1. Here’s When A Huge Altcoin Season Could Begin, According To Crypto Analyst Jason Pizzino
Closely-followed crypto strategist Jason Pizzino is predicting when the altcoin market could again run in a big way.
In a new strategy session, Pizzino says His 286,000 YouTube subscribers say some altcoin projects could take another 12 months to launch, as was the case between December 2020 and May 2021.
Pizzino says only when bitcoin dominates (BTC.D) will begin to weaken as soon as altcoin season begins.
“I suspect we won’t see this type of massive altcoin season for at least the next 12 months. As you can see, it is the beginning of 2021. So maybe it’s early 2025 or late 2024.
The bitcoin dominance index tracks how much of the total crypto market capitalization belongs to bitcoin. A bullish BTC.D chart shows that bitcoin is taking a major share of the crypto markets at the expense of altcoins.
According to the trader, during the massive six-month altcoin campaign that ended in May 2021, bitcoin dominance fell from a high of 73% to around 40%.
Read also: Here is a realistic worst-case scenario for Bitcoin and Crypto, according to analyst Jason Pizzino
He has been watching the BTC.D chart closely and predicts that bitcoin dominance will rise from its current level of around 52% to previous support levels of 56%, 58% or 60%, at which point BTC.D will peak. Can reach and start. dip.
“We have three numbers there: 56%, 58% and 60%. Once we start reaching that, maybe we’ll start to see a new story for altcoins that will give us that altcoin pump.
According to Pizzino, although bitcoin dominance is likely to continue to rise in the coming months, BTC.D may decline in the short term and some altcoin projects may gain momentum.
“But in the meantime, there are certainly large tradable categories where bitcoin loses some dominance and it gets pumped into some other [altcoin] The narratives that are going on in that era.
2. Bitcoin miners have sent a record-breaking US$128M in revenue to exchanges
Concerns have been raised that bitcoin miners may be dumping their holdings after transmitting a record BTC volume to exchanges in the previous week. The greatest single-day influx since January 2021, according to sources, was on June 20, when miners delivered 14,000 BTC to exchanges. The miners’ sell-off occurs when the price of bitcoin comes under stress. Since reaching an all-time high of US$68,788 in November 2021, Bitcoin has decreased by more than 50%. A few factors could be causing miners to sell their Bitcoin. One explanation is that they are merely taking profits following a protracted period of high pricing. Another option is that they are having trouble paying their bills due to the recent price drop.
The miners’ sell-off may significantly affect the price of Bitcoin. Further pressure on the price could be applied if miners keep selling their holdings. It’s crucial to remember that not all miners are selling their Bitcoin, though. Some miners are retaining their assets in anticipation that the price will increase. The long-term effects of the miner sell-off cannot yet be predicted. However, it is a development worth keeping an eye on.
Bitcoin miners sent an unheard-of amount of BTC to cryptocurrency exchanges the previous week. This development raises the possibility that miners are selling their stakes. The possible sell-off by miners may significantly impact the price of Bitcoin. Estimating the long-term effects of this sell-off, however, would be premature at this time.
3. Sphere 3D jumps 650% – which is pretty good for a bitcoin miner these days
Sphere 3D (NASDAQ: ANY) stock is variously listed as up 10%, down some similar percentage or up 650% depending upon which ticker we look at. The answer is that yes. Yes, each of those prices can be considered correct depending upon what price we want to think about. The difference between 10% up, or about the same amount down, is the real price. The amount of cash you would get for any holding of the ANY stock. That difference just depends upon which price from yesterday you want to compare with – close, after hours and so on. The 600 and 700 percents, those are nominal changes.
Given what Sphere 3D does it’s no great surprise that the stock is down 86% or so over the past 12 months. Bitcoin mining – what with higher energy prices and the lower bitcoin price, compressing margins – just hasn’t been a great trade to be following. Yes, it’s true, Sphere mined 118% more in May but even so, still just not a great market sector. Which is what drives the stock price down of course. Which itself then leads to a different problem.
The US markets are in the grip of a fashion – OK, a cultural meme. Penny stocks, those trading under $1, are regarded as being somewhat disreputable, not quite right. So, you can’t be on a major exchange like NASDAQ or the NYSE if you don’t meet the $1 minimum bid price. But what happens if the business performance is such that the stock price does fall that far?
Wel, then you’ve got to do something. One idea would be to try to turn the business around and make some decent profits. But this is bitcoin so that’s not going to happen. The other is simply to declare that what used to be 7 pieces of stock will now be one. A 1 for 7 reverse stock split. Which is exactly what Sphere 3D has just done. There are now one seventh of the former number of shares in existence. Therefore, and mechanically, each share should have risen in value by 700%. That’s the nominal price change. The real price change is however much ANY stock stock didn’t change by 700%.