Singaporean crypto firm predicts Bitcoin correction

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want these updates as soon as we post them, follow us on Twitter.

quick weekly news

Singaporean crypto firm predicts BTC correction after reaching $60K

A Singaporean crypto firm, Matrixport, is warning of a potential market correction after Bitcoin reached a new high of $60,000. Their co-founder, Daniel Yan, believes the market sentiment is overly optimistic and predicts a 15% price drop by April. He cites several factors contributing to this prediction, including the upcoming Federal Reserve meeting, the Bitcoin halving event, and Ethereum’s Dencun upgrade, all happening in March.

This warning comes despite Bitcoin’s recent surge, fueled by the approval of several spot Bitcoin ETFs by the SEC. These ETFs have attracted significant investment, with BlackRock’s iShares Bitcoin Trust managing $7.5 billion already. However, Matrixport has a mixed record in market predictions. In January, they expressed doubt about the approval of these same ETFs, which were later greenlit by the SEC, leading to a significant price increase for Bitcoin.

family of disgraced FTX CEO submits letters to court begging for leniency

Sam Bankman-Fried’s family submitted letters to the court in support of leniency during his sentencing hearing. His brother, parents, and other supporters emphasized his positive qualities and downplayed the severity of his actions. They portrayed him as a well-meaning individual who made mistakes and expressed concern for his well-being in prison.

These letters come as Bankman-Fried faces potential prison time after being found guilty of multiple charges related to the collapse of FTX. Experts predict a sentence of 15-25 years, although the maximum is significantly higher. His family’s pleas for leniency have been met with mixed reactions, with some on social media questioning their portrayal and the potential for rehabilitation.

Bankman-Fried’s lawyers have requested a sentence of 63-78 months, and prosecutors will share their recommendations soon. His sentencing hearing is scheduled for March 28th.

Bitcoin soars to $64k, eyes all-time high as halving nears

Bitcoin continued its surge, reaching a new high of $64,000 in 2024. This 50% price increase in February is attributed to two main factors: anticipation of the upcoming supply halving, historically linked to price rises, and continuous buying from newly launched Bitcoin ETFs.

While some analysts warn of a potential correction due to high leverage in the market, others remain optimistic. They point to strong options markets data and Bitcoin’s historical behavior after its RSI surpassed 70, which typically precedes an extended uptrend.

Although the price briefly dipped after reaching $64,000, it has since recovered, and many investors, both retail and institutional, believe Bitcoin will reach its all-time high of $68,900 before the halving event in 52 days.

Solana price eyes $600 target as analyst predicts massive surge

Analyst Hansolar predicts a significant surge for Solana, potentially reaching $600, based on historical trends and network activity. He observes similarities between Ethereum’s past bull run and the current market, suggesting Solana could mirror Ethereum’s previous growth. Additionally, Bitcoin’s potential surge to $150,000 could further amplify Solana’s rise.

Solana’s fundamentals seem to support the prediction. The network’s total locked value is at its highest level since January 2023, indicating strong adoption. Increased usage is further evidenced by the growth in daily fee payers, DEX volume, and NFT volume.

Technically, a bullish pennant pattern on Solana’s chart suggests a potential near-term rise to $200. However, a breakdown below the pennant could lead to a significant drop to around $60.75.

Awesome Oscillator & Accelerator Oscillator strategy

The Awesome Oscillator (AO) and Accelerator Oscillator (AC) collaborate in a straightforward manner to generate trading signals. AC generates signals, while AO confirms them.

👉 Let’s go through the AC signals first:
1. Buy: Two consecutive green bars above the Zero Line
2. Sell: Two consecutive red bars below the Zero Line

🚀 Once a signal is identified by the AC, traders can look to the AO for confirmation:
1. Buy: Histogram crosses from negative to positive above the Zero Line
2. Sell: Histogram crosses from positive to negative below the Zero Line

To further refine this strategy, traders can incorporate the Alligator indicator, as recommended by Bill Williams. The Alligator offers a broader market perspective, helping traders gauge the overall trend direction.

📈 Ready to elevate your trading proficiency? Dive into our comprehensive guide, meticulously dissecting the Awesome Oscillator as a cornerstone technical analysis tool, alongside indispensable foundational principles tailored for traders.

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