4,000 big traders showed that 78% of them had no plans to trade crypto.

As with any market analysis, it’s important to be careful with predictions, considering the big changes and surprises in cryptocurrency markets. JPMorgan’s views add to the ongoing talk about Bitcoin’s future way, giving useful views for investors to think about in their choices. 📉💹

Why Dogecoin (DOGE) Is Going Up

Dogecoin, the popular meme-coin, has gone up a lot in its price, going up 70% in the past week. This rise is big in the context of Dogecoin’s past performance and matches a series of signs, suggesting more gains in the coming weeks, especially before the expected April Bitcoin halving event.

🚀 Dogecoin Whales Buying: 

One key reason for Dogecoin’s recent price rise is the active buying of DOGE holdings by big investors, often called “whales.” The number of addresses holding more than 100,000 DOGE tokens has gone up by 0.7% since the start of the year, showing more interest among big holders.

📈 Signs and Price Rise: 

The rise in Dogecoin’s price is also with signs that point to possible upside speed. As Dogecoin’s price chart shows, the next upside goal seems to be at its 0.236 Fibonacci retracement line. This level, important during market trends, has the chance to act as a key resistance point, suggesting more upward movement if broken.

🐋 Memecoin Craze and Bitcoin Halving Expectation: 

Dogecoin’s rise is happening in the bigger context of memecoin craze, especially before the coming Bitcoin halving event planned for April 19, 2024. The past link between Dogecoin’s price changes and previous Bitcoin halving events in May 2020 and July 2016 adds to the expectation. Traders often turn to other investments like memecoins, guessing on higher short-term gains after Bitcoin’s supply shock during halving events.

📊 Other Memecoins in the Mix: 

The positive speed seen in Dogecoin is seen in other leading memecoins, like Shiba Inu, Pepe, and Bonk, which have also seen big gains in the days before the Bitcoin halving. This group positive feeling within the memecoin sector suggests a bigger market trend affected by guessing and the excitement around Bitcoin’s coming halving.

📉 Signs and Upside Goals: 

From a sign perspective, Dogecoin’s next upside goal is at its 0.236 Fibonacci retracement line, important as both support and resistance. If broken, this level could make way for a possible 25% increase, reaching $0.18. This price level has been important in Dogecoin’s market changes, acting as a basic support during drops and a strong resistance during rises.

🔍 March 2024 Outlook: 

As Dogecoin continues its rise way, helped by a strong buying mood within the memecoin area, the outlook for March 2024 seems good. The chance for a 25% increase to $0.18 suggests that Dogecoin might reach its goal by the end of the month, making its position stronger as a big player in the changing cryptocurrency market.

Investors and market people will watch Dogecoin’s price changes closely, thinking about both signs and bigger market trends. As with any cryptocurrency investment, it’s important to be careful with predictions, considering the big changes and guessing nature of the market. Dogecoin’s performance in the coming weeks will be a main point of interest within the crypto community. 🚀💹

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