Bitcoin (BTC) Price 'Last Accumulation Zone' Indicated by Analyst Charles Edwards

News
Sun, 06/21/2020 - 14:39
article image
Vladislav Sopov
Blockchain analyst Charles Edwards of Capriole Investments, predicts a beautiful 'buy' opportunity for Bitcoin (BTC) traders. His estimations are based on mining data.
Bitcoin (BTC) Price 'Last Accumulation Zone' Indicated by Analyst Charles Edwards
Cover image via twitter.com
Contents

Charles Edwards believes that the Bitcoin (BTC) hash rate statistics are going to print a 'Buy' indicator very soon. However, we are still in the realm of miners' capitulation.

Last Weeks of Capitulation

According to Mr. Edwards, he is utilizing the forecast techniques designed by another top-notch cryptocurrencies analyst Preston Pysh. These estimations are based on the 'crosses' of moving average graphs, which show Bitcoin (BTC) hash rate statistics.

Charles Edwards reports 'Hash Ribbons' Buy indicator
Image via Twitter

According to his prediction, the capitulation period that started during the last days of May will end on June 27, 2020. 

With the buying momentum needing some time to gain steam, the 'Buy' indicator is based on the hash rate dynamics, which may appear a little bit later.

Due to the cyclic nature of Bitcoin's hash rate swings, situations of this type repeat periodically. Yet, this one may be specific. Mr. Edwards outlined that the accumulation in question looks like the previous one 'for a long time'.

Bullish by All Accounts?

It's interesting that the article that made the crypto community familiar with this methodology was already indicated by Mr. Edwards as a crucial period for buyers.

In his 'Hash Ribbons and Bitcoin Bottoms' thesis (published in November 2019), he clearly concluded:

Miner Capitulation doesn’t happen often, on average just once a year. (...) Suggesting we may see yet another wonderful buying opportunity again in mid-2020.

The predictions of Mr. Edwards have a way to fulfilling themselves. It was Capriole Investments' Founder who masterfully figured out the correlation between stocks and Bitcoin (BTC) during the toughest days of Q1 2020.

He is also the author of the Bitcoin Energy Value, a prediction that describes the progress of energy utilization in Bitcoin (BTC) mining. This prediction suggests that the price target of $100,000 for Bitcoin (BTC) is the target for flagship cryptocurrency between 2025-2026.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
article image
Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
Cover image via stock.adobe.com
Contents

While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)