Bitcoin And Crypto Now Braced For A ‘Parabolic Price Move As Ethereum Institutional Interest ‘Explodes

Bitcoins Bitcoins and Ethereum have bounced back and forth this week as traders try to preempt Federal Reserve rate hikes.

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Bitcoin's price surpassed $30,000 per bitcoin last week, its highest level since June last year, but fell despite what analysts called the start of a new "crypto cycle," and the Ethereum founder issued a bullish price prediction.

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Now, a hidden but historically accurate bitcoin price indicator has turned positive as Ethereum's institutional activity suddenly surged.

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"Reserve risk has crossed 0 again. This indicator for Bitcoin is showing great potential," Bitcoin and crypto analyst Ali Martinez posted on Twitter alongside a Glassnode data chart showing Bitcoin's price falling for the first time since late 2021 exceeded level.

“When bitcoin reserve risk exceeds 0, it indicates parabolic price action,” Martinez said, citing historical data showing gains of 2,830%, 566%, 6,400%, 99% in 2012, 2013, 2015, 2019 and 2020 brought. % and 487%, respectively.

However, Bitcoin's price action this week has eroded trader confidence.

"The market is struggling to find a reason to buy and hold the price as pressure on earnings and long selling have driven the price lower this week as the US stock market loses traction," Yuya said Hasegawa, Cryptocurrency Market Analyst at Bitbank. he said in an emailed statement.

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“Unfortunately, despite the decline, the bulls don't appear to have given up just yet as the funding rate of the bitcoin futures market remains positive, which could limit bitcoin's upside potential and exacerbate the near-term decline."

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Meanwhile, Ethereum's Shanghai upgrade earlier this month, the latest part of its transition to a full proof-of-concept network, raised hopes that the network could attract interest from new investors.

“As expected, Shanghai followed Ethereum's massive pullbacks,” K33 research lead Bendik Schei wrote this week in a report describing Ethereum's “explosive” institutional activity, adding, “The market exaggerated Shanghai's selling pressure, crowding out Ethereum amid a surge in institutional Bitcoin activity.

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#BITCOIN 🔻 EVERYONE IS A SYMBOL... THE PARABLE OF THE WEEK IS IN THE GAME ✅