Analysts Predict Bitcoin May Fall to $33K Before Climbing, While Pandoshi Expected to Surge 2500% Up
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Analysts Predict Bitcoin May Fall to $33K Before Climbing, While Pandoshi Expected to Surge 2500% Upon Debut
Bitcoinist by Bitcoinist
4 hours ago
Crypto market experts, including Michael van de Poppe, have provided intriguing insights into the near future of Bitcoin, predicting a potential dip to the $33,000 range before a significant rebound around the time of its next halving event in April 2024. Meanwhile, the emerging cryptocurrency project Pandoshi is generating buzz with predictions of a remarkable 2500% increase from its initial offering price of $0.01 to $0.25 at launch.
Bitcoin’s Projected Path
Michael van de Poppe suggests that Bitcoin may experience a period of sideways movement, trading between $48,000 and $50,000, echoing Chris Burniske’s prediction of a market consolidation influenced by adoption rates and broader economic conditions. Van de Poppe anticipates a downturn for Bitcoin, dropping to between $33,000 and $38,000, just as altcoins begin to move independently from Bitcoin. This decline is expected to be a precursor to a significant rally, with predictions of Bitcoin surpassing its 2021 peak of $69,000.
The Rise of Pandoshi (PAMBO)
Pandoshi stands out with its robust decentralized platform, having already raised over $5 million privately and selling 90% of its ICO tokens before public trading. Its underlying technology, PandaChain, promises exceptional speed and cost efficiency through its Proof-of-Stake layer 2 blockchain, featuring cutting-edge protocols for enhanced scalability and privacy.
Innovative Features and Adoption
Pandoshi is set to revolutionize the market with its deflationary tokenomics model through a buyback-and-burn strategy, reducing supply and potentially increasing value over time. It offers immediate utility with products like the Pandoshi Wallet for Android and plans for an iOS version, alongside confirmed listings on major centralized exchanges and Uniswap.
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Pandoshi differentiates itself from typical meme coins by combining top coin features with significant utility and sustainability. Its strategic positioning aims for rapid adoption within the crypto community and mainstream industries, setting the stage for its forecasted explosive growth.
Conclusion
As Bitcoin navigates through uncertain waters in the coming months, Pandoshi emerges as a promising opportunity, poised for significant growth with its solid fundamentals and practical applications. The presale phase presents a potentially lucrative opportunity for investors to participate in Pandoshi’s journey from the ground up.
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Click Here to Participate in the Pandoshi Presale
Visit the links below for more information about Pandoshi (PAMBO):
Website: https://pandoshi.com/
Whitepaper: https://docs.pandoshi.com/
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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Bitcoin
Bitcoin Breaks $52,000 As Institutional Buying Continues
Keshav Verma by Keshav Verma
2 days ago
Bitcoin has broken above the $52,000 mark as data shows that institutional traders have continued to apply their buying pressure on the asset.
Bitcoin Coinbase Premium Is Notably Positive Right Now
According to CryptoQuant founder and CEO Ki Young Ju, institutional brokers have been buying on Coinbase to fulfill their clients’ Bitcoin purchase orders.
The metric of interest here is the “Coinbase Premium Index,” which keeps track of the percentage difference between the BTC prices listed on cryptocurrency exchanges Coinbase and Binance.
Related Reading: Crypto Futures Bleeds $221 Million As Bitcoin Breaks $51,500
The former is popularly known to be used by American institutional entities, while the latter has a more global user base. As such, this metric can provide us with hints about the differences in these two demographics’ buying and selling behaviors.
Here is a chart that shows the trend in the Coinbase Premium Index for Bitcoin over the past couple of weeks:
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Bitcoin Coinbase Premium Index
The value of the metric seems to have been quite positive in recent days | Source: @ki_young_ju on X
The graph shows that the Bitcoin Coinbase Premium Index has been mostly at positive levels during the past week. This would suggest that the price listed on Coinbase has stayed higher than on Binance.
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Such a condition forms when the buying pressure from the former’s users is greater than that of the latter. Alternatively, it can also appear when the selling pressure on the former is just lower.
The latest positive values, though, have occurred as the Bitcoin price has been marching up, meaning that net buying has been taking place in the market. As such, the green Coinbase Premium Index suggests the presence of relatively high buying pressure from US-based institutional traders.
During the first week of the month, the indicator had been negative, and the price had been consolidating sideways. As the metric rose towards positive levels, however, this latest Bitcoin run kicked off, implying these large entities’ role in the market right now.
The data of the cumulative returns broken down by session also indicates that American investors have indeed been the drivers behind the price rally. Below is a chart shared by Reflexivity Research co-founder Will that shows this trend.
Bitcoin Returns By Session
The data for the cumulative returns by session for the asset over the last few months | Source: @WClementeIII on X
It would appear that Bitcoin has observed the most positive returns during American trading hours over the last few months, further confirming the presence of exceptional buying pressure from US-based entities.
Related Reading: Bitcoin Outflows From Coinbase Ramp Up, Bullish Signal?
Given the relationship that institutional behavior on Coinbase and the BTC price has held recently, the premium could be to watch in the coming days, as staying positive could potentially mean a continuation of the rally. At the same time, a dip into the negative territory would suggest these entities have taken to selling.
BTC Price
Following the latest continuation to the rally, Bitcoin has now broken above the $52,000 mark, as the chart below shows.
Bitcoin Price Chart
Looks like the asset's price has been rapidly going up over the last few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, VeloData.app, chart from TradingView.com
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Keshav Verma
Keshav Verma
Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.
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