Bitcoin (BTC) Price May Enter Ultra-Bearish Season Soon, Multi-Year Analysis Shows

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Sat, 06/27/2020 - 14:40
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Vladislav Sopov
Corporate lawyer and cryptocrrencies trader Levi Ackerman unveiled a grim Bitcoin (BTC) price analysis for the bulls. This pattern played out for nine years in a row!
Bitcoin (BTC) Price May Enter Ultra-Bearish Season Soon, Multi-Year Analysis Shows
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Levi Ackerman summarized the mid-term results for Bitcoin (BTC) and the price performance for the summer months between 2011-2019 and figured out that the king coin was losing a minimum of 30%.

Bloody Summer

Mr. Ackerman demonstrated nine Bitcoin (BTC) price charts to showcase its typical performance over the last nine years. According to his tweet, every summer has brought about at least one bearish cycle with a price collapse of 30-60%.

Levi Ackerman summarized Bitcoin (BTC) price performance in 2011-2019
Image via Twitter

The most merciless collapse occurred in about nine years ago (Summer 2011). The price Bitcoin (BTC) lost almost 60%, which can be compared to the recent Black Thursday free-fall.

The last three drops were less sensitive, and the net loss for Bitcoin (BTC) managed to stay between 30% and 31%. In 2015, Bitcoin (BTC) came through two consecutive bearish rallies, which resulted in real drama for all Bitcoin (BTC) holders.

Mr. Ackerman asked the most influential traders of Crypto Twitter about their opinions in regard to this tendency, e.g. Michael van de Poppe and Teddy Cleps.

Bulls Should Be Careful, But Not Panic

Dutch cryptocurrencies analyst, trader, and educationist Michael van de Poppe claimed that this is nothing but a 'new narrative'. He recalled that last week, the community was afraid of a possible downward movement caused by a massive futures expiration.

Michael van de Poppe called this tendency 'a new narative'
Image via Twitter

As previously covered by U.Today Crypto News, Mr. van de Poppe dismissed the idea of a bloodbath caused by a futures expiration. According to him, traders will just open new contracts and this long-awaited moment may bring only "intra-day volatility".

However, Mr. van de Poppe indicated new crucial levels for bulls to hold, and is currently located in the sub-$9,000 waters.

All depending on holding $8,600-8,800. If we do, we've got a hidden bullish divergence (I don't do much with them regularly). And another HL. The next test of $10,500 = very likely breakout. Losing $8,600 -> invalidation.

So, the bulls shouldn't brace themselves for double-digit drops, but the last support level is down only 6% from the current price of Bitcoin (BTC), which is at $9,159.

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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
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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
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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.

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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.)