Bitcoin Drops Below $100,000: The End Or Beginning Of The Crypto Bull Market?

Crypto analyst Dima James has again raised the possibility of the Dogecoin price rallying above $10 in this market cycle. The crypto analyst alluded to historical data to show how high DOGE could go in this bull cycle.

How High Dogecoin Price Could Go In This Market Cycle

In an X post, Dima James shared a chart that showed that the Dogecoin price could reach as high as $80 in this market cycle. The analyst also predicted that the cycle top for Dogecoin could happen sometime between February 11th and May 7th, 2025. The analyst alluded to historical data to explain why he is confident that Dogecoin could reach this target.

Analyzing the daily chart, the crypto analyst explained that year 4 is typically the final year of each cycle, which is when the Dogecoin price has peaked every single time. He highlighted an indicator on the chart that has accurately predicted every single Bitcoin top. The analyst noted that Dogecoin tends to peak three to four weeks after Bitcoin reaches its top.

In line with this, the analyst predicts that the cycle top for Dogecoin will happen sometime between February 11th and May 7th. Meanwhile, discussing the four-year cycle more, Dima James noted that the Dogecoin price had an impressive performance in this cycle’s year 3 (2024) compared to the year 3s of the previous cycles (2016 and 2020).

He further reaffirmed his prediction that the Dogecoin price will finish this year at $0.31, marking the meme coin’s best year 3 performance to date. Year 4 has historically been the most significant year for Dogecoin, and Dima James expects a similar or even greater result in 2025, with Dogecoin outperforming its previous year 4 cycle performances. The analyst believes this will happen due to increased adoption and technological advancements.

DOGE Has Found A Local Bottom

In an X post, crypto analyst Trader Tardigrade mentioned that the Dogecoin price may have found a local bottom. The analyst explained that there is a Doji Dragonfly hitting the Fibonacci level of 0.618 on the daily chart. He further noted that DOGE showing price rejection at this level indicates a potential bottom found.

The crypto analyst recently mentioned that the Dogecoin price was stuck in a range. He predicted that a break above this range could send Dogecoin to the $1 psychological level. In another X post, Trader Tardigrade stated that Dogecoin had entered the Gaussian channel on the daily chart.

The crypto analyst added that the Dogecoin price has halted its downtrend at the channel’s mid-band, highlighting the Gaussian Channel’s supportive nature. In line with this, Trader Tardigrade suggested that Dogecoin is ready for a bullish reversal.

At the time of writing, the Dogecoin price is trading at around $0.33, up over 12% in the last 24 hours, according to data from CoinMarketCap.

Interpol, the world's largest international police organization, has issued a "Red Notice" to its member countries on behalf of Finland for Richard James Schueler, more commonly known to crypto investors as Richard Heart, the founder of Hex and PulseChain.

A Red Notice is a formal alert to Interpol's member countries that a valid national arrest warrant has been issued for a certain individual. The notice will often trigger extradition proceedings if if the wanted person is detained in another country.

In this case, Finland has issued an arrest warrant for Schueler on charges of fraud to the tune of "hundreds of millions of euros" and assault for an incident allegedly involving the assault of a 16-year-old, according to a website maintained by Europol, the law enforcement agency of the European Union, which features a list of its most wanted criminals that includes Schueler.

"Schueler failed to file business tax returns for the tax multiple years and also failed to complete information on his income on his pre-filled personal tax returns...The total amount of tax avoided is counted in hundreds of millions of euros," the website states. The website also describes a charge of assault against Schueler for an incident in which he allegedly assaulted a 16-year-old, "grabbing their hair, dragging them into the stairwell and knocking them to the ground" before "...punch[ing] them 4 – 5 times in the face, nose, eyes and head area," causing pain, bleeding, and swelling.

News that Finnish police were seeking Schueler was first reported in September of this year. The U.S. Securities and Exchange Commission has separately filed suit against Schueler for allegedly selling unregistered securities through his crypto projects. Schueler was added to Europol's list on Dec. 18, which is likely when the Red Notice was first issued.

Schueler issued a cryptic post on X on Saturday night that may be referencing news of the Red Notice; The Block was unable to reach Schueler for clarification. "My whole life I've been preparing for the future. Anticipating it. Creating it. I've never been safer and I'm excited for the future," Schueler wrote. "The Honorable Justice in SEC v me should have her ruling out soon. Donald Trump will be in office soon. PulseX, PulseChain, HEX, INC are all functioning wonderfully. This makes some entities mad, but there's literally nothing they can do about it except be mad."

"It feels great to be wanted. Nothing can stop an idea whose time has come," Schueler concluded.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Bitcoin price is approaching the $100,000 level again after experiencing significant declines these past weeks. A crypto analyst has pointed out that the critical resistance level at $99,800 is crucial for Bitcoin’s next move. If the pioneer cryptocurrency can break through this level, it could trigger a significant breakout, potentially propelling Bitcoin past the $100,000 mark.

Bitcoin Price Faces Resistance At $99,800

Prominent crypto analyst Ali Martinez has shared a chart showing an In/Out of the Money Around Price (IOMAP) analysis of the distribution of Bitcoin wallets based on their purchase price. According to the analyst, the Bitcoin price is facing extreme resistance between the $97,500 and $99,800 price levels as it tries to breach $100,000 again.

Martinez noted that around this price range, approximately 923,890 wallet addresses had purchased over 1.19 million BTC. This price zone acts as an important resistance level because many Bitcoin holders may look to sell and break even, potentially exerting selling pressure.

In the IOMAP chart shared by Martinez, the green dots that signal ‘In the Money’ represent price levels below the current Bitcoin price, where wallet holders are in profit because they bought BTC at a lower value. On the other hand, the red dots that represent ‘Out of the Money’ show price levels of Bitcoin’s present value, where wallet holders are at a loss because they bought BTC at a higher price.

Lastly, the white dot indicates ‘At the Money’ and represents the current price of Bitcoin at an average of $98,676, where some crypto wallets see neither profit nor loss.

Below Bitcoin’s current price, the chart shows strong buying zones, which could provide strong support if the pioneer cryptocurrency experiences a potential pullback. Martinez has forecasted that breaking through the critical resistance range between $97,500 and $99,800 would signal the start of a bullish rally for Bitcoin, potentially leading it to a new all-time high.

Currently, the Bitcoin price is trading at $98,652, steadily rising to return to previous highs above $100,000. To a new all-time high, Bitcoin will have to surge by over 7%, surpassing its present ATH above $104,000.

Bitcoin’s Biggest Gains To Come After Christmas

A popular crypto analyst identified as the ‘Crypto Rover’ has expressed optimism about Bitcoin’s near-term price potential this Q4. According to the analyst, Bitcoin has historically experienced its most significant gains right after Christmas during the halving years.

Microstrategy, shortly before its addition to the Nasdaq 100 stock index on Monday, has added 3 members to its board of directors, bringing the total count to 9 members, a recent filing shows.

The new board members are Brian Brooks, Jane Dietze, and Gregg Winiarski, who all have experience with large corporations that deal with digital assets, according to the filing. Each board member will receive an equity package with a value of $2 million, with half in options and half in RSUs which will vest over four years.

Brian Brooks is likely the most well-known among crypto investors, having formerly served as CEO of Binance.US, the US-based arm of the global Binance exchange, from May 2021 to August 2021. Brooks was also the chief legal officer at Coinbase from September 2018 to March 2020. Brooks' experience also includes a stint as the Acting Comptroller of the Currency from April 2020 to January 2021, a role in which he headed the Office of the Comptroller of the Currency (OCC), a regulatory body which helps oversee banks' digital asset-related activities. Brooks also served as CEO of Bitfury, a Bitcoin mining company, from October 2021 to December 2022.

Jane Dietze has served as the chief investment officer of Brown University since July 2018, overseeing the Ivy League university's $7.2 billion endowment. Dietze has also served on the board of directors of Galaxy Digital, the digital asset company founded by Mike Novogratz, since February 2022.

"I find her smart, curious, she understands our space, I think she is a thought leader in the endowment space," Novogratz said in an interview with Bloomberg at the time. "I think she helps credentialize us with the endowment space."

Finally, Microstrategy's board added Gregg Winiarski, who has served as the chief legal officer of sports apparel and collectibles company Fanatics since February 2023. Winiarski was a senior adviser to Fanatics from August 2021 until taking the top legal job in February 2023, and boasts—like the other new board members—an Ivy League degree.

The new board members have joined just as Microstrategy will be added to the Nasdaq 100 index on Monday, Dec. 23. The company recently acquired another $1.5 billion worth of bitcoin, taking its total holdings to 439,000 BTC. MicroStrategy’s total holdings were bought at an average price of $61,725 per bitcoin, a total cost of around $27.1 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Shanghai-based car dealership Cango Inc. has pivoted to Bitcoin (BTC) mining, announcing a $256 million acquisition of 32 exahashes per second (EH/s) in hashrate from Bitmain Technologies.

In November, the company extracted 363 BTC, worth about $36 million, without liquidating any assets, positioning it as one of the top players in the global Bitcoin mining industry.Cango Joins BTC Mining Bigwigs

According to The MinerMag, the move makes Cango the fifth-largest public Bitcoin miner by realized hashrate and the third-biggest by deployed hashrate. Its production accounts for 4% of the BTC mined daily around the world, a major achievement given the firm only recently entered the sector.

Cango’s expansion into BTC mining is backed by strategic acquisitions. The initial purchase from Bitmain, including on-rack miners, is reportedly hosted in the U.S., possibly in Georgia, under an 18-month colocation agreement.

Such a contract allows the company to house its hardware with a service provider in a secure and managed environment without the need to maintain its own data centers. This is especially important given that crypto mining was officiallyprohibitedin China in May 2021 due to concerns about financial risk, energy consumption, and environmental impact.

Interestingly, even with the ban, Chinese mining pools still control a huge chunk of the global BTC hashrate, estimated by some experts to be around 55%.

Cango also plans to secure another 18 EH/s from Golden TechGen, a company owned by ex-Bitmain CFO Max Hua. The deal, expected to be finalized by the end of March 2025, is said to involve the issuing of $144 million in common stock, potentially bringing the NYSE-listed motor dealership’s total hashrate to 50 EH/s. This would allow Cango to potentially match industry leaders such asMarathon Digital Holdings.

Speculation is rife that the hardware in question will include Bitmain’s Antminer S19XP rigs, bought at a relatively competitive $8 per terahash per second (TH/s).Bitcoin Bet Pays Off

With BTC prices hovering around the$100,000level and the network hashprice rebounding to $63 per petahash per second (PH/s), Cango’s venture into crypto appears well-timed. While it also marks a dramatic shift from the company’s origins as an automotive transaction service provider, it is in keeping with the firm’s constant reinvention of itself.

Founded in 2010, it initially focused on motor vehicle financing before moving into car trading due to regulatory pressures in China. Earlier in the year, it diversified its operations further, launching AutoCango.com, a platform offering used Chinese cars to buyers worldwide.

However, Cango has acknowledged that its new BTC mining operation may dominate its revenue streams in the near term, especially given that its initial income from the venture surpassed its Q3 revenue of $3.84 million many times over. The performance pushed the company’s stock price from $3.41 to $6.91, boosting its market cap to $500 million.

Amid a crypto market mayhem over the past week, Solana (SOL) has suffered significant losses to the tune of 17.13%,. according to data from CoinMarketCap.

This decline adds to the token’s steep price movement after it reached a new all-time high of $263.83 following the US Presidential elections in November. However, with the crypto bull cycle still in its early stages, analysts at Glassnode remain positive on the token’s ability to regain its bullish form despite not establishing any higher highs in the past three weeks.

More Room For SOL Price Growth, Analysts Say

In a recent blog post on December 20, Glassnode in collaboration with crypto analysts UkuriaOC and CryptoVizArt shared vital insights on the current state of the Solana market.

By analyzing the Net Realized Profit/Loss metric, these market experts discovered that Solana has experienced a positive net capital inflow since early September 2023, with a recorded peak inflow of $776 million of new capital per day.

During this period, the SOL market witnessed minor inflows with the majority of the profit-taking volume coming from coins aged 1 day-1 week, 1 week-1 month, and 6 months-12 months, demonstrating the endearment of Solana to both long and short-term holders.

To ascertain the status of Solana amidst these recent market activity, Glassnode employs the MVRV ratio to determine if the market is overheated. For context, the Market Value To Realized Value (MVRV) ratio is used to assess if an asset is potentially overvalued (>1) or undervalued (<1).

This MVRV ratio can be used to establish pricing bands that classify investors’ profitability into ranges. Using this setup, Glassnode observes that Solana is currently observing a sideways movement between the mean MVRV and +0.5 standard deviation range.

This development indicates the Solana market is quite heated but still far from a bull cycle top. This is because MVRV breakouts of +1 standard deviation have historically signaled when the altcoin forms a longer-term macro topping formation.

Therefore, Solana still has the potential to record much profit before entering an overheated zone that will likely precede a market downtrend.

Solana A Stellar Investment So Far – Glassnode

In addition to more insights on the Solana market, Glassnode notes that altcoin has proven to be a highly profitable asset in the crypto market.

Following its price crash to $9.64 in November 2022, Solana has experienced a remarkable price gain of over 2,143% over the past two years. During this period, the altcoin has outperformed both Bitcoin and Ethereum on 344 out of 727 market days since the FTX exchange collapsed indicating significant market demand and interest.

At the time of writing, Solana trades at $194.58 reflecting a price loss of 0.50% in the past day. However, the asset’s trading volume is up by 18.94% and is valued at $9.94 billion.