Market
Why Experts Say September Is Prime Time to Buy Bitcoin
Bitcoin (BTC) is currently trading below $60,000, starting the month on a downward trend. Despite this, experts suggest September could be a prime buying opportunity.
Based on Bitcoin’s performance history, September is the worst-performing month, with a track record of less-than-desirable returns.
Why Experts Say Buy Bitcoin in September
Michael van de Poppe is among those predicting a potential bullish turn for Bitcoin. He believes that a quiet market often signals the final phase before a rally.
“Dull market, which is usually the end stage before the party begins. Regarding price action on BTC: You’d need to get a breakout above $61K to get the momentum back in the markets, otherwise, we continue to have this downward trend for a while,” Van de Poppe said.
Additionally, Greeks Live’s analysts noted opportunities with annualized interest rates on Bitfinex’s lending market starting in late September. They also reported increased long positions for Bitcoin, a common signal of bullish sentiment, with whales entering the market and taking long positions through block calls.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
In a recent Telegram broadcast, QCP Capital researchers noted that September tends to be a bearish month for Bitcoin, crypto, bonds, and gold. However, they pointed to October as having the strongest bullish seasonality, with Bitcoin delivering positive returns in eight of the last nine Octobers, averaging a 22.9% gain.
QCP attributes the recent call buying activity to this seasonal trend, suggesting that investors accumulate Bitcoin during September’s dip and consider taking profits in October or by year-end if this pattern holds in 2024. Their report also highlighted key support for Bitcoin at $54,000, though analysts warn that conditions may deteriorate before improving due to ongoing uncertainty surrounding US macroeconomic events.
Indeed, there is a lot of uncertainty in the market this month, with several US economic events lined up on the calendar. Nevertheless, whales are already ramping up their positions.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Lookonchain recently reported several large transactions. One whale withdrew 1,100 BTC from Binance, while another purchased 1,000 coins. In the latest move, a whale bought $19 million worth of BTC on Tuesday.
Over five days, this whale acquired 2,322.37 BTC, valued at $136 million, and now holds 8,881 Bitcoin, worth $523 million. According to BeInCrypto data, Bitcoin is trading at $56,286, down nearly 5% since Wednesday’s opening.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Base DEX Volume Approaches $3 Billion Amid Growing Adoption
Base, Coinbase’s Layer-2 (L2) blockchain solution, has reached new heights, setting an all-time high daily decentralized exchange (DEX) trading volume near $3 billion.
This milestone reflects Base’s growing prominence in the L2 space and its role in scaling on-chain transactions for Coinbase users.
Base Hits New Milestone in DEX Volume
Blockchain analyst Dan Smith highlighted Base L2’s record-breaking volume of $2.9 billion, including $1.3 billion in ETH-USD trading, which also hit an all-time high. Other trading pairs, such as ETH-cbBTC and BTC-USD, were close to breaking their own records.
The $2.9 billion DEX volume reflects Base’s growing appeal among traders, particularly in ETH-USD pairs, which benefited from recent price volatility. Alexander, another blockchain enthusiast, noted that this milestone marked the first time Base nearly tagged $3 billion in daily volume, alluding to the development as evidence of L2’s growing adoption.
AerodromeFi, a liquidity-focused decentralized protocol on Base, also recorded an all-time high of $1.68 billion in volume, further emphasizing the ecosystem’s momentum.
“This is the first time Base nearly passed $3 billion and AerodromeFi set a new ATH of $1.68 billion in volume,” Alexander commented.
Base’s success is particularly notable because it operates without a native token. Coinbase explicitly ruled out launching a token for Base, prioritizing ecosystem growth and user adoption instead. This approach has likely contributed to its traction by focusing on utility and reducing speculative risks that could deter long-term users.
“There are no plans for a Base network token. We are focused on building, and we want to solve real problems that let you build better,” Base lead developer Jesse Pollak stated recently.
Consistent Growth in Transactions and TVL
The recent achievement follows Base’s earlier milestones, including reaching one billion transactions two months ago and surpassing six million daily transactions in October. More closely, the network recently outpaced Ethereum in user growth amid growing crypto markets.
Additionally, Base’s Total Value Locked (TVL) has seen consistent growth, indicating increased user participation, asset inflows, and liquidity within its ecosystem. A rising TVL signals greater confidence in the platform, fostering a stronger and more sustainable DeFi environment.
Despite its impressive growth, Base has faced some criticism. The network was accused of copying aspects of an NFT project, sparking concerns over originality and intellectual property. While this controversy did not deter adoption, it highlights the challenges of rapid innovation in the competitive blockchain space.
Base’s trajectory positions it as a serious contender in the L2 space, competing with established players like Arbitrum (ARB) and Optimism (OP). Its emphasis on utility, combined with rising user participation and liquidity, paints a promising picture for its future.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Is a Drop Below $0.92 Inevitable?
Cardano’s recent sideways price action has led to a surge in demand for short positions among futures traders.
As the coin’s momentum slows, traders are increasingly betting on a price decline, signaling a bearish sentiment toward ADA.
Cardano Traders Bet on a Price Decline
According to Coinglass, ADA’s Long/Short Ratio is at a monthly low of 0.82, indicating a high demand for short positions.
An asset’s Long/Short Ratio compares the number of its long (buy) positions to short (sell) positions in a market. As with ADA, when the ratio is below one, more traders are betting on the price falling (shorting) rather than rising. If short sellers continue to dominate, this can increase the downward pressure on the asset’s price.
Additionally, ADA’s Weighted Sentiment remains negative, currently standing at -0.074, reinforcing the bearish outlook for the altcoin.
Weighted Sentiment gauges the overall market bias by analyzing the volume and tone of social media mentions. A negative value signals growing skepticism among investors, often leading to reduced trading activity and downward pressure on the asset’s price.
Notably, ADA whales have reduced their trading activity over the past week, with the coin’s large holders’ netflow dropping by 90.29%, according to IntoTheBlock.
Large holders, defined as addresses holding more than 0.1% of an asset’s circulating supply, play a significant role in market movements. A decline in their netflow indicates reduced buying activity, adding to the downward pressure on ADA’s price.
ADA Price Prediction: Recovery to $1 or Decline to $0.80?
ADA is currently trading at $0.98, hovering just above its support level of $0.90. If bearish pressure intensifies, the price may test this support. A failure to hold at $0.90 could see ADA’s decline extend further, potentially dropping to $0.80.
Conversely, if buying activity resurges, ADA’s price could stabilize above the $1 mark.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will It Smash Another ATH?
Bitcoin price started a fresh increase above the $104,000 zone. BTC is consolidating above $105,000 and might aim for a new all-time high.
- Bitcoin started a decent increase above the $102,500 resistance zone.
- The price is trading above $104,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $103,500 support zone.
Bitcoin Price Regains Traction
Bitcoin price started a decent upward move above the $102,500 zone. BTC was able to climb above the $103,500 and $104,000 levels.
The bulls even pushed the price above the $105,000 level. Besides, there was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
Bitcoin price is now trading above $104,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $107,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
The first key resistance is near the $107,500 level. A clear move above the $107,500 resistance might send the price higher. The next key resistance could be $109,000.
A close above the $109,000 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $107,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $103,500 level.
The next support is now near the $102,800 zone. Any more losses might send the price toward the $100,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $104,500, followed by $103,500.
Major Resistance Levels – $107,000 and $108,500.
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