Bitcoin hits new all-time high before crashing 14%, and 3 reasons ETH could hit $4K soon

Yesterday Bitcoin hit a new alltime high And then chaos Ensued good morning you're listening to The ryen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to understand why Bitcoin Hitting a new alltime high can be Considered a down day make sure you hit That follow button grab yourself a Coffee and let's get into It do I really need to do a rundown of Today's episode well I guess maybe I do Because yesterday was an all-time high For Bitcoin but it was complicated so We'll start with bitcoin's new price Record while Pro Bitcoin Traders were Still being cautious the near 15% Correction we saw within a matter of Hours before the price started swiftly Recovering it was all a bit chaotic so I've drafted someone in to help me Explain it then we'll end on a brilliant Piece which gives three reasons why Ethereum might hit a $4,000 price tag Someday Soon so history has been made we hit a New all-time high for Bitcoin well only Just a new all-time high but it was an All-time high and then it immediately Corrected drastically I mean it was damn Near instant but it was a new all-time High however fleeting and however narrow

The margins this was a Monumental moment For Bitcoin so let's break it all down Shall we after a 5% rally in 24 hours And a 21% rally over the week the World's first cryptocurrency hit a new All-time high of 69,00 1,324 according to coinbase bitcoin Poked its head through the barrier and Then was dragged down 14% to a low of $59,400 this is a bit of a shame because It's after you go into new all-time Highs that it gets interesting for the Uninitiated and UNF financy it's called Price Discovery and I'll let our writer Daniel Ramirez escad describe it Investors and Traders tend to check the Historical data of Any Given asset to Guide them in a trade once a new alltime High is breached the asset enters a new Phase where nobody knows what will Follow there are no resistance or Support levels to guide a Trader see That's the good stuff so to best cover What has happened I'm going to split the Analysis of it and the future of Bitcoin Into pros and cons gathered from Numerous trustworthy and knowledgeable Sources and articles all of the articles Are of course Linked In the description Below then after we've gone through all That we're going to look at what has Happened since that all-time high and Direction because after Bitcoin dropped 14% the volatility didn't slow down okay

We're going to start with the cons Though it's not necessarily a con it Depends on your perspective I suppose But the market around Bitcoin has Changed and to explain it to you I'm Going to pass you over to someone with An impressive background in finance and Our head of news Stu clarland yesterday Was a prime example of what I would Now Call The New Normal when it comes to Bitcoin institutional money big money is Now running the show G to the days of Fomo G to the days of of by the dip what You will see now are these slow Calculated moves within daily ranges you Can plot levels at pre-market highs Pre-market lows London open London close New York open New York close and watch Bitcoin move between these levels Respecting them reversing challenging Some pushing up a bit pushing down a bit But eventually just getting back to a Trend um yesterday was a down day we hit An all-time high which might seem uh a Contradiction in terms but absolutely Wasn't um if you're a big moneyer player That's exactly what you want you push Price above a key level an alltime high Is a huge level that Taps you into the Liquidity that's floating up there Liquidity is fuel um you pull those People into the market and then what do You do you drive price down so you take All that money you then take out the

People who are floating below the the Naysayers who think the B Bitcoin is Going to drop you take their money and Then you push the price back up it's as Simple as that we see it day after day In all markets um you only have to look At gold or any of the key currencies and This is what happened look at charts Around London open look at charts around The New York open and you'll see this Manipulation you'll see spikes and Sudden reversals uh and then the trend Set for the day was it any coincidence Yesterday that this alltime high was hit Just as New York was open of course not Uh the decision was already taken we'll Take that out and then we'll have a nice Down day and make plenty of money on the Way down um it sounds cynical it sounds Awful but I'm afraid that's how things Work so um as wonderful as Bitcoin ETFs Were I think it's very much now a case Of be careful what you wish for cuz it's Exactly what we've got uh Bitcoin is now Institutionalized it's now in the hands Of the big boys uh so we have to follow What they're doing so you see what I Mean I know a lot of people are going to See that as a con and part of me does But I think I'm still undecided either Way let's have a look at some of the Unambiguous Pros the obvious Pro we Should highlight is that this is the First time a new alltime high has been

Set in the runup to a harving event now A lot of credit for this from analysts Appears to be falling at the feet of the B Bitcoin ETFs the veteran crypto Investor and Bitcoin educator Chris Dunn Told us I think the ETF inflows were a Wakeup call to the world about the true Demand from Wall Street and investors Who have pent up demand for Bitcoin in Accounts where they can buy Spot ETFs Off the back of how impactful the ETFs Have been a research report shared with Us by bitfinex had some comments by Their analysts on what it might mean for The price of Bitcoin this year it read Our analysis forecasts a conservative Price objective of $$ 100,000 to $120,000 to be achieved by quarter 4 2024 and the cycle Peak to be achieved Sometime in 2025 in terms of total Crypto market capitalization a secondary Positive effect of the ETFs at least in Theory is the smoothing out of price Movements that is we might see less Volatility courtesy of the ETFs that Same bit Forex report noted the fact we Now have ETFs potentially means that any Decline following the top of the current Cycle could be less drastic than Previous downturns we saw a similar Stable trajectory in price after a huge Increase following the launch of gold ETFs so that's the pros cons and Analysis immediately after the new

All-time high but what has been Happening since well bitcoin's price has Been recovering nicely from that 14% Correction and it's been doing it pretty Quickly not quite as quickly as it fell But in a matter of 5 or 6 hours it made Its way back up to $66,000 again and at 6:00 a.m. eastern The price is $66,667 I liked how the popular Bitcoin Art hodler n described what happened on X they wrote this was a case of big Whales moving the market like a wave Sending thousands of overleveraged or Underformed small fish into their mouths The thing is the whales are still very Much splashing around material Indicators and Market data firm posted a Great piece about this on X it read on February the 28th Wales moved 50 $4 Million in BTC usdt bid liquidity on Binance from the $36,000 to $38,000 Range and turned it into a bu wall at $52,000 fire charts shows that today They moved more than half 27 million of That by wall and converted it into a bid Ladder that climbs from $60,000 to $65,000 material indicators added that Too early to tell if this will be the Extent of the pullback for now but it's Clear that a large entity either has Concern that price won't dip to $52,000 Or doesn't want to allow price to go That low so look I know all of this is

About as surprising as water being wet But it seems as though the whales are Massaging the price of Bitcoin to fit The shape they want it to whatever the Case though all indicators Point toward Another fascinating day for Bitcoin I Said yesterday that it looked as if a New alltime high was on the cards and I Honestly wouldn't roll out another one Today but at the same time with Volatility so high you just can't be Sure which way the wind will blow so I Want to put a question to you now we've Hit a new all-time high preh harving What do you think the peak price of Bitcoin will be in 2024 share your Predictions with me on @ cointelegraph And Ark bags on X and I'll save them and The closest guest will be showered in Agulation in December okay let's take a little break From Bitcoin and turn our attention to AUM it has been overshadowed by Bitcoin For some time now what with the ETFs and Atths but it's per performance has not Gone unnoticed by crypto Traders and Analysts Nancy lubar wrote a brilliant Piece yesterday that gave three reasons Why ethereum could hit $4,000 in the Short term and it's worth you knowing These reasons as always the full article Goes into way more depth and has charts So click the link in the description to Read it so firstly Nancy highlights the

Reducing Supply on exchanges data from The onchain market intelligence firm Glass node suggests that eth balances on Exchanges have reached a 20-month low of 13.14 million eth dropping 7.7% in the Past 90 days this can indicate a few Things but typically it means those eth Tokens are going onto self- custody Wallets to be huddled the second point Is regarding ethereum staking numbers According to June analytics over 31.58 Million eth worth nearly $120 billion is Being Stak on ethereum's proof of stake Layer protocol that is over a quarter of The supply of eth 26.3% to be precise That is locked away the third and final Reason why ethereum could hit $4,000 Someday soon is open interest we Discussed open interest yesterday and in The context of ethereum it refers to the Number of ethereum futures or options Contracts in the market that are Currently open it's a favored metric by Traders to get a sense of Market Sentiment Nancy wrotes increased demand For leverage resulted in a surge in eth Futures open interest which sat around 11.9 billion edging closer to the $13 Billion Peak witnessed on the 9th of November 2021 data from coin glass shows That ether Futures open interest broke Above $8 billion on the 12th of February After being pinned under this level for More than 2 years from there the open

Interest has jumped nearly 50% in less Than 2 weeks suggesting increased demand For leveraged eth positions now I should Mention that these short-term indicators Don't even factor in some of the major More long-term indicators like the Upcoming denune upgrade for the network And the spot ether ETFs so Bitcoin might Have the Limelight but there are plenty Of reasons to be positive about Ethereum yesterday was a dizzying day in Crypto and today is shaping up to be no Different but whatever happens all the Major narratives will be in your daily Debrief tomorrow morning so that is it For today consider yourself informed Thank you for listening to the ryen Crypto podcast by coin Telegraph if Enjoying these daily updates please make Sure you let us know by following Subscribing or leaving a review have a Great day let's do this again [Music] Tomorrow