Analysts Turn Bearish on Bitcoin Price

According to CryptoQuant founder Ki Young Ju, there is a growing bearish sentiment among leading Bitcoin analysts. This shift is primarily attributed to the prolonged period of consolidation in Bitcoin’s price, which many experts view as a sign of potential continued decline.

Ki Young Ju expressed his feelings of isolation as optimism wanes among his peers. “My favorite analysts turned bearish. I feel lonely,” he commented. Despite this, he remains cautiously optimistic about a potential rebound, although he acknowledges the consensus now leans towards further price weakness.

Robert Kiyosaki’s Surprising Move

In a surprising turn, Robert Kiyosaki, the famous author of “Rich Dad, Poor Dad,” has also voiced his concerns by liquidating a portion of his Bitcoin holdings. Kiyosaki, known for advocating Bitcoin as an inflation hedge, shocked the community with his decision to diversify into other investments.

His absence of commentary on Bitcoin via his social media platform, X, during this downturn contrasts sharply with his past eagerness to discuss the asset during bullish phases.

Technical Challenges Facing Bitcoin

Currently, the Bitcoin Price stands at $87,448.61, reflecting a 1.36% drop over the past 24 hours. The market has witnessed a reduction of over $2,000 in this period, with trading volumes also decreasing by 16.9% to $27.8 billion.

Technical analysis suggests caution, as Bitcoin risks forming a ‘death cross’, which could push the price towards the $67,000 mark. However, support levels at $80,600 and $74,111 may provide some relief, preventing a steep nosedive.

Optimism Amidst Bearish Sentiment

Despite the prevailing bearish outlook, some community members remain hopeful, viewing the current decline as a strategic opportunity for accumulation. Historical data indicates that bearish phases often precede significant rallies, providing a glimmer of hope for future price recovery.

Ultimately, while the short-term picture for Bitcoin appears challenging, long-term believers continue to hold onto their optimism, suggesting that the current market dynamics might just be another phase in the cryptocurrency’s volatile journey.

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Analytics company Bitcoin Vector asserts that despite the slowed momentum, a range of onchain metrics demonstrate Bitcoin’s cycle is not exhausted. “The momentum has decelerated, but the structure and fundamentals remain solid,” the firm stated in a recent post. They further added, “This is not a peak. It’s a coiled setup with support underneath.”

The Bitcoin Fundamental Index (BFI), which tracks network growth and liquidity, remains robust. Bitcoin Vector explained that while the BTC price is compressed, “fundamentals are taking a breather, not weakening.”

Swissblock, a private wealth management firm, echoed this sentiment, stating that Bitcoin’s price is “maintaining a bullish structure” in spite of consolidation within a narrow range of $116,500 and $120,000 since July 15.

Swissblock also highlighted Bitcoin’s short-term holder (STH) cost basis, indicating that these holders are still active and far from exhaustion. The STH cost basis refers to the average purchase price of investors who’ve held Bitcoin for less than 155 days.

On July 14, the price reached the “heated” band of this metric at its current peak but did not cross into the overheated zone. If it ascends to retest the upper band, it could establish new all-time highs at $138,000.

Meanwhile, CoinGlass’s bull market peak signals are not detecting any signs of overheating. These signals monitor 30 potential selling triggers to predict long-term BTC price tops. Currently, none of them are indicating a peak signal.

In conclusion, despite the cryptocurrency’s consolidation below all-time highs, the majority of indicators suggest that there is still room for growth before reaching a peak. However, as with all investments, potential investors should conduct their own research before making any decisions.

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Weslad suggests that Ethereum is on the verge of completing a massive ABCDE wave structure within a years-long “symmetrical pennant.” This implies that a major price shift is imminent.

In a recent analysis, Weslad noted that Ethereum’s price movements since hitting its all-time high of $4,851 have formed a significant consolidation pattern. He believes that this pattern is nearing a crucial turning point, referred to as wave D, where it is challenging its upper limit.

Simultaneously, an optimistic Inverse Head and Shoulders (IH&S) pattern is surfacing on the daily chart. The neckline of this pattern is posing as a solid resistance near $2,855. This technical combination implies a potential market surge, with Weslad stating:

“A confirmed breakout above the neckline [$2,855] would likely validate both the IH&S and the breakout from wave D, setting the stage for a potential expansion move toward the $6,000 target and beyond.”

Jeremy Fielder, another strategist, supports Weslad’s bold prediction, stating in a recent video that Ethereum could reach $6,500 by year’s end and possibly $10,000 in early 2023. Fielder’s prediction is based on the growing acceptance of Web3 and a favorable regulatory shift.

While not as ambitious as Weslad’s and Fielder’s predictions, market watcher Titan of Crypto’s $4,100 target is also plausible. This is based on Ethereum successfully bouncing back within its vital weekly trading range, indicating that momentum is building towards the range high.

However, Weslad also warns of a potential bear trap. If Ethereum faces resistance at the crucial $2,855 neckline or the upper limit of the pennant, a decline into wave E could occur. This could potentially lead to a 40% price drop, dragging the price down to a “high-confluence demand zone” ranging from $1,400 to $1,800.

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Circle, based in New York, saw its share price increase by 4% in early trading following its market debut at $69 per share. This was the first significant IPO by a stablecoin issuer and marked the largest crypto listing since Coinbase in 2021. The company initially priced its IPO at $31 per share.

The offering was led by J.P. Morgan, Citigroup, and Goldman Sachs. As the quiet period mandated by the industry ended, Barclays, Bernstein, Canaccord Genuity, and Needham initiated coverage, giving ‘buy’ ratings and price targets above $200. These analysts are banking on the swift worldwide adoption of stablecoins, as they continue to gain momentum and take on a pivotal role in the traditional financial landscape.

However, J.P. Morgan and Goldman Sachs expressed concerns about Circle’s high valuation, considering the stock’s swift ascent post-IPO. Goldman started with a ‘neutral’ rating and an $83 price target, and J.P. Morgan gave an ‘underweight’ rating with a $80 price target, implying a 56% downside from the stock’s last close of $180.43.

“While we see potential for strong long-term industry adoption of stablecoins, the range of outcomes are very wide and likely to create substantial volatility in earnings revisions and the share price for at least the near-to-intermediate term,” added analysts at Deutsche Bank.

Overall, the consensus on Circle’s future remains divided among Wall Street’s top analysts.

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ETF analyst Eric Balchunas declared in a recent post, “All systems are ready for immediate launch,” following the submission of a fully completed updated prospectus by REX Shares.

ETF Store president, Nate Geraci, also expressed his optimism on the same day. He suggested that the SEC seems “comfortable” with REX Shares’ unique business structure used within the fund. This structure, a rare c-corp, had previously been pointed out by the SEC as conflicting with the 6C-11 rule, also known as “the ETF rule.”

According to Geraci, “It seems like they are confident in proceeding with their innovative ’40 Act structure.” He also added, “Here we go,” indicating the imminent launch of the ETF.

ETF analyst James Seyffart echoed this sentiment, noting that REX Shares’ approach to structuring their Solana (SOL) staking ETF proposal was “very unusual in the ETF world”. This approach allows them to bypass the standard 19b-4 filing process used by most other ETF providers for staking products, many of which are still awaiting a decision from the SEC.

On a positive note, Geraci announced on Friday, “It seems like they believe the comments have been resolved,” hinting at an imminent launch of the ETF. He added, “Crypto ETF summer commences.”

REX Shares revealed that “the first-ever staked crypto ETF” in the US is forthcoming. This REX-Osprey SOL and staking ETF aims to track Solana’s performance while generating yield through on-chain staking. REX Shares announced, “A new era of yield-generating crypto exposure is here.”

Staking has been eagerly awaited by many in the ETF industry. Earlier this year, Robbie Mitchnick, BlackRock’s head of digital assets, described the firm’s Ether ETF as a “tremendous success,” though he acknowledged the lack of staking as a key limitation.

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Analysts are pointing out that Dogecoin’s drop to $0.142 aligns perfectly with an increasing trend of higher lows. According to their analysis, this dip struck a multi-year trendline that originally appeared back in October 2023. Back then, prices experienced a similar dip before bouncing back.

Once Dogecoin stabilized, it entered an upward channel, consistently forming higher highs and higher lows on the weekly chart. Crypto analyst WIZZ believes that Dogecoin’s next upward trajectory could kick off in July. Assuming current support holds, they propose that DOGE could gain momentum and aim for the wedge’s pinnacle – hitting $1.

The analyst’s chart indicates a potential rally to $1.40, representing a 740% surge from today’s levels and smashing past the long-anticipated $1 mark. This isn’t the first time experts have aimed for $1 for Dogecoin. Galaxy Research had set the $1 target before the end of 2025.

On his end, Javon Marks anticipates DOGE surpassing $1.25 by following a bullish continuation pattern. Other experts have predicted a 500% increase following a falling-wedge breakout in March. However, critics warn that DOGE lacks the fundamental backing of tokens underpinning major networks.

Its price largely oscillates based on community zeal and hype. If Bitcoin or the wider crypto market takes a downturn, Dogecoin could experience sharper drops than more mature assets. Traders need to be aware of this scenario and set clear profit targets and tight stops.

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The announcement of steep tariffs led to a slide in S&P 500 futures by over 2%, wiping out more than $2 trillion in market capitalization. Bitcoin, which was rallying around $88,000 just before the news, propelled by delay rumors, retracted these gains post the tariff news, falling to $82,000. Currently, the leading cryptocurrency is priced around $83,000 per coin, as the total digital asset market cap has shrunk by over 4% in the past 24 hours, according to The Block’s price page. Major altcoins such as Ethereum and Solana also plunged by over 6% on Wednesday, hitting multi-month lows.

However, analysts like Valentin Fournier, Lead Analyst at BRN, and David Hernandez, Crypto Investment Specialist at 21Shares, see opportunities amidst the chaos. They believe that the tariffs’ clarity could stimulate institutional demand and renew buying activity, ultimately leading Bitcoin to regain momentum and potentially reach $90,000 in the near future.

Meanwhile, Bitcoin exchange-traded funds in the U.S., headed by BlackRock, recorded $218 million in inflows on Wednesday, a significant uptick from the net outflows of $157 million the day prior. Still, Ethereum continues to see outflows, indicative of ongoing investor skepticism.

Thomas Perfumo, Global Economist at Kraken, argues that despite the prevalent belief that institutional adoption will temper crypto volatility, the market’s pattern of boom-and-bust cycles is far from over. He suggests that the volatility observed is merely a manifestation of mainstream adoption of this digitally scarce asset class and that these patterns will persist until adoption reaches a critical mass.

Disclaimer: The Block operates independently to provide objective and timely information about the crypto industry. Foresight Ventures, a majority investor of The Block, also invests in other companies in the crypto space. This article is meant for informational purposes and not as financial or other advice.

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Let’s consider the figures: More than 11 million addresses are currently holding Solana’s SOL token, hitting an unprecedented peak. This trend indicates an increase in the number of participants, further enriching Solana’s adoption.

Record-Level Network Adoption

More SOL holders essentially mean a more robust foundation for the Solana network. As market experts often say, a firm foundation is a precursor to greater developments. An increase in the number of token holders signals more activity and faith in Solana’s long-term prospects.

This significant milestone underlines the ongoing expansion of the Solana ecosystem and its appeal to a broader demographic. The latest data represents a remarkable accomplishment, showing a significant expansion in the network’s user base.

The Influence of Futures ETF Launch

The introduction of futures ETFs could potentially give Solana’s price a significant boost. It’s an indication that heavyweight investors are beginning to pay attention. Furthermore, these ETFs simplify the process for a wider audience to invest in Solana.

While the market’s initial response to these financial instruments has been mixed, many are confident that they will ultimately benefit Solana by attracting more capital and enhancing its prominence among investors. Following the launch of these ETFs, SOL’s price experienced a brief surge, exceeding $136.

Growing Institutional Interest

In addition to ETFs, Solana is gaining increased attention from significant investors. This signals their confidence in Solana’s technology and future potential. When major investors get involved, it often stabilizes prices and promotes growth.

This shift towards broader acceptance could potentially catalyze Solana’s price recovery to the $200 mark.

Analysts Predict Increased Price Growth

Investment analysts are keenly observing whether these factors will indeed lead to a significant price surge for Solana. The combination of a growing user base and the entrance of larger investors paints a bright future for the cryptocurrency.

According to some analysts, these factors could provide long-lasting support for Solana’s value, potentially pushing it towards the $200 milestone in the near future. The market continues to monitor Solana’s performance and the ongoing developments in its network and the broader financial ecosystem.

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According to estimates from FactSet, the revenue for the fourth quarter is projected to be $1.8 billion, a considerable increase from $1.26 billion posted in Q3. Earnings per share are anticipated to have ascended to $1.99 from $0.41.

A significant factor contributing to this boost is the large crypto rally following the presidential election of Donald Trump. Analysts predict that the exchange volume could have escalated to $195.9 billion in the last quarter, up from $185.3 billion in Q3. This would be the strongest quarterly outcome since Q4 of 2021.

Analysts from Citi bank maintain a positive outlook on Coinbase, noting that the company is well-positioned to benefit as crypto potentially transitions into a new era. Despite their bullish stance, the Citi team projects Q4 revenue to be $1.7 billion, slightly below the consensus estimate of $1.8 billion.

While crypto and Coinbase experienced numerous triggers in the final part of 2024, predictions for 2025 remain uncertain due to the typically slow effect of policy changes, according to some Wall Street analysts.

Coinbase has been focusing on diversifying its revenue stream, with 50% still coming from trading fees. However, retail traders, who pay the highest trading fee, have not returned to 2021 levels, as per Kaiko’s research. As a result, transaction revenue continues to be affected.

Citi suggests that Coinbase could address this issue in 2025 by further embracing tokenization of assets, smart contract applications, and Web3, among other strategies. This evolution will be crucial for Coinbase’s growth trajectory, the bank’s analysts noted.

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Luca, a crypto analyst on platform X (previously Twitter), is pondering if history is about to replay itself as similar past market trends resurface in the current cycle. Luca shared two parallel charts tracking the Bitcoin Dominance market capitalization and the onset of the altcoin season.

The charts juxtapose the BTC.D market cap in the 2021 and 2025 cycles, disclosing a strikingly similar pattern from the bull market in 2021. At that time, numerous investors expected the altcoin season to kick off as soon as BTC.D hit a high-timeframe resistance. Contrary to market expectations, Bitcoin’s dominance shot above the resistance, causing a widespread sell-off in altcoins.

Fast-forward to 2025, Luca thinks this narrative is reoccurring. When BTC.D slid below the 61% resistance zone, the market was hopeful of a shift towards altcoins. However, BTC.D made an unexpected climb, deviating again and setting off a massive altcoin capitulation.

Luca’s Bitcoin Dominance chart indicates the resistance zone where BTC.D had difficulty breaking through in 2021 and 2025. In both cycles, BTC.D deviated from this resistance level. After the shift in 2021, Bitcoin’s dominance dropped drastically to the green zone between 58% and 60%. This zone coincided with a significant rally that ignited the beginning of the altcoin season.

In the 2025 BTC.D chart, Luca points out the next green zone to be around 54.56%. If history repeats itself, BTC.D might plunge to this low level and possibly trigger a similar rally to initiate this cycle’s awaited altcoin season.

Currently, the market is keenly observing BTC.D to see its next move, which could determine the future of altcoins in this bull market. The critical question remains: will history repeat itself, or will the 2025 cycle follow a new trajectory?

On a contrasting note, Brucer, another crypto analyst on X, contends that the altcoin season might not take place during this cycle. He lists three primary reasons, emphasizing that previous altcoin seasons were catalyzed by significant events like the 2017 ICO boom. However, each cycle varies and may not reproduce the same conditions that led to past altcoin seasons. Brucer also observes that altcoins are currently finding it hard to recover previous highs while Bitcoin’s dominance keeps soaring, now hovering above 60% market cap. Lastly, he suggests that an altcoin season in 2025 is improbable unless there are substantial macroeconomic changes.

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