Bitcoin HODLers Among Whales on the Rise

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Bitcoin whale entities are on the verge of making a comeback.
How will this help Bitcoin HODLers?

Bitcoin whale entities are making a comeback into the crypto market. They are a single network participant who controls a cluster of addresses. They also hold a large number of bitcoins. Their movements in the crypto market have the potential to manipulate currency valuation. The number of coins owned by the whale entities rose by 80000 to 4.216 million BTC on July 2, 2021, the highest level since May 2021. The number of whale entities has also jumped to a three-week high of 1,922.

The whale entities held a record high balance of 4.543 million BTC on Feb 8, 2021. Following this, BTC reached an all-time high of $64,829 in mid-April. Then the entities commenced selling, and subsequently, their balance declined to 4.12 million BTC.

Now, these whale entities are on the verge of growing their BTC balance. A single trade made by these whales can cause enormous price changes. And that’s a piece of good news for the Bitcoin HODLers. The last time when the whale entities increased their wallet balance, demand for BTC climbed high and, it increased the price. If these entities keep adding more BTCs to their pocket, it’s going to be a great thing for Bitcoin HODLers. Because the HODLers might as well enjoy the bull run.

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The Buzz Around Samourai Is Getting Real; Here’s Why

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In 2015, two developers, Keonne Rodriguez and William Hill embarked on creating a Bitcoin Wallet with privacy on steroids. The project took off intending to align with the underlying principles of Bitcoin: security, transparency, privacy, fungibility, and decentralization. Fast forward to today, the buzz around the Samourai is at its peak at a time when the big guns are continuously monitoring the everyday behavior of individuals.

At present, many state actors are actively seeking to erect a cordon around the illicit activity that relies on cryptocurrencies. However, some of these initiatives are hampering the adoption of cryptocurrencies that prioritize privacy. For example, in 2018, the US Department of Homeland Security called for ways to circumvent privacy protections in some of the privacy-enhancing cryptocurrencies. In another instance, in 2020, the US proposed regulations that required exchanges to report all personal information of a person making transactions of more than USD 10,000 in a day. Samourai is a project aimed at protecting users’ privacy as much as possible amidst this regulatory ambiguity. The founders are dedicated to standing by the principles of Bitcoin as they themselves have stated:

“We are privacy activists who have dedicated our lives to creating the software that Silicon Valley will never build, the regulators will never allow, and the VCs will never invest in. We build the software that Bitcoin deserves.”

Samourai goes one step further by offering the Whirlpool feature to provide transactional privacy on the street. Whirlpool implements the CoinJoin protocol to mix Bitcoin directly within the mobile wallet. At its core, Whirlpool involves collaborative transactions between five participants. This makes it almost impossible to determine which output belongs to which input. It adds a critical layer of privacy on top of Bitcoin when Bitcoin privacy demand is shooting up globally.

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Biggest Ever Difficulty Adjustment of Bitcoin Network, Just Happened

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The Bitcoin Network witnessed a 27.94% drop in the mining difficulty

Why the sudden drop?
What are its implications?
What lies ahead for miners and mining businesses?

Bitcoin network has seen the biggest ever drop in its difficulty adjustment today. The difficulty has changed from 19.93 T to 14.36 T at block 689,472, a staggering 27.94% decline in processing power requirement for block discovery.

Bitcoin network algorithm is programmed to self-adjust the difficulty to keep its average target time around 10 minutes to mine a block. Mining difficulty adjustment occurs whenever 2016 blocks have mined to the network. It is the measure of how difficult it is to mine a new block in the network. The difficulty is proportionate to the time taken to find the correct hash for each block. Adjustment of difficulty depends on the average time and hash power for every 2016 blocks of the mining network.

The average time at block 689472, when the difficulty adjustment took place, was around 14 minutes. The increase in target time is due to the drastic fall in hashrate from 180.666m TH/s on May 14, 2021, to 87.621m TH/s as of July 2, 2021, following China’s Bitcoin crackdown. This 50% decrease in hashrate accounted for the increment in the target time.

The latest 27.94% decline in difficulty would bring down the block mining time close to 10 minutes. This decline in difficulty benefits the miners who currently operate. They will generate more profit until the Great mining migration gets completed and their hash power comes back online.

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Kraken’s Jesse Powell Doubles Down on Huge Year-End BTC Price Prediction

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Jesse Powell, CEO of crypto exchange Kraken, is doubling down on his huge year-end price prediction for Bitcoin despite the deep pullback that saw BTC losing over 50% of its value from the all-time high.

In an interview with Bloomberg, the Kraken chief says he stands by his previous statements that by the end of 2021, one Bitcoin will be worth around one Lamborghini.

“I stand by that. So look, you can buy a Ford delivery of a Lambo now at a discount, a cheap $37,000. Lots of people are buying the dip. Personally, I’m Googling how to sell my kidneys at this point. Turns out it’s illegal…

I think people are getting ready to go on ramen diets to buy Bitcoin at these levels. I think just everything with what’s happening in Miami right now, the excitement around the space is so hot. I think people see this growing massively. So I’m not worried about this little dip. We’ve seen this over and over. Crypto is a rollercoaster. You got to be able to have an iron stomach to tolerate the ride, but the gains are massive for those who can handle it.”

Powell adds that new investors should not be betting their rent money on Bitcoin and should not view it as a week-to-week swing trade. According to him, a five to 10-year time preference is the best way to go for Bitcoin investing.

“People should absolutely not be betting any more than they can afford to lose. It’s still a very risky investment. But obviously over time, if you look at the chart, ten years ago Bitcoin was trading at a dollar, today $36,000. Year-over-year it’s up 200%, so long term, it’s an absolutely fantastic investment from my point of view.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Top Analyst Unveils Massive Price Targets for Bitcoin, Ethereum, Cardano and Polkadot

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A closely-followed crypto trader is revealing his giant price targets for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Polkadot (DOT).

In a new tweet, the pseudonymous trader known as Capo gives his 129,000 followers an initial price target for ADA in the $3.00 to $4.00 range and a staggering long-term target of $30.00.

“Friendly reminder just in case you forgot how bullish ADA looks.”

Based on recent price action following the big crypto correction that began last month, Capo sees a bottom forming in Ethereum (ETH). The trader says he still expects Ethereum to ascend to $10,000 before 2021 expires.

I still think we will see $ETH above $10k this year

— il Capo Of $NOIA (@CryptoCapo_) June 6, 2021

When it comes to Polkadot, Capo compares DOT’s price action to the Nasdaq 100 Index right before it rallied hard in September 2011. Based on Capo’s charts, DOT could continue consolidating before blasting off and hitting his long-term price target.

“DOT to $100.”

As for Bitcoin, Capo is using Elliot Waves to predict a parabolic rally in the coming weeks. The Elliot Wave theory predicts future price action based on crowd psychology that tends to manifest in waves.

Capo says that Bitcoin is currently in the midst of the fourth wave, which indicates a corrective period in a bull market. After the pullback, the trader predicts a massive rally for BTC that falls just short of $230,000 before the end of 2021. The target represents an upside potential of 600% from Bitcoin’s current price of $32,828.

“WXY (red) for the major wave four.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Cardano (ADA) Price Analysis: Risk of More Downsides Below $1.4

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ADA price started a fresh decline after it failed to surpass $2.0 against the US Dollar.
The price is now trading well below the $1.65 zone and the 55 simple moving average (4-hours).
There was a break below a key bullish trend line with support near $1.68 on the 4-hours chart (data feed via Bitfinex).
The price is declining and it could even slide further below $1.40 in the coming sessions.

Cardano price is struggling to hold gains above $1.50 against the US Dollar, similar to bitcoin. ADA price remains at a risk of a sharp decline towards the $1.20 support level.

Cardano Price Analysis

This past week, cardano price made an attempt to clear the $1.90 and $2.00 resistance levels against the US Dollar. The ADA/USD pair failed to continue higher above $1.90 and started a fresh decline.

A high was formed near $1.89 before there was a drop below $1.80. There was a break below a key bullish trend line with support near $1.68 on the 4-hours chart. The pair declined below the $1.65 support level and settled well below the 55 simple moving average (4-hours).

The bears pushed the price below the 61.8% Fib retracement level of the upward move from the $1.33 swing low to $1.89 high. The price is now struggling to stay above the $1.50 support zone.

The next key support is near the $1.47 level. It is close to the 76.4% Fib retracement level of the upward move from the $1.33 swing low to $1.89 high. A clear break below $1.47 could set the pace for more losses towards the $1.35 support. The next major support could be near the $1.20 level, where the bulls are likely to take a strong stand.

An immediate resistance on the upside is near the $1.60 level. The next major resistance is near the $1.65 level and the 55 simple moving average (4-hours). A clear break above the $1.65 level could open the doors for a steady increase.

Cardano (ADA) Price

The chart indicates that ADA price is clearly trading well below $1.650 support and the 55 simple moving average (4-hours). Overall, the price is declining and it could even slide further below $1.40 in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is now gaining pace in the bearish zone.

4 hours RSI – The RSI for ADA/USD is now below the 50 level.

Key Support Levels – $1.47 and $1.35.

Key Resistance Levels – $1.65 and $1.80.

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As Bitcoin and Crypto Markets Retreat, On-Chain Analyst Says Major Shift Happening Behind the Scenes

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Popular on-chain data analyst William Clemente is unveiling what he sees happening behind the scenes as Bitcoin and the broader crypto markets correct.

In the last 24 hours, Bitcoin (BTC) has continued to flash signs of weakness as it trades at $32,793, down nearly 10% at time of writing. Ethereum is following Bitcoin’s lead as the leading smart contract platform has lost 10.64% of its value in the same timeframe.

With the crypto market struggling to sustain any bullish momentum, Clemente tells his 99,700 Twitter followers that sellers in the BTC market are starting to show signs of exhaustion.

“For over two weeks now, the market has been selling at a loss. However, this process seems to be almost done.”

The analyst notes Bitcoin is being withdrawn from exchanges at the highest rate since November and that selling from short-term holders is now being absorbed by long-term holders.

“Long-term holders (LTH) are accumulating while short-term holders sell (STH). But here’s where it gets interesting: in the last month, selling from STHs has offset buying from LTHs. However, in the seven days, buying from LTHs is now offsetting selling from STHs.”

Clemente adds that he expects Bitcoin to continue consolidating as new market entrants capitulate.

“New market participants are still selling BTC at a loss, but these short-term holders are no longer outpacing the rate that long-term holders are buying. This process will take a while to finish. For now, patience.”

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