- Bull Market Bytes
- Posts
- 📉 Bitcoin Dips – Bull Run Losing Steam? 💨 (12 Feb 2025)
📉 Bitcoin Dips – Bull Run Losing Steam? 💨 (12 Feb 2025)
👀 This $100B Wallet is Concerning! PLUS: Ethereum Continues to Drip, Grayscale Files Cardano ETF, Litecoin ETF Reaches 90% Approval & more!
Jonathan Hamblin
February 12, 2025
In partnership with
Today’s newsletter is brought to you by Analytica Investor! Join for expert research and exclusive insights in the energy, metals, mining, and tech sectors!
Welcome back to
BULL MARKET BYTES
Your byte of cryptocurrency insight where we find ourselves with another opportunity to buy the dip . . .
I guess I will have to resort to selling my Beanie Baby collection to fund this “opportunity”. 😂
Here is what we have for you today!
📊 CRYPTOCURRENCY ANALYSIS
Market Overview (7-Day) - Top Gainers & Losers!
Bitcoin Technical Analysis - Bull Run Still a Possibility?
What to Anticipate Next - Insight to Keep you One Step Ahead!
📌 BULL MARKET BULLETIN
Cryptocurrency Headlines - This $100B Wallet Draws Concern, Ethereum Continues to Drip, Litecoin ETF Reaches 90% Approval & more!
MARKET OVERVIEW (7-DAY)
BITCOIN TECHNICAL ANALYSIS
Bitcoin continues to tease us with the past memories of being over $100,000!
As we see the price continue to drop, there is one question that continues to loom over our heads . . .
Is the massive bull run still a possibility?
I mean, we did break Bitcoin’s all-time high multiple times - maybe that was all of the excitement for this bull run?
Now, let’s think more positive! There has to be more on the horizon, right?
Think about it, a coin called “Fartcoin” went parabolic to a market cap of $2.5B - so that must be a good omen . . . 😂
DON’T WORRY! We will cover where Bitcoin is and what we project moving forward, right after a word from today’s sponsor!
Diversified Crypto in One Stock – 60+ cryptocurrencies, one investment.
Gain exposure to 60+ cryptocurrencies in a single stock. DeFi Technologies (CBOE: DEFI OTC: DEFTF) offers broad access to the $3T crypto market—without the complexity of wallets or exchanges.
Thank you to Analytica Investor for sponsoring today’s newsletter!
Let’s start with an update on Bitcoin’s movement for February.
Last year, February ended with Bitcoin +43.55 . . . right now we are sitting at -7.10%.
That is 1% lower than our previous newsletter!
With Bitcoin’s continual drop in price, is this the part where we all throw our hands up and start running in circles screaming?
No, not yet . . .
🤔 Why are we optimistic? Pullbacks are bound to occur, especially when an asset goes from $69,000 to $93,000 in 7 days - as Bitcoin did last November.
Let’s direct our attention to Byte to see what insight he has for us on Bitcoin’s daily chart.
(BYTE) ⚠️ ALERT: Price detected in downward trajectory. Weekly decline: -3.21%. Projecting upward movement - Accuracy: 87.6%. Status: Monitoring fluctuations.
Thank you, Byte, for that boost of confidence . . .
As shown above, there are a couple of bearish things to keep in mind:
Support Was Broken
We are Following a Resistance Line
Ready for the bullish part? The outline in the gray above is a descending wedge!
Contrary to the “descending” part in the name - this is a bullish formation!
📊 What is a descending wedge? This formation is comprised of a continual movement on the downside with the result of upward movement!
Wondering how this will shake out for Bitcoin’s movement? Check out our “What to Anticipate” section below for more!
BUT BEFORE YOU DO! We need to cover a key variable in Bitcoin’s movement . . . the long/short ratio!
As a reminder for what the long/short ratio means . . .
Long Traders: Favor and Project Bitcoin Moving Upward
Short Traders: Favor and Project Bitcoin Moving Downward
Byte, take it away!
(BYTE) 📊 DATA ANALYSIS: Bitcoin’s 24-hour trader computation indicates imbalance. Majority favor short positions. Detected incoming upward fluctuations in long activity.
Thank you, Byte. He’s too smart for his own good . . .
Byte is right! We currently have a majority of Bitcoin traders with short positions - but we project that this will switch.
🤔 What would a long trader majority result in? We would see a stronger upward movement for Bitcoin.
This would result in less “short positions” to fight against and bringing the price back down.
🔮 When will long traders be the majority? As we approach the bottom of the descending wedge formation where the upward movement is projected!
Gotta’ love analytics! Speaking of . . . let’s take a look at what we are projecting next for Bitcoin’s movement!
🧠 Bullish Fact! Even though Bitcoin continues to decrease in value - we have formed a bullish formation!
WHAT TO ANTICIPATE
Last week, we took a look at Bitcoin’s daily and weekly charts and saw one major thing . . .
They contradicted as the daily chart showed a bearish projection and the weekly showed a bullish projection!
A refresher for those that missed it:
📉 For Bitcoin’s Daily Chart: We did break support which could eventually lead to the “pullback area” referenced above.
There is support around the $94,000 area - but if we don’t reclaim the support line, we will continue towards the final support at $91,247.39.
If this support fails . . . “welcome to the pullback area” may be the next thing that we see.
📈 For Bitcoin’s Weekly Chart: We are still holding support — but as we said earlier — we are on a VERY tight timeline!
⚠️ By the 17th of February, Bitcoin’s price needs to be $96,800 or higher!
Are we still focusing in on the 17th of February? Yes!
Bitcoin moving higher by the 17th of February would allow us to reclaim the support line shown in our daily chart above.
HOWEVER! We have a saving grace . . . the descending triangle formation!
📈 Why is the descending triangle important? It allows us more time for Bitcoin to bounce off of support!
As much as we hate to hear it . . . pullbacks are healthy, and Bitcoin was overdue.
📰 Our Overall Message: Do not lose faith in Bitcoin as it continues to drop in price . . . we still hold the “bullish area”!
On top of that, we have a bullish formation . . . what else could we want?
🧠 Don’t Forget! We have until the 25th of February to see the result of the descending wedge formation and if it will result in upward movement!
BULL MARKET BULLETIN 📌
Ethereum’s Price Slides for 10 Consecutive Weeks! There has been much promise around Ethereum - especially when it became the second cryptocurrency with a spot ETF. Projections show that Ethereum will continue towards $2,200 if selling pressure continues! 📉 However, there is a bright side. We saw massive Ethereum purchases during this dip in price - to include an Ethereum “whale” acquiring 5,382 ETH worth $14.5 million!
Grayscale Files to List Cardano ETF! It appears that we are seeing a massive influx of businesses pursuing the listing of various cryptocurrency ETF’s - and we love every second of it! On Monday this week, Grayscale — with over $60.8 billion in assets under management — filed to list a Cardano ETF on the New York Stock Exchange! 🤯 What are the chances that this becomes a reality?
Litecoin ETF Reaches 90% Approval Possibility! Oh, Litecoin . . . the less popular coin to Bitcoin even though it has faster transactions, lower fees, and is the most used cryptocurrency for transactions. Either way, we may be witnessing the soon to be 3rd cryptocurrency with a spot ETF! 😮 Odds for approval have increased to 90% with the final SEC deadline on the 2nd of October this year. Something makes us think we will have an answer sooner . . .
BONUS: The $100 Billion Wallet Becomes Concerning! The fun thing about Bitcoin is we don’t know exactly who the creator is. We only have a name - Satoshi Nakamoto. The not so fun thing is that the creator owns $100 billion in Bitcoin! 👀 Awesome to continuously think if it will all be sold overnight or not. A Coinbase executive has now claimed that their rival cryptocurrency exchange may know the identity of Satoshi Nakamoto.
DID WE HIT THE BULLSEYE? |
